Australia’s ‘Most Trusted’ Bank Cuts Interest Rates as Pressure on ‘Out of Touch’ RBA Mounts

ANZ, Australia's 'most trusted' bank, has lowered its variable home loan interest rate by 0.15%

* ANZ's variable home loan rate is now 3.99%, compared to the RBA's official cash rate of 4.25% * The move comes as pressure mounts on the Reserve Bank of Australia (RBA) to cut rates * The RBA has been accused of being "out of touch" with the needs of everyday Australians

ANZ's rate cut is the first by a major bank since the RBA raised rates in May

* The RBA has raised rates three times since May, taking the cash rate to 4.25% * The rate hikes have put pressure on households and businesses, with many struggling to keep up with their mortgage and loan repayments * ANZ's rate cut is likely to be welcomed by borrowers, but it is unclear whether it will be enough to ease the pressure on the RBA

The RBA is under pressure to cut rates as inflation continues to rise

* The annual inflation rate in Australia is currently 6.1%, well above the RBA's target of 2-3% * The RBA has said that it will continue to raise rates until inflation is brought under control * However, there are concerns that the RBA is raising rates too quickly, which could lead to a recession

The RBA's decision to raise rates has been criticized by some economists

* Some economists believe that the RBA is raising rates too quickly and that this could lead to a recession * Others believe that the RBA is right to raise rates in order to bring inflation under control * The RBA's decision to cut rates is likely to be closely watched by the market

The RBA's next meeting is scheduled for November 1

* The RBA is expected to raise rates again at its November meeting * However, the RBA may be more cautious about raising rates given the recent economic data * The RBA's decision will be closely watched by the market