PART III



Item 19 : Exhibits

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EXHIBIT 7.1 COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES



|A$ millions                                                                                  |  | 30 June2003 |  | 30 June2002 |   |  | 30 June2001 |  
|-------------------------------------------------------------------------------------------- |  | ----------- |  | ----------- | - |  | ----------- | -
|AUSTRALIAN GAAP                                                                              |  |             |  |             |   |  |             |  
|(A)   Operating Profit before tax from continuing operations (including non recurring items) |  | 80.8        |  | (32.8       | ) |  | (91.1       | )
|                                                                                             |  |             |  |             |   |  |             |  
|Net Interest Expense                                                                         |  | 26.5        |  | 54.7        |   |  | 99.4        |  
|50% of SPT Total Interest(1)                                                                 |  | 9.1         |  | 5.8         |   |  | 9.1         |  
|                                                                                             |  |             |  |             |   |  |             |  
|(B)   Total Fixed Charges                                                                    |  | 35.6        |  | 60.5        |   |  | 108.5       |  
|(C)   Total (A) plus (B)                                                                     |  | 116.4       |  | 27.7        |   |  | 17.4        |  
|                                                                                             |  |             |  |             |   |  |             |  
|Ratio of (C) to (B)                                                                          |  | 3.27        |  | 0.46        |   |  | 0.16        |  
|                                                                                             |  |             |  |             |   |  |             |  
|US GAAP                                                                                      |  |             |  |             |   |  |             |  
|US GAAP Profit after tax from continuing operations                                          |  | 85.8        |  | (75.1       | ) |  | (223.0      | )
|                                                                                             |  |             |  |             |   |  |             |  
|Operating profit tax expense                                                                 |  | 26.8        |  | 26.9        |   |  | 147.2       |  
|Minority Interest                                                                            |  | 2.8         |  | 2.8         |   |  | 3.6         |  
|                                                                                             |  |             |  |             |   |  |             |  
|US GAAP Profit before Tax                                                                    |  | 115.4       |  | (45.4       | ) |  | (72.2       | )
|(B)   Add: Total Fixed Charges as above                                                      |  | 35.6        |  | 60.5        |   |  | 108.5       |  
|(D)   Total                                                                                  |  | 151.0       |  | 15.1        |   |  | 36.3        |  
|                                                                                             |  |             |  |             |   |  |             |  
|Ratio of (D) to (B)                                                                          |  | 4.24        |  | 0.25        |   |  | 0.33        |  
|                                                                                             |  |             |  |             |   |  |             |  



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



SPT represents the South Pacific Tyres joint venture