Alongside primary and secondary education, tertiary education is a critical component of the education ecosystem. Universities' role in strengthening and informing education policy and practice at every level -- training teachers, creating pedagogical content, and leading educational research -- is central to reimagining education to address the challenges of COVID-19. Universities have a vital role to play in realising the UN Sustainable Development Goals, however, without appropriate funding, this impact will be limited. It is therefore critical that Commonwealth governments prioritise funding for higher education, in recognition of its vital contribution to society and to post-COVID recovery worldwide.