CommBank posts record profit despite mortgage slump

Commonwealth Bank has reported a record profit of $10.9 billion for the financial year, up 7% from the previous year, despite a 15% slump in mortgage applications following the government's May budget changes to capital gains and negative gearing. The bank helped customers purchase 150,000 homes and lent $17 billion to build new homes over the financial year. CEO Matt Comyn supports the tax changes while warning that Australia's economy is slowing, with similar falls in home lending reported by NAB and Westpac.See omnystudio.com/listener for privacy information.