Mr Comyn said the September rate hike was necessary because of rising inflationary pressures from global forces such as the Middle East conflict and fuel price rises. However, he noted that customers are feeling the increasing burden from higher rates, with the bank seeing a growing proportion of customers requiring financial assistance or struggling to meet repayments.
"We believe that's the last [rate rise], but certainly I think the last meeting of this calendar year is live," he said.
Cost-of-living pressures are affecting different cohorts of CBA customers in different ways. Mr Comyn said the bank is seeing a reduction in spending and savings among those exposed to higher borrowing costs and mortgages. Some business subsectors are also beginning to feel the pressure from weaker consumer and household demand.
More positively, the bank recorded 13 per cent growth in business lending across the 2026 financial year. Doubtful debts remain low and "well below where you would expect the average to be", largely due to continued low unemployment.
On housing, Mr Comyn predicted that property prices, which are forecast to fall about 10 per cent this year, will bounce back if interest rates decline next year as expected. He attributed the likely recovery to strong demand and a "structural undersupply of housing".
"The biggest issue over the long term is our inability to grow productivity in terms of the production of housing," he said.
Mr Comyn also added his voice to calls for boosting Australia's productivity, arguing that a 3 per cent rate compared to 2 per cent makes "a really big difference" to living standards. He identified housing, low-cost energy, skills, migration and technological advances including AI as key to achieving this.