Full Year 2019 National Australia Bank Ltd Earnings Presentation Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : Victor German from Macquarie. Two questions, if I may, one on capital and one on expenses. Your capital, obviously, you were able to meet unquestionably strong or you will be able to meet it once you do your partially underwritten DRP. Just be interested in the key considerations going forward, given that you know you're going to have an impost from New Zealand and how you're planning to address that. And maybe Phil, you can make some comments with respect to how Board thinks about capital being at the lower end of peers, particularly given some of the comments you provided on the outlook from an economic perspective. And second question on costs. Gary, obviously, when you started this journey, you did anticipate, as you've highlighted, $350 million of additional costs that are coming through. And given the comments from some of your peers that reported earlier, they are seeing quite significant growth in expenses in the current environment. Just be interested in your observations, whether sticking to that cost guidance is having short term in the business for the sake of meeting those targets. Or do you think there is something that differentiates NAB to peers in terms of ability to deliver costs?