This study analyzed the economic benefits of an increase in the proportion of Australian students achieving a 12th-grade equivalent education. Earlier research examined the direct costs and benefits of a program that increased 12th grade equivalent education for the five-year cohort 2003-2007. This study built on that by incorporating the indirect costs and benefits of such a program and modeling an ongoing program to increase the proportion of students completing 12th grade equivalent education. The modeling used the MONASH macroeconomic model. Results indicated that the program will reduce GDP between 2004-14 (relative to business as usual) but increase it in the long run; the program will reduce real private consumption between 2004-11 (relative to business as usual) but increase it in the longer run; and the program will have a positive long term impact on economic welfare. An attachment presents "The Economy-Wide Benefits of an Increase in the Proportion of Students Achieving Year 12 Equivalent Education" (Peter B. Dixon and Maureen T. Rimmer). Two appendices include present value calculations and the MONASH model. (SM)