The Australian sharemarket remained in the red throughout the day on Wednesday,marking the index’s third consecutive day trading lower.
Commonwealth Bank chief executive Matt Comyn said Australia’s economy is being weighed down by elevated interest rates and sticky inflation.
At the bank’s annual shareholder meeting,executives highlighted the uptick in customer hardship across the banking industry.
If a range of sugar-hit policies spur fresh demand leading to higher property prices,ownership could remain beyond the reach of many Australians.
Business titans said the rising populist tone in public debate is a danger to the economy as they faced Prime Minister Anthony Albanese at a high-powered event on Tuesday night.
As he defended the bank’s $9.8 billion profit before a parliamentary inquiry on Thursday,CBA boss Matt Comyn also called for an overhaul of the tax system.
The biggest company on the ASX is a critical bellwether for the economy. Beneath the bank’s headline $9.8 billion profit,a few points stood out.
Matt Comyn is expecting some relief for households over the next year after a post-pandemic downturn that has depleted household savings to historic lows.
Investors are highly anticipating the release on Wednesday of CBA’s full-year results,which are widely seen as a bellwether for the health of the broader economy.
Members of one of the nation’s largest superannuation funds have regained access to their funds,but there are new questions about the Australia’s reliance on three US tech giants.
This season was not one that banks will be crowing about – all experienced a fall in profits and the themes were remarkably similar.