A lists of the penalty interest rates, dating back to 1 July 1988.
Parliament fixes an interest rate that accrues on all outstanding civil judgments of the Court. The amount of penalty interest due on a Court Judgment is calculated on the money ordered to be paid, backdated to the date the complaint was filed with the Court. The relevant interest rate will apply until the amount outstanding is paid in full. The registry can provide an interest calculation formula upon request.
The table (and attached document) shows a list of the penalty interest rates fixed by the Attorney-General and dating back to 1988.
Penalty interest rates
| Effective Date | Number of days in operation | Interest rate |
|---|---|---|
| 01/01/1988 | 91 | 13.20% |
| 01/04/1988 | 183 | 12.50% |
| 01/10/1988 | 92 | 11.80% |
| 01/01/1989 | 110 | 11.90% |
| 21/04/1989 | 71 | 13.60% |
| 01/071989 | 123 | 13.70% |
| 01/11/1989 | 92 | 23.50% |
| 01/02/1990 | 161 | 19.60% |
| 12/07/1990 | 160 | 18.50% |
| 19/12/1990 | 133 | 16.10% |
| 01/05/1991 | 182 | 15.00% |
| 30/10/1991 | 2308 | 13.20% |
| 23/02/1998 | 1149 | 12.30% |
| 17/04/2001 | 382 | 11.50% |
| 04/05/2002 | 113 | 12.25% |
| 25/08/2002 | 115 | 12.00% |
| 18/12/2002 | 96 | 11.50% |
| 24/03/2003 | 94 | 11.00% |
| 26/06/2003 | 371 | 11.25% |
| 01/07/2004 | 274 | 12.00% |
| 01/04/2005 | 183 | 11.50% |
| 01/10/2005 | 365 | 11.00% |
| 01/10/2006 | 701 | 12.00% |
| 01/09/2008 | 175 | 11.00% |
| 23/02/2009 | 343 | 10.00% |
| 01/02/2010 | 1344 | 10.5% |
| 07/10/2013 | 119 | 10.00% |
| 03/02/2014 | 189 | 11.50% |
| 11/08/2014 | 294 | 10.50% |
| 01/06/2015 | 611 | 9.50% |
| 01/02/2017 | 10.00% |
Note: the current penalty interest rate has remained at 10% since 1 February 2017.
Publisher
Supreme Court of Victoria
Copyright
Supreme Court of Victoria, 2020
Date of publication