The Australian official interest rate has dropped to 0.75%. Harvey Norman personally admits that the rate cutting has done little to boost consumer spending. Property prices did rebound to the upside but I believe this to be the dead cat bounce. In 2019, this is the 3rd rate cut from 1.5%. I will not be surprised if the interest rate goes down to 0%. The other option the RBA has to stimulate consumer spending is Quantitative Easing or money printing. This will rapidly increase inflation and the Australian Dollar has already dropped from 0.8 USD in December 2017 to 0.69 USD in October 2019.
In the grand scheme of things this video shows why you don't own the house even if you pay off the mortgage. Every home owner is required to pay land tax regularly and the government can alter the amount. If you refuse to pay, the government is allowed to sell your property even if you have paid off the mortgage in full. There was an old news story of retirees in the gold coast forced to use their pension to pay for council rate taxes.
