Isn't it just about the ability to repay debt?
Right now people don't have the capacity for higher rates so they remain low. The MINUTE wages start to creep up, you can bet your bottom dollar banks will put their hand out to take more...just like every other supplier of goods. A bit like the US now.
Wages are rising so they are going to up their interest rates. Business are also increasing what they charge (Netflix just passed on a sizable increase etc)
Heaven forbid if the average person had to much money! That's just not allowed! You have to keep the plebs under control by taking more off them if they have more to take. (that's what it feels like)
The Australian economy is weak atm. High household debt and zero wage growth for years (unless your a public servant) is keeping a lid on inflation.
Perhaps we can thank big business for that. Every week lately I've read "company profits up", "business conditions up" etc etc...but all that surplus cash they have is being used with share buy backs and special dividends... not wages.
