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My feeling is similar, they might even do within a couple of weeks of the RBA cut :) Back in early 90s they didn't drop as far as the RBA - graph below is from p32 of this ANZ doc (the whole doc is well worth a quick browse).

Westpac updated the market today - see p17 here. Nowhere near record highs as a %age of assets for Westpac. Edit:Added Impaired housing. Housing arrears at highest since (at least) 1999, credit card arrears about average. It would be nice to see data from early 90s.