"On your reasoning you many be able to claim an emergency level of 2.3% but you are bending the truth claiming Phillip Lowe validates your figure."
I'm not using him to validate my figures. I'm just advising what the RBA Deputy Governor said. I'm sure he knows more than you and I put together.
You may want to check a bit further back and you will see the rate was about 2% higher than the OCR. Say Feb 2008 7% to bank's 9%. That's 2% diff compared to 3.45% diff now. That would leave a 1.45% increase which I'm sure you would agree (without your political hat on) that it's very very very close to the 1.5% he said.
And you will notice that he said "For much of the decade or so before the financial crisis...", not in the 1 week before the GFC as you have conveniently posted
