{"id":"F2026L00303","name":"Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2026","slug":"safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107847,"registerId":"commonwealth-F2026L00303-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 (Rates of Interest Payable) 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 subsections 97L(3), 97M(7), 97P(1), 97P(2) and 97P(4) of the Safety, Rehabilitation and Compensation Act 1988.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Schedules","content":"#### 4 Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its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.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n  In this instrument Act means the Safety, Rehabilitation and Compensation Act 1988.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Rate of interest payable under subsection 97L(3)","content":"#### 6 Rate of interest payable under subsection 97L(3)\n\n  The rate of interest payable under subsection 97L(3) of the Act is the cash rate target published by the Reserve Bank of Australia.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Rate of interest payable under subsection 97M(7)","content":"#### 7 Rate of interest payable under subsection 97M(7)\n\n  The rate of interest payable under subsection 97M(7) of the Act is the cash rate target published by the Reserve Bank of Australia.","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Rate of interest payable under subsection 97P(1)","content":"#### 8 Rate of interest payable under subsection 97P(1)\n\n  The rate of interest payable under subsection 97P(1) of the Act 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.","sortOrder":7},{"sectionNumber":"9","sectionType":"section","heading":"Rate of interest payable under subsection 97P(2)","content":"#### 9 Rate of interest payable under subsection 97P(2)\n\n  The rate of interest payable under subsection 97P(2) of the Act is the monthly average yield for 90-day Bank Accepted Bills for the May preceding the date when the exit contribution or regulatory contribution is payable, plus 7% per annum.","sortOrder":8},{"sectionNumber":"10","sectionType":"section","heading":"Rate of interest payable under subsection 97P(4)","content":"#### 10 Rate of interest payable under subsection 97P(4)\n\n  The rate of interest payable under subsection 97P(4) of the Act is the monthly average yield for 90-day Bank Accepted Bills for the May preceding the date when the exit contribution is payable, plus 7% per annum.\n\nSchedule 1—Repeals\n\nSafety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016\n\n1 The whole of the instrument\n\nRepeal the instrument.","sortOrder":9}],"analysis":{"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"The instrument repeals the entire Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016 and replaces it with new rate prescriptions: ss97L(3) and 97M(7) are linked to the RBA cash rate, while ss97P(1), 97P(2) and 97P(4) use the May‑preceding monthly average 90‑day Bank Accepted Bills yield plus 7% per annum. It therefore replaces the prior instrument's terms and becomes the operative rates notice from 1 April 2026."},"complexity_factors":["Multiple statutory cross-references to subsections of the Act (ss97L(3), 97M(7), 97P(1), 97P(2), 97P(4)) requiring users to locate and apply these provisions.","Dependence on external financial benchmarks: the Reserve Bank of Australia cash rate and the monthly average yield for 90‑day Bank Accepted Bills.","Timing rule for the BAB-based rates (use the May preceding the date the contribution or premium is payable) introduces a specific lookback month.","Different formulas applied to different payment types (premiums, exit contributions, regulatory contributions) increases bookkeeping and calculation steps.","Complete repeal of the 2016 notice requires administrators to update procedures and may affect legacy calculations or references."],"plain_english_summary":"This instrument, commencing 1 April 2026, prescribes the interest rates payable under specified subsections of the Safety, Rehabilitation and Compensation Act 1988: it ties interest for ss97L(3) and 97M(7) to the Reserve Bank cash rate, and sets rates for ss97P(1), (2) and (4) as the monthly average yield for 90‑day Bank Accepted Bills for the May preceding the payment date plus 7% per annum. It affects insurers, employers and parties who pay premiums, exit contributions or regulatory contributions."},"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"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The legislation maintains its original narrow purpose: setting interest rates for the SRC Act. It has not expanded beyond this technical administrative function."},"complexity_factors":["Only 1 defined term ('Act')","No cross-references between sections — each rate stands alone","Simple conditional logic: if subsection X applies, use rate Y","Straightforward repeal of single previous instrument in Schedule 1","Total length: 10 operative sections plus standard machinery provisions","No nested exceptions or layered definitions"],"plain_english_summary":"This notice sets the interest rates for late payments under the federal workers’ compensation scheme: late compensation and medical reimbursements to injured Commonwealth employees earn interest at the RBA cash rate, while late premiums, exit and regulatory contributions from government agencies incur bank-bill rate plus 7%.  \n\nIt replaces the 2016 notice and updates the applicable rates from 2026, ensuring financial penalties for late payments and protecting injured workers."}},"importantCases":[],"_links":{"self":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026","history":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026/history","analysis":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026/analysis","conflicts":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026/conflicts","importantCases":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026/important-cases","documents":"/api/acts/safety-rehabilitation-and-compensation-rates-of-interest-payable-notice-2026/documents"}}