The present level of interest rates paid by borrowers is "roughly… appropriate" the governor of the Reserve Bank of Australia told the House of Representative's Economics Committee on Friday."We have repeatedly made clear that the shifting relationship between the cash rate and other interest rates in the economy is a factor that the board takes into consideration in setting the cash rate," Stevens said."Our assessment would be that, even after the lending institutions made their own adjustments in recent weeks, these rates are roughly where we think is appropriate for the circumstances that we face. "As I said in my opening remarks, I was probably just a little surprised that the interest rate reduction in December that we did in particular was quite as fully passed on as it was. "We cannot make a precise forecast of these things, but I had anticipated that that might not be completely passed through. As it turned out, it was. But a little bit of that has been taken out subsequently. Overall, I think where we are sitting at present is about where we should be."Stevens said that the period when variable home-loan rates more or less tracked the RBA cash rate (in the late 1990s and for most of the 2000s) "was very unusual. In the longer sweep of history, it is not that unusual for those credit spreads occasionally to shift."The RBA governor also said that the central bank will publish a detailed assessment of bank funding costs in the monthly RBA Bulletin next month.