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Commbank CEO says economy is robust despite cost of living pressures

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Commonwealth Bank CEO Matt Comyn, with Executive Director of Administration and Finance Michael Digges, spoke on the impact of current economic conditions. CBA is a partner and supporter of the Catholic Archdiocese of Sydney. Photo: Giovanni Portelli
Commonwealth Bank CEO Matt Comyn, with Executive Director of Administration and Finance Michael Digges, spoke on the impact of current economic conditions. CBA is a partner and supporter of the Catholic Archdiocese of Sydney. Photo: Giovanni Portelli

The Chief Executive Officer of Australia’s largest bank has delivered an inspiring talk to members of the Sydney Catholic Business Network (SCBN), saying the Australian economy is remaining robust, despite the economic pressures and cost of living crisis.

Matt Comyn, CEO of Commonwealth Bank, briefed the network in a Q&A style address on the impact of current economic conditions, reflecting that even though we were experiencing some of the lowest economic growth in the past forty years, the silver lining is that the economy is still growing.

In a well-rounded discussion Mr Comyn spoke of the difficulties banks, corporations and the not-for-profit sector faces combatting cyber security threats in one of the world’s most ‘trusting and affluent’ societies, along with what the bank is doing to support Australians as they face increasing household cost of living pressures.

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Speaking to hundreds of members including senior members of the clergy, business and community leaders and Members of Parliament, Mr Comyn also discussed how strong and stable banks benefit all Australians, and the Commonwealth Bank’s commitment to its mandate to be a “bank for all Australians”.

Approaching his twenty-fifth year working with Australia’s largest bank, which counts one-in-three Australians as customers, Mr Comyn also referenced the increase in social initiatives undertaken by Commonwealth Bank to support the most vulnerable in our community, including victims of domestic violence and financial abuse.

According to its annual report, Commonwealth Bank’s community investment has grown nearly 30% since 2019 to a total spend of $264 million last financial year.

This includes work through its employees’ charity, the CommBank Staff Foundation, which has now been operation for more than 100 years.

Mr Comyn also spoke candidly on the importance of finding the right work/life balance and ensuring that family life was prioritised to ensure productive and well-rounded employees.

Catholic Archdiocese of Sydney Executive Director of Administration and Finance Michael Digges said he was delighted to have the head of Australia’s largest bank sharing his invaluable knowledge with SCBN members.

Mr Digges also noted that CBA is a partner of the Archdiocese and greatly supports us and credits the bank, Mr Comyn and his valued team for this.

Mr Digges also said that in the face of difficult times, Catholic social teaching is now more important than ever when it comes to running a business.

“Every modern workplace is looking for a point of difference for their employees. Our Catholic values and beliefs rooted in deep solidarity and the emphasis we place on charity and family life shows that growing strong Catholic businesses have a lot to offer in the fabric of contemporary modern life,” Mr Digges said.

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