00:00Commonwealth Bank has posted a staggering $10.9 billion annual profit,
00:05but the nation's biggest bank has delivered a warning about the housing market.
00:10CBA's cash profit jumped 7% in the year to June, beating market expectations as home loans,
00:17business lending and deposits continued to grow. But mortgage applications have fallen 15%
00:24since May and are down 17% compared with the same time last year.
00:30The warning comes as other major banks report similar weakness in home loan demand,
00:35with NAB recording a 15% fall and Westpac reporting a 20% drop.
00:42CBA Chief Executive Matt Common said the Australian economy remained resilient,
00:47but growth was slowing as higher interest rates and inflation
00:51continued to put pressure on households.
Comments