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NAB’s Chief Sees Australia as Growth Bet

National Australia Bank’s new business banking chief, Andrew Auerbach, believes Australia is better positioned for long-term growth than his native Canada, citing optimism, entrepreneurial momentum and comparatively strong economic fundamentals. Speaking less than six months into the role, Auerbach said Australia stands out as global diplomacy and trade settings continue to shift, as reported in The Australian.

Recruited last year by NAB chief executive Andrew Irvine, also a Canadian and former colleague at Bank of Montreal, Auerbach stepped into the role after Rachel Slade’s departure. Since relocating, he has settled in Melbourne and says the transition has been smooth. Australia, he notes, feels familiar: the business culture, banking system and customer mindset closely resemble Canada’s, but with a stronger sense of opportunity.

NAB joins Commonwealth Bank in major interest rate move ahead of key RBA decision: ‘Start getting prepared’

NAB has become the second Big Four bank to hike fixed interest rates ahead of the Reserve Bank of Australia’s (RBA) hotly anticipated February cash rate meeting. It joins Commonwealth Bank and Macquarie who hiked rates last week.

NAB has increased fixed home loan rates by up to 0.40 percentage points, to make its lowest rate 5.74 per cent for one year. It joins a total of 54 lenders who have increased at least one fixed rate since the last cash rate decision in December, where rates were kept on hold.

Both NAB and Commonwealth Bank are expecting the RBA to increase the cash rate from 3.60 to 3.85 per cent when it meets on February 2 and 3.

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