Business Brief: ANZ, Westpac are 'trying to pocket this interest rate' | Sky News Australia

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Dr Andrew Stone: There’s a large part of the population that has very little sympathy for banks. But the banks managed to alienate their supporters so thoroughly that they found when the bank tax was introduced there was zero sympathy. MORE: credlin

John Kehoe from the Australian Financial Review is ‘surprised’ two banks have refused to pass the Reserve Bank of Australia’s rate cut in full, saying ANZ and Westpac appear to be 'profiteering because their profit margins are under pressure'. After the RBA slashed interest rates to a record low of 1.

25 per cent on Tuesday, NAB and Commonwealth Bank passed the cut in full to its customers, but ANZ only passed 18 basis points and Westpac passed 20. Speaking to Sky News on Wednesday, Mr Kehoe said bank funding costs have ‘fallen more than enough’ to pass on the rates cut for its customers in full.

 

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When I worked for a bank my boss said, “people don’t like us, but they trust us”. Times have changed.

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