South Australian Consolidated Regulations South Australian Consolidated Regulations17—Rate of interest payable on weekly payments in arrears
(1) For the purposes
of section 47(1) of the Act, the amount in arrears will be increased by
interest on the amount at the prime bank rate for the financial year in which
the amount went into arrears, compounded on a weekly basis for each complete
week that the amount is in arrears.
(2) In this
regulation—
"prime bank rate", for a particular financial year, means a rate (expressed as
an annual percentage to 2 decimal places) equal to the average of—
(a) the
12 months fixed-rate personal home loan rate fixed by the National Australia
Bank Limited ("NAB") as at the commencement of the financial year (or, if
there is more than 1 such rate, the average of all such rates); and
(b) the
fixed-rate unsecured personal loan rate fixed by NAB as at the commencement of
the financial year (or, if there is more than 1 such rate, the average of
all such rates).