Commonwealth Consolidated Acts

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COMPETITION AND CONSUMER ACT 2010 - SECT 87ZA

Interest on damages

             (1)  A court must not, in a proceeding to which this Part applies, order the payment of interest on personal injury damages for:

                     (a)  non-economic loss; or

                     (b)  gratuitous attendant care services for the plaintiff; or

                     (c)  loss of the plaintiff's capacity to provide gratuitous attendant care services to other persons.

             (2)  If, in a proceeding to which this Part applies, a court is satisfied that interest is payable on personal injury damages of another kind, the rate of interest to be used in working out the interest is:

                     (a)  the rate of interest prescribed by the regulations; or

                     (b)  if no rate is prescribed--the 10-year benchmark bond rate on the day on which the court determines the personal injury damages.

             (3)  This section does not affect the payment of interest on a debt under a judgment or order of a court.

             (4)  In this section:

10-year benchmark bond rate , on a day, means:

                     (a)  if the day occurs on or after 1 March in a particular year and before 1 September in that year--the Commonwealth Government 10-year benchmark bond rate:

                              (i)  as published by the Reserve Bank of Australia in the Reserve Bank of Australia Bulletin (however described); and

                             (ii)  applying on the first business day of January in that year; or

                     (b)  otherwise--the Commonwealth Government 10-year benchmark bond rate, as so published, applying on the first business day of July in the preceding year.

"business day " means a day other than a Saturday, a Sunday or a public or bank holiday in any State, the Australian Capital Territory or the Northern Territory.



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