Despite their increasing relevance, employees' psychological contracts have attracted little research attention in Australia. The present paper presents two studies, which examined the psychological contracts of specific cohorts of professional employees and those in a managerial career track. The first study was an in-depth qualitative investigation of research scientists in an Australian public sector research organisation. They were found to have a strong professional affiliation and had developed psychological contracts that were best understood by reference to the 'ideological currency' of the scientific community. The second study was a quantitative examination of 156 MBA students at an Australian university, and how their psychological contracts could be related to perceptions of the contextual variables of organisational justice, perceived organisational support and external employability. Organisational justice and perceived organisational support were found to be related to the nature of the psychological contracts measured, but perceptions of external employability were not.