No where in that article does it put the OCR emergency level at 1.5%?
In April 2009 the standard variable mortgage rate was 5.75 (2.75 above the OCR). In Dec 2012 it was 6.45 (3.45 above above the OCR) - http://www.rba.gov.au/statistics/tables/xls/f05hist.xls
On your reasoning you many be able to claim an emergency level of 2.3% but you are bending the truth claiming Phillip Lowe validates your figure.
The RBA is trying to stimulate us out of a slump caused by government policy (carbon tax, mmrt, fwa's bias towards unions) - I feel a recession coming on.
