NAB Economics' forecasts are largely unchanged, expecting a gradual moderation in inflation and unemployment to drift higher alongside a period of below trend growth.
NAB Business Summit: Australia must move faster on productivity, CEO says - NAB
24 August 2026
Economy and Markets Business Banking
Key points
- NAB CEO Andrew Irvine says lifting productivity should be Australia's top economic priority.
- Artificial intelligence can help drive productivity, innovation and business growth.
- Australia has strong foundations but needs greater urgency on reform, investment and competitiveness.
NAB Group CEO Andrew Irvine has called on businesses and policymakers to make productivity the nation’s top priority, saying Australia has the foundations to thrive but urgent action is needed to reach its full potential.
Despite ongoing economic uncertainty and global disruption, there’s great opportunity to drive growth by embracing the right productivity reform and harnessing the potential of artificial intelligence (AI).
NAB CEO Andrew Irvine opens the 2026 NAB Business Summit
Speaking at the 2026 NAB Business Summit, Mr Irvine told business leaders, entrepreneurs and founders that geopolitical tensions, inflation, housing affordability pressures and weak productivity growth continued to weigh on business confidence, but there is still cause for optimism.
“Confidence remains subdued, but we're seeing businesses focus on what they can control. That is, their customers, their people and the investments that will make them stronger over time,” Mr Irvine said.
A key focus of Mr Irvine’s address was the need to lift productivity and unlock Australia’s next phase of economic growth, with AI part of the solution.
“Without urgent action, we’ll be locked in a slow lane - sitting in the rear-view mirror of other advanced economies surging ahead,” he said.
"Is Australia prepared to do what it takes to realise our nation's ambition?
“At its best, AI will expand human capability by compressing complexity and scaling outcomes at unimaginable speed.
But AI will not be a silver bullet. It's an amplifier. In strong organisations with good cultures, processes and governance, it will accelerate productivity, trust and innovation. It will be a source of competitive advantage.
Mr Irvine said businesses that failed to adapt to AI risked being left behind.
He acknowledged that jobs would evolve as AI adoption increased but said human qualities such as judgement, empathy, the ability to connect , communicate and build trust would become even more valuable.
Looking ahead, Mr Irvine said Australia had “all the ingredients needed to succeed” and reaffirmed NAB’s commitment to supporting businesses through change and growth.
“Our challenge isn’t a lack of potential, it’s a lack of ambition, a lack of urgency and a lack of action,” he said.
“We must make it easier for businesses to invest, to grow and to create jobs.
“Because when business succeeds, Australia succeeds.”
Read NAB CEO Andrew Irvine's opening speech to the NAB Business Summit. (PDF, 268KB)
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