Commonwealth Bank of Australia chief executive Matt Comyn warned Australians are taking on too much mortgage debt and should prepare themselves for no interest rate cuts over the next 12 months.

The head of Australia’s biggest bank also urged politicians to protect Australian sovereignty and push back against US technology giants competing in banking, media and internet services.

Mr Comyn told a parliamentary committee his bank’s home loan credit growth was around 6 per cent or slightly more for investors over the most recent quarter, reflecting record prices in October, a rate of borrowing so greater it could threaten the economy.

“Obviously we benefit as an institution where housing credit is higher, but for long-term financial stability, for equality and access to the housing market.

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