Universities in Australia are managing unprecedented change primarily due to changing government policy. The traditional funding models are now in question driving universities to seek alternative cash flow streams. A range of new initiatives and innovations pervade the sector focusing on commercialisation of teaching and intellectual property, entrepreneurship, strategic alliances, internationalisation and leverage of university assets. These changing paradigms, within relatively short time frames, have led to dramatic effects on university culture, organisational structures and processes, public perceptions and media attention on the contribution of universities within the local and global market. Universities are now endeavouring to compete on a commercial basis from a "not-for-profit" tradition. Volume of business has now become a key performance indicator. However, volume of business may be now in direct competition with quality and standards. This is increasingly attracting the attention of media and regulatory agencies concerned with accountable use of public funds. This scrutiny has placed additional pressure on traditional educational organisations with consequential impacts on management structures, staff and students. This paper examines the changing environment, the impact on stakeholders and the benefits and limitations of education that is driven by the profit motive rather than traditional philosophical and pedagogical objectives. Primarily, the paper compares the performance, strategic directions and key outcomes in response to the changing educational market of a number of Australian universities who have moved towards globalisation.