The COVID-19 pandemic has caused an unprecedented disruption to Australian international higher education. By some estimates the number of international students commencing at Australian universities dropped by 23.3 per cent in 2020 due to the closure of borders. The impact on universities has been dramatic, with many making significant cuts to staffing numbers and changes to course offerings. In recent decades international education has provided significant fee revenue to Australia, totalling over $40 billion in 2019. It is unlikely that the international student market will return to pre-2019 numbers soon. Australian borders are expected to be closed until 2022 and perhaps beyond. There is now an opportunity to reimagine and reconceptualise internationalisation in terms beyond its narrow economic value. This discussion paper is an attempt to shift the discussion about the future of Australian international higher education by focusing not on the narrow economic motivations or challenges but on the public good in terms of its social values and rationales. It is also an invitation to question how Australian universities can cultivate global competencies and offer a genuine international learning experience to all students with or without the additional value brought by physical mobility.