Treasurer Scott Morrison insists NAB's job loss and profit announcement does not bolster the case for a royal commission into banking.
The bank will slash a net 4000 jobs over the next three years as it increases automation to simplify its business.
The announcement came as the bank reported a 2.5 per cent increase in its full year cash profit to $6.64 billion, driven by a 2.7 per cent increase in revenue, with growth in both housing and business lending.
Mr Morrison said he had spoken to the bank's chief executive about the issue.
"I obviously feel for the people who will be affected by that over the next few years," he told ABC TV.
He rejected suggestions the saga boosted the case for a royal commission into the banking sector.
"I'm not quite sure how spending $150 million on a QC's complaints desk... would help resolve any of those issues," he said.
