The Dawkins white paper of 1988 was introduced by the Australian government to reshape the Higher Education (HE) landscape. Dawkins' discussion paper of 1990, Nelson's policy document of 2003, the Bradley Review of 2008 and the Lomax-Smith Review of 2011 built on and extended Dawkins' white paper. Such policy reforms have transformed the culture of Australian HE and contributed to shaping the employment outcomes of graduates of Australian HE institutions (HEI). However, rather than HE qualifications enhancing a resume, such qualifications are now expected. Today, HE graduates in Australia can face long periods to secure full-time jobs with many experiencing underemployment and unemployment. Using document reviews to research for this article, the article contributes to the discussion of HE graduates in Australia in several ways. Firstly, it reviews five key policies that led to the massification of HE in Australia. Secondly, it presents a comparison of the composition of university graduates in the period from 1989 to 2019. Thirdly, it examines how policy reforms contributed to shaping graduate employment prior to the COVID-19 global pandemic occurring. Finally, and importantly, this article will assist as a point of reference when researching graduate employability outcomes post COVID-19 global pandemic. This article represents a knowledge base for all stakeholders in the HE sector to draw from in terms of policy and planning with the end goal to enhance the employment prospects and employability of HE graduates. This article also presents numerous areas for future research.