Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 57(3) of the Act, the rate applicable to a day in respect of which interest is payable by an insurer, is the rate worked out under the following formula:
where:
"Y" is the rate of:
(a) 10 - year Bond yield at the end of the half - financial year ending in the period that, in relation to the withheld amount, is mentioned in subsection 57(2) of the Act, or
(b) if more than one half - financial year has ended during that period--the mean of the rates of the 10 - year Bond yield at the end of each of those half - financial years; or
(c) if no half - financial year has ended during that period--the 10 - year Bond yield at the end of the half - financial year immediately preceding the commencement of that period.
(2) In subsection ( 1) :
"10-year Bond yield" means the rate known as the 10 - year Australian Government Bond yield, published by the Reserve Bank of Australia.
"mean" , in relation to rates, means, if the mean of the rates is not a whole number, or does not end in .75, .50 or .25, the mean rate rounded to the nearest lower quarter of 1%.