Ann: 2022 Half Year Results ASX Announcement, page-16

Good point. The other thing to note is the prospects for CBA are good despite NIM pressure, which I think will eventually solve itself when rates rise.

There's also immigration resuming and talk of the government potentially increasing its targets to make up for the lack of pop growth during border closures. Leaving any views on immigration aside, the fact is the first thing a new migrant needs to do is get a bank account followed by credit cards, personal loans, lines of credit, car loans, home loans, business loans etc.

The current target is for 160,000 migrants. Even without an increase in that figure, there's plenty of loan growth to be had.