Utilizing the Australian case as an exemplar, this essay argues that a stable education export industry needs to be governed by a robust governance network. It tells of an education sector that was directed by the state to commercialize its international activities but in so doing embraced a model of education supply that prioritized the pursuit of revenue over the need to provide the learning and education experience students have a right to expect. The subsequent crisis that unfolded led to the emergence of a more mature governance regime but problematic aspects of the original model remain. It is argued that to achieve stability a governance network needs to be created, a network that is comprised of a range of stakeholders who have the capacity to countervail each other s power and by so doing curtail practices that place international students and academic values at risk. We suggest the Australian case is an important exemplar of the difficulties that can be generated if the commercialization of international education is inadequately governed and should be accorded due heed by students, faculty, university managers and regulators.