One of the nation’s leading bankers says Australia should be an energy superpower with some of the cheapest electricity in the world, describing the nation’s failure to resolve its political impasse over energy as a sad development that should never have happened.

While warning younger Australians faced living standards lower than their parents in part due to the nation’s housing market, NAB chief executive Andrew Irvine said more renewables and natural gas in the power grid would ensure the country could meet its net zero commitments while maintaining its industrial base.

His concerns over the state of the national debate over energy were mirrored by ANZ chief executive Nuno Matos, who cautioned that any energy transition had to be balanced or the “medicine could kill the patient”.

The

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