Commonwealth Numbered Regulations - Explanatory Statements

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RULES OF THE SUPREME COURT OF THE AUSTRALIAN CAPITAL TERRITORY (AMENDMENT) 1991 NO. 472

Statutory Rules 1991 No. 472

Issued by the Authority of the Judges of the Supreme Court of the Australian Capital Territory

AMENDMENT OF THE RULES OF THE SUPREME COURT OF THE AUSTRALIAN CAPITAL TERRITORY

Order 42A provides for the inclusion of an interest component after judgment so that defendants are encouraged to pay their judgment debts without delay.

Order 42A has been redrafted to reduce the post judgment interest rate from 20% to 15% after 1 January 1992. The new rate of interest is based on recent Treasury figures which represent the current average banks loan rate on overdrafts of less than $100,000 calculated by the Reserve Bank. The present interest rate (20%) has been unaltered since 1 July 1990.