It would be a “great tragedy” for Australia if Parliament blocks the federal government's plan to deregulate university fees, according to Group of Eight Universities Chair Ian Young.

Professor Young, representing the nation's top universities, called for the federal government to ditch some elements of its sweeping higher education package, singling out increases to the interest rate on student debts and federal funding cuts as areas ripe for compromise. But he implored the Senate crossbenchers to support fee deregulation when legislation is introduced to the Senate later this year.

Professor Young, vice-chancellor of the Australian National University, called fee deregulation “a game-changer and a building block to making our universities brilliant”.

“I urge our senators to give universities the freedom to be brilliant - to rise above point scoring and political trickery,” he told the National Press Club on Wednesday. “It would be a great tragedy for our nation, for our universities, for our future generations, if our senators pass up this opportunity, and leave us with no reform, harsh funding cuts and the likelihood of ever-declining funding for research and education.”