Over the last 35 years Australian higher education policy, like that of most countries, has undergone radical changes. This article reviews these changes in terms of four key periods, beginning with the abolition of student fees, through to the recent unprecedented levels of government control and intervention. Policies are compared with each other and common themes across periods, attempts at reinvigorating or reintroducing old ideas, and genuinely new policies are discovered. Finally, the impact of these policies over the last 35 years on the higher education sector, particularly its academics and institutions, is discussed. (Contains 1 table.)