Abstract
In dialogue with other articles within this special issue, in this article we argue that the financial crisis triggered by the onset of COVID-19 is revealing a failed governance structure within Australian public universities that has ultimately enabled the conditions that led to the crisis currently before us. We suggest that the impact of COVID-19 has laid bare a series of problems that were in the process of unfolding years before the pandemic hit. Finally, we will examine this failure of leadership through the lens of the statutory nature and governance structures of Australian public universities, cast against the current rhetoric that metaphorically equates universities with commercial corporations, to determine the extent to which such a metaphor is accurate, and ultimately (we contend) detrimental to an effective and efficient university sector.