JUST days after sacking 1000 workers and raising interest rates, ANZ chief executive Mike Smith is to take 200 lucky staff on a five-day butler-serviced cruise on the "world's best" luxury liner.

At a cost of $1.75 million, the workers, rewarded as part of the bank's CEO recognition program, will sail away on the Silver Shadow to Malaysia's Langkawi Islands on March 6.

Details of the sojourn have been posted on the bank's internal website just days after it was confirmed that backroom jobs are being outsourced to India and the Philippines.

ANZ yesterday announced a record $1.48 billion three-month profit - and Mr Smith warned home loan rates may go even higher to protect the bank's profit margins.

The luxurious Silver Shadow provides a personal butler for every guest, gourmet food and alcoholic drinks, and 117sq m suites with marbled bathrooms and satellite TV.

The liner will cost $1 million to hire while $750,000 will be spent flying the staff to Singapore, where they will board the vessel.

Consumer groups expressed outrage at the lavish spending by the bank, whose advertising slogan is "we live in your world".

"ANZ clearly lives in their own world. I would ask them to walk a mile in the shoes of their customers who have been told their interest rates have to go up because of their increased funding costs," Choice spokesman Christopher Zinn said.

"The excesses of this trip reinforce the stereotype of fat cat bankers popping champagne corks on the high seas laughing about how they have been able to pull a fast one on home loan customers."

While homeowners are still reeling from ANZ's 0.06 per cent rate rise, the bank assured pampered staff the Silver Shadow was safe, following the Costa Concordia disaster last month.

ANZ staff inspected the ship and performed a "risk assessment," according to a company flyer.

"Silversea (which operates the Silver Shadow) is the world's best luxury cruise line. ANZ has leased this ship exclusively for winners of the CEO Recognition Program and their guests," the note reads.

"As well as visiting beautiful destinations, there will be plenty of time to enjoy all the activities on the ship, including restaurants and bars, a theatre, cinema, pool and even a butler service."

An ANZ spokesman said: "The ANZ CEO Recognition Program recognises our 100 top performers who are mostly junior staff that often get little recognition for the job they do.

"It is not about executives who are well paid, rather these are the people at the coal face in Australia, New Zealand and Asia Pacific on the phone and in branches or in the back office who are supporting our customers, helping them out."