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Staff Reporter
Following ANZ’s first out of cycle interest rate pricing assessment, the bank has left its standard variable rate for retail mortgages and small business lending unchanged, at 7.3 per cent.
ANZ last month said the bank would announce any changes to these rates on the second Friday of each month, rather than in response to the Reserve Bank monthly announcement.
“Bank funding costs are now largely unrelated to movements in the Reserve Bank's official cash rate,” ANZ CEO Philip Chronican said.
“By reviewing key variable lending rates each month we can more accurately reflect the sustained changes in funding costs we incur through the interest we pay to customers for their deposits and to investors in wholesale money markets.”
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