FEAR & GREED | Business News Q+A: NAB boss Andrew Irvine: "We want to be the Toyota of banking"
Nov 6, 2025
Andrew Irvine, CEO of National Australia Bank, shares insights into NAB’s recent cash profit of $7.1 billion. He discusses the current outlook for interest rates, forecasting a potential cut by next May. Irvine highlights improving small-business confidence but notes ongoing energy cost concerns. He explains the complexities behind business lending impairments and reassures that the cost of living crisis may be easing. With a vision to become the 'Toyota of banking,' he emphasizes customer experience as a key competitive advantage.
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Outlook On Interest Rates
- NAB sees rate cuts already delivered as effective and expects rates to stay until about May next year.
- Andrew Irvine thinks one more cut is possible but not multiple cuts without continued disinflation.
SME And Household Resilience
- NAB's SME surveys show business confidence and conditions at three‑year highs and cashflow pressures easing.
- Most mortgage customers kept repayments unchanged, indicating many households are managing well.
Prioritise Reducing Red Tape
- Small businesses repeatedly ask for simpler regulation and less red tape to ease costs and operations.
- NAB highlights energy cost concerns and urges focus on policy and practical support for high energy users.