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The Latest Breaking News from Matt Comyn

Qantas sackings, dodgy banks, gouging companies. Any wonder we hate big business?

Business should stop complaining about being publicly attacked until they’ve cleaned up their act on price gouging, misleading customers, illegally sacking workers and mistreating staff.

Crikey

CBA chair says ethical principles will govern AI use

Commonwealth Bank has the "best, most capable people" working on the use of artificial intelligence in its business, chairman Paul O'Malley says.

AAP

Plague of our time: banks devoting more to scam fight

Australia's big four banks say they're setting aside more resources to prevent customers being scammed out of their money.

AAP

From analysis to the latest developments in health,
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Labor MPs defect on census changes

Labor’s decision to remove gender identity and sexuality information from the next census is proving unpopular even within the party, and Kamala Harris is about to sit down for her first unscripted interview since becoming the Democrat nominee.

Crikey

No cost to taxpayers from bond scandal: ANZ head

There will be consequences across ANZ following the misconduct of employees over bonds, the company's head says.

AAP

Business wants pay rises for Australia’s lowest paid workers limited to 2% – but what about executives?

Average pay of top bosses has increased from 17 times average earnings in early 90s to about 55 times now. What about those on minimum wage?

The Guardian - AU

Banks want riskier lending — a return to their arrogant worst

Why do the big banks want fewer limits on their lending? Because the easy days of exploiting the Reserve Bank’s rate rises are behind them.

Crikey

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CBA posts $2.5b in 1Q24 profit as arrears stay low

Australia's biggest bank says there was just a modest increase in late payments in the September quarter, despite the impact of higher interest rates.

AAP

Bank boss tips living costs to ease, defends big profit

Most customers of Australia's biggest bank are well positioned despite a cost of living crisis, its chief says after the company booked a $10.2 billion profit.

AAP

Banks push back on mandates to stay in rural Australia

Increasing branch closures across rural Australia have raised the possibility of forcing banks to operate a minimum number of country outlets.

AAP

Murdochs delay disclosing their bloated pay packets, after reaping more than $1bn

More companies are releasing annual reports and executive salary data on the same day, yet one media monolith has been conspicuously absent.

Crikey

Matt Comyn rakes it in at the CBA — but what about Josh and Phil?

The Commonwealth Bank wants a brighter future for us all, but chiefly its shareholders and senior executives. The rest of us can make do.

Crikey

Easing global inflation story takes pressure off rates

Moderating inflation around the world could help the Reserve Bank build the case for an extended pause on interest rates.

AAP

Afternoon Update: Morrison ally faces possible Liberal expulsion; first home buyers slash spending; and the 10 highest-paid Australian CEOs

Alex Hawke delayed preselections, harming party’s chances at 2022 election, a motion submitted to NSW Liberal state council claims

The Guardian - AU

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The New Daily

‘Do more to stop scammers’, watchdog tells bankers

Banks need to do more to prevent scammers from getting access to customers' funds, the consumer protection watchdog chair has told executives.

AAP

Households carry rate pain as businesses flourish

The disconnect between households worried about wages and mortgage repayments and businesses, which appear to be doing just fine, hasn't gone unnoticed.

Crikey

Suicide, charity support requests spike after ongoing RBA rate rises

As mental health and community advocates issued warnings, executives gathered at Sydney’s Hilton Hotel to field forecasts of their own.

The New Daily

Alan Kohler: RBA defence of interest-rate mallet highlights the truth about inequality

The first thing is that inequality is worsened by the responses to both low inflation and high inflation; it’s a lose/lose.

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AAP

CBA execs grilled on climate change at AGM

Commonwealth Bank's chairman has pledged to shareholders that it won't bank with companies that don't have a climate transition plan by 2025.

Crikey

Disruption for the sake of it isn’t a business model — as investors are learning

Who knew? It turns out financial business models that don’t stack up don’t last. That’s why cryptos and BNPL companies are in deep trouble.

The Guardian - AU

Commonwealth Bank pauses in-app cryptocurrency trading after market turmoil

Bank says it will pause rollout of app-based trading of assets like bitcoin and Ethereum pending further regulation

ABC News

Reserve Bank minutes show a bigger interest rate rise was considered in May, still possible in June

Borrowers may only have narrowly escaped a bigger interest rate rise this month and should brace for the chance of a super-sized move in June, the Reserve Bank's latest minutes reveal.

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