NAB boss shares grim outlook on housing crisis

The chief executive of the NAB says Australia is in the midst of a housing “crisis” and it doesn’t look like it’s going to improve in the foreseeable future.

NAB CEO Ross McEwan says the country needs 225,000 new houses a year, but we’re only building about 175,000.

“That’s been going on now for probably four or five years so you end up with the situation we’ve got — not enough houses for people to rent and … when you go to buy it’s getting more and more expensive,” he told Neil Mitchell.

Press PLAY below to hear his grim view on housing

Mr McEwan is calling on governments to make it easier for developers to gain fast approval to build.

In a wide-ranging interview, the NAB CEO also discussed interest rates, inflation, the difference in the cost of doing business in Victoria vs NSW, and the state of the economy.

Press PLAY below to hear the full interview