I have thought about this long and hard, but the development that the Higher education system (including private universities) is being transformed into a vehicle for "filtered" immigration (see previous entry is one which we should be finding positives for. It has not happened by design, but I couldn't have thought of a better way to both have a large immigration intake and have it roughly filtered - by youth, finances and intelligence. If we take a holistic approach to the higher education system, rather than pigeonholing on what form a "good" university should take, the advantages of encouraging and utilising this trend should be obvious - especially to someone with a commitment to open borders.
I feel that there is only a few tweaks required, and the Higher education system can be a model of how immigration can be regulated such that it is fully funded, reasonably inclusive of the different source nations, and allows a good amount of time for the would be immigrant to be "tested" - with University exams and the whole Australian experience being a test as to whether they really want to stay here, and whether their peers who help them with their red tape etc. really want them to stay here.