The Developing Student Market in Australian Higher Education

In March 1961 the University of Melbourne administered the first numerus clausus (closed number) or quota on undergraduate entry in Australia, to the Bachelor of Medicine. This led to the development of a non-monetary “proto market” in higher education, in which the currency is the tertiary entrance rank. Almost 50 years later, on 4 March 2009, the Australian Minister for Education announced the introduction of a “new demand driven funding system” (Gillard, 2009) or public voucher for domestic undergraduate students.