CBA chief warns Australians against excessive mortgage debt

Commonwealth Bank chief executive Matt Comyn has warned Australians that they are borrowing too much money to buy homes. He said people should not expect interest rate cuts for at least the next 12 months. Comyn believes the current rush to borrow is bad for the economy and for society. However, he also said he would advise his own child to buy property within the next year. Australia has seen house prices rise sharply in recent years, partly because more people have been taking out large loans. Comyn also called on the government to apply the same rules to big technology companies that currently apply to banks. He said Australia needs to protect itself from the growing power of US technology firms in banking and media.