NAB boss rings alarm on housing crisis

NAB chief executive Ross McEwan has warned Australia’s housing shortage could hamper economic growth and slow the inflow of migrants, calling it a “critical” issue in his final week at the helm of the country’s second-largest bank.

Migration added a record net annual increase of nearly 550,000 people to the country’s population in September 2023, following a period of low migration due to border closures during the COVID-19 pandemic. McEwan said fixing Australia’s housing shortage would help to support productivity growth, which has also been a key condition for the Reserve Bank to begin easing interest rates.

McEwan said it was important for banks to stay relevant to customers and remain strongly aligned with the purpose of banking: to help customers with their financial needs.

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