Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p32
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 32/51)
Character Range: 242909–245849

the basis of data published by the Australian Bureau of Statistics or, if such information is not available, as may otherwise be agreed between the parties.
          11.10.3 In the event that the parties are unable to agree on:
            (a) the unregulated standard annual rates of interest applied to owner‑occupied housing loans in each State and the Australian Capital Territory and the Northern Territory under Sub‑clause 11.10.1; or
            (b) the five (5) largest banking group providers of housing finance in Australia under Sub‑clause 11.10.2;
          within fourteen (14) days of first notification by either party to the other of that disagreement, the matter in dispute shall be determined by an independent nominee of the President of the Institute of Chartered Accountants of Australia. Such determination shall be conclusive and binding on both parties. The fees and expenses of the nominee shall be borne equally by the parties.
          11.10.4 Pending the resolution of any dispute or disagreement referred to in Sub‑clause 11.10.3 in the manner provided for in that Sub‑clause, the Benchmark rate used to calculate the Subsidy payable to the Bank by the Commonwealth in the immediately preceding month shall continue to apply.
          11.10.5 Upon resolution of such dispute or disagreement, the amount of Subsidy next payable to the Bank by the Commonwealth after such resolution takes place, or if insufficient time is available, the payment after the next payment, shall be adjusted to take into account the result of that resolution.
          11.10.6 The Commonwealth and the Bank agree that the amount of such adjustment shall bear interest at the Benchmark rate fixed in accordance with Sub‑clause 11.10.
          11.10.7 Subject to Sub‑clause 11.10.8, the Benchmark rate to be used for Subsidy payment purposes in any month shall be calculated monthly in two stages as follows:
            (a) for each banking group concerned, a simple arithmetic average of the unregulated standard annual rates of interest for owner‑occupied housing loans as defined in Sub‑clause 11.10.1 which that banking group applied on the last day of the immediately preceding month in each State and the Australian Capital Territory and the Northern Territory in which the banking group concerned conducted housing loan business shall be calculated; and
            (b) the figures calculated for each banking group under Sub‑clause 11.10.7(a) shall then be subject to a simple arithmetic average to determine the Benchmark rate for that month.
          11.10.8 In the event that the Bank should, in future, for any reason, offer publicly to make loans for the purchase or construction of owner‑occupied houses in any State or Territory on terms including that the first interest rate to be applied is lower than the Benchmark rate determined in accordance with Sub‑clause 11.10.7, then the Subsidy payable to the Bank by