Media Release
Wednesday, 28 October 2009
NAB’s underlying strength lets it end off-shoring, invest in Australia
National Australia Bank today reported cash earnings of $3.8 billion—down only slightly
despite the global financial crisis—and an underlying profit increase of almost 15 per cent.
The Finance Sector Union said the results show the ongoing strength of Australia’s banks,
despite one-off charges like a New Zealand tax case dragging overall results down.
“NAB’s continued strength and profitability allows it to invest in Australian jobs and training,
and change course on unpopular off-shoring measures,” said Leon Carter, the FSU’s National
Secretary.
“Revenue is up, underlying profit is up and as NAB moves to expand its customer banking
presence, investing in Australian jobs will help expand market share,” he said.
This week, a poll jointly commissioned by the FSU and Senator Nick Xenophon showed
overwhelming concern with continued off-shoring of jobs. Ninety-one per cent of
Australians said they would choose a bank that didn’t send jobs and data offshore over
banks that did.
“We urge NAB to listen to Australians, and use its continued strength to invest here,” Mr
Carter said.
“Today’s results clearly point to a strong, profitable bank. NAB workers look forward to
helping it grow, by delivering Australian service to Australian customers here at home,” he
said.
ENDS
Media: Leanne Shingles, 0423.821.773
Spokesperson: Leon Carter, 0409.946.597
NEWS 
