71Discount rate applicable to certain awards of damages

71 Discount rate applicable to certain awards of damages

71 Discount rate applicable to certain awards of damages

(1) Where an award of damages is to include compensation, assessed as a lump sum, in respect of damage for future economic loss which is referable to:

(a) deprivation or impairment of earning capacity, or

(b) loss of expectation of financial support, or

(b1) the value of future services of a domestic nature or services relating to nursing and attendance, or

(c) a liability to incur expenditure in the future,

the present value of the future economic loss shall be qualified by adopting:

(d) a discount rate of the percentage prescribed by the regulations, or

(e) if no percentage is prescribed as referred to in paragraph (d), a discount rate of 5 per cent.

(2) Except as provided by this section, nothing in this section affects any other law relating to the discounting of sums awarded as damages.

s 71: Am 1989 No 47, Sch 1 (34).