A NAB employee and an ABS worker have pleaded guilty in a Melbourne court to insider trading that netted the pair $7 million in profits.

Former banker Lukas James Kamay and Australian Bureau of Statistics (ABS) employee Christopher Russell Hill used confidential market-sensitive data in trades that netted the pair about $7 million in profits.

Hill, of Belconnen in the ACT, used his position with the ABS to access labour force and retail trade data before its official release.

He then passed it to his university friend Kamay in Melbourne, who used the information to make foreign exchange derivative trades.

Hill, 25, pleaded guilty to six charges in the Melbourne Magistrates Court on Tuesday, including insider trading and abuse of a Commonwealth office.

Kamay, 26, pleaded guilty to six insider trading charges but pleaded not guilty to a charge of dealing with the proceeds of crime.

Kamay, of Clifton Hill, worked for NAB’s foreign exchange desk but was not involved in derivatives trading.

Documents tendered to the court show Kamay bought an Albert Park unit featured on TV show The Block for $2.375 million.

Both men have been granted bail to face a directions hearing in the Victorian Supreme Court on October 1.