Australia's Banking CEO Denounces Misinformation, Defends Industry Amid Populist Policies

Commonwealth Bank of Australia's CEO, Matt Comyn, criticized rising misinformation and dismissed a proposed tax on large company profits during a parliamentary hearing. He defended point-of-sale surcharges and the bank's bonus policies, highlighting the damage of false claims on public trust and industry competitiveness.

Commonwealth Bank of Australia's CEO, Matt Comyn, strongly criticized the rise of misinformation and labeled a proposed tax on big company profits as meritless during a routine parliamentary hearing on Thursday.

Comyn's testimony marked a shift from the cautious approach typically adopted by Australian bank executives since compulsory appearances began in 2017 amid industry scandal.

Defending point-of-sale surcharges and the bank's bonus policies, Comyn highlighted the damaging impact of false claims on public trust and industry competitiveness.

(With inputs from agencies.)