Have you even bothered to read the RBA's biannual Financial Stability Review yourself? Found here.
On page 24 you'll see the bigger picture.
"balances in offset accounts and redraw facilities – have increased further since the previous Review, to now be around 17 per cent of outstanding loan balances, which is equivalent to more than 2½ years of scheduled repayments at current interest rates. However, survey evidence indicates that households considered more likely to experience financial stress, such as those with lower net wealth and income or higher leverage, are less likely to have mortgage buffers and that these buffers tend to be smaller than for other households. Nonetheless, the gross debt-to-income ratio continues to rise from already high levels as households take on more housing debt and income growth has slowed. Net of balances in offset accounts, the increase has been less pronounced, though it has still reached new highs of late."
How is that for paying down debt at record rates? You said it yourself: This shows how much info in the media is distorted.
