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Announcement re: Earnings Outlook

Document date:  Thu 20 Sep 2001
Published:  Thu 20 Sep 2001 19:17:22
Document No:  181412
Document part:  A
Market Flag:  Y
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-09-20  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
ANZ is currently in full compliance with its continuous disclosure
obligations. However, we have had a specific request from the
Australian Stock Exchange to disclose our credit exposure to Pasminco
and to Ansett in line with the other major banks. Since it is not our
policy to disclose information relating to our customers, we have
obtained the required permission from the voluntary administrators to
make this disclosure, which at today's date is as follows:

ANSETT

* A$13 million in secured aircraft finance

PASMINCO

* A$20 million in secured lending
* A$87 million in unsecured lending
* A$124 million in unsecured foreign exchange contracts ranking
  pari-passu
* A$30 million in other unsecured off-balance sheet exposure

Additionally there is US$48 million in fully collateralised
receivables finance.

We have raised specific provisions in relation to these situations
and to other known credit issues. Taking this into account, and
barring unforeseen events, we expect our aggregate specific
provisions to be marginally above the Economic Loss Provision for the
year, and broadly in line with our expectations for this point in the
credit cycle.

In this context and on the basis of the eleven months trading through
August 2001 we now expect full year earnings to be towards the higher
end of the range of analyst estimates.


P Marriott
CHIEF FINANCIAL OFFICER


For media enquiries, contact:

Rita Zonius
MEDIA RELATIONS MANAGER
Tel:   03-9273 6955 or 0409-655 550
Email: zoniusr@anz.com