Document ID: chunk:federal_register_of_legislation:C2004A01348:clause:1_87y
Version: federal_register_of_legislation:C2004A01348
Segment Type: clause
Provision Reference: sch 1 cl 87Y
Character Range: 25093–26128

87Y  Damages for future economic loss—discount rate

 (1) If an award of personal injury damages in a proceeding to which this Part applies is to include any component, assessed as a lump sum, for future economic loss of any kind, the present value of that future economic loss is to be determined by applying:
 (a) a discount rate of the percentage prescribed by the regulations; or
 (b) if no percentage is prescribed—a discount rate of 5%.

 (2) A regulation made for the purposes of paragraph (1)(a) does not take effect before the end of the period of 6 months starting:
 (a) if the regulation is laid before each House of the Parliament under paragraph 48(1)(c) of the Acts Interpretation Act 1901 on the same day—starting on that day; or
 (b) if it is laid before each House of the Parliament under that paragraph on different days—starting on the later of those days.

 (3) Except as provided by this section, this section does not affect any other law relating to the discounting of sums awarded as damages or compensation.