Reserve Bank of ANZ cuts rates by 0.37%

The ANZ division of Megabank has cut its standard variable and small business lending rate by 37 basis points (0.37%) with the former falling to 7.05%.

All four major divisions of Megabank have now cut rates, but none in line with the RBA when it cut by 50 basis points recently. Will more cuts be on the way, even in the face of a low, but volatile employment print?