Education policy has long been analyzed as a cycle where various actors influence different stages. However, few such studies have focused on identifying and interrogating the specific moments that shape an education policy’s overall equity trajectory. This article uses Bowe, Ball, and Gold’s policy cycle as an exploratory theoretical framework, focusing on the historic Review of Funding for Schooling (2011) in Australia, which evaluated the nation’s school funding policy. The authors concentrate on the Context of Text Production phase of its policymaking process, and consider the implications for equity. From this work, the authors highlight two “critical moments” that they argue significantly influenced how the appointed panel approached equity. Their theorizing of a “critical moment” offers valuable insights for researchers and stakeholders seeking to understand or influence education policy.