Investor Presentaiton

ACTIVITY IMPACTS OF COVID-19 . • COVID-19 has caused significant disruptions to economic activity and weighed on household and business confidence. The weakness • in activity has been broad-based across the private sector - with an outsized impact on services consumption While Australia has passed the trough in activity and will likely see growth in the September quarter, areas of stress remain Policy support via wage subsidies have been a key support to household income. With spending having been curtailed, the savings rate has increased sharply While unemployment has not risen as sharply as initially feared, broader measures of underutilisation hours and hours worked show a more significant deterioration Fiscal policy will need to play a key role in the low rates environment HOUSEHOLD INCOMES HAVE BEEN SUPPORTED BY POLICY² (%) 15 10 5 0 -5 Non-labour income Income tax Total -10 2006 2009 2012 CONSUMPTION DRIVEN FALL IN OUTPUT¹ (Ppt) (Ppt) -2 420246% -4 -6 -8 GDP Consumption Dwelling Investment Non-mining Investment Mining Investment Public Demand Exports Imports 420246% -2 -4 -6 -8 SUPPORT FOR HOUSEHOLDS HAS SEEN SAVINGS INCREASE³ (%) 15 25 Net Saving Ratio Gross Saving Ratio 10 20 15 5 10 0 5 -5 Labour income 0 Other income payable -10 -5 2015 2018 1990 1994 1998 2002 2006 2010 2014 2018 Source: ABS, NAB. Data shows year-ended contributions to June quarter 2020 (2) Source: ABS, NAB. Year-ended growth. Data to June quarter 2020 (3) Source: ABS, NAB. Data to June quarter 2020 106 National Australia Bank

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