Most Populous Australian States Struggling Compared to Smaller Regions: CEO

NAB’s CEO says WA, QLD, and NT see strong growth, but an economic divide persists.

A NAB bank branch signage is seen in Melbourne, Australia, on Oct. 30, 2023. Susan Mortimer/The Epoch Times

Australia’s economy is showing signs of a two-speed recovery, with Victoria and New South Wales facing more significant pressures than the other states, according to National Australia Bank (NAB) Group CEO Andrew Irvine.

Irvine noted that residents in Australia’s two most populous states were forced to make tough financial decisions, struggling with higher living costs, and economic challenges, he told the House Standing Committee on Economics on Aug. 30.