I wouldn't call 0.75% below the long term average ridiculously high.
You can't go comparing our cash rates to other countries due to Australia's requirement to attract foreign capital to lend. It has always been this way, therefore our rates have remained higher than the US etc. Up to 60% of the banks cash that it lends is foreign.
If the RBA was to drop 2% it would only probably equate to lending rates 0.5%-0.75% below where they are today due to the cost of funding.
I think Ubank's decision this week to lift the interest rate on savings accounts from 5.5% to 5.71% indicates where the cost of money is at in Australia.
Perhaps the building industry could stimulate the economy by improving their efficiency rather than crying poor. They have had it good for too long and much waste has been built into pricing over the boom years. I don't think it is necessary for tradesmen building a house to be all on 100k plus a year. Even the painters want 100k a year now.
Time for a haircut boys. Drop your labour costs and you might be surprised at peoples attitudes to using you again.
