ANZ bank has flagged the possibility of relief for credit card interest rates as customers struggle to make ends meet in the current economic climate.

Federal and State Governments have announced various packages in a bid to assist those impacted by the ongoing coronavirus impact.

ANZ CEO Shayne Elliott says the banks have come into the crisis in “very very robust health.”

“We have more capital than we have ever had in our history. Far more than we had when we entered into the GFC.

“Capital is ultimately the bedrock of strength in a bank.”

According to Mr Elliott, we need it survive for the next 6 to 18 months and Australian banks will help. Customers need to contact their bank as soon as they need support.

“The best we can do as a bank is keep people in their current home and keep people in their current businesses.

“So for us to stop taking money out of your pocket, is the best thing we can do and this exactly what all the banks in Australia have signed up to do.”

Mr Elliott says they bank is also planning to look at customer’s credit cards.

“The last thing we want people out there doing today is using their credit card to get by. That’s not good advice.

“But I agree we need to be creative with how we can take some of that pressure off.”

Mr Elliott took calls from 6PR listeners

Download this podcast here