The Board has stated that it does not see negative rates as being appropriate in Australia in the current circumstances. I see there are at least two reasons for this. First, there is uncertainty about the efficacy of negative interest rates, including because of the negative effect on savers.
Increasing consumers’ awareness of their rights was also an important factor. •  Members felt that the three main factors that contribute to consumer detriment are: economic and development challenges, lack of regulation and enforcement; and poor quality products and services. Financial Consumer Protection 13.