Queensland Law Society

Interest rates

Please direct queries regarding interest rates to interestrates@qls.com.au

Standard contract default rate*

9.95% (effective from 1 October 2013, no change as of 1 May 2014)

Family Court

Interest on money ordered to be paid other than maintenance of a periodic sum for rule 17.03 of the Family Court Rules 2004 - rates set at 6% above RBA cash target rate at beginning of periods 1 January - 30 June & 1 July - 31 December see also the Family Court website for rates and historical rates

8.50% (from 1 January 2014 to 30 June 2014)
8.75% (from 1 July 2013 to 31 December 2013)
9.00% (from 1 January 2013 to 30 June 2013)
9.50% (from 1 July 2012 to 31 December 2012)
10.25% (from 1 January 2012 to 30 June 2012)
10.75% (from 1 July 2011 to 31 December 2011)
10.75% (from 1 January 2011 to 30 June 2011)
10.50% (from 1 July 2010 to 31 December 2010)
8.00% (from 1 July 2009 to 30 June 2010)
12.25% (from 1 July 2008 to 30 June 2009)
11.75% (from 20 December 2007 to 30 June 2008)
10.75% (from 1 July 2007 to 19 December 2007)

Federal Court

Interest on judgement debt - (Order 35 Rule 8 of the Federal Court Rules to 31 July 2011. From 1 August 2011 rule 39.06 of the Federal Court Rules 2011) - rates set at 6% above RBA cash target rate at beginning of periods 1 January - 30 June & 1 July - 31 December see also the Federal Courts website for rates and historical rates

8.50% (from 1 January 2014 to 30 June 2014)
8.75% (from 1 July 2013 to 31 December 2013)
9.00% (from January 2013 to June 2013)
9.50% (from 1 July 2012 to 31 December 2012)
10.25% (from 1 January 2012 to 30 June 2012)
10.75% (from 1 July 2011 to 31 December 2011)
10.75% (from 1 January 2011 to 30 June 2011)
10.50% (from 1 July 2010 to 31 December 2010)

Interest in respect of a pre-judgment period to be set with regard to Practice Note CM 16 - Pre-judgment Interest

Supreme, District & Magistrates Courts

On 19 April 2013 the Chief Justice issued Practice Direction 7/2013 adopting a new approach to State Court interest rates for default judgements and money orders, aligning with other jurisdictions. Corresponding practice directions were issued for the District Court and Magistrates Court.

Interest rate on a default judgement before a registrar (for rule 283 of the UCPR) from 19 April 2013 rates set at 4% above RBA cash target rate at beginning of periods 1 January - 30 June & 1 July - 31 December, see also the Court website for rates and historical rates:

6.50% (from 1 January 2014 to 30 June 2014)
6.75% (from 1 July 2013 to 31 December 2013)
7.00% (from 19 April 2013 to 30 June 2013) - per Supreme Court practice direction 7/2013 and corresponding practice directions
10.00% (from 1 July 2007 to 18 April 2013) - per Supreme Court practice directions 22/2012 and 6/2007

Interest rate payable on a money order made in the Supreme, District and Magistrates Courts from 19 April 2013 rates set at 6% above RBA cash target rate at beginning of periods 1 January - 30 June & 1 July - 31 December, see also the Court website for rates and historical rates:

8.50% (from 1 January 2014 to 30 June 2014)
8.75% (from 1 July 2013 to 31 December 2013)
9.00% (from 19 April 2013 to 30 June 2013) - per Supreme Court practice direction 7/2013 and corresponding practice directions
10.00% (from 1 July 1998 to 18 April 2013) - per Supreme Court practice direction 21/2012 and Supreme Court Regulation 1998 

From the cause of action until judgment, interest rate is at the courts discretion, see also Courts website for rates and historical rates

Court Suitors fund

1.6533% (effective 1 April 2014 to 30 June 2014)
1.605% (effective 1 January 2014 to 31 March 2014)
1.5617% (effective 1 October 2013 to 31 December 2013)
1.8075% (effective 1 July 2013 to 30 September 2013)
2.05% (effective 1 April 2013 to 30 June 2013)
2.01% (effective 1 January 2013 to 31 March 2013)
2.29% (effective 1 October 2012 to 31 December 2012)
2.5467% (effective 1 July 2012 to 30 September 2012)
3.26% (effective 1 April 2012 to 30 June 2012)
3.4133% (effective 1 January 2012 to 31 March 2012)
3.9217% (effective 1 October to 31 December 2011)
3.9767% (effective 1 July 2011 to 30 September 2011)
3.8883% (effective 1 April 2011 to 30 June 2011)
3.96% (effective 1 January 2011 to 31 March 2011)
3.88% (effective 1 October 2010 to 31 December 2010)
3.84% (effective 1 July 2010 to 30 September 2010)
3.42% (effective 1 April 2010 to 30 June 2010)
3.11% (effective 1 January 2010 to 31 March 2010)

Interest on unpaid legal costs

Under s.321 Legal Profession Act 2007 and s.82 Legal Profession Regulation 2007 a law practice is entitled to charge interest on unpaid legal costs in limited circumstances, but the rate of interest charged must never exceed the Reserve Bank of Australia Cash Rate Target plus 2%. So whenever a bill is given which includes interest the Cash Rate Target should be checked using the RBA website.

*Historical standard contract default rates

April 1, 2014 - 9.95%
March 1, 2014 - 9.95%
February 1, 2014 - 9.95%
January 1, 2014 - 9.95%
December 1, 2013 - 9.95%
November 1, 2013 - 9.95%
October 1, 2013 - 9.95%
September 1, 2013 - 10.20%
August 1, 2013 - 10.20%
July 1, 2013 - 10.20%
June 1, 2013 - 10.45%
May 1, 2013 - 10.45%
April 1, 2013 - 10.45%
March 1, 2013 - 10.45%
February 1, 2013 - 10.45%
January 1, 2013 - 10.65%
December 1, 2012 - 10.65%
November 1, 2012 - 10.85%
October 1, 2012 - 10.85%
September 1, 2012 - 10.85%
August 1, 2012 - 10.85%
July 1, 2012 - 11.10%
April 1, 2012 - 11.45%
February 1, 2012 - 11.40%
February 1, 2011 - 11.85%
July 1, 2010 - 11.45%
June 1, 2010 - 11.20%
May 1, 2010 - 10.95%
February 1, 2010 -10.70%
December 1, 2009 - 10.15%
June 1, 2009 - 9.90%
May 1, 2009 - 10.05%
April 1, 2009 - 10.1%
March 1, 2009 - 11.1%
February 1, 2009 - 11.15%
November 26, 2008 - 12.15%
October 13, 2008 - 13.21%
July 17, 2008 - 14.01%
April 2, 2008 - 13.77%
March 13, 2008 - 13.57%
February 8, 2008 - 13.1%
February 2008 - 12.85%
December 2007 - 12.5%
November 2007 - 12.25%
October 2007 - 12.25%
September 2007 - 12.25%
August 2007 - 12%
July 2007 - 12%
June 2007 - 12%
May 2007 - 12%
April 2007 - 12%
March 2007 - 12%
February 2007 - 12%
December 2006- 12%
November 2006 - 11.75%
October 2006 - 11.75%
September 2006 - 11.75%
August 2006 - 11.5%
July 2006 - 11.5%
June 2006 - 11.5%
May 2006 - 11.25%
April 2006 - 11.25%
March 2006 - 11.25%
February 2006 - 11.25%
December 2005 - 11.25%
November 2005 - 11.25%
October 2005 - 11.25%
September 2005 - 11.25%
August 2005 - 11.25%
July 2005 - 11.25%
June 2005 - 11.25%
May 2005 - 11.25%
April 2005 - 11.25%
March 2005 - 11%
February 2005 - 11%

 

Correction: The July 2012 edition of Proctor contained an error in the listing of the historical Standard Default Contract Rate. The historical rate for April, May and June 2012 should have been listed as 11.45%, not 11.40% as published.