Latest news with #Comyn
Irish Independent
26-05-2025
- Health
- Irish Independent
Recent drowning tragedies prompt call for swimming lessons on school curriculum
The demand was made by Senator Alison Comyn this week following the tragic deaths of a number of young people around the country while bathing in recent weeks. Education Minister Helen McEntee is to be called to the Seanad to discuss the proposal. Senator Comyn said: "The recent tragic loss of three young lives to drowning serves as a stark reminder of the urgent need to prioritise water safety education in our schools. "My condolences to the families of Emmanuel Familola and his friend Matt Sibanda who lost their lives in Donegal and of seven year old Alan Singh who sadly drowned in Sligo. "It is hard to believe that in Ireland an average of ten people drown every month. "Given our island nation's extensive coastline, lakes and rivers, and of course the popularity of sea swimming, it is vital every child acquires essential swimming and water safety skills." The Drogheda based mother of two told the Seanad that Water Safety Ireland currently offers the primary aquatics water safety , PAWS, programme in primary schools , aiming to teach the most basic water safety knowledge. But she warned: "The teaching of practical swimming lessons remains haphazard however often held up by limited access to facilities and funding. "This disparity leaves many children, particularly of underserved communities, very vulnerable. "Research shows the life saving potential of swimming lessons which can reduce the risk of drowning by 88pc in children aged between one and four. "Other European countries have integrated swimming lessons into their school curricula, recognising the critical role of early water skills education in safeguarding children. "Ireland can draw inspiration from these models to ensure comprehensive water safety education for all students." She called for a co-ordinated national effort to include investing in swimming infrastructure, subsidising lessons to make them accessible to all, and training educators to deliver effective water safety instruction. Senator Comyn added; "I request a debate in the House with the Minister for Education on making swimming lessons an integral part of the school system in order that we can equip our children with the skills they need to enjoy Ireland's waterways safely and prevent future tragedies." The Leader of the Seanad Sean Kyne supported her move and said he will request a debate with Helen McEntee, the Education Minister. He added; "It makes eminent sense to encourage youngsters to learn to swim as early as possible. An ability to swim would make a difference in terms of saving their own lives and perhaps being able to save other people." A few years ago in 2019, a 14 year old local girl, Jill Amante died while swimming in Termonfeckin after getting pulled out to sea by a local riptide.
Yahoo
21-05-2025
- Business
- Yahoo
Major bank announces eye-watering profits
Australia's largest bank has announced bumper quarterly cash profits, but its boss warns global uncertainty could soon slow the Australian economy. In a statement to the ASX, Commonwealth Bank revealed its cash profits rose 6 per cent to $2.6bn in the March quarter, on the back of strong lending to Australian businesses. The bank said business loans surged 9.1 per cent or $3.7bn within those three months, outpacing its home-lending volumes which grew 4.1 per cent. Importantly for shareholders, CBA said its net interest margin - a key measure of profitability - held stable in the quarter, excluding non-recurring earnings, although it did not provide the figure in its trading update. Westpac, National Australia Bank and ANZ all announced mixed first-half results last week due to profit margin concerns, citing an intensely competitive mortgage market. CBA chief executive Matt Comyn said the impacts of global tariffs could slow down the Australian economy. 'There is heightened risk to the global economy from geopolitical and macroeconomic uncertainty which could slow down the domestic economy,' he said. Mr Comyn also warned of the pressures currently on Australian households on the back of higher interest rates. CBA said collective and individual provisions for bad debts were 'slightly higher', costing the bank $223m. The bank pointed to an increase in consumer arrears and troubled corporate and non-performing exposures. 'We know it has been another challenging period for many Australian households and businesses dealing with cost-of-living pressures,' Mr Comyn said. 'We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.' While households are facing pressures, the bank said household deposits were also 4.8 per cent higher through the quarterly period. Despite these challenges, Mr Comyn said Australia was starting in a relatively strong position and remained an attractive place to live and work. 'Government investment in infrastructure and services is helping to support employment and growth, and underlying inflation is moderating,' he said. Mr Comyn said the bank paid nearly $3.8bn benefiting 814,000 shareholders directly, and a further 13 million Australians through their superannuation. 'Our deliberate and long-term conservative approach to key balance sheet settings enables us to support our customers, the economy, and our shareholders through a range of macroeconomic scenarios,' he said. Error while retrieving data Sign in to access your portfolio Error while retrieving data
Courier-Mail
18-05-2025
- Business
- Courier-Mail
Banks quash interest rate frenzy
A shock jump in home loan arrears has failed to stop several banks from quashing expectation of mega rate cuts as frenzy builds ahead of Tuesday's Reserve Bank meeting. The head of the country's biggest bank Commonwealth Bank CEO Matt Comyn is among those moving to temper rate cut expectations, after releasing his third quarter 2025 trading update for the period to March 31 which saw profit of $2.6 billion. RELATED: Big Aus bank slashes rates as RBA decision looms May interest rate decision already made for Reserve Bank MORE: Inside new Liberal leader's property portfolio Sad finding amid wild Aussie bank rate cut call Mr Comyn expects a 25 bps cut to the cash rate target by the Reserve Bank board on Tuesday – a view reinforced by CBA senior economist Belinda Allen who on Thursday stuck with their call due to the unemployment rate and wages growth coming in within RBA expectations. CBA has also flagged two more cuts over the year for a total 75bp ahead to close 2025 at 3.35pc – almost half the projections of rival National Australia Bank which has pegged a 150bp fall by February next year. The market is virtually 50-50 at this stage on whether RBA will go 50bps, with the ASX rate tracker currently at a 51pc expectation (down from 56pc on May 1) of an interest rate decrease to 3.6pc come Tuesday. That would make it a 50bp cut, similar to the NAB view of the equivalent of a double rate cut on Tuesday. This as CBA, the country's biggest bank, on Wednesday highlighted a rise in its problem loans forcing an impairment expense of $223m during the quarter, with Mr Comyn flagging 'increases in consumer arrears and corporate troublesome and non-performing exposures'. Mr Comyn said in a statement to the stock exchange that 'home loan arrears have increased over the quarter to 0.71pc' – up 5 basis points to sit above its historic average (0.65pc). CBA home loan arrears are back up to the level they were at in March 2019, a year before the pandemic hit, and at a time when cash rate had languished at a low 1.5pc for more than three years. 'We know it has been another challenging period for many Australian households and businesses dealing with cost of living pressures,' Mr Comyn said. 'We have remained focused on proactively engaging with our customers on a range of support options to help those who need it most.' MORE: Shock: Brisbane prices to smash Sydney Australia's biggest political property moguls revealed Global investment banker TD Securities has also flagged that the RBA would be 'slow and steady and in no rush' to slash rates this year. An update to clients overnight by Prashant Newnaha, senior Asia-Pacific rates strategist, said 'our current forecast is for the RBA to deliver two further 25 bps cuts, in May and in August'. That would bring the cash rate target down to 3.85pc on May 20 and then 3.6pc in August. 'We continue to believe it's highly unlikely the Bank delivers cuts in between (Statement of Monetary Policy) meetings given the outlook for tariffs is nowhere as dire as it was a few weeks back.' The SoMP is released four times a year alongside the February, May, August and November monetary policy decisions of the RBA's monetary policy board. The only other rate cut that TD Securities flagged was a further 25 bps reduction in November, which would bring the cash rate target down to 3.35pc. 'The risk to our call is for the RBA to deliver another 25 bps cut in Nov, but the market is priced for this outcome.' TD Securities believes 'CPI and labour market outcomes have landed close to the Bank's Feb'25 Statement on Monetary Policy forecasts and should support the Bank easing at next week's meeting'. It said inflation had continued to decline steadily. 'With respect to CPI, the Bank has paid more attention to housing inflation and in that respect the outcomes are moving in the right direction for the RBA. The decline in the cost of building a new dwelling has dropped for three straight months now and the annual series has provided a good lead for where trimmed mean CPI is heading. The trend suggests the Bank is on course to hit its 2.5pc target.' It said actual annual rental growth was also slowing. Analysts were keen to see how the RBA board approached the question of risks around tariffs. 'Of particular focus will be the RBA's assessment of the risks around tariffs. There are downside risks to growth, but we see no compelling case for trimmed mean CPI forecasts to deviate from 2.7pc. They could be lowered a smidge, but unlikely as low as 2.5pc.' MORE REAL ESTATE NEWS
Yahoo
15-05-2025
- Business
- Yahoo
Commonwealth Bank boss makes major $181 RBA interest rate cut call
The boss of Australia's biggest bank has poured cold water on expectations for the Reserve Bank of Australia (RBA) to gift mortgage holders with a supersized cut next week. The central bank will announce its decision on interest rates on Tuesday, with a cut largely anticipated. Commonwealth Bank chief executive Matt Comyn expects the RBA will cut interest rates next week, with rate cuts on the cards for later in the year. While the central bank is expected to acknowledge the volatile global environment, Comyn said its main focus would be the drop in inflation to fall within its 2 to 3 per cent target band. 'We certainly still think it's likely that they will reduce by 25 basis points,' he said. 'I think it's incredibly unlikely it's more than that, even though the market seems to be pricing in some possibility of that.' RELATED Commonwealth Bank customer rages over threat to cut access to his money: 'Seven day deadline' Centrelink issues urgent Age Pension eligibility change warning: 'Double check' Retirement warning as controversial $3 million superannuation tax change looms: 'Be proactive'Markets are expecting about three cuts over the year, which Comyn said seemed 'about right', but it would depend on the economic data. NAB is expecting a jumbo 50 basis point cut next week, while Westpac and ANZ think it will be the standard 25 basis point cut. Economist Stephen Koukoulas has called for a 50 basis point cut next week and said the RBA needs to act to rebalance the economy. "If it delivers a 25 basis point interest rate cut, it will be only a baby step towards getting interest rates to a neutral level," he wrote for Yahoo Finance. "Too little too late." A 25 basis point cut would save the average borrower $91 on their monthly repayments based on a $600,000 loan with 25 years remaining, according to Canstar. A 50 basis point cut would double this and save the average borrower $181 on their monthly repayments. Wages grew by 0.9 per cent in the March quarter, with the annual rate increasing to 3.4 per cent, which was stronger than economists had expected. CBA economist Stephen Wu said the data was in line with the RBA's forecast and continued to suggest next week's cash rate decision would 'very likely' be a 25 basis point cut. 'But the decision will be between on - hold and a 25bp cut, rather than considerations of a 50bp cut,' Wu said. Westpac senior economist Justin Smirk said wages rose stronger than Westpac had expected, but it wouldn't stop a May rate cut. 'While March was an upside surprise, we do not believe it is enough to prevent a May rate cut as it was still consistent with the moderation in wages we have been expecting,' he said. Headline inflation rose by 0.9 per cent in the first quarter of the year, while the annual rate held firm at 2.4 per cent. Underlying inflation increased by 0.7 per cent in the quarter, with the annual rate easing to 2.9 per cent. All Big Four banks are expecting interest rates will be cut in May. Here's what they are forecasting for the rest of the cycle: CBA - Three cuts in May, August and November to bring end of year cash rate to 3.35 per cent Westpac - Three cuts in May, August and November to bring cash rate to 3.35 per cent NAB - Five cuts in May (50 basis points), July, August, November, and February to take cash rate to 2.60 per cent ANZ - Three cuts in May, July and August to bring cash rate to 3.35 per cent
Business Times
14-05-2025
- Business
- Business Times
Commonwealth Bank of Australia reports higher cash profit, stable margin in third quarter
COMMONWEALTH Bank of Australia (CBA) reported a 6 per cent rise in third-quarter cash earnings on Wednesday, helped by growth in lending volumes and higher trading income, and said its margins were stable. Cash net profit after tax for the country's biggest lender was about A$2.6 billion (S$2.2 billion) for the three months ended March 31. Its interest income rose 1 per cent during the period. Home lending volume in Australia grew 4.1 per cent, while business lending increased 9.1 per cent from December 2024 levels. CBA said its net interest margin for the quarter was stable, excluding non-recurring earnings. It, however, did not provide a figure for the key profitability gauge in the limited trading update. Analysts at Citi said that CBA's core earnings were ahead of expectations and margins held up better than peers. The other three of the country's so-called 'Big Four' banks - National Australia Bank, Westpac and ANZ Group - reported mixed first-half results last week, with margins stable at ANZ but contracting at the others due to an intensely competitive mortgage market. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'It has been another challenging period for many Australian households and businesses dealing with cost of living pressures,' CBA chief executive Matt Comyn said in a statement. In February, the Reserve Bank of Australia delivered its first interest rate cut since November 2020, and markets are currently pricing in another 25-basis-point reduction from the central bank next week. CBA controls a quarter of the country's A$2.2 trillion mortgage market, and therefore faces a bigger risk to earnings than peers if deposit spreads revert to more normal levels as interest rates go down. CBA also joined its smaller peers in saying that Australia's strong economic fundamentals will help the country steer through the uncertainty caused by global trade shifts. 'There is heightened risk to the global economy from geopolitical and macroeconomic uncertainty which could slow the domestic economy. Australia is in a relatively strong position to navigate the challenges,' Comyn said. Shares of Australia's biggest listed company were up 0.6 per cent at A$167.12 as of 0110 GMT, not far from the record high touched earlier this month. In contrast, the broader market was down 0.2 per cent. 'Given this quarterly is in-line, with less disclosure provided than peers, and with uncertainty around the rates trajectory over recent days, forward earnings expectations may hold up in the short term which could continue to provide support to the stock,' the Citi analysts said. REUTERS
