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The boss of Australia’s largest retail bank has penned a letter of reassurance to customers amid cost-of-living pressures and a slip in its shares, AAP reports.
Commonwealth Bank chief Matt Comyn said in a letter that hit most patrons’ email inboxes on Monday:
It’s been a challenging time for Australian households and businesses, and we know many customers have been looking forward to lower rates.
For our variable home loan rate customers, the full interest rate reduction will hopefully provide some relief.
We’ll continue to distribute more than $4bn in cash each month through Australia’s largest branch and ATM network, which will also benefit from $100m in upgrades in 2025.
We have extended our promise to keep all our regional CommBank branches open until at least 31 July 2027 to support communities and jobs in regional Australia.
The privatised employment service system is costly, ineffective and cruel. It makes it harder for people to look for and find work, while enriching for-profit providers, many of whom have demonstrated a callous indifference to the well-being of the people they’re meant to help.
Mutual obligations are not only cruel, they’re completely dysfunctional. Multiple ongoing technology issues have rendered the system almost inoperable, while information that’s recently come to light raises serious questions about the legality of the whole scheme.
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