ANZ chief executive Nuno Matos told a parliamentary inquiry in Canberra on 12 November 2026 that the combination of intense global competition for capital, government expenditure, stubborn inflation and rising interest rates amounts to a "dangerous situation" for the world. He attributed the race for capital to the AI and data centre build-out, saying equity markets at record highs alongside record-high interest rates was a curious global situation.

Matos said he did not expect Australia to enter recession and anticipated the economy would slow noticeably without contracting, echoing recent comments by Reserve Bank governor Michele Bullock. He said a negative global shock linked to the AI build-out was possible, adding that he did not expect an "AI blip" but that it was not impossible.

Asked by Liberal MP Simon Kennedy whether government spending was adding to inflation, Matos said less spending, public or private, would ease price pressures, and that governments should reflect on how they compete for capital. He also warned AI has a "dark side" and said he could not say whether it would have a net positive, negative or neutral effect on jobs. He defended ANZ's full-year cash profit of $7.59 billion, up 31 per cent on a reported basis and 10 per cent in real terms.