The ANZ bank has welcomed the competition watchdog’s inquiry into the banking sector.

The Treasurer has asked the ACCC to investigate the big banks’ refusal to pass on the full interest rate cuts.

Since January, the Reserve Bank has reduced the official cash rate three times but the major banks have not passed the cuts on in full.

ANZ CEO Shayne Elliott tells Ross Greenwood he welcomes the inquiry.

“There’s a need for greater transparency, in terms of how we make our decisions, and this is one way of achieving it.

“It would be easier to criticise this latest inquiry… but the reality is we, as an industry, have failed in our job to be able to explain how we price mortgages, in particular, to our customers and to the public.

“That is a fair cop.”

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