Cost-of-living stress hits a 12-year high as households switch, cut back and reshape spending.
Productivity, fuel security and affordable energy key to Australia’s future: NAB CEO - NAB
Photo credit: Zenon Fahda
9 September 2026
Economy and Markets
Key points
NAB Group CEO Andrew Irvine spoke at the ACAPMA Conference in Melbourne on how Australia must lift productivity to secure future growth.
Irvine said security is economic security and underpins national resilience.
- He concluded that affordable energy will be critical to Australia's future prosperity.
Speaking at the Australasian Convenience and Petroleum Marketers Association's (ACAPMA) 50th anniversary conference, NAB Group CEO Andrew Irvine said Australia has significant strengths but faces growing economic pressure, and that productivity, fuel security and affordable energy will be critical to the nation's future prosperity, competitiveness and resilience.
Australia faces a productivity challenge
Mr Irvine said Australia was confronting a new economic reality shaped by geopolitical uncertainty, higher costs and weak productivity growth.
He pointed to ongoing global tensions, cost pressures and subdued business confidence as challenges facing many businesses across the country.
While he remains optimistic about Australia's long-term prospects, Mr Irvine warned the nation risked falling behind other advanced economies without action to lift productivity and support investment.
Photo credit: Zenon Fahda
"The risk now is that we are stuck in a low-productivity, low-growth trap," Mr Irvine said.
He said Australia had significant strengths, including abundant natural resources, strong institutions, talented people and opportunities across energy, agriculture, infrastructure, technology and housing. However, unlocking those opportunities would require action to lift productivity and support investment.
"Ultimately, we all have the same goal. That is to raise living standards and create a stronger economy for all Australians," he said.
Fuel security is economic security
Mr Irvine said secure and reliable access to fuel remains fundamental to Australia's economic performance, particularly given the country's reliance on diesel across industries such as mining, agriculture and freight.
He noted recent and continuing geopolitical events and disruption to global fuel markets had reinforced the importance of strengthening Australia's fuel resilience.
"Fundamentally, fuel security is economic security," Mr Irvine said.
Mr Irvine also acknowledged ACAPMA's advocacy on fuel security.
He said strengthening Australia's ability to withstand future shocks would be important as geopolitical instability and severe weather events continue to create uncertainty.
Mr Irvine pointed to NAB customer Redland Bay BP in Queensland following Tropical Cyclone Alfred last year, as an example of how fuel retailers support communities during times of crisis, with the service station becoming a critical hub for fuel and supplies during the recovery effort.
Affordable energy will support future growth
Turning to Australia's energy future, Mr Irvine said affordable energy would be essential to improving productivity and supporting future economic growth.
He said Australia has the resources and capability to become an energy superpower, but more investment, infrastructure and supply would be required to ensure energy remains reliable and affordable.
" We need to do a much better job of bringing energy to market, including renewables and natural gas, as well as other liquid fuels," Mr Irvine said.
Photo credit: Zenon Fahda
"This requires more of everything. More investment, more infrastructure, more gas and more renewables – together with stable policy settings to ensure Australia has a global advantage cost of energy in order to ensure we can drive our nation’s prosperity.
Mr Irvine also noted that since the March fuel crisis, Australia has seen accelerated consumer interest in hybrid and electric vehicles as households and businesses look to manage transport costs and energy use.
"Your industry has an important role to play in the electrification of private and light vehicles. Particularly for urban travel I think low-cost electric options will be a game changer for many, many Australian families.
"Now at the same time, I think it’s important to be realistic. While new technologies will continue to grow, long-term demand for petrol, diesel and other liquid fuels will remain critical for Australia for many years, and likely decades to come.
"Heavy transport, agriculture, mining and regional industries cannot simply switch overnight. So getting this balance right for our country, will be a critical issue for our country to address in the years to come.
"Australia's future prosperity depends on it," Mr Irvine said.
Mr Irvine said renewables, natural gas and liquid fuels would all continue to play a role in meeting Australia's future energy mix, while industries such as heavy transport, agriculture and mining would continue to rely on liquid fuels for years to come.
Supporting Australian businesses
Mr Irvine said NAB remained focused on helping customers manage a challenging operating environment.
He noted the bank had contacted almost 200,000 business customers this year, particularly those most exposed to higher fuel and transport costs arising from global disruption.
"NAB is Australia's business bank and let me be very clear, we are open for business," he said.
Concluding his remarks, Mr Irvine said he remains optimistic about Australia's future despite current economic challenges.
Photo credit: Zenon Fahda
"Australia has all the ingredients to be one of the best places to live and work," he said.
"But we do need to make the right choices about productivity, investment, fuel security and energy affordability to realise Australia's future prosperity."
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