It depends on the field. Programs like Business, IT, Engineering may need one to have working experience in the industry + min Master in order to teach.

However, for science-related e.g. Biomed, Pharmacy, one may need to have PhD to teach full fledged.

But then again, depending on the private university itself, some only requires min of master to teach e.g. Mahsa, Segi while some e.g. Taylors, IMU, Monash need you to have a PhD.