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Media Release: ANZ to Pay 4% Salary Increase to Staff

Document date:  Thu 12 Jun 2003
Published:  Thu 12 Jun 2003 09:37:03
Document No:  205197
Document part:  A
Market Flag:  N
Classification:  Other

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2003-06-12  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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ANZ today announced it would pay eligible Australian staff a minimum
4% salary increase in July 2003.

Staff will continue to have access to additional performance pay of
between 2% and 7%. ANZ has also introduced a range of other
initiatives for staff in recent years including:

* the ability for all staff to salary sacrifice for superannuation

* providing staff with heavily subsidised PCs for home use

* providing opportunities for staff to become shareholders through
  the issue of ANZ shares to all Australian staff and the introduction
  of a share save scheme

* flexible leave options including parental leave, opportunities for
  career breaks and pro-rata access to long service leave for eligible
  staff

* paid volunteering leave to support staff involved in community work.

ANZ Head of People Capital Mr Shane Freeman said the pay increase was
fair in a more subdued operating environment.

"The 2003 salary increase is above inflation and takes into account
competitor and market pay rates, and ANZ's position as a leading
employer," said Mr Freeman.

"We are delivering on our promise to pay a fair and competitive
salary increase to our people. Staff can expect a further pay
increase in July 2004.

"We are building a strong relationship with our people and it is
pleasing that since July 2000 staff satisfaction has risen from 58%
to 78% in February 2003," he said.

The increase follows the 4% increases paid to staff in 2001 and 2002.
ANZ staff will continue to work under the terms and conditions of the
1998 Enterprise Bargaining Agreement.

Eligible staff will receive the 4% increase effective 11 July 2003.

For media enquiries, contact:

Paul Edwards
HEAD OF GROUP MEDIA RELATIONS
Tel: 03-9273 6955 or 0409-655 550
Email: paul.edwards@anz.com