The ANZ bank today announced that they will cut their interest rates by 0.27% which is more than the cut that the RBA on Tuesday. The surprise cut came after all other big four banks followed the RBA's 0.25% cut on Tuesday, while the ANZ waited until today to announce their move. This is the first time that any big four bank has cut their rates by more than a RBA move.
The ANZ standard variable rate will now equal the NAB standard variable rate at 6.13%. NAB has been leading all other big four banks, having the more competitive rate than its competitors for the last four years.
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