The Future Fund’s assets should be sold to pay down debt, says a new paper; a blast near an optics factory north of Moscow has injured 60 people. Follow updates here.
Welcome to Need to Know this Thursday, August 10. Here are some of this morning’s biggest headlines:: Commonwealth Bank chief executive Matt Comyn has defended the bank’s record $10.2 billion annual profit against claims of profiteering, saying it will fortify the balance sheet to support struggling borrowers.
: At least $444 million worth of work was tacked on to existing government contracts inked with Australia’s top consulting firms last year, adding 25 per cent in billings or $1.2 million a day more.: Blocking Qatar Airways from adding flights will cost the economy more than $500 million a year in tourism revenue, according to industry modelling, but Transport Minister Catherine King told parliament the decision was made to protect local jobs.
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CBA boss Comyn gets $10.4m pay packetThe Commonwealth Bank chief executive’s pay out was largely due to a long-term $5.5 million bonus finally vesting in the last financial year.
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Commonwealth Bank announces major $10,000 change.CommBank has announced a major change to certain payments, in an effort to reduce scams. 7NEWS
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Commonwealth Bank posts record $10.2 billion profitThe Commonwealth Bank has posted a record full-year profit of $10.2 billion, flagging that it recognises it has been a "challenging period" for customers.
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‘Good outcome’: Commonwealth Bank posts 2.07 per cent net interest marginCommSec’s Tom Piotrowski says Commonwealth Bank posted a record full year cash profit of $10.16 billion which was up by six per cent and a net interest margin of 2.07 per cent. “The important metrics that the markets are quite focused on at the moment … are things like the net interest margins,” Mr Piotrowski told Sky News Australia. “The net interest margin came in at 2.07 per cent for the full year, so that was a good outcome.” Presented by CommSec.
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Commonwealth Bank posts record $10 billion profit amid interest rate risesNew figures have revealed Australia's largest lender reported a five per cent increase in full-year net profit after tax to $10.2 billion.
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