ANZ passes on full cut, CBA a portion
UPDATE 4.05pm: The Commonwealth Bank has passed on a portion of the Reserve Bank's 0.25 percentage point interest rate cut, cutting its standard variable rate by 20 basis points.
The cut puts its standard variable rate to what it says is the lowest in its history at 5.45 per cent.
Announcing the changes, Matt Comyn, group executive retail banking services said: “While the circumstances of each RBA cash rate decision will always vary, we've carefully considered the impact of the current environment and moved to balance the needs of our customers.
"Today we've reduced our mortgage rates to a record low and also considered the needs of the almost seven million Australians who have savings accounts with us."
The CBA was responding to the Reserve Bank's lowering of the official interest rate to a historic low of 2 per cent today.
ANZ was the first of the big four banks to respond, lowering its standard variable rate by 25 percentage points to 5.38 per cent.
"We hope by announcing this decision today we're able to provide certainty for our customers looking to manage their household budgets as well as playing our part in supporting the broader economy,” ANZ Australia chief executive Mark Whelan said.
