International students are often conceptualised as ‘ideal migrants’ because of their familiarity with their host country’s language and local context. Nonetheless, studies show that international graduates often remain in a ‘permanently temporary’ state and struggle to achieve positive migration and employment outcomes. However, existing research often lacks external validity as it is mostly based on non-random and small samples. This chapter employs the latest available data from large-scale nationally representative surveys (the Graduate Outcome Survey and the Qualifications and Work survey), the 2021 Census, and administrative data to contrast migration and employment outcomes of international graduates in Australia with other migrants and domestic graduates. We find that international graduates are both losers and winners in the post-study employment and migration games. They miss out on the employment outcomes that other skilled migrants and domestic graduates obtain but have better employment outcomes than other migrants. They also experience delays in achieving permanent migration. We recommend reflecting on the role of post-study visas and potential supports that international graduates can receive so that these ‘ideal migrants’ have a better chance of achieving their employment and migration goals.