In his first appearance before the House of Representatives Standing Committee on Economics, NAB Group CEO Andrew Irvine discussed the challenges of a two-speed economy in Australia.
“Customers in certain sectors... are doing well... [while others] are doing it much tougher,” Irvine said, highlighting the ongoing impact of high interest rates and inflationary pressures on different sectors and regions.
Irvine identified affordable housing as Australia’s “single biggest societal and policy challenge,” stressing the need for scalability and innovation in addressing the crisis.
He outlined NAB’s commitment to delivering $6 billion of support for affordable and specialist housing by 2029 but called for greater urgency and collaboration across sectors to meet the growing demand.
Addressing the rise of scams and fraud, which Irvine called “the plague of our times,” he shared that NAB’s proactive measures, such as removing links from text messages and expanding payment alerts, have led to a 24% reduction in customer losses between October 2023 and June 2024.
The NAB chief praised government efforts and stressed the need for a collective approach to make Australia “the hardest country in the world for criminals to steal our money.”
Irvine also focused on the challenges faced by small and medium businesses, who often struggle with complexity and time-consuming regulations.
He committed to advocating for policy changes that would simplify operations and boost productivity, noting that productivity, alongside housing availability, is key to driving living standards and economic growth.
Finally, Irvine addressed NAB’s role in supporting Australia’s transition to net zero, stressing the importance of balancing environmental goals with economic and social needs.
He acknowledged the challenges posed by rising energy costs and the role of gas in ensuring a reliable energy supply during the transition.
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