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GST Adjustments

Document date:  Fri 04 Aug 2000
Published:  Fri 04 Aug 2000 16:36:31
Document No:  165376
Document part:  A
Market Flag:  N
Classification:  Other


HOMEX - Melbourne                                                     

ANZ today announced it will adjust a range of deposit and lending
rates to partially recover increased costs associated with the
Federal Government's Goods and Services Tax.

The announcement follows consultation with the Australian Competition
and Consumer Commission over the adjustments.

Under the Goods and Services Tax, ANZ's costs have increased as a
result of the input taxed classification of most of its products and

A small number of miscellaneous fees will also be adjusted, however
monthly account keeping fees and day-to-day transaction fees are

ANZ Head of Personal Financial Services, Mr Peter Hawkins said that
ANZ would absorb a proportion of increased costs under the GST
however some minor increases in charges were necessary.

"The adjustments reflect increased costs under the GST and ANZ will
not profit from any of the changes," he said.

Changes include the standard variable home loan rate increasing by
0.02% from 7.80% to 7.82%, adding approximately $1.35 to monthly
repayments for an average $100,000 mortgage. Other adjustments
include increases in business lending rates of 0.07%, and reductions
in consumer deposit rates of up to 1.15%.

Details of ANZ adjustments to rates and charges are detailed in press
advertisements over the weekend and on ANZ's web site (
Changes take effect between 11 August and 16 October 2000.

For media enquiries, contact:

Paul Edwards
Head of Group Media Relations
Telephone 03-9273 6955 or 0409-655 550