This dissertation defines the heredity of Australian higher education. Consistent with higher education and public policy literature, this heredity is embedded in an integrated higher education and public policy cycle, bridged by legislation. Financing legislation between 1850 and 2020 was examined demonstrating that legislatures have accommodated expansion in participation and research through internationally distinctive frequent incremental change. Discontinuous changes in financing legislation are rare. Insights arising from heredity contribute to the description of a more stable approach to financing legislation.