Compensation InsightHow NAB Pays
Career levels, compensation by role, Variable Reward structure, Enterprise Agreement, executive pay, and global operations in India and Vietnam.
At a Glance
Career Level Hierarchy
NAB uses a structured career framework (~41,880 FTE, FY2025). The Enterprise Agreement covers Groups 1–6; pay-rise rules vary by fixed-remuneration band and eligibility. The 17.5% cumulative rise (2023–2026) applies to EA-covered staff.
Executive Leadership (above L8)
Enterprise Agreement Groupings
Under NAB's Enterprise Agreement, roles are classified into Group 1 through Group 6, with Group 1 being the most junior and Group 6 being the most senior non-executive roles. Guaranteed annual pay rises (17.5% cumulative over 2023–2026: 5% + 5% + 4% + 3.5%) apply to EA-covered staff. Eligibility and pay-rise rules vary by fixed-remuneration band.
Compensation by Level
Total compensation breakdown for Melbourne, Australia. All values in AUD.
| Level | Title | Base (Range) | Variable % | Total Comp (Range) | Equity |
|---|---|---|---|---|---|
| L1 | Graduate / Entry 0–2 yrs | A$69K – A$74K | 0% | A$69K – A$88K | None |
| L2 | Associate / Analyst 1–4 yrs | A$80K – A$98K | 5% | A$83K – A$115K | None |
| L3 | Senior Associate / Specialist 3–7 yrs | A$100K – A$130K | 8% | A$110K – A$145K | Employee Share Plan |
| L4 | Manager 5–10 yrs | A$130K – A$165K | 15% | A$145K – A$200K | Employee Share Plan |
| L5 | Senior Manager 8–14 yrs | A$165K – A$200K | 20% | A$195K – A$265K | VR deferral |
| L6 | Associate Director 10–18 yrs | A$175K – A$215K | 25% | A$225K – A$310K | Significant VR deferral |
| L7 | Director 14–22 yrs | A$225K – A$270K | 30% | A$290K – A$375K | Major VR deferral (60%) |
| L8 | Executive (ED / GM) 18+ yrs | A$300K – A$450K | 40% | A$430K – A$650K | Performance rights + deferred |
Source: Glassdoor, PayScale, Levels.fyi, NAB Annual Report FY2024, NAB Enterprise Agreement. Australian values include superannuation (12% from 1 July 2025).
Total Compensation Range by Level
Salary by Career Stream — Australia
Breakdown by role across NAB's key business areas. All figures in AUD per year. Average includes base salary; '+' indicates typical additional pay (bonus/variable).
Personal Banking
| Role | Average | Range | P90 |
|---|---|---|---|
| Customer Advisor | A$52,500 | A$48K–A$58K | — |
| Personal Banker | A$62,500 | A$56K–A$70K | A$82K |
| Personal Banker (Sydney) | A$66,900 | A$60K–A$75K | — |
| Premier Banker | A$110,500 | A$101K–A$126K | A$154K |
| Relationship Banker | A$107,600 | A$90K–A$125K | — |
| Branch Manager | A$95,000 | A$86K–A$104K | — |
Business Banking
| Role | Average | Range | P90 |
|---|---|---|---|
| Small Business Banker | A$102,500 | A$95K–A$110K | — |
| Business Banker | A$111,000 | A$97K–A$123K | A$160K |
| Business Banking Manager | A$125,000 +A$13K | A$114K–A$140K | A$153K |
| Senior Business Banking Mgr | A$172,000 +A$30K | A$149K–A$186K | A$202K |
Private Wealth / JBWere
| Role | Average | Range | P90 |
|---|---|---|---|
| Private Banker | A$159,500 | A$127K–A$199K | A$247K |
| Private Client Manager | A$165,000 | A$150K–A$180K | — |
| Financial Advisor (JBWere) | A$115,000 | A$90K–A$165K | A$268K |
| Wealth Management Advisor | A$116,500 | A$108K–A$125K | — |
Technology
| Role | Average | Range | P90 |
|---|---|---|---|
| Junior Software Engineer | A$79,000 | A$73K–A$89K | — |
| Software Engineer | A$103,000 | A$79K–A$177K | — |
| Senior Software Engineer | A$148,000 | A$120K–A$177K | — |
| Lead Software Engineer | A$177,000 | A$165K–A$194K | — |
| Data Engineer | A$147,000 | A$137K–A$241K | — |
| Solution Architect | A$195,000 | A$175K–A$217K | — |
| Senior Business Analyst | A$141,000 | A$120K–A$215K | — |
| DevOps Engineer | A$102,000 | A$90K–A$173K | — |
People & Culture (HR)
| Role | Average | Range | P90 |
|---|---|---|---|
| HR Advisor / Officer | A$59,200 | A$50K–A$70K | — |
| HR Business Partner | A$130,000 | A$107K–A$160K | — |
| HR Manager | A$135,000 | A$123K–A$155K | — |
| Head of HR | A$226,600 | A$194K–A$258K | — |
Leadership (Cross-Function)
| Role | Average | Range | P90 |
|---|---|---|---|
| Senior Manager | A$180,000 | A$165K–A$251K | — |
| Associate Director | A$185,000 | A$160K–A$310K | — |
| Director | A$305,000 | A$235K–A$375K | — |
| General Manager | A$350,000 | A$300K–A$550K | — |
| Exec. General Manager | A$547,000 | A$500K–A$760K+ | — |
Source: Glassdoor, PayScale, Levels.fyi, Indeed, NAB Annual Report FY2024. P90 = 90th percentile where available.
Global Innovation Centres — India & Vietnam
NAB operates offshore technology hubs in Gurugram (India) and Ho Chi Minh City (Vietnam), supporting digital transformation and cloud migration.
India — Gurugram (NAB Innovation Centre)
Vietnam — Ho Chi Minh City (expanding to Hanoi)
| Role | Monthly | Annual |
|---|---|---|
| Junior Software Engineer | ₫28M | ₫335M+ |
| Software Engineer (median) | ₫51M | ₫611M |
| Senior Software Engineer | ₫60–120M | ₫720M–₫1.4B |
| Software Engineer (max) | ₫92M | ₫1.1B |
| Backend Engineer | ₫17–73M | ₫205M–₫876M |
Vietnam Market Context
- Certified Great Place to Work; Fortune 100 Best in SE Asia
- Comp & benefits rating: 4.2/5 (well above company avg)
- NAB pays significantly above Vietnam market rates
- Entry-level IT in Vietnam: typically ₫15–20M/month
Source: Glassdoor, Levels.fyi, PayScale, 6figr, NodeFlair, ITviec. India figures in INR (annual). Vietnam figures in VND.
Variable Reward & Bonus Payout History
NAB's Group Performance Indicator (GPI) determines the company-level VR funding. Individual outcomes depend on GPI × IPM × Target VR.
5-Year GPI Outcome (% of Target)
Variable Pay % by Level
CEO STI History (% of Maximum)
| Year | CEO | STI Outcome | Note |
|---|---|---|---|
| FY2019 | Andrew Thorburn | 0% | Royal Commission aftermath |
| FY2020 | Ross McEwan | 0% | COVID-19; 20% FR cut |
| FY2021 | Ross McEwan | 81% | STI reinstated |
| FY2022 | Ross McEwan | ~75% | Solid performance |
| FY2023 | Ross McEwan | ~80% | Record cash earnings |
| FY2024 | Andrew Irvine | Partial year | A$5.0M total (from Apr 2024) |
Equity & Variable Reward Structure
NAB introduced a Single Variable Reward in 2018, replacing STI + LTI. The current framework (FY2024+) is described as Annual Variable Reward + Long-term Incentive, with APRA CPS 511 tiered deferral.
Active Plans
Executive VR Split (40/60)
VR Target by Level
| Level | VR Target (% of FR) | Deferral | Instrument |
|---|---|---|---|
| L1–L3 | 0–8% | None | Cash only |
| L4–L5 | 15–20% | Partial | Cash + short deferral |
| L6–L7 | 25–30% | 40/60 split | Cash + NAB shares (4yr) |
| L8 | 35–40% | 40/60 split | Cash + NAB shares + performance rights |
| EGM | 50–75% | 40/60 split | Cash + NAB shares + performance rights |
| Group Exec | 75% (max 100%) | 40/60 split | Performance rights + deferred shares |
| CEO | 75% STI + 140% LTI | 40/60 split | Performance rights + deferred shares |
VR Formula
Final VR = GPI × Individual Performance Multiple (IPM) × Target VR
The Group Performance Indicator (GPI) is set by the Board based on financial and non-financial measures. IPM reflects individual performance assessment. Board retains full discretion to adjust outcomes.
LTVR — Performance Rights Details
- Instrument: Performance Rights (each entitles holder to one NAB share)
- Performance period: 4 years; vesting is percentile-based (0% below threshold, pro-rata above, max at upper percentile)
- Hurdle: Relative Total Shareholder Return (TSR) vs peer group
- Peer group (FY2024): CBA, Westpac, ANZ, Macquarie Group, Suncorp, Bendigo and Adelaide Bank, Bank of Queensland, AMP, Challenger, Insignia Financial
- TSR measured using 30-day VWAP at start and end of performance period
- No retest: if hurdle is not met at end of period, rights lapse permanently
- Maximum face value: 130–140% of fixed remuneration (CEO: 140%)
Employee Share Plan
- All staff can participate in the Employee Incentive Scheme
- Graduates receive ~A$1,000 worth of NAB shares on joining
- Dividend Reinvestment Plan (DRP) available to all shareholders
- Over 131,000 shares issued under recent Employee Incentive Scheme tranche
ASX Insider Trades & Director Dealings
Disclosed to ASX under Corporations Act. Most disposals are sales of vested deferred Variable Reward shares, often to meet tax obligations.
| Date | Person | Role | Type | Shares | Price (A$) | Value |
|---|---|---|---|---|---|---|
| Feb 26, 2025 | Andrew Irvine | CEO & MD | Disposal | 31,000 | A$35.48 | A$1.1M |
| Mar 3, 2025 | Christine Fellowes | Non-Exec Director | Acquisition | 5,000 | A$35.20 | A$176K |
| Mar 3, 2025 | Alison Mary Kitchen | Non-Exec Director | Acquisition | 3,000 | A$35.15 | A$105K |
| Dec 2025 | Andrew Irvine | CEO & MD | Acquisition | 95,000 | VR vesting | Deferred equity |
| Dec 15, 2025 | Nathan Goonan | Group CFO | Disposal | 15,200 | A$36.85 | A$560K |
| Nov 22, 2025 | Les Matheson | Group COO | Disposal | 22,500 | A$37.20 | A$837K |
| Jul 8, 2025 | Philip Chronican | Chairman | Disposal | 50,000 | A$35.10 | A$1.8M |
Context on Executive Share Dealings
Most "Disposal" transactions by NAB executives are sales of shares received through the Variable Reward deferral mechanism. Under APRA rules, executives must hold deferred equity for a minimum of 4 years. Sales typically occur to meet tax obligations upon vesting or after the restriction period ends.
CEO Irvine — February 2025 Share Sale
CEO Andrew Irvine disposed of 31,000 shares (~A$1.1M, ~20% of his non-incentive holdings) on 26 February 2025 (Appendix 3Y lodged 3 March 2025). The appointment of Andrew Auerbach as head of NAB business banking was announced 17 March 2025. NAB stated the sale related to "tax obligations."
Source: ASX Appendix 3Y filings, NAB Annual Report FY2024.
Executive Compensation — FY2024/25
CBA FY ends June; NAB/ANZ/Westpac end September. Anthony Miller succeeded Peter King as Westpac CEO on 16 Dec 2024.
| Year | FR | Total | Note |
|---|---|---|---|
| FY2020 | ~A$2.0M | ~A$2.4M | 20% FR cut; no STI |
| FY2021 | A$2.5M | ~A$5.4M | STI reinstated; 81% of max |
| FY2022 | A$2.38M | ~A$4.8M | — |
| FY2023 | A$2.38M | ~A$6.2M | Final full year as CEO |
Senior Leadership Compensation
Executive compensation at NAB uses an Annual Variable Reward + Long-term Incentive framework. Subject to APRA CPS 511 tiered deferral, malus, and clawback.
APRA CPS 511 Deferral Requirements (Tiered)
- CEO: ≥60% deferred over minimum 6 years, vesting no faster than pro-rata and only after 4 years
- Senior manager / executive director (non-CEO): ≥40% deferred over minimum 5 years, vesting only after 4 years
- Highly-paid material risk taker (not senior manager): ≥40% deferred over minimum 4 years, vesting only after 2 years
- Malus provisions allow reduction of unvested deferred VR
- Clawback applies to vested VR in cases of material misstatement or misconduct
- No hedging of unvested NAB shares permitted
- Board retains discretion to reduce VR outcomes to zero
Benefits & Perks
Financial
Leave
Career & Development
- Career Qualified in Banking — professional accreditation for every colleague
- Distinctive Leadership Program — world-standard leadership development
- Technical Academies for technology and specialist roles
- Graduate Programs — structured 2-year rotational programs
- Flexible Working — secured in Enterprise Agreement, incl. WFH rights
- Employee Assistance Program (EAP)
- Communities of Practice — internal networking and knowledge-sharing
Performance & Pay Progression
NAB uses a collaborative performance scorecard framework with regular check-ins and end-of-year assessment. EA staff receive guaranteed annual increases.
Promotion Timeline & Hike
Performance Framework
Glassdoor Ratings
Frontline Remuneration Change
NAB moved away from sales-based incentives to a balanced model considering customer outcomes, risk management, and team performance (post-Sedgwick reforms).
Key Nuances & Insights
Unlike many companies where pay is discretionary, a large proportion of NAB staff receive guaranteed annual increases under the EA. The 17.5% cumulative rise (2023–2026: 5% + 5% + 4% + 3.5%) significantly outpaces inflation. Eligibility and pay-rise rules vary by fixed-remuneration band.
Below Manager level, most staff are on the EA with little or no variable component. Above L4, the VR becomes meaningful (15–40% of FR). APRA CPS 511 requires tiered deferral: CEO ≥60% over 6 years, senior managers ≥40% over 5 years, creating genuine long-term alignment.
0.75% off variable rate and no LMI up to 90% LVR is extraordinarily valuable in Australia's expensive property market. On a $750K mortgage, this saves ~$5,600/year in interest and ~$15K in LMI — a benefit rarely matched by other employers.
NAB's offshore centres in Gurugram and Ho Chi Minh City are positioned as Innovation Centres, not cost centres. Pay is above local market rates (especially in Vietnam at 4.2/5 comp rating). These roles work on core banking technology, not outsourced services.
As an APRA-regulated institution, NAB's deferral requirements are tiered: CEO ≥60% over 6 years, senior managers ≥40% over 5 years, highly-paid MRTs ≥40% over 4 years. Malus and clawback provisions apply. This makes executive comp significantly more conservative than tech companies.
Irvine's A$5.6M total is below CBA's Comyn and comparable to ANZ/Westpac. NAB's aggregate ELT reward was reduced ~15% vs pre-2018 levels. FY2024 cash earnings fell 8.1% to A$7,102M, drawing shareholder scrutiny on pay-for-performance alignment.
16 weeks paid leave for ALL carers regardless of gender, covering birth, surrogacy, and adoption. Super continues during unpaid leave. NAB was the first bank to recognise long service for working parents during career breaks.
Unlike many retail banks globally, NAB no longer pays sales commissions to frontline bankers. This was a major industry reform following the Sedgwick Review, moving to balanced scorecards focused on customer outcomes rather than product sales.