This report was commissioned by the Department of Education, Training and Youth Affairs (DETYA) as an update of the 2000 Report. The 2000 Report canvassed the emergence of corporate, for-profit and virtual universities in the US, and their likely effects on Australian higher education, most particularly in terms of staffing, student profiles, curriculum issues as institutions moved away from traditional forms of delivery, technologies employed, accreditation and quality issues, and threats and opportunities for Australian markets.