News Release
For Release: 13 November 2023

Transcript of bluenotes video interview with ANZ Chief
Executive Officer Shayne Elliott
BRETT FOLEY: Shayne, thanks for joining bluenotes on the morning of the result. You've
described this as a very strong result. The word you've used a lot is consistent, so why isthis a good result?
SHAYNE ELLIOTT: Well, first of all, just if you, just kind of look at the financials, this is arecord result. So, we're really proud of the fact that this is the highest revenue amount that
ANZ has ever delivered and it's the highest cash profit we've ever delivered. So, I think they
speak to that underlying strength. But of course, you want to look behind that and say, well,
how did that happen? And what really drove it? And what I'm really pleased with and why I
think it's strong and consistent, is that we have four divisions at ANZ. We have our New
Zealand business, Institutional, the Australia Retail and Australia Commercial and all four ofthe businesses delivered really, really good outcomes. And so, it was a consistently strong
across the board, really showing the benefit of the portfolio of businesses that we have,
which is pretty unique and different, particularly to our domestic peers here.
BRETT FOLEY: And you mentioned diversification and it’s again important, it was at the half
as well. Now what specifically, can you elaborate a little bit on how those four businesses
contributed to the result?
SHAYNE ELLIOTT: Sure. So, we’ve spent a lot of time in my time as CEO, so over the last
seven or eight years, actually simplifying our portfolio. We accepted that you can be over
diversified. You can be doing too many things with too many people, and too many places.
And so, we streamlined that back to the core businesses that we know and love, thebusinesses where we feel we have something unique, something great to offer ourcustomers. So, the four that I mentioned, but of course we like the fact that we havediversification, and this is a perfect time to really benefit from that. There's a lot going on in
the world. There's a lot geopolitically, sadly, some terrible things happening around theworld, but there's a lot happening domestically in terms of inflation and cost of living.
There's lots happening in terms of how people and customers are thinking about trade andwhere they want to build new businesses and source product from, and that says change.
And so, ANZ’s really well positioned, because we have this diversified portfolio to be able tolean in where there's more opportunity and lean back where there's a little bit more risk.
And that's precisely what we did over this year, and that really came through really strongly
into the result.
BRETT FOLEY: And you mentioned the international business. As the most international of
the Australian banks, what else are you seeing in the global environment and maybe
particularly in New Zealand, which is often a lead indicator for the Australian market?
SHAYNE ELLIOTT: So, we're seeing a lot of change, as I mentioned, for all sorts of reasonsand that change has been emerging for quite a period of time. I think it's fair to say, youknow, 10, 15 years ago, we went through the sort of great continued sort of globalisationand opening up of markets, particularly around Asia-Pacific. And more recently, we're seeing
more, a retreat back to sort of onshoring of work and people really rethinking their supply
chain. Do I want to be exporting or importing just from one market or do I want to have amore diversified thought about all of that? And so that change has actually only gatheredpace. And there are places in the region, the region where we operate, that stand to benefit
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from that. One of them is India, pretty obviously, it's well positioned geopolitically, it's got
this growing reformist economy where there's lots of opportunity. But there are others like
Singapore and Vietnam that stand to benefit as well as customers, as multinationals, bigcorporates make those decisions about who they want to trade with, where they want tobuild things, where they want to ship things, where they want to invest. That's what we doreally well. We help facilitate change. And so, that's what we're seeing, we're seeing anacceleration of change. I mean, an interesting data point, the United States has become animporter of foreign direct investment. That’s quite a significant change. We've grown up in atime when the US was this massive outward investor and exporter of capital and now ofcourse it's importing capital, partly to do with the Inflation Reduction Act, partly to do with a
lot of American firms onshoring or reshoring work. That's a huge shift, and people like ANZ
are really well positioned because the people that are leading those transformations, guess
what, happen to be our customers. And so, we stand ready to help them raise money, movemoney, risk manage that money as they're making those decisions.
Talked about New Zealand, New Zealanders, you know, very, very close to our heart
obviously, it's a quarter of the bank. We've been in New Zealand since 1840. We're thelargest bank in New Zealand. We have a relationship literally with about one in two Kiwis insome way, shape or form. So pretty important part of our market, and we get to see,because of that special relationship we have in New Zealand, and I'm on the board thereand I have been for over a decade, we get to see really unique sets of data and right acrossthe whole economy. What we're seeing in New Zealand, despite the fact that it's had sort offaster and bigger rate rises and is a little bit more vulnerable as an economy than Australia,
the reality is that the data says that the consumer, small businesses, remain very robust.
They used the COVID period to shore up their balance sheet so they saved a lot of money,
they cut back on their spending and so, the household, your average household, is in pretty
good shape. Now, that's not to diminish the fact that there are clearly some who arestruggling and there's more struggling today than there was six months ago. Butinterestingly, there's not more today than there was prior to COVID. So actually, the stresslevels are reasonably well managed at this point. So, if New Zealand is a lead indicator forAustralia and we think it is, even though there are some differences, that actually bodes
pretty well for the resilience of our customer base and the broader community.
BRETT FOLEY: And interest rates and inflation have been a big talking point all year. How
did that impact the business and is that an opportunity for ANZ given the strategy and thediversified business?
SHAYNE ELLIOTT: Yes, so cost of living again, it's interesting when you sort of have ahistorical perspective. Many of us got used to this idea that inflation was sort of likesomething of history, and the idea that inflation would be above 2% has been a bit of ashock for many, and we can talk about how that happened. But now we're living in a higher
inflation world and that’s true all over the globe, not just here in Australia, and New Zealandand of course Reserve Bank, central banks, have had to respond by increasing interest
rates. That has real impacts on our customers. Whether you're a homeowner or a businessowner, whatever you do in the community, that really changes your life and it's pretty
profound. And as I said, it's changing a lot of business models, it's changing people's view
about housing and what they can afford and how they have to make really difficult decisions
to balance the budget. At the end of the day, as I said, our customers, and looking at ANZ’sdata, have come into the situation and to this challenging period, with pretty good, a great
starting point, so pretty robust. So, they're actually muddling through pretty well. So… wehave… I'll give you some data, we have a million homeowners here in Australia, or people
who have a home loan with us, only 2,000 of them are in hardship. Now it's dreadful for the2,000 and we'll do everything we can to help them through. But in the scheme of things, it'srelatively modest. And so that again speaks to the strength of the economy the fact thatpeople have been able to work through. Where’s the opportunity for ANZ? Well in any timeof change, whatever that change is, we talked before about changing trade flows, here
we're talking about changing economic circumstances. Banks are here to help. Somebusinesses will do a little bit better because of that environment and they'll need money andfinancing to grow, and others will do it a little bit harder. And one of the great things when

you're a strong bank like ANZ, you're able to lean in and help those who need it, whether
that's restructuring loans that they have or giving them assistance to work through what willundoubtedly be a difficult time. So, there is opportunity, for banks like us to step forward
and assist those through the challenge. But also, there's always opportunity at times likethis and we are seeing that in certain parts of the economy at the moment.
BRETT FOLEY: So, Shayne, can you tell us a little bit about ANZ Plus and how that's beendeveloping and progressing in the past year?
SHAYNE ELLIOTT: Yeah, so this is a really exciting development for ANZ and now we have anew business line. ANZ Plus sort of started as a project, a dream. We've invested and we've
essentially built a whole new bank, using the best-in-class technology that we can, and thatis now out in the market. And from our perspective, it's the most contemporary, fastest
growing proposition from a major bank for retail savers. So, at the moment, it's reallyappealing to those people who want to save money for whatever purpose. So we're reallypleased with how it's going. In 18 months since we launched, we've welcomed half a million
new customers or customers onto the platform, into that business, which is really exciting.
Just give you a bit of perspective on that, ANZ, we've been around for 195 years. We've got
about 5 million, 6 million customers in our what we would think of as our classic business.
So, in 18 months to have attracted half a million customers already, it's pretty exciting. Andof course, they’ve brought with them $10 billion in deposits, which is pretty meaningful. Soreally excited about the progress. Customers are clearly enjoying it, are very, very engaged
in the platform and the way we've built it is really about pace and innovation. So, we're able
to roll out new features and functions at pace. And so, we’ve spent a bit of time getting it all
right, and now we can accelerate. So, the next thing we'll be rolling out, which is pretty
exciting, is some really great tools to help protect customers from scams. And so, we've got
a rolling series of features that'll come out pretty soon, and I think that speaks to exactly
the value of this platform. I will say another thing about the platform, and I knowshareholders will care a lot about this. The point of this platform is not only that it's a moreengaging way to improve the financial wellbeing of our customers, it's much cheaper tooperate. And so, when you think about the cost of acquiring a new customer, that's about
55% lower than the cost it would be in our traditional ANZ business, which is pretty
remarkable. And if you think about the cost of, once that customer has joined, the cost ofservicing that customer, already ANZ Plus is operating at about 25% lower than ourtraditional bank and that'll actually improve over time as we get more and more scale. So
really exciting, whole new business line going very, very well.
BRETT FOLEY: And just finally, can you give us an update on the acquisition of the Suncorp
Bank and where things stand at the moment?
SHAYNE ELLIOTT: So, the process continues – as you know, we're going in front of theAustralian Competition Tribunal in a few weeks time and that's essentially like going to an
appeal court and we'll go and make our case again, and they've given us an indication thatthey'll come back with a decision in late February. But we're really optimistic about that. We
strongly believe our case is a good one, that this really is in the best interests of consumers.
It's very much in the interest of Suncorp Bank customers and we want to be able to deliver
them the benefits of ANZ technology and the investments that we've made to deliver better
outcomes for them, and we're going to go and make that case obviously in front of theCompetition Tribunal. And when we're successful at the end of February, we still have somemore process to go through. We have to get formal approval from the Queensland
Government who've been really, really supportive of the transaction because they see thebenefits of ANZ investing in their state, and then it goes to the Federal Treasurer. So stillsome way to go. We’re really confident about it because we do believe very much in ourcase, but we have to go through the process, and we'll learn the next step in February.
BRETT FOLEY: Shayne, thanks very much for your time.
SHAYNE ELLIOTT: Thank you.

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