Matt Comyn uses appearance at parliamentary inquiry to say criticism of profitable businesses as ‘fact-free rhetoric’
chief executive, Matt Comyn, has described a proposed excessive profits tax as “insidious populism” and labelled criticism of profitable businesses as “fact-free rhetoric” that is damaging trust in public institutions., the head of Australia’s biggest bank appeared frustrated by questions about payment surcharges and corporate relationships and abruptly turned his attention to address criticism of big business.
“Over and over, businesses in Australia are being represented in this false dichotomy that for a company to earn any sort of income or profit it is therefore inferred often or directly related … on a daily basis as somehow being unjustly extracted from consumers,” he told the House of Representatives committee.
“I think this continuing often fact-free rhetoric that’s being published more broadly is very damaging. “It is really eroding trust in institutions, in all of our institutions. I think it’s a real cause for concern.”The Greens leader, Adam Bandt, said earlier this week that big corporations had squeezed hundreds of billions of dollars out of the public since the end of the pandemic with “too much of it tax free”.
A recent reduction in profit margins was caused by a decision by major banks to grow their market share by chasing mortgage customers, although the intensity of that competitionOur Australian morning briefing breaks down the key stories of the day, telling you what’s happening and why it mattersBut he said policies like the proposed excessive profits tax threatened to “drive a fundamental distrust over the next decade”.
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