Graduate employability has become a key driver for universities in Australia and the UK. In response to increasing pressure from governments and employer groups, universities have adopted a range of generic skill-based learning outcomes which, when embedded into degree programs, are expected to increase graduate employability and therefore improve graduate employment outcomes. In addition, many universities are now including internships, work placements and international study in their programmes with the aim of enhancing graduate employment prospects. This somewhat instrumental approach to graduate employability does not, however, take into account other critical factors. Drawing on the broader employability literature, this article develops a framework that incorporates six key dimensions -- human capital, social capital, individual attributes, individual behaviours, perceived employability and labour market factors -- to help explore and explain the concept of graduate employability.