CEO Opening statement – House Economics Committee November 2026

13 November 2026
Company Announcements

Thank you Chair and Committee members for the opportunity to appear today. These are important conversations.
I will focus my opening remarks on three areas:

• the pressures facing our customers and country;
  
• how NAB is responding, including recent workforce changes;
  
• and Australia’s outlook and the need to lift productivity.
  

If I start with the economy.
Australians have shown resilience in a slowing macro environment, amid higher inflation and interest rates, rising living costs - including liquid fuels - and heightened global uncertainty.

Significant taxation changes announced in the May federal budget have required adjustment, including in the housing market.

Many of our customers are managing, but others are finding it tougher. Families are watching household budgets closely, while businesses are absorbing higher input costs.

Business confidence is now at -15, after its fourth consecutive decline in our monthly surveys. This is 20 points below the long-run average.

Consumer confidence is also weak.
At NAB we see these conditions through the experiences of our customers every day. Our job is to support them, and my job as CEO of NAB is to ensure the bank is match fit to continue to do that – today and for the long term.

That economic backdrop makes it even more critical that NAB operates efficiently.

To support that, we recently announced a reduction of up to 2,500 roles at NAB by September 2027, including up to 1,500 roles by the end of the calendar year.

These were incredibly difficult decisions – and as CEO I take full responsibility for them. I know the impact workforce reductions have on individuals, on families and on communities.

Our approach is always guided by a simple principle: that every colleague deserves to be treated with care, with dignity and with respect.

This means explaining what is changing and why, keeping colleagues informed and providing support. It also means recognising their contribution to our bank and to our customers.

However, these changes will better position NAB to respond to customer expectations, rising competition and rapid technological change, as well as help us navigate a softening economy.

We need to operate more simply, quickly and effectively - reducing duplication, speeding up decisions and directing investment to what matters most to our customers.

I repeat that there will be no material impact on customer-facing banking roles.

Indeed, I want to keep investing in and growing our customer-facing banking teams over time.

More bankers helping small businesses grow, supporting Australians into homes and contributing to the broader economy.

I do remain optimistic about Australia’s long-term outlook, while recognising the challenges ahead in the short to medium term.

NAB is having to navigate these challenges like all businesses, and we will innovate and change to remain as relevant to our customers as possible.

This will include adapting to rapid technological change such as Artificial Intelligence, which will be as consequential to how we live and work as any previous industrial revolution.

When used responsibly, AI improves customer and colleague experiences, increases productivity and helps colleagues spend more time serving customers.

While NAB's recent workforce changes were not driven by AI, we must acknowledge the reality that artificial intelligence will ultimately have significant implications for the future workforce in banking and in many other industries.

Our responsibility as business and political leaders is to prepare people for that transition, invest in new skills and ensure the benefits of technological progress are broadly shared.

This is one of the defining conversations Australia must have.
Even more important today is the broader issue of productivity.
At my last appearance, we discussed the urgent need to lift productivity. Twelve months on, we haven’t moved fast or far enough as a country.

Government and business leaders share responsibility for that.
We will remain in the slow lane unless we accept the size of the challenge and are prepared to pursue and endorse meaningful reform.

Higher productivity is essential to lifting living standards, supporting sustainable growth and preserving opportunities for future generations.

This means increasing housing supply, it means delivering more affordable and reliable energy and it means unleashing the private sector by making it easier for businesses to invest, to grow and to create jobs.

Lifting productivity must be the number one priority for all levels of government, regulators and businesses, including NAB.

Finally, I would like to acknowledge the Enforceable Undertaking NAB has this week agreed with the Fair Work Ombudsman.

Paying our people correctly is non-negotiable. We are deeply sorry and have apologised to our colleagues that this has happened.
More than 95% of the money has now been paid and we are working as fast as possible to complete this work.

We have also made changes to stop this happening again - including a significant investment in a new payroll platform - and there have been consequences for those responsible.

Thank you. Peter and I look forward to your questions.