ANZ CEO tips ‘modest’ economic growth in 2026

Nuno Matos expects local economic growth to be modestly stronger in 2026, in line with a pick-up in household spending.

ANZ CEO Nuno Matos at Parliament House in Canberra. Picture: Martin Ollman/NewsWire

CEO Survey 2026: FULL COVERAGE

Economy

How would you rate the momentum of the Australian economy as we head into 2026? Are cost pressures in your business: increasing/stable/easing? Are you likely to increase, hold steady, or trim your investment spend or employment over the next 12 months?

2025 was a solid year for the global economy with 3.3 per cent growth, which is expected to hold steady in 2026. Against this backdrop, Australia enters 2026 with an attractive and stable economy. We expect Australian economic growth to be modestly stronger at 2.5 per cent in 2026 compared with 1.8 per cent this year, in line with a pick-up in household spending.

In September, we announced ANZ 2030, an update on the bank’s immediate priorities and strategic focus for the next five years. This includes making changes to simplify the bank, reduce duplication and strengthen our focus on key priorities and what will make the most

difference to our customers.

Technology

Which best describes your organisation’s AI adoption? (Exploring/Piloting/Implementing selectively/Scaled across business) If implementing or scaled, are the productivity benefits starting to come through or do you expect more time for the full impact. Has the use of AI started to influence employment decisions across your organisation.

We continue to explore and implement AI in a targeted way, with a focus on improving employee effectiveness, customer service and security, and process efficiency. This includes helping stop scammers and fraud through AI-powered behavioural biometrics and real-time risk scoring to detect patterns of behaviours, often before a transaction is completed.

People

Has your organisation evolved its approach to flexible working during the past year? Does your organisation have a policy around office attendance. What feedback, if any, do you have for governments considering prescribing working from home for a set amount of days per week.

ANZ has had a flexible working policy for some time. Our hybrid working expectation is that our people spend at least half of their scheduled work time in an ANZ workplace, with the flexibility to work the other half remotely. Working alongside colleagues in person creates a different kind of connection and teamwork than occurs virtually.

Geopolitics

How significantly are global trade tensions/tariffs impacting your business? Is Australia getting the balance in managing its big economic and political relationships with major trading partners?

The global landscape is complex and dynamic. Much of the impact of tariffs has been to reallocate trade, rather than reduce it. Intra-Asian trade has expanded, and we continue to support our customers across the 29 markets we operate in as they adapt to new supply and demand patterns. Our major trading partners, including China and India, are likely to continue growing at strong rates, with Asia remaining the fastest growing economic region.

Energy

Do you have any concerns about Australia’s pathway to renewables? Should there be more flexibility in settings leading to 2035? Are energy costs becoming an increasing factor around your longer-term planning?

ANZ’s Climate and Environment Strategy sets out our objective to be a trusted partner for our customers, supporting them to adapt and become more resilient to a changing environment and economy. We continue to make progress against our climate and environment targets, including funding and facilitating more than $84bn towards our $100bn target in social and environmental activities by 2030. Our ambition is to transition our lending portfolio to net zero financed emissions, in line with the goals of the Paris Agreement, through our sectoral pathways and targets.

Reform 

What would nominate as your top policy priority that can be used to lift Australia’s competitiveness or productivity? Should the Albanese government be pushing for even bolder policies around reform?

A range of productivity-related ideas are being put forward across different sectors, and I support the government’s efforts to hear and consider these views.