"Betrayed. Undermined. And let down."

This is how students and staff at Australia's universities feel... according to the chair of a senate inquiry examining governance at our higher education institutions.

Meanwhile, new research at one uni - Deakin - found one third of Australians do not trust universities and two in five agree university managers "are more focused on revenue than quality."

All round, it's a pretty dire assessment.

Deakin University's vice chancellor Iain Martin says whether this is perception or reality makes little difference now.