Commonwealth Bank chief Matt Comyn believes a $150 billion savings surplus will trigger a consumption-led economic recovery and admits he’s surprised about the strength of the housing market, particularly in regional areas, as major banks exit the coronavirus crisis in rude health.

Nine months ago, Mr Comyn said he expected house prices across the nation would fall by 10 per cent off their peak, but they only came off by 2 per cent, and are now expected to roar back to 8 per cent growth this year, creating a “remarkable turnaround in the amount of household wealth that will flow through to the broader economy”.