A reminder that hiking interest rates is a wealth transfer from workers to the banks.

As AAP reports:

The Commonwealth Bank has hiked its dividend after delivering a $5.1 billion first half cash net profit, up two per cent from a year ago, against a weaker economic backdrop.

Australia’s largest bank will pay shareholders a dividend of $2.25 per share, fully franked, up five per cent from a year ago.

CBA’s net interest margin, a key gauge of profitability, was broadly stable at 2.08 per cent, up two basis points from a year ago.