Commonwealth Bank chief executive Matt Comyn says the bank will keep a close eye on the strength in the housing market, and will change its lending practices if needed, as the lender kicks off its online annual general meeting.
In an address to shareholders this morning, Mr Comyn reiterated the lending giant’s upbeat view on the economy, but also noted the boom in the housing market that has caused regulators toMatt Comyn’s comments are a sign of the caution within Australia’s largest bank towards the housing boom - a concern shared by regulators.“Looking ahead, there’s cause for optimism,” Mr Comyn said in prepared remarks.
“The stimulus provided by our governments during lockdowns has been doing its job. Australians continue to accumulate more savings and many businesses are ready to take advantage of opportunities ahead,” he said. “Housing activity is still strong. We are continuing to monitor this closely and adjust our lending settings appropriately.“
The comments are a sign of the caution within Australia’s largest bank towards the housing boom - a concern shared by regulators. The banking regulator took its first step toCBA chairman Catherine Livingstone was also asked by a shareholder about what the bank was doing to address the risks in the housing market., before the regulator’s action last week. “It’s in no one’s interest to lend money to people that puts them into hardship,” Ms Livingstone said.