172AMaximum rate of interest charged on unpaid rates and charges

172A Maximum rate of interest charged on unpaid rates and charges (1) The Minister must fix a maximum rate of interest that may be calculated under section 172(2)(a) by notice published in the Government Gazette. (2) The Minister may fix the maximum rate of interest from time to time. (3) A notice under subsection (1) takes effect on 1 July of the next financial year following the publication of the notice. (4) Before determining the maximum rate of interest to be fixed under subsection (1), the Minister must— (a) consult with the Minister responsible for administering the **Essential Services Commission Act 2001**; and (b) request advice from the Essential Services Commission and have regard to that advice. (5) The Essential Services Commission— (a) must provide advice to the Minister if a request is made under subsection (4)(b); and (b) in providing that advice, must consider— (i) the needs of ratepayers facing financial hardship; and (ii) the need for disincentives for late payment of rates and charges for those not facing financial hardship; and (iii) the financing costs incurred by Councils; and (iv) prevailing commercial rates of interest.