Cash Rate Target Increase Effective 3 May 2023

02/05/2023

The Reserve Bank of Australia’s Board decided on 2 May 2023 to raise the cash rate target from 3.60% to 3.85%. 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 5.85%, effective from 3 May 2023.