The unsteady two-phase flow of water laden with small air bubbles in a model bubble column is investigated experimentally. Phase-Doppler anemometry (PDA) is used for measuring the velocities of water and bubbles. The measured sizes of reflecting tracers in the water and of the air bubbles are used to discriminate between water and bubble data. The investigations are focussed on the unsteady behaviour of the flow and on the interaction between the two phases. The measurement of relative (slip) velocities between bubbles and water reveals information about the dynamic behaviour of the two-phase system under the action of buoyancy on the disperse phase. The evaluation of time series of bubble velocities yields insight into typical frequencies at which the flow fluctuates. It is shown that, at all locations in the flow field, the velocity probability density functions of bubbles and liquid can be described by two superimposed Gaussian functions. The bubbles belonging to the two Gaussians exhibit different slip velocities. The probability for the occurrence of bubble collisions is quantified on the basis of the PDA data.