This paper provides an account of individual and collective academic values under the pressure of government policy for social equity in selective admissions at one Australian university. A survey of faculty (N=93) from Law, Social Work, Science, and Architecture identified their goals related to the goals of the university and fairness in selective admissions. At a level of generality, the faculty in the sample could comfortably entertain values of both equity and excellence. They generally shared a preference for academic excellence but not at any price. Seventy-two percent of the sample agreed that the goal of student selection should be directed to maintaining academic values and excellence in courses. Although 54 percent of the sample agreed that higher education should be seen as an investment in the productive capacity of individuals, only 43 percent agreed that universities should select those students most likely to contribute productively to society. Faculty across the disciplines were in favor of some form of positive discrimination for disadvantaged groups. (Contains 17 reference notes.) (GLR)