Yesterday, the RBA announced that it would keep the target cash rate steady at 4.35%. Now, I’m all for records, but let’s put this “record” in perspective. While we’ve all become accustomed to an official rate of 1-2%, this range has only been around for around ten years. At the end of 1989, the cash rate was 17.75%, and prior to 2012, the rate was above 4% for all but 13 months during the GFC.