Document ID: chunk:federal_register_of_legislation:F2024L00195:reg:9
Version: federal_register_of_legislation:F2024L00195
Segment Type: reg
Provision Reference: reg 9
Character Range: 8028–8735

9  Interest on overdue premiums—prescribed terms
 (1) For the purposes of subsection 210(3) of the Act, the following term is prescribed: the term that the rate of interest that may be charged on an overdue premium on a day is the interest rate worked out using the following formula:
 (2) The 10 year Commonwealth Government bond yield is the mean of the 10 year Commonwealth Government bond yields (as shown in figures published by the Reserve Bank of Australia) at the end of each of the last 6 successive half financial years ending before that day, expressed as a percentage.
 (3) If the mean worked out under subsection (2) is not a multiple of 0.25%, round it down to the nearest multiple of 0.25%.