Shareholder Update

Contact05
All cover and banner images courtesy of ‘Perspectives’ – a photographic collection showcasing images of ANZ
people participating in their hobbies outside the workplace. Shareholders pages: Paul Nicholas – Project Analyst,
New Zealand Customers page: Charlotte Jones – Project Director, OTSS People page: Murali Kumar – Executive
Manager, OTSS Community page: Des Schultz – Esanda Environment page: Tania O'Brian – Rural Warrnambool

www.anz.com

Shareholders

Chairman’s report
Dear Shareholders

Enclosed with this edition of Shareholder Contact is the advice of your 2005 Interim Dividend.
Directors were pleased to increase the dividend by 8.5% to 51 cents per share fully franked.
The increase in the dividend reflects a solid financial performance in the first half driven
by strong asset growth.
Excluding significant transactions in the half, operating profit after tax was $1,492 million
and cash earnings per share were 85.8 cents, up 8.9%.
A highlight was the performance of our Australian businesses where earnings were up 15%.
Personal Banking in particular achieved strong results and we are now seeing the benefitsof hard work over a number of years in building and invigorating our retail franchise.
Overall, our New Zealand businesses were flat, partly reflecting intense competition in thatmarket. Nevertheless, The National Bank of New Zealand, which we acquired in 2003,
performed well, reinforcing the value of our investment.
The cost to income ratio rose slightly in the half to 45.8% reflecting investments in growth
initiatives. However, we are continuing to manage costs carefully and expect this to continue
to trend downwards over time ensuring we remain among the most efficient banks in the world.
Our long-term strategy to reduce risk is producing tangible outcomes. Net specific provisions
were down by 23% to $151 million and trading risk continued to be modest and among thelowest of the major banks in Australia. Our capital position remains strong with the Group’s
adjusted common equity ratio at 5.1%, within our target range.
At ANZ, we are committed to improving the sustainability of returns and building a base forlonger-term growth and return to shareholders. This is reflected in our consistent financial
performance and our investments for future growth.
As part of that commitment we are also making progress in our responsibilities to our
broader stakeholders including customers, government, the community, and staff.
Staff satisfaction is at 85% and staff engagement improved from 53% to 60%. This level ofengagement is ahead of all major Australian companies similarly surveyed, and ahead of othermajor banks. Our people are increasingly involved in community activities which was evidenced
in the admirable response by staff to the Boxing Day Tsunami Appeal. This, together with ourinnovative community programs to create greater financial inclusion particularly for low-income
earners and indigenous Australians, has helped raise the regard in which ANZ is held.

Looking ahead, we expect Australia and New Zealand to continue to perform relatively well,although there will be some softening in overall credit growth as interest rates continue torise and the economic cycle comes off its peak. This environment however remains
supportive of good earnings growth in the medium term.
Our performance in the first half and a favourable outlook will help underpin a solid result
for the year as a whole.

Charles Goode

Interim“
Dividendof51cents
reflectsa solid
first half”
The

Shareholders 02

Shareholders

Chairman’s report
Dear Shareholders

Enclosed with this edition of Shareholder Contact is the advice of your 2005 Interim Dividend.
Directors were pleased to increase the dividend by 8.5% to 51 cents per share fully franked.
The increase in the dividend reflects a solid financial performance in the first half driven
by strong asset growth.
Excluding significant transactions in the half, operating profit after tax was $1,492 million
and cash earnings per share were 85.8 cents, up 8.9%.
A highlight was the performance of our Australian businesses where earnings were up 15%.
Personal Banking in particular achieved strong results and we are now seeing the benefitsof hard work over a number of years in building and invigorating our retail franchise.
Overall, our New Zealand businesses were flat, partly reflecting intense competition in thatmarket. Nevertheless, The National Bank of New Zealand, which we acquired in 2003,
performed well, reinforcing the value of our investment.
The cost to income ratio rose slightly in the half to 45.8% reflecting investments in growth
initiatives. However, we are continuing to manage costs carefully and expect this to continue
to trend downwards over time ensuring we remain among the most efficient banks in the world.
Our long-term strategy to reduce risk is producing tangible outcomes. Net specific provisions
were down by 23% to $151 million and trading risk continued to be modest and among thelowest of the major banks in Australia. Our capital position remains strong with the Group’s
adjusted common equity ratio at 5.1%, within our target range.
At ANZ, we are committed to improving the sustainability of returns and building a base forlonger-term growth and return to shareholders. This is reflected in our consistent financial
performance and our investments for future growth.
As part of that commitment we are also making progress in our responsibilities to our
broader stakeholders including customers, government, the community, and staff.
Staff satisfaction is at 85% and staff engagement improved from 53% to 60%. This level ofengagement is ahead of all major Australian companies similarly surveyed, and ahead of othermajor banks. Our people are increasingly involved in community activities which was evidenced
in the admirable response by staff to the Boxing Day Tsunami Appeal. This, together with ourinnovative community programs to create greater financial inclusion particularly for low-income
earners and indigenous Australians, has helped raise the regard in which ANZ is held.

Looking ahead, we expect Australia and New Zealand to continue to perform relatively well,although there will be some softening in overall credit growth as interest rates continue torise and the economic cycle comes off its peak. This environment however remains
supportive of good earnings growth in the medium term.
Our performance in the first half and a favourable outlook will help underpin a solid result
for the year as a whole.

Charles Goode

Interim“
Dividendof51cents
reflectsa solid
first half”
The

Shareholders 02

CEO’s review
Announcing ANZ’s 2005 Interim Results on 27 April, Chief Executive Officer John McFarlane
told investors that the Group’s operating profit after tax of $1,492 million was a good resultin a rising rate environment and a highly competitive market.

Changing the face of ANZ
Eight years ago we set out to change the face of ANZ. The results are now clear across a rangeof measures.
We have a consistent financial performance, which has delivered 15% total shareholder returnin the last year. A recent study by the Boston Consulting Group found that ANZ’s total shareholder
return over the past five years was the 5th highest of the top 50 major banks globally. Customer
satisfaction is now the highest of the major Australian banks and we have high levels of staff
engagement. We have also made real progress in advancing our community agenda.

A good first half performance
In the first half ANZ delivered a good performance in a tough environment and it is aheadof where we expected to be.
Personal Banking Australia had a very strong performance, up 15% on the previous year.
Our Mortgages and Deposit Products businesses each recorded market share gains. Strong
growth was also seen in Regional Australia and in Consumer Finance where our low ratecredit card product has been very successful.
During the first half, ANZ opened six new retail points of representation including new styleretail outlets, and completed 42 refurbishments. Ten retail openings are planned in thesecond half with a strong pipeline of openings established for 2006.
We have come a long way in Personal Banking and we now have a platform to take thisbusiness to a new level.
Our Institutional business had a tough period, nevertheless it was up 7% on 2004 based onstrong asset growth offset by reduced margins. During the half, we restructured our Markets
business to deliver improved efficiency and an enhanced customer proposition. Our Tradeand Transaction Services business continued to perform well.
Corporate performed well with earnings up 11%, despite a modest slowdown in system loan
growth in the Small to Medium Enterprise segment.
Asia-Pacific businesses performed adequately off a high base in 2004. Esanda performed
well. And of course our joint venture with ING was up 34% in the year, with some 70% of
the flows into ING Australia now coming from ANZ.

We continued to invest in our people and in building our franchise, particularly in retailbanking in Australia and New Zealand. Staff numbers rose by 6.7% or 1,861, and thiscontributed to underlying expense growth of 8.0%. Our cost to income ratio rose slightly
in the half as a result but we would expect this to continue to trend downwards.

New Zealand on track
Our New Zealand business was up 15% in the year in Australian dollar terms. The underlying
performance in New Zealand dollars was up 9% in the year.
The highlight was a stronger performance in The National Bank of New Zealand, particularly
in Retail, Corporate and Rural. This was largely offset by subdued performance in ANZ Retailin New Zealand, where fees were reduced to build longer-term market share. Pricecompetition was particularly intense.
It was also a period where the priority was on completing integration, and on the major
technology and operational changes required by the Reserve Bank of New Zealand. We
are well advanced with integration and are confident it will be completed in 2005. This
will enable management to refocus on building the business and enhancing financial
performance – and we expect New Zealand to improve in the second half.

Outlook
We have delivered 8.9% underlying cash earnings per share growth in the first half so weare feeling confident about the year as a whole and expect a good second half for shareholders.
We have made real progress in changing the face of ANZ. We have a more sustainablefoundation and are well positioned to grow and to deliver value to shareholders today andover the long term. And so we continue to move forward with commitment, energy and asense of confidence in our future.

“shareholder
returnwas
in the pastyear
15%
”
Total

Shareholders 04

CEO’s review
Announcing ANZ’s 2005 Interim Results on 27 April, Chief Executive Officer John McFarlane
told investors that the Group’s operating profit after tax of $1,492 million was a good resultin a rising rate environment and a highly competitive market.

Changing the face of ANZ
Eight years ago we set out to change the face of ANZ. The results are now clear across a rangeof measures.
We have a consistent financial performance, which has delivered 15% total shareholder returnin the last year. A recent study by the Boston Consulting Group found that ANZ’s total shareholder
return over the past five years was the 5th highest of the top 50 major banks globally. Customer
satisfaction is now the highest of the major Australian banks and we have high levels of staff
engagement. We have also made real progress in advancing our community agenda.

A good first half performance
In the first half ANZ delivered a good performance in a tough environment and it is aheadof where we expected to be.
Personal Banking Australia had a very strong performance, up 15% on the previous year.
Our Mortgages and Deposit Products businesses each recorded market share gains. Strong
growth was also seen in Regional Australia and in Consumer Finance where our low ratecredit card product has been very successful.
During the first half, ANZ opened six new retail points of representation including new styleretail outlets, and completed 42 refurbishments. Ten retail openings are planned in thesecond half with a strong pipeline of openings established for 2006.
We have come a long way in Personal Banking and we now have a platform to take thisbusiness to a new level.
Our Institutional business had a tough period, nevertheless it was up 7% on 2004 based onstrong asset growth offset by reduced margins. During the half, we restructured our Markets
business to deliver improved efficiency and an enhanced customer proposition. Our Tradeand Transaction Services business continued to perform well.
Corporate performed well with earnings up 11%, despite a modest slowdown in system loan
growth in the Small to Medium Enterprise segment.
Asia-Pacific businesses performed adequately off a high base in 2004. Esanda performed
well. And of course our joint venture with ING was up 34% in the year, with some 70% of
the flows into ING Australia now coming from ANZ.

We continued to invest in our people and in building our franchise, particularly in retailbanking in Australia and New Zealand. Staff numbers rose by 6.7% or 1,861, and thiscontributed to underlying expense growth of 8.0%. Our cost to income ratio rose slightly
in the half as a result but we would expect this to continue to trend downwards.

New Zealand on track
Our New Zealand business was up 15% in the year in Australian dollar terms. The underlying
performance in New Zealand dollars was up 9% in the year.
The highlight was a stronger performance in The National Bank of New Zealand, particularly
in Retail, Corporate and Rural. This was largely offset by subdued performance in ANZ Retailin New Zealand, where fees were reduced to build longer-term market share. Pricecompetition was particularly intense.
It was also a period where the priority was on completing integration, and on the major
technology and operational changes required by the Reserve Bank of New Zealand. We
are well advanced with integration and are confident it will be completed in 2005. This
will enable management to refocus on building the business and enhancing financial
performance – and we expect New Zealand to improve in the second half.

Outlook
We have delivered 8.9% underlying cash earnings per share growth in the first half so weare feeling confident about the year as a whole and expect a good second half for shareholders.
We have made real progress in changing the face of ANZ. We have a more sustainablefoundation and are well positioned to grow and to deliver value to shareholders today andover the long term. And so we continue to move forward with commitment, energy and asense of confidence in our future.

“shareholder
returnwas
in the pastyear
15%
”
Total

Shareholders 04

Results summary
Australia and New Zealand Banking
Group Limited
ABN 11 005 357 522
Key dates
Annual General Meeting and Live
Webcast, Adelaide Convention Centre
at 10:00 am (Adelaide time)
16 December 2005
Announcement of Annual Results
Year ended 30 September 2005
25 October 2005
Ordinary shares
Final Dividend (2005) payable
16 December 2005
– Ex-Dividend Date 8 November 2005*– Record Date 14 November 2005*
StEPS payment dates:– 15 September 2005
– 15 December 2005
– 15 March 2006
– 15 June 2006
*Proposed dates

ANZ interim cash earnings per
share up 8.9%
Profit after tax• $1,475 million – up 5.7%
• $1,492 million – up 13.7%(excl. non-core items)
Shareholder return• EPS 79.8 cents – up 7.8%
(excl. non-core items)• Cash EPS 85.9 cents – up 8.9% (excl. noncore items and goodwill amortisation)• Interim dividend 51 cents – up 8.5%
• Total Shareholder Return 15%(year to 31 March 2005)
Ratios• Adjusted Common Equity Ratio
5.1% – down from 5.2%
• Cost-income ratio 45.8% – up from 45.1%(excl. non-core items)• Cash return on equity 18.7% – downfrom 19.6% (excl. non-core items)

Business comment• Strong performance in Australia.
Subdued results in NZ.
• Robust asset and deposit growth offset
by lower margins.
• Cost growth in line with expectations.
• Good risk outcomes – net specificprovisions down 23% to $151 million andnet non-accrual loans down 37%.
• Respectable performance in the first half
and a favourable outlook help underpin
a solid result for the year as a whole.
Note: Comparisons with first half 2004
non-core items are significant items and NBNZ
incremental integration costs.

Annual Report – receiving more than one copy
If your household receives more than one
Annual Report, help us save the environmentand reduce costs by electing to receive only
one copy per household. You can do thisby contacting the ANZ Share Registry andrequesting a change to your Annual Reportelection (see below for contact details).

Important Note: Annual Reports can be obtained from ANZ
branches and online at www.anz.com/shareholders.

ANZ Margin Lending
Contact details

Maximising your investment returns

Investor Relations
Level 22, 100 Queen Street
Melbourne VIC 3000 Australia
Telephone: +61 3 9273 6466Facsimile: +61 3 9273 4899
Email: investor.relations@anz.com

Borrowing to invest can be a powerful tool
to maximise your returns. A margin lending
facility allows investors the opportunity toleverage their current portfolio by borrowing
additional funds to take advantage of otherinvestment opportunities as they arise.

Share Registry
Australia
GPO Box 2975
Melbourne VIC 3001 Australia
Telephone: 1800 11 33 99+61 3 9415 4010
Facsimile: +61 3 9473 2500
Email:
anzshareregistry@computershare.com.au
New Zealand
Private Bag 92119
Auckland 1020 New Zealand
Telephone: 0800 174 007
Facsimile: +64 9 488 8787
United Kingdom
PO Box 82, The Pavilions
Bridgewater Road Bristol BS99 7NH
Telephone: +44 870 702 0000
Facsimile: +44 870 703 6101

While the market has recently pulled backfrom its all-time highs, margin lending
continues to grow strongly. The Reserve
Bank of Australia data for the 2004 calendar
year shows that margin lending volumes
grew to $15 billion – up 21% from 2003.

ANZ Margin Lending Online delivers
real-time access
The integration of ANZ Margin Lending with
E*TRADE not only provides an exceptional
level of convenience, it is also reassuring forinvestors who like to keep their finger on
the pulse of their portfolio. The ANZ Margin
Lending Online service provides investors
with the ability to:• have direct real-time control over aleveraged investment portfolio*;• diversify their asset base in a potentially
tax effective manner;• increase investment assets outside ofsuperannuation;• effectively manage the cost of borrowing;• gain access to potential tax benefits.
ANZ Margin Lending Online provides
automatic settlement of transactions,real-time portfolio valuations and real-time
account monitoring and charting tools via the

E*TRADE Australia website*. It also provides
the opportunity to borrow up to 75% of themarket value on over 360 Approved Shares.

10 trades with ANZ Margin
Lending Online
As a valued ANZ shareholder, we would liketo extend an exclusive offer to you.
If you apply for and draw down an ANZ
Margin Lending Online account, you will not
be charged brokerage on your first 10 trades
made within two months of joining, up to$32.95 per trade (valued at $329.50).
For further information and to apply, visit
www.anz.com/shareholderoffer
To view full terms and conditions of this offer, visit
www.anz.com/shareholderoffer
Contact the dedicated ANZ Margin Lending Client Services
team on 1800 639 330 from 8:00am to 6:00pm (AEST)
Monday to Friday, excluding national public holidays, forfurther details and to apply. ANZ recommends that you
seek financial and tax advice in relation to your particularsituation before applying for a margin loan.
* Subject to system availability.
The ANZ E*TRADE Online Investing service is provided by E*TRADE
Australia; it is not provided by ANZ. ANZ do not have any liability toyou in respect of: the ANZ E*TRADE Online Investing service, any
information, product or service offered by any third party on or
through the ANZ E*TRADE Online Investing website, or E*TRADE
Australia Group’s and their related corporations’ activities andservices. Similarly, the E*TRADE Australia Group and their related
corporations do not have any legal liability to you in respect of ANZ’s
activities and services. The E*TRADE Australia service is provided by
ETRADE Australia Securities Ltd (trading as “E*TRADE Australia”) (ACN
078 174 973, AFSL No. 238277), a Participant of the Australian Stock
Exchange Ltd Group. ANZ receives a proportion of brokerage charged
to ANZ E*TRADE customers. ANZ receives this payment within twomonths of when you make a trade.
E*TRADE Australia recommends that you read its Terms andConditions and Financial Services Guide before deciding to acquireor hold this product. You can also receive these documents bycalling 13 33 50, 8.00am – 7.00pm Monday to Friday (AEST).

Shareholders 06

Results summary
Australia and New Zealand Banking
Group Limited
ABN 11 005 357 522
Key dates
Annual General Meeting and Live
Webcast, Adelaide Convention Centre
at 10:00 am (Adelaide time)
16 December 2005
Announcement of Annual Results
Year ended 30 September 2005
25 October 2005
Ordinary shares
Final Dividend (2005) payable
16 December 2005
– Ex-Dividend Date 8 November 2005*– Record Date 14 November 2005*
StEPS payment dates:– 15 September 2005
– 15 December 2005
– 15 March 2006
– 15 June 2006
*Proposed dates

ANZ interim cash earnings per
share up 8.9%
Profit after tax• $1,475 million – up 5.7%
• $1,492 million – up 13.7%(excl. non-core items)
Shareholder return• EPS 79.8 cents – up 7.8%
(excl. non-core items)• Cash EPS 85.9 cents – up 8.9% (excl. noncore items and goodwill amortisation)• Interim dividend 51 cents – up 8.5%
• Total Shareholder Return 15%(year to 31 March 2005)
Ratios• Adjusted Common Equity Ratio
5.1% – down from 5.2%
• Cost-income ratio 45.8% – up from 45.1%(excl. non-core items)• Cash return on equity 18.7% – downfrom 19.6% (excl. non-core items)

Business comment• Strong performance in Australia.
Subdued results in NZ.
• Robust asset and deposit growth offset
by lower margins.
• Cost growth in line with expectations.
• Good risk outcomes – net specificprovisions down 23% to $151 million andnet non-accrual loans down 37%.
• Respectable performance in the first half
and a favourable outlook help underpin
a solid result for the year as a whole.
Note: Comparisons with first half 2004
non-core items are significant items and NBNZ
incremental integration costs.

Annual Report – receiving more than one copy
If your household receives more than one
Annual Report, help us save the environmentand reduce costs by electing to receive only
one copy per household. You can do thisby contacting the ANZ Share Registry andrequesting a change to your Annual Reportelection (see below for contact details).

Important Note: Annual Reports can be obtained from ANZ
branches and online at www.anz.com/shareholders.

ANZ Margin Lending
Contact details

Maximising your investment returns

Investor Relations
Level 22, 100 Queen Street
Melbourne VIC 3000 Australia
Telephone: +61 3 9273 6466Facsimile: +61 3 9273 4899
Email: investor.relations@anz.com

Borrowing to invest can be a powerful tool
to maximise your returns. A margin lending
facility allows investors the opportunity toleverage their current portfolio by borrowing
additional funds to take advantage of otherinvestment opportunities as they arise.

Share Registry
Australia
GPO Box 2975
Melbourne VIC 3001 Australia
Telephone: 1800 11 33 99+61 3 9415 4010
Facsimile: +61 3 9473 2500
Email:
anzshareregistry@computershare.com.au
New Zealand
Private Bag 92119
Auckland 1020 New Zealand
Telephone: 0800 174 007
Facsimile: +64 9 488 8787
United Kingdom
PO Box 82, The Pavilions
Bridgewater Road Bristol BS99 7NH
Telephone: +44 870 702 0000
Facsimile: +44 870 703 6101

While the market has recently pulled backfrom its all-time highs, margin lending
continues to grow strongly. The Reserve
Bank of Australia data for the 2004 calendar
year shows that margin lending volumes
grew to $15 billion – up 21% from 2003.

ANZ Margin Lending Online delivers
real-time access
The integration of ANZ Margin Lending with
E*TRADE not only provides an exceptional
level of convenience, it is also reassuring forinvestors who like to keep their finger on
the pulse of their portfolio. The ANZ Margin
Lending Online service provides investors
with the ability to:• have direct real-time control over aleveraged investment portfolio*;• diversify their asset base in a potentially
tax effective manner;• increase investment assets outside ofsuperannuation;• effectively manage the cost of borrowing;• gain access to potential tax benefits.
ANZ Margin Lending Online provides
automatic settlement of transactions,real-time portfolio valuations and real-time
account monitoring and charting tools via the

E*TRADE Australia website*. It also provides
the opportunity to borrow up to 75% of themarket value on over 360 Approved Shares.

10 trades with ANZ Margin
Lending Online
As a valued ANZ shareholder, we would liketo extend an exclusive offer to you.
If you apply for and draw down an ANZ
Margin Lending Online account, you will not
be charged brokerage on your first 10 trades
made within two months of joining, up to$32.95 per trade (valued at $329.50).
For further information and to apply, visit
www.anz.com/shareholderoffer
To view full terms and conditions of this offer, visit
www.anz.com/shareholderoffer
Contact the dedicated ANZ Margin Lending Client Services
team on 1800 639 330 from 8:00am to 6:00pm (AEST)
Monday to Friday, excluding national public holidays, forfurther details and to apply. ANZ recommends that you
seek financial and tax advice in relation to your particularsituation before applying for a margin loan.
* Subject to system availability.
The ANZ E*TRADE Online Investing service is provided by E*TRADE
Australia; it is not provided by ANZ. ANZ do not have any liability toyou in respect of: the ANZ E*TRADE Online Investing service, any
information, product or service offered by any third party on or
through the ANZ E*TRADE Online Investing website, or E*TRADE
Australia Group’s and their related corporations’ activities andservices. Similarly, the E*TRADE Australia Group and their related
corporations do not have any legal liability to you in respect of ANZ’s
activities and services. The E*TRADE Australia service is provided by
ETRADE Australia Securities Ltd (trading as “E*TRADE Australia”) (ACN
078 174 973, AFSL No. 238277), a Participant of the Australian Stock
Exchange Ltd Group. ANZ receives a proportion of brokerage charged
to ANZ E*TRADE customers. ANZ receives this payment within twomonths of when you make a trade.
E*TRADE Australia recommends that you read its Terms andConditions and Financial Services Guide before deciding to acquireor hold this product. You can also receive these documents bycalling 13 33 50, 8.00am – 7.00pm Monday to Friday (AEST).

Shareholders 06

Customers

Making banking simpler & more convenient for our customers
ANZ is developing a
reputation in Australia as
the simplest, mostconvenient place to bank.
1 Now with the highest customer
satisfaction of any major bank
ANZ dominates the majors in the customer
satisfaction ratings produced by Roy
Morgan Research, Nielsen Media andevery other independent source inAustralia. We are breaking away fromthe ‘big bank’ pack.
2 Now opening our Call Centre 24/7
Australian customers can call 13 13 14
to speak to someone at ANZ about theirbanking, any time of the day or night.

3 Now opening more branches andinstalling more ATMs
We are expanding our branch network
to meet the needs of the Australian
population. We have also installed morethan 100 new ATMs in the past 12 months.
It’s all to ensure that our customers canaccess our services when they need them– and save on ATM fees in the process!

4 Now making it easier to switch banks
We have introduced online switching ‘tools’
that personal and business customers
can use to take some of the hassle out ofchanging banks: www.anz.com/aus/switch.
5 Now with the best transaction
products on the market
We introduced our $5-a-month accounts
with unlimited ANZ transactions in 2002
and they continue to set the benchmark
for the industry, winning the CANNEX
award for best savings and transaction
products again in 2005. They’re easy to
use and easy to understand, which weknow makes life simpler for our customers.

7 Now rewarding customers for having
more business with us
The ANZ Breakfree package offers eligible
customers discounted rates and fees onhome and residential investment loans,savings and transaction accounts,
overdrafts, credit cards, car loans andequity facilities – just for consolidating
their banking with ANZ.
8 Now getting involved in local communities
Banking is about trust and personalconnections. We know that the more weunderstand our customers and the things
that are important to them, the more
helpful we can be. All our staff haveaccess to volunteer leave and we arealso leading the way with innovative
community programs such as Saver Plus,
MoneyMinded and Community Giving.
9 Now setting high customer service
measures, and meeting them
We set out our basic service promises
such as branch wait times, response
times to loan enquiries, and complainthandling in our Customer Charter which
we measure, audit and report on to allof our stakeholders every year. We weredelighted to be recognised for our progressby the Customer Service Institute ofAustralia in 2005.

10 Now ‘Bank of the Century’ according to
CANNEX
We have been recognised by CANNEX as‘Bank of the Year’ for the last six years
running. We are also their Home Lenderof the Year, Money Minder of the Year andPersonal Banking Website of the Year on
a consistent basis.

6 Now offering special deals for over 60s,
under 18s and students
These customers can access everyday
banking concessions like no monthly
fees and free ANZ withdrawals. We wantto ensure that as many Australians as
possible can access trusted, mainstream
financial services.

Customers 08

Customers

Making banking simpler & more convenient for our customers
ANZ is developing a
reputation in Australia as
the simplest, mostconvenient place to bank.
1 Now with the highest customer
satisfaction of any major bank
ANZ dominates the majors in the customer
satisfaction ratings produced by Roy
Morgan Research, Nielsen Media andevery other independent source inAustralia. We are breaking away fromthe ‘big bank’ pack.
2 Now opening our Call Centre 24/7
Australian customers can call 13 13 14
to speak to someone at ANZ about theirbanking, any time of the day or night.

3 Now opening more branches andinstalling more ATMs
We are expanding our branch network
to meet the needs of the Australian
population. We have also installed morethan 100 new ATMs in the past 12 months.
It’s all to ensure that our customers canaccess our services when they need them– and save on ATM fees in the process!

4 Now making it easier to switch banks
We have introduced online switching ‘tools’
that personal and business customers
can use to take some of the hassle out ofchanging banks: www.anz.com/aus/switch.
5 Now with the best transaction
products on the market
We introduced our $5-a-month accounts
with unlimited ANZ transactions in 2002
and they continue to set the benchmark
for the industry, winning the CANNEX
award for best savings and transaction
products again in 2005. They’re easy to
use and easy to understand, which weknow makes life simpler for our customers.

7 Now rewarding customers for having
more business with us
The ANZ Breakfree package offers eligible
customers discounted rates and fees onhome and residential investment loans,savings and transaction accounts,
overdrafts, credit cards, car loans andequity facilities – just for consolidating
their banking with ANZ.
8 Now getting involved in local communities
Banking is about trust and personalconnections. We know that the more weunderstand our customers and the things
that are important to them, the more
helpful we can be. All our staff haveaccess to volunteer leave and we arealso leading the way with innovative
community programs such as Saver Plus,
MoneyMinded and Community Giving.
9 Now setting high customer service
measures, and meeting them
We set out our basic service promises
such as branch wait times, response
times to loan enquiries, and complainthandling in our Customer Charter which
we measure, audit and report on to allof our stakeholders every year. We weredelighted to be recognised for our progressby the Customer Service Institute ofAustralia in 2005.

10 Now ‘Bank of the Century’ according to
CANNEX
We have been recognised by CANNEX as‘Bank of the Year’ for the last six years
running. We are also their Home Lenderof the Year, Money Minder of the Year andPersonal Banking Website of the Year on
a consistent basis.

6 Now offering special deals for over 60s,
under 18s and students
These customers can access everyday
banking concessions like no monthly
fees and free ANZ withdrawals. We wantto ensure that as many Australians as
possible can access trusted, mainstream
financial services.

Customers 08

PeopleBuilding a highly engaged workforce
ANZ is focused on creating an environment
where our people are highly engaged indelivering the organisation’s priorities andobjectives.

Staff engagement
ANZ

Industry
benchmarks

We use two key measures each year to track
our progress around people and culture.
The first of these is the Group-wide staff
survey to understand the views and concernsof our people.
Since 1999, ANZ has conducted an employee
satisfaction survey. During that time staff
satisfaction has increased from 49% in 1999
to 85% in 2004.

Staff satisfaction*Pilot Study

ANZ has the highest level of engagement of
top 20 ASX companies similarly surveyed
and is 6% above the financial services
benchmark. Organisations with engagementlevels like this typically achieve higher levelsof customer satisfaction and financial
performance.

In late 2004 we launched our first Group-wide‘Staff Engagement Survey’ – this is a more
rigorous assessment that aims to understandthe extent to which our people are motivatedand energised to deliver their best for ANZ
every day. According to the survey findings,

Our results show that we are well withinreach of our goal to be recognised as a ‘Best
Employer’ in the globally recognised Hewitt
Employee Engagement study.
We use the feedback from these surveys
to develop and enhance our people policies
and programs.

For example, in response to staff feedback,
we have introduced a number of programs to
support flexible working arrangements and tocreate a family friendly working environment.
We recently doubled paid parental leaveassistance from 6 to 12 weeks. This is available
to the primary care giver (male or female) andthere is no qualifying service period. We havealso established five childcare centres in
Brisbane and Melbourne through ourpartnership with ABC Learning Centres. In
2005, we plan to open three more centres.
ANZ’s new parental leave policy for Australianstaff came just in time for staff member
Rebecca Davison who gave birth to herdaughter Amelie on 3 January, two days after
the policy came into effect. Amelie was nine
weeks premature.
“I thought it was fantastic when I heard that
we were changing our parental leave policy
to offer three months paid leave – especiallyas it was going to be something I could takeadvantage of,” she says.
“As it turns out, the new policy has been
particularly helpful to me with the early birthof my daughter as our finances are one lessthing to think about at this very busy time”.
The other key measure is the Annual Values
survey where we ask staff to select the values
which describes our culture. “Customer Focus”
and “Community Involvement” have risen to
be our top two values over the last few years.

People 10

PeopleBuilding a highly engaged workforce
ANZ is focused on creating an environment
where our people are highly engaged indelivering the organisation’s priorities andobjectives.

Staff engagement
ANZ

Industry
benchmarks

We use two key measures each year to track
our progress around people and culture.
The first of these is the Group-wide staff
survey to understand the views and concernsof our people.
Since 1999, ANZ has conducted an employee
satisfaction survey. During that time staff
satisfaction has increased from 49% in 1999
to 85% in 2004.

Staff satisfaction*Pilot Study

ANZ has the highest level of engagement of
top 20 ASX companies similarly surveyed
and is 6% above the financial services
benchmark. Organisations with engagementlevels like this typically achieve higher levelsof customer satisfaction and financial
performance.

In late 2004 we launched our first Group-wide‘Staff Engagement Survey’ – this is a more
rigorous assessment that aims to understandthe extent to which our people are motivatedand energised to deliver their best for ANZ
every day. According to the survey findings,

Our results show that we are well withinreach of our goal to be recognised as a ‘Best
Employer’ in the globally recognised Hewitt
Employee Engagement study.
We use the feedback from these surveys
to develop and enhance our people policies
and programs.

For example, in response to staff feedback,
we have introduced a number of programs to
support flexible working arrangements and tocreate a family friendly working environment.
We recently doubled paid parental leaveassistance from 6 to 12 weeks. This is available
to the primary care giver (male or female) andthere is no qualifying service period. We havealso established five childcare centres in
Brisbane and Melbourne through ourpartnership with ABC Learning Centres. In
2005, we plan to open three more centres.
ANZ’s new parental leave policy for Australianstaff came just in time for staff member
Rebecca Davison who gave birth to herdaughter Amelie on 3 January, two days after
the policy came into effect. Amelie was nine
weeks premature.
“I thought it was fantastic when I heard that
we were changing our parental leave policy
to offer three months paid leave – especiallyas it was going to be something I could takeadvantage of,” she says.
“As it turns out, the new policy has been
particularly helpful to me with the early birthof my daughter as our finances are one lessthing to think about at this very busy time”.
The other key measure is the Annual Values
survey where we ask staff to select the values
which describes our culture. “Customer Focus”
and “Community Involvement” have risen to
be our top two values over the last few years.

People 10

Community

Making a sustainable contribution to the community
ANZ believes in making an active
contribution to the strength and well-beingof the communities in which we operate.
We do this by responding to the major social
issues that involve the financial services
industry – in particular financial literacy andinclusion – and supporting our staff to get
involved in local initiatives benefiting thecommunities in which they live and work.

In 2004 ANZ was recognised by the
Corporate Responsibility Index for ourleadership in:• community management practice• performance and impact ofcommunity programs

Increasing the financial literacy and inclusion of adult Australians
Financial literacy and financial inclusion
issues affect our people, our customers andthe broader community. We aim to lead theway in building the financial knowledge,
skills and confidence of all Australians,
particularly amongst the most vulnerable.

In 2005, our goal is to help a further 500
families set and achieve a savings goal andbuild their financial literacy.

Saver Plus
Saver Plus is a matched savings andfinancial literacy program helping families
on low incomes improve their financial
knowledge, build a long-term savings habit
and save for their children's education.
ANZ and the Brotherhood of St Laurence
developed Saver Plus and we are now piloting
the program with Berry Street Victoria, The
Benevolent Society and The Smith Family.
In 2004, we helped 257 families together save
$240,500, which ANZ then matched with afurther $481,000 for the purchase of educational
items including computers, uniforms, text books
and extracurricular subjects.

“My son loves the new computer. But thegreat thing is he’s 15 and he’s into the savings
habit now that he has a part-time job. He cansee that I’ve saved and knows a small amountadds up to something big.”Simon, a participant from Frankston (left), with his son and thefamily’s new computer purchased through Saver Plus.

MoneyMinded
MoneyMinded is an adult financial education
program developed to help financial
counsellors and community educators assist
people, particularly those on low incomes,
build their financial knowledge and confidence
and make informed and effective decisions
about their money.
MoneyMinded was written by financial
counsellors and it’s development was
initiated and funded by ANZ. The programprovides unbiased consumer education andis free of any ANZ branding or promotion of
any financial institution’s products or services.
ANZ aims to facilitate the delivery of
MoneyMinded to 10,000 consumers in 2005.
This includes funding MoneyMinded facilitator
training for interested financial counsellors andcommunity educators and funding community
agencies in every state and territory to deliver
the program in their communities. For more
information visit www.moneyminded.com.au“I am very impressed with the MoneyMindedmaterial as a set of teaching tools. It is very
clean, easy to use, and leaves the facilitatorwith a lot of flexibility to meet different
groups’ needs.”
Financial counsellor, WA

Opportunities for ANZ people to engage with their communities
Our community programs are developed by,
and for, our people, so they can support thecauses that are important to them and totheir local communities.
For instance, the ANZ Community Fund andSeeds of Renewal programs provide funds
and in-kind support to local community
projects. ANZ staff are also encouraged totake volunteer leave for community service.
In April 2005, ANZ launched the Community
Giving program, which enables Australian staff
to make donations to 18 different community
organisations – selected by them – which
are then matched by ANZ dollar-for-dollar.

Tsunami relief effort
ANZ people in Australia and overseas
contributed more than $1.45 million tovarious relief efforts, including $500,000
donated by Australian staff to World Vision’s
appeal, which was matched by ANZ.
Financial support was complemented by an
overwhelming volunteering effort, which saw
hundreds of ANZ staff giving over 4,200
volunteer hours to a number of different aid
organisations.
For more information on ANZ’s community
programs visit: www.anz.com/community
Community 12

Community

Making a sustainable contribution to the community
ANZ believes in making an active
contribution to the strength and well-beingof the communities in which we operate.
We do this by responding to the major social
issues that involve the financial services
industry – in particular financial literacy andinclusion – and supporting our staff to get
involved in local initiatives benefiting thecommunities in which they live and work.

In 2004 ANZ was recognised by the
Corporate Responsibility Index for ourleadership in:• community management practice• performance and impact ofcommunity programs

Increasing the financial literacy and inclusion of adult Australians
Financial literacy and financial inclusion
issues affect our people, our customers andthe broader community. We aim to lead theway in building the financial knowledge,
skills and confidence of all Australians,
particularly amongst the most vulnerable.

In 2005, our goal is to help a further 500
families set and achieve a savings goal andbuild their financial literacy.

Saver Plus
Saver Plus is a matched savings andfinancial literacy program helping families
on low incomes improve their financial
knowledge, build a long-term savings habit
and save for their children's education.
ANZ and the Brotherhood of St Laurence
developed Saver Plus and we are now piloting
the program with Berry Street Victoria, The
Benevolent Society and The Smith Family.
In 2004, we helped 257 families together save
$240,500, which ANZ then matched with afurther $481,000 for the purchase of educational
items including computers, uniforms, text books
and extracurricular subjects.

“My son loves the new computer. But thegreat thing is he’s 15 and he’s into the savings
habit now that he has a part-time job. He cansee that I’ve saved and knows a small amountadds up to something big.”Simon, a participant from Frankston (left), with his son and thefamily’s new computer purchased through Saver Plus.

MoneyMinded
MoneyMinded is an adult financial education
program developed to help financial
counsellors and community educators assist
people, particularly those on low incomes,
build their financial knowledge and confidence
and make informed and effective decisions
about their money.
MoneyMinded was written by financial
counsellors and it’s development was
initiated and funded by ANZ. The programprovides unbiased consumer education andis free of any ANZ branding or promotion of
any financial institution’s products or services.
ANZ aims to facilitate the delivery of
MoneyMinded to 10,000 consumers in 2005.
This includes funding MoneyMinded facilitator
training for interested financial counsellors andcommunity educators and funding community
agencies in every state and territory to deliver
the program in their communities. For more
information visit www.moneyminded.com.au“I am very impressed with the MoneyMindedmaterial as a set of teaching tools. It is very
clean, easy to use, and leaves the facilitatorwith a lot of flexibility to meet different
groups’ needs.”
Financial counsellor, WA

Opportunities for ANZ people to engage with their communities
Our community programs are developed by,
and for, our people, so they can support thecauses that are important to them and totheir local communities.
For instance, the ANZ Community Fund andSeeds of Renewal programs provide funds
and in-kind support to local community
projects. ANZ staff are also encouraged totake volunteer leave for community service.
In April 2005, ANZ launched the Community
Giving program, which enables Australian staff
to make donations to 18 different community
organisations – selected by them – which
are then matched by ANZ dollar-for-dollar.

Tsunami relief effort
ANZ people in Australia and overseas
contributed more than $1.45 million tovarious relief efforts, including $500,000
donated by Australian staff to World Vision’s
appeal, which was matched by ANZ.
Financial support was complemented by an
overwhelming volunteering effort, which saw
hundreds of ANZ staff giving over 4,200
volunteer hours to a number of different aid
organisations.
For more information on ANZ’s community
programs visit: www.anz.com/community
Community 12

Environment

Conservation group chooses ANZ
We recognise that we have a responsibility
to the environment we live in and to reducing
the cumulative impact of our operations andbusiness activities. This includes addressing
the impact of our day-to-day operations,improving our ability to assess the social andenvironmental implications of our businessdecisions, and working with others tocontribute to improved societal outcomes.
It also makes good business sense. ANZ’svalues and community focus have helped
us win the banking business of a leading
conservation organisation.
WWF Australia chose ANZ ahead of our peers
in a competitive tender.
“You weren’t the cheapest but on the basisof your values you were very definitely thebest fit,” says WWF Australia Chief Executive
Officer, Greg Bourne.
“The key thing for us is you are a progressivebank engaging in social issues and you arestarting to explore the environmental issues
that matter to Australians.”
Greg leads an organisation that invests morethan $11 million annually in conservation
programs, employs more than 100 people
and has more than 40,000 supporters
across Australia.
He has also worked on the “other side of thefence”, having previously been Regional
President of BP Australasia.

During his tenure at BP, Greg pioneered theintroduction of cleaner fuels in Australia
despite opposition from oil industry
colleagues who were reluctant to invest
in upgraded refineries.
“At the time, Australia had the lowest quality
fuels in the OECD world – we still had leadin petrol and high sulphur in diesel,” herecalls. “BP decided to take a stand andinvested our money in the future.”
Greg says the challenge for corporates thesedays is to decide if they are a “compliance”
company or a “commitment” company.
“A compliance company does no more thanthe law requires,” he explains.
“A commitment company realises there
is more to be done and has a leadership
responsibility in society – like the leadership
your CEO John McFarlane showed when heoffered to buy those 50 branches in the bushthat were being closed by a competitor.
That’s the kind of thing that makes ANZ
stand apart.”“Companies can make a difference byencouraging environmental citizenship andawareness among their staff,” he says.
“And at a board and senior executive level,
it becomes a matter of looking at the risks
involved in funding certain activities.”“You have to think 50 years ahead on issues
like climate change and water scarcity
because there are inter-generational penalties
if we don’t get it right.”

ANZ relationship manager Bruce Plasto (right) with WWF
Australia CEO Greg Bourne, and friend.

“make adifference
by encouraging
environmental
citizenship &awarenessamongst their staff
companies can”Environment 14

Environment

Conservation group chooses ANZ
We recognise that we have a responsibility
to the environment we live in and to reducing
the cumulative impact of our operations andbusiness activities. This includes addressing
the impact of our day-to-day operations,improving our ability to assess the social andenvironmental implications of our businessdecisions, and working with others tocontribute to improved societal outcomes.
It also makes good business sense. ANZ’svalues and community focus have helped
us win the banking business of a leading
conservation organisation.
WWF Australia chose ANZ ahead of our peers
in a competitive tender.
“You weren’t the cheapest but on the basisof your values you were very definitely thebest fit,” says WWF Australia Chief Executive
Officer, Greg Bourne.
“The key thing for us is you are a progressivebank engaging in social issues and you arestarting to explore the environmental issues
that matter to Australians.”
Greg leads an organisation that invests morethan $11 million annually in conservation
programs, employs more than 100 people
and has more than 40,000 supporters
across Australia.
He has also worked on the “other side of thefence”, having previously been Regional
President of BP Australasia.

During his tenure at BP, Greg pioneered theintroduction of cleaner fuels in Australia
despite opposition from oil industry
colleagues who were reluctant to invest
in upgraded refineries.
“At the time, Australia had the lowest quality
fuels in the OECD world – we still had leadin petrol and high sulphur in diesel,” herecalls. “BP decided to take a stand andinvested our money in the future.”
Greg says the challenge for corporates thesedays is to decide if they are a “compliance”
company or a “commitment” company.
“A compliance company does no more thanthe law requires,” he explains.
“A commitment company realises there
is more to be done and has a leadership
responsibility in society – like the leadership
your CEO John McFarlane showed when heoffered to buy those 50 branches in the bushthat were being closed by a competitor.
That’s the kind of thing that makes ANZ
stand apart.”“Companies can make a difference byencouraging environmental citizenship andawareness among their staff,” he says.
“And at a board and senior executive level,
it becomes a matter of looking at the risks
involved in funding certain activities.”“You have to think 50 years ahead on issues
like climate change and water scarcity
because there are inter-generational penalties
if we don’t get it right.”

ANZ relationship manager Bruce Plasto (right) with WWF
Australia CEO Greg Bourne, and friend.

“make adifference
by encouraging
environmental
citizenship &awarenessamongst their staff
companies can”Environment 14

Shareholder Update

Contact05
All cover and banner images courtesy of ‘Perspectives’ – a photographic collection showcasing images of ANZ
people participating in their hobbies outside the workplace. Shareholders pages: Paul Nicholas – Project Analyst,
New Zealand Customers page: Charlotte Jones – Project Director, OTSS People page: Murali Kumar – Executive
Manager, OTSS Community page: Des Schultz – Esanda Environment page: Tania O'Brian – Rural Warrnambool

www.anz.com