UPDATE 1 — CBA Chief Matt Comyn warns of slowing growth as inflation stays high
(Adds details from paragraph 3 onwards) Oct 14 (Reuters) — Commonwealth Bank of Australia CEO Matt Comyn said on Wednesday inflation remains too high, while growth is slowing as higher interest rates work to ease price pressures. Speaking at the bank's annual general meeting, Comyn said Australia's economy remained resilient, although more frequent and volatile international shocks were likely. "It will take time for higher interest rates to bring inflation back into the target range," Comyn said. The remarks come a day after minutes of the Reserve Bank of Australia's September meeting showed the board remained concerned about persistent inflation pressures and considered further rate hikes could be needed if price growth proved more stubborn than expected. Comyn said Australia had little control over external shocks and would need to boost productivity through measures including building more homes, delivering reliable low-cost energy at scale and adopting technologies such as AI across the economy. In his address to shareholders, CBA Chair Paul O'Malley said cost-of-living pressures and higher interest rates continued to affect households unevenly, while businesses were managing
(Adds details from paragraph 3 onwards) Oct 14 (Reuters) — Commonwealth Bank of Australia CEO Matt Comyn said on Wednesday inflation remains too high, while growth is slowing as higher interest rates work to ease price pressures. Speaking at the bank's annual general meeting, Comyn said Australia's economy remained resilient, although more frequent and volatile international shocks were likely. "It will take time for higher interest rates to bring inflation back into the target range," Comyn said.
The remarks come a day after minutes of the Reserve Bank of Australia's September meeting showed the board remained concerned about persistent inflation pressures and considered further rate hikes could be needed if price growth proved more stubborn than expected. Comyn said Australia had little control over external shocks and would need to boost productivity through measures including building more homes, delivering reliable low-cost energy at scale and adopting technologies such as AI across the economy.
In his address to shareholders, CBA Chair Paul O'Malley said cost-of-living pressures and higher interest rates continued to affect households unevenly, while businesses were managing elevated input costs and supply uncertainty. Succession planning remained a focus for the lender, O'Malley said, a year after telling shareholders Comyn would remain in the CEO role for at least another three years. com;)