Studies on internships within initial teacher education have existed in literature since the early 1900s, they have espoused the benefits of experiential learning or critiqued the variance available in terms of structure, length of time and purpose. However, little research on teacher internships has been reported within a policy context. This study employs a modified 'policy trajectory' framework to capture the impact of teacher internship models emerging from policy reform in Australia driven by the National Partnership Agreement on Improving Teacher Quality Program (NPTQ). It highlights how policy contexts and practices are inextricably interconnected and influenced by key policy 'threads' related to people, philosophy, place, processes and power (5Ps). Significant benefits of internships are revealed. Variations in resourcing, influence and local conditions evidence enactment of NPTQ resulted in uneven and potentially inequitable outcomes. The authors call for more research, transparency and enhanced accountability for government investment for internships.