Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Part, the prescribed rate of compound interest is a rate determined in accordance with this section.
(2) In respect of contributions that became payable not later than 30 June 1957, the rate is, in respect of any period that ended on or before that date, three per centum per annum.
(3) In respect of contributions referred to in subsection (2), and in respect of contributions that became or become payable after 30 June 1957, the rate is, in respect of any period that commenced or commences after that date, being a period that is a financial year or a part of a financial year, the rate of interest prescribed by the regulations in respect of that financial year or, if a rate of interest is not prescribed by the regulations in respect of that financial year, the rate of interest that is prescribed by the regulations in respect of the last preceding financial year in respect of which a rate of interest is prescribed by the regulations.
(4) In making a regulation prescribing a rate of interest in respect of a financial year for the purposes of subsection (3), the Governor - General is not required to act on the recommendation of the Board but he shall not make a regulation prescribing a rate of interest in respect of a financial year unless the Board has furnished a report to the Minister specifying:
(a) the average rate of interest that is determined by the Board to have been earned by the Fund in that financial year; and
(b) the rate of interest that, in the opinion of the Board, should, having regard to that average rate of interest and to such other matters as the Board thinks relevant, be prescribed in respect of that financial year.
(5) Subsection (4) does not apply to the making of a regulation prescribing the rate of interest in respect of the financial year ending on 30 June 1976, but the Governor - General shall not make such a regulation unless the Superannuation Fund Investment Trust has furnished a report to the Minister specifying:
(a) the average rate of interest that is determined by the Trust to have been earned by the Fund in that financial year; and
(b) the rate of interest that, in the opinion of the Trust, should, having regard to the average rate of interest and to such other matters as the Trust thinks relevant, be prescribed in respect of that financial year.