It's suspected thousands of the flyers have been left at campuses across Australia since the start of the year.
The first reported sighting was in a Melbourne University car park on 29 February.
Universities and student associations have condemned the material and passed information on to police, but Melbourne and Monash say that as the author of the flyer is unknown, they can't pursue punishment.
A spokesperson from the ANU told BuzzFeed News they are "appalled by the distribution of derogatory material on campus".
ANU has removed the flyers and is reviewing CCTV footage to identify the perpetrators for referral to police. Under the ACT Litter Act they could face a fine of up to $5,000, and the university said if they are found to be staff or students they could be disciplined.
Vice chancellors from each uni have met affected students, but told them they don't want to give oxygen to the discrimination by directly acknowledging the material is anti-Semitic.
This decision has left many student associations frustrated.
The Australasian Union of Jewish Students (AUJS) is calling for tougher action against racism on university campuses.
“Everyone has the right to feel safe and welcome on campus," AUJS national chair Michael Fisher told BuzzFeed News. "Australian universities must vigorously tackle the surge in anti-Semitism, and identify and punish the groups which are disseminating this poison.
“It is vital that student bodies and university authorities work with Jewish groups to educate the student population on anti-Semitism and the destructive effects of racist hate speech.”
Fisher suspects the "toxic propaganda" is a coordinated campaign by neo-Nazi groups aimed at intimidating Jewish students and academics.
He says there's been a rise in discriminatory material against Jewish people in Australia since the return of One Nation and the push by conservatives to amend the Racial Discrimination Act.
"It's a contemptible attempt to abuse and isolate Jewish students and staff," he said, "many of whom lost family in the Holocaust and whose grandparents in Australia are survivors of the genocide."
Fisher believes the language used is similar to flyers previously distributed at Sydney University by far-right groups.
"Although the leaflets are closely similar to one another in content and appearance, they have appeared in three slightly different forms, suggesting that there have been three separate print runs," he said.