Some years ago the National Australia Bank decided to shorten its name to NAB. It's an interesting choice for a bank, considering 'nab' is another word for taking something, particularly when you look at some of the fees banks have been charging Australians. But, now, NAB is taking something else: Australian jobs. Last year, NAB made nearly $6.8 billion in profit. That's more than $18 million every single day. In the 90 seconds it takes me to deliver this speech, that's the equivalent of almost $20,000 in profit, and, apparently, that's still not enough.

NAB has announced plans to cut 2,500 jobs, including 1,500 before Christmas. The Finance Sector Union says around 180 roles are being shifted to India and Vietnam. Let's remember where those billions came from: Australian families paying interest on their mortgages, Australian businesses paying fees and Australian workers who helped build this bank. This goes to the heart of the social licence of Australia's biggest corporations. Nobody begrudges a business making a profit, but you cannot make billions from Australians and treat Australian jobs as expendable. Surely, making billions in profit comes with some responsibility to the country that made those profits possible. If NAB is so keen to send Australian jobs overseas, perhaps it's time for another rebrand. Forget National Australia Bank, let's call it the 'National Overseas Bank'.