Treasurer Wayne Swan had challenged the major banks to pass on the latest interest rate cut in full. Only ANZ decided to pass for giving households a “fair go” and ANZ customers benefiting from this decision. ANZ pass rate cut by full 25 points to 6.8%. NAB remains the lowest player in the market by 6.7% followed by Westpac with variable rate to 6.89% and the Commonwealth bank, lowering its mortgage rates by 21 points.
ANZ Australian Chief Executive Philip Chronican said, “Home loan customers are doing it hard at the moment and passing on the full RBA rate cuts was the right decision in the circumstances.” NAB, Westpac and Commonwealth are not passing on the full rate cut. The Central Bank tried to lift confident in economy by lowering official rates. More rate cuts are expecting for coming months and I think Australian Economy is in good condition now because of high growth figures and strong jobs.