ANZ has admitted it needs to adapt after delivering a flat cash profit of $6.47 billion.

The bank says it has had a “challenging year” after its profitability was impacted by low interest rates and intense competition.

CEO of ANZ Shayne Elliot tells Ross Greenwood the bank has to focus on productivity and work hard to make earnings grow again. 

“We have to work really, really hard to keep things in terms of earnings flat.

“For a bank, it’s such a different game than what it has been over 20 or 30 years. And so we need to really adapt… it’s just not something we’ve been used to.”

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