Actually, given the behavioural changes that are in place due to financial market pressures, it is unclear exactly what the “neutral” official cash rate is, something that can only be established incrementally over time.
Without that guarantee, almost four banks would not have been able to borrow in the inter-bank and would probably have collapsed. As you are aware, we guaranteed the inter-bank market to give us the time to conduct a thorough diagnostic of the banks and ensure that appropriate remedial action is taken.