For those sitting on cash, QPON ETF from Betashares is a reasonable option. Floating rate bonds from major Australian banks. Current running yield 5.14%. Management fee 0.22%.
Because these are floating rate bonds, the interest rate will move up and down in line with bond yields, but capital is preserved and won't go up or down with bond prices. Price has been extremely stable since listing in 2017, with biggest drop being the liquidity crunch in Mar 2020 where there was a temporary drop of 2% which recovered the following month.
Nice combination of term-deposit-like high interest and capital preservation, but with immediate access to your funds.
Main downside is probably brokerage, so depending on the fee you pay you may not want to use this ETF like a transaction account with money frequently moving in and out. Also, money isn't covered by the $250k Fed Govt deposit guarantee, but if the major Australian banks default on their bonds we'll be hoarding more than toilet paper.