While comprehensive mental health promotion inherently involves individuals, there is an ongoing need to address large‐scale determinants of people's mental health and wellbeing—particularly policies and environments. To have the best possible chance of creating positive change, mental health promotion must also work throughout key mediating structures such as places of education and work. This includes universities. Yet, in their efforts to address student and staff mental health and wellbeing, Australian universities have demonstrated limited uptake of comprehensive mental health promotion approaches. In this commentary, I discuss a recent review of Australia's higher education system—the Australian Universities Accord—as a catalyst for strengthening institutional action and change through a comprehensive mental health promotion lens. I discuss key findings—and silences—made clear throughout the review process. I then advocate several urgent priorities for university‐level change—across institutional assessment, institutional accountability and performance, and institutional leadership and power—if Australia's universities are genuinely committed to improving mental health and wellbeing among students and staff.