ANZ confirms rates will remain unchanged

Bosses at ANZ have confirmed today (November 9th) that the interest rates attached to the company's standard variable rate mortgages will remain unchanged.

It announced the rate will stay at 6.6 per cent, while the comparison rate will not drop from 6.7 per cent.

A statement from the organisation read: "Despite intense competition for business deposits, variable small business lending rates will also remain unchanged."

Few people will be surprised by this move, as the Reserve Bank of Australia (RBA) opted not to slash the national cash rate when board members met earlier this week.

The central bank felt there had been a big enough improvement in the state of the global economy to justify keeping things as they are.

Although the cash rate stands at 3.25 per cent – its lowest point for three years – many experts still feel further reductions are needed to stimulate activity in the property sector and to encourage greater levels of public spending.

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