INDUSTRIAL RELATIONS COMMISSION OF NEW SOUTH WALES

 

PRACTICE NOTE NO. 25

 

Issue Date:

1 July 2010

 

Pursuant to Section 185A of the Industrial Relations Act 1996 and Section 15 of the Civil Procedure Act 2005

 

PRE-JUDGMENT INTEREST RATES

 

Commencement

 

1.        This Practice Note commences on 1 July 2010.

 

Application

 

2.        This Practice note applies to new and existing civil proceedings in the Court.

 

Introduction

 

3.        The purpose of this Practice Note is to set the rate of pre-judgment interest that may be awarded under s.100(1) and (2) of the Civil Procedure Act 2005.

 

Calculating pre-judgment interest

 

4.        Section 100 of the Civil Procedure Act 2005 provides for the making of orders for the inclusion of interest in judgments.

 

5.        Practitioners and litigants should expect that where, pursuant to s 100 (1) and (2) of the Civil Procedure Act 2005, interest in respect of a pre-judgment period is to be included in a judgment, the Court will have regard to the following rates, being rates agreed upon by the Discount and Interest Rate Harmonisation Committee established following a referral by the Council of Chief Justices:

 

(a)      in respect of the period from 1 January to 30 June in any year - the rate that is 4% above the cash rate last published by the Reserve Bank of Australia before that period commenced, and

 

(b)      in respect of the period from 1 July to 31 December in any year - the rate that is 4% above the cash rate last published by the Reserve Bank of Australia before that period commenced.

 

 

 

R. P. Boland  J, President

30 June 2010

 

 

 

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Printed by the authority of the Industrial Registrar.