Cba Boss Defends Savings Rates As Customers Hit With Higher Interest On Home Loans | The Business

Commonwealth Bank boss Matt Comyn has defended the bank's saving rates after it passed on the Reserve Bank's interest rate hike in full to borrowers on variable home loans. Mr Comyn said CBA had increased many savings products but admitted there was one account where the bank is increasing interest rates by 15 basis points instead of the full 25 basis points. He expects the RBA to increase rates one more time in 2026. He said Australia's economy was in good shape, although inflation remained a concern.

On the influence of AI, Matt Comyn is predicting it would improve productivity in Australia's economy while creating new jobs. Speaking to Alicia Barry after the nation's largest bank reported a 5 per cent lift in net profit to $5.37billion for the six months to December 31, Mr Comyn said AI is already helping the bank better serve customers. He thinks the risks to jobs in the near term are "overstated" and says the technology will have a "significant impact certainly over the long term on a global basis and it would be remiss of Australia not to be thinking very carefully about how to best adopt it."
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