The founding of the Australian system of higher education closely parallels the creation of public postsecondary education in the United States during the nineteenth century. Their subsequent histories reflect a growing recognition of postsecondary education's capacity to shape the economic prospects not only of individuals, but of entire nations. Less recognized are the ways individual institutions (which collectively constitute these systems) affect their local communities. In this article, we briefly outline the economic impact of postsecondary education in Australia and the United States and then describe how a research university in each country, the University of Pennsylvania in West Philadelphia and the University of Queensland, has served as a key anchor institution for its local area. A variety of factors are explored, including local context, funding sources, university leadership, and institutional mission.