Australia is a world leader in international education. Education ranks as the country's top services export, now earning more than A$36 billion annually. Last year, almost 400,000 foreigners studied for Australian degrees, the vast bulk of them at the 37 public universities, including more than 150,000 people from China and 70,000 from India. There has been much public debate on the drivers for this, and the perceived and actual risks of a dependence on international student fees. There is less discussion about the opportunities that the internationalisation of Australia's universities brings both domestically and internationally, and how Australian universities will have to evolve and adapt to fully realise these. Despite geopolitical rumblings, the mobility of students across the world shows no sign of ending soon; can Australian universities provide a model for the next generation of globally engaged universities that ensures benefits for both domestic and international cohorts?