There has been substantial growth in postgraduate coursework study in Australia since moves towards deregulation began in the early 1990s. This growth in postgraduate coursework education has brought benefits for both institutions and individuals. However, in a deregulated fee environment these benefits now risk being outweighed by the mounting costs of education for those who wish to improve their qualifications. This paper revisits a paper by Smith and Frankland in 2000, regarding the 'marketisation' of postgraduate coursework degrees in Australia and addresses the likely implications of recent proposals for a cap on the combined cumulative fee debt for current and prospective postgraduate coursework students. It finds that many of the predictions made by Smith and Frankland in 2000 have been borne out and that the prospect of limits on cumulative debt from multiple degree programs has the potential to have an impact on increasing numbers of graduates with fee debts well in excess of $100,000. [To view "Marketisation and the New Quality Agenda: Postgraduate Coursework at the Crossroads," see EJ623399.]