Changed funding arrangements and views of education have resulted in a re-prioritization of activities and practices in Australian universities. While considerable research attention has been given to the consequences of these changes for university policies and the activities of academic staff, less attention has been given to how students perceive these changes. In this paper, undergraduate students' experience of the commodification of higher education sector are explored. The evidence suggests that the changed context is beginning to affect how students perceive university priorities and their effects on teaching and learning.