In technical terms, given the large amount of liquidity in the system as a result of the RBA's policy actions the RBA is now effectively operating a floor system, rather than the corridor system that had been the case for the past few decades.
The actual cash rate has declined to around 3 basis points and has been around that level since November, when the ES rate was reduced to zero. There is a small spread above the floor of the corridor reflecting a small credit premium and transaction costs.