This chapter explores the current utility of undergraduate psychology education in Australia, considering contemporary competency-based accreditation standards and how the viewpoints of multiple stakeholders contribute to the overall purpose of the degree. Traditionally, undergraduate psychology is conceptualised within a science-practitioner model; however, it is undergoing a significant transformation towards curricula that prioritise psychological literacy, transferable skills, and authentic learning experiences. The 2024 Australian Psychology Accreditation Council (APAC) Standards were the catalyst for change, encouraging educators to move beyond theoretical content delivery and towards teaching and learning that focuses on applied competencies. We consider the growing recognition that most psychology graduates do not go on to become registered health professionals and instead enter into diverse roles where transferable psychological knowledge and competencies are utilised. We critically examine whether continued oversight by health professional bodies remains appropriate given the diverse applications of a competency-based psychology undergraduate degree. This chapter highlights the diverse stakeholder perspectives and expectations of the degree, highlighting the tension that exists between students, educators, employers, regulators, and government bodies. We address the purpose of contemporary undergraduate psychology education in Australia and argue that curriculum must evolve to embrace global competence standards and a broader vision of psychological education beyond traditional health-profession pathways, better reflecting the future directions of its graduates.