ANZ Bank Lashed by Government After Holding Back on Rate Cut
- Frydenberg says lender has ‘let down’ customers with decision
- Banks’ reputations already tarnished by years of wrongdoing
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Australia & New Zealand Banking Group Ltd. failed to pass on in full the central bank’s quarter-point cut in official interest rates, earning an immediate rebuke from Treasurer Josh Frydenberg.
“I am very disappointed in the decision by the ANZ Bank,” Frydenberg said in a televised press conference Tuesday after the Melbourne-based lender reduced its key variable rate by 18 basis points to 5.18%.