In order to analyse physical education (PE) curriculum policy in England, Penney and Harris (2004) compared it with that in New Zealand. Their aim was to distinguish between policy as a source of either "stability and inequity in schools" or "resistance and change." While acknowledging that all curriculum policy documents are replete with contradictions, tensions and silences, they commented favourably on the then New Zealand curriculum policy. Of particular promise was the visibility of "social, cultural, environmental and, most notably, critical discourses." In 2006, the Ministry of Education in New Zealand released a new curriculum for all learning areas, including health and PE. This article follows up the analysis of Penney and Harris by comparing this new draft--"The New Zealand Curriculum: Draft for Consultation" (Ministry of Education 2006b)--with the current "Health and Physical Education in the New Zealand Curriculum" (Ministry of Education 1999) to which Penney and Harris (2004) referred. While the draft addresses all subjects, the author's focus is specifically on elements relevant to health and physical education. The author contextualizes the curriculum change and explains the process of review. Different approaches to policy analysis and the author's approach are discussed before providing an analysis and evaluation of the proposed curriculum changes affecting health and physical education.