ANZ boss Shayne Elliott wants to see a loosening of lending criteria to make it easier for people to access funding. The current benchmark rate that banks are using of 7.25% seems outrages when we consider the banks are currently lending at under 4% and rates are set to drop later in the year.

“The lower interest rates get the less likely it is that rates are going to get to 7.25 per cent any time soon,” Mr Elliott said.

“At some point you need to rethink it … common sense says it should be relative to where the interest rate cycle is.”

He also advised that ANZ would be loosening up its approach to responsible lending standards with less scrutiny of new loans.

This could be the catalyst that some markets need to start moving again.