NAB CEO Andrew Thorburn responds to the major bank tax in the Federal Budget 2017:

“The major bank tax will impact millions of everyday Australians who are employees, customers or shareholders of banks.

“It is not just a tax on a bank. It is a tax on every Australian who benefits from, and is part of, our industry.

“These people include:

• The 10 million NAB customers – depositors and borrowers
• The 570,000 direct NAB shareholders – retirees, and mums and dads who are building their nest egg for the future – as well as the millions of Australians who own shares in NAB through their superannuation
• The more than 1,700 suppliers to NAB, and
• The 34,000 people who work at NAB and serve our customers.

“A tax cannot be absorbed. This tax is borne by these people.  It is not possible to impose a tax without an impact on people, and therefore the wider community.

“While we wait for further information about how this tax is proposed to work, our focus at NAB remains on supporting our customers during what is a critical time in the Australian economy.”