UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                                    FORM 10-K

(MARK ONE)
[x]      ANNUAL  REPORT  PURSUANT  TO  SECTION  13 OR  15(d)  OF THE  SECURITIES
         EXCHANGE ACT OF 1934

                   For the fiscal period ended June 30, 2003

OR

[ ]      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

Commission file number: 333-75072


                  SECURITISATION ADVISORY SERVICES PTY. LIMITED
        in its capacity as manager of the Medallion Trust Series 2003-1G
                               ABN 88 064 133 946
        ----------------------------------------------------------------
             (Exact name of Registrant as specified in its charter)


             AUSTRALIAN CAPITAL TERRITORY, COMMONWEALTH OF AUSTRALIA
           ----------------------------------------------------------
                 (State or Other Jurisdiction of Incorporation)


                LEVEL 6, 48 MARTIN PLACE, SYDNEY, 2000 AUSTRALIA
              ---------------------------------------------------
                    (Address of principal executive offices)


I.R.S. EMPLOYMENT IDENTIFICATION NO.
N/A


REGISTRANT'S TELEPHONE, INCLUDING AREA CODE:
(011) 612-9378-5293


SECURITIES REGISTERED OR TO BE REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
None


SECURITIES REQUIRED TO BE REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
None


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the last 90 days.
         Yes  [x]      No  [ ]


The information  required for some items in Form 10-K is "not applicable" to the
Trust or the Trust  Manager.  As used in this Annual  Report filed on Form 10-K,
"not applicable" or "Not  Applicable"  means that the response to the referenced
item is omitted in reliance on the procedures outlined in the numerous no-action
letters issued by the Commission's  staff with respect to substantially  similar
certificates and trusts that filed annual reports on Form 10-K.
<PAGE>
<TABLE>
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                                TABLE OF CONTENTS
<S>           <S>                                                                                              <C>

PART I

Item 1.        Business.........................................................................................1
Item 2.        Property.........................................................................................1
Item 3.        Legal Proceedings................................................................................1
Item 4.        Submission of Matters to a Vote of Security Holders..............................................1


PART II

Item 5.        Market for Registrant's Common Equity and Related Stockholder Matters............................2
Item 6.        Selected Financial Data..........................................................................2
Item 7.        Management's Discussion and Analysis of Financial Condition and Results of Operation.............2
Item 7A.       Quantitative and Qualitative Disclosures About Market Risk.......................................3
Item 8.        Financial Statements and Supplementary Data......................................................4
Item 9.        Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.............4


PART III

Item 10.       Directors and Executive Officers of the Registrant...............................................4
Item 11.       Executive Compensation...........................................................................4
Item 12.       Security Ownership of Certain Beneficial Owners and Management...................................4
Item 13.       Certain Relationships and Related Transactions ..................................................5

PART IV

Item 14.       Exhibits, Financial Statement Schedules and Reports on From 8-K .................................6
</TABLE>



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<PAGE>


                                     PART I

ITEM 1.    BUSINESS

         This Annual Report on Form 10-K relates to the  Medallion  Trust Series
2003-1G (the "Trust") and the Class A Mortgage  Backed  Floating Rate Notes (the
"Class A Notes")  issued  pursuant  to the US Dollar Note Trust Deed dated as of
March 13,  2003 (the "US Dollar Note Trust  Deed"),  between  Perpetual  Trustee
Company  Limited,  as issuer  trustee  (the  "Issuer  Trustee");  Securitisation
Advisory Services Pty. Limited, as manager (the "Manager");  and The Bank of New
York, New York Branch as US Dollar note trustee (the "US Dollar Note  Trustee").
Capitalized  terms used in this Form 10-K and not defined have the same meanings
given to them in the Prospectus related to the Class A Notes.

         The only business of the Trust is the  collection and  distribution  of
payments  on the  residential  mortgage  loans in the  manner  described  in the
Registration  Statement  on Form S-3 (File  No.  333-75072)  (the  "Registration
Statement"). Accordingly, there is no relevant information to report in response
to Item 101 of Regulation S-K.


ITEM 2.    PROPERTY

         The  Registrant  and the  Trust do not have  any  physical  properties.
Information  regarding the mortgage  loans is furnished  under Item 14 - Exhibit
99.2.


ITEM 3.    LEGAL PROCEEDINGS

         The Manager knows of no material legal proceedings involving any of the
Trust, the Manager or the Issuer Trustee which were pending as of June 30, 2003,
or as of the date of this report.


ITEM 4.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No votes or consents of Noteholders  were  solicited  during the fiscal
year for any purpose.


                                     PART II


ITEM 5.    MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

         The Class A Notes are not traded on any nationally  recognized exchange
in the United States or any other securities exchange outside the United States.

          The Notes are currently represented by certificates  registered in the
name of Cede & Co., the nominee of The Depository  Trust  Company.  Accordingly,
Cede & Co. is the sole holder of record of the Notes, which it held on behalf of
approximately 25 brokers,  dealers,  banks and other direct  participants in the
DTC system.

                                       1
<PAGE>


         Since the Trust pays no  dividends  with  respect to the Class A Notes,
the information required by Item 201(c) of Regulation S-K regarding dividends is
inapplicable  to the Trust.  See Exhibit  99.1 for  information  with respect to
distributions to Noteholders.


Item 6.    SELECTED FINANCIAL DATA

         The  regular  quarterly  servicing  report,  which  is  required  to be
included with each quarterly  distribution of the Trust's assets to Noteholders,
sets forth for the prior quarter,  as well as cumulatively,  all of the relevant
financial  information  required by the US Dollar Note Trust Deed to be reported
to Noteholders.

         The quarterly  servicing report for the Distribution  date in June 2003
for the fiscal year ended June 30, 2003 is incorporated herein as Exhibit 99.1.

         The foregoing presents all relevant financial  information  relating to
the Trust.  Because of the limited business  activity of the Trust, the Selected
Financial  Data in Item 301 of Regulation  S-K would not provide any  meaningful
additional information.


ITEM 7.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
           CONDITION AND RESULTS OF OPERATIONS

         Because of the limited business activity of the Trust, the presentation
of  Management's  Discussion and Analysis of Financial  Condition and Results of
Operations,  as otherwise would be required by Item 303 of Regulation S-K, would
not be  meaningful.  All relevant  information  is  contained  in the  quarterly
servicing reports (filed under Current Reports on Form 8-K) as described above.


Item 7A.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Currency Exchange Control Risk
         ------------------------------

         Interest and principal payments to holders of Class A Notes are paid in
United States dollars ("U.S. dollars").  However,  payments on the housing loans
are received by the Issuer  Trustee in  Australian  dollars,  in Australia  (the
"collections"). Pursuant to certain swap agreements (the "Swap Agreements"), the
Issuer Trustee is required to pay a portion of the collections to a certain swap
counterparty  (the "Currency Swap  Provider"),  who in turn pays ("Swap Currency
Exchange"),  at the  direction  of  the  Issuer  Trustee,  U.S.  dollars  to the
Noteholders,  (the "Currency Swap"). It is possible that in the future Australia
may impose exchange  controls that affect the availability of Australian  dollar
payments for making payments under the Currency Swap. The holders of the Class A
Notes will bear the risk of the imposition of foreign  exchange  controls by the
Australian  government that impact upon the Issuer Trustee's ability to exchange
the  collections for U.S.  dollars.  The Issuer Trustee has no control over such
risk,  which will  generally  be affected by economic  and  political  events in
Australia.  If the  Issuer  Trustee  does not have  sufficient  funds to pay the
Currency Swap Provider the A$ Class A Interest  Amount on a  Distribution  Date,
the Currency Swap Provider  will not be required to make the  corresponding  US$
payment to the Principal  Paying Agent and, after the  applicable


                                       2
<PAGE>

grace period,  the Currency Swap Provider may terminate the Currency  Swaps.  In
such event, it is unlikely that the Trust would have sufficient U.S.  dollars to
make the payments due on the Class A Notes.

Under temporary  Australian foreign exchange  controls,  which may change in the
future,  payments by an Australian  resident to, by order of or on behalf of the
following payees may only be made with Reserve Bank of Australia approval:

          o   the Embassy or  Consulate-General  of the  Federal  Republic of
              Yugoslavia (Serbia and Montenegro) (in respect of any amount in
              excess of $100,000);

          o   the Narodna Banka  Jugoslavije  (including  Banque Nationale de
              Yugoslavie) (in respect of any amount in excess of $100,000);or

          o   certain other persons and entities listed in instruments issued
              under the Australian Banking (Foreign Exchange) Regulations and
              published  on behalf of the Reserve  Bank of  Australia  in the
              Commonwealth of Australia Gazette on 24 October 2001; or

          o   certain  ministers  and senior  officials of the  government of
              Zimbabwe as  specified  by the Reserve  Bank of  Australia in a
              media release dated 25 November 2002.

         Additionally:

Under Part 4 of the  Charter of the United  Nations  Act 1945 and the Charter of
United  Nations  (Terrorism  and Dealings  with Assets)  Regulations  2002,  the
approval of the Minister for Foreign  Affairs,  or the Minister's  delegate,  is
required  with  respect to certain  payments and actions in relation to an asset
prescribed  under,  or which is owned or controlled  directly or indirectly by a
person or entity  proscribed  under,  those provisions or is an asset derived or
generated  from such  assets  (proscribed  persons  presently  include,  amongst
others, the Taliban,  Osama bin Laden, a member of Al-Qaeda,  a person or entity
named in the list of Committee  from time to time and other persons and entities
connected with them). Such restrictions may change in the future.

Under  Part 4 of the  Charter  of the  United  Nations  Act  1945  and the  Iraq
(Reconstruction  and Repeal of Sanctions)  Regulations 2003, the approval of the
Minister for Foreign  Affairs,  or the  Minister's  delegate,  is required  with
respect to certain  payments  and actions in relation to assets of the  previous
Government of Iraq prescribed under, or which is owned or controlled directly or
indirectly by a person or entity under,  those provisions or is an asset derived
or generated from such assets (such persons  include,  former  President  Saddam
Hussein,  senior  Iraqi  officials  of the former  Government  of Iraq and their
immediate families).  The Minister for Foreign Affairs may make arrangements for
the  transfer of such assets to the  Development  Fund for Iraq  established  by
Security Council Resolution 1483 and located within the Iraqi Central Bank.


                                       3
<PAGE>


         Currency Exchange Rate Risk
         ---------------------------

         Interest and principal on the Class A Notes is payable in U.S. dollars,
and the Trust's  primary source for funding its payments on the Class A Notes is
its  collections  on the mortgage  loans,  which will be collected in Australian
dollars.  If the  Currency  Swap  Provider  were to fail to  perform  under  the
Currency  Swap or were to be  discharged  from  such  performance  because  of a
default thereunder by the Trust, the Trust might have to exchange its Australian
dollars for U.S. dollars at an exchange rate that is currently less favorable to
the Trust than when the Currency  Swap was entered into and might  therefore not
have sufficient U.S. dollars to make timely payments on the Class A Notes,  even
though  the  delinquency  and loss  experienced  on the  mortgage  loans  may be
acceptable.


ITEM 8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         As discussed above,  furnishing the financial  information  required by
Item 8 of Form 10-K would not add any relevant  information  to that provided by
the   foregoing   statements.   Because  the  Class  A  Notes  are   essentially
"pass-through"  securities,  the Trust will have  "income"  only in the  limited
sense  of  collecting  payments  on the  residential  mortgage  loans.  The only
material  items of "expense" for the Trust will be the amounts paid as servicing
compensation,  other amounts due on the redraw bonds, if any, the amounts due to
the redraw facility provider,  and potentially  certain payments relating to any
other credit  enhancement  facilities.  The quarterly  servicing  reports (filed
under Current  Reports on Form 8-K) provide all material  information  regarding
the amounts of the "income" and "expenses" of the Trust.


ITEM 9.    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
           ACCOUNTING AND FINANCIAL DISCLOSURE

         None.


                                    PART III

ITEM 10.   DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         Since the Trust will not have  directors  or executive  officers,  this
item is not applicable.


ITEM 11.   EXECUTIVE COMPENSATION

         Since the Trust will not have  directors  or executive  officers,  this
item is not applicable.


ITEM 12.   SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

         All of the Class A Noteholders maintained their security positions with
the Depository Trust Company.  While some of the Noteholders' security positions
in the Trust may exceed 5% of the outstanding  amount of the Class A Notes, such
Class A Notes do not constitute voting securities within the meaning of Item 403
of Regulation S-K.


                                       4
<PAGE>


         None of the officers or directors of the  Registrant  owns a beneficial
interest in the Trust, nor in the Registrant.


ITEM 13.   CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         The  Registrant  received  Manager's  Fee  payments  from the  Trust in
accordance  with  the  terms  of  the US  Dollar  Note  Trust  Deed  and  Series
Supplement.


                                     PART IV


ITEM 14.   EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

         (a) (1) and (2):

         Incorporated  herein as Exhibit  99.1 are the  aggregate  totals of the
quarterly  servicing  reports  to the Trust for the  fiscal  year ended June 30,
2003. A copy of the Officer's  Certificate  of Compliance is attached  hereto as
Exhibit No. 99.2. A Custodial  Services  Audit Report is not included due to the
first audit date being posted September 2003.

         (a) (3) EXHIBITS:

  --------------   --------------------------------------   ----------------
  Designation                  Description                  Method of Filing
  --------------   --------------------------------------   ----------------

  Exhibit 31       302 Certification                               31

  Exhibit 99.1     Aggregate Totals for the Fiscal Year           99.1

  Exhibit 99.2     Independent Auditor's Annual Servicer          99.2
                   Compliance Certificate

  Exhibit 99.3     Officer's Certificate of Compliance            99.3
  --------------   --------------------------------------   ----------------


         (b) ON JULY 1, 2003 A REPORT ON FORM 8-K WAS FILED BY THE REGISTRANT IN
ORDER TO PROVIDE THE STATEMENTS FOR QUARTERLY  DISTRIBUTIONS TO THE NOTEHOLDERS.
NO OTHER REPORTS ON FORM 8-K HAVE BEEN FILED DURING THE LAST FISCAL YEAR COVERED
BY THIS REPORT.


                                       5
<PAGE>


                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange  Act of  1934,  the  Registrant  certifies  that  it  meets  all of the
requirements  for this report to be signed by on its behalf by the  undersigned,
thereunto duly authorized.

                                        SECURITISATION ADVISORY
                                        SERVICES PTY. LIMITED


                                         /S/  MARTEN TOUW
                                        ----------------------------------------
                                        Name:   Marten Touw
                                        Title:  Group Treasurer

Date: September 30, 2003




                                       6
<PAGE>


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
this  report has been  signed  below by the  following  persons on behalf of the
Registrant and in the capacities and on the dates indicated.


                                     /S/ GEOFFREY MICHAEL STEEL
                                 -----------------------------------------------
                                 Name:   Geoffrey Michael Steel
                                 Title:  Principal Executive Officer, Principal
                                         Financial Officer and Principal
                                         Accounting Officer
Date: September 29, 2003


                                     /S/ MARTEN TOUW
                                 -----------------------------------------------
                                 Name:   Marten Touw
                                 Title:  Director
Date: September 26, 2003



                                     /S/ GEOFFREY MICHAEL STEEL
                                 -----------------------------------------------
                                 Name:   Geoffrey Michael Steel
                                 Title:  Director
Date: September 29, 2003



                                     /S/  CRAIG ANTHONY CARLAND
                                 -----------------------------------------------
                                 Name:   Craig Anthony Carland
                                 Title:  Director
Date: September 26, 2003






                                       7
<PAGE>

                                INDEX TO EXHIBITS


     EXHIBIT NO.        DOCUMENT DESCRIPTION
     -----------        --------------------

         31             302 Certification

         99.1           Aggregate Totals for the Fiscal Year

         99.2           Independent Auditor's Annual Servicer Compliance
                        Certificate

         99.3           Officer's Certificate of Compliance




                                       8