The Tertiary Education Quality Standards Agency (TEQSA) has the job of regulating and assuring the quality of tertiary education in Australia. They have a thresholds standards framework that registered tertiary organisations are required to meet.
http://www.hestandards.gov.au/sites/default/files/TeachingLearningDiscussionPaper.pdf discussion paper 2011
updated December 2014
http://www.teqsa.gov.au/sites/default/files/RegProcessesConsultationSummaryReport.pdf Feb2014