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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