01 August 2012 7:17am

Australia no longer has enough skilled staff to operate ageing technology infrastructure, Cameron Clyne, chief executive of National Australia Bank, told an industry lunch yesterday.

"We're in the process of transitioning – and it's a very successful process – from a 40-year-old legacy technology to a new technology environment," he said.

"It's a very important investment. Those skills don't exist in Australia. People aren't being trained in them because they are not the future of the IT world."

Clyne also said there was little point in fighting a crackdown by banking...