HIGHER EDUCATION FUNDING ACT 1988
In addition to the conditions specified in any other provision of this Act, financial assistance is granted to an institution or other body under this Act in respect of a year on the conditions that:
(a) if the Minister informs the institution or body that the Minister is satisfied that the institution or body has failed to fulfil a condition applicable to that financial assistance, the institution or body will pay to the Commonwealth the amount (if any) specified by the Minister, not exceeding the amount of the financial assistance; and
(b) if the amount of the financial assistance paid to the institution or body under a provision of this Act exceeds the amount of that financial assistance that is properly payable to the institution or body under that provision, the institution or body will pay an amount equal to the excess to the Commonwealth; and
(c) despite paragraph (a), if:
(i) the institution or body fails to spend any of that financial assistance in accordance with this Act in respect of that year; and
so much of the unspent amount as the Minister specifies will be taken to have been granted to the institution or body under this Act in respect of the next following year under similar conditions to the conditions of the original grant or under other conditions determined by the Minister; and
(ii) the Minister determines that this paragraph is to apply in relation to the institution or body in respect of that year;
(d) the institution or body gives to the Minister, not later than 30 June next following that year, a financial statement in respect of that year, in an approved form, together with a report on the statement by a qualified auditor.
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