ANZ slashes its key standard variable rate from 5.18% to 4.93%
This comes following the RBA decision earlier to cut its cash rate by 25 bps from 1.25% to 1.00%. As such, banks are expected to pass on the full rate cut after the events that transpired back in June.
In case you need a refresher, ANZ chose not to pass on the full rate cut last month and drew the ire of Australian treasurer, Josh Frydenberg, and their decision also came under scrutiny from the public because CBA and NAB decided to pass on the full 25 bps cut at the time. In short, it was a bit of a PR disaster.
ANZ's decision will go into effect on 12 July and will be welcome news for the RBA as they look for their monetary policy decisions to transmit into the real economy effectively.
