This paper explores contemporary Health and Physical Education (HPE) curriculum in Australia in the context of the ongoing development of a new national curriculum. Drawing on policy documents and academic commentaries it reviews and problematises the current position and prospective development of HPE in the Australian Curriculum, examining key aspects of the policy terrain upon which curriculum development will occur and by which it will be shaped. The current HPE curriculum context across Australia is identified as featuring both clear commonalities in curriculum structure and content and notable variations. Attention is drawn to curriculum strengths that have emerged from state and territory based development in recent years, but also, ongoing tensions relevant to prospective national consensus. The paper highlights the need for productive collaboration across interest groups, between states and territories, and between academic and professional communities in order to secure a prosperous curriculum future for HPE across Australia. (Contains 1 figure, 5 footnotes, and 1 endnote.)