CBA CEO Matt Comyn in a media interview in the local Australian press
- "The overall economic impact, particularly if you use spending as a proxy, has been nowhere near as large as it has been in some countries"
- "What we have seen in the last fortnight is that we've started to pick up. That number of total spend is now down 10 per cent on the prior corresponding period. About two weeks ago we started to see a pick-up."
Bolding is mine
On the labour market:
- "I think the participation rate is going to fall and the hours worked could be down 20 per cent, and that's a very good indicator of income and output
- Overall, the support that's been put in place from the federal government has definitely played a role in softening that economic impact."
The support Comyn is referring top is the Federal government's "JobKeeper" payment of $1500 per fortnight to workers.
Early FX rates have the AUD little changed from late Friday, circa 0.6527
CBA (the Commonwealth Bank) is one of Australia's big 4 banks:
