In the 2023/24 financial year, the Commonwealth Bank posted a record $9.5 billion in profit. This week, it announced significant changes to one of its primary everyday account offerings, sparking widespread backlash. Starting January 6, 2025, customers with a “Complete Access” account will be transitioned to “Smart Access” accounts, which will include a new $3 fee for cash withdrawals.
The decision has—unsurprisingly—been met with significant public outrage, with many expressing their dissatisfaction. MP Bob Katter calling the move “an act of defiance and contempt for the people of Australia,” in an interview with Channel 10. Financial Services Minister Stephen Jones also urged the bank to “rethink this terrible decision,” while the Financial Services Union’s National Secretary, Julia Angrisano, labelled it “an unnecessary and greedy grab.”
The bank, Australia’s largest, is one of many banks in the country to report soaring profits in the wake of rising interest rates. Since May 2022, the Reserve Bank of Australia (RBA) has implemented a series of interest rate hikes, bringing the cash rate from a historic low of 0.1% to 4.35%. These increases, aimed at curbing inflation, have resulted in higher borrowing costs for consumers and businesses, while banks have reaped substantial benefits from expanded interest margins.
The Commonwealth Bank justified the changes, citing the ongoing decline in cash usage across the country and the rising costs associated with distributing physical currency. In a statement, the bank described the new fees as “part of our commitment to provide the best available banking experiences.” 
Despite this rationale, critics argue that the changes disproportionately impact everyday Australians.
As the debate continues, many are calling for increased scrutiny of banking practices amidst record profits.
