Document ID: chunk:federal_register_of_legislation:C2025C00162:clause:1a_1229d
Version: federal_register_of_legislation:C2025C00162
Segment Type: clause
Provision Reference: sch 1A cl 1229D
Character Range: 2807999–2808777

1229D  What is the interest charge rate?
 (1) For the purposes of sections 1229A and 1229B, the interest charge rate for a day is the rate worked out by adding 7 percentage points to the base interest rate for that day, and dividing that total by the number of days in the calendar year.
 (2) The base interest rate for a day depends on which quarter of the year the day is in. For each day in a quarter in column 1 of the table, it is the monthly average yield of 90‑day Bank Accepted Bills published by the Reserve Bank of Australia for the month in column 2 of the table.

Base interest rate
Item                Column 1                   Column 2
                    For days in this quarter:  the monthly average yield of 90‑day Bank Accepted Bills for this month applies: