The last increase in the cash rate was back in late 2010, so an increase, when it occurs, will represent a significant change for many people. It is important to remember, though, that higher interest rates will be accompanied by faster growth in incomes than we have seen over recent times.
In this sense, it will be a sign that things are returning to normal. Of course, higher rates will also be welcomed by many depositors, who have been earning low rates of returns on their savings over recent times.