Few issues have attracted as much policy interest in the tertiary sector as graduate employability. Graduate employability positions universities and their students as key players in the national economy. At the same time, the standard conception of graduate employability, as it has evolved from human capital theory and modified by neoliberal ideology, has met with significant criticism. This paper reports on our analysis of the strategic plans of Australia's 42 operating universities current in 2018 to better understand (1) the extent to which employability was embedded in each university's strategic priorities and (2) the ways in which employability was characterised in those plans. Our paper provides empirical evidence of the way in which Australian universities universally and uniformly adopted a particular model of employability, simultaneously claiming its distinctiveness. Our analysis suggests the need for Australian universities to take a more thoughtful and nuanced approach to graduate employability.