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The Government's \gls{Interest subsidy} costs are moderated at present because the real interest rate is low compared to its historical levels, as \Vref{fig:fig2-governments-cost-of-borrowing-exceeds-CPI} shows.
The 2016 real interest rate is 1.2~per cent.
The average over the last ten years is nearly 2~per cent, and it has occasionally exceeded 4~per cent.%
\footnote{The historical average rate is based on the last 10 years.
The 15-year average rate is 2.2~per cent and the 20-year average rate is 2.7~per cent.
See \Vref{fig:fig1-annual-interest-subsidy-is-low-compared-to-when-the-real-interest-rate-was-at-its-10-year-hist-avg} for notes and sources.} 
The current low rate of interest masks a potential 60~per cent cost increase.

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