RMIT Classification: Trusted

Graduate School of Business and Law

MBA Programs Strategic Management Case Study Series # 2024-2
Commonwealth Bank of Australia: Onwards and upwards in a competitive
industry

Acknowledgement:
This case has been prepared by Justin Pierce and Timothy O’Shannassy for teaching strategy in MBA programs
in the College of Business and Law at RMIT University. Copyright 2024.
MBA Programs Strategic Management Case Study Series Editor-in-Chief: Dr Timothy O’Shannassy, Senior
Lecturer, Graduate School of Business and Law, College of Business, RMIT University, 379-405 Russell Street,
Melbourne, Victoria 3000 Australia, Telephone +61 3 9925 0111, tim.oshannassy@rmit.edu.au

Introduction
Matt Comyn stares blankly at his pale reflection, as he fastens his Gucci tie. His shower was
hot, his freshly shaven face, and pearly white smile reflecting back at him paint a picture of
success, but he muses about those who are not doing as well as him. The cost-of-living crisis
is front and centre on all the newspapers. Just last night, an investment analyst upset him,
asking about how the Commonwealth Bank of Australia (CBA) is poised to help mitigate
those struggling.

After he readies himself for work, Matt Comyn will be heading to an investor briefing, in
which he will present the results of the full year. To be certain, they are impressive, and the
best financial result CBA has ever had. On the back of these results, which included strong
customer sentiment, the board awarded him a sizeable bonus. That there will be financial
journalists at the briefing worries Matt, since he will surely be asked the question about
rationalising his remuneration.

The Remote Environment

After a period of relative peace, war rings out again—the Russian invasion of Ukraine
brought confusion with it when the European Union (EU) imposed sanctions on Russia,
causing the Kremlin to threaten cutting off those who toed the EU line (Tamma &
Hernandez, 2022). Ukraine, not being a member of the North Atlantic Treaty Organization
(NATO), has attempted to streamline its application, calling on the protection of
neighbouring and international allies against the Kremlin, but it is unlikely to occur in the
short-term, for risk of a broader war (Wong & Jakes, 2022). In the meantime, however,
foreign powers favour sending aid rather than military support. The war in Gaza, which
began in October 2023, is a re-stoking of embers with old scores to settle (BBC, 2023).

Ostensibly not affected by his impending legal action, and attempts for privileged immunity,
President Trump appears to be gaining momentum in his bid to re-enter the White House in
the 2024 US Presidential election. At the time of writing, Trump remained the only
Republican candidate left in the race for the primary vote, with most states looking to
reinstate him as President (270 to Win, 2024). A reinstated Trump will most likely lead to a

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return to protectionist and nationalist American political agenda, short-lived official

appointments, and a general autocratic style of leadership. Closer to home, the Albanese
government seems to have emerged unscathed from significant political defeats: the failed
referendum on a voice to parliament (Williamson, 2023), and the recently scaling back of
Liberal-legislated tax cuts (Westcott, 2024). The failed referendum smothered resurging
hopes of a republican movement (McGuirk, 2023).

During the lockdowns of the pandemic—felt most severely in Victoria—the Australian

government responded with a series of emergency economic measures. The so-called
JobSeeker and JobKeeper were subsidy measures designed to support individuals and
businesses during the very uncertain economic period during the pandemic (Treasury,
2021). The measures were hailed to have saved the Australian economy (Kehoe, 2021), by
some estimates, saving 700,000 Australian jobs (Bishop & Day, 2020), but cost AUD $101.3
billion that is still be felt in the pandemic’s aftermath. There is a ‘rental crisis’ in most
Australian capital cities (Lang, 2024), the general cost of living could be likened to a storm in
a teacup, given that most Australian’s are not cutting back on going out (Wade, 2023). Still,
the cash rate rose sharply in the pandemic’s aftermath, as the Reserve Bank sought to limit
inflationary growth to within its target band of two-to-three per cent (Hannam, 2023).
Despite the reported difficulties, overall, the Australian economy has a favourable outlook.
Available indicators at the time of writing included those in the following table (Reserve
Bank of Australia, 2024).

Economic Indicator Value at the Time of Writing

Cash Rate 4.35%
Inflation 4.1%
Unemployment Rate 3.9%
Wage Growth 4.0%
USD 0.67 cents

The Great Australian Dream is the idea that home ownership leads to a better life (Sgro,
2015). Australian families’ hopes of owning a piece of suburbia—a place to raise their 2.3
children—is a romantic ideal that should theoretically be possible. Paradoxically, however,
Australia has among the most expensive in the world, forcing many native and migrant
Australians into crippling levels of debt (Wright, Clun & Butt, 2023). Australians resign
themselves to a life of increasingly insecure work (Howard, 2023; Bolton, 2003), while
maintaining a disdain for authority that reaches back to its colonial roots (Bongiorno, 2020).
Although a dying movement, trade unions are often obstinate in their pursuit of better
working conditions, often pushing employers to ridiculous outcomes (Fildes, 2024), most
often ending in a zero-sum (cf. Moase, 2023). Equality is a value ardently felt by Australians
in their pursuit of a ‘fair go’ and any who subvert it are torn down by the ‘tall poppy
syndrome’ (Kassoua, 2018). Like many places around the world, social issues such as
housing, poverty, gender equality, are prevalent issues in Australia with varying degrees of
care and action (Howe, 2023).

Although a term originating in the 1950s, and through protracted years of research and
development, artificial intelligence (AI) is starting to become accessible (Aquino, 2024).
Computing power and the ability to store data has increased exponentially with the so-

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called Moore’s Law (The Economist, 2023). Command-line interfaces gave way to swipe- and
gesture-based interfaces long ago (Roussi, 2017), effectively making huge computing power
accessible to almost anybody on the planet; indeed, they are being carried around in
pockets, purses, and bags! A recent development has been into financial technology, or
‘FinTech.’ Although an umbrella term to refer to multiple technologies, including blockchain,
FinTech refers to the use of technology to facilitate financial competition with the might of
traditional financial institutions (Thompsett, 2024). Despite these advances, and the ‘open’
design of the Internet (Vint, 2009), security of financial and informational assets remains a
ubiquitous threat (O’Brien, 2024).

An island nation, and its own continent, Australia spreads over 7.69 million square
kilometres, accounting for five per cent of the world’s land mass (Geoscience Australia,
2023). Australia’s interior is mostly desert, and it has less than one per cent of the world’s
available drinking water (Lehane, 2014). Settlements tend toward the exterior of Australia,
where all mainland capital cities are located. Soil salinity is a prevalent issue, and despite it
lying on several tectonic fault lines, geothermal activity is rare and mild. Australia is,
however, subject to weather extremes, with the La Niña and El Niño weather oscillations
originating from the South American continent besetting it with wind and pressure systems.
Australia is also affected by the East Australian Current, which moves warm seawater from
the Coral Sea down its east coastline; the Leeuwin Current likewise warms the west coast.
Australia is an attractive destination for migration (Australian Parliament, 2021), for its
relative safety, multiculturalism, and cosmopolitan cities (Bongiorno, 2015).

A Constitutional Monarchy headed by HM King Charles III, and a Federation, Australia has
three levels of government: local, State, and Federal. In each case, the elected executive
makes laws, whereas the judiciary enforces them. The Australian Parliament establishes
various regulators to oversee the smooth operation of economic activity. Of interest is the
Australian Prudential Regulation Authority (APRA), the Australian Competition and
Consumer Commission (ACCC), and the Australian Securities and Investment Commission
(ASIC). Recent activity has also made it necessary for financial institutions to ‘know their
customer’, in an effort to curb the prevalent threat of money laundering. Since banking can
lend against equity, in 2026, Australian banks will be required to hold 18.25 per cent of risk-
weighted assets (Reserve Bank of Australia, 2022).

The Industry Environment

The banking industry in Australia comprised 53 banks in 2006, 14 of which are Australian
owned (RBA, 2006). In the time since 1985, Australian bank balance sheets have grown at 13
per cent, which reflects the demands in the housing market. There has also been an
increase in sourcing funding from foreign investors to around 27 per cent. In 1990, then
Treasurer, Paul Keating, referred to a six-pillar policy that the government would oppose
any proposed merger between the major banks, and two non-banks at the time. The policy
has since been revised to refer to the four pillars policy, and the largest Australian banks
include: Commonwealth Bank of Australia, the Westpac Banking Corporation (WBC),
National Australia Bank Limited (NAB), and Australia & New Zealand Banking Group (ANZ).

Suppliers to the banking industry include deposit makers, as well as other sources of funding
from institutional investors. Since banks do not offer a large return, there is competition

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from horizontal investment opportunities including equity markets and starting enterprises.
Banks also require the services of property for office space, branches, as well as large-scale
computing infrastructure, security services, ratings agencies, and general office supplies.
The Australian commercial property industry is expensive, and locks clients into long-term
leases where the tenant is responsible for outgoings and maintenance.

Customers of banks include individual deposit makers, as well as clients for credit cards,
personal loans, and mortgages. These can be individuals or business entities, including
governments and various departments. Australian banks also offer services in institutional
banking, wealth management, insurance, managed funds, share (and other financial
instrument) trading, clearing house services, and capital raising. Switching costs for
customers are very low, and it is not uncommon for individual banking customers to be
customers of several banks at the same time. Since there is very little differentiation
between banking incumbents, customers can get practically the same experience with
whichever bank they choose.

A new bank requires a license, and soon almost twenty per cent capital reserves to operate.
Registration with APRA is also required. Beyond this, a new entrant to the banking
industry—as has been demonstrated in recent times with the entrance of ING—does not
necessarily require physical branches. Required infrastructure centres on computing
infrastructure, including large investment in IT security, call centres, and staff. New banks
are also required to comply with several Australian laws and regulations, including the new
anti-money laundering provisions that came out of the Royal Commission.

Individuals and businesses that require access to mortgages, lines of credit, investment,
superannuation, insurance, or other financial instruments can satisfy their needs easily with
non-banks. For example, credit unions, is an alternative arrangement in which a community
of people pool finances together. While not a bank per se, a credit union can obtain a
banking license to offer credit services, mostly to individual members of that community.
Finally, as has been seen in recent times, FinTech firms have emerged to automate various
aspects of banking in a bid to offering superior services at a fraction of costs. Banks have
responded by investing heavily in their own forms of FinTech, blockchain infrastructure, and
in financial education services.

There is very little margin in banking. The Reserve Bank of Australia sets the rate at which
banks can loan each other money in the interbank exchange market. The rate is passed
directly onto customers with a margin. Therefore, banks can make money with economies
of scale when margins are small. The four largest Australian banks all form part of the
largest sector of the Australian Securities Exchange (ASX) top 10 list, and institutional
investors—including superannuation funds—make up the lion’s share of shareholders.
Where banks are constantly political fodder, they are also relied on heavily for providing
financial returns for shareholders. Thus, the costs of exit are enormous. The four pillars
policy makes it impossible for there to be fewer than four major Australian banks, save for a
breakdown or failure of any one major bank (however, Australian government’s Financial
Claims Scheme guarantees deposits up to AUD $250,000 in the event of failing). In attempts
to lure customers, banks offer favourable initial conditions, including, for example, no

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interest on balance transfers, loan consolidation, and value-added services (e.g., insurance,
superannuation) to bundle products and lock-in customer loyalty.

Commonwealth Bank of Australia Strategy Situation

CBA strategy is to create “tomorrow’s bank today” reflecting “a bolder ambition and our
commitment to use the strength of CBA to support our customers, invest in our
communities and provide strength and stability for the broader economy” (Commonwealth
Bank of Australia, 2023: 6). CBA see five value drivers:
1. A capable and highly engaged workforce
2. Customer relationships and a franchise that are strong
3. Leadership in technology, a track record of innovation
4. Strength in capital generation, balance sheet and risk management
5. Sustainability commitment (Commonwealth Bank of Australia, 2023).

CBA see deep customer relationships as being an important differentiator. CBA is main
financial institution for 35 per cent of Australian consumers and 25 per cent of Australian
businesses. Flexible features have been introduced for retail and home loan customers to
help save on interest expense and manage their repayments. Interest rates on savings
products were increased in 2023 financial year and the Commbank app includes budgeting
and spending tools. CBA has 8.7 million digitally active customers and the CommBank app is
used by 7.8 million customers (Commonwealth Bank of Australia, 2023).

At the end of its 2023 financial year, the Commonwealth Bank of Australia (CBA) posted an
AUD $10.2 billion profit, an increase of 5% over the previous year. Its cost-to-income ratio
was down 2.8 per cent to 43.5%, and it paid a dividend of AUD $4.50 fully franked. Total
shareholder returns over the previous ten years were 142 per cent, and it rated first among
Australian banks for customer net promoter score (Commonwealth Bank of Australia, 2023).

The CBA boasts a reimagining of banking, with its refreshed mobile app, increased access to
financial tools, and the use of responsible AI in all its operations. A large part of operating
the bank is the execution of risk management, and prominent among these are defending
against the myriad cyber-attacks that banks face on an hourly basis. The CBA provided
industry leadership in combatting fraudulent financial activity, protecting authorised access
to accounts, and defending institutional systems.

CBA has a unique approach to sustainability, as it seeks to engage with stakeholders,

identify its material themes, and then aligning to the UN sustainable development goals.
CBA is a signatory to the net-zero banking accord, and it supports the broader national
agenda of emissions reduction by providing support to the financing of secure and
affordable energy transition to greener electricity production.

The CBA also commits to a diverse workforce, investing in people development, promoting
mental health, and boasts 44 per cent women in senior and executive positions, with 89 per
cent of the workforce proud to work for the bank. Growth of the indigenous workforce from
the current 1 per cent to 3 per cent in 2026 is a goal. Workplace culture, employee
wellbeing and mental health are high priorities (Commonwealth Bank of Australia, 2023).

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A summary of financial metrics is included in the following Table 1 (Commonwealth Bank of

Australia, 2022, 2023).

Table 1: CBA Financial Summary

$ million 2023 2022 2021
Interest Income 43,182 23,987 24,954
Operating Income 27,530 19,473 19,302
Net Profit 14,343 13,684 12,375
Cash Assets 116,619 161,154 87,375
Total Assets 1,252,845 1,215,260 1,091,962
Deposits 864,995 857,586 747,063
Total Liabilities 1,180,840 1,142,422 1,013,244
Net Assets 72,005 72,838 78,718
Net Cash 107,172 119,355 87,380

In terms of comparing with the rest of the banking industry, the following Table 2 provides
high-level comparative figures for the 2023 financial year.

Table 2 “Big Four” Bank Comparative Financial Data

$ million CBA NAB WBC ANZ
Operating 27,530 20,630 21,380 20,281
Income
Cash Assets 116,619 120,197 102,976 146,438
Total Assets 1,252,845 1,059,083 1,029,774 1,105,620
Deposits 864,995 656,796 692,705 781,600
Total Liabilities 1,180,840 997,580 957,235 1,035,574
Net Assets 72,005 61,503 72,539 70,046
Net Cash 107,172 40,589 102,522 168,154
ROA 0.82 0.7 0.7 0.65
ROE 13.93 12.34 10.06 10.48
Net Margin 37.22 35.94 33.63 35.00

Conclusion
Clearly, under Comyn’s leadership, CBA is performing very well, and generating economic
value for shareholders. Huge attention has also been given to the CBA’s social
responsibility. Of course, the ANZ, NAB and Westpac will be looking for how they too can
gain such a significant result, and their competition is always fierce.

What is next for CBA? With his significant shareholding, and return on equity, should Matt
Comyn cut and run? How important is the digital experience of CBA customers? How might
the CBA position itself in the future? Where can CBA increase market share?

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