Queensland Consolidated Acts

CIVIL PROCEEDINGS ACT 2011 - SECT 61

61 Discount rate for lump sum award

(1) This section applies to an award of damages for deprivation or impairment of earning capacity, or for a liability to incur expenditure in the future.

(2) However, this section does not apply to an award of damages to which the Civil Liability Act 2003 , chapter 3 applies.

(3) When assessing an amount of damages as a lump sum for a future loss or expense, the amount must be the present value, calculated using the prescribed discount rate, of the future loss or expense.

(4) In this section—

"prescribed discount rate" , for an award, means—

(a) the discount rate prescribed under a regulation as in force when the award is made; or

(b) if a discount rate is not prescribed under a regulation when the award is made—5%.