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This Act may be cited as the Penalty Interest Rates Act 1983.
The Supreme Court Act 1958 is in this Act referred to as the Principal Act.
This Act shall be deemed to have come into operation on 1 July 1983.
S. 2 substituted by No. 58/1989 s. 3.
The penalty interest rate is the interest rate expressed as a percentage fixed by the Attorney-General from time to time by notice published in the Government Gazette.
The Attorney-General must determine the penalty interest rate to be fixed by—
obtaining from time to time a recommendation from the Treasurer as to an appropriate institutional rate of interest, which must be a rate—
which is charged for loans or paid for borrowings by a public or commercial institution; and
which, in the opinion of the Treasurer, reflects prevailing commercial rates of interest; and
determining, after consultation with the Treasurer, whether the recommended institutional rate should be adjusted to include a penalty element, and, if so, the nature and size of the adjustment; and
adding or subtracting the adjustment (if any) to or from the institutional rate.
If there is any change to the percentage of the institutional rate, the Attorney-General may fix a new penalty interest rate to take account of the change and may do this without complying with subsection (2).
S. 3 repealed by No. 58/1989 s. 3.
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s. 4
In section 77 of the Principal Act for the words "maximum rate approved by the Australian Loan Council at the time judgment is entered or an order made for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
s. 5
In section 78(1) of the Principal Act for the words "the maximum rate approved by the Australian Loan Council at the time the judgment is entered or the order made for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
In section 79A(1) of the Principal Act for the words "the maximum rate approved by the Australian Loan Council at the time the judgment is entered or the order made for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
In section 88 of the Principal Act for the words "at the maximum rate then approved by the Australian Loan Council for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
s. 8
In section 161 of the Principal Act for the words "maximum rate approved by the Australian Loan Council at the time the judgment is entered or the order made for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
In section 73(4) of the County Court Act 1958 for the words "maximum rate approved by the Australian Loan Council at the time judgment is entered or the order made for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
In section 86(4) of the County Court Act 1958 for the words "maximum rate approved by the Australian Loan Council at the time the judgment is entered for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
In the Third Schedule to the Property Law Act 1958 in condition 4, for the words "maximum rate approved by the Australian Loan Council at the time of the default for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
s. 12
In the Seventh Schedule to the Transfer of Land Act 1958 in condition 4, for the words "maximum rate approved by the Australian Loan Council at the time of the default for long-term borrowing for new public securities issued by semi-government authorities" there shall be substituted the expression "rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983".
For section 50(4) of the Magistrates' Courts Act 1971 there shall be substituted the following subsection:
"(4) Every judgment debt shall carry interest at the rate for the time being fixed under section 2 of the Penalty Interest Rates Act 1983 from the time the judgment is entered or order made and the amount of the interest shall be stated in the body of and may be levied under any warrant of distress or commitment issued for the enforcement of the judgment or order.".
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