Three different approximations to the axisymmetric small-disturbance dynamics of a uniformly rotating thin spherical shell are studied for the equatorial region assuming time-harmonic motion. The first is the standard β-plane model. The second is Stern's (Tellus, vol. 15, 1963, p. 246) homogeneous, equatorial β-plane model of inertial waves (that includes all Coriolis terms). The third is a version of Stern's equation extended to include uniform stratification. It is recalled that the boundary value problem (BVP) that governs the streamfunction of zonally symmetric waves in the meridional plane becomes separable only for special geometries. These separable BVPs allow us to make a connection between the streamfunction field and the underlying geometry of characteristics of the governing equation. In these cases characteristics are each seen to trace a purely periodic path. For most geometries, however, the BVP is non-separable and characteristics and therefore wave energy converge towards a limit cycle, referred to as an equatorial wave attractor. For Stern's model we compute exact solutions for wave attractor regimes. These solutions show that wave attractors correspond to singularities in the velocity field, indicating an infinite magnification of kinetic energy density along the attractor. The instability that arises occurs without the necessity of any ambient shear flow and is referred to as geometric instability.For application to ocean and atmosphere, Stern's model is extended to include uniform stratification. Owing to the stratification, characteristics are trapped near the equator by turning surfaces. Characteristics approach either equatorial wave attractors, or point attractors situated at the intersections of turning surfaces and the bottom. At these locations, trapped inertia–gravity waves are perceived as near-inertial oscillations. It is shown that trapping of inertia–gravity waves occurs for any monochromatic frequency within the allowed range, while equatorial wave attractors exist in a denumerable, infinite set of finite-sized continuous frequency intervals. It is also shown that the separable Stern equation, obtained as an approximate equation for waves in a homogeneous fluid confined to the equatorial part of a spherical shell, gives an exact description for buoyancy waves in uniformly but radially stratified fluids in such shells.