{"id":"F2022L00233","name":"Safety, Rehabilitation and Compensation (Notional Interest) Determination 2022","slug":"safety-rehabilitation-and-compensation-notional-interest-determination-2022","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441240,"registerId":"F2022L00233-fast-fetch-1775956607999","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Safety, Rehabilitation and Compensation (Notional Interest) Determination 2022","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![Commonwealth Coat of Arms of Australia](image.001.jpeg)\n\n \n\nSafety, Rehabilitation and Compensation (Notional Interest) Determination 2022\n\nI, Simon Birmingham, Minister for Finance, make the following determination.\n\nDated 22 February 2022\n\nSimon Birmingham\n\nMinister for Finance\n\n \n\n \n\n \n\nContents\n\n1  Name\n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\n5  Rates of notional interest for period from 1 July 1989 to 30 June 2000\n\n6  Rates of notional interest for period from 1 July 2000 to 19 June 2002\n\n7  Rates of notional interest for period from 20 June 2002 to 31 October 2018\n\n8  Rates of notional interest for 1 November 2018 onwards\n\n \n\n \n\n1  Name\n\n  This instrument is the Safety, Rehabilitation and Compensation (Notional Interest) Determination 2022.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. Sections 1-8 The day after the instrument is registered\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under subsection 90C(3) of the Safety, Rehabilitation and Compensation Act 1988.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Safety, Rehabilitation and Compensation Act 1988.\n\nReserve Bank means the Reserve Bank of Australia as preserved by the Reserve Bank Act 1959.\n\n5  Rates of notional interest for period from 1 July 1989 to 30 June 2000\n\n (1) For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 1 July 1989 to 30 June 2000 (inclusive) is zero.\n\n6  Rates of notional interest for period from 1 July 2000 to 19 June 2002\n\n (1) For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 1 July 2000 to 19 June 2002 (inclusive) is the 6-month Treasury Note Yields rate fixed for the day by the Reserve Bank.\n\n  Note  The 6-month Treasury Note Yields rates fixed by the Reserve Bank for the relevant period are published on the Reserve Bank’s website.\n\n7  Rates of notional interest for period from 20 June 2002 to 31 October 2018\n\n (1) For subsection 90C(3) of the Act, the rate of notional interest for a day occurring during the period from 20 June 2002 to 31 October 2018 (inclusive) is the 6‑month Overnight indexed swaps rate fixed for the day by the Reserve Bank.\n\n  Note   The 6-month Overnight indexed swaps rates fixed by the Reserve Bank of Australia for the relevant period are published on the Reserve Bank’s website.\n\n8  Rates of notional interest for 1 November 2018 onwards\n\n (1) For subsection 90C(3) of the Act, the rate of notional interest for a day occurring after 31 October 2018 is the rate of return on the day on the Bloomberg AusBond Treasury 5+ Year Index (BATY5:IND) constructed by Bloomberg L.P.\n\n  Note   The BATY5:IND for each day is published on Bloomberg L.P.’s website. For the purposes of this determination, the rate of return on the day on the BATY5:IND is calculated as the movement in the index on the day as a proportion of the index at the close of the previous day.\n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument does not alter who is covered by the Safety, Rehabilitation and Compensation Act. It only sets the methodology and specific market references for calculating notional interest for days within defined date ranges, thereby affecting how monetary amounts under the Act are numerically calculated."},"complexity_factors":["Direct cross-reference to subsection 90C(3) of the Act requiring users to map this instrument into statutory calculations.","Different reference rates apply to distinct historical periods (1989–2000; 2000–2002; 2002–2018; 2018 onwards), requiring period‑specific lookups.","Reliance on external daily data sources (Reserve Bank 6‑month Treasury Note Yields, 6‑month OIS; Bloomberg BATY5:IND) introduces operational and access dependencies.","A specific calculation rule for the BATY5:IND (daily percentage movement) requires day‑by‑day computation rather than a single published rate.","Retrospective coverage back to 1 July 1989 increases the volume of historical data that may need to be retrieved and applied.","Low legislative discretion: the instrument prescribes methods rather than open criteria, but administrative burden falls on agencies and affected parties to obtain and apply rates."],"plain_english_summary":"This instrument fixes the daily “notional interest” rates used under subsection 90C(3) of the Safety, Rehabilitation and Compensation Act 1988. It says which market reference rates apply to particular historical date ranges and which index (Bloomberg AusBond Treasury 5+ Year Index) applies from 1 November 2018 onward.\n\nThat changes the numeric interest values used when valuing or adjusting payments under the Act — affecting employers, insurers, claimants and the responsible Commonwealth agency — and relies on daily publications from the Reserve Bank and Bloomberg for implementation."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The determination remains tightly focused on its original purpose: prescribing notional interest rates for the SRC Act. The four time periods reflect historical changes in financial benchmarks rather than scope creep."},"complexity_factors":["Only 8 short sections with minimal conditional logic","Just 2 defined terms ('Act' and 'Reserve Bank')","No cross-references to other legislation beyond the empowering provision (subsection 90C(3))","Simple temporal structure: four distinct date ranges with no overlapping conditions","No exceptions, exemptions, or nested provisions","Straightforward mechanical application: find the date, apply the corresponding rate"],"plain_english_summary":"This instrument sets the notional interest rates used to calculate workers’ compensation debts and reimbursements under the Safety, Rehabilitation and Compensation Act 1988. It tells Commonwealth agencies, licensed insurers and self‑insuring employers which historic interest benchmark to apply when assessing amounts owed or to be refunded.\n\nBy fixing those benchmarks for different time periods, it provides a consistent, official method for converting past entitlements and debts into present‑value figures."},"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022","history":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022/history","analysis":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022/analysis","conflicts":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022/conflicts","importantCases":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022/important-cases","documents":"/api/acts/safety-rehabilitation-and-compensation-notional-interest-determination-2022/documents"}}