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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Discount Rate Reduction (Miscellaneous
Acts Amendment) Bill 2017
Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.
Overview of Bill
The object of this Bill is to amend the Civil Liability Act 2002, Motor Accidents Compensation
Act 1999 and Workers Compensation Act 1987 to reduce the discount rate on an award of damages
for future economic loss from 5% to 3%.
Outline of provisions
Clause 1 sets out the name (also called the short title) of the proposed Act.
Clause 2 provides for the commencement of the proposed Act on the date of assent to the
proposed Act.
Clauses 3-5 give effect to the object set out in the Overview.
b2016-048.d07a
Introduced by Mr C G Barr, MP First print
New South Wales
Discount Rate Reduction (Miscellaneous
Acts Amendment) Bill 2017
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Workers Compensation Act 1987 No 70 2
4 Amendment of Civil Liability Act 2002 No 22 2
5 Amendment of Motor Accidents Compensation Act 1999 No 41 2
b2016-048.d07a
New South Wales
Discount Rate Reduction (Miscellaneous
Acts Amendment) Bill 2017
No , 2017
A Bill for
An Act to amend certain legislation to reduce the discount rate on an award of damages for future
economic loss from 5% to 3%.
Discount Rate Reduction (Miscellaneous Acts Amendment) Bill 2017 [NSW]
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the Discount Rate Reduction (Miscellaneous Acts Amendment) Act 2017. 3
2 Commencement 4
This Act commences on the date of assent to this Act. 5
3 Amendment of Workers Compensation Act 1987 No 70 6
Section 151J Damages for future economic loss--discount rate 7
Omit section 151J (2). Insert instead: 8
(2) The prescribed discount rate is 3%. 9
(2A) Subsection (2), as substituted by the Discount Rate Reduction 10
(Miscellaneous Acts Amendment) Act 2017, does not apply to an award 11
of damages made before the commencement of that Act. 12
4 Amendment of Civil Liability Act 2002 No 22 13
Section 14 Damages for future economic loss--discount rate 14
Omit section 14 (2). Insert instead: 15
(2) The prescribed discount rate is 3%. 16
(2A) Subsection (2), as substituted by the Discount Rate Reduction 17
(Miscellaneous Acts Amendment) Act 2017, does not apply to an award 18
of damages made before the commencement of that Act. 19
5 Amendment of Motor Accidents Compensation Act 1999 No 41 20
Section 127 Damages for future economic loss--discount rate 21
Omit section 127 (2). Insert instead: 22
(2) The prescribed discount rate is 3%. 23
(2A) Subsection (2), as substituted by the Discount Rate Reduction 24
(Miscellaneous Acts Amendment) Act 2017, does not apply to an award 25
of damages made before the commencement of that Act. 26
Page 2
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