<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The living standards of Australians in 2026 are "as good as it gets" unless the country can improve productivity, the boss of one of the nation's biggest banks has warned.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Speaking to the </span><a href="https://www.afr.com/chanticleer/nab-boss-warns-this-could-be-peak-australia-20260218-p5o3fd"><em><span>Australian Financial Review's</span></em><span> Chanticleer column</span></a><span>, NAB chief executive Andrew Irvine said the </span><a href="https://www.9news.com.au/reserve-bank-australia" rel="" target="" title="Reserve Bank"><span>Reserve Bank</span></a><span> had no choice but to </span><a href="https://www.9news.com.au/finance/rba-interest-rates-live-updates-february-2026-decision-latest-news-headlines/cec87747-a086-4fb9-aab2-29f5790794d1" rel="" target="" title="raise interest rates earlier this month"><span>raise interest rates earlier this month</span></a><span>, because a lack of productivity growth has put the handbrake on the national economy.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The fact is, without productivity, Australia simply can't grow any faster than it is today," he told the publication.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>EXPLAINED:</span></strong><span> </span><a href="https://www.9news.com.au/finance/productivity-australia-what-is-it-why-its-important-goverment-roundtable-tax-explained/70c962e5-90da-4fed-9888-661ff0318a38" rel="" target="" title="What is productivity and how does it affect you?"><strong><span>What is productivity and how does it affect you?</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"So how we're living now in 2026 is, frankly, as good as it gets, unless we lift productivity. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This is peak Australia."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/finance/productivity-australia-what-is-it-why-its-important-goverment-roundtable-tax-explained/70c962e5-90da-4fed-9888-661ff0318a38"><span>nation's lagging productivity growth</span></a><span> – an issue faced by most developed economies with the exception of the United States – has been highlighted as a key concern by scores of economists.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/finance/nab-ceo-andrew-irvine-australia-living-standards-warning-productivity/4f086ceb-a196-48e2-afd3-8a38a6f93e14" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Last year, federal </span><a href="https://www.9news.com.au/jim-chalmers" rel="" target="" title="Treasurer Jim Chalmers"><span>Treasurer Jim Chalmers</span></a><span> held a three-day roundtable to canvas ideas to address the issue, and </span><a href="https://www.9news.com.au/national/jim-chalmers-productivity-roundtable-road-user-charge-tax-reform/19becdd0-fff0-4603-b7dc-92115e2d9cc4"><span>came out of the summit highlighting eight priority areas</span></a><span>, including a widely supported road-user tax, where action would be taken quickly.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/jim-chalmers-man-arrested-death-threats-federal-treasurer/846bcf59-0094-40e9-8b9d-92c59869a538"><strong><span>Man charged over alleged death threats to Treasurer Jim Chalmers</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The government also appears to be gearing up to hand down a significant, reform-filled federal budget, which </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-australia-speculation-overhaul-federal-budget-2026/1fcd9f5b-370a-4045-a4c3-c00c4dbec466"><span>may include changes to the contentious capital gains tax discount for property investors</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Chalmers has said the May 12 budget will include both productivity and savings measures.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Economic thinktank the e61 Institute today added its voice to the chorus calling for reform, releasing a new report which stated the tax system can't support current spending levels, and must be improved.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"There is no imminent debt crisis, but with renewed pressures ahead – like an ageing population and slow productivity growth – Australia's fiscal options are narrowing," chief executive Michael Brennan said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>COST OF LIVING:</span></strong><span> </span><a href="https://www.9news.com.au/national/the-super-mistake-which-could-cost-young-aussies-128000/d66a4595-f0a7-4076-8f7a-1a04f06af272"><strong><span>The super mistake which could cost young Aussies $128,000</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"With the tax system as it currently stands, we will be asking workers to pay a larger share of their income to fund a fiscal gap that has been building for two decades – and that's before any new spending commitments are added to the ledger," he added.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Without tax reform, spending restraint will be needed to avoid burdening future generations with a fragile, inequitable and inefficient Australian economy."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In his comments to the </span><em><span>AFR</span></em><span>, Irvine said the upcoming budget was crucial, pinpointing housing and construction, energy prices, and private spending as particular areas to focus on.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>FINANCE:</span></strong><span> </span><a href="https://www.9news.com.au/finance/australian-dollar-why-is-it-higher-what-happens-next-impact-economy-inflation-explained/26f64631-31ed-47ec-a0e7-ecfb4ee49859"><strong><span>Surprise benefit households get from stronger Aussie dollar</span></strong></a><strong><span></span></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The May budget is key, and the treasurer has indicated that we should have high expectations for that budget from a productivity perspective," he said. </span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We're looking forward to hearing what he has to say."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Irvine's remarks were delivered on the same day NAB posted its first-quarter profit for the 2025-26 financial year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Net profit was up 30 per cent year-on-year to $2.2 billion, which was welcomed by investors; the bank's share price rose some 4 per cent yesterday following the results announcement to reach a record high just north of $47.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><strong><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></strong></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a 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