Commonwealth Bank posts record half-year cash profit as investors pile into housing market

Commonwealth Bank’s cash profit was up 6% from a year ago, beating expectations but prompting criticism from the Finance Sector Union over rising workloads and increased automation. Photograph: Hollie Adams/Reuters

The Commonwealth Bank has delivered a record $5.45bn half-year cash profit, as investors pile into the housing market and take market share from owner-occupiers.

Australia’s biggest lender said on Wednesday it was settling more than 3,000 housing loans on average every week, with property prices now at or near record highs across large parts of the country.