EX
HIBIT 7.1



EXHIBIT 7.1 COMPUTATION OF
RATIOS OF EARNINGS TO FIXED CHARGES



|                                                                                           |  |              |  |              |  |              |  
|------------------------------------------------------------------------------------------ |  | ------------ |  | ------------ |  | ------------ | -
|$ in millions                                                                              |  | 30 June 2004 |  | 30 June 2003 |  | 30 June 2002 |  
|AUSTRALIAN GAAP                                                                            |  |              |  |              |  |              |  
|(A) Operating Profit before tax from continuing operations (including non recurring items) |  | 86.2         |  | 80.8         |  | (32.8        | )
|                                                                                           |  |              |  |              |  |              |  
|Net Interest Expense                                                                       |  | 16.8         |  | 26.5         |  | 54.7         |  
|50% of SPT Total Interest(1)                                                               |  | 11.2         |  | 9.1          |  | 5.8          |  
|                                                                                           |  |              |  |              |  |              |  
|(B) Total Fixed Charges                                                                    |  | 28.0         |  | 35.6         |  | 60.5         |  
|(C) Total (A) plus (B)                                                                     |  | 114.2        |  | 116.4        |  | 27.7         |  
|                                                                                           |  |              |  |              |  |              |  
|Ratio of (C) to (B)                                                                        |  | 4.08         |  | 3.27         |  | 0.46         |  
|                                                                                           |  |              | 
|                                                                                           |  |              |  | Restated     |  | Restated     |  
|US GAAP                                                                                    |  |              |  |              |  |              |  
|US GAAP Profit after tax from continuing operations                                        |  | 83.3         |  | 69.4         |  | (125.5       | )
|                                                                                           |  |              |  |              |  |              |  
|Operating profit tax expense                                                               |  | 20.7         |  | 26.8         |  | 26.9         |  
|Minority Interest                                                                          |  | 1.9          |  | 2.6          |  | 2.8          |  
|                                                                                           |  |              |  |              |  |              |  
|US GAAP Profit before Tax                                                                  |  | 105.9        |  | 98.8         |  | (95.8        | )
|(B) Add: Total Fixed Charges as above                                                      |  | 28.0         |  | 35.6         |  | 60.5         |  
|(D) Total                                                                                  |  | 133.9        |  | 134.4        |  | (35.3        | )
|                                                                                           |  |              |  |              |  |              |  
|Ratio of (D) to (B)                                                                        |  | 4.78         |  | 3.78         |  | (0.58        | )
|                                                                                           |  |              |  |              |  |              |  



|(1) | 50% owned entities
|--- | ------------------



SPT represents the South Pacific Tyres joint venture



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