["Australian Economic Review, EarlyView. ", "\nABSTRACT\n\nBackground\nThe 2008 Bradley Review introduced major reforms to Australian higher education, including a demand‐driven funding system and changes to student income support, aimed at expanding participation and improving equity outcomes.\n\n\nAims\nThis study examines how student income support receipt and higher education participation evolve across socioeconomic status groups following the implementatino of the Bradley Review recommendations.\n\n\nMaterials and Methods\nWe use linked administrative data to examine trends in student income support receipt, higher education participation and Bachelor degree completion between 2004 and 2024.\n\n\nResults and Discussion\nWe find that reforms to student income support successfully closed an access loophole for high‐income students. However, receipt rates among students from low socioeconomic status backgrounds declined. Bachelor degree completion rates increased overall but with disproportionate increases among students from more advantaged backgrounds. These results are particularly salient in light of the 2024 Australian Universities Accord, which renews equity targets and proposes easing parental means testing for student income support.\n\n\nConclusion\nOur results suggest that further easing of parental means testing may not effectively target students most in need.\n"]