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ANZ is feeling the heat of public scrutiny over its decision to lift interest rates with Federal Treasurer Wayne Swan labeling the move as “excessive” following a meeting with key officials in Brisbane today, according to The Age.
The Treasurer met with the RBA, the Treasury and the Australian Prudential Regulation Authority (APRA) to discuss the financial sector’s approach to managing the volatile international markets.
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“Now on the basis of the evidence presented to me by the key officials, the increase in the average cost of funds to the major banks is much more in line with the increase announced by the NAB, than the increase by the ANZ,” he said.
“So on the basis of all the evidence that I have received, I do believe that the ANZ’s rise is excessive.”
