National Australia Bank boss Andrew Irvine has urged governments to green-light gas and renewable projects more quickly to help address the high energy costs that are weighing on businesses and households and holding back the economy.

The chief executive of the country’s biggest business bank made the remarks as its full-year results showed NAB was fighting growing competition in business banking, as rivals pile into the lucrative market segment amid a squeeze on retail banking profits.

Irvine on Thursday said the Australian economy is expanding “about as fast as we can grow” without stepping up inflation, and reforms to address rising energy bills and the housing crisis, and reduce red tape, were needed to allow it to grow faster.

NAB bank chief executive Andrew Irvine. Credit: Lou

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