35Statutory interest rate

35 Statutory interest rate (1) The statutory interest rate is the sum of: (a) the market interest rate; and (b) the premium interest rate. (2) The market interest rate is (for each financial year): (a) the rate prescribed by regulation as the market interest rate for the relevant financial year; or (b) if no rate is prescribed by regulation as the market interest rate for the relevant financial year – the average yield (expressed as an annual rate) on 90-day bank accepted bills published by the Reserve Bank of Australia for the month of May in the financial year immediately preceding the relevant financial year. (3) The premium interest rate is: (a) up to (and including) 30 June 2008 – 7%; and (b) from (and including) 1 July 2008 – 8%.