NAB CEO's pay swells to $5.5m

Andrew Thornburn earned $5.5 million during his first year as the chief executive of National Australia Bank.

Andrew Thornburn earned $5.5 million during his first year as the chief executive of NAB. (AAP)

National Australia Bank chief executive Andrew Thorburn earned $5.5 million for his first full year in the banking giant's top job.

Mr Thorburn's remuneration package for the year to September 30 was largely made up of $2.3 million in cash and more than $3 million in cash and share-based bonuses.

During 2013/14 he earned $2.2 million as the head of NAB's Bank of New Zealand subsidiary before taking on NAB's top job on August 1 last year.

His pay packet was dwarfed by his contemporaries at ANZ and the Commonwealth Bank.

ANZ boss Mike Smith received total remuneration worth $10.8 million, including a $3.3 million cash salary, while Commonwealth Bank chief executive Ian Narev's pay fell to just under $8 million.

Gail Kelly collected nearly $12 million before she left the chief executive's chair at Westpac in February.