ANZ blinks first

More term deposit rate reductions from the banks will only accelerate the self-managed super exodus, and force the big four to lift overseas borrowing or cut lending.

It's 7:45 am. And only one bank, ANZ, has blinked – at least on term deposit rates. The drama created by the Reserve Bank’s decision to reduce official rates by half a per cent is not just in home loans – term deposit rates are even more tense.

After the Reserve Bank announced the rate cut no major bank reduced its term deposit rates although they had been pencilling them back in recent weeks in anticipation of an official rate cut.

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