MILITARY REHABILITATION AND COMPENSATION
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This determination replaces the prior 2004 rate and sets the interest the Australian Government must pay on MRCA compensation as the weighted average yield on 90‑day bank‑accepted bills (the RBA‑published money market rate) measured immediately before the last day of the 30‑day settlement period. It affects current and former ADF members (and their families) entitled to MRCA payments when delayed payments attract interest.
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Direct links to the current provisions in Military Rehabilitation and Compensation (Determination of Rate of Interest) Determination 2006.
I, BRUCE BILLSON, 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 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.
This determination commences on the day after it is registered on the Federal Register of Legislative Instruments.
Dated this 6th day of July 2006
……………………….
BRUCE BILLSON
MINISTER FOR VETERANS’ AFFAIRS
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
I, BRUCE BILLSON, 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 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.
This determination commences on the day after it is registered on the Federal Register of Legislative Instruments.
Dated this 6th day of July 2006
……………………….
BRUCE BILLSON
MINISTER FOR VETERANS’ AFFAIRS