Performance indicators are increasingly used to measure the performance and quality of higher education. The purpose of this article is to discuss their role for reflecting on the challenges faced by high-participation higher education systems, regarding quality of student outcomes, equity of access, societal relevance and financial sustainability. Based on a review of existing international comparable metrics, policy and scholarly literature on higher education performance, the article discusses the strengths and weaknesses of current performance indicators and the perennial tension between the burden of accountability and the inspiration and innovation that may result from the developmental use of performance indicators for improvement. It concludes by summarising some observable results of performance and quality management and reflecting on some possible future trajectories.