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Becoming a substantial shareholder

Document date:  Wed 28 Apr 1999
Published:  Wed 28 Apr 1999 00:00:00
Document No:  147983
Document part:  A
Market Flag:  N

HOMEX - Melbourne                                                     

Enclosed is a Form 603 dated 26 April 1999.

The Capital Group Companies Inc. ("CGC") is a holding company for
several subsidiary companies engaged in investment management
business. The investment management business is divided into two
operational groups, represented by Capital Research and Management
Company ("CRMC") and Capital Group International Inc. ("CGII"). CRMC
is a US-based investment adviser that manages The American Funds
Group of mutual funds. CGII is the parent company of five companies
that serve as investment managers to various institutional clients
around the globe: Capital Guardian Trust Company in the US, Capital
International Inc. in the US and Singapore, Capital International Ltd
in the United Kingdom, Capital International SA in Switzerland and
Capital International KK in Japan. For a more complete description of
our organisation, please visit our Web site at

Neither CGC nor any of its subsidiaries own shares of your company
for their own account. Rather, the shares reported on Form 603 are
owned by accounts under the discretionary investment management of
one or more of the investment management companies described above.
Furthermore, CRMC and CGII act separately from one another and from
CGC in exercising investment discretion over their managed accounts.

For the purposes of this Notice an outstanding share balance of
1,554,324,000 shares was used to calculated the percentages of
holdings of the relevant share capital which determine the notifiable
interest. We believe this outstanding share balance is current,
however, if this number is not accurate, please contact us as soon as
possible so we may make the necessary revisions to this Notice.

Should you have any questions or require additional information,
please contact David Gaw at (213) 486-9051 or Richard Keelty at (213)
452-2151, or send a fax message to (213) 486-9698. Alternatively, you
may contact me via Email at


The Capital Group Companies Inc became a substantial shareholder in
Australia & New Zealand Banking Group Limited on 26/04/1999 with a
relevant interest in the issued share capital of 77,757,584 voting
shares (5.00%).