Public Trustee (Interest Rate) Amendment Regulation (No. 3) 2024 (Qld)

1   Short title

This regulation may be cited as the Public Trustee (Interest Rate) Amendment Regulation (No. 3) 2024.

2   Commencement

This regulation commences on 1 October 2024.

3   Regulation amended

This regulation amends the Public Trustee Regulation 2023.

4   Amendment of s 4 (Interest rate for amounts in common fund—Act, s 19)

(1)Section 4(2), (3)(a) and (3)(c), ‘3.89%’—
omit, insert—

the 6 month term deposit rate

(2)Section 4(3)(b), ‘rate of at least 3.89%’—
omit, insert—

rate equal to or more than the 6 month term deposit rate

(3)Section 4(5)—
insert—

6 month term deposit rate—

(a)for a period from 1 April to 30 September in a year—means the reserve bank rate for the month of February immediately preceding the period; or

(b)for a period from 1 October in a year to 31 March in the following year—means the reserve bank rate for the month of August immediately preceding the period.

reserve bank rate means the retail deposit and investment rate of interest for 6 month bank term deposits published by the Reserve Bank of Australia on its website.