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Update (8/29/08). There's a short article on the Macquarie policy in today's issue of The Australian. It's notable mainly for describing the policy as a mandate. "Macquarie University has joined the small club of Australian institutions that require academics to make their research papers freely available over the Internet."
Update (8/29/08). It's a mandate. Thanks to Steven Schwartz, here is the language adopted by the University Senate and Council:
Schwartz adds that "there is no opt out. Deposit is mandatory and access can only be restricted during embargo periods and not beyond."