The importance of knowledge in the labour market and in economic activity has been recognized since as far back as the Industrial Revolution. A feature of employment change in Australia has been the knowledge intensification of occupations. This paper outlines and discusses why some knowledge sets might be more important than others in meeting the challenges of a rapidly changing labour market and how best to assess what sets are required by the economy to grow and to compete effectively in a complex and competitive economic global environment. The paper uses the Occupational Information Network (O*NET), an extensive US database that describes the attributes and characteristics of occupations and workers. It uses the O*NET data on knowledge which is made up of 33 distinct indicators and applies it to the Australian labour market context using the Monash Forecasting System, and presents detailed “knowledge” forecasts. The paper concludes that the knowledge intensity of Australian jobs has increased significantly historically and is expected to continue to grow in the future.