Australians now hold many more overseas assets than they once did. And, conversely, overseas residents now hold many more Australian assets than they once did. In net terms, Australia still has a net liability position with the rest of the world, having been a drawer on overseas savings for more than 200 years.
Moreover, from the standpoint of the overall economy, the expenses incurred by institutions of all sizes to implement these programs are a waste of resources and would be unnecessary if institutions were permitted to pay interest on demand deposits directly. The costs incurred by banks in operating these programs are passed on, directly or indirectly, to their large and small business customers.