CEO ADDRESS
2021 ANNUAL GENERAL MEETING
16 December 2021
Melbourne

Thank you Paul and good morning.
I would also like to extend my welcome to you today andacknowledge the Wurundjeri People as the traditional owners of
the land from which we are broadcasting this morning.
As already mentioned, the on-going pandemic has createdchallenges for all of us. While many uncertainties remain there
are good reasons to be optimistic about the economies in our
key markets.
Hopefully high community vaccination rates will contribute to arebound in summer trading and deliver a substantial economic
bounce in the coming months.
And while the initial damage of COVID has receded, and life isslowly getting back to normal, the emergence of the Omicron
variant in the last couple of weeks is an important reminderthat unpredictable challenges remain.
There will be new variants and Governments will need to takethe necessary steps to adjust to living with the virus.
There are also COVID-induced labour shortages and supply
chain bottlenecks with which we will all need to contend with.
As we know, when confronted with rapid change, many in thecommunity will adapt and thrive. But some will continue tostruggle.
Fortunately, at ANZ, our strong sense of purpose, our robust
balance sheet and experienced management team mean we1.

are well positioned to help our customers through the uncertain
period ahead.
Whether it’s our support of Government-backed loan schemes
or working with individual customers on what’s right forthem…we will continue to support our customers and theeconomic recovery of Australia and New Zealand and all ourmarkets.
Financial Results
While Paul has covered our financial performance in somedetail, I want to give my perspective on how we performed infinancial year ‘21, particularly at a divisional level.
In our largest business, Australian Retail & Commercial, wedelivered a good margin performance and grew pre-provision
and after-tax profit.
Home Loan revenue grew more than 10% and while this was agood outcome, the total number of home loans we have on ourbooks fell during the second half.
This was due to a couple of factors.
Firstly, customers were paying down loans faster. Secondly,
the speed with which we were able to process an increasing
number of applications just wasn’t sufficient.
As shareholders would expect, we took urgent action to fix
these processing issues by materially increasing ourassessment capacity as well as simplifying and automatingprocesses.
We also appointed our Chief Data Officer Emma Grey, an
expert in data and automation, to temporarily lead theAustralian operations team.
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While it is still early days and there is still much to do, I’m
pleased to see improvements in our processing times and amodest return to balance sheet growth.
Turning to New Zealand where we had one our strongest
performances ever.
Revenue and profit were both up strongly while the investment
required to comply with the Reserve Bank’s BS11 regulation
will finish in 2022 - well ahead of schedule.
Our bank in New Zealand remains a well-run businessproviding critical diversification at an important time.
Institutional had another good year delivering earnings well
above the cost of capital.
As you know, there has been significant work undertaken inrecent years to simplify and focus the Institutional business
and we are now well positioned to take advantage of the‘structural tailwinds’ we see impacting the sector over thecoming years.
Environmental Sustainability
The most significant of these tailwinds is the rapidtransformation of how the world produces, distributes andconsumes energy.
Literally trillions of dollars will be invested by 2050, making it
one of the global mega-trends impacting banking and society
more generally.
The reason for this is that for the world to decarbonise, a seriesof things are taking place.
Firstly, the sectors that can decarbonise, such as vehicle fleetsand manufacturing, are doing so at a rapid rate.
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This takes considerable investment.
At the same time, new sources of green electricity, improved
battery storage, different distribution networks and hydrogensolutions will be developed with increased urgency.
Again, significant investment will be required.
And this change is also impacting financial markets –particularly around how climate risk is assessed, managed,reported and priced.
Your bank is embracing this challenge and as Australia’s only
truly regional bank, we are well placed to shape and support
the required transition.
Our strength in the natural resources sector means we havedeep relationships with those companies that will lead thetransition.
And with our dominant position in trade finance, debt capital
markets and syndicated loans, we are starting from a positionof strength.
In fact, we estimate we already have a share of around 5% of
global flows in the Sustainable Finance market.
To put this in better perspective, this year alone weparticipated in 81 transactions with total deal size of $119bn
while our direct lending to renewables has increased
significantly to $1.4 billion.
This isn’t just a shift happening at the big-end-of-town.
We have already helped finance around 1,000 SME businesscustomers to reduce their emissions, such as our partnershipwith the Clean Energy Finance Corporation to finance zero
emission electric city buses in NSW.

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ANZx
I also wanted to share today our progress in building a better
retail and commercial bank here in Australia.
We know the longer-term forces shaping the industry areleading to structurally lower returns and lower growth while
also driving an unbundling of traditional banking.
This new reality required a different approach as well as amaterial transformation in the way we operate.
In response we’ve spent the last couple of years working on aprogram, internally referred to as ‘ANZx’, using the latest
technology to help people better save and manage theirmoney.
Effectively, it’s based on the pillars of financial well-being suchas spending less than you earn, protecting what you can’t
afford to lose and paying your most expensive debt first.
The program is progressing well and we are currently testing
our first proposition with staff and will be ready to launch withnew customers early in 2022 under a new ANZ Plus brand.
Pleasingly, we’ve absorbed the cost associated with this bydriving productivity benefits elsewhere and probably the best
way to describe how this all works is through this short video
prepared for today.
[roll clip]
Now ANZ Plus will be the foundation of the new ANZ.
It will also allow us to provide non-bank services and deepen
engagement with customers.

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Much of this will be delivered by the strategic partnerships weare building through our ventures and incubator business,
1835i, which was named after the year in which ANZ’s forbearbank first traded.
Through 1835i, we only invest where we see a path to acquire
more customers, deepen relationships or co-develop new
propositions we couldn’t develop on our own.
For example, recently we announced we had entered a Deed totake over Cashrewards, Australia’s leader in the “buy-nowsave-now” sector.
It’s a great fit with our customer proposition of financial
wellbeing and brings over one million new customers to ANZ
while also allowing us to provide additional value to our retailand hospitality customers.
Through 1835i we have also invested in eight FinTechs, likeLendi and Airwallex, and launched three start-ups, eachintended to drive customer acquisition and deepen
engagement.
Another example of how digital solutions can rapidly improve
our operations was the launch this year of ANZ GoBiz.
GoBiz allows customers to plug the major accounting software
packages straight into our systems, reducing the time it takes
to get the money in the hands of small businesses from 30
days to two.
While it is early days, GoBiz is making life easier for ourcustomers while also driving solid growth in our commercial
business.
70 years6.

We have come through an incredibly tough two years in very
good shape.
We are one of the most strongly capitalised banks in the world.
We have protected the interests of shareholders by focussing
on improving earnings per share.
We know the immediate period ahead will continue to beuncertain.
Credit conditions are the most benign they have been in ageneration. That won’t last.
Customers are demanding more from their banks. Competition
is increasing, while regulation is becoming more pervasive.
Put simply, while there are tailwinds beginning to emerge, itwill still be a tough environment for some time.
We are laser focussed on what is important for shareholders:
We will continue to regain momentum in Australian homeloans.
We’ll launch ANZ Plus early in 2022, as well as releasing adigital home loan proposition towards the end of next year.
We will seed further profitable, high return growth inInstitutional, particularly through sustainability.
We’ll continue to invest in our commercial franchise,particularly through our GoBiz proposition.
We will complete the regulatory work in New Zealand andcontinue to improve returns.

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We’ll continue to prudently manage shareholders capital andseek to invest for decent and sustainable returns.
We will continue our work on simplification to enable low cost,high resilience customer growth.
And finally, we’ll continue to stand by customers at a time ofuncertainty and continue to care for our people.
Whatever eventuates next year, we will be prudent, methodicaland guided by our purpose.
In summary we are well placed but the outlook remains
uncertain.
This will be another big year of change and transformation but
I am confident we have the team to deliver.
As such, I would like to acknowledge my 39,000 colleagues
who have been unwavering in their support of their customers
and the community, in an extraordinarily challenging time foreveryone.
Our people continue to be true to our purpose and embody thebest of our culture and I thank them for their ongoingcommitment.
Finally, while we are going through a period of significant
disruption and change at the moment, I should acknowledge it
was 70 years ago the modern ANZ was born with the merger ofthe Bank of Australasia and Union Bank of Australia.
At the time, this was the largest corporate merger in Australia– it took foresight and ambition – and we will continue tomanage ANZ for future generations with that same spirit.

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Coincidentally, it also launched a new motto, “Tenacious ofPurpose”, which resonates with the modern ANZ as strongly
today as it did in 1951.
Our purpose, to shape a world where people and communities
thrive, continues to guide all we do and we will continue topursue it with tenacity.
With that, I will pass back to Paul.

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