ANZ Banking Group (ASX:ANZ) has again hiked its interest rates independently of the Reserve Bank of Australia (RBA).
The bank has blamed funding cost pressures for the move that will see its standard variable mortgage rate increase by 0.06 per cent to 7.42 per cent on April 20, 2012.
The rate rise comes amid predictions the central bank will lower rates at its May board meeting and reports ANZ had cut 230 jobs last week, as part of plans to cut 1000 jobs by the end of the year.
The RBA has now kept its official cash rate on hold at 4.25 per cent for three consecutive months.
Federal Treasurer Wayne Swan says ANZ’s move “flies in the face of recent Reserve Bank statements saying funding costs for banks have eased”.
ANZ reported a net profit of $5.4 billion in the 2011 financial year.
