This paper examines why secondary school participation rates have been persistently lower in Australia than in Canada or the United States. The contributions of immigration and apprenticeship have not raised the stock of skills in the adult population to North American levels. Until recently Australians believed, for a variety of reasons, that secondary schooling was needed by only a minority of students. Supply constraints have also been important, as Australians experienced lower growth rates of income, and larger and more sustained increases in the school–age population.