In this paper, we consider New Zealand’s education system to understand what can happen when we focus only on excellence and students reaching their potential, without simultaneously investing in their sense of belonging and wellbeing. National statistics suggest we are alienating and shortchanging an increasing number of students and, for disproportionate numbers of Indigenous students, these statistics are part of a world trend. The literature, and the students themselves, highlight the need to overturn the underlying racism that persistently disadvantages clearly identifiable groups of students over others. Until we do, using equity and excellence as the most powerful drivers for reform, will continue to promote conditions where our students’ sense of belonging and wellbeing are undermined throughout their education and we will risk, failing to address the ensuing negative statistics. We conclude with a response that we have learned from working with these same students.