Higher education policies related to quality assurance are implemented in many countries. The purposes of such policies are to ensure the provision for high-quality education, university accountability and transparency in the use of public funding and meeting the needs of the diverse stakeholders. The current Australian Higher Education Quality Assurance Framework was implemented in the year 2000. It can be described that the framework has been enjoyed by universities, academics and other providers in Australia. This paper provides a brief history of quality assurance, its evolution in higher education in Australia and current changes and trends in quality assurance in other developed countries. It then provides an analysis of the success and deficiencies of the current framework used in Australia and suggestions which may be helpful in the development of the new framework. The analysis includes the thoughts of the three authors based on their experience in managing quality and reviews in seven different institutions and the views of more than 40 participants who are staff members from 25 Australian universities.