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ISCOVER
Staff Reporter
Despite widespread speculation that Australia’s lenders could reduce their rates out of cycle with the Reserve Bank, it seems ANZ is more than happy to toe the line.
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At the end of last week, ANZ announced it would leave its standard variable rate unchanged at 6.4 per cent.
The rate announcement follows the Reserve Bank’s decision to also leave the official cash rate on hold at 3 per cent.
Last month, ANZ chief executive, Australia, Philip Chronican said the bank assesses a wide range of factors affecting the ANZ Group and its retail customers as part of the interest rate review.
“We have seen some easing of new funding costs from both wholesale markets and domestic deposits over recent months which has taken some of the pressure off what had been a relentless rise in funding costs since late 2007,” Mr Chronican said.
