It has been suggested that mindfulness is a predictive factor in self-reported perceived stress. The present study aimed to investigate the link between mindful attention awareness, perceived stress and subjective wellbeing without the presence of a complementary intervention to promote mindfulness-based strategies. Methods: The online survey participants (N = 257) were university students enrolled in initial teacher training. Self-report measures included the Mindful Attention Awareness Scale (MAAS), Perceived Stress Scale (PSS) and Personal Wellbeing Index (PWI). Results: PWI was negatively correlated with PSS (r = −0.550, p = .001), MAAS was negatively correlated with PSS (r = −0.567, p = .001) and positively correlated with PWI (r = 0.336, p = .001). The mean score for PSS (M = 20.61, SD = 6.62) was above the reported norm (14.2). Conclusions: The findings suggest that higher levels of mindful attention awareness may be associated with lower levels of perceived stress and higher subjective wellbeing levels and lower levels of perceived stress may be associated with higher subjective wellbeing. The findings confirm that pre-service teachers are a demographic that experiences elevated levels of perceived stress regardless of the stage in initial teacher training programs.