A member of the House of Representatives committee which grilled the big four banks last year believes ANZ has shown "commercial courage" in dropping its credit card rates.
It will reduce interest rates on two of its credit cards by up to two per cent from Thursday.
ANZ cut its low rate platinum card by two per cent to 11.49 per cent and its low rate classic card by one per cent to 12.49 per cent, which it says are the lowest since 2003.
"They've shown commercial courage and leading the charge on dropping the rates first," Liberal MP Scott Buchholz told ABC television on Sunday.
He and the Turnbull government remain opposed to the royal commission on banks Labor, the Greens and others continue to pursue.
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He said a royal commission had no capacity to instruct the banks about dropping their interest rates.
"The inquiry did that and the inquiry that we're undertaking has put those results on the ground," he said.
The committee is due to review the banks again early next month.
