NAB backs in Australian economy despite cost-of-living pressures

National Australia Bank has expressed optimism in the national economy, despite cost-of-living pressures weighing on many customers.

“Despite headwinds internationally and domestically, Australia’s economy is in reasonable shape and we are optimistic about the long-term outlook,” new NAB chief executive Andrew Irvine told the bank’s annual general meeting in Melbourne.

“Business conditions are favourable and the job market is resilient, positioning us well compared with global peer economies.”

Mr Irvine, who took over from Ross McEwan in April, on Wednesday said “restrictive” interest rates were pulling inflation back to within the Reserve Bank’s target range, supporting NAB’s expectation of rate cuts in the first half of 2025.

“In the meantime, we do recognise that many customers are finding the high cost of living challenging,” he said.

“Our message is clear – please call us and call us early.”

More to come.