NAB CEO Reflects On Federal Budget

National Australia Bank

Following the May 2024 Federal Budget NAB Group CEO Andrew Irvine said:

“Delivering targeted measures to support Australians to manage cost of living pressures and help businesses grow is crucial. At the same time it is important stubborn inflation is curbed as it continues to hurt every household and business.

“Small business owners are the lifeblood of Australia’s economy. Investment that helps them grow such as the extension of the instant asset write-off scheme for small businesses is welcome.

“Housing is one of Australia’s biggest issues, and one of our biggest opportunities. Measures that address the urgent need to increase housing supply, like build-to-rent, will help ease this crisis. There is no simple fix but it’s pleasing to see positive steps.

“Scams and fraud are devastating many Australians every day. We acknowledge the contribution to fight this crime wave with more coordinated effort across Government, the finance sector, telecommunications and businesses.

“We welcome support that will help businesses transition to net zero and the investment in emerging industries, energy, resources and minerals capability in Australia and job creation in key regions.

“While growing the economy is proving challenging and some Australians need extra support, we remain optimistic about the outlook ahead.”


· NAB is the largest financier of scalable build-to-rent projects in Australia, backing customers like Hacer and Local: Residential who are supporting access to more affordable housing.

· Recent NAB data found more than a third of Australians are planning to save the extra money from the upcoming stage 3 tax cuts into high interest savings accounts.

· NAB is the #1 Australian bank for global renewables transactions with renewables representing 77% our total lending to energy generation.

· NAB has prevented and recovered more than $260 million in scam losses for customers since September 2021.

· NAB is Australia’s biggest business bank, lending more money to help small businesses grow than any other bank in the country.

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