Australian universities now have a headcount casualisation rate near the national workforce average. Reasons for, and impacts of, this development are explored, and an argument is made for the role of industrial regulation in reconciling requirements for flexibility, security and equity in university employment. Responses to a large survey of casual academic and general staff suggest that this employment mode is a minority preference. Discrete groups of casual university staff, including those seeking university careers, those with other secure income sources, and students in transit to other careers, experience different forms and levels of insecurity and inequity. Appropriately targeted regulatory responses thus include criteria-based caps, a general staff conversion mechanism, a work value review, access to increments and service entitlements, and workplace representation rights.