Private, for-profit colleges will increasingly take on the task of educating new generations of professionals as research-intensive universities struggle under the burden of unsustainable cost structures and teaching models, says Nobel Laureate Brian Schmidt.

“Everyone is thinking our university system, as is, is going to deliver the future. It isn’t. We are going to see profound change whether we like it or not,” Professor Schmidt told the 2023 AFR Higher Education Awards dinner in Melbourne last week, where he was presented with a lifetime achievement award.