diff --git a/Makefile b/Makefile
index 504f78c71f54..727fa6ce0b93 100644
--- a/Makefile
+++ b/Makefile
@@ -41,6 +41,9 @@ MAJOR_VERSION   = $(shell echo $(PROVIDER_VERSION) | cut -d. -f1)
 PREVIOUS_MAJOR_VERSION = $(shell echo $(MAJOR_VERSION)-1 | bc)
 NEXT_MAJOR_VERSION = $(shell echo $(MAJOR_VERSION)+1 | bc)
 
+# Depending on the major version, we use the full schema with all API versions or default versions only.
+CODEGEN_SCHEMA = $(shell if [ $(MAJOR_VERSION) -lt 3 ]; then echo "bin/schema-full.json"; else echo "bin/schema-default-versions.json"; fi)
+
 # Set these variables to enable signing of the windows binary
 AZURE_SIGNING_CLIENT_ID ?=
 AZURE_SIGNING_CLIENT_SECRET ?=
@@ -231,10 +234,10 @@ bin/$(CODEGEN): .make/prebuild .make/provider_mod_download provider/cmd/$(CODEGE
 
 # Writes schema-full.json and metadata-compact.json to bin/
 # Also re-calculates files in versions/ at same time
-bin/schema-full.json bin/metadata-compact.json &: bin/$(CODEGEN) $(SPECS) versions/az-provider-list.json versions/v${PREVIOUS_MAJOR_VERSION}.yaml versions/v${MAJOR_VERSION}-config.yaml versions/v${MAJOR_VERSION}-spec.yaml versions/v${MAJOR_VERSION}-removed.json versions/v${MAJOR_VERSION}-removed-resources.json versions/v${NEXT_MAJOR_VERSION}-removed-resources.json
+bin/schema-full.json bin/schema-default-versions.json bin/metadata-compact.json &: bin/$(CODEGEN) $(SPECS) versions/az-provider-list.json versions/v${PREVIOUS_MAJOR_VERSION}.yaml versions/v${MAJOR_VERSION}-config.yaml versions/v${MAJOR_VERSION}-spec.yaml versions/v${MAJOR_VERSION}-removed.json versions/v${MAJOR_VERSION}-removed-resources.json versions/v${NEXT_MAJOR_VERSION}-removed-resources.json
 	bin/$(CODEGEN) schema
 
-# Docs schema - treat as phony becasuse it's committed so we always need to rebuild it.
+# Docs schema - treat as phony because it's committed so we always need to rebuild it.
 .PHONY: provider/cmd/pulumi-resource-azure-native/schema.json
 provider/cmd/pulumi-resource-azure-native/schema.json: bin/$(CODEGEN) $(SPECS) versions/v${PREVIOUS_MAJOR_VERSION}.yaml versions/v${MAJOR_VERSION}-config.yaml versions/v${MAJOR_VERSION}-removed-resources.json
 	bin/$(CODEGEN) docs
@@ -331,34 +334,34 @@ export FAKE_MODULE
 	echo "$$FAKE_MODULE" | sed 's/fake_module/fake_java_module/g' > sdk/java/go.mod
 	@touch $@
 
-.make/generate_nodejs: .pulumi/bin/pulumi bin/schema-full.json
+.make/generate_nodejs: .pulumi/bin/pulumi $(CODEGEN_SCHEMA)
 	mkdir -p sdk/nodejs
 	rm -rf $$(find sdk/nodejs -mindepth 1 -maxdepth 1 ! -name "go.mod")
-	.pulumi/bin/pulumi package gen-sdk bin/schema-full.json --language nodejs
+	.pulumi/bin/pulumi package gen-sdk $(CODEGEN_SCHEMA) --language nodejs
 	echo "$$FAKE_MODULE" | sed 's/fake_module/fake_nodejs_module/g' > sdk/nodejs/go.mod
 	sed -i.bak -e "s/sourceMap/inlineSourceMap/g" sdk/nodejs/tsconfig.json
 	rm sdk/nodejs/tsconfig.json.bak
 	@touch $@
 
-.make/generate_python: .pulumi/bin/pulumi bin/schema-full.json
+.make/generate_python: .pulumi/bin/pulumi $(CODEGEN_SCHEMA)
 	mkdir -p sdk/python
 	rm -rf $$(find sdk/python -mindepth 1 -maxdepth 1 ! -name "go.mod")
-	.pulumi/bin/pulumi package gen-sdk bin/schema-full.json --language python
+	.pulumi/bin/pulumi package gen-sdk $(CODEGEN_SCHEMA) --language python
 	echo "$$FAKE_MODULE" | sed 's/fake_module/fake_python_module/g' > sdk/python/go.mod
 	cp README.md sdk/python
 	@touch $@
 
-.make/generate_dotnet: .pulumi/bin/pulumi bin/schema-full.json
+.make/generate_dotnet: .pulumi/bin/pulumi $(CODEGEN_SCHEMA)
 	mkdir -p sdk/dotnet
 	rm -rf $$(find sdk/dotnet -mindepth 1 -maxdepth 1 ! -name "go.mod")
-	.pulumi/bin/pulumi package gen-sdk bin/schema-full.json --language dotnet
+	.pulumi/bin/pulumi package gen-sdk $(CODEGEN_SCHEMA) --language dotnet
 	echo "$$FAKE_MODULE" | sed 's/fake_module/fake_dotnet_module/g' > sdk/dotnet/go.mod
 	sed -i.bak -e "s/<\/Nullable>/<\/Nullable>\n    <UseSharedCompilation>false<\/UseSharedCompilation>/g" sdk/dotnet/Pulumi.AzureNative.csproj
 	rm sdk/dotnet/Pulumi.AzureNative.csproj.bak
 	echo "azure-native\n$(PROVIDER_VERSION)" > sdk/dotnet/version.txt
 	@touch $@
 
-.make/generate_go_local: bin/$(CODEGEN) bin/schema-full.json
+.make/generate_go_local: bin/$(CODEGEN) $(CODEGEN_SCHEMA)
 	@mkdir -p sdk/pulumi-azure-native-sdk
 	@# Unmark this is as an up-to-date local build
 	rm -f .make/prepublish_go
diff --git a/provider/cmd/pulumi-gen-azure-native/main.go b/provider/cmd/pulumi-gen-azure-native/main.go
index d2f537a776e1..84ea241b2da1 100644
--- a/provider/cmd/pulumi-gen-azure-native/main.go
+++ b/provider/cmd/pulumi-gen-azure-native/main.go
@@ -117,6 +117,18 @@ func main() {
 		}
 		fmt.Printf("Emitted %s.\n", codegenSchemaOutputPath)
 
+		// Default versions only
+		buildSchemaArgs.ExcludeExplicitVersions = true
+		buildDefaultVersionsSchemaResult, err := versioning.BuildSchema(buildSchemaArgs)
+		if err != nil {
+			panic(err)
+		}
+		codegenDefaultVersionsSchemaOutputPath := filepath.Join(filepath.Dir(codegenSchemaOutputPath), "schema-default-versions.json")
+		if err = emitSchema(buildDefaultVersionsSchemaResult.PackageSpec, version.String(), codegenDefaultVersionsSchemaOutputPath); err != nil {
+			panic(err)
+		}
+		fmt.Printf("Emitted %s.\n", codegenDefaultVersionsSchemaOutputPath)
+
 		// We can't generate schema.json every time because it's slow and isn't reproducible.
 		// So we warn in case someone's expecting to see changes to schema.json after running this.
 		fmt.Println("Note: provider/cmd/pulumi-resource-azure-native/schema.json is generated by the `generate_docs` target.")
diff --git a/provider/pkg/gen/schema.go b/provider/pkg/gen/schema.go
index 39ffe480bea0..ee7cdc0aee89 100644
--- a/provider/pkg/gen/schema.go
+++ b/provider/pkg/gen/schema.go
@@ -1255,22 +1255,24 @@ func (g *packageGenerator) formatDescription(desc string, typeName string, defau
 			fmt.Fprintf(&b, " Prior API version in Azure Native %d.x: %s.", g.majorVersion-1, previousDefaultVersion)
 		}
 
-		// List other available API versions, if any.
-		allVersions := g.versioning.GetAllVersions(g.moduleName, typeName)
-		includedVersions := []string{}
-		for _, v := range allVersions {
-			// Don't list the default version twice.
-			if v == defaultVersion {
-				continue
-			}
-			tok := generateTok(g.moduleName, typeName, openapi.ApiToSdkVersion(v))
-			if g.shouldInclude(typeName, tok, &v) {
-				includedVersions = append(includedVersions, string(v))
+		if g.majorVersion <= 2 {
+			// List other available API versions, if any.
+			allVersions := g.versioning.GetAllVersions(g.moduleName, typeName)
+			includedVersions := []string{}
+			for _, v := range allVersions {
+				// Don't list the default version twice.
+				if v == defaultVersion {
+					continue
+				}
+				tok := generateTok(g.moduleName, typeName, openapi.ApiToSdkVersion(v))
+				if g.shouldInclude(typeName, tok, &v) {
+					includedVersions = append(includedVersions, string(v))
+				}
 			}
-		}
 
-		if len(includedVersions) > 0 {
-			fmt.Fprintf(&b, "\n\nOther available API versions: %s.", strings.Join(includedVersions, ", "))
+			if len(includedVersions) > 0 {
+				fmt.Fprintf(&b, "\n\nOther available API versions: %s.", strings.Join(includedVersions, ", "))
+			}
 		}
 	}