Remember as well that if rates are cut, the banks may not pass...

Remember as well that if rates are cut, the banks may not pass it on (as has been the case in the US). I can't imagine a scenario where interest lending rates drop below the rate of inflation (i.e. negative interest rates in real terms), and inflation may well start to get out of control.

At the same time some people have suggested we're in for deflation, but considering the volume of people that have cashed out of market, I can't imagine this rosy scenario (as in tax free growth of wealth, in real terms, for anyone holding cash).