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Changes in Accounting Policy

Document date:  Mon 29 Mar 1999
Published:  Mon 29 Mar 1999 00:00:00
Document No:  146904
Document part:  A
Market Flag:  N

HOMEX - Melbourne                                                     

Effective from 1 October 1998, Australia and New Zealand Banking
Group Limited (ANZ) will capitalise costs incurred in developing,
acquiring and enhancing application software. The software will be
amortised typically over 3 to 5 years. The Group previously expensed
these costs. The change results from adoption of the US Statement of
Position 98-1 "Accounting for the Costs of Computer Software
Developed or Obtained for Internal Use".

Also to increase consistency of treatment, ANZ will offer sublease
rentals received against related head lease rentals paid in the
reporting of Other Income and Expenses.

The financial impact of these changes will be disclosed with the
Group's half-year result, which will be released on 5 May 1999.

P Marriott