I thought you'd started a thread without mentioning 'banksters', Davo, but last word it popped out.
'The failure of the RBA...' in not stimulating the economy, is that there are so many oldies these days, that a cut in rates is a kick in the guts to those who rely upon their bank interest, and they just stop spending. Someone put up a post a few years back, where there was record cash accounts in one of the big banks, even though interest rates were low...........and lower now.
I don't believe that housing is unaffordable from a cash-flow perspective, yet it will be if interest rates start pushing up, and when that happens, there will be lots of pain. In Sydney, the average house must be around $1.2 million, and people are using debt for most of it. I just worked out that for each $100,000 at 4%, it's only $77 per week you'd pay in interest.
In my opinion, the Reserve Bank boss needs to ascertain the pros and cons of any further rate cuts, on all those who might be affected.
