This summary is not the rule. The rule text controls.
This rule explains where privileges come from in Commonwealth courts. A privilege is a legal right that lets someone keep certain information private, even in court. Common examples include the privilege between a lawyer and client, or between a doctor and patient.
The rule says that judges should generally look to common law, meaning the traditions and past court decisions, to decide whether a privilege applies. Judges are expected to use reason and experience when making these decisions, rather than following a rigid list of rules.
However, common law is not the final word. If the Covenant with the United States, the U.S. Constitution, the Commonwealth Constitution, a Commonwealth law, or a rule from the Commonwealth Supreme Court says something different about a privilege, that source wins instead. So common law fills in the gaps, but it can be overridden by these higher legal authorities.
In simple terms, this rule tells judges how to figure out what stays private in court and what does not, based mainly on legal tradition unless a specific law or rule says otherwise.