Queensland Subordinate Legislation as Made

STOCK ROUTE MANAGEMENT REGULATION 2023 - REG 5

5 Interest on overdue amounts—Act, ss 153 and 159

(1) This section prescribes the rate of interest on an overdue amount and the way the interest is calculated for sections 153 (2) and 159 (2) of the Act .

(2) The interest accrues daily, at the rate calculated under subsection (3) , for the period starting on the day immediately after the day the overdue amount becomes payable and ending on the day the overdue amount is paid in full, both days inclusive.

(3) The rate of interest is the annual rate equal to the sum of—

(a) the bank bill yield rate, rounded to 2 decimal places, for each day the interest accrues; and

(b) 8%.

(4) In this section—

"bank bill yield rate" , for a day, means the monthly average yield of 90-day bank accepted bills published by the Reserve Bank of Australia for the month of May in the financial year immediately before the financial year in which the day occurs.