HIGHER EDUCATION BUBBLE UPDATE: The Students Universities ‘Cannot Afford to Fail.’ “A recent investigative news program combined with a report from a governmental anticorruption commission have stirred up a debate in Australia about the prevalence of fraud in international student recruitment and the alleged slippage of academic standards as the country’s universities have grown increasingly dependent on the tuition these students bring. The debate in Australia — where international students account for more than a fifth of university enrollments, compared to just about 4 percent in the U.S. — arguably has implications for American universities as they seek to grow international student enrollments and increasingly embrace the use of commissioned agents in recruiting, a practice widely accepted in Australia.” Some American universities are already quite financially dependent on foreign students, and I’m sure it’s already affecting their behavior.