1Higher Education Provider Approval No. 2 of 2020

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 2 of 2020

Approval under section 16-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16-50(1b) to the Higher Education Support Act 2003 (the Act).

I, Damian Coburn, a delegate of the Minister for Education and Training for the purposes of 16-25, 16-50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a) approve the application of Southern Cross Education Institute (Higher Education) Pty Ltd (ABN: 79 605 294 997, ACN: 605 294 997) as a higher education provider in accordance with section 16-25 of the Act;

(b) impose conditions on the approval of Southern Cross Education Institute (Higher Education) Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;

(c) note that this approval decides the application of Southern Cross Education Institute (Higher Education) Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

(d) hereby give Southern Cross Education Institute (Higher Education) Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.

Conditions

1. Southern Cross Education Institute (Higher Education) Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
2. Southern Cross Education Institute (Higher Education) Pty Ltd must maintain a positive equity position for the period of its approval.
3. Southern Cross Education Institute (Higher Education) Pty Ltd will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.
4. Southern Cross Education Institute (Higher Education) Pty Ltd must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.
5. Southern Cross Education Institute (Higher Education) Pty Ltd must provide the department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 31 December each year for the period of its approval.
6. Southern Cross Education Institute (Higher Education) Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Southern Cross Education Institute (Higher Education) Pty Ltd or a related entity that may significantly affect the capacity of Southern Cross Education Institute (Higher Education) Pty Ltd to meet the quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.