A major bank boss has claimed that public anger toward the banks over interest rate slugs is subsiding.
ANZ Australia chief Philip Chronican has told News Ltd he believes the backlash over out-of-cycle rate rises is easing. He pointed to the lack of public outcry as the bank chose to pass on only 37bps of the Reserve Bank's 50bp May cut.
"I would never go as far as saying we've won the public debate, but I feel we've moved the debate on and that the commentary over recent weeks is evidence that at least people are now thinking more seriously about what the real issues are," Chronican told News Ltd.
Chronican defended the bank's decision to set its rate announcement for the second Friday of each month, a decision which delayed the bank's May rate announcement until 10 days after the Reserve Bank's meeting. He claimed the move decoupled the bank from the "dog and pony show" of the RBA monthly meeting.