In a new mixed economy of higher learning, Australian universities require more strategic management to compete and collaborate sustainably. However, many scholars argue that new modes of university management are at odds with scholarly aims and values. This article examines how Australian universities frame their missions and communicate their strategies, and the contradictory space that university managers occupy. A framework for defining elements of strategic management and practical approaches to managing in a university context is proposed. (Contains 4 tables and 3 figures.)