It may be subject to certain restrictions like the will of the host country to accept the foreign student or may be subject to various other privations like visa, passport, and funding for international studies. Globalization, on the other hand, transcends all borders and the concept of nation or state seemingly does not exist. Here the world is a single entity, comprising of a common ‘knowledge society’. Since globalization has been the result of a worldwide economic and commercial integration, (unlike the internationalization of education, that sees knowledge exchange at very high scholarly levels), it has been identified with transnational educational systems that are based on private entrepreneurial market-driven forces and related competition. and a resultant knowledge exchange that is commercial based (Teichler U and Yağcı, 2009).Observing the current accelerated rate in globalization it is indeed necessary that the colleges and universities worldwide (including Australia) come together and change their present curriculum to form an integrated educational system so that the concept of a singular ‘knowledge society’ becomes a reality.Globalization, an innovation of the 21st century, is a term that has come from nowhere to be almost everywhere (Giddens, 1999, 7). Globalization though mainly associated with the concept of a worldwide economic integration and a borderless market, its effect without any doubt extends well beyond the economy…it transforms people, states, societies, cultures and civilizations (Comeliau, 1997, 30). The effects of globalization are visible in three main areas, in context of any particular country.