ANZ opens a new front in the battle of the banks

ANZ hasn't yet taken full advantage of the independent timing of its rates decisions, but today's move appears to be a signal of greater market aggression.

For most of the period since ANZ Bank adopted its unique approach to setting interest rates in late 2011 its departures from its peers have been largely about timing rather than direction. That makes today’s decision to reduce rates by more than the Reserve Bank’s 25 basis point cut in official rates quite significant.

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