Document ID: chunk:federal_register_of_legislation:C2004A01348:clause:1_87za
Version: federal_register_of_legislation:C2004A01348
Segment Type: clause
Provision Reference: sch 1 cl 87ZA
Character Range: 26989–28574

87ZA  Interest on damages

 (1) A court must not, in a proceeding to which this Part applies, order the payment of interest on personal injury damages for:
 (a) non‑economic loss; or
 (b) gratuitous attendant care services for the plaintiff; or
 (c) loss of the plaintiff's capacity to provide gratuitous attendant care services to other persons.

 (2) If, in a proceeding to which this Part applies, a court is satisfied that interest is payable on personal injury damages of another kind, the rate of interest to be used in working out the interest is:
 (a) the rate of interest prescribed by the regulations; or
 (b) if no rate is prescribed—the 10‑year benchmark bond rate on the day on which the court determines the personal injury damages.

 (3) This section does not affect the payment of interest on a debt under a judgment or order of a court.

 (4) In this section:

10‑year benchmark bond rate, on a day, means:
 (a) if the day occurs on or after 1 March in a particular year and before 1 September in that year—the Commonwealth Government 10‑year benchmark bond rate:
 (i) as published by the Reserve Bank of Australia in the Reserve Bank of Australia Bulletin (however described); and
 (ii) applying on the first business day of January in that year; or
 (b) otherwise—the Commonwealth Government 10‑year benchmark bond rate, as so published, applying on the first business day of July in the preceding year.

business day means a day other than a Saturday, a Sunday or a public or bank holiday in any State, the Australian Capital Territory or the Northern Territory.