The deregulation legislation was defeated in the Senate last week.
“These reforms have huge benefits for students from all walks of life,” Education Minister Christopher Pyne said in a media release.
The Socialist Alternative will be protesting against university fee deregulation and Mr Pyne tomorrow.
The group is an Australia wide organisation of Marxists and has clubs at University campuses around the nation.
Mr Pyne said last week the government would “bring back” the higher education reform package.
“We will not give up,” he said.
Protest organiser Megan Guy said it is more “important than ever” to show students are not going to “give up the fight.”
The Socialist Alternative has a protest history over this issue.
5,000 students protested against university deregulation on the streets of Melbourne in May.
A protest stunt on a Q&A episode featuring Mr Pyne last year drew media attention.
“National Days of Action”, rallies in capital cities across the nation, happened in May 2014.
“Everyone serious about higher education knows the current situation for universities is unsustainable,” Mr Pyne said.
The Socialist Alternative expect most protestors at the State Library tomorrow to be university students.
“These cuts will affect students across the board,” Ms Guy said.
It is possible workers, people who attend high school or those who would like to send a message to the Liberal party will attend the rally.
Fee deregulation is “one of the most hated aspects of the budget for ordinary peoples”, Ms Guy said.