Northern Territory Consolidated Acts Northern Territory Consolidated Acts30. Calculation of interest payable on damages
(1) If a court is satisfied that interest is payable on damages, the amount of interest -
(a) is payable in respect of the period from when the relevant loss was first incurred until the date on which the court assesses the damages; and
(b) is to be calculated, using the prescribed rate of interest, in accordance with the principles ordinarily applied by the court for that purpose.
(2) In this section -
prescribed rate of interest means -
(a) the interest rate prescribed by the Regulations; or
(b) if no interest is prescribed by the Regulations - the relevant interest rate as at the date of assessment of the damages.
relevant interest rate means the rate representing the Commonwealth Government 10 year benchmark bond rate as published by the Reserve Bank of Australia in the Reserve Bank of Australia Bulletin (however described) as applying -
(a) on the first business day of January of each year in respect of an assessment of damages during the period from 1 March until 31 August of that year; or
(b) on the first business day of July of each year in respect of an assessment of damages made during the period from 1 September of that year until the last day of February of the following year.