MILITARY REHABILITATION AND COMPENSATION
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Commonwealth legislation
This rule replaces a 2006 determination and sets how the interest rate is calculated for lump‑sum payments under subsection 79(3) of the Military Rehabilitation and Compensation Act 2004. The interest rate is now the weighted average yield of 90‑day bank‑accepted bills published by the Reserve Bank of Australia, using the figure settled immediately before the last day of the 30‑day settlement period. It changes how interest on MRCA lump sums is computed, affecting amounts paid or received by veterans and the Commonwealth and the department’s reliance on published market data.
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Direct links to the current provisions in Military Rehabilitation and Compensation (Lump Sum Rate of Interest) Determination 2016.
I, DAN TEHAN, Minister for Veterans’ Affairs, under subsection 79(3) of the Military Rehabilitation and Compensation Act 2004, 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.
Dated this 20th day of April 2016
Dan Tehan
DAN TEHAN
MINISTER FOR VETERANS’ AFFAIRS
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
I, DAN TEHAN, Minister for Veterans’ Affairs, under subsection 79(3) of the Military Rehabilitation and Compensation Act 2004, 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.
Dated this 20th day of April 2016
Dan Tehan
DAN TEHAN
MINISTER FOR VETERANS’ AFFAIRS