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Managers endorse individual contracts

Document date:  Wed 31 Jan 2001
Published:  Wed 31 Jan 2001 13:10:22
Document No:  172634
Document part:  A
Market Flag:  N
Classification:  Company Administration - Other

AUSTRALIA & NEW ZEALAND BANKING GROUP LI      2001-01-31  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced that 86% of its 4,690 middle managers had signed
individual contracts endorsing efforts to align management and create
a new performance-based culture within ANZ.

Take up of the individual contracts was widespread across ANZ with
between 75% and 100% of managers signing contracts in each of ANZ's
21 specialist businesses. Already all of ANZ's 700 senior managers
have signed individual contracts.

ANZ Group General Manager Human Resources and Corporate Affairs, Ms
Elizabeth Proust said the result was beyond expectations and
represented a milestone in the creation of a new performance-based
culture within ANZ.

"This is an excellent response which means the overwhelming majority
of our managers now have contemporary and consistent employment
agreements, and are eligible to participate in future management
share option and bonus incentive schemes," Ms Proust said.

"It reinforces our managers' commitment to developing a truly
performance-based business by strengthening their direct relationship
with ANZ.

"We now look forward to working constructively with the Finance
Sector Union on the new Enterprise Bargaining Agreement for non
management staff over the next few months," she said.

The announcement follows closure of the offer of 750 share options
for managers signing individual contracts by 25 January 2001.
Managers will however continue to be able to sign contracts after
that date.

For media enquiries, please contact

Rita Zonius 
MEDIA RELATIONS MANAGER 
Tel 03-9273 6955 or 0409-655 551
Email zoniusr@anz.com