How Australia escaped the global financial crises of the last 25 years

The Australian dollar is sharply up against its US counterpart and well above the 80 US cent mark for the first time in a while.

The Reserve Bank has left the official cash rate on hold at a historic low of 1.5 per cent this afternoon, amid concerns that rates are becoming ineffective at spurring growth.

The RBA cut interest rates to a record low today. Was that smart? Or is asking that question missing a bigger point?