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This instrument is the Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016.
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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
This notice sets the interest rates applied when payments under the federal workers’ compensation scheme (Comcare) are paid late. It affects injured workers (late weekly or lump‑sum compensation) and Commonwealth agencies (late premiums or regulatory contributions).
Late compensation interest follows the Reserve Bank’s 6‑month overnight indexed swap benchmark. Late agency premiums use the prior May’s 90‑day bank‑accepted‑bill yield plus 7% p.a. The aim is to compensate delayed payments and discourage agency lateness.
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Direct links to the current provisions in Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016.
This instrument is the Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016.
This instrument commences on 1 October 2016.
This instrument is made under subsections 97L(3), 97M(7) and 97P(1) of the Safety, Rehabilitation and Compensation Act 1988.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
The rate of interest payable under subsection 97L(3) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.
The rate of interest payable under subsection 97M(7) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.
The rate of interest payable under subsection 97P(1) of the Act is the monthly average yield for 90 day Bank Accepted Bills for the May preceding the date when the premium or regulatory contribution is payable, plus 7% per annum.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This instrument is the Safety, Rehabilitation and Compensation (Rates of Interest Payable) Notice 2016.
This instrument commences on 1 October 2016.
This instrument is made under subsections 97L(3), 97M(7) and 97P(1) of the Safety, Rehabilitation and Compensation Act 1988.
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
The rate of interest payable under subsection 97L(3) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.
The rate of interest payable under subsection 97M(7) of the Act is the rate of interest published by the Reserve Bank of Australia for 6 month overnight indexed swaps for each of those days.
The rate of interest payable under subsection 97P(1) of the Act is the monthly average yield for 90 day Bank Accepted Bills for the May preceding the date when the premium or regulatory contribution is payable, plus 7% per annum.