Recessions are almost always deliberately caused by central banks to control inflation by increasing unemployment and decreasing wages. Occasionally they are caused by financial crises.
I think interest rates have been too low for too long. Yes, it has encouraged spending, but methinks too much spending as I have seen friends and family totally overextend themselves on huge loans for huge houses just because they could. Even interest rates move up even 1%, they will be pushed against the wall to try and service those loans, and that in itself may trigger massive sell offs and bring housing prices crashing down.
It's basically a tightrope walk across a windy gorge at the moment - everything is precariously balanced, but for how much longer??
The Australian rate is substantially higher than the Federal Reserve's. The Fed has a broader remit and is apparently perfectly happy to run nearly free money for years on end. Compared to the US, Australian monetary policy is quite conservative.
Everyone who has money is beholden to the banks.