The number of students from regional areas or from low socio-economic backgrounds will be uncapped, as part of laws set to be introduced to federal parliament on Thursday.
Universities will get more funding for the extra students they enrol from poorer backgrounds as well as those who study in regional campuses under a needs-based model.
The Commonwealth will pay universities $1535 per eligible equity student and $1398 for every regional student, with it helping to cover tutoring, mentoring, and academic assistance.
Education Minister Jason Clare said the payments were more than double the amount universities previously received under similar programs.
"Talent is everywhere. It's opportunity that's not. These reforms will mean more young people from poor families and from the regions and the bush get a crack at university," he said.
"If you get the marks, or you've got the skills, you've got what it takes. You will get a place. We're also making sure you will get the support you need when you get there."
"The evidence tells us that students from low SES backgrounds and students from the regions and the bush aren't just less likely to start a university degree, they are also less likely to finish it."
The laws will pave the way for $3.6 billion extra in funding for government-supported places at university over the next 10 years.
During the next decade, an extra 230,000 students will begin university study.
"The Universities Accord set a target that by 2050, 80 per cent of the workforce will have a TAFE qualification or a university degree," Mr Clare said.
"The only way to do that is if we break down the barriers that stop so many young people from getting to university."
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