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FAMILY LAW RULES 2004 - RULE 17.03 Rate of interest
For paragraphs 87 (11) (b) and 90KA (b) and subsection 117B (1) of the Act, the rate of interest prescribed, for each 6 months commencing on 1 January and 1 July each year, is the sum of:
- the Reserve Bank of Australia target cash rate last published before 1 January and 1 July of the year; and
- 6.00%.
Note For the date from which interest is payable, see section 117B of the Act.
Extract from Explanatory Statement SR No. 238 of 2010
Schedule 1, Item 26, Rule 17.03
The amendment creates a new basis upon which default interest is calculated. This is the Reserve Bank cash rate plus 6%. This amendment is made to help harmonise the approach to interest rates amongst the various Australian Superior Courts.
Reserve Bank Cash Rate target see : http://www.rba.gov.au/statistics/cash-rate/
Current Calculation and the period of operation
(a) 0.10 + (b) 6 = 6.10% 1 January 2021 to 30 June 2021
The previous rates of interest and the periods for which they were operative are as follows:
|
6.25% |
1 July 2020 to 30 December 2020 |
|
6.75% |
1 January 2020 to 30 June 2020 |
|
7.25% |
1 July 2019 to 30 December 2019 |
|
7.50% |
1 January 2019 to 30 June 2019 |
|
7.50% |
1 July 2018 to 31 December 2018 |
|
7.50% |
1 January 2018 to 30 June 2018 |
|
7.50% |
1 July 2017 to 31 December 2017 |
|
7.50% |
1 January 2017 to 30 June 2017 |
|
7.75% |
1 July 2016 to 31 December 2016 |
|
8.00% |
1 January 2016 to 30 June 2016 |
|
8.00% |
1 July 2015 to 31 December 2015 |
|
8.50% |
1 January 2015 to 30 June 2015 |
|
8.50% |
1 July 2014 to 31 December 2014 |
|
8.50% |
1 January 2014 to 30 June 2014 |
|
8.75% |
1 July 2013 to 31 December 2013 |
|
9.00% |
1 January 2013 to 30 June 2013 |
|
9.50% |
1 July 2012 to 31 December 2012 |
|
10.25% |
1 January 2012 to 30 June 2012 |
|
10.75% |
1 July 2011 to 31 December 2011 |
|
10.75% |
1 January 2011 to 1 July 2011 |
|
9.5% |
1 July 2010 to 31 December 2010 |
|
8.0% |
1 July 2009 to 30 June 2010 |
|
12.25% |
1 July 2008 to 30 June 2009 |
|
11.75% |
20 December 2007 to 30 June 2008 |
|
10.75% |
1 July 2006 to 19 December 2007 |
|
10.25% |
17 December 2004 to 30 June 2006 |
|
9.55% |
29 March 2004 to 16 December 2004 |