This report describes the training, skills, challenges and needs required for Victoria’s public transport rolling stock industry to renew and transform its workforce. It is part of an organisational analysis of the sector, and brings together the organisational and economic context for training with a particular focus on [small and medium enterprises] SMEs and their capability needs and apprenticeships. Key findings are as follows: Formal education, such as degrees and apprenticeships, are the foundation upon which skills are built. This review has indicated a need for more diverse skill sets associated with apprenticeships, and the need for additional modules in current training and tertiary education. Ongoing learning is now required for the sector to remain competitive in the face of rapidly evolving technologies and changing social norms. A multi-tiered, diversified approach to training is needed – one that bridges formal and informal training, ranging from short courses to full degrees. SMEs were found to have lower capability in some areas, with more resource and capital constraints than larger organisations. There is an urgent need to understand what specific training they need to build capability, what is likely to be most effective, and what mechanisms will best support these initiatives. The majority of training undertaken was reported as taking place in-house, revealing the need to build capability in the provision of this training – particularly between older and younger employees. Many of the critical training needs emerging are related to people-based soft skills, which are mainly optional in training packages. This indicates a gap in current training and a need to re-evaluate core competencies in training packages.