ANZ lifts rates again after keeping consumers in suspense until knock-off time: RBA interest rates aftermath

ANZ has announced it will lift rates by 0.06%.

Effective 20 April 2012, ANZ’s new standard variable mortgage rate will be 7.42%pa, the bank said in a statement.

It came at 5.18 pm, the second time in three months it has moved independent of the Reserve Bank of Australia, and ahead of the other big banks.

With the stock market closed and people heading home or to the pub ANZ had still not made its announcement on its much-anticipated independent rate call.

Economists and analysts had even jestingly been tweeting about a possible announcement to coincide with the kick-off in tonight’s AFL and NRL games.

There was even been the creation of a new hashtag: #sneakyhike.

“Where is the ANZ announcement on retail interest rates? Waiting the bounce of the ball in Collingwood vs Carlton?” tweeted former Gillard economic policy advisor Stephen Koukoulas.

Earlier economist Christopher Joye tweeted: “ANZ may be waiting for market close at 4.30 pm – a hike in rates would be price sensitive.”

He later tweeted the bank could keep interest rate steady but cut deposit rates, which would have the same effect on profit margins. tweeted the ANZ media team:

@ANZ_Media @ANZ_AU any news on Rate Review meeting?

SBS news presenter Ricardo Goncalves tweeted: It's close of business (5pm) and still no @ANZ_Media #rates announcement. Putting in for overtime are we?

Sky News business presenter Brooke Courte tweeted: Tick.... Tick.... Tick... #Anz #rates #sneakyhike?

The March decision to keep rates on hold was made at 3.30 pm.

The February increase decision was made at 2.30 pm.

ANZ_Media ? @ANZ_Media: ANZ to increase rates for variable mortgages and small biz by 0.06%pa to 7.36%pa. 3-year fixed rate cut 0.15% to 5.99%pa...

Earlier today the bank announced a$17.8 million bond deal maturing in 2017.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


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