NAB backs down on redundancies before Christmas, delays to 2027

Following pressure from the Finance Sector Union (FSU), NAB has reportedly backed down on their forced redundancies planned by the end of year. However, this doesn’t mean the job cuts are off the cards.

Late last month, NAB announced that it would be axing 2,500 jobs total before the end of the 2026–27 fiscal year, with 1,500 to be removed before the end of the 2026 calendar year.

According to NAB CEO Andrew Irvine, the cuts are part of the bank’s initiative to make outcomes more efficient and to improve productivity.

“We will improve productivity, risk outcomes and execution to be a simpler and more efficient bank,” he said.

The move was immediately criticised by the FSU, which pointed out that for 1,500 families, this meant a tough festive season.

“NAB staff have suffered a year from hell after previous cuts and were no doubt looking forward to a break from the doom and gloom over Christmas,” said FSU national assistant secretary Nicole McPherson.

“Instead, their holiday cheer has been replaced with uncertainty over their futures.”

Now, the FSU has reported that Irvine has said that no workers will be forced out of their positions before Christmas, but that instead involuntary terminations will be delayed until January 27, 2027, while the consultation period on the cuts has been extended to November 11, 2026.

Those that are leaving voluntarily are still able to do so on December 2. Additionally, those made involuntarily redundant will be granted gardening leave from December 16, 2026 to the date of termination on January 27, allowing them an opportunity to gain new employment and retrain skills.

In addition, the FSU says it has secured a more detailed update on the changes from NAB by November 6, including on staffing levels and the impact on workloads.

“The FSU and NAB will meet regularly to address work health and safety (WHS) concerns and the impact of further job cuts. That includes the additional 1,000 roles NAB has earmarked for reduction in 2027,” the union said.

The FSU celebrated the decision by the bank, which it said was much more considerate on NAB staff.

“These commitments give workers and their families more certainty over Christmas. They also give everyone more time to take part in genuine consultation and better opportunities to explore alternatives to redundancy. None of this would have happened without NAB workers standing together.”

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