ANZ rate response the right move
CHOICE says the ANZ’s decision to pass on the RBA’s interest rate cut in full is welcome news for consumers and encourages other lenders to do the same.
The people’s watchdog also says the bank’s experiment to de-couple their interest rate announcement from that of the RBA’s has not worked.
“Banks are starting to realise their justification for withholding cash rate cuts loses the very people they should be working hardest to please – customers,” says CHOICE spokesperson, Ingrid Just
CHOICE also welcomes ANZ’s acknowledgement that the bank needs to share the burden of global uncertainty.
“This move by ANZ is an important recognition that consumers can’t be the only ones to bear the brunt of changing global conditions,” says Ms Just.
“ANZ’s lead, in passing on the rate in full, shows the banks do have room to move and move quickly. Consumers will be looking for a similarly nimble response to future cash rate cuts.”
Consumers can look for a better banking deal using its Compare, Ditch & Switch comparison tool at www.choice.com.au.
Ingrid Just, CHOICE spokesperson: 0430 172 669