Morgan Stanley Investor Conference. Brian Hartzer Group Managing Director, Personal

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1 Morgan Stanley Investor Conference Brian Hartzer Group Managing Director, Personal 1

2 A good year met our targets again Headline profit 16.2% Cash * profit 13.8% Revenue Growth 8.4% # Profit Before Provisions 10.4% Cash * EPS 13.2% Dividend 13.6% Return on equity back above 20% Cost-Income ratio improved by 1.0% *adjusts headline numbers for AIFRS 2005 adjustments, significant items & inc integration costs & fair value hedge gains/losses #9.1% FX adjusted 2

3 Different strategy delivering results A clear strategy - advance domestically while developing long A clear term strategy growth - options advance in domestically Asia while developing long term growth options in Asia Winning share in Australia Good Winning earnings share momentum in Australia Leading Good earnings customer momentum satisfaction Leading staff customer engagement satisfaction Investing Leading for staff tomorrow engagement Investing for tomorrow Build position in Australia Build position in Australia Improved results from Improved New Zealand results from New Zealand & & Benefit from NZ investment Benefit from NZ investment & & & & Longer-term growth Longer-term from Asia growth from Asia Portfolio of low-risk Asian growth investments, Portfolio of where low-risk we can Asian add growth value investments, where we can add value But some areas where we need to do more Speed up Asian expansion Advance wealth and private banking 4 4 Australia Personal outstanding, engine of Group revenue, high customer satisfaction Institutional regained #1 position New Zealand Good operational momentum Financial results earlier than expected Asia/Pacific Asia 26% revenue growth Pacific 15% revenue growth Partnerships creating value Sacombank & Panin valued well above book 1m credit cards now on issue in Asia Invested against the trend Now seeing the payback Accelerated investment spend in 2nd half Considerable investment in de-risking contributing to lower provisions 3

4 Good performance from Divisions, particularly Personal Division Sep-06 v Sep-05 Cash NPAT ($m) Personal 22% 1,256 Institutional 11% 1,396 New Zealand * 20% NZD 1,006 NZD Geography Cash NPAT ($m) Australia 16% 2,377 New Zealand 26% NZD 964 NZD Asia/Pacific 25% 238 NPAT increase NPAT decrease Other 35% 130 Sep-05 NPAT * New Zealand Banking, which includes NZ Institutional 4

5 Overview of Personal Division Good growth across each of our businesses Diverse sources of earnings Business NPAT Growth Pacific 67% Investments & Insurance 48% Consumer Finance 25% Pacific 5% Esanda 8% Rural & Small Bus 13% Invest. & Ins 3% Mortgages 28% Mortgages 21% Banking Products 17% Regional, Rural & Small Bus. 18% Consumer Finance 20% Banking Products 23% Esanda 11% 5

6 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 6

7 Strategy starts with clear segmentation Price Driven Service Driven Premium ANZ brand for non price-driven segments Prime Other brands for other segments Defend share via price where necessary 20% - 30% 70% - 80% Emerging Prime Sub Prime Un-banked 7

8 Customer insights led to More Convenient Banking Key Decision Factors for Customers (importance out of 10) Low fees 8.5 Important, but not dominant Why should customers bank with ANZ (and not somebody else)?? Branches convenient Straightforward fees Staff engaged Access to ATMs People increasingly time poor seeking convenient, simple solutions Recommendation 6.0 ANZ offering a/c 5.8 8

9 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 9

10 We have invested in our employees and our culture Significant investment in employees, largely frontline Delivering on our commitment to cultural change (% Personal* employees completed Breakout program) 1,586 new employees (up 14%) 12,795 74% 11,209 27% Sep-04 Sep-06 Nov-04 Sep-06 *excludes Pacific, Esanda and Small Business 10

11 resulting in a highly engaged workforce Dramatic shift in staff satisfaction ( am I satisfied working at the ANZ? ) High levels of engagement across Personal 66% 100% Positive Responses 60% Negative Responses 51% 80% 60% 40% 57% 88% Shift to engagement Personal Division ANZ Group Banking Benchmark Branch Manager engagement 20% 20% 4% 82% 86% 0%

12 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 12

13 Specialisation has delivered product and service excellence Money Magazine Awards 2006 * Home Loan Lender of the Year * Readers' Choice Award for Service Excellence Australian Service Excellence Awards 2006 * Winner of the Large Business category - Best Call Centre in Australia 13

14 Expanding distribution to improve convenience New Branches and ATMs # 25 Branches & # ATMs added 2,000 during FY , ,600 1, , , Sep-04 Sep-05 Sep Branches (LHS) ATMs (RHS) 14

15 Branch investment largely in growth corridors Location of new branches aligned to growth corridors Economics of new branches Avg fit-out per Branch ~$900K Avg Running Costs ~$60K pa Avg breakeven period ~18 mths 18% 40 new branches opened since September % 20% 38% Some branches in growth corridors breaking even within 12 months Branch Location Category Representation Gap 16 40% Growth Location 24 60% 18% Target; ~ one branch per week in FY 07 15

16 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 16

17 Proof points starting to differentiate ANZ brand More ATM locations in key areas Investment in the franchise reflected in improved brand image * 16 First major bank to launch Visa Debit card Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 ANZ Peer 1 Peer 2 Peer 3 *Brand Image, Source: ANZ Brand Health Monitor 17

18 which drives future acquisition and retention Improved Trial Intention (Day to Day Transaction Accounts * ) Lowest propensity to defect # (Intend to switch main bank in next 12 months) % % 30 Sep-04 Sep Next highest peer ANZ Major Peer Average 0 Sep-02 Sep-03 Sep-04 Sep-05 Aug-06 ANZ Peer 1 Peer 2 Peer 3 *Source: ANZ Brand Health Monitor, 6 month moving average # Source: Roy Morgan Research Main Financial Institution, excluding can t say. Australian Pop n 14+ yrs, 12 monthly moving average 18

19 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 19

20 Customer satisfaction at top of major banks 80 % ANZ customer satisfaction * at top of major peers despite recent softening across the industry Sep-00 Sep-01 Sep-02 Sep-03 Sep-04 Sep-05 Sep-06 ANZ Peer 1 Peer 2 Peer 3 *Source: Roy Morgan Research Main Financial Institution, % Satisfied (Very or Fairly Satisfied), 6 monthly moving average 20

21 leading to more customers and higher share of wallet 000 4,000 Now #2 in customer numbers (# traditional banking customers to Aug-06 * ) Peer 2 is #1 ~ 6.4m customers Increasing share of wallet (% increase traditional banking products Sep-04 to Aug-06 * ) 3, % 2, % 1, % 0.8% Sep-00 Mar-01 Sep-01 Mar-02 Sep-02 Mar-03 Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Aug-06 ANZ Peer 1 Peer 2 Peer 3 ANZ Peer 1 Peer 2 Peer 3 Peer 4 * Source: Roy Morgan Research Traditional Banking includes customers with accounts, loans or cards. Australian Pop n 14+ yrs, 12 monthly moving average 21

22 Success in Personal due to an effective business system Financial Performance Strategy Customers More Convenient Banking Employees Brand Investment Products & Distribution 22

23 Strategy delivering attractive deposit growth Non price-led strategy delivering strong growth and margin performance^ 13% Deposit FUM Growth 11% 9% 7% 5% Peer 2 Peer 1 Peer 5 Peer 3 ANZ Peer 4 3% 0.00% 0.50% 1.00% 1.50% 2.00% Margin ^ 11 Months to August 2006 Source: APRA, ASSIRT, Company Reports & Websites, Cannex, ANZ Internal Analysis, 23

24 and attractive Mortgages and Credit Card growth ANZ Retail * channels growing above system Strong Credit Card FUM growth System = 1.0 4,533 20% 5,434 14% 6, ANZ ANZ Retail Peer 1 Peer 2 Peer 3 Peer % 1.2% 0.8% 0.4% Mortgage margin stable Cards Margins and Loss Rates Stable (index Jan-05 Income = 100) 0.0% Sep 04 Mar 05 Sep 05 Mar 06 Sep 06 Standard Var Fixed 0 Jan- 05 May- 05 Income Sep- 05 Jan- 06 May- 06 Loss Rate Sep- 06 *excludes Origin 24

25 Strong revenue growth driving out-performance Revenue growth in part determines level of cost growth * Strong profit momentum (pcp) 15.1% 26.9% 10.6% 11.0% 11.6% 8.7% 7.3% 12.7% 16.2% 2H05 1H06 2H06 Income Growth Expense Growth 2H05 1H06 2H06 *pcp growth 1H06 & 2H06 AIFRS, 2H05 AGAAP 25

26 Parts of the formula can be copied, yet success is not guaranteed Not guaranteed, requires time, execution and investment Needs to be distinctive and well executed to succeed Financial Performance Strategy Culture takes years to develop and each bank is different Employees Consistent delivery required on all dimensions Customers Brand Investment Products & Distribution Our challenge: To stay one step ahead of the pack! Significant investment required; must be distinctive & relevant Focus on innovation and 1 st to market requires right culture and investment 26

27 Summary No silver bullet explains ANZ s Retail Banking success Our business system is delivering strong, sustainable growth We will continue to invest in More Convenient Banking Lots more upside in customer #s, wallet share, and efficiency 27

28 Additional Information 28

29 Early signs of a slight deterioration in credit quality bp The cycle has turned with higher interest rates & fuel costs impacting some consumers, but 90+ days still at low levels 90+ days past due as % of GLA * Growth has mainly been in the Australian highly secured portfolio (90+ days past due loans Aust.) (1%) % Mar-05 Sep-05 Mar-06 Sep High Security Lower Security % 0.4% Mortgage concerns have largely been in NSW (90+ days past due % GLA * by State) % 0.2% 5 0.1% % Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 NSW/ACT VIC Other *Gross Lending Assets 29

30 Credit card losses result from four key drivers aside from outstandings growth 1 ¹Cut-off scores are set to maximise risk adjusted revenue (RAR) 3 Credit cards 60+days arrears stable at portfolio level Sep-03 Mar-04 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Low Rate Loyalty Proprietary Portfolio Source: Annual results ¹Age of accounts: Credit costs generally peak around 18 to 24 months after an account is opened Year 1 Year 2 Year 3+ 4 Source and channel: Write-o ffs % Out s t a n d in gs Year 1 Year 2 Year 3 Year 4+ Outstandings ($m) Annual growth Year 1 Loss Year 2 Loss Year 3+ Loss Net Losses Net Losses % O/S 1% 3% 2% % % 2.2%* Existing customers have lower losses than new customers Branch-originated accounts have lower losses than phone and internet-originated accounts Revolver - Higher Credit Costs Medium Credit Costs Transactor - Low Credit Costs Note: Inherent credit card losses are in turn inflated/deflated by the economic cycle and the effectiveness of collections activity. ¹ Illustrative 30

31 ANZ s losses driven by product mix shift and prior years outstandings growth Growth rate 20% 14% Loss rates likely to increase as low rate balances season (Loss Rates by Vintage by Product Index YR1 = 100) Risk mix shift 6% 30% 17% 26% 24% 24% Index % Ave. Total O/S Balances YR4 + YR1 14% 11% 67% 8% YR2 YR % 57% 52% FY04 FY05 FY06 Loyalty Proprietary Low Rate 0 YR1 YR2 YR3 YR4+ Low Rate Proprietary Loyalty Source: Annual results 2006 Source: Annual results 2006 SUMMARY Credit card loss growth due to shift to higher-revolving, low rate products and portfolio seasoning Credit quality remains sound. There is no deterioration of loss rates within product segments, year of booking, cut-off score, or channel/source To offset the expected impact of a the economic cycle, we are increasing collector numbers and refining collections strategies/tactics 31

32 Australian personal bankruptcy differs from UK Slight increase in Australian bankruptcies/debt agreements * (Aust. Non Business Bankruptcies and Debt Agreements) Key factors for increasing UK losses: aggressive competition weakening credit standards relaxation of bankruptcy laws in 2004 ANZ experienced above system unsecured lending growth & slight increase in bankruptcies: growth achieved with minimal change to credit standards no changes in Australian bankruptcy laws enhanced risk management strategies implemented 7,000 6,000 5,000 4,000 3,000 2,000 1,000 80% 60% 40% 20% 0 Bankruptcies Debt Agreements Jun-03 Jun-04 Jun-05 Jun-06 rate of growth significantly below UK* (Personal bankruptcies and debt agreements, quarterly data yoy growth) UK Aust 0% -20% Mar- 05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06 *Source ITSA, The Insolvency Service (UK Jun-06 quarter data not released) 32

33 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 does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. For further information visit or contact Stephen Higgins Head of Investor Relations ph: (613) fax: (613) higgins@anz.com 33

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