{"id":"F2026L00307","name":"Safety, Rehabilitation and Compensation (Rate of Interest Payable – s26(3)) Notice 2026","slug":"safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107857,"registerId":"commonwealth-F2026L00307-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name","content":"#### 1 Name\n\n  This instrument is the Safety, Rehabilitation and Compensation (Rate of Interest Payable – s26(3)) Notice 2026.","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Commencement","content":"#### 2 Commencement\n\n  This instrument commences on 1 April 2026.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Authority","content":"#### 3 Authority\n\n  This instrument is made under subsection 26(3) of the Safety, Rehabilitation and Compensation Act 1998.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Rate of Interest payable under subsection 26(3)","content":"#### 4 Rate of Interest payable under subsection 26(3)\n\n  The rate of interest payable under subsection 26(3) of the Act is specified to be the weighted average yield of 90 day bank-accepted bills, as published by the Reserve Bank of Australia, settled immediately prior to the last day of the thirty day settlement period.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Schedules","content":"#### 5 Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n  \n\nSchedule 1—Repeals\n\nSafety, Rehabilitation and Compensation (Rate of Interest Payable – s26(3)) Notice 2016\n\n1 The whole of the instrument\n\nRepeal the instrument.","sortOrder":4}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument does not change who is covered by the Act or the substantive power in s26(3); it only specifies the method for calculating the interest rate and repeals the earlier 2016 notice (Schedule 1). Implementation shifts the calculation method and data source, but not the statutory scope of liability under the Act."},"complexity_factors":["Mechanistic rate formula tied to an external RBA figure (weighted average yield of 90‑day bank‑accepted bills) — section 4.","Precise settlement timing requirement: 'settled immediately prior to the last day of the thirty day settlement period' — section 4.","Cross-reference to the Act's subsection 26(3), so effect depends on that provision's coverage and triggers — sections 3 and 4.","Repeal of the prior 2016 notice — Schedule 1 — requires administrators and users to adopt the new formula.","Low ministerial or administrative discretion: calculation depends on published market data rather than a policymaker's judgment."],"plain_english_summary":"This instrument sets the interest rate that applies under subsection 26(3) of the Safety, Rehabilitation and Compensation Act 1998. It specifies the rate as the Reserve Bank of Australia's published weighted average yield of 90‑day bank‑accepted bills settled immediately before the last day of the 30‑day settlement period, and repeals the 2016 notice.\n\nIt affects parties required by s26(3) to pay or receive interest by making the rate a mechanical, RBA‑published benchmark. That reduces discretion in rate‑setting but requires users to apply the RBA figure and the specified settlement timing."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument performs exactly the function intended by its enabling provision (subsection 26(3) of the SRC Act): specifying the interest rate for late payments. It has not expanded beyond this narrow technical purpose."},"complexity_factors":["Very short instrument (5 sections, approximately 150 words)","Only one substantive provision (section 4) with a single technical formula","No defined terms section — relies on external financial terminology ('weighted average yield', '90 day bank-accepted bills', 'settlement period')","Single cross-reference to the parent Act (subsection 26(3))","Mechanical repeal of previous instrument in Schedule 1 — standard sunset clause","No conditional logic, exceptions, or nested provisions"],"plain_english_summary":"This is a short, technical notice that sets the interest rate for late workers' compensation payments.\n\n**What it does:**\n- Sets the interest rate that must be paid when an employer or insurer is late paying workers' compensation benefits under the Safety, Rehabilitation and Compensation Act 1988 (the federal public sector workers' comp scheme).\n- The rate is tied to the **weighted average yield of 90-day bank-accepted bills** — essentially a benchmark short-term interest rate published by the Reserve Bank of Australia. This is calculated based on the rate settled just before the last day of a 30-day settlement period.\n\n**Who it affects:**\n- Commonwealth government employees (and some former employees) who are owed workers' compensation payments that are paid late.\n- The Commonwealth and its licensed insurers who must pay that interest.\n\n**Why it matters:**\n- If your workers' comp payment is delayed, this notice determines how much extra money you're entitled to as compensation for the delay. It replaces the 2016 rate notice, updating the mechanism for calculating that interest.\n\n**Key point:** This doesn't change whether interest is payable — that right exists in the main Act. It simply specifies *how much* interest, using a market-based rate rather than a fixed percentage."}},"importantCases":[],"_links":{"self":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026","history":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026/history","analysis":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026/analysis","conflicts":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026/conflicts","importantCases":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026/important-cases","documents":"/api/acts/safety-rehabilitation-and-compensation-rate-of-interest-payable-s26-3-notice-2026/documents"}}