Cash Rate Target Increase Effective 8 March 2023

07/03/2023

The Reserve Bank of Australia’s Board decided on 7 March 2023 to raise the cash rate target from 3.35% to 3.60%. Accordingly, the rate of interest on unpaid legal costs prescribed by s 195 of the Legal Profession Uniform Law (NSW) and r 75 of the Legal Profession Uniform General Rules 2015 (NSW) is 5.60%, effective from 8 March 2023.