The outstanding quality of universities and the above-average returns to tertiary schooling have spurred participation in recent years. Nonetheless, little evidence of falling returns over time suggests that demand for the highly skilled has kept the pace of supply (Walker and Zhu, 2008). Increasing the available positions, while maintaining high standards of quality, would promote human capital accumulation, economic growth, equality and social mobility. Furthermore, high private returns justify recent reforms making students bear a larger share of the costs.