Australia and New Zealand Banking Group (ASX:ANZ) chief Mike Smith has lashed out at the political pressure banks received to cut their mortgage rates.
Yesterday ANZ was the first of the big four to pass on the full cut.
The bank says that in future it will decide on mortgage and small business rate changes independently of the Reserve Bank, on the second Friday of every month.
Mr Smith says it will give ANZ the flexibility to reflect movements in funding costs across all sources of funding.
ANZ reported a full year net profit of $5.4 billion.
