As the third-largest export industry, international education occupies an important place in the Australian economy and society. Employing Bacchi's "What is the Problem Represented to be" (WPR) approach, this paper critically analyses four key policies pertaining to international students in Australia since the 1990s. Drawing upon theorising of the globalisation of international education policy, we uncover contestation and problem representation in discourses around the economisation of education and of international students' experiences. The findings reveal multiple discourses of the problematisation of diversity at play, including a "pivot" towards protection of international students' rights as consumers and as potential future citizens, and increased attention to the intrinsic value of international students as people, and not simply as economic agents. The findings have implications for other national contexts, in which international students contribute to the economic viability of education, and in which internationalisation of education in universities has the capacity to foster enhanced cross-cultural understanding.