The arrival of university ranking has changed the landscape of higher education all over the world and is likely to continue to influence further development nationally and internationally. This article provides an overview of rankings systems in which Australian universities feature and it goes on further to discuss the impact ranking systems have on higher education and its stakeholders. It concludes by acknowledging that ranking systems are viewed differently by different stakeholders and hence affect them in different ways. While no one ranking can be accepted as definitive, these ranking systems will remain a part of the higher education system for some time to come.