Commonwealth Bank of Australia chairman Paul O’Malley says the bank will need to work with regulators and across the industry to deal with an expected increase in hardship cases driven by soaring interest rates.
“If I may come to interest rates, it’s incredibly difficult in a rising interest rate environment, which we have not seen in Australia,” Mr O’Malley told shareholders in his first AGM as chairman following Catherine Livingstone’s departure in August.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
