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ANZ - more record profits.

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Media Release by…

ALAN GRIFFIN MP Shadow Parliamentary Secretary for Consumer Affairs & Banking Services

24th October 2002


ANZ’s record profit of $2.322 billion shows banking in Australia remains extremely lucrative.

Two more major banks, Westpac and NAB, will announce their annual results in the next couple of weeks.

ANZ’s 24 percent increase in net profit suggests other banks will produce more record results into the future.

Consumer finance, which includes credit cards, soared in profit after tax by 51%.

Concerns regarding the ANZ’s implementation of the RBA’s credit card reforms are highlighted by their intention to “restructure product features and pricing to minimise impact of new interchange standard whilst maximising customer choice”.

The ANZ’s position reinforces the need for ACCC monitoring.

John McFarlane’s comments on opening new branches and the encouraging initial results for customer growth and retention attributed to ANZ’s fee structure are welcome.

ANZ has previously supported the concept of a social charter for banks.

We encourage the ANZ to continue to develop better relationships with their customers and provide more accessible and affordable banking services.

With record profits, more can and should be done.

For further information please contact: Alan Griffin: 0419 353 476