Although we (Melbourne Uni) don't run a competition, we do have a few hundred members who play domestic basketball for us at MSAC on Tuesday, Thursday and Sunday nights and we often run MMBL teams as well.
I'd say we are probably Australia's biggest domestic club for adults. Probably a bit over half are students, the rest are post-grads. Generally, anyone with a tertiary education who wants a game at any adult level is welcomed to the club. We actually have quite a large base of international students playing in the beginner grades right up to the top squads which have historically had a lot of success in the MMBL, Big V and before that, the VBL.
The lack of a junior program makes it a bit hard to recruit for state league basketball but we tend to pick up players from our University Games team and various other places. The social atmosphere at the club tends to do a lot of the recruiting for us.
I imagine it would be very difficult to fund a Big V/SEABL program given the costs involved unless it was offset by contribution from a domestic program. In our case, we also receive a partial stipend from the University of Melbourne to further their mandate of social development of the student base.