CBA returns a $10 billion profit amid cost of living crisis
If you're a Commonwealth Bank shareholder you'll be happy to hear the bank has returned a $10 billion profit and a lift in dividend – great news for many Australians who have exposure to CBA via their super funds or direct investment.
There was caution in the comments from CEO Matt Comyn, who said, "…there are signs of downside risks building as rising interest rates have a lagged impact on mortgage customers and other cost of living pressures become a financial strain for more Australians".
And that's where the rubber hits the road. A $10 billion profit will be a bitter pill to swallow for CommBank customers who have seen their mortgage repayments double over the past year. If that's you (whether you're a CommBank customer or not) we encourage you to revisit your budget, whether in a spreadsheet or the back of a napkin, or using the tools available on our website.
In other news, it has been very interesting to take the chair on Money News on 9 Radio with producer Tom Storey recently. Thanks to 9 Radio here are some of the more interesting interviews that we have done in the last week:
- The change in the job market with Martin Herbst, CEO of JobAdder. We may find going forward fewer jobs and more applicants, so what does that mean for you as an employer or employee? Click to listen.
- Reporting season officially kicked off this week with the highlight being the $10 billion cash profit from the CBA today. Click here for a listen to Henry Jennings from Marcus Today.
- We are also doing a mini wrap-up of the market each day Money News Market Wrap podcast (5 min listen).
I encourage you to subscribe or click on the above link any day for the latest news. Of course you can always tune in to hear me hosting Money News live 7pm Monday-Thursday on the 9 Radio network, or grab the podcast whenever suits you!