00:00We get the insight from the biggest bank boss in the country, take away the Reserve Bank.
00:07The Commonwealth Bank banks around 7 million people, so they have great insight into what
00:11is happening.
00:12They're obviously concerned about the cost of living and CEO Matt Common gave some detail
00:17about the level of stress that people are finding, particularly as mortgages hover.
00:22There's very high interest rates, most affecting people between the ages of 35 and 44 who have
00:28the highest level of those mortgages and are most sensitive to price changes.
00:34Nothing particularly explosive today, but a really deep insight into some of the issues
00:41there.
00:42We're not seeing a huge jump in what is called arrears, which is people behind on their payments.
00:47But there is some complexity to that.
00:49It may be that the fact that we still have really high housing values and property prices
00:56If people are stretched, they're probably selling out.
00:59So a lot of diverse range of questions from the politically diverse questionnaires on
01:04the committee on everything from funding gas to changes to the tax system.
01:09But some more insight from Australia's biggest bank boss.
01:13There's often talk of a UK model where in the UK, banks are forced to compensate most
01:19people who are involved in scams.
01:20We don't have that here because essentially it creates a bit of a moral hazard about what
01:25customers have to do, the steps they have to take to prevent being scammed at the same
01:29time as banks doing the same thing to prevent their customers being scammed.
01:33This is an ongoing issue.
01:34It is eroding trust in institutions.
01:37And we got a real sense today of just the scale of the problem and how substantial it
01:43is and how much it's costing the banks as well as customers.
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