NAB boss warns of challenging year ahead | The Business | ABC NEWS
NAB boss Andrew Irvine says things are getting tougher and 2027 will be a “challenging year for our customers.” He spoke to the ABC’s chief business correspondent, Ian Verrender after the bank released its full-year profit results, which slid 9 per cent to $6.14 billion.
Mr Irvine said NAB will “work hard to stay close to our customers and help them through what will be challenging times.” “We are yet to see the full impact of five cash rate rises, the latest one only happening a couple of days ago and that will, I think, pressure on cash flow for businesses and will pressure household budgets. Most of our customers are resilient and they’re getting by”, he said. The bank is seeing more small businesses falling into financial hardship because they are being impacted by rising input costs, which can’t be passed on to customers.
The banks is laying off 2,500 staff over the next year to simply the business. Mr Irvine denied the job cuts were due to AI. He said, “it was more what I would call old-fashioned or traditional business simplification, bringing teams together, merging teams together, increasing leaders’ spans of control. This set of redundancies had nothing really to do with AI at all.”
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Read more here: https://www.abc.net.au/news/2026-11-05/asx-markets-business-live-news-november-5-2026/107347286
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