INDUSTRIAL RELATIONS
COMMISSION OF NEW SOUTH WALES
PRACTICE NOTE NO. 25
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
____________________
Printed by
the authority of the Industrial Registrar.