Commonwealth Bank CEO Talks About AI's Impact on Work

7.30

Tuesday, 26 May 2026, at 8:22 pm

The CEO of Commonwealth Bank said AI will change the workplace.

Transcript

Sarah Ferguson talked to the Pope about artificial intelligence and big companies having too much power.

The CEO of OpenAI, Sam Altman, said AI has advantages because it doesn't get tired or lose focus.

He also said AI might not cause big job losses, but other AI leaders disagree.

Commonwealth Bank CEO Matt Comyn joined the conversation.

Matt Comyn said thanks for having him.

Sarah Ferguson asked what Matt Comyn wanted people to learn from Sam Altman's talk.

Matt Comyn said the event was about sharing experiences with AI and that Sam Altman talked about how companies are adopting AI slower than expected.

Sam Altman also discussed the uncertainty around AI, and Matt Comyn thinks it's essential to be prepared but not alarmed.

Sarah Ferguson mentioned that some AI leaders, like Dario Amodei, predict significant job losses due to AI.

Matt Comyn said Dario Amodei is sincere, but his predictions might be influenced by his need to raise funds.

Matt Comyn believes that while AI might bring economic growth, it's crucial to consider the potential negative impact on employment.

He thinks it's essential to prepare for the transition and help people develop new skills.

Sarah Ferguson asked how to decide which jobs should be done by humans and which by AI.

Matt Comyn said that while AI can perform tasks, human judgment and empathy are still crucial.

He gave an example of a regional banker visiting a client, which is a task that requires human connection.

Matt Comyn thinks people will still value human connection in the future.

He believes that humans should drive technology, not the other way around, and that skills like problem-solving and communication will be highly valued.

Sarah Ferguson asked about the safety of AI, given that AI leaders acknowledge they don't fully understand how AI models work.

Matt Comyn said that while AI models are not perfect, they can be designed with safeguards to minimize risks.

He emphasized the importance of human oversight and monitoring to ensure AI systems work correctly.

Matt Comyn thinks that the current AI systems used in banking are not a cause for concern, but it's essential to be aware of the potential risks.

Sarah Ferguson asked about the budget and the government's plan to reduce the capital gains tax discount.

Matt Comyn said that the government is trying to reduce the budget deficit and that the CGT changes are a step in the right direction.

He thinks that the government should consider taxing wealth more consistently and efficiently.

Matt Comyn believes that the current tax system favors labor over capital and that this imbalance should be addressed.

He suggested that the government should reconsider applying CGT to investments beyond housing.

Matt Comyn thinks that the government should focus on making the tax system fairer and more efficient.

He believes that the negative gearing changes are less controversial and that the government should focus on those first.

Sarah Ferguson thanked Matt Comyn for joining the conversation.

Matt Comyn said it was a pleasure to be there.

Commonwealth Bank CEO Matt Comyn talked about the impact of AI on the workplace.

He spoke with 7.30's Sarah Ferguson.

The conversation was about Australia and AI.

Practice Listening