Overview
- The bank said the impact will lift FY2025 operating expenses by about 4.5%.
- People and culture chief Sarah White apologised to staff, said repayments have begun, and the bank has not disclosed how many employees are affected.
- NAB has engaged the Fair Work Ombudsman and the Finance Sector Union, whose president called the scale of underpayments “systemic wage theft” and is seeking guarantees in further meetings this month.
- The latest discrepancies involve job sharing, rostering, and wage and leave calculations identified during the rollout of new HR and payroll systems and a new enterprise agreement.
- The announcement extends a remediation effort that previously cost about A$250 million between 2020 and 2022 after underpayments were found dating back to 2012.