At the bank’s annual shareholder meeting, executives highlighted the uptick in customer hardship across the banking industry.
The Commonwealth Bank of Australia has underlined the growing toll cost-of-living pressures have taken on borrowers, citing 132,000 support packages offered to customers in the last year amid “very challenging” conditions for households.
“We’re seeing customers reaching out and asking for help. We think the best way to support customers is through a conversation … to help them get through what might be some short or longer-term difficult times.”in August said it had offered the 132,000 support packages through loan deferrals and repayment pauses.Banks have reported rising mortgage arrears this year, following the Reserve Bank’s raising of the cash rate from 0.1 per cent to 4.35 per cent since May 2022.
Chief executive Matt Comyn said the economy was still absorbing shocks from recent years and many households and businesses were making sacrifices to deal with the high cost of living.
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