Interest rate
44 Interest rate
The interest rate is the sum of—
the market rate, being—
unless an order is in force under subparagraph (ii), the Bank Accepted Bills rate; or
the rate specified for the time being by order of the Minister published in the Government Gazette; and
the premium rate, being 8% per annum.
The Bank Accepted Bills rate means in respect of any day is the average of the daily yields for 90 day Bank Accepted Bills published by the Reserve Bank of Australia for the month of May in the financial year preceding the financial year in which the day occurs.
The Bank Accepted Bills rate must be rounded to the second decimal place (rounding 0⋅005 upwards).
This Act’s bill:Explanatory memorandumSecond reading speech
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