Debt Investor Update - ANZ Personal - Bank Accounts .
Debt Investor UpdateMay 2013AUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITEDGraham Hodges, Deputy CEODavid Goode, Head of Debt IR
ANZ Investor Update1. Strategy2. 2013 Half Year Results3. Balance Sheet4. Appendices :- Asset Quality- Economic Update- Covered bonds2
Debt Investor UpdateAUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITEDStrategy
ANZ Super Regional Strategy – 5 Core Themes1Strengthen our position in Australia and New Zealand2Capture faster growing regional flows in trade, capital and wealth3Diversify revenue streams by product, geography and customer4Leverage global hubs and shared platforms5Drive capital efficiency and superior returns for shareholders4
Strengthening our position in our home markets AustraliaHousehold deposits growth1Household lending growth1Indexed Sep 2009 100Indexed Sep 2009 ZPeer 1Peer 2Peer 314011011010010090Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Feb 13 bDeposits127133Net loans and advances b7%CAGR2551411461H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H131.2.3.Peer 2Peer 3Corporate & Commercial BankingNet loans and advances & Deposits10%CAGR2120Peer 190Sep 09 Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Feb 13Australia DivisionNet loans and advances & DepositsNet loans and advances b7%CAGR2248 254 262231 237ANZ565861 bDeposits38%CAGR26337404143441H11 2H11 1H12 2H12 1H13 1H11 2H11 1H12 2H12 1H13Source: APRA Banking statisticsRepresents annualised CAGRExcludes Corporate Banking deposits which are included in the IIB division deposits (Corporate Deposits as at Mar 13 half: 5.8b Sep 125half: 6.2b; Mar 12 half: 5.8b; Sep 11 half: 6.3b; Mar 11 half: 6.3b)
Strengthening our position in our home markets - NewZealandLending & deposit growth1H13 v 2H12LendingMortgage Growth v 0.5%CommercialNZDbCustomer Lending0.8%1H12Small Business BankingLending and Deposits2.2%2H121H13Cost to income ratio%%Customer 1H112H111H122H12351H131H111. Data source: RBNZ NZ C6 and ANZ‟s submission to RBNZ. 1H13 data is as at Feb 1362H111H122H121H13
Capturing faster growing regional flows in trade,capital and wealthSignificant growth achieved sincecommencing super regional strategyVolume growth has remained strongAsia Volume growth (1H13 v 1H12)Asia Operating IncomeUSDm11%2,1091,840InternationalPayments 46%CAGR1,0241,085RetailDepositsInvestment &Insurance28%FX SalesTxnsTrade TxnsAchieved scale in corefranchise markets 11%PCP1,25720%18%26%USDm1,135Operating Income – FY12244280313TaiwanHong Mekong 1FY07 FY08 FY09 FY10 FY11 FY12 1H12 2H12 1H131. Greater Mekong – Vietnam, Cambodia & Laos.7Indonesia SingaporeOperating Income – 1H13112Taiwan166159Hong KongChina303180Indonesia Singapore
A differentiated strategy that is delivering forshareholders and customersEstablished network to support fastergrowing regional flows in trade, capitaland wealthANZ has built a substantial business in AsiaMarkets / No. StaffJapan & Korea – 200China – 800Asia-EuropeTrade: US 1.0trnTaiwan – 1,500Asia-USTrade: US 0.8trnHong Kong – 1,000Greater Mekong1 – 1,400Philippines – 1,300Intra-AsiaTrade: US 1.6trnSingapore – 2,100Indonesia – 1,800Global HubIndia – 5,600Average 5 year GDP growthAustralia/NZAsiaTrade: US 235b7.8%2.9%Australia1.1.4%New ZealandAsia(ex. Japan)Source: World Trade OrganisationGreater Mekong includes Vietnam, Cambodia & Laos.8
We have built scale, capability and momentum in AsiaANZ has built a substantial business in AsiaA top 4 Corporate Bank in AsiaAsia Operating IncomeUSDmGreenwich Associates Large Corporate SurveyOverall Relationship Quality70% 46% CAGR1,8402,109 11% PCP1,2576221,024 1,08587717%60%1,13550%6%FY07 FY08 FY09 FY10 FY11 FY12 1H12 2H12 1H13Significantly larger presence thandomestic peersAsia Staff (FTE)15,700Important Relationships32211%17%12%11%Bank A24%Bank BBank C40%201230%2011201020%Bank EBank DBank HBank FBank GGlobalHubs8,800ANZBank I10%6,900 2,800Peer 10% 400Peer 2 200Peer 3-75-50-2502550Greenwich Quality Index1 - Overall Relationship Quality(Difference from the Average)1. The Greenwich Quality Index score is based upon a normalized composite of all qualitative evaluations transformed to a scaleof 0 to 1,000 with the difference from the average shown. Note: Cross-hairs are calculated by the average of the banksshown in graph.975
Continue to diversify operating income by customer,product and geographyOperating Income Mix by Division ts13%37%Additional 4% of Networkrevenue1 sourced from APEARetail AsiaPacificAsia Partnerships4%3%5%IIBOperating Income Mix by Geography (1H13)New ZealandRetailNew ZealandNewZealand 7% Commercial12%Funds8% Global 3% ManagementWealth 3%InsuranceAustraliaCorporate &Commercial17%2%Australia43%Private WealthAPEA16%New ZealandAustralia68%26%AustraliaRetail1. Network revenue represents income booked in a jurisdiction different to where a client relationship is managed1016%
Focused on increased productivityCost to Income RatioAustralia OperationsGrowth 1H13 v meIIB OperationsGrowth 1H13 v 1H1244.4%8%44%FY14 CTI Target adjusted forprior period one-off items1-13%42%1H112H111H122H121H13ExpenseVolume1. FY14 CTI Target of 43.8% based on a 2% reduction to FY12 CTI adjusted for the gain on sale of Visa shares ( 291m), expensesrelating to capitalised software impairment ( 273m), forgone amortisation costs ( 25m) and NZ Simplification ( 149m)11
Driving capital efficiency and superior returns forshareholdersReturn on Equitymovement 1H13 v 2H12Capital levels are well 0%7.8%8.0%0.5%10.3%ROE up 80 bps8.2%1H122.5% nalEquity1H13Economic Profitmovement 1H13 v 2H122484.5% CET1Minimum35651,412461,240Economic Profit up 14%Sep 11 Mar 12 Sep 12 Mar 13APRA Basel 32H12Internationally Harmonised Basel 312CashProfitEconomic ImputationCredit Cost CreditsAdjustmentCost ofCapital1H13
Debt Investor UpdateAUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITED2013 Half Year Results(released 30 April 2013)
Overview of financial performance1H13 MGrowth vs2H12Growth vs1H12Cash Profit3,182 8% 10%Operating Income9,086Flat 4%Expenses4,034-8%-2%599-13% 5%2,940 7% 1%117 7% 7%73n/a 11%2.25%-3bps-10bpsCustomer deposits344,135 5% 12%Net loans and advances (incl. acceptances)441,980 3% 7%ProvisionsStatutory Net Profit After TaxEPS (cents)Dividend per Share (cents)Net Interest MarginAll figures other than Statutory Net Profit after Tax and Dividend are presented on Cash basis14
1H13 financial performanceCash Profit Movement 1H13 v 2H12 ( m) m89ROE 14.7%ROE 15.5%3523,1821511102,934152Down 5%Up 2%Down 8%Down 13%Up 13%Up 8%2H12CashProfitNet nsTax & OEI1H13CashProfitCash Profit Movement 1H13 v 1H12 ( m)1H12CashProfitNet nsTax & OEI1H13CashProfit2,896252114(99)291503,182Up 4%Up 4%Down 2%Up 5%15Up 10%
1H13 financial performance by DivisionCash Profit by Division 1H13 v 2H12 ( m)7%26%24%7820%342473,182199882,9342H12 CashProfitAustraliaIIBNew ZealandGlobal WealthGroup Centre1H13 CashProfitCash Profit by Division 1H13 v 1H12 ( Group Centre1H13CashProfit2,89614440742623,182Up 11%Up 3%Up 23%Up 15%16Up 10%
Key drivers of operating incomeOperating Incomemovement 1H13 v 2H121Operating Income Mix by Line of Business7% mPayments & Cash ManagementRisk ManagementFX &CommoditiesGeneral InsuranceRates andCreditInvestments andSuperannuationLife InsuranceWealth Distribution andAdviceFinancing & CapitalManagementMortgagesBusiness LoansCardsTrade and SupplyChainPersonal LoansSpecialised Finance17%16%519,0861441288,8357258%60%1H121H131. Note: 2H12 operating income adjusted to exclude the Visa share sale17Risk ManagementCash Management &Savings Accounts17%Financing & CapitalManagementMerchantAcquiring20%Payments & CashManagementClearing &International Payments2H12NormalisedTerm Deposits1H135%OtherOther
Step change in productivity and cost managementOperating Expense GrowthCost to Income RatioGroupAustralia DivisionInternational & Institutional Banking DivisionNew Zealand Division1H13 v 2H12Group1H13 v 1H12AustraliaIIB55%-2%50%-3%-1%-2%-8%-10%New Zealand45%Global Wealth-2%40%-7%-10%35%1H122H121H13-13%18
Net Interest Margin drivers and volume trendsNet Interest Income 1H13 v 2H12Group Ex-MarketsAustralia Divisionflat2.4%Net Interest MarginANZ Group ex-marketsUp 3 bpsAustralia Division2.3%NZ DivisionIIB Division IIB Ex-MarketsNew Zealand DivisionDown 14 bpsDown 10 argin1H12192H121H13
Credit quality in line with expectationsCredit Quality trendsProvision %-0.20%1H132H121H122H111H112H101H102H091H091H07 ANZ remains appropriately provided for thecollective provision ratio at 1.01% followingthe introduction of APRA Basel III standards(1.06% on a Basel II basis)2H08 This lower Provision charge driven byreduction in both new individual provisionsand top-up provisions to existing 501H08Individual Provision Charge (LHS)Collective provision Charge (LHS)Total Provision Charge as % Avg. net Advances m The 1H13 Provision charge of 599mrepresents a 13% reduction HOHImpaired Assets This coverage level reflects the ongoingimprovement in credit quality of the Group'sportfolioGross Impaired Assets mAvg. 0.4b decline inGross Impaired AssetsHOH since 2H107,0006,000 New impaired assets declined 15% HOH to 1.6b, with all divisions seeing HOHreductions in new impairedsNew Impaired Assets5,0004,0003,0002,000 Gross impaired assets reduced 10% HOH to 4.7b1,00001H09202H091H102H101H112H111H122H121H13
Debt Investor UpdateAUSTRALIA AND NEW ZEALAND BANKINGGROUP LIMITEDBalance Sheet
Continue to diversify balance sheet and increaseproportion of customer fundingCustomer Lending & Deposits by Geography bCustomer Lending1Customer DepositsCustomer Lending1 movement 1H13 v 2H12Loan to Deposit Ratio500450413428442Sep 2008171%Mar 2013128%73503083281Customer Lending up 3%3442H12Australia3002504424284003506 mNewZealandAPEA1H13Customer Deposits movement 1H13 v 2H12205200 m1501210032850Sep Mar Sep Mar2008 2012 2012 2013AustraliaSep Mar Sep Mar2008 2012 2012 2013New ZealandAPEA1. Customer lending represents Net Loans & Advances including acceptances2213443Customer Deposits up 5%2H12AustraliaNewZealandAPEA1H13
Balance Sheet composition by GeographyCustomer Lending1 by GeographyCustomer Deposits by GeographyAPEAAustraliaInstitutional Retail & Wealth11%AustraliaCommercialAustraliaOther RetailAPEA Commercial& ew ZealandRetail &10%WealthAustraliaInstitutionalNew 5%NZ7% Commercial1%23%4%10%14%APEA Commercial& InstitutionalAPEARetail & Wealth12%NewZealand16%Australia57%Australia Retail1. Customer lending represents Net Loans & Advances including acceptances23New ZealandRetail &WealthNZ2% Commercial3%New ZealandInstitutional30%AustraliaRetail Mortgages11%
Structural liquidity position strengthened – driven bygrowth in customer funding and shortened asset tenorDeposit growth has 7%61%61%7%8%8%Sep 08Sep 10Sep 127%Shortened asset 14%50%80%77%8%4%4%3%3%Mar 13Sep 08Sep 10Sep 12Mar 13Short Term WholesaleFundingCustomer FundingLiquid AssetsLendingTerm Debt 1 yearResidual MaturityShareholders equity& Hybrid debtOther Short TermAssetsOther FixedAssetsTerm Debt 1 yearResidual MaturityTrade Loans24
Lowest structural funding gap provides funding flexibilityANZWestpacNABCBALoan – Deposit Ratio (%)128%148%146%141%Loan – Deposit Gap ( b)97167156157112184126171Australia Household Funding Gap ( b)Australian Household Funding GapANZ has achieved a substantially lower LDR bANZ Loan – Deposit 07 2008 2009 2010 2011 2012 2013CBASource: APRA (Mar 13) and latest bank published financial statements25
A sustainable term wholesale funding profileIssuanceMaturities b26242624Indicative annualissuance volume17161513Senior UnsecuredGovernment GuaranteedCovered BondsSubordinatedIssuance since 1-Apr-13Note: Funding shown in year of issuance. Includes transactions with a call date or maturity date greater than 12 months attime of issue.2677FY18FY19 FY17FY16FY15FY14112H131H13FY12FY11FY10FY0912FY0818
ANZ has been a less frequent US IssuerLargest USD Issuers in 20121ANZ’s Issuance strategy USb43.4134.5233.8325.0421.45SLM Corp720.4Wells Fargo819.2Ford Motor Co919.2Ally Financial Inc12.51711.2NAB2111.1CBA6.9 In US, annual ANZ term issuance willcomprise of : Senior issuance in 3(a)(2) format Covered Bond issuance in 144A format ANZ NZ will also issue a USDbenchmarkSantanderWestpac1950 This has resulted in ANZ typically issuing 1–2benchmark trades p.a. in its key offshorefunding marketsKfWGoldman Sachs20.418.7JPMorganEIB610 ANZ has followed a strategy of issuing 20b- 25b p.a. of term wholesale fundingGE Our general strategy is to focus on 3 – 5 yeartenors for senior unsecured and 3 – 10 yeartenors for Covered Bonds ANZ remains receptive to reverse enquiry frominvestorsANZ1. Source : Deutsche Bank27
Strongly capitalised under new Basel 3 rulesCapital overviewCapital levels are well positioned (CET1)9.5%9.8%10.0% ANZ remains at the upper end of global peergroup under new B3 rules10.3% Well placed in regards to capital targets andfocused on driving capital efficiencies with furtherinitiatives completed in 1H132.5% CapitalConservationBuffer7.5%7.8%8.0%8.2% Full year Dividend Payout in the range of 65% to70% of Cash Earnings with a bias towards theupper end of the range in the near term.4.5% CET1MinimumSep 11Mar 12APRA Basel 3Sep 12Mar 13Internationally Harmonised Basel 3Capital position reconciliation under Basel 3Mar-13 APRA10% allowance for investments in insurance subs and ADIsMortgage 20% LGD floor and other measuresIRRBB RWA (APRA Pillar 1 approach)Up to 5% allowance for deferred tax assetOther capital itemsMar-13 Internationally 19.8%0.8%0.5%0.5%0.2%0.3%12.1%Total Capital11.7%0.7%0.6%0.5%0.2%0.3%14.0%
Liquid assets of 122b provides a high level of coverageand significantly exceeds total offshore debt outstanding b12211591753131393888151520886862Sep 108313935Liquidity portfolio exceedstotal wholesale debt maturitiesover next 12 months or entireoffshore debt portfolio6347Sep 11Sep 12Mar 13Total DebtSecurities Maturingin next 12 monthsInternal RMBSOffshore Short Term DebtPrivate Sector Securities and precious metalsOffshore Term DebtCash, Government & Semi-GovernmentSecurities29Total OffshoreWholesale debtSecurities
Debt Investor Update- AppendicesAUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITEDAsset Quality
Individual Provision ChargeIndividual Provision Charge by SegmentIndividual Provision Charge Composition m 1,0629150-5007611H10 2H10 1H11 2H11 1H12 2H12 1H13722595618NewIncreasedWritebacks & Recoveries595600Individual Provision Charge by Region m1,2001,000800600400200040020001,0621H101H10 2H10 1H11 2H11 1H12 2H12 612H105956181H112H117221H12New Zealand5952H12APEA1H13
Gross Impaired AssetsGross Impaired Assets by TypeImpaired Loans mNPCCDGross Impaired Assets by Size of ExposureRestructured8,0007,0006,0005,000 100m m 10- 99m 10m8,0006,5616,5616,221Avg. 375mdecline HOHsince ,0003,0002,0002,0001,0001,00006,561 6,5616,2215,5815,343 5,1964,6850Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 13Mar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 1332
Impaired AssetsNew Impaired Assets by DivisionNet Impaired Assets by Division m utional1H112H11Australia1H122H12New ZealandMar 10 Sep 10 Mar 11 Sep 11 Mar 12 Sep 12 Mar 131H13InstitutionalOtherImpaired Assets Concentrationby number of 1%61%78%77%78%82%3%3%33%11%Sep 10 Mar 1110-50mSep 11 Mar 29%31%28%18%39%37%39%42%47%Mar 11Sep 11Mar 12Sep 12Mar 1322%20%Mar 10New ZealandImpaired Assets Concentrationby value of Impaired Assets25%72%AustraliaSep 12 Mar 13Mar 10 200m29%Sep 1010-50m3351-100m101-200m24%16% 200m23%9%21%
Total lending exposures by GeographyExposure at Default byLine of BusinessExposure by GeographyAustraliaTotal Exposure at Default (Mar 13) - 693.2b1AustraliaNew ZealandAPEA 437.1 111.5 144.6Retail28%Commercial55%17%InstitutionalNew ZealandUK & EuropeAmericasPacificSingaporeHong Kong3%New alAustralia63%5%1%3%Other SouthEast AsiaRetail24%APEARetail3%Commercial2%Other NorthEast Asia94%1. EAD excludes amounts for „Securitisation‟ and „Other Assets‟ Basel asset classes34Institutional
Total lending exposures by industry sectorExposure at Default (EAD)as a % of group totalCategorySep 12Mar 13Sep 12Mar 13Consumer Lending41.0%40.4%0.3%0.2%Finance, Investment &Insurance14.9%16.8%0.5%0.2%Property .0%Agriculture, Forestry,Fishing4.5%4.2%3.9%4.1%Government & OfficialInstitutions4.2%3.9%0.0%0.0%4%Wholesale trade3.9%4.0%0.6%0.6%4%Retail Trade2.9%2.9%0.9%0.8%3%Transport & Storage2.3%2.2%3.2%2.0%Business Services2.0%1.9%0.9%0.7%Electricity, Gas & %1.2%Resources (Mining)1.6%1.8%0.2%0.2%Other5.7%5.4%0.1%0.1%ANZ GroupTotal EAD (Mar 13) 693.2b17%7%6%4%40%5%% in NonPerformingEAD2%2%2%2%2%35
Commercial Property credit exposureCommercial Property ExposureGross Loans and Advances by Region b% sure to REIT’s, Listed PropertyCompanies and/or their subsidiaries% 6%7.2%1510Commercial Property Exposure by Sector6.2%Sep 08 Sep 09 Sep 10 Sep 11 Sep 12 Dec 12APEA (LHS)New Zealand (LHS)Australia (LHS)% of Group GLA's (RHS)36OtherCommercialProperty71%29%Exposure toREITs, listedpropertycompaniesand/or theirsubsidiaries
Australia 90 day delinquenciesAustralia Retail 90 day delinquencies2.0%Total Mortgage PortfolioNSW & ACT MortgagesQLD MortgagesVIC MortgagesWA MortgagesTotal Credit Cards1.5%1.0%0.5%0.0%Mar 08Sep 08Mar 09Sep 09Mar 10Sep 10Mar 11Sep 11Mar 12Sep 12Mar 13Australia Commercial 90 day delinquencies3.0%Business BankingRegional Business BankingEsandaSmall Business BankingTotal Commercial2.5%2.0%1.5%1.0%0.5%0.0%Mar 08Sep 08Mar 09Sep 09Mar 10Sep 1037Mar 11Sep 11Mar 12Sep 12Mar 13
Australia Division - MortgagesDynamic Loan to Valuation RatioPortfolio statisticsTotal Number of Mortgage Accounts% Portfolio860kTotal Mortgage FUM60% 188b50%40%% of Total Australia Region Lending60%% of Total Group Lending43%Owner Occupied Loans - % of Portfolio62%10% 262k0%Average Loan Size at OriginationAverage LVR at Origination65%Average Dynamic LVR of Portfolio52%% of Portfolio Ahead on Repayments159%First Home Owners - % of New Lending30%20%0-60%61-75% 76-80% 81-90% 91-95%Mar-11Sep-11Mar-12Sep-1295% Mar-13Mortgage portfolio by State6%% of Portfolio Paying Interest Only2Portfolio 90% LVR 4.5% (Mar 13)NSW & ACT32%18%QLDMortgages have low loss ratesVICIndividual Provision Loss 0.27%Australia therOne month or more ahead of repayments. Excludes funds in offset accounts.% of Portfolio of Instalment Loans. Excludes funds in Equity Manager Accounts.3816%
New Zealand - MortgagesDynamic Loan to Valuation RatioPortfolio statisticsTotal Number of Mortgage Accounts474kTotal Mortgage FUM0-60%NZD 57b% of Total New Zealand Lending56%% of Total Group Lending10%Owner Occupied Loans - % of Portfolio61-70%41%21%81-90%66%Average Dynamic LVR of Portfolio47%% of Portfolio Paying Interest Only221%Mortgage portfolio by RegionAucklandWellingtonMortgages have low loss rates12%Rest of North %0.27%New Zealand Mortgages0.06%0.07%0.05%0.03%0.02%Rest of South IslandOther12 month averageExcludes revolving credit facilities393%38%ChristchurchIndividual Provision Loss Rates1.2.17%90% NZD 229kAverage LVR at Origination12%71-80%78%Average Loan Size at Origination19%29%6% 12%
Debt Investor Update- AppendicesAUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITEDEconomic Updates
Economic updateNew .75.75.47.36.96.36.1Cash .030.95N/AN/AN/AN/A4.03.34.85.23.9%3.7%3.7%4.2%- Housing4.74.54.95.92.94.53.04.0- Business13.71.64.64.05.33.94.64.5- 13Source - ANZ economics team estimates. Based on 30 September bank year. Growth rates in through the year terms.1. NZ Business includes Rural lending4120142015
The Terms of Trade has driven the economy and resultedin strong income growthTerms of trade since 1960Income growth is continuing1201009070ForecastsIndex806050Household disposable income, 000s (A , US , NZ )1101101009080706050404000 01 02 03 04 05 06 07 08 09 10 11 1260 64 68 72 76 80 84 88 92 96 00 04 08 12Source: ABS, RBA and ANZ42
Strong investment growth driving the economyBusiness investment vs. 0 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15Household consumption (left)Sources: ABS and ANZBusiness investment (right)43% of GDP% of GDP62
Investment pipeline remains quite strong180160Major infrastructure projects by stageInvestment pipeline excluding projects that have been eithercancelled or indefinitely delayed since July 2012Investment pipeline forprojects that are eitherunder construction orcommitted140AUDbn1201008060402002011Under construction201220132014PossibleCompleted44At risk20152016Cancelled/Indefinitely delayed
Export growth will replace business investment as akey driver of Australia’s future GDP growthContribution to GDP Growth (Average/Year)ppts contribution to year-average GDP growth6543210-1-2-320092010Household consumptionBusiness investmentGDP growth20112012Public demandInventories45201320142015Dwelling investmentNet exports
LNG will drive future export growth as new projectscome on-streamBulk Commodity Exports’ Contribution to GDP GrowthContribution to annual GDP growth, ppts1.51.00.50.0-0.5020304Thermal coal05060708Coking coal0910Iron ore46111213Natural gas1415Total
Employment growth and unemployment rateKey labour market 04.2203.903.6-203.3-402007Sources:47 ABS, ANZEmployment growth (000s, LHS)200820092010201120123.02013Per cent'000s per monthUnemployment rate (RHS)
Composition of growth by industry highlights ongoingchallengesGDP by industry – five year average growth rates as of Dec-12ManufacturingHospitalityOther servicesITAdmin. servicesRetailUtilitiesFinance & insuranceTransportEducationRental & real estateGDPPublic admin.WholesaleConstructionArts and rec.MiningAgricultureProfessional servicesHealth-1.00.01.02.03.0% change, 5y annual average48Sources: ANZ, ABS4.05.06.0
Australia remains in a very strong fiscal positionFiscal & Debt position160Greece140Japan120ItalyNet Debt % GDP, 2012f100SingaporeFrance60Germany40Hong -8-6-4-2024Fiscal Deficit % GDP, 2012f49681012
Despite some deterioration in the underlying budgetbalance, the deficit remains small as a share of GDPUnderlying cash balance4forecast32% of GDP10-1-2-3-4-56064687276808488MYEFO forecast9296ANZ forecast500004081216
Despite recent rate cuts, scope remains for the RBA to cutrates further to stimulate the economy4.50RBA cash rate and expectations4.00%3.503.002.502.00Jan-12Jul-12ANZ ForecastMarket expectation (3 Dec '12)51Sources: ANZ, ABSJan-13Jul-13RBA Cash RateMarket expectation (5 Mar '13)51Jan-14Current market expectation
Growth in house prices since mid-1980s matched byrising incomes & lower interest ratesMedian house price vs. purchasing power '000Purchasing power income growth andinterest rates*700?600500Actual 12* Represents the average households purchasing power over the median priced homeSources: ABS, RBA, ANZ Research5214
Household Savings Rates have reverted to long termlevels and credit demand remain lowHousehold savings and creditForecast25y/y % change / per cent20151050-587 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14Household savings rate (%)Source: ABS, ANZ5353Household credit growth
While level of household debt has remained stable, lowerrates have reduced the debt burden175141501212510100875650425290Sources:ABS, ANZ54939699Debt020508119054939699 02 05 08Interest payments11Ratio to household disposable income, %Ratio to household disposable income, %Debt vs interest payments relative to household disposable income
Housing shortage driven by rapid acceleration in netoverseas migration and populationPopulation gain vs. dwelling completionsDwelling completionsPopulation growth100Deviation from trend (%)806040200-20-40865588Sources: ABS, ANZ Research909294969800020406081012
Residential property pricesHouse prices: AustraliaHouse prices: InternationalComparison600230550210 A 000’s (Seasonally adjusted)House price index (March 2006 005 2006 2007 2008 2009 2010 2011 2012AustraliaUKCanadaSingaporeSource: Bloomberg* Data for newly constructed housingUSNZHong KongChina*5620062007200820092010201120122013
From now to 2015, policy emphasis will be to boostconsumption and reduce the importance of investmentChina - GDP Composition 2011China - Contribution to GDP Growth(ppt)1614121086TotalTertiary43%420Tert: Other19%Tert: RealEstate6%Tert: Banking& Insurance5%Tert:Wholesale &Retail9%-2Tert:Transport,Storage, Post5%-42006 2007 2008 2009 2010 2011 2012 2013 2014 2015Final ConsumptionInvestmentNet ExportsChina - GDP Composition 14%China - GDP Composition (2015)Net Exports3%Net Exports1%HouseholdC onsumption35%HouseholdC onsumption39%Investment47%Investment49%GovernmentC onsumption13%Source: CEIC, ANZ ProjectionPrimary10%GovernmentC onsumption13%5757
Urbanisation will remain a major driver for growth inthe medium to long runChina‟s urbanisation also requires hugeinfrastructural investment 350 million people will be added to China‟surban population. That‟s three times theamount of rural Chinese (103 million) thathave migrated to the cities since 1990 1 million kilometres of new road and 28,000kilometres of metro rail will be laid 170 mass-transit systems will be built twice the number that all of Europe hastoday 40 billion square metres of floor space will bebuilt to construct five million buildings - theequivalent of building two Chicago's everyyear 97 new airports will be built and one in everyten planes assembled by Boeing and Airbuswill be delivered to China Energy demand will more than double from60 quadrillion British thermal units (QBTUs)to between 123 QBTUs and 142 QBTUs –equivalent to 25% of the world‟s total energydemand todayChina - 0 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050Rural population (mn)Percentage urban (%, RHS)300,000250,000200,000Urban population (mn)Capital Stock per Capita in 2011(USD 2005 Price)It will take C hina 12 moreyears to reach US levelassuming 20% (p.a) growth incapital stockIt will take C hina 10 moreyears to reach Japan'slevel assuming 20% (p.a)growth in capital stock150,000100,00050,0000US58JapanChina
Debt Investor Update- AppendicesAUSTRALIA AND NEW ZEALANDBANKING GROUP LIMITEDCovered Bonds
ANZ’s Covered Bond StrategyRationaleDiversification of investor base Access to AAA investor base - timely to assist in redemption ofGovernment Guaranteed debt maturing from 2012 to 2014 Reduces requirements for senior unsecured debt in offshore marketsLengthen funding profile in a cost effective mannerMetricsBased on ANZ’s balance sheet size and legislative requirements: Cover pool limited to 8% of Australian assets Provides capacity to issue 28bn of covered bonds ANZ‟s Australian mortgage portfolio currently 187bnProgrammeANZ established a US 20bn Australian covered bond programme Multi-currency capability, with focus on EUR, USD and AUD Additionally have executed in CHF, NOK, HKD and GBP Allows use of Hard or Soft bullets Considering 3a2 issuance capability for US marketIssuanceLiquid yield curves to be established in AUD, EUR and USD via regularbut not too frequent issuance Plan to issue 5-6bn pa (20-25% of planned term debt issuance) 1-2 transactions per year in each of EUR, USD and AUD markets Focus on 5-10yr tenors for covered bonds, 2-5yr for senior unsecured60
Australian Covered Bond LegislationStructure Enabling legislation (to amend the Banking Act 1959) passed the AustralianFederal Parliament and became law in October 2
- Economic Update - Covered bonds. Debt Investor Update . Source: World Trade Organisation 1. Greater Mekong includes Vietnam, Cambodia & Laos. 8 . 0% 10% 20% 30% 40% 50% 60% 70%-75 -50 -25 0 25 50 75 s Bank A Bank B Bank C Bank F Bank E Bank D Bank I Bank H Bank G 2012
a third party bank using ANZ SWIFT Reporting (MT940, MT941, MT942) Send payment instructions using ANZ SWIFT Payments by sending SWIFT “Request for Transfer”message (MT101) ANZ TRANSACTIVE MULTIBANK SERVICES ANZ Transactive Multibank Services allows you to use ANZ Transactive as your single interface for all your SWIFT messaging needs.
Interstate Flight Inconvenience Insurance 60 ANZ Car Rental Cover Terms and Conditions 63 * If you are not a Platinum card account customer and have purchased ANZ Car Rental Cover, please refer to the separate ANZ Car Rental Cover Product Information, Terms and Conditions and Policy Wording booklet provided to you. Important Policy Information
letter to a debt collector you owe money to does not get rid of the debt, but it should stop the contact. The creditor or the debt collector still can sue you to collect the debt. Can a debt collector contact anyone else about my debt? If an attorney is representing you about the debt, the debt collector must contact the attorney, rather than you.
vw k vw Handschaitung Manual Automat! k Automatic Manual Riitnmatir 9D bersetzung Anz.d. Zahne Ratio Nr teeth bersetzung ! Anz.d.Zahne Ratio 1 Nr teeth i bersetzung Anz.d.Zahne bersetzung,Anz.d.Zâhne Ratio : teeth Ratio i teeth 1 3,U5 38 : 11 2,55-2,5 55 : 14 2 3 1,9U 1,29 35 : 18
Home Loan 100,000 ANZ Equity Manager 700,000 ANZ Equity Manager 50,000 ANZ Standard Variable Rate Home Loan 350,000 Inv Prop 1 700,000 Home 800,000 The big picture. It's important to note that Sue and Tim have a long-term investment strategy to build wealth.
An ANZ staff member or an ANZ Investments . approved financial adviser can verify these documents. Alternatively a Notary Public, Justice of the Peace, NZ lawyer, or other person who has legal . authority can certify these documents before sending them to us. See anz.co.nz/myid for more information.
Qantas Frequent Flyer account each month, making it easy to keep track of your growing points balance. In any monthly statement cycle you earn the following points on purchases (excluding cash equivalent transactions). ANZ Frequent Flyer: Advantages of ANZ Frequent Flyer Earn 1 point for every 1 spent on purchases using your ANZ Frequent Flyer
well as themes from PALS enquiries and formal complaints received within Western Sussex Hospitals NHS Trust during 2018. Patient experience monthly reports are provided to operational teams and patient comments are automatically shared with our staff. Leaders of our clinical services use the feedback we receive from patients to shape quality improvement activities at ward level and see whether .
