National Australia Bank Plans Up to 2,500 Job Cuts by 2027, With 1,500 Roles Going Before Year End

Australia's banks, including Macquarie, ANZ, Westpac, NAB, and CBA, raised variable mortgage rates by 0.25% following the RBA's cash rate hike to 4.85%. The increase, effective November 13, will raise monthly repayments by about $79 for a $500,000 loan. The RBA cited persistent inflation as the reason for the rate hike, which is expected to impact consumer spending.

National Australia Bank (NAB) plans to cut 2500 jobs (6% of workforce) by FY2027, with 1500 roles reduced by end-2026. The cuts focus on corporate functions, not customer-facing roles, and will reduce consultant and contractor use. CEO Andrew Irvine noted broader leadership responsibilities. NAB did not disclose financial details.

NAB plans to cut up to 2,500 jobs (6% of workforce) by FY27, with a $300M restructuring charge expected. The bank aims to streamline operations and invest in growth areas. CEO Andrew Irvine stated the changes will improve efficiency and customer service. NAB is in talks with the Finance Sector Union for support and transition programs. The cuts are part of a broader trend in Australia's banking sector.

Australia's Big Four banks (Commonwealth, Westpac, ANZ, NAB) raised variable home loan rates by 0.25% from October, following the RBA's cash rate hike to 4.60%. The RBA cited persistent inflation, now at 4.0% annually, for the increase. The banks hold over 70% of household mortgages in Australia.

Fitch revised the outlook on New Zealand's big four banks (ANZ NZ, BNZ, Westpac NZ, ASB) to positive, citing expected Reserve Bank capital rules that will allow issuance of loss-absorbing capacity (LAC) instruments to Australian parents. This is expected to bolster the banks' positions within their parent groups. ASB's AA- rating is higher due to its parent, Commonwealth Bank of Australia's, AA rating. The Reserve Bank plans to consult on LAC requirements next year, with implementation from late

National Australia Bank (ASX:NAB) reported Q3 2026 net income of A$1.8 billion, with net interest income of A$4.6 billion. The results provide insight into the bank's core lending profitability and growth prospects. Analysts have mixed views on its future earnings and risk profile, with some projecting A$8.2 billion in earnings by 2029, while others are more cautious.