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Form F-3 Registration Statement/Appendix 3B

Document date:  Thu 03 Sep 1998
Published:  Thu 03 Sep 1998 00:00:00
Document No:  140554
Document part:  D
Market Flag:  N

HOMEX - Melbourne                                                     

Australia and New Zealand Banking Group Limited's (ANZ) filings with
the United States Securities and Exchange Commission require
disclosure of current trends and prospects. ANZ is therefore updating
its disclosure on emerging markets bond trading activities in London
following its previously announced decision to cease proprietary
trading, and to reduce the residual portfolio holdings.

Since that announcement, emerging markets have remained unusually
volatile and values have continued to fall increasing our losses from
the trading portfolio. With the lack of demand for such debt the,
market has become illiquid, ANZ has transferred securities amounting
to US$197 million to an investment portfolio which it will hold to
maturity, leaving a modest balance in the trading portfolio. The
composition of this diversified investment portfolio is as follows:

                                            US$ million
India                                           54
Asia Pacific                                    52
Latin America                                   31
Eastern Europe (Russia)                         26
Middle East                                     22
Other                                           12

Otherwise the performance of the Group is generally favourable,
particularly in Australia. While this is providing some offset, ANZ
now expects the full year operating profit before abnormal items to
be broadly similar to 1997.

For media enquiries, please contact:

David Ward                              Paul Edwards 
General Manager                         Head of Group Media Relations
Office of the Chief Executive       Tel: 03-9273 6955 or 0411-233 390 
Tel: 03-9273 4185