After a decade of offering higher degrees (Masters and PhDs) in creative writing in Australian universities, it is now time to reflect on their success or otherwise given their popularity with students. Does the pedagogy underpinning this particular practice-led research methodology in creative writing allow researchers and scholars insights into the contribution the the arts and humanities, as new knowledge sites within the higher education sector in Australia? Also how are creative writing degrees positioned as professional industry training and practice in the field now know as Creative Industries? Can the two roles sit comfortably or are they intrinsically in conflict? Can creative writing practitioners work within universities’curricula or are they attempting to serve two masters, education and industry. It is the contention of this paper that the commodification of creativity, under the rhetoric of innovation and globalisation is at the expense of 'the Muse'.