CBA mortgage applications surge to just really crap

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Via the AFR:

The number of borrowers seeking home loans from Commonwealth Bank surged to its highest level in more than six months on the back of the Coalition’s surprise federal election win.

CBA chief executive Matt Comyn said while he expects the Reserve Bank of Australia to cut the cash rate next Tuesday, a move that would assist borrowers finding it tough to make their repayments, it would be the tax cuts promised by the government that would have an even bigger impact on stimulating economic growth.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.