Section 87ZA — Competition and Consumer Act 2010: Interest on damages

(1) A court must not, in a proceeding to which this Part applies, order the payment of interest on personal injury damages for: (a) non-economic loss; or (b) gratuitous attendant care services for the plaintiff; or (c) loss of the plaintiff’s capacity to provide gratuitous attendant care services to other persons. (2) If, in a proceeding to which this Part applies, a court is satisfied that interest is payable on personal injury damages of another kind, the rate of interest to be used in working out the interest is: (a) the rate of interest prescribed by the regulations; or (b) if no rate is prescribed—the 10-year benchmark bond rate on the day on which the court determines the personal injury damages. (3) This section does not affect the payment of interest on a debt under a judgment or order of a court. (4) In this section: 10-year benchmark bond rate, on a day, means: (a) if the day occurs on or after 1 March in a particular year and before 1 September in that year—the Commonwealth Government 10-year benchmark bond rate: (i) as published by the Reserve Bank of Australia in the Reserve Bank of Australia Bulletin (however described); and (ii) applying on the first business day of January in that year; or (b) otherwise—the Commonwealth Government 10-year benchmark bond rate, as so published, applying on the first business day of July in the preceding year. business day means a day other than a Saturday, a Sunday or a public or bank holiday in any State, the Australian Capital Territory or the Northern Territory.