"Banks and other lenders are still slicing rates and adjusting deals," said Vadim Taube, CEO of leading financial comparison site InfoChoice yesterday.
And well they might.
"It is reasonable to expect that an extended period of low interest rates will be required in Australia to reach full employment and achieve the inflation target," the RBA board said yesterday.
"The Board will continue to monitor developments, including in the labour market, and is prepared to ease monetary policy further if needed to support sustainable growth in the economy, full employment and the achievement of the inflation target over time."
Banks are expected to manage monetary policy and in the Australian landscape relying on them may be a policy error.
Martin North, from Digital Financial Analytics, said his household financial confidence index, a monthly reading, slumped again yesterday. At odds with the boosterism in the media and the government, it's at all-time lows, down all year.