Global Economic & Markets Research (GEMR) has prepared this report. GEMR is a business unit of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (Bank). References to the “Group” are to the Bank and its subsidiaries (including Commonwealth Securities Limited ABN 60 067 254 300 AFSL 238814, Commonwealth Australia Securities LLC and CBA Europe Ltd) and includes the directors, employees and representatives of the Bank and its subsidiaries.
This report is not investment research and nor does it purport to make any recommendations. Rather, this report is for informational purposes only and is not to be relied upon for any investment purposes.
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The data used in the ‘Commonwealth Bank Household Spending Intentions Index’ is a combination of the CBA Data and publicly available Google Trends™ data. Google Trends is a trademark of Google LLC.
Any reference made to the term ‘CBA data’ means the proprietary data of the Bank that is sourced from the Bank’s internal systems and may include, but is not limited to, credit card transaction data, merchant facility transaction data and applications for credit. The Bank takes reasonable steps to ensure that its proprietary data is accurate as at the time of compilation of this report.
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In the case of certain products, the Bank or one of its related bodies corporate is or may be the only market maker. Financial markets products have an element of risk. The level of risk varies depending on a product’s specific attributes and how it is used. The Bank will enter into transactions on the understanding that the customer has:
i. Made his/her own independent decision to enter into the transaction;
ii. Determined that the transaction is appropriate;
iii. Ensured he/she has the knowledge to evaluate and capacity to accept the terms, conditions and risks; and
iv. Is not relying on any communication (including this report) from the Bank as advice
Each GEMR Analyst primarily responsible for the content of this report, in whole or in part, confirms that with respect to each security or issuer that the GEMR Analyst covered in this report:
i.All of the views expressed accurately reflect his/her personal views about those securities or issuers; and
ii.No part of his/her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by that GEMR Analyst in the report.
Each GEMR Analyst responsible for the preparation of this report may interact with the Bank’s trading desk personnel, sales personnel and other constituents for the purpose of gathering, synthesizing, and interpreting market information to form an independent view. Each GEMR Analyst responsible for the preparation of this report may not hold, or trade in, securities that are the subject of this report or where they have offered a recommendation. Each GEMR Analyst must disclose, and receive approval, for all outside business interests from Compliance and the Head of GEMR prior to commencing the activity or within a week of joining the Group. The compensation of each GEMR Analyst involved in the preparation of this report is determined exclusively by GEMR management and senior Global Markets management (not including investment banking).
The Group may from time to time hold long or short positions in, and buy or sell, securities or derivatives that are referred to in this report. The Group may also engage in transactions in a manner that is inconsistent with the recommendations contained in this report. Directors or employees of the Group may serve or may have served as officers or directors of the subject company of this report.
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