Queensland Consolidated Acts

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CIVIL LIABILITY ACT 2003 - SECT 60

Interest

60 Interest

(1) A court can not order the payment of interest on—
(a) an award for general damages; or
(b) an award of damages for gratuitous services provided to an injured person.
(2) Interest awarded on damages compensating past monetary loss—
(a) must not be more than interest at the appropriate rate; and
(b) must be related in an appropriate way to the period over which the loss was incurred.
(3) The appropriate rate is the rate for 10 year Treasury bonds published by the Reserve Bank of Australia under ‘Capital Market Yields—Government Bonds—Daily—F2’ as at the beginning of the quarter in which the award of interest is made.
Example of calculation of interest for this section—
Suppose that past monetary loss consists of medical expenses that have been incurred at a uniform rate over a particular period. The interest to be awarded would be calculated under the following formula—
A = am/100 x p x 0.5
where—

"A" is the amount of the award of interest.

"a" is a percentage rate decided by the court subject to the limit fixed in subsection (2).

"m" is the aggregate of the medical expenses.

"p" is the period over which the medical expenses have been incurred (expressed in years).



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