University degree completions by equity groups in Australia have grown. It is, however, unknown whether graduates from equity backgrounds have equitable work and study outcomes. This study uses national graduate survey data linked to student administrative records from 19 participating Australian universities to examine post-degree study and employment outcomes of domestic undergraduates around six months after graduation. The results indicate that graduates from low socioeconomic status background, with disability, or from a non-English speaking background were less likely to be employed after degree completion. However, graduates from nearly all equity groups were more likely to be in further study after undergraduate degree completion relative to graduates from non-equity backgrounds. Academic performance was found to be influential on the graduates’ propensity to be in further study or employment. Participation in further study appears accessible for graduates from equity backgrounds, however, action to address their poorer labour market outcomes is needed.