Australian universities are public institutions, not businesses, yet they mix public purpose with commercial activity. This Insight examines how universities compete for students, manage related entities, invest in property and markets, and why transparent reporting must distinguish charitable and commercial operations to maintain public trust and financial clarity.

Australian universities have transformed from public institutions into corporate enterprises through commercial accounting standards. With $40 billion in combined revenue and $110 billion in assets, they now prioritise financial metrics over academic mission. This shift compromises traditional roles of knowledge creation, critical inquiry and community engagement, forcing institutions to treat education as a business rather than a public good.