This study is broadly concerned with the changing nature of industry training policy in New Zealand between the mid-1980s and mid-2010. It sets the two-year period subsequent to the 2008 election against this broader background. Using key elements of the process of change within industry training policy – ideology and prevailing perceptions of skills and their contribution to economic and social goals – this research sought to investigate the extent to which the National-led Government’s policy approach and practices demonstrate ideological and policy change from the previous two decades. This study used a qualitative approach involving in-depth interviews with representatives of key organisations in industry training. These organisations include the Department of Labour, Ministry of Education, Tertiary Education Commission, Business NZ, Council of Trade Unions and the Industry Training Federation. Thematic analysis of interview data was combined with a review of existing literature in order to argue that the National-led Government’s claims of pragmatic orientation were not substantiated. Rather, it is argued here that the Government’s industry training policies aligned more closely with the neo-liberal policies of the 1990s, than with the Third Way of 1999-2008. For example, there was a deliberate retrenchment of government funding for industry training in some respects, and a significantly lessened role of the non-governmental key organisations in policy development. In addition, it is argued here that the National-led Government has demonstrated a narrow focus on skill development that contradicts wider advice and trends in favour of a multi-faceted view of skill that prioritises skill utilisation as well. Overall, it is argued that the National-led Government’s policy approach and practices are likely to be ineffective at addressing enduring issues in industry training as well as new issues.