Federal Register of Legislation - Australian Government

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Determinations/Financial (Other) as made
This instrument determines the notional interest rate to be applied for the purposes of subsection 90C(3) of the Safety, Rehabilitation and Compensation Act 1988.
Administered by: Employment and Workplace Relations
Registered 02 Mar 2022
Tabling HistoryDate
Tabled Senate28-Mar-2022
Tabled HR29-Mar-2022
Table of contents.

Commonwealth Coat of Arms of Australia

 

Safety, Rehabilitation and Compensation (Notional Interest) Determination 2022

I, Simon Birmingham, Minister for Finance, make the following determination.

Dated   22 February 2022

Simon Birmingham

Minister for Finance

 

 

 


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Definitions................................................................................................................................ 1

5  Rates of notional interest for period from 1 July 1989 to 30 June 2000................................... 1

6  Rates of notional interest for period from 1 July 2000 to 19 June 2002................................... 1

7  Rates of notional interest for period from 20 June 2002 to 31 October 2018........................... 2

8  Rates of notional interest for 1 November 2018 onwards........................................................ 2

 

 


1  Name

                   This instrument is the Safety, Rehabilitation and Compensation (Notional Interest) Determination 2022.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1-8

The day after the instrument is registered

 

 

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under subsection 90C(3) of the Safety, Rehabilitation and Compensation Act 1988.

4  Definitions

                   In this instrument:

Act means the Safety, Rehabilitation and Compensation Act 1988.

Reserve Bank means the Reserve Bank of Australia as preserved by the Reserve Bank Act 1959.

5  Rates of notional interest for period from 1 July 1989 to 30 June 2000

             (1)  For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 1 July 1989 to 30 June 2000 (inclusive) is zero.

6  Rates of notional interest for period from 1 July 2000 to 19 June 2002

             (1)  For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 1 July 2000 to 19 June 2002 (inclusive) is the 6-month Treasury Note Yields rate fixed for the day by the Reserve Bank.

                         Note  The 6-month Treasury Note Yields rates fixed by the Reserve Bank for the relevant period are published on the Reserve Bank’s website.

7  Rates of notional interest for period from 20 June 2002 to 31 October 2018

             (1)  For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 20 June 2002 to 31 October 2018 (inclusive) is the 6‑month Overnight indexed swaps rate fixed for the day by the Reserve Bank.

                         Note   The 6-month Overnight indexed swaps rates fixed by the Reserve Bank of Australia for the relevant period are published on the Reserve Bank’s website.

8  Rates of notional interest for 1 November 2018 onwards

             (1)  For subsection 90C(3) of the Act, the rate of notional interest for a day occurring after 31 October 2018 is the rate of return on the day on the Bloomberg AusBond Treasury 5+ Year Index (BATY5:IND) constructed by Bloomberg L.P.

                         Note   The BATY5:IND for each day is published on Bloomberg L.P.’s website. For the purposes of this determination, the rate of return on the day on the BATY5:IND is calculated as the movement in the index on the day as a proportion of the index at the close of the previous day.