A few years back I read about an interesting idea to tackle people smugglers. Rather than deterrence, the idea was to actively compete with them for money from the type of potential migrant/refugee that would be tempted to pay a person smuggler. A new type of entry visa would be created (undocumented economic migrant?), and it would be an industry rather than an expense for the receiving country.
It appears that Australias foreign student intake see Article, is more about this burgeoning immigration industry than it is about the higher education industry, at least for Chinese and Indian potential immigrants. I am not sure what percentage students are of our current net migration intake, but it is a very high proportion.