One of the criticisms of the goal of price stability, or a very low inflation rate, is that it rules out using negative real interest rates (i.e. interest rates lower than the rate of inflation) to provide stimulus to the economy should this become necessary.
The average rate on the major banks’ at-call deposits, which account for a little under half of their total deposits, is currently estimated to be around 40 basis points below the cash rate compared to around 100 basis points below in mid 2007. So the bottom line of all of this is that the deposit market has been extremely competitive.