National Australia Bank Limited
(ASX:NAB) says the explosion of new regulation in the financial services industry over the past five years has resulted in a rise in the cost of compliance, but it still welcomes the Abbott government's Financial Systems Inquiry.
NAB chairman Michael Chaney told shareholders at the lender's annual general meeting in Melbourne that the inquiry presents an important opportunity to examine the challenges facing the financial system.
Mr Chaney says it appears as though Australia, at best, will face some years of modest economic growth and rising unemployment.
Meantime, NAB chief executive officer Cameron Clyne said there were tentative signs of an improving economic environment.
NAB generated a net profit of $5.46 billion in fiscal 2013.
