Action on non-compliance with order etc—prescribed rate of interest (sections 39, 41 and 42)

Current

(1)

For the purposes of sections 39(5)(a), 41(5)(a) and 42(8)(a) of the

Act, the prescribed rate of interest per annum on an unpaid amount will be the prime bank rate for any financial year for which the amount remains unpaid.

(2)

In this regulation—

prime bank rate for a particular financial year means the corporate loan reference rate applied by the Commonwealth Bank of

Australia for corporate lending on the first trading day of the Bank in that financial year.

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7 Action on non-compliance with order etc—prescribed rate of interest (sections 39, 41 and 42)