FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

Australia and New Zealand Banking Group Limited

(Translation of registrant’s name into English)

Level 6, 100 Queen Street Melbourne Victoria Australia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ý         Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o   No ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Corporate Affairs

100 Queen Street

Melbourne Vic 3000

Facsimile 03 9273 4899

www.anz.com

For Release: 2 November 2004

ANZ to develop banking joint venture with Cambodia’s Royal Group

ANZ today announced it had signed a Shareholder’s Agreement with Royal Group, Cambodia’s leading mobile telecommunications company, to establish a joint venture bank in Cambodia.

The joint venture bank will create a retail banking presence which contributes to Cambodia’s economic development through the introduction of a modern payments system to an emerging banking market.

The agreement follows an approach earlier this year by Royal Group to ANZ.  ANZ has developed the opportunity as part of its strategy to establish a small portfolio of lower-risk, consumer-focused growth options in Asia over the medium to long-term.

Key points covered by the Agreement, signed by ANZ Chairman Mr Charles Goode in Cambodia’s capital of Phnom Penh last night, are:

•                  Creation of a joint venture bank to be known as ANZ Royal Bank Cambodia Limited, owned 55% by ANZ and 45% by Royal Group.

•                  ANZ will make a contribution of US$9.9 million to the joint venture bank’s capital.

•                  Establishment of clear governance principles, including proportional Board representation.

ANZ Royal Bank Cambodia will focus on providing retail banking services including services to support the 700,000 foreign tourists who visit Cambodia annually and ANZ’s multinational clients who operate in Cambodia.  Initially services will be provided in Cambodia’s capital, Phnom Penh and Siem Riep, the site of Angkor Wat.   The joint venture combines:

•                  Royal Group’s experience in successful partnerships such as its mobile phone joint venture with Millicom Cellular, which is Cambodia’s leading mobile phone company with over 700,000 customers.

•                  ANZ’s expertise in providing banking services in small and developing countries in the Asia-Pacific region where it has played an early role in developing banking operations in under-banked, emerging economies through the introduction of efficient electronic banking networks.

ANZ Group Managing Director Asia-Pacific, Mr Elmer Funke Kupper said: “This is a win-win opportunity for Cambodia, Royal Group and ANZ.

“It creates the opportunity to bring modern banking systems and services to Cambodia to assist the nation’s economic development and a new business for Royal Group.  It provides a further growth option for ANZ at low risk, based on our experience in developing banking services in emerging economies.

“The joint venture also allows us to contribute to Cambodia as its economy moves toward higher growth and supports the emerging interest of Australian, New Zealand and Asian businesses in developing tourism, trade and investment links with Cambodia,” Mr Funke Kupper said.

Australia and New Zealand Banking Group Limited ABN 11 005 357 522

Neak Oknha Meng Kith, Chairman and Chief Executive Officer of Royal Group said the partnership with ANZ was an exciting development for Royal Group and Cambodia.

“We are an emerging nation of over 14 million people which has taken significant steps in the past decade toward reconciliation and economic stability,” Neak Oknha Kith Meng said.

“In that time Royal Group has also transformed itself into a leading Cambodian enterprise with interests in trading, telecommunications, manufacturing and infrastructure projects.  Many of these projects have been achieved in partnership with leading international companies.

“This banking joint venture allows us to establish at an early stage in Cambodia’s economic recovery a modern bank that can service the emerging need for consumer banking services and support the growth in foreign investment and tourism.

“ANZ was a natural choice of partner because its experience in the region and the time I have spent living in Australia,” he said.

The agreement between ANZ and Royal Group is subject to completion of due diligence on the project, and the necessary regulatory approvals from the Cambodian Government and the National Bank of Cambodia, including the issue of a banking licence.

About Royal Group

Royal Group is a family business, which has grown into one of Cambodia’s leading companies in the past decade.  It has interests in trading, telecommunications, manufacturing, television, construction and infrastructure projects.  Many of these interests are partnerships with international companies including Motorola, Canon, Samsung and Siemens.  Royal Group’s largest business is in mobile telecommunications through an alliance with Luxemburg’s Millicom Celluar.  Chairman and Chief Executive Officer of Royal Group, Neak Oknha Meng Kith, was educated in Canberra, Australia.

2

About Cambodia

During the past decade Cambodia has achieved national reconciliation, peace and stability following many years of conflict however the country remains one of the world’s least developed economies.  Following United Nations and International Monetary Fund support during the 1990s the economy has performed relatively well with annual growth rates averaging approximately 6% over the past five years.

According to the World Bank, economic prospects for 2004 are positive, with an expected recovery and growth expectations of 5.5 percent, driven by construction, the fledgling tourism sector, and urban-based garment industries.  There is an emerging middle-class with many Cambodians now returning from overseas.  Tourism is rapidly growing with 450,000 tourists arriving in 2002, an increase of 26% on 2001.  Tourism contributed in excess of US$450 million to the Cambodian economy in 2002.

Cambodia’s banking system is at a very early stage of development.  At present the banking system has approximately 120,000 customers out of a population of more than 14 million offering a major opportunity for the development of banking services as the economy grows.

The Royal Government of Cambodia has made strengthening the banking sector a priority to support increased investment and sustainable economic growth.  A 10-year structural reform agenda in the financial and monetary sector is set out in the Cambodian Government’s Financial Sector Blueprint for 2001-2010, developed with the assistance of the Asian Development Bank. More information can be found at http://www.adb.org/cambodia.

In 1998, Cambodia became the tenth nation to join the Association of South East Asian Nations (ASEAN).  Australia is one of Cambodia’s largest bilateral development aid donors having pledged $A44 million in aid in 2003-2004.

3

2004 Annual Roadshow

Australia and New Zealand Banking Group Limited

November 2004

A good 2004 result

Strong financial performance

Shareholders rewarded

2

ANZ has come a long way this year

Strong momentum in Personal businesses in Australia

With NBNZ acquisition, ANZ now dominant in New Zealand and Pacific

$4.9b acquisition of NBNZ: $3.6b rights issue

ANZ now 5^th on ASX by market capitalisation

ANZ recognised for community, staff and cultural development

Sale of International Project Finance completes international restructuring

3

Improved sustainability: Structural de-risking largely complete

Offshore lending assets significantly reduced

(% of group NLA*)

Net Non-Accrual Loans

More sustainable business mix

(lending assets)

Net specific provision rate

(% of average NLA*)

*Net Lending Assets

4

NZ integration complete end 2005 – low risk approach adopted

ANZ and NBNZ share of Personal
Customers (Main Bank) is stable

Source:   ACNielsen Consumer Finance Monitor

•              A good acquisition; 2.3 cents cash EPS accretive in year 1

•              Integration has made good progress since regulatory approval obtained

•              Levels of attrition well below expectations and comparable acquisitions

•              However potential risk of retail integration demanded a more conservative approach:

•              Two brand strategy

•              Existing retail systems retained

•              This has changed mix of costs and benefits, but at lower risk

5

Carefully balancing investment and producing current returns

Numbers not adjusted for exchange rate impacts and excl. NBNZ and significant items

* 2H04 annualised

6

2004 result part of a series of consistent performances

•              161.1 cents cash EPS a good result

•              ANZ has come a long way in 2004

•              Focus and discipline again delivered strong performance

•              Shareholders rewarded - ANZ has outperformed major peers TSR over last 10 years

•              Balanced outlook – investing for medium-term growth while producing acceptable short-term returns

7

Result Details

8

Cash EPS growth driven by strong underlying performance

Drivers:

•              Margin decline

•              Strong volume growth

•              Non interest income growth

•              Increased investment

•              Improved risk profile

•              Acquired at an attractive P/E

•              Good core business growth

•              Low risk integration approach

•              Dividend policy

•              Capital management initiatives

* Excludes significant items and incremental integration costs

^#  includes funding

9

Margin decline is predominantly structural/cyclical

* Refer page 63 for additional detail

10

Increasing Mortgages business has reduced NIM through lower asset yields and increased wholesale debt issuance

Increase levels of lower risk, lower
yielding assets have reduced NIM

Increased long term wholesale debt
required to fund asset growth

11

The changing shape of the domestic yield curve has impacted earnings

•            The shape of the curve in FY04 has negatively impacted the funding of mortgages as well as income from the interest rate mismatch position and investment in replicating portfolios.

Asset wholesale rate impact

Liability wholesale rate impact

Australian yield curve history

Rolling average rates (%)

12

Strong balance sheet growth across most businesses

•              Continued strong volume growth in mortgages, FUM up 18%

•              Institutional lending up marginally with good growth in 2H04

•              Continued strong growth in Corporate

•              10% increase in Banking Products deposit FUM reflected in strong Personal growth

•              Institutional & Corporate both experience solid growth

•              Strong growth in NZ retail deposits

*Other deposits include Esanda retail debentures

13

Non-interest income growing well

* reflects P&L impact of hedge income earned in FY03, not earned in FY04

14

Expenses - investing for sustainable growth

Key drivers of growth

•              Increased FTE (829 in 2H04) and wage rises

•              Investment and increased amortisation in Retail telling platform

•              Investment in branch network - new openings and refurbishment of existing branches

•              Increased compliance costs of ~ $25m

•              Higher UK superannuation charges ($7m), insurance costs ($10m), marketing spend ($14m)

* includes operating expenses, acquisition & funding and non incremental integration costs

15

Cost management still a core capability; now a strategically sensible time for measured investment in growth

•              Increasing frontline capabilities in our businesses

•              Increased technology resources to assist in NBNZ integration and compliance requirements

•              Investment in frontline Small Business personnel driving growth in Corporate

•              Continued growth in retail frontline resources

16

Previous growth investments in Personal/Corporate paying off

Full Year NPAT ($m)

# not adjusted for 1H03 Cards under Accrual

17

Doubtful Debts charge higher due to lending growth, partly offset by improved risk profile

Bad Debt charge higher due to volume growth, ELP Rate lower

Decline in ELP Rate driven by improved risk profile

18

Credit quality in good shape

•      Risk has markedly improved in our international portfolios

•      Housing market headed for soft landing, consumer arrears remain at low levels

•      Domestic corporates in good shape

•      Specific provisions and non accruals lower, despite impact of Telstra’s Reach joint venture

•      Some lagged effects from Energy & Telco portfolios, but largely yesterday’s story

•      Well provisioned

Delinquencies remain low

Specific Provisions continue to reduce

19

Non-accrual loans to Loans & Advances well down

Default rate continued to show improvement…

…Non-Accrual Loans as a % of the portfolio down to 0.37%

*    Default rate is new non accruals/average gross lending assets annualised.

20

New Zealand businesses delivering sound results

NBNZ performance slightly ahead of proforma (NZ$)

NPAT comparison distorted by following one-offs

•      FY03 includes NZ$18m one-off structured finance transactions

•      Amalgamation and integration of NBNZ reduced FY04 NPAT by NZ$4m

•      Various other factors

Excluding impact of one-offs, Actual performance up 8% on Proforma

Good underlying NPAT momentum in ANZ (NZ) businesses (NZ$m)

•     Solid performance by Banking reflecting increased deposit margins and continued growth in deposit FUM

* 10 months to 30 September 2004

21

Market share in New Zealand holding up well, particularly in the context of an acquisition

ANZ and NBNZ share of Personal Customers (Main Bank) is stable

Rolling 4 quarter average

Source: ACNielsen Consumer Finance Monitor

Share of Rural lending is steady

Source: RBNZ Table C7, ANZ National

Share of household deposits has actually increased since acquisition

Source: RBNZ Table C8, ANZ National

Home loans – losing share, initiatives in place to arrest decline

Source: RBNZ Table C6,

ANZ National 50% risk weighted assets

22

Integration economics, adjusted for risk, compare favourably to previous estimates

    Lower risk

     Medium risk

    Higher risk

* ANZ renounceable rights issue prospectus page 56: Integration costs A$230m, Cost synergies A$110m.

23

Timing of integration costs and benefits

* Likely to be approximately

•      10% costs capitalised,

•      15% covered by restructuring provision, and;

•      10%-20% from existing resources

30% of integration activities were completed in 2004 including:

•      Amalgamation on 26 June 2004

•      Business and organisational structures in place

•      Systems platforms for all businesses agreed and integration proceeding

•      Central Head Office and functional units integrated

•      ERP systems implementation proceeding to plan

•      Institutional and Corporate integration underway

•      Rural integration well progressed – to complete by end 2004

•      Initial IT and payments infrastructure in place

•      RBNZ requirements agreed and solutions underway

Integration is well placed for practical completion in 2005

24

New Zealand currency risk actively managed

•      Revenue hedging undertaken when currency is believed to be outside its normal trading range and inconsistent with their value.

•      Revenue from FX hedges is reported as Interest Income within the Group Centre.

NZD revenue hedging position* (A$m)

Attractive rates for hedging future revenue

Estimated proportion of NZ earnings hedged

25

New Zealand structured finance transactions

•      IRD audit focused on so called “conduit” transactions

•      Notices of Proposed Adjustment received on 30 September 2004

•      Net potential liability on all similar transactions $NZ232m*

•      Do not currently expect to raise additional provisions

•      Legislative change to ‘thin cap’ rules in NZ will make these transactions economically unviable after 2005

•      No new conduit transactions entered into for almost 2 years

•      Expect that remaining conduit transactions will cease before 2006

•      Likely to see more capital held in NZ – negligible profit impact, but may impact franking position

NPAT from NZ Structured Finance Transactions

* including interest which is tax effected, up to 30 September 2004

26

Dividend growth in line with cash EPS growth

Dividend growth in line with cash EPS growth

Payout ratio slightly above long term sustainable ratio

Based on current payout policy

•      expect dividend growth in line with cash earnings per share growth

•      expect to be able to fully frank the dividend for foreseeable future due to timing differences generating future franking surpluses

* Cash Payout ratio is calculated against Core Cash Earnings, defined as earnings after hybrid distributions, but before goodwill and significant items.

27

Capital position strong, above the top end of our range

Drivers of the ACE ratio

28

Capital management initiatives likely in first half

29

Divisional Outlook for 2005

30

Group Outlook for 2005

31

Business Unit Performance

33

Personal Banking Australia – strong momentum

Solid NPAT growth…

NPAT growth of 11%* for the year, up 8% in 2H04:

•      Strong growth in Cards & Merchant Services, up 30%* reflecting reduction in “transactors” following RBA interchange reform and increases in merchant numbers

•      Banking Products performing well following 10% increase in average deposit volumes and favourable margin trends due to increases in the cash rate during the year

•      Growth in mortgages average FUM of 21% was offset by reduced net interest margin

…despite significant investment in the franchise (expenses $m)

Significant investment in FY04 reflecting:

•      Costs associated with new telling platform

•      Increased frontline personnel

•      Significant investment in staff training, particularly in sales skills

FY05 investment forecast to be in line with FY04, key areas of focus include:

•      Further increases in frontline personnel and financial planners in the network

•      Increase in points of representation

•      Ongoing refurbishment of existing branch network

* excludes impact of Cards under accrual

34

Mortgage distribution

Brokers continue to be an important distribution channel

Reflects higher proportion of supplementary loans through ANZ network, and higher proportion of broker loans from urban areas

Mortgage prepayment level falling

35

Retail deposits: good growth, changing customer behaviour

Continuing to generate good growth in transaction accounts

Change in FUM distribution of low interest retail accounts

•              Customers with high balances self selecting to higher rate products

•              New account structures delivering good growth in $500-$5000 balance range

•              ~2%/3% of ANZ account holders transfer funds to ING Direct

Socio-economic profile of transaction account customers increasingly attractive

Mean Income of Transaction Account Holders aged 14+ ($000’s)

Of Transaction Account Holders - % that are Managers/Professionals & Small Bus Owners

Of Transaction Account Holders - % that are in the AB Socio-Economic Quintile aged 14+*

Note - Peer average is defined as the arithmetic average of peers

Source:        Roy Morgan Demographic survey data of Transaction Account Holders (Data consists of 12 month rolling averages to June each period)

*                 AB Socio-Economic quintile is the highest socio-economic class grouping

36

Focus on the customer is closing the market share gap

* Source: Roy Morgan Research – Main Financial Institution Satisfaction

# % Satisfied (very or fairly satisfied), 6 monthly moving average

37

Institutional: we have largely completed a structural de-risking program that has been underway for a number of years

•                  Underlying business momentum adversely impacted by

•                  Strategy to lower risk which has significantly reduced offshore assets

•                  $10m NPAT foregone through run-off of structured transactions

•                  While de-risking has been a priority, we have also invested in growth

•                  Transaction Services NPAT up 10% reflecting recent investment and management focus in the business

•                  Focus is now upon re-shaping the business to deliver future growth

•                  Integration of Foreign Exchange and Capital Markets businesses delivering integrated customer focus and cost savings

•                  Refocus of offshore business following completion of de-risking

•                  Increased specialisation in Institutional Banking and revised business model

38

Corporate: increased momentum in Corporate Banking, continued strong investment and growth in Business Banking

Corporate Banking Australia

•     NPAT up 11% for the year

•     Strong lending and deposit growth up 17% and 13%

•     Wall Street to Main Street continues to deliver solid revenue growth - 19 deals completed in FY04 vs 5 deals in FY03

•     Revenue growth opportunities include:

•    Expanding business footprint in key geographies

•    Increased cross sell of ANZ product suite

•    Continued investment in specialist teams and products

Business Banking Australia

•     NPAT up 11% for the year

•     Revenue increased 14% driven by 27% lending and 13% deposit growth

•     Expenses up 17%, reflecting:

•              70 new frontline FTE employed

•              Continued focus on industry specialisation – e.g. pharmacy model performing strongly

•     Revenue growth opportunities include:

•              Further investment in footprint and industry specialisation

•              Strong presence in third party origination

•              Research and investment in new product opportunities

Small Business Banking

•     Nearly 1 million businesses with less than 4 employees and more than half of those are sole operators

•     ANZ estimated to have links to around 20% of customers and 15% of FUM; we have a significant opportunity to increase both

•     Focus in FY05 is upon growing the business through

•              Significant investment, particularly in skilled frontline personnel

•              Developing specialist capabilities

39

The Esanda Group has reshaped its business and is focused on growth

Esanda including UDC, have reshaped its business, increasing its focus on higher growth markets, whilst maintaining its commitment to traditional businesses.

This is being achieved through the following initiatives:

•                  Restructure: In May 2004 Esanda restructured its internal business model by:

•                  creating a new division which brings together Operations, Dealer and Broker channels allowing much closer co-ordination between the business, its customers and those that provide support

•                  creating a new business segment focused exclusively on growth markets, products and services

•                  Growth Funding: Funds have has been set aside in FY05 for new revenue growth initiatives including the appointment of 15 additional staff in growth segments in Australia

•                  NZ Franchise restructure: 25 Relationship Managers have been employed in UDC (NZ) following the winding up of the franchise model during 2004.  The managers will be located in ANZ and National Bank branches

•                  Brand Development: In 2004 an additional 30% was spent on the re-launch of the Esanda and UDC brands.  In FY05 we plan to invest further in promoting both brands

40

Pacific – strong performance in most markets

•              NPAT grew 15.5% (17.6% excluding impact of exchange rate movements) driven by solid lending growth, up 12%

•              Expenses grew 4.9% reflecting increased investment in the region:

•              Mobile rural banking model rolled out in Fiji, offering banking services to ~ 300k “unbanked” Fijians

•              Increased compliance costs and  spend upgrading key front-end systems.

•              Key areas of focus:

•              Improved efficiency through greater use of our centralised support facility in Fiji (Quest)

•              Gaining greater share of wallet by improving cross sell and adding new products and services

•              Exploring opportunities in new markets

41

Asia – retail partnerships delivering solid underlying growth

ANZ Asian Network (geographic)

•              Strong performance by Personal Banking, NPAT up 5%

•              IFS subdued with NPAT down 1.3%.  Continued de-risking of the business, now largely completed

•              Increased investment in Trade Finance and Capital Markets resources to support future growth

Contribution to NPAT (%)

ANZ Retail Partnerships

•              Panin NPAT contribution down 10%.  Strong underlying profit growth was offset by a change in equity accounting policy.

•              International Cards continued to perform well, with a 23% increase in cards on issue during the year

•              Continuing to work with Shanghai Rural Credit Cooperatives Union to formalise  partnership

•              Focus is on developing additional relationships through the region to leverage ANZ’s skills base with local partners

Strong growth in cards on issue

Panin Partnership

•              Book value of $160m against market value of $224m at 30 Sep 2004

•              Equity profit booked by ANZ is adjusted for excess provisions held by Panin.  As this the provision balance approaches more reasonable levels, profit adjustments are being reduced

•              One-off profit of $23m from bond sales in 2003 and $17m from withholding tax write-backs and tax credits in 2004

•              Outlook for underlying earnings growth remains positive

42

Treasury - mismatch earnings significantly reduced

Composition of Treasury Income $m

43

Improving INGA returns reflect strengthening investment markets

NPAT increased 39% driven by:

•              Funds management income increased 13%, driven by strong investment markets

•              Risk income up 15% with increased sales of life insurance products through the ANZ network

•              Higher capital investment earnings, up 93% due to strong equity & property trust markets which were partially offset by ANZ’s capital hedge losses.

•              Costs increased 11% due to

•                  certain investment management fees included in costs in 2004

•                  increased investment in product systems and process improvements

INGA maintained its number four Retail FUM position as measured by ASSIRT

Current JV Valuation

Good Retail FUM growth*

INGA maintains its number four ASSIRT ranking (market share of Retail FUM)

* source ASSIRT

44

Additional Risk Information

45

Specific Provisions lower, despite impact from our exposure to Telstra’s Reach Joint Venture

Net Specific Provisions

Specific Provision Balance by size

46

New Specific Provisions down 7% on FY 2003

Geographic Specific Provisions

Specific Provisions by Source

47

Mortgages growth strong, albeit some slowing in second half

•                                          Mortgages Portfolio continues to experience strong growth off the back of excellent products and strong distribution networks

•                                          Growth has been strongest in owner occupied and equity products, whilst some slowing has been noted in investment lending

Strong growth in the mortgage portfolio

Strong LVR profile*

Portfolio by product*

* Australian portfolio only

48

Low exposure to Inner City residential mortgage lending

Lending policies driving shift from investment loans to owner occupier loans

Purpose of inner city lending

Detailed analysis has been completed on Docklands, Southbank and Zetland/Waterloo (NSW) given a focus in these areas.  There are no delinquencies in these postcodes >60 days.  Exposure to each area as at August 04 were:

Inner City Dynamic LVR - August 2004

The number of inner city delinquencies has fallen slightly over the half

49

US power exposures continue to reduce

Total US Limits(1)

US: September 2004

•              Outstandings:  $0.6bn (75%)

•              Other Committed:  $0.2bn (19%)

•              Uncommitted:  <$0.1bn (6%)

Customers

•              Non Accrual:  4 [$0.2b]

•              Total:  16

•                  We continue to actively manage our exposure to the US power sector

•                  Over the past two years, exposure to the merchant energy sector and other non-core segments has reduced substantially through repayments, sell-downs and restructuring

•                  During 1H04, non accrual loans increased in the US portfolio due to lagged credit effects from previously identified high risk exposures,  however any future losses are expected to be lower and readily absorbed within existing General Provision levels.

•                  New non-accrual loans in 2H04 of just AUD5m

(1)          Excludes Settlement Limits but includes Contingent and Market-Related products domiciled in the US.

50

Power markets improving & offshore power exposures reducing

Total Limits Split by Geography

KMV Median Expected Default Frequency

•                  ANZ’s exposure to offshore power companies has reduced by 23% since since 2002, with the portfolio becoming increasingly Australasian-centric.  Domestic markets will continue to be buoyed by traditional regulated businesses.

Note:

(1)        Excludes Settlement Limits but includes Contingent and Market-Related products.

51

The quality of the Telcos book has continued to improve

Total Telcos Limits(1)

September 2004

•                  Outstandings: $1.4bn (43%)

•                  Other Committed: $1.1bn (33%)

•                  Uncommitted: $0.8bn (24%)

KMV Median Expected Default Frequency

Note:

(1)                               Excludes Settlement Limits but includes Contingent and Market-Related products.

52

Group risk grade profile

* March & September 2004 includes NBNZ

53

Geographic risk profiles

* March & September 2004 includes NBNZ

54

ANZ maintains the largest safety net for both expected and unexpected losses

•              The continued high level of our General Provisioning reflects the lower level of actual losses in 2004.

•              The ELP methodology that drives the General Provision is different to other Bank’s Dynamic Provisioning and takes a conservative longer term view of the economic credit risk cycle

•              In 2004, profit and loss charge of $632m was 30% higher than the actual loss experience.

Note:

(1)                               As per most recent company financial reports for CBA, NAB and WBC

55

Industry exposures – Australia & New Zealand

* Sep 04 includes NBNZ

56

* Sep 04 includes NBNZ

57

* Sep 04 includes NBNZ

58

Other Information

59

Australia and New Zealand are attractive low-risk markets

High Return

•      Australia and NZ have had high returns compared to other developed markets

Average Real GDP Growth (1993-2003)*

Source: *International Monetary Fund

Low Risk

•      The New Zealand banking market has a lower credit risk history

Doubtful debts expense/Average Loans and Advances (%)

#  5 top NZ banks for 2002

^  4 top Australian banks for 2003

** Source – Citigroup Smith Barney top 5 banks

60

Profit & Loss impact TrUEPrS versus StEPS

This analysis excludes the impact of the TrUEPrS buy-back which has been reported as a significant item