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The Latest Breaking News from The Commonwealth Bank

Why Commonwealth Bank’s $1 billion suspected loan fraud should change how we bank and do business

The Commonwealth Bank reportedly suspects around A$1 billion in home loans were obtained fraudulently, including through AI-generated documents. The Australian Financial Review says the bank has reported itself to police and the corporate watchdog to investigate.

The Conversation

Inflation to stay on hold in first data post rates hike

The first round of inflation data released after the Reserve Bank chose to lift interest rates will be handed down.

AAP

Australian shares reverse early dip as miners soar

The local bourse has gained for a second straight session, supported by resurgent gold stocks and a positive outlook for the Aussie dollar.

AAP

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Hopes Black Friday could sustain spending growth

After a stronger than expected month for consumer spending, pre-Christmas sales could see that trend continue.

AAP

CommBank cops record fine over data right breaches

Australia's biggest company has paid a record fine for breaches of data sharing rules, after it failed to enable sharing for certain account types.

AAP

‘We are teaching the machine to take our job’: Banks bet big on AI as thousands of jobs cut

Across the banking sector, thousands of jobs have been lost at the same time as AI use soars in clerical and customer service roles

The Guardian - AU

Is the Australian sharemarket headed for a correction? Here’s one way to judge

The Australian sharemarket has had a remarkably strong run since December 2023, when the SP/ASX 200 index was around 7,000. In recent weeks the index topped 9,000 for the first time, a rise of about 16% on an annualised basis over this 21-month period.

The Conversation

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Banks forced to take action on high-fee accounts

Banks must ask themselves some 'difficult questions' following a review by ASIC, which has resulted in refunds totalling millions for low-income customers.

AAP

Big bank's tax vision bucks business lobby, coalition

Australia's largest company has broken ranks with big business to call for wealth taxes and limits to superannuation tax concessions to help drive productivity.

AAP

Aussies want solar batteries but many feel overwhelmed

The cost and complexity of installing a solar battery is keeping some Australians from taking the plunge despite incentives, a study has revealed.

AAP

Aussie shares hit three-month high as streak continues

Australian shares have pushed higher each session this week as easing trade tensions and hopes of incoming interest rate cuts buoyed markets.

AAP

Hope for end to wage theft as laws come into force

Criminal penalties for employers who deliberately underpay workers have come into effect, with hopes they will deter bosses from engaging in the practice.

AAP

'Kick in the guts': bank slammed for $3 withdrawal fee

One of the big four banks has come under fire for changes to one of its everyday accounts which means some customers are slugged $3 when they withdraw cash.

AAP

Inside the top-secret missile factory deal Newcastle Airport 'can't afford'

Fears 'done deal' could be 'dud deal' for struggling airport.

Newcastle Herald

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AAP

Impact of US rate cut in Australia remains to be seen

Senior minister Bill Shorten says it's unclear how much of an impact the US Federal Reserve's interest rates cut will have on Australia's economy.

The Guardian - AU

Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

Shareholders and customers of ANZ, Westpac and NAB are bound to demand their banks do the same, expert says

The Guardian - AU

There’s a huge amount riding on the latest inflation figures. Here’s why

The big four banks predict interest rates to be cut, but the RBA may have other ideas

The Guardian - AU

Former governors and treasurers advise against removing government’s power to overrule RBA

Critics of treasurer Jim Chalmers’ proposed reforms say the Reserve Bank is independent enough

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AAP

Why AI will diagnose breast cancer in Australia by 2028

Artificial intelligence will be used in many fields in the coming years, from breast cancer screening to the fight against scammers.

AAP

Menacing messages to be targeted by AI banking tool

Artificial intelligence will be used to identify and flag threatening messages sent to victims' bank accounts, in a tool to be shared with banks worldwide.

The Guardian - AU

KPMG lodges complaint after AI-generated material was used to implicate them in non-existent scandals

Senate inquiry into Australian consultancy industry concedes its integrity has been undermined by reliance on case studies generated by Google Bard AI tool

The Guardian - AU

Australian academics apologise for false AI-generated allegations against big four consultancy firms

Case studies created by Google Bard AI as part of submission to parliamentary inquiry proven to be factually incorrect

The Guardian - AU

A crypto firm sent a disability worker $10m by mistake. Months later she was arrested at an Australian airport

Crypto.com made global headlines for a multimillion-dollar error that went unspotted for months. A court case reveals how it all went wrong

AAP

Comm Bank defends deposit fee hike for businesses

Small businesses will soon be hit with additional charges if they choose to make cash deposits at the Commonwealth Bank.

AAP

Bank closures 'sad and frustrating' for rural towns

Junee fought back when the Commonwealth Bank prepared to close the only bank in the NSW Riverina town, an inquiry has been told.

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