As the show opens Michael and Bruce are sitting in a bar in 1992. Michael is a journalist who has spent a lot of time overseas, whilst Bruce is an architect. The discussion turns to an upcoming school reunion which Bruce is keen to attend. Michael is not so sure, however, and admits that it is due to the fact that he has never really gotten over Jenny, the love of his life, with whom he spent much of his high school years. After Bruce leaves to get home to his wife and kids Michael sits alone and decides that he will go to the reunion. He begins to reminisce about his high school years, and 1977 in particular, this being the year they graduated. As he sings about his memories we are transported back to the high school at recess in 1977.
Michael, Bruce, jenny and Linda (Jenny’s best friend and Bruce’s girlfriend) talk about a concert which Bruce and Jenny saw on the weekend. Michael begins to talk about his plans for university, plans which involve he and Jenny sharing a flat together in Sydney. Jenny is not keen on the idea and after the boys leave admits this to Linda. The girls sing a song about women’s lib, and Linda convinces Jenny not to let Michael run her life.
Meanwhile, in science class, the new Swedish exchange student Sven is having a hard time making himself understood by his new classmates whilst Kevin is getting hassled by the three boofheads, Adam, Greg and Brian. Kevin is the school “geek”, and is currently building his own personal computer. No-one else can believe that in the future computers will be important to anyone except a few dorks like Kevin. As he tries to explain the three guys “dack” him, publicly humiliating Kevin in front of his classmates. Furious, Kevin tells them in song that there is a Brave New World coming, and one day he will be rich and powerful. Mr Franklin enters the classroom and begins to talk about nuclear energy. Linda, being the school’s resident hippie, argues with him about the safety aspects. The bells rings and class is dismissed, with Mr Franklin counting the days until he can retire.
The action shifts to Adam’s house, where the three guys are working on Adam’s beloved lime green Holden Torana. Judy, Helen and Susan call round to see if the boys have fixed up dates for the Grad Ball. As they already have guys they want to get together with they ask the boofheads to be their dates in spirit only. The guys agree, as they plan to get drunk anyway. After the girls leave Greg admits to having a crush on Susan, and Adam is forced to give him a lecture on life, love and cars.
Michael is still brooding about Jenny’s reaction to his plans for a flat. Bruce tries to set him straight, telling him that he should get over this High School romance and look forward to a bright new future at Uni and beyond. Michael remains unconvinced. That night he calls round to see Jenny and they have a major fight. She finally tells him to back off and stop being so possessive. After Michael leaves Jenny cries and wonders how to tell Michael that he is not the one for her.
Soon the Grad Ball comes around. Everyone enjoys the evening. The girls find that the guys they are chasing have latched onto to other girls, but Greg admits how he feels and he and Susan get together. Linda and Bruce dance and have a great time, but Michael is still upset. Sven becomes totally drunk on Swedish Vodka and makes a fool of himself, whilst Kevin watches bemused. As the evening ends Michael and Jenny resolve to keep in touch, albeit from a distance.
The first person to arrive at the reunion is Judy. Her life has not been so wonderful, and as she walks around looking at the pictures she thinks back to the last 15 years and what has happened in her life. Soon others start to arrive and the mood lifts. Everyone seems to have done well for themselves. Kevin especially. He is now a multi millionaire and head of a huge computer company. Sven returns minus his accent and announces he is now the Swedish ambassador to Australia! Greg and Sue are married. As the gang catches up some competitive bragging develops and Kevin and Sven sing a song each claiming they have done the best in life.
Michael and Jenny meet again for the first time in 14 years and begin to talk. Before long Michael lets out all the hurt he has been feeling, blaming Jenny for leaving him at the end of high school. Jenny explodes, telling him to get over himself. As she exits in tears Michael realises he has blown the only chance he had to get back with Jenny.
Meanwhile, Bruce and Linda catch up and Bruce cannot believe that Linda still has no sense of purpose in life. She has spent 15 years traveling the world and living free, while he has been busy building a career and a family. Linda tells him to lighten up, and that whilst you can’t stay young forever, you can sure try!
Kevin finds that he still does not have the respect of his classmates, despite everything he has done. After a few home truths from Adam he comes to realise that nobody likes a smart aleck and he has been acting like one most of his life. Meanwhile Helen, after seducing most of the males in the room finally settles on Sven and convinces him to take her on a date.
Michael and Jenny stumble upon one another again, and begin to talk. Michael tells her about the day Elvis died, and how he remembers it so well because she was with him at the time, and he how he has never been totally happy since he lost her. Jenny admits that she still has feelings for him. Without making any promises she agrees to getting together for a coffee and seeing how it goes.
The cast come together for a final photo, and as the reunion comes to a close they realise that looking back is OK, but the Golden Years are those up ahead…………….