The chief executive of Australia’s largest home lender has sided with the Reserve Bank and warned that spending must be “constrained” after the central bank effectively ruled out a rate cut this year following big spending in federal and state budgets.

Commonwealth Bank boss Matt Comyn told The Australian Financial Review he wanted to “underscore the message” of RBA governor Michele Bullock, who last week argued that inflation was far too high to begin lowering interest rates any time soon.