Commonwealth legislation

Determination of Rate of Interest (MRCA Instrument No. 6 of 2004)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This determination sets the formula for calculating interest rates under the Military Rehabilitation and Compensation Act 2004 (the law that provides compensation and support for injured Australian Defence Force members).

What it does: It specifies that the interest rate is the weighted average yield from 90-day Treasury notes (short-term government bonds) from the tender settled immediately before the end of the 30-day settlement period. In plain terms, it ties the interest rate to short-term government debt market rates.

Who it affects: Veterans, serving defence personnel, and their families who have financial dealings under the Military Rehabilitation and Compensation Act where interest applies — for example, interest on delayed compensation payments or overpayments that need to be repaid.

Why it matters: It ensures interest calculations use a transparent, market-based rate rather than a fixed arbitrary percentage, keeping payments fair and in line with current financial markets.

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Current sections

Direct links to the current provisions in Determination of Rate of Interest (MRCA Instrument No. 6 of 2004).

Determination of Rate of Interest (MRCA Instrument No. 6 of 2004)

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MILITARY REHABILITATION AND COMPENSATION ACT 2004

SUBSECTION 79(3)

(MRCA Instrument No. 6 of 2004)

DETERMINATION OF RATE OF INTEREST

I, DANNA VALE, Minister for Veterans’ Affairs determine that the rate of interest for the purposes of subsection 79(3) of the Military Rehabilitation and Compensation Act 2004 is specified to be the weighted average yield derived from the Treasury note tender for ninety day notes settled immediately before the last day of the 30 day settlement period.

2. This determination commences on 1 July 2004.

Dated this 1st day of June 2004

……………………….

DANNA VALE

MINISTER FOR VETERANS’ AFFAIRS

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.