Is the Real Interest Rate Exactly Zero?

Real interest rates are zero. You're not really earning anything. You're just keeping up with inflation either on the borrowing or the saving side. So now what's happening, what the RBA think now, and this is changing. It's a changing thesis. We're getting older and we're saving. They're saying that the real interest rate should be near zero. In the olden days, it used to be plus one plus two plus three percent. And they would like interest rates in real terms to be zero or slightly positive. This is what Dr Lowe said just a couple of weeks ago. He says for a neutral cash rate in normal terms, when we hit our inflation target