The National Priorities and Industry Linkage Fund (NPILF) policy is an important national policy initiative designed to enhance Australian university graduates’ job readiness. Using Bacchi’s What’s the Problem Represented to be? (WPR) methodology, this study critically analyses the NPILF policy. We find that the ‘problem’ of inadequate employment preparation among graduates in the NPILF policy is characterized by a lack of connection between universities and industry, a significant gap between curriculum provision and workplaces, and an insufficient number of graduates with STEM skills. This represents a shift in discourse and reflects the widespread influence of neoliberalism and New Public Management on the university sector, where market logics become the dominant approach to address the issue of graduate underemployment, with subsequent effects on student identity. However, while efficient- and benefit-oriented allocation of funds may incentivize market participation, it can also hinder effective engagement of small- and medium-sized enterprises and their collaboration with universities, limit the opportunities for economically disadvantaged students to participate in work-integrated learning, and overlook the impact of holistic knowledge development on students’ employability. Reevaluating the relationship between the government, the market, and universities, and focusing on the transformation of knowledge production/development, can assist policymakers in seeking comprehensive labor market development plans. © International Association of Universities 2024.
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