NAB CEO Andrew Irvine on how AI will transform work, and powering Australia’s economy

Mr Irvine said artificial intelligence was one of the most consequential innovations of our lifetime and would transform the way we live and work.

“Whenever you have capital moving into an industry, you will have winners and losers. We saw that in the 90s with the dot com crash. The internet changed the world, but we still saw a crash. AI will also change the world, but it will have challenges and its pathway won’t be linear,” Mr Irvine said.

“At NAB, AI has become an integral part of how we operate. We are upskilling our workforce and harnessing its potential. We’ve deployed advanced virtual assistants that have improved customer satisfaction, reduced wait times and freed up our teams to focus on more complex customer needs. Our software engineers and data scientists are using AI tools to write code faster and with greater accuracy.”

Looking ahead, Mr Irvine emphasised that AI would continue to drive efficiency and productivity gains, while reaffirming that technology will complement - not replace - the human relationships that remain central to banking.

“AI will continue to transform the way we work and how well and fast we do it, streamlining processes, enhancing productivity and supporting our people to deliver better outcomes. While technology will never replace the importance of human relationships in banking, we will continue to unlock the benefits of AI safely and responsibly.”

On energy, Mr Irvine stressed the need for faster approvals for energy projects and significant investment in renewable projects and infrastructure.

“High energy costs are hurting households and holding back manufacturing,” Mr Irvine said. 

“As a country, we need to do a much better job of getting energy to market, both renewable and natural gas, to help decarbonise the grid, get rid of coal and become the energy superpower we should be,” he said.

“We need huge investment into the grid, as well as faster and more approvals of renewable projects and gas projects. Project approvals are still too slow in this country.

“If we get the settings right, get more projects approved and more investment in the grid, Australia can be an energy superpower and still meet its net zero ambitions,” Mr Irvine said.