At the RBA's October meeting, the cash rate was cut to a record low of 0.75 per cent.

The Reserve Bank has cut interest rates three times since June.

Read more: University of Wollongong Associate Professor Martin O'Brien on potential increase to Newstart Allowance

"It's hard to say - we have to wait and see how a combination of things are going to affect the economy," Dr Paul Mazzola from the University of Wollongong said of the possibility of further cuts in the near future.

"The combination of things is the interest rate cut from the RBA and whether that's going to be filtered through to the economy; some recent tax cuts; and reinvigorated infrastructure spending by the government.

"Those things are aimed at boosting the economy, and I guess the RBA will probably play a little wait and see game before they seriously consider another rate cut."

Dr Mazzola is a lecturer in banking and finance in the School of Accounting, Economics and Finance at UOW.

He has more than 25 years banking and finance experience in the Australian, European and Asian Pacific markets.

Dr Mazzola said the lowest interest rates in Australia's history meant "borrowers have got it good".

However, conversely those who relied on interest income, such as retirees, were earning virtually nothing on their deposits.

"It's benefiting borrowers, but it's really devastating the available income to retirees that are relying on deposit income and fixed income type investments.

"What does this mean for households? I think the low interest rate environment will continue for some time.

"I think this environment will continue into the foreseeable future, at least in the next couple of years."

Dr Mazzola also discussed Treasurer Josh Frydenberg's decision to direct the Australian Competition and Consumer Commission to conduct an inquiry into home loan pricing, in response to banks refusing to pass on interest rate cuts to customers in full.

The big four banks have passed on the equivalent of three-quarters of the RBA cuts.

The request to investigate the banking sector would include looking into the pricing of residential mortgage products.

Dr Mazzola said he wasn't surprised by Mr Frydenberg's actions, because there was a degree of frustration at the government level that the banks aren't passing on in full the interest rate cuts that have been initiated by the RBA.

He said there had been increasing suspicion from the public regarding the big banks, especially following the "bad behaviour" revealed by the Royal Commission.

Dr Mazzola said the lesser trust in the banking sector was partially due to a lack of transparency regarding the way banks set their interest rates.

However, as the government can't force the banks to change the interest rates they charge on their home loans, he said the government's next best tactic was to employ moral suasion, or pressures, through the likes of this inquiry.

"The RBA is responsible for monetary policy, and the only way they can implement that monetary policy is through varying the interest rates, either up or down," he said.

"And when they change interest rates, they are relying on the financial markets to follow that trend.

"The major influencers in the financial markets are the banks. So if the banks don't play ball and follow the trend of decreasing interest rates, then the transmission of that expansionary policy is negated.

"So there is a frustration at the government level that the monetary policy being effected by the RBA is not being effectively transmitted to the household sector.

"And it's the household sector that influences the rate of consumption in the economy, and consumption at the moment is relatively low. There is very little growth in consumption."

-Do you have an interesting real estate story? Please email brendan.crabb@illawarramercury.com.au with details.

Read more: What Illawarra tenants need to know about weekly rental prices