The last decade has witnessed a significant growth of private higher education around the world. The growth included the number of private education providers, and also the growing number of students. While some countries are experiencing trend growth, others are witnessing decline. Some of the reasons for the decline include increased regulation and stringent accreditation and reaccreditation of higher education institutions and courses, government policies to encourage the growth of public universities, and acquisition of small providers by large private education institutions. The growth of private higher education has increased competition, and it has also established collaboration with public institutions. The growth of private higher education has also raised concerns about ethical governance, maintenance of academic standards, and mechanisms to plan, review, and improve educational outcomes. This paper focuses on Australia where despite growth, there is limited research about private higher education. This paper reviews literature on the global growth and decline of private higher education. It then analyses the trends in Australia and possible scenarios for the future of private higher education in the country.