Anz Group Holdings Limited · ASX:ANZ
Anz — Australia and New Zealand Banking Group — FY2005 Earnings Presentation
70 slides from Anz's earnings presentation, Oct 25, 2005
Slide 1: Annual Results 2005 Analysts Presentation
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Slide 2: Record profit, ahead of target
Record profit, ahead of target Strong revenue momentum in second half 2005 v 2004 NPAT* $3,056m ~~ 11.9% Cash EPS* 175.2c “* 8.8% Dividend 110c ~~ 8.9% 2h05 v 1h05 NPAT* Total Income* iS 4.9% Other Operating Income* *excluding NZ incremental integration costs and significant items hs ens Bee
Slide 3: Real progress on strategic agenda in 2005
Real progress on strategic agenda in 2005 a = m Where our growth will come from Losug Terr Se Yer pain Mediuen Terr 2-5 yeara Shark Fars Io2 yeas Substantial momentum in Post-integration, improved Longer term, Asia Australien businesses returns expected from NZ_ increasingly meaningful ANZ Strategy
Slide 4: Creating Australasia's leading bank
Creating Australasia’s leading bank e Mission -— to become Australasia's leading bank ¢ Favourable 2006 outlook: “Environment should be broadly similar to 2005, enabling us to produce continued good results in the year ahead” e New Growth and Transformation agenda: Growth 7% - 9% annual revenue grow
Slide 5: a : . Lo a TTA
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Slide 6: Good full year result: strong revenue momentum in the second half
Good full year result: strong revenue momentum in the second half 220 (322) 6.6% 7.8% [i / 66 (86) 10.2% 7.3% ko Expenses Provisioning vy € S ue c 5 a v o L c 5 c 6 2 3) € S ie] c & e vw v G £ c 5 ~ 1 2 NBNZ Normalisation © Sep-04 « “« Favourable to expectations Sow i i i Cash EPS In line with expec
Slide 7: Strong lending growth offset by margin pressure
Strong lending growth offset by margin pressure Net Interest Income* Drivers FYO5 $290m 15.5% Personal “$98m a 4%) $192m : $10im 14.5% Institutional®** = -s83m (12.1%) $18m $66m Corporate -$9m = G. 5%) $57m : 14 NZ Businesses“ *joan (NZD, normalised**) $50m $24m Esanda & UDC -$15m (4.5%) iu, Net Int
Slide 8: Excluding FX hedge impact, margin decline close to longer term trend
Excluding FX hedge impact, margin decline close to longer term trend Margin decline a mix of Structural Cc titi t int in NZ impacts and Competition Ompetition most intense in mortgage market {competition impact on Group Margin bps Sep 04 ~ Sep 05) 249.0 (2.8) (2.6) |_| P| (7.3) bps z a a = x g & (2.
Slide 9: Strong 2nd half non-interest income performance
Strong 2"™ half non-interest income performance Improved performance across all major Divisions Personal Institutional NZ Corporate Businesses koa 1HO5 Wi 2HO05 underlying Trading instruments ~- income switch with net interest note ~ there have been a number of minor restatements to 1HO5 numbers *ex
Slide 10: Improved revenue growth & lower credit costs
Improved revenue growth & lower credit costs has permitted higher growth investment Growth Investment* 113 4,437 Underlying « i NBNZ Normalised* PX iil 411 4,116 =m Pt Compliance 28 Sep-04 Sep-04 Sep-05 Normalised “inciudes investment in branch improvement program *extra 2 months of NBNZ in FYOS 40
Slide 11: Growth investment has been weighted towards increasing frontline FTE
Growth investment has been weighted towards increasing frontline FTE Approx. 2,200 new FTE’s in FYO5 800 4 697 600 7 514 216 180 167 Personal Asia Pacific Corporate Inst. Esanda & Group & UDC Integration « Approx. 70% of new business* FTE in frontline roles « Full run rate of FTE investment to drive
Slide 12: Solid momentum in Australia
Solid momentum in Australia Personal Banking Institutional New Zealand* (wzg) Corporate Esanda & UDC Asia Pacific Australia* New Zealand* (WZ$) Asia Pacific *excludes significant items & incremental integration costs, NZ numbers normalised for 2 extra months of MBNZ in 2004
Slide 13: Credit quality remains favourable, delinquencies down on 1H05
Credit quality remains favourable, delinquencies down on 1H05 Non Accrual Loans 200 continue to reduce 0.6% 700 + 600 + ee 500 + 400 + yo" 300 + 200 nn FYO2 FYO4 uwemg Net Non Accrual Loans (LHS) FY05 —@ Net Non Accrual Loans / Net Lending Assets (RHS) Delinquencies remain low (60 day delinquencies)
Slide 14: A-IFRS indicative impact on key measures
A-IFRS indicative impact on key measures Impact of share based payments Cash EPS $175.2 cents = 172.5 cents « Hedge derivative revaluations treated : as non-cash Return on Ordinary « NPAT increased by ~ $133m Equi 17.3% ; 18.7% _® Equity reduced by IFRS adjustments to | quity | Retained Earnings | /
Slide 15: Increased earnings volatility anticipated under IFRS
Increased earnings volatility anticipated under IFRS driven by provisioning charge IFRS Provision charge exhibits greater volatility than ELP charge e ELP charge relatively stable compared to Total 2002 ELP total IFRS provision ere Wid charge 800 - ¢ Collective provision function of 600 + e Probabil
Slide 16: Capital - regulatory position still under review
Capital - regulatory position still under review 1. IFRS considerations e Initial capital impacts of IFRS expected to be modest * approx. $1.1b decrease in book equity, ACE and Tier 1 impact immaterial e APRA treatment of IFRS adjustments (eg collective provision) e Future dividend policy will gener
Slide 17: 2006 headwinds represent ~2% drag on cash EPS
2006 headwinds represent ~2% drag on cash EPS Summary of 2006 Headwinds Structured Deal Run Off ING Transitional tax run-off S| NZ Synergy Benefits Other Discontinued Inst. Business ING Capital i Investment NPAT ($m) -50 -40 -30 -20 -10 oO 10 20 a?
Slide 18: Group Outlook for 2006
Group Outlook for 2006 Revenue *¢ 7% - 9% growth: * Lending & deposit growth to remain strong * Continued momentum in Australian businesses supported by specific growth initiatives * Structured deal run-off & reduced INGA contribution due to end of transitional tax relief are key headwinds Expenses
Slide 19: Summary - Good result, good momentum
Summary - Good resu/t, good momentum 2005 2006 A quality result, ahead of original target Environment broadly similar to Strong revenue momentum in 2005 second half Earnings growth again weighted to Stronger revenue growth 2nd half permitted increased investment i | Low risk, strong credit quality F
Slide 20: Additional Information
Additional Information 20 AME
Slide 21: Profit & Cash EPS reconciliation
Profit & Cash EPS reconciliation Income 8,645 8.2% Expenses / (4,026) : (4,515) 12.1% Operating Profit 4,619 48F5 4.7% Provision for Doubtful Debts (632) (580) / 8.2% Tax & OEI : (1,172) (1,237) (5.5%) NPAT / 281s ZOE TaN Goodwill 189 224 18.5% Significant Items (48) : 38 large Pref. Share Dividend
Slide 22: Cash EPS comparison - AGAAP v A-IFRS
Cash EPS comparison -— AGAAP v A-IFRS Net interest income 6,301 Non-interestincome 3,562 | 45. 2,991 Operating expenses (4,421) | Goodwill amortisation (179) | 179 om Bad & doubtful debts 680). (873) Tax & OFI (4,237) (1,237) NPAT 3,018 224 3,151 Goodwill amortisation 224 Hybrid (4) (18) Significant
Slide 23: Initial IFRS impact on capital likely to be modest, earnings volatility may impact dividends
Initial IFRS impact on capital likely to be modest, earnings volatility may impact dividends Initial IFRS impacts on capital are forecast to be modest* erivative Accounting 33 | (108) - _Defined Benefit Scheme : (107) (107) i a redit Provisioning ; 191 191 : (235) _StEPS Reclassification : (992) / >
Slide 24: Illustrative A-IFRS Balance Sheet adjustments
Illustrative A-IFRS Balance Sheet adjustments Liquid Assets & due for other fin'al inst. 17,988 17,948 Trading & invst sec's & fair value agsats | 13,226 3,000 8 1 18,235 Net foans & advances 230,952 (90) 1542 307 232,414 customers liability for acceptances. 13,449 13,499 Derivative fir’al instrumen
Slide 25: Continued strong balance sheet growth
Continued strong balance sheet growth Personal « Solid mortgages and credit card FUM growth driving lending « Good growth in transaction & savings balances delivering above system deposit growth Institutional « Increased domestic lending following de- risking « Strong deposit growth New Zealand « Go
Slide 26: Growth in Mortgages and Long Term Wholesale funding driving margin impacts
Growth in Mortgages and Long Term Wholesale funding driving asset & funding mix margin impacts Mortgages continue to grow strongly Approx Asset Mix NIM Impact Margin (FY04 v FY05) (bps) Other 0.5 Low Emstitetiewall (1.0) (0.3) Corporate (0.2) High (1.6) % of % of 2. Assets Growth (2.6) 26 Growth in
Slide 27: Australian Geographic margin contraction driven by funding mix, competition & hedging
Australian Geographic margin contraction driven by funding mix, competition & revenue hedging impacts Funding mix & competition driving Institutional most Australian interest margin contraction . competitive segment {competition impact on Australian margin bps Sep 04 - Sep 05) 248.2 (6.3) -0.4 | | l
Slide 28: Fixed rate mortgage competition driving NZ Geographic margin contraction
Fixed rate mortgage competition driving NZ Geographic margin contraction Strong Fixed Rate Mortgage competition NZ mortgages driving adversely impacting NZ margins L margins down ‘| {competition impact on NZ margin Sep 04 ~ Sep 05) bps 250.4 (8.9) ll 0.9 (10.3) Ral x 7 - = = 1.9 235.6 0.5 -0.4 f 3 z
Slide 29: Capital position remains above target range
Capital position remains above target range % 7.00 7 6.50 | 6.00 5 5.50 7 4.50 | 5.09 Drivers of the ACE ratio Earnings* 1.61 (0.10) (0.05) 5.07 DRP/BOP Employee i. AM, shares : 0.16 Target range “Core Cash Earmings, defined as earnings after hybrid distrioutions, but before goodwilh 29 Adopted a pr
Slide 30: Capital efficiency will be driven by access to non-innovative hybrids
Capital efficiency will be driven by access to non- innovative hybrids Core Capital Generation & Usage % of RWA Cash Dividend * Current hybrid’s are expected to Earnings @63% qualify as innovative Tier-1 capital 1.62 (1.02) Me « Innovative hybrid is currently ~$1bn in excess of APRA’s proposed 15% l
Slide 31: Cost of Capital dependant on access to Non-Innovative or Preference Share capital
Cost of Capital dependant on access to Non- Innovative or Preference Share capital « As we are capped out of Non-Innovative capital until 2010 marginal RWA growth will be funded by either Core or Non-Innovative Capital * APRA’s low 25% limit for hybrid capital may result in incremental RWA growth be
Slide 32: Current hybrids
Current hybrids Currency & Amount AG] billion US$1.1 billion « US$350m ~ Jan 2010 *US$750m - Dec 2013 EURS500 million issue Date 24 September 2003 26 November 2003 13 December 2004 Final Maturity Date 14 September 2053 15 December 2053 12 December 2053 Interest Rate Floating ~ BBSW + 100bpts Fixed *
Slide 33: New Zealand currency risk substantially hedged
New Zealand currency risk substantially hedged « Revenue hedging continues to be Attractive rates for hedging undertaken when currency is assessed 1.40 J future revenue to be outside its normal trading range and fair value estimates. ¢ Under IFRS, hedge accounting remains until 1 Oct 2006. Subsequen
Slide 34: Credit Quality
Credit Quality 34 AME
Slide 35: ELP reduction reflects improved credit quality
ELP reduction reflects improved credit quality Improved risk profile drives ELP charge exceeded SP’s reduction in ELP rate by 63% in FYO5 $m 200 7 ) : | (2) 160 4 | ia | ( ) 120 4 - -: | d 1 tevew Specific Provisions ty ELP 80 4 m2 ELP Top-Up lt Normalised ELP 40 | sn oe 3 a is Sf .2 £2 32 2 8E 3 2
Slide 36: Net Specific Provisions down 19%
Net Specific Provisions down 19% ¢ Credit quality in Australia continues to improve, with lower Specific Provisions ¢ Specific Provisions up in New Zealand due to two medium sized Corporate accounts plus a handful of smaller exposures impacted by a significant downturn in the exported apples industr
Slide 37: Non Accrual loans remain at historically low levels
Non Accrual loans remain at historically low levels Gross Non-Accrual Loans at historical lows* 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 4 2.0% 4 1.0% 4 0.0% +747 1 1 1 1 SLEIEE PEEPS ES * Gross Non-Accrual Loans to Gross Loans & Acceptances 3? New Non Accruals impacted by a small number of accounts 2002
Slide 38: New Zealand portfolio remains sound, a small number of isolated defaults
New Zealand portfolio remains sound, a small number of isolated defaults Risk Grade Profiles Australia New Zealand $175bn $64bn AAA to BBB BBB- BB+ to BB BB- >BB- 38 ¢ NZ overall portfolio remains high quality, in line with Australia ¢ New Zealand new Non Accruals increased with the downgrade of two
Slide 39: We are closely monitoring potential impacts of the high oil price
We are closely monitoring potential impacts of the high oil price Driver _ Current position Impact of _« The recent spike in oil prices is _ « ANZ’s credit quality remains in excellent High Oil Prices | [ikely to impact on credit quality shape, however we expect some additional losses as a result of
Slide 40: Credit quality robust in Mortgages Australia
Credit quality robust in Mortgages Australia Strong LVR profile * Dynamic LVR profile reflects strong 80% & LVR at origination Sep-04 migration into lower LVR buckets 70% et LVR at origination Sep-05 compared to time of origination 60% @ Dynamic LVR Sep-04 * Owner Occupied dominates the 50% m Dynami
Slide 41: Inner City arrears immaterial
Inner City arrears immaterial Inner City Accounts & Exposure 495 # Accounts Purpose of inner city lending shifting towards Owner Occupied iit Exposure Docklands Southbank Zetland / Waterloo (NSW) Inner city delinquencies negligible Zi ii Hii) Sep-03 Sep-04 Sep-05 a i az Uh a Owner Occupied lt Reside
Slide 42: Group risk grade profile
Group risk grade profile to BBB BB+ to BB B+ to CCC Non Accrual ANZ Group - Outstandings* $158bn 165bn $207bn $222bn $235bn $248bn Total investment grade as at Sep-05 - $172bn or 69.2% of the portfolio Mar-O5 Sep-05 1.6% 1.6% 0.3% 0.3% *NBNZ acquired December 2003
Slide 43: Institutional risk grade profile
Institutional risk grade profile Institutional - Outstandings* $436n $43bn $45bn $49bn AAA to BBB BBE- BB+ to BB BB- >BB- Sep-03 Mar-04 B+ to CCC 3.2% 1.9% Non Accrual 1.6% 1.3% *NBNZ acquired December 2003 Cx) $50bn Total investment grade as at Sep-05 $35bn or 69.6% Sep-05 1.1% 0.5%
Slide 44: Industry exposures - Australia & New Zealand
Industry exposures - Australia & New Zealand Lending Assets (AUD) % of Portfolio (RHS scale) % in High Risk (RHS scale) % in Non Accrual (RHS scale) Health & Community Cultural & Recreational Forestry & Fishing Services Services 20bn 10.0% 20bn 10.0% 20bn 10.0% 15bn, 7.0% 15bn 7.0% 15bn 7.0% 10bn 4.
Slide 45: Industry exposures - Australia & New Zealand
Industry exposures — Australia & New Zealand Lending Assets (AUD) % of Portfolio (RHS scale) % in High Risk (RHS scale) % in Non Accrual (RHS scale) Transport & Finance - Other Utilities Storage 20bn 16.0% 20bn 10.0% 20bn 10.0% 15bn 7.0% — iSbn 7.0% 15bn 7.0% tobn 40% LObn 4.0% 10bn 4.0% Sbn 1.0% —
Slide 46: Industry exposures - Australia & New Zealand
Industry exposures - Australia & New Zealand Real Estate Operators & Dev. Retail Trade 20bn 10.0% 20bn 10.0% 1Sbn 7.0% — 15bn 7.0% 1obn 4.0% — 10bn *—+—_,__, 4.0% Sbn 1.0% bn , 1.0% obn + 12.0% — obn | | 2.006 Sep-02 Sep-03 Sep-04 Sep-05 Sep-02 Sep-03 Sep-Cd Sep-05 Manufacturing Wholesale Trade 20bn
Slide 47: Divisional Performance
Divisional Performance a?
Slide 48: Customer satisfaction and market share has grown
Customer satisfaction and market share has grown Leading major bank customer satisfaction % (Main Financial Institution* ) 85 Closest major 80 peer 75 WA, 70 65 WAG 60 7 55 wo a (=) Dal N ioe] t w 2 2 2 e 2 2 2 ? é £ é £ é z é £ s 5 s 5 Ss 5 s 5 3 2 2 3 2 3 3 3 u- ANZ ——PeerBanks ~~~ Regional Banks
Slide 49: Mortgages: solid FUM growth with strong performance by ANZ proprietary channels
Mortgages: solid FUM growth with strong performance by ANZ proprietary channels Housing market continues to ANZ channels increasing their deliver attractive FUM growth” ($b) share of new sales flows 80% 75% 73% 73% 71% 70% 63% 59% 60% 5 58% 56% : I) 50% 1H04 2H04 1HO5 2HO5 2003 2004 2005 -—~ % loans
Slide 50: Banking Products: good FUM growth in Savings & Transaction accounts
Banking Products: good FUM growth in Savings & Transaction accounts Transaction FUM: Access accounts driving growth (A$b) 8.2 8.2 7.9 Savings FUM: good growth across all products (A$b) 1HO4 2HO4 ig Access 1HOS tt Other Good growth in Transaction accounts 11% increase in accounts v 2204 2269 2124 1HO
Slide 51: Consumer Finance: strong growth in all products driving market share gains
Consumer Finance: strong growth in all products driving market share gains Delinquencies trending down Continued strong FuM growth across the portfolio (90+ day arrears) 13% growth Vv 1.4% 1.2% 4 reac og ae 1.0% —_ 0.8% 0.6% 0.4% 0.2% 0.0% + T T T T 1HO4 2HO04 1HO5 2HO5 Sep-03 Mar-04 Sep-04 Mar-05 S
Slide 52: INGA: underlying business performing well
INGA: underlying business performing well Note ~ aff data based on INGA December Year End, 1HOS at Jun-05 Solid underlying profit growth Significant efficiency gains $m achieved during integration realised since JV formed 350 80% (cost to income ratio*) 300 70% 250 73% 200 60% 150 i 100 ] 57% 50 50%
Slide 53: INGA JV: strong underlying contribution partially offset by capital investment hedge losses
INGA JV: strong underlying contribution partially offset by capital investment hedge losses Full year NPAT to Sept-O5 increased 9% driven by: Investment Earnings partially offset by ANZ Hedge losses « Funds management income increased by 5% based on $m higher average funds under management underpinn
Slide 54: Institutional: strong second half momentum
Institutional: strong second half momentum Business performance in line with expectations (NPAT growth) Lending Asset growth moderating in 2HO5 10% 15% cre Ts Markets cSar* Hi fio 2HO4 HOS 2HO5 Strong non interest income Strong growth in Markets growth delivered in 2HOS income: VaR remains low Other
Slide 55: New Zealand: financial performance softer than expected, but good operational momentum
New Zealand: financial performance softer than expected, but good operational momentum Strong performance in NBNZ Retail, Corporate and Rural, whilst ANZ Retail, Institutional and UDC reposition* 262m NPAT (NZ$) 203m 476% 216m % Growth (3.2%) (4.0%) 135m 19.5% 8im 12.5% 4im ; (2.4%) it vile Aili ini
Slide 56: Both NZ retail brands continue to hold market share & improve customer satisfaction
Both NZ retail brands continue to hold market share & improve customer satisfaction Stabilising mortgages position* Household deposits share (share of new mortgage registration by number) stable at ~37%** % + 35% 45% - 30% 4 on | 25% | 40% 20% 4 35% 4 15%, | cate ea 30% + 10% + 5% 4 fem ANZIN ASB 25
Slide 57: NBNZ integration on track
NBNZ integration on track NZ$m 2004 2005 2006 Total Integration costs 49 139 52 Incremental Integration Opex 29 85 ul Cost synergies 6 33 39 Revenue synergies 1 26 47 Attrition 20 33 34 No material change to forecast integration costs and benefits Full impact to satisfy regulatory requirements under
Slide 58: New Zealand structured finance transactions
New Zealand structured finance transactions ¢ IRD audit focused on so called “conduit” transactions * Notices of Proposed Adjustment and assessments received as expected * Net potential liability on all similar transactions $NZ308m* ¢ Legislative change to ‘thin cap’ rules in NZ will make these tran
Slide 59: Corporate: Strong performance for Corporate Banking, significant investment in Small Business
Corporate: Strong performance for Corporate Banking, significant investment in Small Business Corporate Banking - good revenue and cost momentum 400 40% 350 35% 300 30% 250 25% 200 + + 20% 2003 2004 2005 womima Revenue CTI % (RHS) Significant increase in WSTMS* # transin deal flow in 2005 Asset (mm)
Slide 60: Business Banking: growth has moderated, fundamentals remain sound
Business Banking: growth has moderated, fundamentals remain sound * Business Banking balance sheet growth has moderated, reflecting: Balance Sheet growth has moderated * slowdown in property related lending xx% ~ Average growth + _ + + 'xxY%) - EOP growth * increased competition in the market; margi
Slide 61: Esanda & UDC: good growth in Australia, NZ impacted by restructure
Esanda & UDC: good growth in Australia, NZ impacted by restructure Strong NPAT growth in Australia, flat in NZ Solid Revenue growth and continued cost discipline driving CTI below 40% $m 500 46% $m 44% Z “ce : 42% a 300 uh ) 40% 7 7 38% 7 200 + + + + + 36% 2002 2003 2004 2002 2003 2004 2005 ta Austr
Slide 62: Asia: good underlying performance
Asia: good underlying performance ANZ Asian Network « Excluding Treasury NPAT grew 23% « Return to balance sheet growth following de-risking, lending up 10% yoy, deposits up 12% yoy + Good momentum in Institutional businesses, Markets, Trade and Corporate & Structured Financing ¢ Continuing to add p
Slide 63: Pacific: strong performance across the region
Pacific: strong performance across the region * NPAT up 17% on FY04, driven by: Strong NPAT growth (A: « Lending growth of 23% pcp (12% hoh) s 9 (Asm) « Deposits growth of 20% pcp (14% hoh) *« Good momentum across the Pacific underlined by: « Strong staff engagement of 68%, well above 100 Group « In
Slide 64: Good progress on corporate responsibility agenda
Good progress on corporate responsibility agenda Overall Image* « “Community Involvement” No.2 value evident in ANZ’s 7.0 culture according to our staff (Customer Focus was number 1) 6.5 | ¢ Ranked in the top 10 of top 10% of banks globally on 6.0 - Starting to break | the Dow Jones from the pack Su
Slide 65: Community investment strategy is leading practice
Community investment strategy is leading practice ingreasing the financial literacy and Inelusion of aauit j Australians, particularly the most Nulneraple Opportunities Jor our peonle to engage with Angin local communities | and suppon Causes that are Importantto them | y MoneyMinded - + Financial e
Slide 66: People strategy has created the most engaged workforce of major banks
People strategy has created the most engaged workforce of major banks 5-year focus on cultural transformation and values-based decision making. 20,000+ staff have participated in Breakout workshops. Target to reach 7,000 frontline staff by end of 2006. Breakout “recharge” launched with a focus on en
Slide 67: Integrating environmental and social considerations into our business practices
Integrating environmental and social considerations into our business practices andiso considers ml Sustainayil » An anvironmental and social issues: screen of clients and transactions is baing rolled out across Institutional. This atlows key risks to be identified end adcressed in the credit proces
Slide 68: Summary of forecasts - Australia (bank year)
Summary of forecasts — Australia (bank year) GDP Inflation Unemployment Cash rate 10 year bonds $A/$US $A/$NZ Credit - Housing - Business - Other All Forecasts for Sept bank year 68 2005 2.3 3.2 5.1 5.50 5.4 0.76 1.09 13.3 13.4 13.1 13.7 2006 3.4 2.1 5.1 5.50 5.3 0.68 1.15 10.9 13.3 8.5 6.3 2007 3.7
Slide 69: Summary of forecasts - New Zealand (bank year)
Summary of forecasts — New Zealand (bank year) 2005 2006 2007 GDP 2.7 1.9 2.6 Inflation 3.4 3.2 1.7 Unemployment 3.6 4.4 4.7 Cash rate 6.75 6.75 6.00 10 year bonds 5.7 6.0 6.1 $NZ/$US 0.70 0.59 0.60 Credit 16.1 9.9 7.3 - Housing 15.8 10.0 8.2 - Business 20.0 9.9 6.2 - Other 7.5 74 7.2 All Forecasts
Slide 70: The material in this presentation is general background information about the Bank’s
The material in this presentation is general background information about the Bank’s activities current at the date of the presentation. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and
Australia and New Zealand Banking Group — FY2005 Earnings Presentation on 6ix