Rates today are lower than at any time in recorded history. In fact, they are lower than at any time since 3000BC, according to the Bank of England's chief economist, Andy Haldane.
Here is a good read at Australia's finances after the mining boom:
http://www.canberratimes.com.au/comment/australias-monetary-motor-is-spluttering-and-the-surplus-is-miles-away-20150321-1m4240.html
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