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Cash rate target

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Cite as: July 2014 88 (07) LIJ, p.65

From 6 December 2007 law practices whose matters are governed by the Legal Profession Act 2004 cannot use the penalty interest rate for their accounts. The maximum rate is the cash rate target plus 2 per cent. The cash rate target is currently 2.50 per cent (from 7 August 2013). To monitor changes between editions of the LIJ, practitioners should check www.rba.gov.au/statistics/cash-rate.

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