NAB vows to retain pricing title

by Adam Smith14 May 2012

NAB has vowed to continue beating its major rivals on rates following ANZ's rates announcement.

ANZ announced on Friday it would pass along 37bps of the Reserve Bank rate cut, dropping its standard variable rate to 7.05%. The move saw NAB retain its position as lowest among the majors. NAB chief executive Cameron Clyne has told the ABC the bank will stick by its vow to maintain the lowest rate among the majors.

Clyne has also predicted further rate cuts over the year ahead. He told the ABC that the RBA was likely to deliver another 50bps of cuts in 2012, despite an unexpected drop in unemployment.