This paper explores New Zealand (NZ) physics teachers' and physics educators' views about Initial Teacher Education (ITE). Perspectives of physics teachers nationally indicated that in general, teachers considered themselves not well-prepared in some content areas including electronics, modern physics, and atomic and nuclear physics. This may be because in NZ, physics teachers have usually gained their content knowledge from an undergraduate science degree where they may have only taken one or two courses in physics. One year postgraduate teacher education programmes do not have sufficient time to cover the physics content taught in the final three years of schooling. The implications for ITE of physics teachers are discussed in terms of the shifts needed to help them to identify the gaps in their content knowledge and to develop their conceptual understanding of physics.