Formal Systems Engineering (SE) educational programs have been in existence worldwide at least since the early 1990s, acknowledging the learning needs and demands of industry for engineering graduates with SE knowledge. Workshops held at ASEW during 2019 and 2020 with representatives from academia and industry highlighted common issues, difference in viewpoints, and a lack of data about SE education in Australia. It also showed that there was resolve to collaborate in order to target sustainability of the SE educational system for Australia as a whole. According to the Worldwide Directory of SE and Industrial Engineering Programs, the last five years have seen significant worldwide growth in both the number of institutions offering SE, but also number of SE programs available. Despite SE gaining traction along a similar timeframe in Australian industry, it would appear that SE education in Australia has not seen similar visible patterns in growth. This paper reports on the broad state of play of SE education in Australia through a lens of competencies and workforce supply and demand.