EXPLANATORY STATEMENT
1984 No. 218
LOAN (INCOME EQUALIZATION DEPOSITS) ACT 1976
LOAN (INCOME EQUALIZATION DEPOSITS) REGULATIONS (AMENDMENT)
Sub-section 4(4) of the Loan (Income Equalization Deposits) Act 1976 provides that interest on Income Equalization Deposits will be paid at the rate of 5 per cent per annum or at such other rate as is prescribed by regulation made under the Act. Statutory authority for the Governor-General to make regulations under the Loan (Income Equalization Deposits) Act 1976 is conferred by Section 28(1) of the Act.
The subject amendments provide that from 1 September 1984 interest on Income Equalization Deposits be payable at:
(1) 5.5 per cent per annum in respect of deposits accepted before 1 September 1983; and
(2) 7.5 per cent per annum in respect of deposits accepted on or after 1 September 1983.