International education is widely recognised as providing a range of positive outcomes for students, universities, and both the source and destination countries. New Zealand politicians, however, see international education as a means of generating significant export earnings able to subsidise the local provision of university education. New Zealand universities have been criticised as underperforming in comparison to their Australian counterparts in attracting revenue from international students. This article explores the evidence of that observation by examining the patterns of enrolment by international students in New Zealand and Australian universities. The analysis identifies significant drivers of the international student enrolments in Australia and discusses potential strategic and policy implications for international education in New Zealand that respond to these drivers.