If you're old enough to remember interest rates ceiling 17 per cent in the ninth months from June 1989, what must you think of the current official cash rate of 0.75 per cent.
The Reserve Bank cut the official interest rate on Tuesday October 1 - the third cut in five months.
It brought the Australian cash rate to an all-time low - dropping by 25 basis points.
Reserve Bank governor Philip Lowe ominously noted that while the outlook for the global economy remains reasonable, the risks are tilted to the downside.
"Interest rates are very low around the world and further monetary easing is widely expected, as central banks respond to the persistent downside risks to the global economy and subdued inflation," he said in a statement on the Reserve Bank decision.
"Long-term government bond yields are around record lows in many countries, including Australia. Borrowing rates for both businesses and households are also at historically low levels.
"The Australian dollar is at its lowest level of recent times.
"The Australian economy expanded by 1.4 per cent over the year to the June quarter, which was a weaker-than-expected outcome.
"A gentle turning point, however, appears to have been reached with economic growth a little higher over the first half of this year than over the second half of 2018.
"The low level of interest rates, recent tax cuts, ongoing spending on infrastructure, signs of stabilisation in some established housing markets and a brighter outlook for the resources sector should all support growth.
"The main domestic uncertainty continues to be the outlook for consumption, with the sustained period of only modest increases in household disposable income continuing to weigh on consumer spending."
So what does that all mean for the local real estate market?
Percival Property principal Michelle Percival says the lowering rate could mean more first time buyers enter the market.
"Why wouldn't you try to buy right now when your mortgage repayment is probably lower than your current rent," she said.
"It is a very good time to buy for first time purchasers or investors.
"We have relatively stable prices in Port Macquarie, even during the so called downturn period.
"I think people can and do have confidence in the Port Macquarie market," she said.
Mrs Percival said the lower interest rates are having an impact on investment markets too.
Buyers are opting for property - with strong rent returns - over stocks and shares.
Other positive signs for Port Macquarie included the strength of the Sydney and Melbourne markets and current clearance rates of around 80 per cent.
"Our buyers are coming from these capital cities, relocating to Port Macquarie for the lifestyle and the affordable lifestyle properties," she said.
"We have a strong university presence, hospital, health and aged care services and beautiful beaches and environment along with other infrastructure.
"These are driving our markets along with those low interest rates."
Our buyers are coming from these capital cities, relocating to Port Macquarie for the lifestyle and the affordable lifestyle properties.- Michelle Percival
Mrs Percival also pointed to the federal election result which, among other things, confirmed the future of negative gearing as another positive indicator.
Compass Financial Management's Michael Clarke maintains a close watch on government fiscal policy and the Reserve Bank's levering of interest rates to stimulate growth.
"The federal government's fiscal policy decision to cut tax rates in 2019 may have some effect on households decision to 'save or spend' but that may not be seen until post-Christmas as it takes some time to flow through into the real economy," he said.
"The downside for the government is that a reduction in revenues does not aid its ability to spend on infrastructure to stimulate jobs and growth.
"In the local economy of Port Macquarie, we still have what is termed 'critical mass'; so universities, hospitals and airport infrastructure - along with our great climate - still offer a suitable place to live and work.
"But the key is still employment or underemployment," he said.
"Lenders will still look critically at a borrower's stability of employment as a key risk assessment. 'Credit' is still not easily obtained post the global financial crisis and more recently post the royal commission."
Mr Clarke said tougher access to credit and a sluggish economy are not inducements to rising home property prices.
However, anyone with an existing mortgage is benefiting from these ongoing interest rate reductions. These mortgage holders are certainly looking to upgrade their homes or review their current lending positions.
Lenders will still look critically at a borrower's stability of employment as a key risk assessment. 'Credit' is still not easily obtained post the global financial crisis and more recently post the royal commission.- Michael Clarke
"We are also seeing more property improvement loans and debt consolidation at present as many people elect to stay where they are and simply improve what they have," he said.
There is also a downside to lower interest rates: something called "diminishing marginal return".
Mr Clarke said the effects of ongoing interest rate reductions will have a lessening return as margins get tighter and commercial banks pass on less and less of the RBA's rate cuts.
"Many economists are sceptical as to the real value of future rate cuts in stimulating the economy," he said.
"Remembering too that there are many in the society that have no debt, so return on savings also has an effect on their spending habits."
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