This chapter explores the landscape of university_industry collaboration (UIC) in Australia. It draws from international rankings and reports on levels of UIC and innovation in multiple countries. According to several indicators, UIC in Australia is comparatively low. Reasons for low UIC have been cited as the country’s incentive structures, industry norms and operational practices, as well as sector alignment of research goals. The chapter includes interview responses from six key stakeholders about their perspectives on problems associated with low levels of UIC in Australia, potential solutions, and whether the solutions are worth the effort. Responses about problems and solutions revolved around five key themes: strategy, structure, processes, capabilities and culture. All interviewees concluded that there is considerable potential for increased levels and more effective UIC in Australia, but responses varied about how much effort should be made to resolve issues. The chapter concludes with a set of suggestions to aid in the process of improving Australia’s UIC landscape.