Commonwealth Bank CEO Matt Comyn has said the Australian economy’s strong post-COVID-19 momentum will continue until at least the end of 2023, triggering multiple cash rate increases starting in August, as he announced a strong rise in the bank’s half-year profit.
He urged the Reserve Bank to take a “gradual and modest” approach to raising rates, recognising the sensitivity of the housing market to higher mortgage costs and lower expected inflation in Australia compared with other big economies.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
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
