The largest company on the ASX, the Commonwealth Bank announced a mega profit for the year to June and also revealed more than 139,000 customers had gone on "tailored payment" arrangements over the past year, where some customers were unable to make repayments to loans including mortgages. CBA says that number fell by 19 per cent over the course of the year as inflation moderated, tax cuts came through and the labour market remained strong. Matt Comyn will be part of the federal government's economic reform roundtable. He told The Business housing affordability is one of his top concerns. He says increasing supply is an important part of helping younger Australians access the property market, and supply needs to keep pace with population growth.He admits that while wealth in Australia has essentially doubled since 2008, 80 per cent of that wealth is tied up in property which he says is great news for existing property owners, but not for future generations and younger Australians, who are finding it hard to save for a home deposit.
He also discussed AI and how that will change jobs.
CBA's statutory net profit grew by seven per cent to $10.1 billion. The bank's cash profit rose by four per cent to $10.3 billion.
But investors weren't convinced, the share price plunged by more than five per cent.
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