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Isn't Howard to thank for putting us in a position where we had 400 basis points to drop, plus room to spare?
Depends on your take of history, Howard inherited falling rates and passed on rising rates.
At the 1996 election the cash rate was 7%, at the 2007 election it was 6.75%, make of that what you will.
Remember his promise of "rates will always be lower under a coalition government", back then it seemed like that actually meant something good, yet here we are faced with the reality that it's truly a meaningless statement.
Because ideally they would be higher than they now are, and economic policy has been to attempt to get rates back to some kind of historical norm, which for the last decade has meant to try and create the conditions where they can be raised without hurting the economy.
Yet here we are.........