ANZ’s boss Nuno Matos has warned Australia's drive to hit net zero by 2050 could result in a scenario where “the medicine could kill the patient”.

Heated debate has ensued over energy and climate policy after the Coalition dumped its net zero by 2050 target.

Following the landmark decision, the ANZ boss was questioned about Labor’s targets during an appearance at the House of Representatives’ economics committee.

Liberal MP Simon Kennedy asked Mr Matos whether pushing to achieve net zero by 2050 at any cost could increase the price of energy.

“The medicine could kill the patient,” Mr Matos said.

“The transition has to be balanced. That’s what I’ll say. How balanced (and at) which pace (is) not for us to decide.”

Mr Kennedy pointed to an array of major manufacturers on the brink of co

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