This is one of the major banks in Australia: http://www.anz.com/aus/RateFee/InterestRates/Rates.asp
At present time, the variable rate is 7.80% but the fixed rate is 6.99% for one year.
And it seems most banks in Australia, if you fix the rate (at the moment), you will get a lower rate.
Is this an indication that in the eyes of the banks, that they believe the interest rates are going to down? I just ask because it seems most people in the media think the rates are going up and they've risen about 6 times in a row now.
Could it be that the banks are secretly preparing for rates to drop?