Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  V
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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ASIAN EXPOSURES

The exposure definitions in the tables below are consistent with the 
ones used by Standard & Poor's in their assessment of Asian risk 
published in February 1998.

Exposure to Asian banks assumes the country of the parent and includes
all foreign subsidiaries. For example, bank data includes UK 
subsidiaries of Japanese banks.

Corporate exposure includes lending to Asian entities outside of Asia 
(typically Australia) where there is a relationship with the parent 
entity through a guarantee or letter of awareness/letter of comfort. 
It includes the global exposure to the top five Korean Chaebols.

Exposure to Multinationals covers lending in Asian countries in 
international or global companies, frequently involving Australian 
parents or joint venture partners.

EXPOSURE IN USD
                                                Movt      Movt
               As at      As at     As at      Sep 98     Sep 98
              Sep 98     Mar 98    Sep 97    v Sep 97   v Sep 97
               USDm       USDm      USDm        USDm       %

Country

Japan         1,644       2,612     5,833     (4,189)     -72%
Singapore       427         511       700       (273)     -39%
Hong Kong       625         565       654        (29)      -4%
China           787         724       707         80       11%
Taiwan          316         305       421       (105)     -25%
______________________________________________________________________
Sub-total     3,799       4,717     8,315     (4,516)     -54%


South Korea   1,016       1,056     1,397       (381)     -27%
Indonesia       512         603       810       (298)     -37%
Thailand        135         199       371       (236)     -64%
Malaysia        112         109       169        (57)     -34%
Philippines     284         241       264         20        8%
Vietnam         209         207       184         25       14%
______________________________________________________________________
Sub-total     2,268       2,415     3,195       (927)     -29%
______________________________________________________________________
Total         6,067       7,132    11,510     (5,443)     -47%
______________________________________________________________________


ANALYST & MEDIA ENQUIRIES

For all analyst enquiries contact:

Mr Ian L Snape
Group General Manager-
Finance and Information
Management                      Telephone: (03) 9273-6356
                                Email: snapei@anz.com

Mr David Ward
General Manager -
Office of the Chief
Executive                       Telephone: (03) 9273-4185
                                Email: david.ward@anz.com

Mr Mark Dehring
Investor Relations Manager      Telephone: (03) 9273-6277
                                Email: dehringm@anz.com

For all media enquiries contact:

Mr Paul Edwards
Head of Group Media Relations   Telephone: (03) 9273-6955
                                Email: edwardp12@anz.com



DERIVATIVE FINANCIAL INSTRUMENTS

A full copy of this announcement, including details of the Derivative 
Financial Instruments used, is available for purchase from ASX 
Customer Service on 1 300 300 279.


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