Commonwealth Bank chief executive Matt Comyn warns households of tough times ahead, but rejects recession fears as economy slows

Commonwealth Bank chief executive Matt Comyn says households already feeling the pain from rising interest rates should brace for tougher times ahead as the Reserve Bank tries to catch up with runaway inflation. 

Mr Comyn tells The World Today that household spending has dropped significantly in line with rate rises and that a consumer-led downturn is likely to lead to an economic contraction later this year. 

But as he delivered a full year profit of $9.7 billion - much of it driven by the now fading real estate boom - Mr Comyn said a recession is unlikely.

Here's my interview with Matt Comyn