The key points are as follows:

• The RBA has cut interest rates again and they are likely headed even lower, probably to 2.5% in the next few months. The mining investment slowdown is now looming as the response by the non-mining economy to lower interest rates to date has remained subdued.
• Global interest rates also look like remaining low for an extended period.
• Low & falling interest rates mean low & falling bank deposit rates. The chase for yield will continue.

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