National Australia Bank to repay $169M to staff
By Brie CarterKey points
- National Australia Bank signed a binding agreement with the Fair Work Ombudsman to repay $169 million to nearly 66,000 underpaid staff.
- The bank will pay a $2 million penalty to the Commonwealth while its shares trade down at $38.58.
- The lender agreed to external payroll audits and new compliance oversight to fix systemic payment errors dating back over a decade.
National Australia Bank (ASX:NAB) agreed to pay $169 million in back pay to nearly 66,000 current and former employees.
The repayment follows more than a decade of underpayments across all Australian states and territories that the bank first self-reported in 2019.
The total remediation bill comprises $127 million in unpaid wages, $34 million in interest, and $8 million in superannuation, alongside a separate $2 million penalty paid to the Commonwealth.
National Australia Bank stated that the enforceable undertaking requires an independent audit of its new payroll platform and regular compliance reporting to its board.
Following the announcement, the National Australia Bank share price was down at $38.58.
National Australia Bank operates as one of Australia's four major retail and commercial banks, generating $6.1 billion in profit on $22 billion in revenue in its last financial year.
Earlier in 2026, the bank expanded its digital payments capabilities by acquiring account-to-account fintech firm Banked and launching its estateXchange platform.
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