Commonwealth Bank reveals full-year cash profit plunge as coronavirus cracks begin to show

The Commonwealth Bank has revealed the latest economic damage from the pandemic with an 11 percent plunge in its full year cash profit to $7.3 billion. 

Facing the prospect of surging unemployment and a possible hit to housing prices, the CBA has ramped up its provisions for rising loan losses to $2.5 billion. 

Chief executive Matt Comyn tells ABC's Peter Ryan the health and economic outlook is "uncertain" but he's encouraged that the number of CBA customers on home loan deferrals has fallen to 135,000. 

Mr Comyn spoke this morning with the ABC's senior business correspondent Peter Ryan.

NBN a lifesaver during work from home pandemic but bandwidth boost in crisis set to end, warns NBN Co boss Stephen Rue

While the economy has taken a battering during the pandemic, the often-maligned National Broadband Network is an unexpected winner with many Australians soaking up high speed internet to work from home and educate their children. 

The NBN boosted broadband capacity by 40 percent in the early days of the crisis to deal with the unprecedented demand. 

But the NBN Co's chief executive Stephen Rue tells ABC's Peter Ryan the emergency measure was never meant to be open-ended and is set to end midway through next month.

GPT Group posts $519 million half year loss as pandemic cuts swathe through value of company's commercial real estate portfolio

GPT has posted a $519m half year loss as pandemic slices $711m from the value of the group's commercial real estate portfolio. 

CEO Bob Johnston says rent relief for tenants has hit hard and rent collections are down.

Melbourne jeweller Wesley Rutherford tells ABC Radio Melbourne that while 50 percent rent relief is critical, he says tenants down 100pc in revenue are in despair.

Here's my report from The World Today 

Top analyst Brian Johnson warns major banks are exposed to rising unemployment and potential real estate falls

Bank analyst Brian Johnson speaks with ABC's Peter Ryan on RN Breakfast.

He has a blunt warning for optimists still betting on a V-shaped recovery for Australia's economy: 

"you should buy a lottery ticket, throw your face mask in the bin and buy every Australian bank"