Commonwealth Bank AGM faces mortgage slump scrutiny and deforestation financing vote

Commonwealth Bank shareholders convened in Sydney for the annual general meeting, where two key issues dominated the agenda. A resolution co-sponsored by Australian Ethical asks the bank to produce a roadmap for ending financing that fuels deforestation in New South Wales and Queensland, an area equivalent to 480,000 football pitches cleared in 2023/24. The board has advised shareholders to reject the proposal, arguing that a pre-committed deforestation-free stance would restrict its ability to manage risk and regulatory changes.

At the same time, the bank reported a 15% decline in mortgage applications over recent months, a slump the chief executive Matt Comyn attributes to successive interest-rate hikes, higher petrol prices and tax policy shifts, although applications have started to rise since June. Mortgage lending remains the bank's largest business, contributing about half of its record $11 billion cash profit, and the share price has fallen 4.1% year-to-date. The Finance Sector Union called off a planned protest after the bank offered a 13% wage increase over three years for its lowest-band staff, and a union delegation will attend the meeting to raise questions about the bank's use of artificial intelligence.