What I suggest could change higher education in Australia is:
1. Require formal teaching qualifications of academic staff: While the vocational education sector requires teaching staff to be trained in teaching, universities do not. The result is portly designed (or not designed at all) courses. Assuming the government's deregulation of fees occurs, this could see most Australian universities put out of business due to their inefficient teaching practices.
2. Design programs primarily for part time online students: While the vocational sector assumes their students are part time and can only rarely visit a campus, most university academics have the idea that the typical student is full time on campus. The result is that university courses do not suit the typical student who has work or home responsibilities which they need to fit their studies into. Those universities which change their programs to allow for part time online students, while retaining a quality u8nveirsity experience, can expect to do well in the deregulated environment. A few elite institutions may be able to find sufficient full time independently wealthy students to fill their campuses, but most universities will need to change to meet their student's needs, or go out of business.