Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016

I, MICHAELIA CASH, Minister for Employment, make the following Notice.

Dated 13 September 2016 

MICHAELIA CASH

Minister for Employment

1  Name

  This instrument is the Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016.

2  Commencement

  This instrument commences on 1 October 2016.

3  Authority

  This instrument is made under subsections 97L(3), 97M(7) and 97P(1) of the Safety, Rehabilitation and Compensation Act 1988.

4  Schedules

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5  Rate of interest payable under subsection 97L(3)

The rate of interest payable under subsection 97L(3) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.

6  Rate of interest payable under subsection 97M(7)

  The rate of interest payable under subsection 97M(7) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.

7  Rate of interest payable under subsection 97P(1)

  The rate of interest payable under subsection 97P(1) of the Act is the monthly average yield for 90 day Bank Accepted Bills for the May preceding the date when the premium or regulatory contribution is payable, plus 7% per annum.

Schedule 1—Repeals

Safety, Rehabilitation and Compensation Act 1988 – Notice under subsection 97L(3) and subsection 97M(7) (Notice No 17 of 2003) (F2006B01027)

1  The whole of the instrument

Repeal the instrument.

Safety, Rehabilitation and Compensation Act 1988 – Notice under section 97P ) (Notice No 6 of 2002) (F2006B01122)

2  The whole of the instrument

Repeal the instrument.