CBA Profit Soars Amid Loan Slowdown | Australia News

Commonwealth Bank just smashed profit targets with a $10.9 billion haul, but beneath the champagne cheers, loan applications are plummeting—down 15% since May and 17% year-on-year—as rivals like NAB and Westpac feel the same chill. Rising rates, stubborn inflation, and new property tax policies are chilling homebuyers’ enthusiasm. CEO Matt Comyn says the worst is likely over, citing June’s weakest week, and still forecasts 4-5% mortgage growth next year—even as overall credit growth slows. Rates may stay put through 2024, with relief possibly arriving in 2027, potentially reviving housing. Household finances remain resilient, though cost-of-living pressures are uneven. Despite higher loan loss provisions, credit quality remains solid—and shareholders are getting a big chunk of the windfall. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/2fef06c4328f8b8f