Late Payment of Government Debts (Interest) Act 2013

The supplier under the qualifying contract in relation to which a default event occurs is (subject to this section) entitled to a minimum amount of interest calculated in accordance with the regulations.

Regulations made for the purposes of subsection (1) must provide for a minimum amount of interest that is not less than the amount that would have applied under subsection (1) as in force immediately before the commencement of section 5 of the Late

2024.

A supplier is not entitled to interest if the minimum amount of interest calculated under this section is less than—

$10; or

if another amount is prescribed by the regulations for the purposes of this subsection—that amount.

Interest payable under this section will be a liability to be satisfied by the public authority that is in default (and will be payable out of money made available or held for the purposes of the public authority).

Interest payable under this Act must be paid by the public authority within 2 business days of the authority making the payment for the goods or services supplied under the qualifying contract.

To avoid doubt, interest is not payable on any unpaid interest under this section.

This section applies subject to the outcome of any dispute under section 7.