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Cash rate target

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Cite as: (2008) 82(10) LIJ, p. 61

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 7.25 per cent (from 5 March 2008). To monitor any changes between editions of the LIJ, practitioners should check http://www.rba.gov.au/statistics/cashrate_target.html.

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