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Chairman`s & CEO`s Addresses to S/hldrs-Financial Highlights

Document date:  Fri 13 Dec 2002
Published:  Fri 13 Dec 2002 13:26:44
Document No:  199182
Document part:  A
Market Flag:  Y
Classification:  Chairman's Address to Shareholders

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2002-12-13  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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5-Year Performance

* Over the last five years, ANZ achieved earnings growth of 13% a
year, significantly exceeding our 10 per cent target and establishing
a strong foundation for future growth.

2002-03 Outlook

* ANZ indicated at its 2002 results announcement that our internal
forecasts were below target. The first two months were weak falling
short of our target. We have, however taken action to improve
performance over the remaining months of the year, although ANZ's 10%
earnings per share target is now more stretching.

* ANZ however remains broadly comfortable with the consensus of
market expectations for 2002-03 earnings.

* International credit losses are expected to be at lower levels than
2001-02.

3-Year Outlook

* The global economic situation is likely to remain weak although the
Australian and New Zealand economies are expected to be more robust
than other developed economies with sustained GDP growth creating a
foundation for ANZ to continue to perform well.

* Business Investment is expected to rebound from current low levels
with ANZ benefiting from its higher than industry weighting in
corporate and institutional banking. Consumer credit growth is
softening. An expected slowing in growth in mortgages should be
partly offset by ANZ's position in the third party mortgage market.

* ANZ will continue to focus on productivity improvements, risk
reduction and capital management.

* ANZ is likely to consider revising upwards its dividend payout
ratio.

For media enquiries, contact:       For analyst enquiries, contact:
Paul Edwards                        Philip Gentry
HEAD OF MEDIA RELATIONS             HEAD OF INVESTOR RELATIONS
Tel: 0409-655 550                   Tel: 0411-125 474
email: edwardp12@anz.com            email: gentryp@anz.com

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