Foreign currency deposit rates

Dear Sir,
Currently the FD rates offered by banks in Singapore are 1% or less. I have just opened an Australian Foreign Currency Fixed Deposit that gives me 7+% per annum.

I have no intention to convert the money back to Singapore Dollars in the forseeable future. the money is kept aside for retirement. Would this be a way for Singaporeans to save. Has interest rates in Australia ever gone down to levels similar to Singapore?

REPLY
I suggest that you ask your bank to give this information to you. They have the past record of currency conversion rates and interest rates.