CANBERA (dpa-AFX) - Commonwealth Bank of Australia (CBA.AX) CEO Matt Comyn said economic growth is slowing and inflation remains too high, while international shocks are expected to become more frequent and volatile.
Addressing the bank's annual general meeting on Wednesday, Comyn said it would take time for higher interest rates to bring inflation back into the target range. He stressed that improving productivity was more important than ever, highlighting the need to build more homes, deliver reliable, low-cost energy at scale and expand the adoption of technology, including artificial intelligence (AI), across the economy.
Comyn said effective AI regulation should keep pace with technological developments, build public trust, ensure global technology companies operate in accordance with Australian laws and standards, and help Australia capture more of the economic value generated by AI.
He also said CBA would continue investing in its business and executing its strategy as it entered fiscal 2027, expressing optimism about Australia's long-term economic potential despite the challenging environment.
On the ASX, Commonwealth Bank of Australia shares were down more than 2% at A$151.17 on Wednesday.
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