Young renters reducing spending amid cost of living crisis more than any other group: CBA boss

Commonwealth Bank head Matt Comyn said people who bought their first home during the pandemic had also reduced spending by around 30%

• Follow our Australia news live blog for the latest updates
• Get our morning and afternoon news emails, free app or daily news podcast

Renters are hitching their belts even tighter than mortgage holders as rising prices erode their savings capacity.

Commonwealth Bank data suggests those aged between 25 and 29, who are likely facing sharp rental increases, are pulling back on spending more than any other group.