1
00:00:05,920 --> 00:00:07,880
Speaker 1: Welcome to Fear and Greed Q and A, where we

2
00:00:07,920 --> 00:00:11,600
Speaker 1: ask and answer questions about business, investing, economics, politics and more.

3
00:00:11,640 --> 00:00:14,640
Speaker 1: I'm Michael Thompson, and today what does the future hold

4
00:00:14,720 --> 00:00:18,360
Speaker 1: for Commonwealth Bank? Yesterday, Australia's largest company announced a ten

5
00:00:18,440 --> 00:00:21,880
Speaker 1: point twenty five billion dollar cash profit right on expectations

6
00:00:22,079 --> 00:00:25,239
Speaker 1: that investors sold off the bank driven by concerns over

7
00:00:25,320 --> 00:00:28,840
Speaker 1: CBA's expensive valuation and at share price closed more than

8
00:00:28,880 --> 00:00:32,800
Speaker 1: five percent lower. Matt Common, chief Executive of Commonwealth Bank,

9
00:00:32,960 --> 00:00:36,080
Speaker 1: spoke with Nadean Blaney at Osby's, which is Australia's leading

10
00:00:36,120 --> 00:00:38,880
Speaker 1: provider of live and on demand video of the latest

11
00:00:38,880 --> 00:00:41,600
Speaker 1: news in Australian business, markets, economy and startups. You can

12
00:00:41,640 --> 00:00:43,560
Speaker 1: sign up for free at Osby's dot com dot au.

13
00:00:43,880 --> 00:00:47,920
Speaker 1: Nadein started out by asking Matt Common about Commonwealth Bank's

14
00:00:47,920 --> 00:00:48,479
Speaker 1: share price.

15
00:00:52,800 --> 00:00:54,760
Speaker 2: Well, as you might expect that trying not to spend

16
00:00:54,840 --> 00:00:56,840
Speaker 2: too much time on the share price is very hard

17
00:00:56,840 --> 00:00:57,080
Speaker 2: for me.

18
00:00:57,120 --> 00:00:59,240
Speaker 3: Also to make the comparisons.

19
00:00:59,280 --> 00:01:02,560
Speaker 2: I've been CEO for more than seven years at CBA

20
00:01:02,640 --> 00:01:04,920
Speaker 2: in more than twenty five years, so I understand CBA

21
00:01:06,040 --> 00:01:09,679
Speaker 2: very well. We focus on what we can control and

22
00:01:09,720 --> 00:01:11,360
Speaker 2: we know that over the long term, if we do

23
00:01:11,400 --> 00:01:13,720
Speaker 2: a great job serving our customers, we invest in our

24
00:01:13,760 --> 00:01:19,039
Speaker 2: technology and deliver our superior proposition to as many Australian

25
00:01:19,120 --> 00:01:22,520
Speaker 2: personal customers and business customers, then over the long term

26
00:01:22,760 --> 00:01:25,600
Speaker 2: the results will be good for our shareholders and that

27
00:01:25,640 --> 00:01:27,600
Speaker 2: will of course support the share price.

28
00:01:28,120 --> 00:01:30,760
Speaker 4: Well, there is a well reported I guess you could

29
00:01:30,760 --> 00:01:32,600
Speaker 4: call it shift and culture going on at some of

30
00:01:32,640 --> 00:01:36,320
Speaker 4: your competitors right now as they look to gain market share. Obviously,

31
00:01:36,600 --> 00:01:39,679
Speaker 4: are competitive sources in Australia still strong.

32
00:01:40,000 --> 00:01:40,839
Speaker 3: Yeah, absolutely.

33
00:01:40,920 --> 00:01:44,000
Speaker 2: I think the competitive intensity across a lot of sectors,

34
00:01:44,040 --> 00:01:47,720
Speaker 2: but in banking in particular in the last few years,

35
00:01:47,760 --> 00:01:50,720
Speaker 2: so definitely you see a lot of competition for people.

36
00:01:50,880 --> 00:01:53,760
Speaker 2: Obviously for customers. I think that's good news for customers

37
00:01:53,760 --> 00:01:57,360
Speaker 2: though as well. Our healthy and competitive market puts pressure

38
00:01:57,360 --> 00:02:00,680
Speaker 2: on margins and you've seen that in the bank industry

39
00:02:00,840 --> 00:02:05,680
Speaker 2: now over many years. There we're all competing aggressively for

40
00:02:06,080 --> 00:02:10,040
Speaker 2: new and to retain existing customers and also for talent

41
00:02:10,080 --> 00:02:13,440
Speaker 2: across the market. But I mean that's an environment that

42
00:02:13,440 --> 00:02:16,679
Speaker 2: we're used to and we know how important it will

43
00:02:16,680 --> 00:02:20,320
Speaker 2: be to just think long term, attract and retain great people,

44
00:02:20,480 --> 00:02:23,240
Speaker 2: have them highly engaged and motivated to serve our customers

45
00:02:23,280 --> 00:02:26,480
Speaker 2: really well and make sure we provide the best overall

46
00:02:26,560 --> 00:02:29,560
Speaker 2: outcomes for all of our stakeholders over the long term.

47
00:02:30,000 --> 00:02:33,920
Speaker 4: So McQuary is now a serious mortgage competitor and it

48
00:02:33,960 --> 00:02:36,440
Speaker 4: doesn't have a single branch. I can only think that

49
00:02:36,440 --> 00:02:40,960
Speaker 4: that's possible because of advancements in tech today. Matt, you've

50
00:02:41,040 --> 00:02:45,240
Speaker 4: unveiled a partnership with open AI, Like, what exactly does

51
00:02:45,240 --> 00:02:46,640
Speaker 4: that mean for the bank?

52
00:02:48,040 --> 00:02:49,040
Speaker 3: Well, look, a couple of things.

53
00:02:49,080 --> 00:02:50,720
Speaker 2: I mean, we're proud to be the bank for all

54
00:02:50,720 --> 00:02:53,600
Speaker 2: Australians as the Commonwealth Bank I mean Macquarie, and they

55
00:02:53,639 --> 00:02:55,920
Speaker 2: are You're a serious competitor.

56
00:02:56,440 --> 00:02:59,919
Speaker 3: They largely compete and seek.

57
00:02:59,680 --> 00:03:04,600
Speaker 2: To attract a very particular type of customer, really a

58
00:03:04,639 --> 00:03:08,480
Speaker 2: metropolitan areas. So it's very much a digital only proposition. Obviously,

59
00:03:08,560 --> 00:03:11,000
Speaker 2: we have a broad customer base. We need to be

60
00:03:11,040 --> 00:03:14,119
Speaker 2: able to serve the needs of all Australians. I mean,

61
00:03:14,480 --> 00:03:17,400
Speaker 2: AI obviously is a technology that we see over the

62
00:03:17,440 --> 00:03:22,160
Speaker 2: long term is going to bring real potential opportunities and

63
00:03:22,240 --> 00:03:25,880
Speaker 2: certainly risks and threats. From our perspective, we know it's

64
00:03:25,919 --> 00:03:29,680
Speaker 2: important to build capability both internally with our people and

65
00:03:29,800 --> 00:03:33,600
Speaker 2: use that capability to deliver great experiences for our customers

66
00:03:33,720 --> 00:03:36,520
Speaker 2: and also to protect our customers and keep them and

67
00:03:36,560 --> 00:03:39,040
Speaker 2: their money and their information safe.

68
00:03:39,400 --> 00:03:40,520
Speaker 3: There's a small number of.

69
00:03:40,680 --> 00:03:45,120
Speaker 2: Globally leading companies, one of which is open Ai. We

70
00:03:45,160 --> 00:03:48,480
Speaker 2: announced a multi year partnership with them. We've already got

71
00:03:48,480 --> 00:03:50,960
Speaker 2: a partnership and a small equity investment in anthrop It,

72
00:03:51,080 --> 00:03:55,600
Speaker 2: which is another of the large language model research companies

73
00:03:55,600 --> 00:03:57,840
Speaker 2: based in the US. And again, I think it's all

74
00:03:57,880 --> 00:04:01,720
Speaker 2: about building capability at CBA, but this is also part

75
00:04:01,720 --> 00:04:05,560
Speaker 2: of an important I think national debate and discussion because

76
00:04:05,600 --> 00:04:09,640
Speaker 2: this sort of technology I think we'll have significant implications

77
00:04:09,680 --> 00:04:12,040
Speaker 2: certainly over the long term, and we need to have

78
00:04:12,080 --> 00:04:15,920
Speaker 2: a very clear strategy in Australia and obviously across different

79
00:04:15,920 --> 00:04:19,280
Speaker 2: industries and specifically for US obviously the Commonwealth Bank.

80
00:04:19,440 --> 00:04:23,440
Speaker 4: Yeah, And is that the edge that you believe will

81
00:04:23,480 --> 00:04:27,240
Speaker 4: take the Commonwealth Bank into the next phase, the next

82
00:04:27,279 --> 00:04:28,080
Speaker 4: phase of growth.

83
00:04:28,600 --> 00:04:31,239
Speaker 2: Well, I think there's three things, at least three things

84
00:04:31,279 --> 00:04:33,760
Speaker 2: over the long term that have been really important. A

85
00:04:33,880 --> 00:04:37,479
Speaker 2: huge focus on our customers and our customer experience through

86
00:04:37,520 --> 00:04:41,120
Speaker 2: either satisfaction or we talk about MPs net promoter score

87
00:04:41,680 --> 00:04:46,200
Speaker 2: and advocacy. The second has been technology that really underpins

88
00:04:46,279 --> 00:04:50,400
Speaker 2: that experience, and then third just consistency of operational strategic

89
00:04:50,760 --> 00:04:53,360
Speaker 2: execution that really matters, as you'd expect of any owner,

90
00:04:53,839 --> 00:04:56,359
Speaker 2: basically a company delivering what they say they're going to

91
00:04:56,400 --> 00:04:59,400
Speaker 2: deliver and do that consistently over the long term. So

92
00:04:59,440 --> 00:05:02,600
Speaker 2: from a techno pology perspective, digital has been a big

93
00:05:02,680 --> 00:05:07,520
Speaker 2: part of our investments over a couple of decades really now,

94
00:05:07,960 --> 00:05:10,720
Speaker 2: and we know that the vast majority of Australians choose

95
00:05:10,760 --> 00:05:14,560
Speaker 2: to interact with their financial institution digitally. We get more

96
00:05:14,640 --> 00:05:19,080
Speaker 2: than ten million logins every day. AI and particularly generative

97
00:05:19,080 --> 00:05:23,719
Speaker 2: AI techniques or technologies that we're going to integrate into

98
00:05:23,800 --> 00:05:27,400
Speaker 2: both the digital experience as well as I think many

99
00:05:27,440 --> 00:05:30,239
Speaker 2: aspects of the way we serve our customers to further

100
00:05:30,320 --> 00:05:32,279
Speaker 2: and improve that customer experience.

101
00:05:32,520 --> 00:05:35,760
Speaker 4: So when or how do you think you'll really reap

102
00:05:35,839 --> 00:05:40,680
Speaker 4: the rewards in terms of cost from AI and the

103
00:05:40,720 --> 00:05:44,440
Speaker 4: investments that you're making and have had made, Because there

104
00:05:44,600 --> 00:05:47,839
Speaker 4: is that conundrum in the market right now that you've

105
00:05:47,880 --> 00:05:51,680
Speaker 4: got to spend big to get there, but the promises

106
00:05:51,720 --> 00:05:54,720
Speaker 4: are still vague if we don't exactly know how it's

107
00:05:54,720 --> 00:05:56,160
Speaker 4: all going to play out in the long run. So

108
00:05:56,200 --> 00:05:57,520
Speaker 4: how do you balance those risks?

109
00:05:58,800 --> 00:06:01,520
Speaker 2: That's absolutely right, A lot of uncertainty, a lot of

110
00:06:01,600 --> 00:06:05,200
Speaker 2: uncertainty about the potential and also just the timing of

111
00:06:05,240 --> 00:06:07,360
Speaker 2: the benefits and what's the nature of the benefits. Are

112
00:06:07,360 --> 00:06:11,680
Speaker 2: they going to be revenue? You mentioned costs or expenditure?

113
00:06:11,920 --> 00:06:15,120
Speaker 2: I mean, how are work and roles going to be created?

114
00:06:15,160 --> 00:06:17,799
Speaker 2: I mean, in every other cycle we've seen, even where

115
00:06:17,839 --> 00:06:20,920
Speaker 2: some tasks maybe are no longer as relevant as they were,

116
00:06:20,960 --> 00:06:24,919
Speaker 2: when greater automation comes in, new roles also emerge. What

117
00:06:25,000 --> 00:06:27,320
Speaker 2: we do know though, is that companies and countries that

118
00:06:27,360 --> 00:06:30,320
Speaker 2: are growing create jobs. That's an important part of it.

119
00:06:30,360 --> 00:06:33,320
Speaker 2: I mean for us, i'd say the benefits, even though

120
00:06:33,320 --> 00:06:36,280
Speaker 2: we're sort of using it right across the organization, are

121
00:06:36,320 --> 00:06:40,040
Speaker 2: relatively small in the scheme of the sorts of investments

122
00:06:40,080 --> 00:06:42,280
Speaker 2: that we make on an annual basis.

123
00:06:42,839 --> 00:06:45,920
Speaker 3: But I think when you're running a company and you.

124
00:06:45,920 --> 00:06:49,000
Speaker 2: Have to be prepared to take risks, and I think

125
00:06:49,480 --> 00:06:52,560
Speaker 2: the cost maybe of being late to a technology like

126
00:06:52,680 --> 00:06:55,880
Speaker 2: that is greater than even if we try some things

127
00:06:55,880 --> 00:06:56,479
Speaker 2: then they fail.

128
00:06:56,640 --> 00:06:59,239
Speaker 3: I think it's important to keep.

129
00:06:59,120 --> 00:07:02,640
Speaker 2: Learning by doing and being clear about what your outcomes are.

130
00:07:02,839 --> 00:07:03,479
Speaker 3: You know, we're.

131
00:07:03,320 --> 00:07:05,599
Speaker 2: Trying and using some of these technologies in a range

132
00:07:05,600 --> 00:07:07,839
Speaker 2: of different ways to keep our customers safe and fraud,

133
00:07:08,200 --> 00:07:12,120
Speaker 2: support our relationship managers, deliver a better banking experience, to

134
00:07:12,160 --> 00:07:15,520
Speaker 2: help our thousands of software engineers develop more software and

135
00:07:15,560 --> 00:07:19,320
Speaker 2: deploy that safely to all of our systems.

136
00:07:19,680 --> 00:07:23,640
Speaker 4: Now you mentioned Australia there, Matt, this economic roundtable that's

137
00:07:23,680 --> 00:07:27,400
Speaker 4: coming up being held by the government and many stakeholders.

138
00:07:27,520 --> 00:07:30,520
Speaker 4: Ahead of that, you put out some I think what's

139
00:07:30,560 --> 00:07:33,840
Speaker 4: been seen as pretty bald ideas in your submission, including

140
00:07:33,880 --> 00:07:38,040
Speaker 4: major tax reform. So in your view, what happens to

141
00:07:38,240 --> 00:07:42,480
Speaker 4: Australia if there is failure at the policy level to

142
00:07:42,680 --> 00:07:47,160
Speaker 4: implement perhaps not all of your ideas, but you know,

143
00:07:47,280 --> 00:07:48,400
Speaker 4: economic reforms.

144
00:07:49,160 --> 00:07:52,120
Speaker 2: Yeah, I've been Firstly, we welcome the government's focus on

145
00:07:52,240 --> 00:07:56,920
Speaker 2: economic reform and productivity. These are really important and challenging topics.

146
00:07:57,320 --> 00:08:00,880
Speaker 2: It wasn't an electoral commitment, so I think they really

147
00:08:00,880 --> 00:08:04,800
Speaker 2: should be congratulated for creating the space and the dialogue

148
00:08:04,800 --> 00:08:08,840
Speaker 2: to be able to contribute to this discussion. From on

149
00:08:08,880 --> 00:08:12,400
Speaker 2: our part, we seek to contribute constructively both the head

150
00:08:12,400 --> 00:08:16,480
Speaker 2: of the roundtable and during it and perhaps also beyond

151
00:08:16,520 --> 00:08:19,080
Speaker 2: that on behalf of the more than ten million personal

152
00:08:19,120 --> 00:08:21,120
Speaker 2: customers that we serve in Australia and more than a

153
00:08:21,120 --> 00:08:24,640
Speaker 2: million business customers. I mean, it's very clear that if

154
00:08:25,080 --> 00:08:29,200
Speaker 2: a country that can boost productivity and it's output per capita,

155
00:08:29,560 --> 00:08:33,679
Speaker 2: it underpins improvements in living standards, increases in real wages

156
00:08:33,880 --> 00:08:38,320
Speaker 2: and lead leads to greater prosperity for future generations. It

157
00:08:38,440 --> 00:08:43,000
Speaker 2: is not an easy question or challenge, and many of

158
00:08:43,040 --> 00:08:46,120
Speaker 2: there reform ideas that I think will be tabled and

159
00:08:46,200 --> 00:08:49,800
Speaker 2: hopefully contemplated. There are always trade offs and risks and

160
00:08:49,880 --> 00:08:53,640
Speaker 2: costs and trying to get that balance right obviously, and

161
00:08:53,679 --> 00:08:57,199
Speaker 2: those decisions is a matter for government, and obviously I

162
00:08:57,240 --> 00:08:59,040
Speaker 2: think there's a role, as I said, to contribute to

163
00:08:59,080 --> 00:09:02,680
Speaker 2: that debate and discussion and hopefully to try to advocate

164
00:09:02,840 --> 00:09:08,280
Speaker 2: and help we recognize that reform and convincing the broader

165
00:09:08,320 --> 00:09:12,319
Speaker 2: electorate that some of these changes may be necessary and

166
00:09:12,840 --> 00:09:17,680
Speaker 2: are in the collective long term interest. That's hard and

167
00:09:17,760 --> 00:09:19,439
Speaker 2: so when it's going to take work, and I think

168
00:09:19,480 --> 00:09:22,280
Speaker 2: it's really important that as many people as possible try

169
00:09:22,320 --> 00:09:25,199
Speaker 2: to get in behind that and support, you know, a

170
00:09:25,280 --> 00:09:29,680
Speaker 2: greater policy ambition. So that Australia continue to be, you know,

171
00:09:29,720 --> 00:09:32,760
Speaker 2: a country that outperforms economically as well as being obviously

172
00:09:32,840 --> 00:09:36,920
Speaker 2: a wonderful, safe and secure place to live.

173
00:09:37,080 --> 00:09:41,440
Speaker 4: Yeah, well here's that. Back to the bank itself though, Matt. Look,

174
00:09:41,440 --> 00:09:45,240
Speaker 4: the consensus is that growth is limited. So where where

175
00:09:45,280 --> 00:09:47,280
Speaker 4: does meaningful future growth come from?

176
00:09:47,280 --> 00:09:50,160
Speaker 2: In your few well, I mean a lot of it

177
00:09:50,200 --> 00:09:52,360
Speaker 2: will come from what we were just talking about, and

178
00:09:52,520 --> 00:09:55,480
Speaker 2: we're effectively highly leveraged to the underlying performance of the

179
00:09:55,480 --> 00:09:59,439
Speaker 2: Australian economy. So you know, greater GDP growth, greater credit growth,

180
00:09:59,440 --> 00:10:04,360
Speaker 2: greater and BET, greater jobs growth, skills, they're all very

181
00:10:04,400 --> 00:10:07,640
Speaker 2: positive structural tailings for the Commonwealth Bank. I mean, we

182
00:10:07,720 --> 00:10:10,040
Speaker 2: have a very strong retail bank, We've really grown our

183
00:10:10,080 --> 00:10:12,520
Speaker 2: business bank across the last twelve months, all of our

184
00:10:12,559 --> 00:10:15,720
Speaker 2: business units have performed well, so I mean we see

185
00:10:16,640 --> 00:10:21,240
Speaker 2: opportunities for growth across all of those areas. Obviously, trying

186
00:10:21,280 --> 00:10:25,319
Speaker 2: to differentiate ourselves from a technology and customer proposition is

187
00:10:25,720 --> 00:10:28,839
Speaker 2: really important, but I mean the macro picture for Australia

188
00:10:28,960 --> 00:10:32,640
Speaker 2: is really important to us, as it is for many

189
00:10:32,720 --> 00:10:37,480
Speaker 2: or all Australians, and so we're very concentrated on Australia

190
00:10:37,520 --> 00:10:39,920
Speaker 2: and hence why we're so committed to doing what we

191
00:10:39,960 --> 00:10:43,440
Speaker 2: can to support greater economic growth and prosperity.

192
00:10:43,600 --> 00:10:45,280
Speaker 4: Is there no ambitions to go offshore?

193
00:10:46,000 --> 00:10:48,840
Speaker 2: No, I mean we have some offshore operations which predominantly

194
00:10:48,880 --> 00:10:51,200
Speaker 2: support Australian customers.

195
00:10:51,280 --> 00:10:55,800
Speaker 3: You know, we do have international clients in a range

196
00:10:55,800 --> 00:10:56,400
Speaker 3: of sectors.

197
00:10:56,400 --> 00:11:00,880
Speaker 2: But I'd say the proportion of financial institution us that

198
00:11:01,760 --> 00:11:05,959
Speaker 2: try to scale offshore into a market which is highly

199
00:11:05,960 --> 00:11:10,200
Speaker 2: competitive as Australia is as a very shortlist of financial

200
00:11:10,240 --> 00:11:13,959
Speaker 2: institutions who go on to deliver a value of creative strategy.

201
00:11:14,000 --> 00:11:15,400
Speaker 2: So we're going to try and stick to what we

202
00:11:15,800 --> 00:11:17,959
Speaker 2: hope we're good at and try and get better at that,

203
00:11:18,040 --> 00:11:21,360
Speaker 2: look for opportunities that make sense to grow and not

204
00:11:21,440 --> 00:11:24,520
Speaker 2: sort of stray into areas where we don't have any

205
00:11:24,520 --> 00:11:27,840
Speaker 2: sort of competitive advantage or operating experience.

206
00:11:28,240 --> 00:11:31,560
Speaker 4: Now, just quickly the tilt to business banking. Are you

207
00:11:31,600 --> 00:11:34,000
Speaker 4: pleased with how that's going? Is it growing fast enough

208
00:11:34,000 --> 00:11:36,720
Speaker 4: for you? Are you gaining market share fast enough? Yeah?

209
00:11:36,720 --> 00:11:38,240
Speaker 2: I think the team have done a very good job

210
00:11:38,320 --> 00:11:41,480
Speaker 2: over the last five years in growing right across the

211
00:11:41,480 --> 00:11:46,600
Speaker 2: board main bank relationships. They grew almost two percentage points

212
00:11:46,600 --> 00:11:50,760
Speaker 2: in the last twelve months. Very strong deposit growth, lending

213
00:11:50,800 --> 00:11:53,320
Speaker 2: growth actually, I mean right across the board, all of

214
00:11:53,320 --> 00:11:56,880
Speaker 2: our key priority segments. So look, we're very pleased with

215
00:11:56,960 --> 00:11:59,640
Speaker 2: the growth that's been achieved. I mean, I think you've

216
00:11:59,640 --> 00:12:02,760
Speaker 2: always got to reconsider each year depending on what the

217
00:12:02,840 --> 00:12:06,840
Speaker 2: market circumstances are in terms of what risks are there

218
00:12:06,880 --> 00:12:11,160
Speaker 2: and also what sort of margins are available. But at

219
00:12:11,160 --> 00:12:13,720
Speaker 2: this stage where we're very comfortable, we believe that the

220
00:12:13,760 --> 00:12:15,679
Speaker 2: year ahead will be another good year for our business.

221
00:12:15,720 --> 00:12:15,960
Speaker 3: Bank.

222
00:12:16,720 --> 00:12:20,400
Speaker 4: Now, Matt, you mentioned that you've been at the Helm

223
00:12:20,480 --> 00:12:22,679
Speaker 4: for more than seven years, I think almost eight years

224
00:12:23,280 --> 00:12:27,520
Speaker 4: through extraordinary times post Royal commission through COVID, you know,

225
00:12:27,600 --> 00:12:30,160
Speaker 4: the dizzy and share price appreciation. I'd love to know

226
00:12:30,200 --> 00:12:31,880
Speaker 4: what it's been like to be, you know, the head

227
00:12:31,880 --> 00:12:33,800
Speaker 4: of the most expensive bank in the world is it's

228
00:12:33,840 --> 00:12:37,800
Speaker 4: been called. But how much longer will you be at it?

229
00:12:38,040 --> 00:12:40,000
Speaker 4: Are there are there succession plans at the bank?

230
00:12:40,600 --> 00:12:42,720
Speaker 2: Well, part of the role of any company is, certainly

231
00:12:42,760 --> 00:12:45,160
Speaker 2: the board of any company is to think about succession.

232
00:12:45,200 --> 00:12:48,320
Speaker 2: You're going to start thinking about succession from from day one.

233
00:12:48,440 --> 00:12:51,120
Speaker 2: From my perspective, you know, I feel privileged to be

234
00:12:51,120 --> 00:12:54,280
Speaker 2: able to lead the Commonwealth Bank on a one hundred

235
00:12:54,559 --> 00:13:00,000
Speaker 2: percent focused on doing that certainly for the foreseeable future,

236
00:13:00,120 --> 00:13:02,480
Speaker 2: and if there's any change to that, we'll of course

237
00:13:02,520 --> 00:13:04,920
Speaker 2: be sure to notify the ax.

238
00:13:07,120 --> 00:13:10,360
Speaker 1: That was Commonwealth Banks CEO Matt Common speaking to Nadine

239
00:13:10,360 --> 00:13:12,720
Speaker 1: Blaney at Osby's. Go to Osby's dot com dot au

240
00:13:12,760 --> 00:13:15,240
Speaker 1: for more info. I'm Michael Thompson and this is Beer

241
00:13:15,320 --> 00:13:16,160
Speaker 1: and Greed Q and a