Victorian Current Acts

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Damages for future economic loss—discount rate

    (1)     If an award of damages is to include any component, assessed as a lump sum, for economic loss that is referable to the future, the present value of that future economic loss is to be determined by adopting the prescribed discount rate.

    (2)     The prescribed discount rate is—

        (a)     a discount rate of the percentage prescribed by the regulations; or

        (b)     if no percentage is so prescribed—a discount rate of 5%.

    (3)     Except as provided by this section, nothing in this section affects any other law relating to the discounting of sums awarded as damages.

S. 28IA inserted by No. 60/2003 s. 6.

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