Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 78A

78A Interest rate for particular claims—Act, s 787

(1) For the Act , section 787 (4) (a) , the interest rate prescribed is the rate equal to the bank bill yield rate, rounded to the nearest second decimal point, worked out on a daily basis for each day the interest is to be paid, and compounded annually.

(2) In this section—

"bank bill yield rate" , for a particular day, means the monthly average yield of 3-month bank accepted bills published by the Reserve Bank of Australia for the month of May in the financial year immediately preceding the financial year in which the day occurs.