Unclaimed Money Act 1990

Except in so far as subsection (2) provides, interest shall be taken not to accrue in relation to any money paid to the Treasurer or into the Treasury under this Act.

Where the Treasurer is satisfied that any money which it is agreed shall be payable into Treasury under section 13(2) was, immediately prior to the time at which it was paid into the Treasury, money that was held or owed in circumstances giving rise to a duty, at law or in equity, on the part of a person by whom that money was then held or owed to pay interest to, or to ensure that interest was earned on the money for, the person for whom it was held or to whom it was owed, and that the amount of that money at that time exceeded the prescribed amount, the Treasurer may pay to a claimant interest in respect of the money.

The interest payable under subsection (2) shall be calculated at a rate to be determined by the Treasurer, being a rate not less than that payable from time to time on ordinary savings accounts with the Commonwealth Bank of Australia.