From 2010 to 2020, enrolments in Australian higher education grew by a third. Over the same period, enrolments of Indigenous students and of students with a disability more than doubled. Such growth could be considered a triumph of inclusivity, but participation data conceal deep and ongoing inequity. This chapter explores the policy environment that enables this apparent paradox, and the limitations and misalignment of policy. We assert that higher education policy deeply embeds concerns with the access and participation of designated equity groups within funding and regulation. By contrast, broader policy commitments to the inclusion of all students, including within curriculum and assessment, are largely unstated or unmonitored. This paucity of policy/monitoring/regulation/likely contributes to ongoing disparities in success, retention, and completion outcomes for groups such as Indigenous students and those with a disability. Opportunities for advancing equity and inclusion include redoubling efforts to ensure compliance with existing legislative requirements and ensuring there are consequences for non-conformance. This effort would be aided by better monitoring and evaluation of strategies aimed at equity and inclusion, underpinned by nationally consistent data collection, reporting, and benchmarks.