{"id":"F2006B01122","name":"Safety, Rehabilitation and Compensation Act 1988 - Notice under section 97P (12/07/2002)","slug":"safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"repealed","isInForce":false,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":40854,"registerId":"commonwealth-F2006B01122-current","compilationNumber":null,"startDate":"2026-04-01","status":"Repealed","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Safety, Rehabilitation and Compensation Act 1988 - Notice under section 97P (12/07/2002)","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 20.2\ntitle: COMMONWEALTH OF AUSTRALIA\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n \n\n \n\nCOMMONWEALTH OF AUSTRALIA\n\n \n\n \n\nSafety, Rehabilitation and Compensation Act 1988\n\n \n\n \n\nNOTICE UNDER SECTION 97P\n\n \n\nNotice No 6 of 2002\n\n \n\n \n\nI, ANTHONY JOHN ABBOTT, Minister for Employment and Workplace Relations, hereby specify that on and from the date of publication of this notice in the\n\nCommonwealth of Australia Gazette:\n\n \n\n- the rate of interest payable for the purposes of section 97P of the Safety, Rehabilitation and Compensation Act 1988 is the monthly average yield for 90- day Bank Accepted Bills for the May preceding the date when the premium or regulatory contribution is payable, plus 7% per annum.\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nTONY ABBOTT\n\nMinister for Employment and Workplace Relations\n\nDated          12/7/2002.\n\n \n","sortOrder":0}],"analysis":{"kimi_summary":{"_metrics":{"model":"kimi-k2.5","source":"moonshot-batch","completionTokens":1516},"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This is a specific administrative determination issued under section 97P of the parent Act, solely for the purpose of setting interest rates on overdue premiums. It operates precisely within the Minister's delegated authority and has not expanded beyond this original technical function."},"complexity_factors":["Single, short provision setting a specific mathematical formula","Reference to external financial market data (90-day Bank Accepted Bills) requiring technical knowledge to locate","Requires understanding of time-based interest calculations (per annum rates)"],"plain_english_summary":"This notice sets the **interest rate for late payments** under Australia's Commonwealth workers' compensation scheme.\n\n**What it does:**\nIf an employer pays their workers' compensation premiums or regulatory contributions late, they must pay interest on the overdue amount. This notice specifies exactly how that interest rate is calculated.\n\n**The calculation:**\nThe interest rate equals the **monthly average yield for 90-day Bank Accepted Bills** from May of that year, **plus 7% per annum**.\n\n*In plain terms:* It takes a standard bank bill rate from May each year and adds 7% on top as a penalty for late payment.\n\n**Who it affects:**\nCommonwealth government agencies and licensed corporations that pay premiums or contributions under the Safety, Rehabilitation and Compensation Act 1988."}},"importantCases":[],"_links":{"self":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002","history":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002/history","analysis":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002/analysis","conflicts":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002/conflicts","importantCases":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002/important-cases","documents":"/api/acts/safety-rehabilitation-and-compensation-act-1988-notice-under-section-97p-12-07-2002/documents"}}