Major bank keeps rates on hold

by Caroline Dann16 Jul 2012

ANZ has announced its standard variable rate will not change for the next month, staying at 6.8%.

Intensified competition between banks, as well as growing consumer unease, were cited as key factors.
"We know that many Australians are feeling uncertain about the global economy and with household budgets under increased pressure this was another factor in our decision this month," said chief executive Australia Philip Chronican.
He did admit lowering interest rates was putting pressure on the bank's margins, however the highly competitive market made it necessary. 
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