CBA CEO Fights Back Against Misinformation and Populist Policies

Commonwealth Bank of Australia CEO, Matt Comyn, addresses misinformation and criticizes a proposed tax on big company profits, labelling it 'insidious populism.' He disputes claims of banks profiting from point-of-sale surcharges and argues against policies lacking evidence. His testimony marked a departure from the industry’s usual deference.

In a striking departure from the norm, Commonwealth Bank of Australia (CBA) CEO Matt Comyn has accused a member of parliament of spreading misinformation and criticized a proposed tax on big company profits, describing it as 'insidious populism.' This occurred during a parliamentary hearing on Thursday.

Comyn also tackled the issue of point-of-sale surcharges that businesses impose on Australians using debit and credit cards. Denying the fees were a profit-growing strategy, he dismissed claims that banks generate A$4 billion annually from these charges as false. According to Comyn, such rhetoric erodes public trust in institutions.

The CBA CEO also rebuked a policy suggestion from the Greens to raise taxes on big banks and miners, calling it an example of 'performative policies' designed for attention rather than substance. He emphasized that many of these assumptions were 'demonstrably false,' further arguing against policies based on inaccurate premises.

(With inputs from agencies.)