'SWF earn RBA cash rate +0.5%', meaning that's what SWF receive,...

'SWF earn RBA cash rate +0.5%', meaning that's what SWF receive, not pay out.

So they'd be paying out 0.0-0.25% to the clients, so the recent fall from 1.5% to 1.0% in the RBA rate would hurt their net interest earned quite a lot, since they won't be changing client interest rate to negative.

It'll be a boon when interest rates finally rise, but not for the moment.

So they'll be getting 1.0%+0.5% at the moment, minus 0.1% average paid out to clients, leaving 1.4% net interest on balances (compared to net 1.9% 2 months ago).