In 2012, Harvard University said it could no longer afford the high cost of academic journal subscriptions. The aim of this paper is to discuss the pressures, opportunities and costs facing research library acquisitions budgets in Australia. It seeks to understand how libraries are coping with resource issues and what strategies they are deploying to overcome their fiscal challenges. The findings are presented of a study into the pressures, opportunities, and costs facing research library budgets in Australia. A qualitative research methodology was used to undertake the study. Semi-structured interviews were carried out with representatives involved at the highest level of library resource allocation from their respective universities. The study provides discussion on how libraries are coping with resource issues and what strategies they are deploying to overcome their fiscal challenges.