This article considers national Australian data on reverse transfer--the transfer of students from bachelor programs or higher to sub baccalaureate programs, institutions and sectors. It finds that previous studies have overstated the prevalence and perhaps also the significance of reverse transfer. The data are not good, but the best conclusion is that reverse transfer in Australia is from 50% less to 50% more than upward transfer, depending on the concept and measure of transfer used. Furthermore, the Australian survey data suggests that while most upward transfer students have completed their sub baccalaureate qualification before transferring, only just over a third of reverse transfer students have completed their degree: almost two-thirds of reverse transfer students are "drop downs".