National Australia Bank Limited · ASX:NAB
National Australia Bank — H1 2006 Earnings Presentation
82 slides from National Australia Bank's earnings presentation, May 24, 2006
Slide 1: Half Year Results 06
HALF YEAR R ES U LTS 0 6 % National Australia Bank John Stewart Michael Ullmer Group Chief Executive Officer Director, Finance & Risk & Group CFO 11 May, 2006, [3¢nab | "Yorkshire Bonk C4 Clydesdale Bank =»
Slide 2: Agenda
Agenda Introduction John Stewart Group Results & Outlook Michael Ullmer Company Update John Stewart Questions and Answers & National Australia Bank
Slide 3: Group highlights
Group highlights Good Progress in ‘fixing’ the businesses Good Momentum in Businesses Costs contained Good asset quality Effective Portfolio Management Cash earnings up 11.4% on March 2005 half Cash earnings on average equity* 17.4% we would do ‘petre pteat tons 3 & National Australia Bank
Slide 4: Focus on the fundamentals is delivering
Focus on the fundamentals is delivering Culture and People Regulatory & Compliance Simplicity Revenue Growth 4 & National Australia Bank
Slide 5: All APRA culture requirements closed
All APRA culture requirements closed * Culture driven from the top — review cultural norms and clearly articulate the expected standard of behaviour * These standards be built into the organisational and HR systems * Codes of conduct and disciplinary procedures be vigorously enforced * Reinforce pol
Slide 6: Momentum back in all businesses
Momentum back in all businesses Cash earnings before significant items 1,900 , $m * Cash earings up 11.4% isa 114% to $1,840m (on an AIFRS. increase on basis from the March Mar 2005 HY 2005 hatf) Xs 1,992 1,860 teas * Cash earnings up 14.9% to $1,840m (on an AIFRS basis from the September 2005 hat)
Slide 7: Agenda
Agenda Introduction John Stewart Group Results & Outlook Michael Ullmer Company Update John Stewart Questions and Answers & National Australia Bank
Slide 8: Scorecard
lp Scorecard Complex agenda — progressing on a number of fronts Core underlying profit up 14.9% over prior period — up 15.1% over prior corresponding period Improved financial disciplines — reshaping business portfolio Successful implementation of strategic change Financial highlights — strong volum
Slide 9: Group Performance
Group Perform Mar0S Sep0S Mar 05 Core" crane HY HY HY Sep0S Mar 05 $m__§m___$m HY% HY % Net interest Income 4,198 3472 3.270 sate Other Operating Income 2,233 2.673 2.527 34 93 Net Operating Income 64316145 8,797 45 108 Operating Expenses (3.637) (3,739) (3,396) 22 (7.7) Core Underlying Profit” 2,79
Slide 10: Restructuring activities and cost saves
0 Restructuring activities and cost saves A further 670 redundancies in the half - program 50% complete Group wide Occupancy rationalisation accelerating with good progress in the UK = program 40% complete Group wide “Other” restructuring, including asset write downs, well advanced = program 80% com
Slide 11: March 2006 half cash earnings by division
" March 2006 half cash earnings by division % Change on Mar06 Sep05 Mar05_ «Sep 05. Mar 05 HY HY HY HY HY $m $m $m Ongoing” Total Australia’ 1,192 1,089 1,180 85 1.0 Total UK 257228 307 1220S (4.8) Total New Zealand 167164 153 18 92 Institutional Markets & Services 296 «279 298 25 (24) Other (incl G
Slide 12: Australian Region core growth up 14.1% on Sep 2005 half
Australian Region core* growth up 14.1% on Sep 2005 half Reported Core* . Hal year to Change Franchise scorecard" Mar0S Sep0S Sep05 Mar05 ‘ni fm HY% HY% Number of customers a Australian Banking Revenue per customer a~ Netinterest income 2209 «1958 «238A ow x Other operating income 10831351 «1983 Pro
Slide 13: Wealth Management — core underlying performance
Wealth Management — core* underlying performance March = Sept = March % Growth 2006 2005 = 2005 Soot Nr sm sm sm 20052005 Gross Revenue 977 951 902 27 83 Volume Expenses (442) 17) (396) 9) (11.6) Operating Costs (335) (348) (311) 37 77) WM Australia core underlying 145 W7 124 239 169 performance IOR
Slide 14: Core change in UK underlying profit up 4.0%
Core* change in UK underlying profit up 4.0% on the September 2005 half Reported Core" . Half year to Change Franchise scorecard* Man08, ‘Sep 08 'Sepge Marts Number of customers Wr Net interest income 374 341 18 68 Revenue per customer Other operating income 250-264 27224 ROA » 4 Total income 624605
Slide 15: Core change in New Zealand underlying profit up 7.2%
Core* change in New Zealand underlying profit up 7.2% on the September 2005 half Reported Core” . frinberd ae Franchise scorecard* Mar0S Sep0S sep05 Mar os Number of customers NZ$m NZ$m —-HY% —-HY% Revenue per customer 4 Net interest income 438405 5 78 GR x Other operating income 273299 o7 07 ProfET
Slide 16: Institutional Markets & Services cash earnings up 2.5%
Institutional Markets & Services cash earnings up 2.5% on the September 2005 half Reported Core* Half year to Change Mar06 Sep0S Sep0S Mar05 $m $m HY% ~~ OHY® Reported Total Income up 9.1%" Market Sales Markets Risk & Trading ‘Structured Products Credit Products Financial Insitutions Netinterestinco
Slide 17: Asset Quality
HALF YEAR R ES U LTS 0 6 % National Australia Bank Asset Quality
Slide 18: Portfolio remains sound with write-off levels stable
18 Portfolio remains sound with write-off levels and key quality indicators stable Total Net Write-offs to Risk-Weighted Assets 9.30 “NAB ANZ —CBA wee vo] Za 010 WANG oe Mar Sep Mar Sep Mar Sep Mar Sep Mar 2 of ts te be Oe Os OF Oe Institutional/Corporate and Business 7 Customer Rating Distribution’
Slide 19: Non-accrual volumes fall — slight increase in 90+ delinquency
Non-accrual volumes fall — slight increase in 90+ delinquency rate Gross Non-Accrual Loans 2500 sm p18 TB Group Eilish Banks — Gross NAL's to Gross Loans & Acceptances 2,000 18 1.500 os 1,000 04 500 oo Sep95 Sep97 «Sep 99 Sept Mar03. Mar’ Mar05 Mar 06 90+ Delinquency and Gross 12 Month Proportion of
Slide 20: Provision ratio remains sound
Provision ratio remains sound Coverage Ratio* 250% pHi Mar-04 Mar-05 Mar-06 EB Specific Provisions (AIFRS)Total Impaired Assets a Specific Provisions (AGAAPY/Total Impaired Assets Ei Collective Provision (AIFRS)Total Impaired Assets a General Provision (AGAAP)/Total Impaired Assets “Impared Assets i
Slide 21: Asset quality — transition to AIFRS
Asset quality — transition to AIFRS * Drivers of provision charge under AGAAP. * Expected loss over term to maturity * Loss applied to committed facility * Drivers of provision charge under AIFRS * Observable evidence of impairment * Loss applied against drawn amount * $91 million impact on capital
Slide 22: Regulatory environment
Regulatory environment Basel II + Parallel run on track; showing a decline in RWA’s * Ontrack for submissions to RBNZ in July 2006 and FSA in September 2006 Report Into Irregular Currency Options Trading * 11 requirements open, of which 5 have been submitted to APRA for review + All culture requirem
Slide 23: Disciplined Approach to Funding
Disciplined Approach to Funding sa Reta Deposts 80) arch 2005 aren 2006 Europe 25% USA35% Asia7% Australia 8% uK25% March 2005 arch 2006 Ghcwnccates c¢cepost Leone Nes and Sita ett > Improving retail deposit growth > Diversity of wholesale funding > Reduced reliance upon short-term wholesale funding
Slide 24: Capital summary
Capital summary * Gaining more clarity on AIFRS impacts * Some significant issues outstanding * Capital base adequate to absorb AIFRS changes 2 & National Australia Bank
Slide 25: Capital position remains strong
Capital position remains strong 12 10 * Surplus provides flexibility to cater for capital impact of AIFRS, 1 July 1.4) fo. jo. 2006 * Continued focus on improving ROE and internal capital allocation Current Target | Targets Ranges | 31 Mar 06 (%) Actual Mar 05 Sep 05 Mar 06 ACEIRWA 475-525 | 6.277 O
Slide 26: AIFRS impact on regulatory capital is significant
AIFRS impact on regulatory capital is significant 30 September 2005 Estimated Tier 1 Impacts (Sbn) Mar06 Previously reported Comments UK defined benefit schemes: (06) (1.0) Pension reforms Prepaid pension asset (08) (08) WM value.in force, at acquisition 15) (18) ‘WM histoncal adjustment re NAFIM_ (
Slide 27: Interim dividend of 83 cents, franked to 80%
2 Interim dividend of 83 cents, franked to 80% Cents per share tes te8 Target Payout 2 ics Ratio iss 60% - 83 2001 2002-2003. 2004. «2005 2006 Interim dividend 3 Final dividend & National Australia Bank
Slide 28: Disposals announced during first half
Disposals announced during first half Business Announced Price MLC Life Hong Kong / Indonesia 21 Feb06 ASS75m BNZ Investment Management 30 Nov 05 Not disclosed UK Discretionary Investment Management’ 16 Jan 06 AS13m Custom Fleet’ 5 May 06 AS550m Price quoted is based on estimate of PCS clits agreein
Slide 29: Key Takeouts
Key Takeouts * Revenue momentum maintained * Cost contained within guidance on track * Asset quality maintained * Implemented a comprehensive term funding program * Reshaping business portfolio, and redeployment of capital * Issues to contend with: - earings impact of businesses sold ~ some slowing
Slide 30: Agenda
Agenda Introduction John Stewart Group Results & Outlook Michael Ullmer Company Update John Stewart Questions and Answers & National Australia Bank
Slide 31: Low underlying Australian region cost growth
Low underlying Australian region cost growth — creating room for investments Region 1H06 operating costs Nominal cost Productivity’ Core growth Additional Re- Overall growth cost saving (net of restructuring investment actual cost productivity benefits growth gains) 3 Source: titer & National Austra
Slide 32: Revenue drivers moving in right direction
Revenue drivers moving in right direction Excellent growth in bu: Market share g NAB volume growth Change in market share, Mar 05—Mar 0S Market NAB Yor percentage change Basis points tank volumet s) Business nang ne bis)* ' Total eneng 2 n31 ‘Retalnousehot deposits 3 ana Business deposits 14 1 515 ‘
Slide 33: Significant improvement in customer satisfaction
Significant improvement in customer satisfaction MFI customer satisfaction, March 2006 Percentage % ofeach intiutions” [aoee2ch instnionsTyjontiy change | Quarter change | Halfyear change | Annual change stomers who 26-406 Mar 05) | (Dee 05—Mar 06) | (Sep 05—Mar 05) | (Mar 05—Mar 05) b 7 28 oa “4 a7
Slide 34: Australian Region
Australian Region NAB Wins Australian Bank of the Year Bank of the Year Py & National Australia Bank
Slide 35: Wealth Management - strongly positioned
Wealth Management - strongly positioned Current Share of New Current Australian Market Share Business Product Retail (ex MT) MasterFunds Corporate Super Total Individual souee Feta excumPian or Life OOF Repot Ove 2005 Mastering latte View, Plan ris Mattel Snare & Oyams Dec 2005 Comore Super Pan or L
Slide 36: New Zealand
New Zealand Consistent strategy in a highly competitive market il * Consistent execution of strategy \ * Profitable market share focus , _ * Delivery of quality result Better Better Value Service hetter off here. Se i Bonk Smarer lteter Zed) & National Australia Bank
Slide 37: Institutional Markets & Services
Institutional Markets & Services Strong demand and speedy execution is delivering results The best recognition comes from Stabilised and building the business Increased earnings on lower capital base Strong sales performance and favourable trading conditions Accelerated execution of new business ini
Slide 38: United Kingdom
United Kingdom 2002 Strategy Themes + Integration of systems one bia => Convergence of jusiness processes Py & National Australia Bank
Slide 39: United Kingdom: Strategy for Differentiation
United Kingdom Strategy for Differentiation “Do what we do, but do it better” “Do what we do, A Differentiated but do it better” ¢ GB business One efficient GB business “Playing a different game” 2 & National Australia Bank
Slide 40: Over the last six months
Over the last six months Completed branch rationalisation Roll out of IFS Expanded third party Migrated to Danske platform » & National Australia Bank
Slide 41: Corporate Centre
a Corporate Centre * Emphasis on clear accountability for decisions and outcomes Corporate Centre to focus on: *° Value creation * Target/ expectation setting and sign off of proposed strategies * Performance monitoring * Validation and oversight required to provide assurance required for financial
Slide 42: Economic environment
Economic environment Gathering momentum in our key markets * Global economy continues to expand despite higher oil prices * Economic activity strengthening both domestically and globally, New Zealand to remain subdued * Credit growth to moderate in Australia and New Zealand. UK to stabilise at curre
Slide 43: NAB Group Planning & Development Approach
NAB Group Planning & Development Approach Strategic & Operational Planning Focus of Group Group Strategies Objectives Planning & Development Develop a common and STRATEGIC 8 @) increasing performance robust approach to i + Ensure current businesses are positioned to OPERATIONAL crcurrent tusinesses
Slide 44: Businesses stabilised
Businesses stabilised Good momentum in all businesses Australia Retail Wealth B&P New HS) (UK Zealand z a In Decline —_Stabilising Rebuilding Truly Competitive Capability 4“ & National Australia Bank
Slide 45: NAB Group Planning & Development Approach: Portfolio Management
NAB Group Planning & Development Approach Portfolio Management Focus of Group Planning & Group Strategies Objectives Development Develop a common and STRATEGIC 8 @ inceasng pertrmance robust opproach : ce Eneure cunt businesses are postings ta OPERATIONAL“ ofcurerttusinesses "Geer aganst relate pefe
Slide 46: NAB Group Planning & Development Approach: Group Development
NAB Group Planning & Development Approach Group Development Focus of Group Planning & Group Strategies Objectives Development Develop a common and STRATEGIC 8G increasing performance robust approach to i 2 + Ensure curent businesses are postoned to OPERATIONAL © Shrenttusines : strategic & operation
Slide 47: NAB Group Planning & Development Approach: Change in focus
NAB Group Planning & Development Approach Change in focus Group Strategies Develop a carmen and ebust SIRATEGICS —@ incressiegperomancest sg asia visita Spyro o skal & OPERATIONAL curren busesses spree erable "7 operator panning across at Puan ee shatst reat perfomance tapes a penn ort Etextety mana
Slide 48: Summary
“2 Summary Good progress in rebuilding the businesses; Considerable value creation potential; But further work still to do; Importantly, we have done what we said we would do, and Will continue to do & National Australia Bank
Slide 49: Agenda
re Agenda Introduction John Stewart Group Results & Outlook Michael Ullmer Company Update John Stewart Questions and Answers & National Australia Bank
Slide 50: Appendix
Appendix * Group Performance * Divisional Performance * Capital * Other Matters * Economic Outlook & National Australia Bank
Slide 51: Group Performance
HALF YEAR R ES U LTS 0 6 % National Australia Bank Group Performance
Slide 52: Core income growth
Core* income growth Net Interest Income - $m — ————— * 0 mm «6 | oo ay | sg | 4192 3472) Sept AIFRS | Portola Porta] Partohe Porto | Portoio Portaie| 1S Other Exch Mar 06 ite Solum! ‘Margie | Volume’ Nrrors | Value? ‘Mogi re ie ie ite laustaian Banking | UK Banking || NZBanking 1 Other Operating Inc
Slide 53: Net interest margin up on the September 2005 half
Net interest margin up 17 bps on the September 2005 half Sep 05 NIM Mar06 IEA % of Group Impact on HY Change HY Mar 06 HY AIEA Group NIM NIM AIFRS Other NIM $Bn Sep 05 HY Mar 06 HY ‘Australian Banking 246% — (11bps) bps 237% = 1945 4m AM bps UK Banking 3.73% 27bps (36bPs) 364% 483 13%, 13% ——(2bps)
Slide 54: Volume growth across the Group
Volume growth across the Group % Australian Banking 10,” UK Banking* 8 (quarterly average) (quarterly average) 8 4 6 4 2 2 0 0 ‘Housing Business Personal Retail (incl il “Lending deposits @ Acceptances) Housing Business. Personal _Retail = Deposits 6 NZ Banking (quarterly average) 4 0 Mar B Jun B Se
Slide 55: Expenses across the group declined 3.9% during the half
Expenses” across the group declined 3.9% during the half Sep05 AIRS People Fee == Prof, «Danske © Cost Other = Exch, = Mar 06 HY Costs Remediation Fees = AS Saves Rate HY “Eapenses af on cash etnings basis and cate $54 millon ongoing costs of he UK defined benef plans and exclude $5:iion mpament of
Slide 56: Divisional Performance: AIFRS Impacts
HALF YEAR R ES U LTS 0 6 % National Australia Bank Divisional Performance AIFRS Impacts
Slide 57: Impact of AIFRS on Australian Banking Result
Impact of AIFRS* on Australian Banking Result bn Net Interest income Other Operating Income =a 46 2,299 4,351 — (293) 6 205 1,958 - SepOSHY AFRS* Other Mar OS HY SepOSHY AIRS" Other Mar 06 HY movernents movements Other Operating Expenses Ea | oa | a) ” 4876 4961 * AASB 139 and 132 impacts only Sep0S
Slide 58: Impact of AIFRS on Total UK Result
Impact of AIFRS* on Total UK* Result ‘bia Net Interest Income ‘Other Operating Income | a | 6 [ ] i —_— 374 264 (21) ¥ ar 250, sat SepOSHY AIRS' Other Mar 08 HY SepOSHY AFRS* Other Mar06HY movements movements ‘Other Operating Expenses To | (6) 5 406 * AASB 139 and 132 impact oly SepOSHY APRS" Other
Slide 59: Impact of AIFRS on Total NZ Result
Impact of AIFRS* on Total NZ Result Net Interest Income NZSm Other Operating Income == Ei__ "1 22 438 (28) 2 21: SepOSHY AIFRS’ Other Mar 06 HY Sep OSHY AIFRS' Other Mar 06 HY movements * AASB 139 and 132 impacts only movements & National Australia Bank
Slide 60: Impact of AIFRS on Institutional Markets & Services Result
Impact of AIFRS* on Institutional Markets & Services Result Net Interest Income Other Operating Income sm 5 cae 423 =a 139 (144) 18 SepOSHY AIFRS* Other Mar 06 HY SepOSHY AIFRS* Other Mar 06 HY movernents movements me ale alt « National Australia Bank
Slide 61: Divisional Performance: Margins
HALF YEAR R ES U LTS 0 6 % National Australia Bank Divisional Performance Margins
Slide 62: Australian banking net interest margin down 9bps on Sep 2005 half
Australian banking net interest m on the September 2005 half gin down 9bps a (009%) (013% 00% oom) Ea com EA 0.04% on BE -= Sepo5 Accept. | Basis Product Mix || Basis Product Mix HY Reclass | Risk Margin Risk Margin Lending Deposits ‘Acceptances reclassification Impact calculated by restating prior
Slide 63: Australian banking net interest margin down 13bps on Mar 2005 half
Australian banking net interest margin down 13bps on the March 2005 half 250% 0.04% Wie o 237% B a an Oo sath = 0% (002%) og ©) (o.o1%) one) (0.02%) (0.02%) Peer aS | ea Tir Docent) eae oe ta) ee ee a cee Sea a ota. SS toes ce ees & National Australia Bank
Slide 64: UK banking net interest margin down 9bps on Sep 05 half
UK banking net interest margin down 9bps on the September 2005 half 0.25% fa (0.00%) Lj 373% ine ow LI) Sica ope ae oom) 005% 60m “ob (0.14%) Sep05 AIRS | Basis Lending Lending |Basis Deposit Deposit|Lending Core Other Mar 08 HY Impact | Risk Product Mix | Risk Product Mix | vs Free NII HY. Margin M
Slide 65: UK banking net interest margin down 21bps on Mar 2005 half
UK banking” net interest margin down 21bps on the March 2005 half 0.25% Ea (005%) bj 3.85% 07m feo — [_|— (0.15% (0.099) (9.03%) [] fi om La (005%) Mar AIFRS | Basis Lending Lending | Basis Deposit Deposit| Lending trish ther Mar 08 HY Impact | Risk Product Mix | Risk Product Mix | vs Sale NII HY Ma
Slide 66: New Zealand banking net interest margin up 6bps on Sep 2005 half
New Zealand banking net interest margin up 6bps on the September 2005 half 06% fa ocr 2% 0.05% — om (LI EE m ic. = (0.02%) $0905 AFRO | ng) louie] Dope eee | ere oer merce soe ERS | eames | tec One Ma oe & National Australia Bank
Slide 67: New Zealand banking net interest margin down 13bps on Mar 2005 half
New Zealand banking net interest margin down 13bps on the March 2005 half U 0.02% om Oia a (0.04%) one) o0ay 254% (0.07%) ee a eos ewee' | poate) “a “Sy eo" | ee can oe es a & National Australia Bank
Slide 68: Divisional Performance: Other Information
HALF YEAR R ES U LTS 0 6 % National Australia Bank Divisional Performance Other Information
Slide 69: Australian Banking: market share
Australian Banking: market share Market share Mar 06 Sep05 Mar05 Sep04 Mar 04 hear ha Business Lending (incl Bills*)" 244% 243% 229% 216% 22.0% cal Housing (incl Securitisation) 166% 16.7% 16.6% 165% 170% #2 Credit Cards 15.1% 154% 16.3% 16.7% 178% ad Other Personal Lending 247% 257% 259% 258% 26.2%
Slide 70: Wealth Management Australia — market share
Wealth Management Australia — market share Masterfund market share plus flows 20% 15% =a FUM market share 10% > Atttion rate — Annual inflows market 5% share 0% ‘Sep-08 Dec-03 Mar-04 Jun-04 Sep-04 Dec-04 Mar-05 Jun05 Sep-05 Dec-05 Insurance - Retail Risk Market Share 18% 15% 12% 2% => Inforce premiu
Slide 71: Wealth Management Australia — inflows and attrition
Wealth Management Australia — inflows and attrition Share of annual inflows Attrition rate 8 ————— 4 2 0 Sep03 Mar SepO4 = Mar05 Sep 05 Sep03 Mand. Sep04—Mar05.Sep-05 KH Notional Australia MLC Group = —@— ING Australia Group —#— Commonweath/ Colonial Group a ANP croup —— BT Westpae Group — = hndustr
Slide 72: Australian Housing metrics
n Australian Housing metrics Low Doc Loans * $1.7bn outstanding + LVR capped at 60% (without LMI) Inner City Apartments * $2.4bn outstanding +90 days past due improving Origination source - Flows Mar 05 Proprietory 72% Introducer 10% Broker 18% Sep 05 Mar 06 70% 72% 12% 12% 18% 16% & National Austra
Slide 73: Housing Segmentation - Australia
Housing Segmentation - Australia Majority of growth attributable to owner occupied housing. Housing portfolio segmentation Housing portfolio segmentation for Australia September 2005 for Australia March 2006 62% 62% 2% 2% 36% 36% Bi Inner City Apartments Oiinvestment housing Owner occupier housing s
Slide 74: Capital
HALF YEAR R ES U LTS 0 6 % National Australia Bank Capital
Slide 75: Core capital movement
75 Core capital movement Movement in ACE ratio % 675 Core items + Sbps- Non-core items + 9bps 625 084 (0.50) 019 002 575 (002) (0.19) oo | ia — fa SZ 525 : 475 ~ ACE Proftbefore Ohidend Deconsal of Changein FXimpact Other ——Excaps ACE Sep0s Stems and. Whtproft) RA conversions Mar 05 Disibutons ne of
Slide 76: Other Matters
HALF YEAR R ES U LTS 0 6 % National Australia Bank Other Matters
Slide 77: Link to searchable text of slide shown above
Link to searchable text of slide shown above
Slide 78: Economic Outlook
HALF YEAR R ES U LTS 0 6 % National Australia Bank Economic Outlook The following slides contain forward looking statements. Refer to disclaimer on page 82
Slide 79: Global economy strong and only marginally weaker in 2006
Global economy strong and only marginally weaker in 2006 Global Forecasts - Annual Growth % Foncne * Global growth strong * Growth underpinned by US, China and India * Inflationary concerns remain 2 aa * Upward bias on rate rises 0 * European growth to 2 = a = remain sluggish S8S5S8S8SS8559SSS5SHSR8
Slide 80: Economic outlook
Economic outlook Economic outlook differs across key markets: But overall reasonable * GDP picking up in Australia and the UK in 2006, but slower in New Zealand, * In.2006 we expect GDP growth of 3 % % in Australia, 2 % % in UK, but only 1% % in New Zealand. In 2007 GDP, in both Australia and the UK
Slide 81: Macro risks to outlook estimates
Macro risks to outlook estimates * Geo politics - Both political, oil & trade tensions overhang the outlook. * New Zealand’s Economic Outlook is hard to read — with significant volatility in the currency and rate expectations. That could well continue. * In Australia, New Zealand and UK household le
Slide 82: Searchable text section of graphics
Searchable text section of graphics shown above HAL F YEAR RESULTS 06 [LOGO] John Stewart Michael Ullmer Group Chief Executive Officer Director, Finance & Risk & Group CFO 11 May, 2006 [LOGO] Ag enda Introduction John Stewart Group Results & Outlook Michael Ullmer Company Update John Stewart Questio
National Australia Bank — H1 2006 Earnings Presentation on 6ix