This study investigates the relative roles of home and school variables in accounting for achievement gaps between Indigenous and non-Indigenous students in Australia and New Zealand. Using data from the Programme for International Student Assessment [PISA] 2009, our findings show that achievement gaps between Indigenous and non-Indigenous students are associated with both home and school resources, not only in terms of unequal allocations but also in relation to differences in the rates at which home and school affordances are converted into positive educational outcomes. In both countries, home resources accounted for more of the achievement gap than differences in schooling resources. However, the achievement gap between Indigenous and non-Indigenous students is substantially larger in Australia than in New Zealand, apparently related to greater inequity in the allocation of school resources. We suggest that education policymakers in Australia ensure a more equitable allocation of school resources between Indigenous students and their non-Indigenous peers.