According to the research, Australians aged 25 to 35 are $56 billion better off since the fall in rates, while those aged 35 to 45 are ahead by $71 billion, and 45 to 55-year-olds are up $49 billion.

But after the age of 55, when mortgages are smaller and savings are greater, 55 to 65-year-olds are down $13 billion, 65 to 75-year-olds are behind by $32 billion, and those over age 75 are down $36 billion.

“Fact is that the RBA’s role is to stimulate the economy when it is weak and they only have one tool to do that: monetary policy, i.e. to push rates lower or higher,” Mr Swanger said.

“Since 2008 the interest saved by those below retirement age is higher than the losses to retirement age households, meaning more money is available to the average household.

“But the losers are definitely the retirees. There has been a massive transfer of wealth from retirees to mortgage holders.”