Interest payable on compensation—acquisition other than security rights
31 Interest payable on compensation—acquisition other than security rights
This section applies if the Territory is liable to pay a monetary component of compensation to a claimant under this part in relation to an acquisition, other than a security right.
The Territory must pay the claimant interest on the compensation at the relevant rate for the month when the Territory becomes liable to pay the compensation on and from the acquisition day until—
the day on which the compensation is paid; or
if payment is delayed through a default or delay of the claimant, until the day on which the compensation would have been paid but for the default or delay.
Subsection (4) applies if—
the claimant rejects, or is taken to have rejected, a final offer made under section 29 (1) (c); and
the amount of compensation payable under this division is less than the final offer.
The period for which interest is payable under subsection (2) does not include the period—
starting on the day the claimant rejects, or is taken to have rejected, the final offer; and
ending on the day the amount of compensation payable under this division is determined.
Interest is not payable to the claimant on the whole or any part of the compensation otherwise than in accordance with this section.
In this section:
relevant rate, of interest for the month when the Territory becomes liable to pay the compensation, means the rate that is the assessed secondary market yield for 5 year non-rebate Treasury bonds, published by the Reserve Bank of Australia on the first day of the month.
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