Australian bank CEOs warn of ongoing cost-of-living impact on customer budgets despite potential interest rate peak.

Australian bank executives from Commonwealth Bank and Westpac have warned that ongoing cost-of-living concerns will continue to impact customer budgets despite interest rates potentially reaching their peak. The banks' CEOs, Matt Comyn and Peter King, highlighted that higher interest rates are particularly affecting younger homeowners and working families, who are seeing their savings depleted. The executives stated that the broader economy is fundamentally sound, but acknowledged that rising inflation and essential living costs are causing many customers to cut back on discretionary spending.

August 28, 2024
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