Crown Lands Act 1976

There shall be payable on any money owing to the Minister upon a sale of Crown land interest at such rate as the Minister may, in any case, determine, the interest to be calculated at half-yearly rests or as may be specified in the agreement or security document.

In determining interest under subsection (1) the Minister shall have regard to – the long term bond rate on Commonwealth securities; and interest rates payable to lending institutions on mortgage in respect of land; and any circumstances of the case which the Minister deems relevant.

Notwithstanding any other provision of this section the rate of interest payable under this section shall not be less than – 4 per cent per annum in the case of rural land; and 5 per cent per annum in the case of any other land.