Don't forget the opportunity costs! Money sitting in a sock drawer is losing value to inflation. That's years of dividends and growth you could be missing while you try to time the market. If you are really conservative, try 60/40 bonds/equities. Or invest outside of Australia. I'm Canadian, and Vanguard has "all world, excluding Canada" funds, I'm sure they have something similar for Australia. That way you can hedge against risks in your local market.
I have a 6.5% interest rate savings account I still have back home so I guess you can call that some form of investment. Definitely one that beats a 4% inflation rate. Our currency is also fixed against the US dollar. But I don't believe this is sustainable.
I also don't believe this is going to last more than a few more months until the bank has attracted as much cash as it needs. Of course that's also a third world middle eastern country and so lots can go wrong there which I have no control over. Thus my interest in moving it here. Vanguard is looking more interesting by the day. And yes, they do have a similar option.
