NAB CEO Opening Statement to the House of Representatives Standing Committee on Economics

19.11.2025

NAB CEO Andrew Irvine's opening statement to House Economics Committee November 19, 2025 

Thank you, Chair and good afternoon. 

This committee continues to be an important opportunity to have a conversation about the role of banks and the broader economy.

I want to acknowledge the Ngunnawal People, traditional owners of the land on which we meet, and pay my respects to their Elders past and present. 

NAB’s ambition is to be the most customer-centric company in Australia and New Zealand. That means listening to our customers and understanding what they need to be their best. I’m proud to represent their views today.  

Australians have good reason to be more optimistic about the year ahead. 

Economic growth is gradually returning to trend growth levels and real GDP is forecast to improve to 2% over 2025 and 2.3% over 2026. Household incomes are benefitting from moderating inflation, and the cash rate cuts we saw in February, May and August this year. 

Some customers continue to feel the impact of cost-of-living pressures – and we are here to help them. But most of our mortgage customers have kept their repayments at higher levels so they can pay down their home loan faster. 

This is a good sign that they are managing their money well.  

We expect monetary policy to remain on hold at 3.6% for the foreseeable future. 

Businesses are also feeling more confident, and NAB’s recent quarterly business survey shows conditions have continued to improve through 2025 and are in positive territory for the first time since 2022. 

Key to Australia’s longer-term prospects is an economic and policy environment that encourages more dynamism, investment and entrepreneurship. 

Together, this will create an Australia that is more productive and globally competitive, which in turn will lead to better jobs, and higher living standards.  

However, after a century of progress, productivity has stalled. Intergenerational inequality is on the rise. 

Unless we turn this around, future generations may not surpass their parents’ living standards - a reversal of everything we’ve come to expect in this country. 

There are four key areas that can lift productivity, make us more competitive and get back to stronger economic growth. I certainly acknowledge the positive role banks like NAB can play in each of these. 

Firstly, the housing crisis is Australia’s biggest societal and policy challenge. A stable and secure home is crucial to well-being and to an equitable society.  

Yet no sector of our economy has suffered more from complex regulation, lengthy planning processes, fragmented coordination, labour challenges and declining productivity. 

NAB embraces the responsibility we have to support housing solutions. Recently we announced our Housing Affordability Financing Ambition of $60 billion by 2030. This target equally addresses supply and demand side levers. 

Secondly, as Australia’s biggest business bank we hear regularly from our customers about the need to move faster to reduce complexity and red tape. 

A recent NAB survey of small business owners found 37 per cent of small businesses identified government policies and regulation as one of their primary concerns.  

While there have been some recent positive interventions by governments to make things simpler, we can and need to do much more to unshackle businesses and let them focus on what they do best.

The third area I want to focus on is artificial intelligence, which is rapidly changing the way we live and work. 

It is my strong view that AI will be as transformational to us, as any of the previous industrial revolutions, offering profound change to what we do, and how fast and how well we do it. 

NAB cautions against broad and premature frameworks that may inhibit low-risk innovation using AI. NAB is focussed on providing our colleagues with the AI skills they need to be more productive and deliver better service to our customers.  

All Australians must have the opportunity to build these skills of the future. 

The final area is energy. Higher energy costs are holding back manufacturing growth and hurting households. 

NAB supports the Government’s focus on energy security including the accelerated rollout of renewables and the role of gas in providing firming capacity. 

At the same we maintain our commitment to achieve net zero by 2050 across our financed and facilitated emissions, and operations.  

NAB looks forward to working with governments, regulators, industry groups and our customers on each of these issues, so we can increase productivity and continue Australia’s track record of growth, prosperity and being a great place to live and work. 

Thank you for the opportunity to speak with you today. 

Peter and I look forward to your questions.

Government