ANZ 2018 Annual Review

Annual Report5 November 2018ANZFinancials

2018
ANNUAL
REVIEW
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OUR 2018
REPORTING
SUITE
In preparing this Annual Review we have continued to draw on
aspects of the International Integrated Reporting (IR) Framework
to describe how our business model, strategy, governance and
risk-management processes are addressing our most material
issues and delivering value for our shareholders and other
stakeholders. We outline our response to external social and
environmental challenges, including the work we are undertaking
to rebuild our reputation as a fair and responsible business, driving
sustainable returns for all stakeholders. In future reports we will
seek to achieve a closer alignment with the requirements of the IR
Framework, particularly with respect to the connectivity between
our strategy, performance metrics and remuneration outcomes.
This Review covers all ANZ operations worldwide over which,
unless otherwise stated, we have operational control for the
financial year commencing on 1 October 2017 and ending
30 September 2018. Monetary amounts in this document are
reported in Australian dollars, unless otherwise stated.
We produce a suite of reports to meet the evolving needs and
requirements of a wide range of stakeholders, including investors,
customers, employees, regulators, non-government organisations
and the community.
Our 2018 Annual Report at anz.com/annualreport principally
details our financial information. Our 2018 Corporate Governance
Statement discloses how we have complied with the ASX
Corporate Governance Council’s ‘Corporate Governance Principles
and Recommendations – 3rd edition’. We also provide our Principal
Risks and Uncertainties. These documents are available at
anz.com/corporategovernance.
Our Sustainability Review complements this Annual Review,
providing stakeholders with more detailed sustainability
disclosures, including: performance against our sustainability
targets; our approach to our priority areas of financial wellbeing,
environmental sustainability and housing; and how we are
managing social and environmental risk. This report will be
available at anz.com/cs in December.
CONTENTS
Our 2018 Reporting Suite
2018 Performance Snapshot 2
Chairman’s Message 4
CEO’s Message 6
Banking Royal Commission 8
Improving Customer Outcomes 9
About Our Business 10
What Matters Most 12
Stakeholder Engagement 14
How We Create Value 16
Our Operating Environment 18
Our Strategy 20
2018 Sustainability Targets 24
Governance 28
Our Climate-related
Financial Disclosures 32
Remuneration Overview 36
Five-year Summary 40
Important Dates for Shareholders 42
Contacts 44
The reports available for stakeholders are as follows,
anti-clockwise from bottom left.
1. 2018 Annual Review anz.com/annualreview
2. 2018 Annual Report anz.com/annualreport
3. 2018 Corporate Governance Statement anz.com/corporategovernance
4. 2018 ANZ Sustainability Review anz.com/cs
Other financial disclosures are available on shareholder.anz.com
1.
Common content includes the following sections: sustainability metrics contained in the 2018 Performance Snapshot, Improving Customer Outcomes, Approach to Sustainability,
What Matters Most, Stakeholder Engagement, 2018 Sustainability Targets, Our Climate-Related Financial Disclosures and Five Year Summary.
Throughout this Annual Review, KPMG has considered common
content which will be disclosed in the 2018 Sustainability
Review
1
. A copy of KPMG’s limited assurance report over the 2018
Sustainability Review will be contained in that report.
We will continue to evolve and improve our reporting suite
over the coming years and welcome feedback on this report.
Please address any questions, comments or suggestions to
investor.relations@anz.com.
ANZ 2018 ANNUAL REVIEW

“IbelieveANZ’slong-termviability
isdependentonusmakingdecisions
thataremindfuloftheimpactwehave
onthecommunity,ourshareholders,
ourcustomersandourpeople.”
Shayne Elliott, CEO
Thisreportisbeingreleasedatatimeofunprecedented
scrutinyofourindustry,particularlyinAustraliawhere

theRoyalCommissionintoMisconductintheBanking,
SuperannuationandFinancialServicesIndustryhas
highlightedmisconductandconductfallingbelowcommunity
standardsandexpectations.Wedonotunderestimatethe
significanceoftheRoyalCommission’sexaminationofour
sectorandthemagnitudeofthetaskaheadtocorrectour
failingsanddemonstratewearetrustworthy.
Werecognisethatcommunicatingtransparentlyandopenly
withourstakeholdersiscriticaltorebuildingthecommunity’s
confidenceinus.ThisAnnualReviewnotonlytalksto
stakeholdersaboutthechallengesweface,whatwehavegot
wrongandwhatwearedoingtofixit,butalsothepositive
contributionswehavemadeduringtheyear.
Throughoutthisreporttherearecasestudiesfeaturingour
customers–customerswehavesupportedtogrowtheir
business,improvetheirfinancialwellbeingandsucceedina
digitalworld.Thesepositivestoriesareinnowayintended
todiminishtheinstanceswherewehaveletourcustomers
andthecommunitydown.Theydo,however,speaktothe
factthat,ifwearetodeliverastrongandsustainablebankto
benefitallstakeholders,ourcustomersmustbeatthecentre
ofeverythingwedo.
“

2018 PERFORMANCE
SNAPSHOT
$6.5
BILLION
11
PERCENT
223.4
CENTS
160
CENTS
Cash profit
1
Cash return
on equity
1
Cash earnings
per share
1
Fully franked
dividend for FY18
per share
Common
Equity
Tier 1 Capital
3
11.4
1. On a cash profit (continuing operations) basis. Excludes non-core items included in
statutory profit and discontinued operations included in cash profit. It is provided to
assist readers in understanding the result of the ongoing business activities of the Group.
For further information on adjustments between statutory and cash profit refer to page
15 of the 2018 Annual Report.
2. Equals shareholders’ equity less preference share capital, goodwill, software and other
intangible assets divided by the number of ordinary shares.
3. APRA Basel 3 methodology.
4. Through our initiatives to support financial wellbeing including financial inclusion,
employment and community programs, and targeted banking products and services
for small businesses and retail customers. Refer to the 2018 Sustainability Review for
methodology (to be released in December 2018).
5. Measures representation at the Senior Manager, Executive and Senior Executive
levels. Includes all employees regardless of leave status but not contractors (who are
included in FTE).
6. Figure includes foregone revenue of $107 million, being the cost of providing low or
fee free accounts to a range of customers such as government benefit recipients, not
for profit organisations and students.
7. Peter Lee Associates 2018 Large Corporate and Institutional Relationship Banking
surveys, Australia and New Zealand 2018. In New Zealand ranked against the Top 4
competitors.
8. Roy Morgan Research Single Source, Australian population aged 14+, Main Financial
Institution, six month rolling average to Sep’ 18. Ranking based on the four major
Australian banks.
9. Australia and New Zealand.
10. Peter Lee Associates Large Corporate and Institutional Transactional Banking surveys,
Australia 2004–2018 and New Zealand 2005–2018.
funded and facilitated
in low carbon and
sustainable solutions
$11.5$18.47
MORE THAN
BILLIONTHOUSAND
MILLIONPERCENT
people reached
through our target to
help enable social and
economic participation
4
of women in
leadership
5
889
$1371ST3RD32
in community
investment
6
Australia and
New Zealand
Institutional NPS
7
Net Promoter Score
Retail Australia
8
RANKED
Net tangible
assets per share
2
3.71 MILLION DIGITALLY ACTIVE CUSTOMERS
9
$341 BILLION IN HOME LENDING – INCREASE OF $10 BILLION
9
$184 BILLION IN RETAIL DEPOSITS – INCREASE OF $2 BILLION
9
$95 BILLION IN BUSINESS LENDING – INCREASE OF $1 BILLION
9
#1 LEAD BANK FOR TRADE SERVICES
10
$
$
PERCENT
O
OUR 2018 OUUEOP TINGIS

JILPANTI ENTERPRISES –
ANZ FORTESCUE PARTNERSHIP
Through our partnership with Fortescue Metals Group Ltd
(Fortescue) we are providing finance to Jilpanti Enterprises Pty
Ltd (Jilpanti). Jilpanti is owned and operated by Puutu Kunti
Kurrama and Pinikura peoples’ Elder Lennie Ashburton and his
son Leonard. The company is providing exploration earthworks
for Fortescue.
“The support of Fortescue and ANZ has allowed Jilpanti to become
a more financially viable entity. Having access to funds to purchase
equipment has meant that we are creating steady growth for our
business, increasing our income and employing Aboriginal people
directly into our business”, Lennie Ashburton explains.
Under the $50 million funding initiative, which is supported by
a guarantee from Fortescue, eligible Indigenous businesses –
especially those without an established trading or credit history
– are able to access finance at a competitive rate through ANZ.
In the case of Jilpanti, they have purchased two 80 tonne
excavators and several vehicles which they would otherwise
have hired at more expensive casual hire rates.
Our Managing Director of Institutional banking in Australia
Graham Turley is pleased that through the partnership
with Fortescue, ANZ is able to open up opportunities for
Indigenous businesses. “We hope that this experience will help
these businesses grow sustainably, become more financially
independent and ultimately drive economic growth and
employment in their communities,” he said.
Left to right – Heath Nelson, Manager, Community Development, Fortescue
Metals Group – Frank Van Rooyen, Head Of Natural Resources Australia
Institutional, ANZ – Leonard Ashburton, Jilpanti Enterprises –
Darryn Brice, Relationship Manager, WA North, ANZ
CASE STUDY
FINANCIAL
WELLBEING
O

CHAIRMAN’S
MESSAGE
DAVID GONSKI, AC
Thiswasachallengingyear
forbothANZandtheentire
bankingindustry.
Ourstatutoryprofitwas$6,400
million,flatsince2017.Cashprofit
forANZ’scontinuingoperations
(whichexcludesnon-coreitemsand
thediscontinuedWealthbusinesses
fromthestatutoryprofit)was
$6,487million,down4.7%.
THIS SIMPLIFICATION OF OUR
BUSINESS IS CRITICAL. WE KNOW
A SIMPLER BANK IS MORE FOCUSED
AND EASIER TO MANAGE IN AN
ENVIRONMENT WHERE REGULATION
AND COMPLIANCE IS INCREASING.
The final dividend of 160 cents per share fully franked was
unchanged from 2017. This reflects a dividend payout ratio of
79.5% of cash profit (total Group), with $4.6 billion in dividends paid
to shareholders. This is above our target fully franked payout ratio
of 60–65% of cash profit (total Group), however our strong capital
position has allowed us to maintain a stable dividend.
While growth was subdued, particularly in Australian retail banking,
the fundamentals of our business remain sound. We recognised
many of the headwinds facing the sector early and the actions
commenced several years ago to simplify our business are now
benefiting shareholders.
During the year, we announced the sale of both our Pensions and
Investments businesses to IOOF and our Life Insurance businesses
to Zurich, as well as the sale of our Life Insurance business in New
Zealand to Cigna. We also increased our focus on Institutional
banking with the announced sale of our Retail and Commercial
business in Papua New Guinea to Kina Bank and the sale of our
ANZ Royal Bank (Cambodia) joint venture to J Trust.
We completed the sale of our minority stake in Shanghai Rural
Commercial Bank and the sale of our share in the Philippines-based
Metrobank Card Corporation joint venture.
A highlight of the year was completing the complex separation

of our six retail and wealth businesses in Asia on time and
under budget.
This simplification of our business is critical. We know a simpler
bank is more focused and easier to manage in an environment
where regulation and compliance is increasing. We have
rebalanced our business, improved the returns of the Institutional
Division, delivered consistent outcomes in New Zealand and we are
directing investment and capital to our areas of strategic focus such
as Australian home owners.
4
ANZ 2018 ANNUAL REVIEW

EARNING TRUST
The Royal Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry has been
confronting for all of us at ANZ, including the Board. We are
unanimous in our resolve to build a company of which we
and all of our stakeholders can be proud.
We recognise this has not been the case in the last decade and
that we have failed in some circumstances to do the right thing
and to keep the needs of our customers as our priority.
The Board and senior management will improve transparency
with customers and ensure that the balance between earnings
and providing worthwhile, fair and desired services to our
customers is maintained at all times.
This is why we have engaged openly and constructively with the
Royal Commission and will not wait for its final recommendations
before taking action to ensure our failures do not occur again.
We also support strongly the approach that our Chief Executive
Officer, Shayne Elliott has stated publicly which is that where ANZ
has failed we will compensate those affected quickly and fairly and
take steps to ensure that it does not happen again.
The Ethics, Environment, Social and Governance Committee of
the Board is active and well informed. The Board has also made it
known within ANZ that asking the question ‘is this the right thing
to do?’ is critical.
As you will see in the Remuneration Report, variable remuneration
at all levels of ANZ has been materially reduced.
We now have a new executive team running the bank. However,
accountability for our failures is still reflected in this year’s
remuneration of our most senior team including our Chief
Executive Officer.
While the Board itself does not receive variable compensation,
it shares some accountability for what has occurred.
As an indication of the Board’s understanding of its accountability,
existing Non-Executive Directors will receive in FY19 a reduction
of an amount equivalent to 20% of the FY18 base Non-Executive
Director fee (and in my case, 20% of my Chairman’s fee). This is
in addition to the bank’s efforts to identify and fix the causes of
our failures.
CAPITAL MANAGEMENT
Despite these difficult macro conditions, the progress of our
transformation means we have been able to return surplus capital
to shareholders while retaining appropriate flexibility to invest in
our business. This year we have maintained our unquestionably
strong capital levels, reducing shares on issue by 67 million
(equivalent to $1.9 billion) from an announced $3.0 billion share
buyback program.
OUTLOOK
We expect the trading environment in Australia to remain
challenging, particularly in retail banking, as the industry responds
to increasing regulation and compliance costs, as well as
implementing the recommendations of the Royal Commission.
ANZ is well placed to navigate these difficult conditions given
the progress of our transformation and simplification agenda.
Our focus on cost and capital management and our exposure to
international trade and commercial banking also positions ANZ
well for the future.
I know we have the right management team in place, led by
Shayne Elliott, to deliver on a strategy that will create sustained
value for our shareholders, customers and employees well into
the future. I know we are taking the action required to create a
company we can all be proud of.
David Gonski, AC
CHAIRMAN
5
CHAIRMAN’S MESSAGE

CEO’S
MESSAGE
SHAYNE ELLIOTT
Retail banking in Australia is facing strong headwinds.
The combined impacts of regulatory and macro prudential
requirements have seen annual housing market growth slow
with a substantial reduction in the average household’s potential
borrowing capacity.
This year we maintained our disciplined approach to home loan
growth, focusing on customers who want to buy and own their
own home. We have deliberately foregone short-term revenue
growth and higher margins, particularly in the investor and
interest-only segments. This focus has driven better risk-adjusted
returns and is in the long-term interest of shareholders.
Institutional banking continued to provide diversified earnings
for the Group with the transformation of our business making
earnings less volatile. ANZ was again named a top-four corporate
bank in Asia and our position as a leading trade bank in the Asian
region will be an even more important differentiator as housing
credit slows in Australia.
ROYAL COMMISSION
This is a critical moment for the industry, our bank and our people.
We continue the urgent work required to fix the significant
failures highlighted by the Royal Commission. We have accepted
responsibility and we are determined to improve.
We have taken action to fast-track fundamental changes
involving leadership, strategy, systems, people and culture.
We are also making the investments required to build a bank
worthy of the trust and respect of our customers, shareholders
and the community.
We will also compensate customers we have failed quickly and
fairly and take steps to ensure that it does not happen again.
Wehavedelivereda
credibleresultin2018for
shareholders,customers
andemployeesgiventhe
significantchallengesfacing
ANZandtheindustry.
Theactionscommencedin2016
tosimplifyourbusiness,reduce
costandrebalancecapitalhaveus
wellplacedtomeetthechallenges
facingtheindustry.
OUR PROGRESS
We want to do fewer things and do them really well – while
ensuring they are aligned to our purpose. At the same time, we
need to focus on the areas where we can win and drive a decent
return for shareholders.
In Australia and New Zealand we want to be the best bank for
people who want to buy and own their home and for those who
want to start, run or grow a small business. In Institutional banking
we want to be the best bank in the world for those companies and
organisations that move goods and money around the region.
I am confident our strategy of focus, simplification and digital
transformation is right, indeed essential, for the times. A simpler
organisation is less complex to manage and hence better able to
deliver sustainable earnings – and when things do go wrong, we
are in a better position to fix them quickly.
WE ARE MAKING THE INVESTMENTS
REQUIRED TO BUILD A BANK WORTHY
OF THE TRUST AND RESPECT OF OUR
CUSTOMERS, SHAREHOLDERS AND
THE COMMUNITY.
6
ANZ 2018 ANNUAL REVIEW

DIGITAL CUSTOMERS
This year we made significant gains in using digital technology
to improve the services we provide to customers, while also
improving our operational capacity and reducing risk.
We rolled out the New Payments Platform to more than three
million retail and commercial customers, allowing them to
transfer funds to other participating banks in real-time with
improved data capability. This was a complex project involving
more than 150 people over three years that will provide
significant benefit to our customers.
During the year, we extended our leadership in mobile payments
with the addition of Fitbit Pay and Garmin Pay, while adding
eftpos on Apple Pay and Android Pay. In an Australian-first we now
allow cash withdrawals from ANZ ATMs using any mobile device.
We also introduced a new mobile banking app that remains the
top-rated banking app in the Australian Apple store with almost
150,000 reviews.
In New Zealand, we made it easier for customers to interact with
the bank through the introduction of a digital assistant, ‘Jamie’,
using artificial intelligence technology to help customers with
the top-40 most asked banking questions.
LIVING OUR PURPOSE
A crucial evolution for our business this year has been identifying,
adopting and embedding a clear sense of purpose: to shape a
world where people and communities thrive.
Along with our values, this underpins everything we do and will
ensure all our people can undertake their work with pride and a
stronger sense of ethics and fairness.
We took action to rebalance sales incentives for front-line staff,
including the removal of all sales incentives for financial planners.
This included offering free advice reviews for customers concerned
about their current financial position.
We invested more than $137 million in the communities in which
we operate, though our employee volunteering and giving
programs, our grants programs, and emergency relief measures
for customers and communities impacted by natural disasters.
This year sadly has been extremely tough for many of our rural
and regional customers in eastern Australia and we implemented
a significant package to help our customers impacted by this once
in a generation drought in NSW and Queensland.
The package included reducing rates on business loans for
farmers by 1% pa in all drought declared areas and setting aside
$130 million for discounted loans to help farmers re-stock and
re-plant for next season. All home owners in drought declared
regions were also excluded from a recent interest rate increase. In
addition, we donated $1 million to rural financial counselling and
community grants assisting farmers in drought-affected areas.
Our purpose also guided our decision to increase our low carbon
finance commitment from $10 billion to $15 billion by 2020,
and since 2015 we have funded $11.5 billion in low carbon and
environmentally sustainable solutions, such as renewable energy
and efficient irrigation. We are reducing our lending to the most
carbon-intensive sectors but doing so in a way that supports our
customers in making a manageable transition to a low carbon future.
Finally, I would like to acknowledge the over 39,000 people who
turn up to work every day to do a better job for our customers,
shareholders and our community. While we know we still have
a significant job ahead of us, we have the right team to deliver a
better bank for all our stakeholders – a bank that can truly shape a
world where people and communities thrive.
Shayne Elliott
CHIEF EXECUTIVE OFFICER
7
CEO’S MESSAGE

BANKING ROYAL
COMMISSION
The Royal Commission’s Interim Report lays out conduct of a
standard below what the community expects and, in some cases,
what the law requires. The observations of the Commission have
rightly dismayed and disappointed Australians.
We have acknowledged to the Commission that ANZ has engaged
in misconduct and conduct falling below community standards
and expectations.
These acknowledgements include that:
-we failed our responsible lending obligations for some car loans;
-financial advice customers paid fees for advice reviews we did
not provide; and
-there have been cases of inappropriate financial advice, together
with other poor conduct by advisors.
The Commission found that in other cases ANZ had failed to meet
community standards and expectations or may have a case to
answer as to misconduct.
The Commission’s Interim Report strengthens our resolve to make
ANZ simpler and better able to serve our customers.
We are improving the accountability of our senior executives for
failures that harm customers. This includes the implementation
of the Banking Executive Accountability Regime (BEAR).
We are also reducing the complexity of the bank, including
by reducing the number of products we offer. While no excuse
for customer harm, complexity makes it harder to identify and
fix problems.
Other steps we are taking to improve customer outcomes are
discussed on the following page.
We will continue to engage constructively with the Royal
Commission as it finishes its work. Our hope is that the Royal
Commission serves as a watershed in the restoration of trust in
financial services. This trust is necessary if financial services are
to help Australians save, borrow and grow their wealth.
TheRoyalCommissioninto
MisconductintheBanking,
SuperannuationandFinancial
ServicesIndustryhasconducted
sixroundsofhearingsinto:
1consumerlending;
2financialadvice;
3loanstosmalland
mediumenterprises;
4issuesaffectingAustralians
wholiveinremoteand
regionalcommunities;
5superannuation;and
6insurance.
On28September2018,theRoyal
CommissionsubmitteditsInterimReport
onthefirstfourhearingrounds.ANZ
submitteditsresponsetotheInterim
Reporton26October2018.
From19Novemberto30November
2018,theRoyalCommissionwillconduct
aseventhroundofhearingsonpolicy
questionsarisingfromthefirstsixrounds.
TheCommissionerhasbeenaskedto
submithisfinalreportby1February2019.
8
ANZ 2018 ANNUAL REVIEW

IMPROVING CUSTOMER
OUTCOMES
CUSTOMER REMEDIATION PRINCIPLES
-customer focused – fair, honest and efficient;
-comprehensive, timely and transparent decision-making;
-appropriate governance and oversight;
-clear communication to customers impacted by a
remediation issue; and
-where relevant, a commitment to paying refunds or
compensation to customers without undue delay.
Duringtheyear,wehaveparticipatedinalargenumberofreforms,atanindustry
andbanklevel,toimprovecustomeroutcomesandrestorecommunitytrust.
Discussedbelowarethekeyreformsonwhichwehavebeenworking.
CHANGES TO REMUNERATION
We are implementing all recommendations from Stephen
Sedgwick’s ‘Retail Banking Remuneration Review’, which is focused
on strengthening the alignment of retail bank incentives, practices
and good customer outcomes.
We have made significant progress, with actions completed since
commencement of the program including: changing frontline staff
incentive and recognition plans so that no rewards are directly
linked to sales; removing the payment of volume-based incentives
to aggregators, brokers and introducers; changing staff performance
management plans; and focusing our efforts on initiatives that will
support the achievement of sustainable culture change.
We are on track to complete all recommendations ahead of
expected timeframes and will make further changes as quickly
as possible to ensure we achieve full alignment. Management
provides regular updates to the Board Human Resources Committee
on progress. We will continue to report externally through the
Australian Banking Association’s (ABA) reporting framework.
NEW BANKING CODE OF PRACTICE
We are implementing strengthened protections for consumer
and small business customers arising from the new Banking Code
of Practice (Code). The Code has been revised to better reflect
community standards and will be binding and enforceable.
Changes include:
-loan contracts for small businesses that are written in plain
English and easier to understand – we have simplified our main
contract for small business customers, halving contract length
and increasing customer safeguards;
-active promotion of affordable banking products, specifically
assisting people on low incomes to pick appropriate products –
see our discussion below on product suitability;
-assistance for vulnerable customers – we have developed
a new Vulnerable Customer mandatory learning module to
help our staff identify and assist customers experiencing
vulnerable circumstances;
-abolition of fees and commissions on lenders mortgage
insurance; and
-an end to unsolicited offers of credit card increases.
BETTER PRODUCTS AND SERVICES
At the end of 2016, we appointed former Commonwealth Ombudsman
Colin Neave as our first Customer Fairness Advisor – signalling the start
of a number of changes we knew we needed to make.
Customer remediation principles developed by Mr Neave, the key
elements of which are below, have guided our work this year to fix
systemic errors, refund impacted customers more quickly and learn
from our mistakes so as not to repeat them in future.
We have established a Responsible Banking group within our
Australian Retail and Commercial Business, with specialist teams
dedicated to customer remediation, as well as product suitability
and responsible lending.
Our Product Suitability Program aims to achieve fair customer
outcomes via proactive customer contact, triggered by
behavioural indicators in our data. It is intended to help our
customers derive greater value from our products.
We have focused initially on vulnerable customers, particularly
those with persistent credit card debt or with potential for future
financial stress. During the year, our bankers provided financial
education and coaching to around 2,000 customers with persistent
credit card debt on how to use, and pay down, their credit card.
In addition, those customers were offered a lower interest rate
for 12 months, or a product transfer (e.g. from a ‘rewards’ card to
a low-rate card). The results of the pilot were encouraging, with
customers initially increasing their monthly payments and using
their credit cards less, with lower arrears levels.
We are also building product suitability into our product review
processes – for example, we are proactively contacting our home
loan customers paying interest only before they move to principal
and interest payments, to enable them to plan for, and successfully
manage, the transition to higher payments.
Finally, at a product level, this year we have removed ATM fees for
non-ANZ customers and reduced rates on low-rate cards by two
percentage points.
The agile transformation of our workforce – our New Ways of
Working – means we are in a better position to implement
changes in a timely manner with minimum disruption to our
customers. There is more to do but our changes so far are already
making ANZ easier to manage and better for customers.
We recognise that getting the basics of customer service right is
essential to underpinning our social licence as a bank.
9
IMPROVING CUSTOMER OUTCOMES

OUR CULTURE AND VALUES
Our values are the foundation of how we work and are
supported by our Code of Conduct. All employees and
contractors must comply with the Code, which contains
guiding principles and sets the standards for the way we do
business at ANZ.
Wecareabout:
OUR PURPOSE
Our purpose is to help shape a world in which people
and communities thrive. That means striving to create a
balanced, sustainable society in which everyone can take
part and build a better life.
One of the ways we are bringing our purpose to life is
through helping to address complex issues that matter to
society and are core to our business and strategy. We are
focusing our efforts on financial wellbeing, environmental
sustainability and housing, contributing to these challenges
by: developing innovative and responsible financial
products and services; participating in relevant policy
development and research; strengthening stakeholder
partnerships; and harnessing the skills of our people.
OUR PEOPLE
Weemploy39,924full-time
equivalentemployeesandare
committedtobuildinganengaged,
diverseandinclusiveworkforce,
ensuringwehavetherightpeople
tomeetexternalchallengesand
achieveourbusinessstrategy.
We are building a workplace that reflects the communities
in which we operate and is inclusive of a wide range
of diversity indicators such as gender, age, caring
responsibilities, cultural identity, disability, sexual orientation,
religious beliefs, education, work experience and socio-
economic background. Leveraging the full diversity of
our workforce gives us a strategic advantage and creates
commercial, social and economic value.
As we seek to achieve diversity within our workforce,
a key focus continues to be on improving the gender
balance within our business. We have targets to improve
the representation of women in leadership, with progress
reviewed monthly by the CEO and the Group Executive
Committee, and results informing the Group’s bonus pool
and performance outcomes.
We are also providing employment opportunities to people
who may find it difficult to secure employment, such as
refugees, people with disability and Indigenous Australians.
A summary of our policy position on Diversity and Inclusion
can be found at anz.com/corporategovernance.
It is important we focus on supporting the wellbeing and
safety of our people. Our Health and Safety policy, and
health, safety and wellbeing (HSW ) programs, ensure that
we provide an environment that enables employees to
participate fully in the workplace and perform at their best.
We also provide opportunities for our people to contribute
to the communities in which they live and work through
our giving and volunteering programs. This year 34.6% of
our employees volunteered 124,113 hours to community
organisations, representing more than 15,514 working days
and more than $4.5 million value to the community.
ABOUT OUR
BUSINESS
Foundedin1835andheadquarteredinAustralia,weprovidebanking
andfinancialproductsandservicestoaroundeightmillionindividual
andbusinesscustomers.Weoperateinandacross34markets.
INTEGRITY
COLLABORATION
ACCOUNTABILITY
RESPECT
EXCELLENCE
10
ANZ 2018 ANNUAL REVIEW

ABOUT OUR BUSINESS
OUR APPROACH TO SUSTAINABILITY
Our Sustainability Framework supports our business strategy,
reflects our most material issues and is aligned with our purpose.
This year we refreshed our Framework.
At the core of our Framework is Fair and responsible banking
– keeping pace with the expectations of our customers,
employees and the community, behaving fairly and responsibly
and maintaining high standards of conduct.
Financial wellbeing – improving the financial wellbeing of our
customers, employees and the community by helping them
make the most of their money throughout their lives.
Environmental sustainability – supporting household, business
and financial practices that improve environmental sustainability.
Housing – improving the availability of suitable and affordable
housing options for all Australians and New Zealanders.
11
ANZ EMPLOYEES SUPPORTING THE COMMUNITY
Since 2003 our matched savings program, Saver Plus, has helped to
increase the capability of lower income and vulnerable Australians
to create and maintain a savings habit, build financial resilience
and improve financial capabilities. The program was developed
with the Brotherhood of St Laurence and is co-funded by the
Australian Government.
Marcus, pictured with a Saver Plus participant, has been working
at the Fountain Gate branch for nearly ten years. Since 2010, 897
participants have been recruited to the program in the wider Casey-
Cardinia region. ANZ branch staff have provided around 18% of
referrals to Saver Plus, with the remainder from local schools and
through community engagagement.
“I live locally and being able to contribute to my community is very
important. I am proud that ANZ is able to offer this program as
I’ve seen firsthand every day the benefits of building a long term
savings habit,” explains Marcus.
While Saver Plus is delivered by community organisations,
our branch employees play an important role in supporting
participants to save – from promoting the program and opening
savings accounts to attending the MoneyMinded financial
education workshops.
One of the Saver Plus participants referred to the program by
Marcus, completed the program whilst studying. “I am currently
completing a Diploma in Early Education and Childcare and needed
the dollar for dollar matching to purchase a new laptop to complete
my Bachelor’s Degree next year” she said.
More than half of our branch network employees in Australia are
actively involved in the delivery of Saver Plus.
To learn more visit anz.com/saverplus
Left to right – Saver Plus Participant (name withheld)
Leanne Farnsworth, Saver Plus Coordinator at Brotherhood of St Laurence
Marcus Menzies, Banking Consultant, ANZ
CASE STUDY
FINANCIAL
WELLBEING

OUR MOST MATERIAL ISSUES
Throughourannualmaterialityassessmentweengagewithinternalandexternal
stakeholderstoinformouridentificationofsocialandenvironmentalrisksand
opportunities.Weseektoidentifythosethathavethemostpotentialtoimpact
ourabilitytooperatesuccessfullyandcreatevalueforourstakeholders.
WHAT
MATTERS
MOST
These issues may change over time, reflecting changes in our business and external operating environment and the expectations
of stakeholders. We use the results of the assessment to inform our business strategy thinking and our Sustainability Framework,
reporting and targets.
This year, stakeholders ranked the following issues (risks or opportunities) as having the most potential to impact our value creation
in the short, medium and long-term:

Fairness and ethical conduct: is the highest ranked issue, with the Royal Commission strongly influencing stakeholder
sentiment in Australia. Operating in a fair and ethical manner is seen by stakeholders as fundamental if we are to
demonstrate we are trustworthy. Stakeholders commented on the specific issues of financial incentives resulting in
poor customer outcomes, products with poor value for customers and conduct issues.
Corporate governance: it is well recognised that organisations with strong corporate governance processes and policies
in place are likely to perform better in the longer term. This year stakeholders told us that ANZ needs to identify and act
on misconduct and failures to meet community standards and expectations quickly, and improve remediation. This is
the first time this issue has been ranked in the top five, reflecting stakeholder concerns following the significant failures
highlighted at the Royal Commission.
Fraud and data security: could significantly disrupt the bank’s operations and impact our reputation in the event of a
breach. Ensuring we have strong internal controls and risk management frameworks in place to mitigate this is critical.
Ongoing education of our customers and the wider community about online risks and improving their own data security
is also considered important.
Customer experience: delivering a positive customer experience is a key way in which ANZ can differentiate itself from
competitors and deliver sustainable business performance in the long term. Stakeholders also highlighted fairness,
transparency, accessibility and simplicity of products as critical to demonstrating to customers that they can trust us to
provide them with the right products and services for their circumstances.
Digital innovation: is core to ANZ’s strategy and a key factor in driving positive customer experience. Customer
expectations are being redefined by their experiences with companies using technology in new ways to deliver better
service. Today, the smartphone is our most popular ‘branch’. It is now more important than ever that we work hard to keep
up with digital change and customer expectations to make banking easier for our customers.
Thekeystepsinour2018materialityprocess,aswellasthefulllistofour
materialissues,isdiscussedindetailinour2018ANZSustainabilityReview
availableatanz.com/cs inDecember.
12
ANZ 2018 ANNUAL REVIEW

MATERIAL ISSUES AND RISK MANAGEMENT
Our most material social and environmental risks and opportunities are captured and managed within our existing Material Risk
categories (as the table below shows). There is also a clear link between our Material Risks and the challenges arising from the external
environment in which we operate.
A full list of ANZ’s Material Risks is available on page 38 of the 2018 Annual Report.
MATERIAL RISK TYPEMANAGEMENT OF MATERIAL RISKSMOST MATERIAL
ISSUES
COMPLIANCE RISK
The risk of failure to act in accordance with
laws, regulations, industry standards and
codes, internal policies and procedures and
principles of good governance as applicable
to ANZ’s businesses.
Key features of how we manage Compliance Risk as part of
our Operational Risk framework include:
-centralised management of key obligations, and emphasis
on identifying changes in regulations and the business
environment, so as to enable us to proactively assess emerging
compliance risks and implement robust reporting and
certification processes.
-recognition of incident management as a separate element
to enhance ANZ’s ability to identify, manage and report on
incidents/breaches in a timely manner.
-the Whistleblower Protection Policy allowing employees and
contractors to make confidential, anonymous submissions
regarding concerns relating to accounting, internal control,
compliance, audit and other matters.
OPERATIONAL RISK
The risk of loss and/or non-compliance with
laws resulting from inadequate or failed internal
processes, people and/or systems, or from
external events. This definition includes legal
risk, and the risk of reputation loss, or damage
arising from inadequate or failed internal
processes, people and systems, but excludes
strategic risk.
We operate a three-lines-of-defence model to manage
Operational Risk, with each Line of Defence having defined
roles, responsibilities and escalation paths to support effective
communication and effective management of our operational
risk. Also, we have ongoing review mechanisms to ensure our
Operational Risk framework continues to meet organisational
needs and regulatory requirements.
REPUTATION RISK
The risk of loss that directly or indirectly
impacts earnings, capital adequacy or value,
that is caused by:
-adverse perceptions of the Group held by any
of customers, the community, shareholders,
investors, regulators, or rating agencies;
-conduct risk associated with the Group’s
employees or contractors (or both); or
-the social or environmental (or both)
impacts of our lending decisions.
We manage Reputation Risk by maintaining a positive
and dynamic culture that:
-ensures we act with integrity; and
-enables us to build strong and trusted relationships with
customers and clients, with colleagues, and with the broader
society.
We have well established decision-making frameworks and
policies to ensure our business decisions are guided by sound
social and environmental standards that take into account
Reputation Risk.
STRATEGIC RISK
The risk that the Group’s business strategy and
strategic objectives may lead to an increase in
other key Material Risks – for example: Credit
Risk, Market Risk and Operational Risk.
We consider and manage strategic risks through our annual
strategic planning process, managed by the Executive
Committee and approved by the Board. Any increase to our
key Material Risks is managed in accordance with our risk
management practices.
TECHNOLOGY RISK
The risk of loss and/or non-compliance with
laws resulting from inadequate or failed internal
processes, people and systems or from external
events impacting on IT assets, including the
compromise of an IT asset’s confidentiality,
integrity or availability.
Consistent with the management of Operational Risk, we
operate a three-lines-of-defence model to manage Technology
Risk, with each Line of Defence having defined roles,
responsibilities and escalation paths to support effective
communication and effective management of our technology
risk. We also have ongoing review mechanisms to ensure our
Operational Risk framework, which is also used to manage
Technology Risk, continues to meet organisational needs and
regulatory requirements.

13
WHAT MATTERS MOST

STAKEHOLDER
ENGAGEMENT
OUR STAKEHOLDERS AND
HOW WE ENGAGED WITH THEM
KEY ISSUES RAISEDHOW WE RESPONDED
CUSTOMERS
-‘Your Say’ – ANZ’s online customer
research community
-Online and face to face, forums,
surveys, focus groups and individual
in-depth interviews
-‘Voice of Customer’ platform
-Conversations with our Customer
Advocate and Customer Fairness Advisor
-Complaints Resolution Centre
-Social media
-Conduct and culture in the Australian banking
industry, financial advice and treatment of
customers in financial difficulty
-Product suitability
-Customer service
-Fees and charges
-Dissatisfaction relating to digital products
Our response to the issues raised
by customers can be found in the
Royal Commission and Improving
Customer Outcomes sections at
pages 8–9 and more detail will be
available in the 2018 Sustainability
Review.
GOVERNMENT AND
REGULATORS
-Appearances before, and written
submissions to, the Royal Commission
into Misconduct in the Banking,
Superannuation and Financial
Services Industry
-Regular meetings with political
stakeholders, officials and regulators
-Submissions to parliamentary
committee inquiries and other
government and regulatory
consultations
Australia:
-Customer detriment caused by poor conduct
and governance failures in the banking industry
-Open data, comprehensive credit reporting, ASIC
powers (e.g. design and distribution obligation, and
product intervention power), terms of reference for
the Australian Financial Complaints Authority
-Competition, aspects of banking products
and practices
-Public policy development on issues and
programs related to financial wellbeing
and capability
New Zealand:
-Conduct and culture in the banking industry
-Regulatory issues including tax reform, financial
markets, overseas investment restrictions,
retirement savings, financial advice and
responsible consumer lending
-Public policy development on issues including
financial inclusion, housing and retail payments
ANZ seeks to listen and engage
constructively with the Royal
Commission, regulators,
government and policy makers.
In addition to participating in the
Royal Commission (discussed at
page 8), we have participated
in a wide range of government
consultations and parliamentary
inquiries.
An overview of the work underway
in response to key inquiries/
reports, is outlined in the Improving
Customer Outcomes section at
page 9.
SHAREHOLDERS
-Results briefings
-Strategy briefings, Environment, Social
and Governance (ESG) briefings and
other market updates
-Annual General Meeting
-Disclosure documents, including results
announcements, investor presentations,
external reporting suite and other ASX
lodgements
-Dedicated ANZ shareholder website
-Opportunities and challenges associated with
the current operating environment
-ANZ’s strategic focus and business priorities,
including the execution of our strategy
-Financial performance, composition and
sustainability of earnings
-Capital and balance sheet management, including
quantum of capital held and efficient use of
capital, balance sheet quality and liquidity and
funding positions
-Dividend and dividend policy
-ESG approach, commitment and progress
We seek to provide shareholders
with quality information in a
timely fashion through ANZ’s
reporting suite, announcements
and briefings to the market, half-
yearly shareholder letters and
through our dedicated shareholder
site at shareholder.anz.com.
In 2018 we held our first ESG Briefing
for institutional investors and fund
managers, the purpose of which
was to share with them how we are
responding to external social and
environmental challenges.
We know that strong stakeholder relationships are essential to our success and our ability to create long-term value. Transparent and
responsive stakeholder engagement, combined with a real willingness on our part to listen, is one of the most important ways in which
we can demonstrate trustworthiness and rebuild community confidence. Stakeholder engagement is embedded in our policies, processes
and operations. Outlined below are the key issues raised by our stakeholders throughout the year and how we responded.
For more detailed information on how we have responded to what our stakeholders have told us, refer to our 2018 Sustainability Review
available in December at anz.com/cs.
14
ANZ 2018 ANNUAL REVIEW

OUR STAKEHOLDERS AND
HOW WE ENGAGED WITH THEM
KEY ISSUES RAISEDHOW WE RESPONDED
EMPLOYEES
-‘My Voice’ survey of employee
engagement
-Regular interactive webcasts with CEO
and Executive Committee members
-‘ANZ Way’ Podcast series
-Direct communication and formal
twice-yearly performance appraisals
with line managers
-Internal communications channels,
including intranet and Yammer
-Meetings with unions representing
ANZ employees
-Royal Commission – hearings, impacts
and implications
-Strategic focus and business priorities,
including purpose and values
-Training and development, including on ‘New
Ways of Working’ and ‘New Ways of Leading’
-Raising issues and concerns without fear of
negative consequences
-Employee health, safety and wellbeing
-Diversity and inclusion
-Flexible working arrangements
-Organisational restructuring
-Performance management
-Remuneration and reward
Our response to the issues raised
by employees will be available in
the 2018 Sustainability Review.
NON GOVERNMENT
ORGANISATIONS (NGOS)
-A regular program of CEO and senior
executive meetings with civil society
leaders to exchange ideas and
discuss material social, economic and
environmental issues of mutual interest
-Direct engagement with NGOs
and academics
-Regular engagement with peak bodies
for professional community services,
such as financial counselling
-Regular meetings with our
community partners
-Remediation and compensation schemes
-Responsible gambling initiatives and policies
-Vulnerable customers, hardship programs and
consumer protection
-Support for customers and communities
impacted by drought in Australia
-Ensuring our operations and supply chain are
free of ‘modern slavery’
-Climate change, carbon risk management and
the role of banks in supporting the transition to a
low carbon economy
-Strategies to tackle unemployment and build
social and economic participation
-Challenges associated with homelessness
in Australia
Our response to the issues raised
by NGOs will be available in the
2018 Sustainability Review.
INDUSTRY ASSOCIATIONS
ANZ is a member of a number of industry
associations. The most significant of these
memberships are the Australian Banking
Association (ABA), the Business Council of
Australia, the Financial Services Council,
the Association of Superannuation
Funds of Australia, Insurance Council
of Australia, the New Zealand Bankers’
Association, and Business New Zealand.
Via these memberships we
participated in:
-the development and implementation
of the industry consumer protection
reform program in Australia
-discussions about industry-wide issues
and strategy
-provided input into industry association
responses to parliamentary inquiries and
government consultations
-Conduct and culture in the Australian banking
industry, including the complaints handling and
dispute resolution, hardship and remediation
-Remuneration, particularly retail sales
commissions and product-based payments
and commissions
-Comprehensive credit reporting and
open banking
We engaged with key industry
associations, including the ABA, (we
assumed the role of Chair Bank),
and the Financial Services Council
to develop strategic responses to
reputational issues.
Together with other Australian
banks we continued to implement
the industry reform program. As
part of this work, the Australian
Securities and Investment
Commission (ASIC) approved a new
Banking Code of Practice, to come
into effect mid-2019. Refer to the
Improving Customer Outcomes
section at page 9 for more detail.
15
STAKEHOLDER ENGAGEMENT

STAKEHOLDERS
CUSTOMERS
EMPLOYEESSUPPLIERSCOMMUNITYSHAREHOLDERS
BUSINESS ACTIVITIES
Our business model consists
of the following activities:
WE PROVIDE
TRANSACTION
BANKING SERVICES
WE HOLD
DEPOSITS FOR
OUR CUSTOMERS
WE LEND MONEY TO
OUR RETAIL, SMALL
BUSINESS AND
CORPORATE CUSTOMERS
WE PROVIDE WEALTH
MANAGEMENT AND RISK
MITIGATION PRODUCTS
WE INVEST IN
OUR PEOPLE TO
BUILD A DIVERSE
AND INCLUSIVE
WORKFORCE
WE COLLABORATE
WITH OUR
SUPPLIERS
WE COLLABORATE
WITH PARTNERS TO
BUILD CAPACITY
AND IMPROVE
FINANCIAL
WELLBEING
WE INVEST IN THE
COMMUNITY
WE PAY TAXES IN
THE COUNTRIES
WITHIN WHICH WE
OPERATE
WE PAY DIVIDENDS
TO OUR
SHAREHOLDERS
VALUE CREATION*
Which create value for ANZ,
our stakeholders and other
stakeholders:
*figures stated cover FY18 year.
-Making it simple for our
customers to manage
their money and
interact with us how
and when it is most
convenient for them.
-Assisting businesses
to safely transact,
trade and invest across
the community and
borders.
-Contributing to
the cyber safety
and security of our
customers through
education and
awareness programs.
-Preventing financial
crime and money
laundering.
-Keeping our customers’
money safe and
providing competitive
returns on deposits.
We paid $10.7 billion in
interest on deposits.
-Enabling people and
businesses to save,
manage their resources
and deal with change.
-Providing funding
for housing, personal
lending and businesses.
-Enabling customers
to buy homes and
businesses to expand
and grow. We provided
$341 billion in home
lending (Australia and
New Zealand).
-Underpinning
employment,
investment and
economic growth in
the community.
-Efficiently and
responsibly allocating
financial resources
to meet customer
and market demand,
and support
changing community
expectations.
-Enabling customers and
their families to save for
the future and achieve
personal and business
goals.
-Assisting customers to
manage personal and
business risks.
-Assisting communities to
manage social risks.
-Allowing business and
Institutional customers to
manage risk associated
with their businesses.
-Promoting trade and
investment, and the
efficient allocation of
financial resources.
-Enabling us to
provide better
services and
products to
customers, and
meeting community
expectations.
-Promoting diversity
and equality of
opportunity. We
recruited 260
people from
under-represented
groups
1
.
-Increasing the skills
and capabilities
of our people,
providing more
than 877,000 hours
of training.
1
Includes Aboriginal and
Torres Strait Islander
people, people with
disability and refugees.
-Contributing to the
economy across
the countries we
operate in.
-Collaborating
with suppliers to
manage the social
and environmental
impacts of our
mutual business
operations.
-Improving the
wellbeing of
lower income
and vulnerable
customers,
enabling them to
participate more
fully in society.
More than 889,000
people have
been reached
through our social
and economic
participation target.
-Contributing
to the ability of
not-for-profit
organisations to
assist and support
the community.
-Contributing to
the wellbeing of
the community
through
volunteering
and employee
giving. 124,113
volunteering hours
completed by our
employees.
-Supporting
customers and
the community in
times of difficulty,
hardship or
natural disaster, for
example, through
our drought relief
package.
-Contributing to
the provision of
public services
such as health,
social services
and education.
We paid $3,188
2

million in taxes to
governments.
-Building trust
through transparent
tax reporting.
2
Total taxes borne by
the Group, includes
unrecovered GST/VAT,
employee related taxes
and other taxes. Inclusive of
discontinued operations.
-Providing
consistent returns
to shareholders.
-We are paying
79.5% of 2018 cash
profit (total Group)
to shareholders.
-Enabling
shareholders to
save and invest to
meet their personal
and business goals.
-Providing funding
for lending and
the economy,
and efficiently
allocating financial
resources.
-Facilitating capital
and debt raising.
MATERIAL ISSUES
Corporate governance
Fraud and data security
Customer experience
Digital innovation
HOW WE
CREATE VALUE
Weaimtocreatevalueforallofourstakeholders.
We recognise that we have not always met this stated aim and have, as a direct result of our
business activities, caused customer detriment. By transforming our business, focusing on a
purpose and values-led culture and simplifying our products and services – doing fewer things
better – we want to ensure that we are having a positive impact on our stakeholders. Fairness
and ethical conduct will be fundamental to us achieving this.
The table below presents the value created for our key stakeholders for each of our main business
activities. These activities create value for ANZ in the form of income, business growth, an
engaged and high-performing workforce and strong relationships with our stakeholders.

Fairness and
ethical conduct
16
ANZ 2018 ANNUAL REVIEW

OUR OPERATING
ENVIRONMENT
Weneedtoanticipateandrespondtotherisksandopportunitiesarising
inourexternalenvironmenttoensurethatwecancontinuetocreatevalue
forourstakeholders.
In addition to the regulatory and reputational impacts associated with the Royal Commission, we are responding to a number of other trends
and challenges in our external environment. A summary of the issues influencing our strategy and the way we respond is outlined below.
THESE GLOBAL TRENDS PRESENT US WITH RISKS AND OPPORTUNITIES
GLOBAL TRENDRISKSOPPORTUNITIES
Digital
advancement
and technological
change
-Competition from existing and new competitors
is increasing, supported by Government policy,
such as the proposed consumer data right.
-With the increase in digitisation, strong cyber
security capability is critical.
-By improving our digital capabilities and
investing in cyber security, we can serve
our customers in new and innovative ways,
meeting their needs for safe and secure digital
banking solutions.
Globalisation
-Community concerns about aspects of trade and
investment can potentially limit opportunities.
-With increasing globalisation and the rise of Asia,
we can support our customers to increase their
cross border trade and investment.
-Increased trade and investment leads to higher
incomes and employment for the communities
in which ANZ operates.
Demographic
changes
-Demand for home lending in Australia and
New Zealand is impacted by a range of supply
and demand factors largely outside of our
control, including population growth, housing
prices and dwelling construction.
-Community concerns about housing
affordability remain high. We can help by
partnering with business, government and
NGOs to deliver innovative and practical
housing solutions.
Lower credit
growth
environment
-Increasing competition and regulatory
requirements places pressure on margins and
customer volumes.
-New approaches are needed to deliver products
and services to our customers, together with
efficient allocation of capital and resources to
generate returns to shareholders.
Environment
and climate
-We will continue to experience negative
reputational impacts if we fail to raise standards
across all our activities and take customer and
societal impacts into consideration when making
business decisions.
-By continuing to focus on improving customer
outcomes and strengthening our standards
on issues such as environmental sustainability
and human rights, we have an opportunity to
differentiate ourselves from our peers.
OUR STRATEGY AIMS TO RESPOND POSITIVELY TO THIS
ENVIRONMENT AND MEET SOCIETAL EXPECTATIONS
Creating a simpler, better
balanced bank: we are
reducing operating costs and
risks by removing product
and management complexity
and exiting low-return and
non-core businesses.
Focusing on areas where
we can win: we are making
buying and owning a home or
starting, running and growing
a small business in Australia
and New Zealand easy. We
want to be the best bank in
the world for customers driven
by the movement of goods
and capital in our region.
Building a superior everyday
experience to compete in the
digital age: we are building
more convenient, engaging
banking solutions to simplify
the lives of customers and our
own people.
Driving a purpose and
values-led transformation:
we are creating a stronger
sense of core purpose, ethics
and fairness, investing in
leaders who can help sense
and navigate the rapidly
changing environment.
18
ANZ 2018 ANNUAL REVIEW

SAFE AG SYSTEMS – THE GRAHAM GROUP
The Graham Group (the Group) is a multi-generational South
Australian farming family headed by Mark and Caroline Graham.
Originally focused on grain production, the business has diversified
and now encompasses Watervalley Farms, a broad acre cropping
business in the Yorke Peninsula, and Regional Skills Training
(RST), a registered training organisation providing agronomic,
management and compliance training to farmers in South
Australia. RST has plans to expand to the eastern States in the
coming year.
Caroline Graham and daughter Katy Landt have also launched a
start-up technology business, Safe Ag Systems, providing software
that enables farming enterprises across Australia to manage their
legislative obligations and incorporate workplace health and safety
requirements into their operations. Almost 2,000 Australian farmers
are now using the software and, pending a successful capital
raising, the Group plans to take its software to overseas markets.
As the Group’s business has diversified, they have benefited from
their long-term relationship with ANZ.
“ANZ has a genuine understanding of all aspects of our business.
They have provided flexible and timely options and have always
supported the Group as we have expanded. This relationship will
continue to grow as our plans for the future are implemented,”
Mark Graham said.
We are proud of the relationship we share with the Graham family.
They have strong ties to their local community and are making
a positive impact to agribusiness in Australia. Agribusiness is an
important part of ANZ’s history, and banking customers like the
Graham family aligns with our commitment to help Australian
businesses grow.
Left to right – Katy Landt, Co-Founder and CEO Safe Ag Systems
Caroline Graham, Director and Work, Health and Safety Manager, Safe Ag Systems
Ron Sutcliffe, Agribusiness Manager, ANZ
CASE STUDY
HELPING AUSTRALIAN
BUSINESSES TO GROW
OU
OUR O20R18EPT 0PIEROPN0P8

OUR
STRATEGY
Wehaveembarkedonastrategytobecomeasimpler,betterbalancedand
moreserviceorientedorganisation,helpingourcustomersandourpeople
respondtoachallengingworld.
Becoming a simpler bank enables us to invest our resources to build better systems and processes, to fix things that are broken
and to develop products, services and programs that improve the financial wellbeing of our customers and the community.
We are repositioning the bank for the longer term – focused on
fewer things and doing them really well:
-creating the best bank in Australia and New Zealand for home
owners and small businesses
-building the best bank in the world for clients driven by trade
and capital flows between Australia, New Zealand and Asia
-establishing a common, digital-ready infrastructure and using
data to better assist our customers to succeed in a digital world.
While the environment in which we operate is changing at a
rapid pace, the four priorities that underpin our strategy continue
to drive our transformation. We have made significant progress
over the past two and a half years, but recognise that we still have
much to do.
Variable remuneration is designed to focus our CEO and Disclosed
Executives on key measures supporting our business strategy, and
encourage the delivery of value for shareholders. Group, Division
and individual performance is considered to determine their
variable remuneration recommendations. In respect of Group
performance, an assessment against a range of annual and longer-
term strategic indicators is undertaken across the categories
of Risk, Financial and Discipline, Customer, and People and
Reputation. Together these inform the overall Group assessment.
FOCUSING ON AREAS WHERE WE CAN WIN
ACTIONS WE ARE TAKINGOUR PROGRESS: FULL YEAR 2015 TO FULL YEAR 2018
1
Making buying and owning
a home in Australia and
New Zealand easy
-established dedicated Home Owners and Home Lending teams, to make buying and owning
a home easy
-introduced First Home Buyer coaches: mortgage and home lending experts who assist customers
through the first home buying journey from start to finish, without any cost or obligation
-improved communication with home loan customers transitioning from interest only to principal
and interest loans, helping them prepare for increased payment amounts
-acquired technology start-up REALas, assisting prospective home buyers find out accurate sale
price predictions for properties on the market
-provided an additional $52 billion in home lending in Australia and New Zealand
-maintained market share of owner occupier customers in Australia at 16%
2
-maintained number 1 housing market share position in New Zealand with 31%
3
share
Making starting, running
and growing a small
business in Australia
and New Zealand easy
-continued to invest in a dedicated Business Banking proposition
-introduced innovative solutions for customers including ANZ Be Business Ready (Honcho),
ANZ Be Trade Ready, Employment Hero and SmartPayroll
-launched BladePay™: smaller, smarter, faster payment technology
-provided $95 billion business lending in Australia and New Zealand (in 2018)
-grew business deposits in Australia and New Zealand by $16 billion
Being the best bank in the
world for customers driven
by the movement of goods
and capital in our region
-ranked number one Institutional Lead Bank in Australia and New Zealand
4

-maintained equal 4th corporate bank in Asia and improved to #1 for Overall Quality
5
-lead bank for trade services
6
-increased Payments and Cash Management revenue in Institutional by 9%
Links to 2018 Group performance assessment
7
:
Continued to improve customer experience this year, with a highlight being Institutional performance in key customer satisfaction/
relationship strength surveys. A disappointing Net Promoter Score (NPS)
8
in Australia was balanced by a record NPS in New Zealand Retail.
20
ANZ 2018 ANNUAL REVIEW

CREATING A SIMPLER, BETTER BALANCED BANK
ACTIONS WE ARE TAKINGOUR PROGRESS: FULL YEAR 2015 TO FULL YEAR 2018
1
Exit low return and
non-core businesses
-sold or exited 21 non-core businesses, including announced divestments:
-Esanda asset finance business
-Wealth Australia – Life Insurance, Wealth Australia – One Path Pensions and Investments/Aligned
Dealer Groups
-One Path Life New Zealand and New Zealand One Path Life medical insurance book
-six Asia Retail and Wealth businesses across Singapore, China, Hong Kong, Taiwan, Indonesia
and Vietnam
-Papua New Guinea Retail, Commercial and SME business
-Metrobank Card Corporation and Shanghai Rural Commercial Bank partnerships in Philippines
and China respectively and ANZ Royal joint venture in Cambodia
-agreement with CMC Markets to provide the ANZ Share Investing trading platform
Reduce reliance on
low-return aspects of
Institutional banking
-focused on strategic Institutional customers across Australia, New Zealand and the Asia Pacific region
-reduced the Institutional customer base by ~6,000, exiting off-strategy, low-return customers
-reduced Institutional Total Risk Weighted Assets by $44 billion
-reduced capital allocated to Institutional, from ~48%
9
of total Group capital to ~38%
9

Reduce operating costs
and risks by removing
product and management
complexity
-total cost base reduced from $9.4 billion to $9.2 billion
-reshaped the workforce, including introduction of agile working practices (our New Ways of Working)
to the Australia and Technology Divisions to increase speed-to-market for key customer initiatives
-reduced full time equivalent (FTE) employees by 25%
-decommissioned redundant technology applications
-simplified products, including decommissioning ~140 products in Australia Division
Further strengthen the
balance sheet by rebalancing
our portfolio
-increased Common Equity Tier 1 capital from 9.6% to 11.4%
-reallocated capital to Retail and Commercial in Australia and New Zealand, from ~45%
9
to ~60%
9

of total Group capital
-freed up over ~$12 billion in capital through announced divestments and reduction in Institutional
risk weighted assets
Links to 2018 Group performance assessment
7
:
While cost outcomes were below target (resulting from the large/notable items), we maintained a strong balance sheet, and
divestments during the year reduced the complexity of the Group. Total shareholder returns were positive relative to peers and return
on equity was on target. Organic capital generation remained strong. Capital, funding and liquidity continued to be well above
regulatory minimums.
1.
Financial comparisons are on a Cash Profit basis. 2018 excludes discontinued operations.
2.
Source: APRA monthly banking statistics 31 August 2018.
3.
Source: RBNZ, share of all banks as of August 2018.
4.
Peter Lee Associates 2018 Large Corporate and Institutional Relationship Banking surveys,
Australia and New Zealand. In New Zealand ranked against the Top 4 competitors.
5.
Greenwich Associates 2017 Asian Large Corporate Banking Study (issued in March 2018):
ANZ ranked equal No. 4 in 2016 and 2017.
6.
Peter Lee Associates Large Corporate and Institutional Transactional Banking surveys,
Australia 2004–2018 and New Zealand 2005–2018.
7.
See 2018 Annual Report for full Remuneration Report.
8.
NPS is a customer loyalty metric used globally to evaluate a company’s brand, products
or services. Net Promoter® and NPS® are registered trademarks and Net Promoter Score
and Net Promoter System are trademarks of Bain & Company, Satmetrix Systems and
Fred Reichheld.
9.
Based on Regulatory Capital. 2015: Institutional shown under 2015 IIB Structure, including
Global Institutional and Asia Retail & Pacific. 2018 adjusted for announced divestments of
OnePath, P&I, NZ OnePath, Cambodia subsidiary and ANZ PNG.
21
OUR STRATEGY

BUILDING A SUPERIOR EVERYDAY EXPERIENCE FOR CUSTOMERS
AND OUR PEOPLE TO COMPETE IN THE DIGITAL AGE
ACTIONS WE HAVE TAKENOUR PROGRESS: FULL YEAR 2015 TO FULL YEAR 2018
1
Build more convenient,
engaging banking solutions
to simplify the lives of
customers and our
own people
-invested in ANZ’s new Digital Banking division to support growth in priority areas
-upgraded key digital channels resulting in improved customer experience, including through:
-a new mobile app
-full mobile wallet (only major bank in Australia to offer this)
-introduction of secure biometric security for ANZ app, New Zealand Contact Centre and
Institutional channels
-continued to simplify technology architecture, decommissioning 264 applications during 2018,
a 35% increase on 2017
-rolled out New Payments Platform (NPP) to small and medium businesses and Institutional clients
-won 12 of 13 NPP mandates from local and foreign banks
-prepared for Open Banking through a strategic partnership with Australia’s leading data
company, Data Republic, allowing sharing and analysis of data with trusted third parties in a
secure environment
-introduced a digital assistant, ‘Jamie’, using Artificial Intelligence (AI) on help.anz.co.nz, to assist
customers with the top-40 most asked banking questions
Links to 2018 Group performance assessment
2
:
There was strong digital engagement with customers across the Group. The ANZ app remains the top-rated banking app in the
Apple store, with almost 150,000 reviews.
1.
Financial comparisons are on a Cash Profit basis. 2018 excludes discontinued operations.
2.
See 2018 Annual Report for full Remuneration Report.
DRIVING A PURPOSE AND VALUES LED TRANSFORMATION
ACTIONS WE ARE TAKINGOUR PROGRESS: FULL YEAR 2015 TO FULL YEAR 2018
1
Create a stronger sense of
core purpose and ethics
-renaming both the Board Environmental, Social and Governance Committee and Responsible
Business Committee to include Ethics, providing management with a further vehicle to raise
ethical and conduct issues
-developed an ethical decision-making framework which captures how we apply our purpose,
values and principles to inform complex decisions
-changed the way we pay our employees, placing a greater focus on customer outcomes (see
Improving Customer Outcomes on page 9)
-built momentum across our key focus areas of financial wellbeing, environmental sustainability
and housing:
-surveyed 9,500 people in ANZ Adult Financial Wellbeing Survey in Australia and New Zealand
and launched an insights report, the findings of which will inform future development of
products and services
-delivered Vulnerable Customer training to 6,100 frontline employees in Australia
-arranged 18 green bonds ($1.867 billion) on behalf of customers, including debuts in New
Zealand and Asia
-introduced interest free loans to help New Zealanders insulate their homes, with nearly 560
loans approved
Invest in leaders who can
help sense and navigate
the rapidly changing
environment
-launched our New Ways of Leading, which describe the behaviours our leaders most need to
demonstrate in order to transform ANZ
-increased women in leadership roles by 0.9% to 32%, driven by our focus on adaptive leaders
who uphold our ICARE values and our New Ways of Leading
Links to 2018 Group performance assessment
2
:
While there were a number of highlights during the year, such as an increase in the number of women in leadership, this was offset
by employee engagement scores falling below target. Our standing in the community was impacted by significant community
concern as a result of our failures highlighted by the Royal Commission.
22
ANZ 2018 ANNUAL REVIEW

ZONZO ESTATE
We are helping our business customers start, run and grow their
businesses. Our presence in the Asia Pacific region enables us to
assist them to expand their networks and enter new markets.
”Challenging local and global environments mean many
Australian businesses are looking to diversify and they’re focused
on where the world’s long-term growth is – Asia. More of our
customers are coming to us to seek advice on regional demand
for their products or services and to help to identify new revenue
opportunities” said Mark Hand, Group Executive, Australia
Business and Private Banking.
More than 20 of our retail and wholesale Australian business
customers have participated in our ‘Opportunity Asia’ delegation
to Shanghai and Hong Kong. Taking place over five days, the
program included seminars, panel sessions and networking
events focused on practical information to help our customers
realise their growth aspirations. Participants had an opportunity
to showcase their products at events attended by local experts
and potential suppliers, as well as representatives of the Australian
Government and industry bodies.
Rod Micallef of Zonzo Estate, a winery and restaurant in Victoria’s
Yarra Valley, took part in the delegation. Reflecting on his
experience, Rod said that “joining the delegation gave us a great
insight into the Asian market and has since led to sales in China.”
Tara Williamson, Relationship Manager, ANZ – Rod Micallef, Director, Zonzo Estate
CASE STUDY
FACILITATING
TRADE IN ASIA
OU
OUR 20R108EP

FINANCIAL WELLBEING
TARGETSPROGRESSCOMMENTARY
Help enable social and economic participation of
1 million people by 2020 through our initiatives
to support financial wellbeing, including our
financial inclusion, employment and community
programs, and targeted banking products and
services for small business and retail customers.
1

More than 889,000 people have been reached through our
financial wellbeing programs, and targeted banking products
and services for small business and retail customers
Relevant SDGs
Build an engaged, diverse and inclusive workforce by:Relevant SDGs
- increasing the representation of Women in
Leadership by 3% to 34.1% by 2020;
Group-wide representation of Women in Leadership has
increased to 32% (up from 31.1% as at September 2017).
- maintaining an organisation inclusiveness score
of at least 93% in 2018;
Organisation inclusiveness is steady at 93%.
- recruiting >1,000 people from under-represented
groups including Indigenous Australians, people
with disability and refugees; and
Since 2016, we have recruited 510 people from
under-represented groups.
- improving employee engagement by 6% to 80%
by 2020 (against 2016 baseline score of 74%).
Employee engagement decreased from FY16 by 1% to 73%.
Increase employee volunteering participation rate
in 2018 to 30%.
Across the Group employee volunteering
participation increased to 34.6% in 2018.
Relevant SDG
1.
Refer to the 2018 Sustainability Review for methodology (to be released in December).
2018
SUSTAINABILITY
TARGETS
Each year we set public sustainability targets and a corresponding
Group-wide program of work to support the delivery of our business
strategy and respond to our most material sustainability issues.
Progress against our targets is reviewed by the Responsible
Business Committee, and twice a year by the Board Ethics,
Environment, Social and Governance Committee. Performance
against our 2018 targets, many of which are aligned with the
United Nations Sustainable Development Goals, are outlined
below. More detail will be available in our 2018 Sustainability
Review available at anz.com/cs in December.
2018 SUSTAINABILITY
TARGETS PERFORMANCE
This year we have achieved or made good progress
against the majority of our targets.
32%
63%
5%
ACHIEVED
PARTIALLYACHIEVED
ORINPROGRESS
DIDNOTACHIEVE
ANZ is committed to the United Nations’ Sustainable
Development Goals (SDGs) and our Framework, together with
public targets that we set annually, support 10 of the 17 SDGs:
24
ANZ 2018 ANNUAL REVIEW

MAKING SAVINGS POSSIBLE
Nigel, pictured with his daughter Molly, first heard about the
Saver Plus program from Molly’s primary school.
“I originally joined the program for the dollar for dollar matching
to help purchase a new computer for Molly” explains Nigel.
“The matched savings came in handy, but what I learnt from the
program was more valuable in the long-run.”
“The program has taught me that with commitment and
consistency we can make saving possible. I put aside $50 each
month with my daughter, even though it was difficult at times.”
Nigel credits Saver Plus with inspiring his daughter to save.
Of particular value to Nigel was the MoneyMinded online modules
he completed as part of the program, often alongside Molly.
“My daughter took an interest in the bank statements and we
talked about what we would do with the extra funds coming in. We
talked about a compound interest managed share fund, and this is
now what we are doing with the savings. She could see how much
the funds would achieve over many years of compound interest.”
This year, more than 4,000 people in Australia have benefited from
Saver Plus, our financial education and matched savings program
for lower-income earners. Participants make regular deposits
towards a savings goal over a 10-month period and complete
MoneyMinded workshops (either face to face or online) to build
their financial management skills. At the end of the program
participants’ savings are matched dollar for dollar, up to $500 for
education costs.
To learn more visit anz.com/saverplus
Nigel, Saver Plus Participant
CASE STUDY
FINANCIAL
WELLBEING
OU
OUR 2U2018E1P8T80I 01RNG02

1.
Roy Morgan Research Single Source, Australian population aged 14+, Main Financial
Institution, six month rolling average to Sep’18. Ranking based on the four major
Australian banks.
2.
DBM Business Financial Services Monitor. Base: Business and Private Banking (<$100m
annual turnover) Main Financial Institution customers. Data based on business banking
NPS only (excludes Private Bank NPS). Six month average to Sep’18. Ranking based on the
four major Australian banks.
3.
Peter Lee Associates 2018 Large Corporate and Institutional Relationship Banking survey,
Australia.
4.
Retail Market Monitor, Camorra Research, Retail, Sep’18 (monthly).
5.
Business Finance Monitor, TNS Kantar Research. Base: Commercial ($3m – $150m annual
turnover) and Agricultural (>500K annual turnover) customers, Q3’18 (quarterly).
6.
Peter Lee Associates 2018 Large Corporate and Institutional Relationship Banking survey,
New Zealand, ranked against the Top 4 competitors.
FAIR AND RESPONSIBLE BANKING
TARGETSPROGRESSCOMMENTARY
Create the best experience for our customers,
measured by: improving Net Promoter
Score relative to peers (Retail, Corporate and
Commercial and Institutional customers).
Australia
-Retail: ranking increased to 3rd from 4th at end of 2017
1
-Business and Private Bank: ranking increased to 3rd from 4th at
end of 2017
2
-Institutional: ranking increased to 1st from 2nd at end of 2017
3
.
New Zealand
-Retail: ranking of 4th remained steady from end of 2017
4
-Commercial and Agricultural: ranking of 5th remained steady
from end of 2017
5
-Institutional: ranking increased to 1st from 3rd at end of 2017.
6
Improve senior leaders’ role modelling of ANZ
values by 2% to 74% in 2018.
Perception of senior leaders’ role modelling of ANZ Values has
decreased from FY16 by 1% to 71%.
Extend ANZ’s cyber security education and
awareness program in 2018 by:
- embedding cyber security information into
key business processes (e.g. security tips when
establishing new customer accounts) and
customer ‘touchpoints’ (e.g. ANZ website); and
We have delivered a range of initiatives embedding cyber
security information into key business processes to raise cyber
awareness of both customers and staff.
- collaborating with others (e.g. government,
universities and industry) to help build a
‘pipeline’ of cyber security professionals and
raise community awareness of cyber security.
We participate in industry collaborations to address the
skills shortage in cyber security and support a ‘cyber smart’
community.
Implement strengthened due diligence for our
Human Rights Standards by end 2018.
Our updated Social and Environmental Risk screening tool was
implemented in October 2017 with our updated online Social
and Environmental Risk training program rolled out to staff in
February 2018.
We expanded the pilot of our strengthened human rights
customer due diligence to three locations in Asia: China,
Indonesia and India. Using the pilot results, we are considering
how to embed the strengthened due diligence in our general
screening for all locations in FY19.
Relevant SDGs
26
ANZ 2018 ANNUAL REVIEW

ENVIRONMENTAL SUSTAINABILITY
TARGETSPROGRESSCOMMENTARY
Fund and facilitate at least $15 billion by 2020
in low carbon and sustainable solutions including
renewable energy generation, green buildings
and less emissions intensive manufacturing

and transport.
ANZ has funded and facilitated $11.5 billion in low carbon
and sustainable solutions since 2015
Relevant SDGs
By end 2018, ensure emerging issues and leading
practices are reflected in the policies and procedures
guiding our business lending decisions by:
- reviewing and, where necessary, updating our
Social and Environmental Risk Policy (including
sensitive sector standards); and
We reviewed a set of priority issues and sectors, including
measures to reduce carbon emissions, with recommended
changes to the policy on track to be approved and published

by December 2018.
- amending our risk appetite and customer
assessment processes to increase emphasis on
climate change risks and management.
Climate change risk has been added to the Group and
Institutional Risk Appetite Statements.
Reduce the direct impact of our business activities
on the environment by:
- reducing scope 1 and 2 emissions by 24%
by 2025 and by 35% by 2030 (against a 2015
baseline);
Scope 1 and 2 emissions have decreased by 18%, tracking
ahead of the required reduction to meet our target.
- increasing renewable energy use in our
Australian operations by 13% by 2020 (against a
2017 baseline);
We have entered into a Power Purchase Agreement to
‘off-take’ power from a windfarm under development in
Murra Warra (Victoria), due for completion in 2019.
- reducing paper consumption in Australia and
New Zealand (office and customer paper use
only) by 40% by 2020 (against 2015 baseline);
Paper consumption has decreased by 37%, tracking ahead
of the required reduction to meet our target.
- increasing recycling rates in our Australian
commercial offices (> 20,000m
2
) by 12% by 2020
(against a 2017 baseline); and
Recycling rate is not progressing as expected and has
decreased by 1% since 2017.
- reducing water consumption in our Australian
commercial offices (> 10,000m
2
) by 15% by 2020
(against a 2015 baseline).
Water consumption is progressing slower than expected
with a reduction of approximately 4% since July 2015.
Relevant SDGs
27
OUR SUSTAINABILITY TARGETS

GOVERNANCE
BOARD OF DIRECTORS
OUR 20218EPT0TEIN8PGPSN0F8GMNAE8C0H8EI$6N20G02E.$602185S158N0FE80NFFNS1$IN0
GP608N2HEP2$B.N06NS$2$EP0MGC$PT0A$1L$P01LN0E8TGP$2G1$EP30
The Board is responsible for the oversight of ANZ and its sound
and prudent management, with specific duties as set out in its
charter available at anz.com/corporategovernance
There are five principal Board Committees – the Audit Committee,
the Ethics, Environment, Social and Governance (EESG) Committee,
the Risk Committee, the Human Resources Committee and the
Digital Business and Technology Committee. Each Committee has
its own Charter setting out its roles and responsibilities.
At management level, the Group Executive Committee (ExCo)
comprises ANZ’s most senior executives. There is a delegations of
authority framework that clearly outlines those matters delegated
to the CEO and other members of senior management. In addition,
there are a number of formally established management committees
that deal with particular sets of ongoing issues.
For further detail on ANZ’s governance framework
see our 2018 Corporate Governance Statement available
at anz.com/corporategovernance.
Above from left to right: RT Hon Sir John Key, GNZM AC – Independent Non-Executive Director, John Macfarlane – Independent Non-Executive Director,
Paula Dwyer – Independent Non-Executive Director, David Gonski, AC – Chairman, Independent Non-Executive Director, Graeme Liebelt – Independent
Non-Executive Director, Ilana Atlas – Independent Non-Executive Director, Shayne Elliott – Chief Executive Officer, Executive Director, Jane Halton, AO PSM –
Independent Non-Executive Director, Lee Hsien Yang – Independent Non-Executive Director
Full biography details can be found on our website at anz.com/directors.
POLITICAL DONATIONS
Our policy is that we make an annual donation to the two
major Federal parties to support the democratic process in
Australia. In 2018, ANZ donated $100,000 to the Liberal Party
of Australia and $100,000 to the Australia Labor Party.
28
ANZ 2018 ANNUAL REVIEW

Column A – Indicates the number of meetings the Director was eligible to attend.
Column B – Indicates the number of meetings attended. The Chairman is an ex-officio
member of the Risk, Audit, Human Resources, Ethics, Environment, Social and Governance
and Digital Business and Technology Committees.
With respect to Committee meetings, the table above records attendance of Committee
members. Any Director is entitled to attend these meetings and from time to time Directors
attend meetings of Committees of which they are not a member.
1.
The meetings of the Special Committee of the Board, Shares Committee and Committee of
the Board as referred to in the table above include those conducted by written resolution.
DIRECTORS’ MEETINGS
The number of Board meetings and meetings of Committees during the year the Director was eligible to attend, and the number of
meetings attended by each Director were:
Board
Risk
Committee
Audit
Committee
Human
Resources
Committee
Ethics,
Environment,
Social and
Governance
Committee
Digital
Business and
Te chno lo g y
Committee
Special
Committee
1
Committee
of the Board
1
Shares
Committee
1
ABABABABABABABABAB
Ilana Atlas1212888844112211
Paula Dwyer121288888822
Shayne Elliott1212114433
David Gonski, AC12128888884444114433
Jane Halton, AO PSM12128844331111
Sir John Key, GNZM AC663322
Lee Hsien Yang121288884411
Graeme Liebelt12128888881111112211
John Macfarlane12128888441111
Below from left to right: David Hisco – Chief Executive Officer New Zealand and Group Executive Mark Whelan – Group Executive Institutional,
Kathryn van der Merwe – Group Executive Talent and Culture, Michelle Jablko – Chief Financial Officer, Fred Ohlsson – Group Executive Australia,
Shayne Elliott – Chief Executive Officer, Maile Carnegie – Group Executive Digital Banking, Kevin Corbally – Group Chief Risk Officer, Mark Hand – Group
Executive, Australian Business & Private Banking, Alexis George – Deputy Chief Executive Officer and Group Executive Wealth Australia, Farhan Faruqui –
Group Executive International, Gerard Florian – Group Executive Technology.
Full biography details can be found on our website at anz.com/exco.
fifl
EXECUTIVE COMMITTEE
GOVERNANCE
29

BOARD AREAS
OF FOCUS
ThisyeartheBoardanditsCommitteeshaveundertaken
keystrategic,governanceandoversightactivities,including:
IMPROVING CUSTOMER OUTCOMES
- Providing oversight of ANZ’s approach to customer
satisfaction, including adoption of Net Promoter
System and customer complaint resolution with regular
discussion in relation to the key trends, themes and
issues in particular divisions
- Providing oversight of customer remediation activities
- Discussing reports on key matters affecting customers,
including in relation to the new Banking Code of
Practice and ANZ’s proposed implementation of it
and ANZ’s approach to:
-adopting the Sedgwick recommendations;
-supporting vulnerable customers; and
-product suitability for customers.
- Discussing ANZ’s research into financial wellbeing
and the way this is informing activities across ANZ
for customers, communities and employees
STRATEGY
- Participating in Strategy Day with CEO and Executive
Committee, reviewing global trends in banking
- Discussing with the CEO regular updates on ANZ’s
strategic priority of creating a simpler, better
balanced bank
- Discussing ongoing updates and progress on
business simplification, such as product, process and
technology simplification
- Providing oversight of the implementation of
New Ways of Working (NWOW) within Australia and
TSO and Group Centre divisions, including reviewing
the lessons learnt at other organisations that have
adopted similar methodologies; reviewing reports,
including external reports, in relation to the risk
assessment of the NWOW operating model and
the impact of NWOW on ANZ’s Risk Management
Framework
- Assessing the impact of, and ANZ’s preparedness for,
major technology developments such as the New
Payments Platform and Open Banking
- Focusing on reviewing the management of Technology
Risk at ANZ
$
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OUR 2018 OUUEOP TINGIS

PURPOSE AND VALUES-LED
TRANSFORMATION
- Renaming of the Environment, Sustainability and
Governance Committee to the Ethics, Environment, Social
and Governance Committee, providing management with
a further vehicle to raise ethical and conduct issues for
broader discussion with Directors
- Discussing with the CEO regular updates in relation
to ANZ’s strategic priority of driving a purpose and
values-led transformation of the Bank to build trust and
improve our employee and customer propositions
- Providing oversight of the development of ANZ’s ethical
decision making framework
- Providing a continued focus on the oversight of ANZ’s
corporate culture, including reviewing results and
key themes of ANZ’s culture audits and ANZ’s staff
engagement survey and following up key issues raised
within those reports
FINANCIAL
- Reviewing and approving ANZ’s operating and
funding plans
- Providing oversight of capital management initiatives,
including the commencement, and subsequent increase
in size, of ANZ’s on-market share buyback
- Providing oversight of ANZ’s approach to the
implementation of key accounting initiatives, including
the implementation of Australian Accounting
Standard AASB 9: Financial Instruments, and making
key accounting judgements, including in relation
to software assets amortisation, restructuring and
remediation provisioning
REGULATORY
- Providing oversight of ANZ’s approach to preventing
financial crime, including participating in an internal
conference for financial crime professionals and
meeting with AUSTRAC to discuss ANZ’s approach
- Providing oversight of ANZ’s preparedness for the
implementation of the Banking Executive Accountability
Regime, including approving changes in relation to
ANZ’s remuneration policy
- Following the announcement of the Royal Commission
into Misconduct in the Banking, Superannuation and
Financial Services Industry, meeting regularly to discuss
matters pertaining to it, including oversight of the
approach to the remediation of matters raised at
the Commission
$
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In addition to regular meetings of the Board in Melbourne and Sydney, the Board also met in the Australian Capital Territory
and New Zealand and have participated in a number of customer and employee facing events. The Board will also have meetings
in regional New South Wales and Western Australia during the remainder of the 2018 calendar year, with a focus on customer and
employee engagement.
GOVERNANCE
31

OUR CLIMATE-RELATED
FINANCIAL DISCLOSURES
WeacknowledgethepositionoftheIntergovernmentalPanelonClimate
Change(IPCC)thattoachievethefullambitionofthePariscommitments
theworldneedstotransitiontonetzeroemissionsbymid-century
1
.Weare
committedtoprovidinginvestorsandotherstakeholderswithtransparent
informationenablingthemtoassesstheadequacyofourapproachtoclimate
changeandourabilitytomanagetheassociatedrisksandopportunities.
This is the second year our disclosures have been aligned with the recommendations of the Financial Stability Board’s Task Force
on Climate-related Financial Disclosures (TCFD). Our disclosure includes: 1) how we identify climate-related risks and opportunities;
2) who is accountable for managing the risks and opportunities; 3) how climate change informs our business strategy; and 4) the
actions we are taking, including targets, to measure our progress.
Our 2017 disclosures were recently reviewed by the TCFD
2
. While the report confirmed we had taken up many of their recommendations,
there were some suggestions for improvement. For example, it was suggested we provide information on a wider range of customers
(beyond the thermal coal supply chain) and risks, particularly physical risks. We are considering the TCFD’s feedback on our disclosures
and will continue to seek to improve their usefulness to stakeholders.
GOVERNANCE
Our Board has the highest level of oversight for climate change.
The Ethics, Environment, Social and Governance (EESG) Committee
of the Board meets quarterly and is responsible for reviewing
and approving our climate-related objectives and performance,
including goals and targets to support action on climate change.
The Board Risk Committee has responsibility for the overview of
ANZ’s management of new and emerging risks, including climate-
related risks.
At an executive level, the Ethics and Responsible Business
Committee (ERBC) provides leadership on our sustainability
risks and opportunities, monitoring progress against our targets,
including those related to climate change. The ERBC is also
responsible for:
-guiding which industry sectors, customers and transactions
we bank, to align with our purpose, strategy and values, and
our public statements on issues such as climate change;
-assessing current and emerging ethical, social, environmental
and governance risks and opportunities.
STRATEGY
Identification and management of our material sustainability
risks and opportunities, including those related to climate change,
supports the achievement of our business strategy. Environmental
sustainability is one of our key priorities and accordingly we
are: establishing low carbon financial products and services;
creating policies to guide which customers we bank; training staff
on climate-related risk; and seeking to reduce our operational
footprint in line with our targets.
Our business needs to be resilient under a range of climate-related
scenarios. To improve our capacity to use scenario analysis as an
input to our strategy, we joined with 15 other banks this year to
develop methods to improve stress testing of our business lending
portfolio for climate-related risk. This work sought to overcome
some of the challenges facing banks in modelling climate-related
risks, for example:
-identifying the potential economic impact of climate-related
scenarios e.g. changes to commodity prices or production and
impact on customer revenues; and
-assessing these potential impacts on a customer’s capacity to repay
debt (i.e. credit risk) over a longer period than the usual 2–3 years.
The working group was coordinated by the United Nations
Environment Programme Finance Initiative (UNEP FI). During the
pilot we developed and tested approaches and methodologies to
inform our risk management and identify opportunities to support
our customers, considering both ‘transition risks’ and ‘physical risks’.
1.
IPCC Special Report on Global Warming of 1.5
o
C – released 8 October 2018
2.
https://www.fsb-tcfd.org/publications/tcfd-2018-status-report/
32
ANZ 2018 ANNUAL REVIEW

We ‘stress tested’ customers within the mining and metals
(transition risk) and agriculture (physical risk) sectors, and results
were in line with our expectations. For example, in our agricultural
portfolio the average customer credit rating remained stable in
three out of four climate scenarios tested, with a downgrade of
one level under a 4°C warming scenario.
1
More significant impacts
were identified for customers with weaker credit profiles. These
results will inform discussions with our customers as we seek to
support them to manage risk and identify business opportunities,
such as investing in assets or commodities that are more resilient
to climate change.
Building on work undertaken in 2017, we continued scenario
testing a select group of customers in the thermal coal supply
chain (encompassing extraction, coal rail transport, coal-
associated ports and coal-fired power generation). We re-tested
some customers to look for any significant changes since our
What are transition risks?: the technology, policy and
regulatory changes that may affect our customers’ businesses
as governments act on their pledges to reduce carbon
emissions under the Paris Agreement. We have developed
methodologies that enable us to examine a particular sector,
e.g. metals and mining, and to conduct portfolio-wide analysis
examining potential impacts on customers’ risk profiles.
Transition opportunities: while changes associated with
a transition to a low carbon economy present potential risk,
they also create potential opportunities for organisations
focused on climate change mitigation and adaptation. This
is why we have committed to fund and facilitate at least $15
billion by 2020 towards environmentally sustainable solutions
for our customers, including initiatives that help lower carbon
emissions, improve water stewardship and minimise waste.
What are physical risks?: risks associated with changing
weather patterns, rainfall variability, extreme weather events
such as cyclones or floods, and the impacts on our customers,
e.g. change in production of agricultural commodities and
price fluctuations resulting from global supply and demand.
1.
See case study 1, pp. 29-32 UNEP FI report ‘Navigating a New Climate’ at www.unepfi.org/banking/tcfd
earlier assessment, and included some new customers not tested
in 2017. Our engagement this year with a number of these
thermal coal customers supplemented our scenario testing and
improved our understanding of how they are managing the
potential impacts of climate change, including their ability to
adapt their business strategy.
Our analysis revealed varying degrees of preparedness for thermal
coal customers in managing transition risks. In the medium to long
term, risks are higher for companies with higher revenue reliance
on thermal coal and with business strategies less prepared for
an early shift to a low carbon economy. In the short term, these
customers have benefited from robust demand for high quality
thermal coal in Asian markets.
We will continue to engage with our thermal coal and other
customers to understand how they are preparing their
businesses to manage potential transition risks. A number of our
customers have begun releasing disclosures in line with the TCFD
recommendations – this is informing our customer conversations.
In 2019, we will seek to enhance our understanding of climate-
related risks associated with our residential mortgage portfolio by:
-undertaking a geospatial analysis of current flood related risks
in a specific location; and
-developing indicators to test the financial capability of home
loan customers to withstand the identified risks.
We have identified several other risks and opportunities
associated with climate change that have the potential to
generate substantive change in our business operations, revenue
and expenditure. These include:
Energy policy/regulation: the introduction of energy policies
and regulations, supporting lower prices, emissions and improved
reliability, provide a more stable environment for investment, and
subsequently revenue opportunities, with existing customers and
in new markets.
Changes in precipitation extremes and droughts: we bank a
large number of agribusinesses in rural and regional Australia and
New Zealand. Many of these regions have been impacted in recent
years by drought and high temperatures, adversely affecting
production levels and reducing revenues. This may impact their
ability to repay loans.
THE IMPORTANCE OF ENERGY EFFICIENCY
Buildings represent around 30% of the world’s energy use, and more than 55% of global electricity
demand – hence the importance of energy efficiency in meeting the goals of the Paris Agreement.
In recognition of this, we will now only consider financing the construction of new large-scale office
buildings which achieve or exceed a National Australian Built Environment Rating System (NABERS) 4.5
star standard (or equivalent international rating), ‘as designed’. Importantly, from a credit risk perspective,
energy efficient buildings generally have lower tenancy vacancy rates and may attract higher rents.
33OUR CLIMATE-RELATED FINANCIAL DISCLOSURES

RENEWING OUR SUPPORT FOR PARIS
The transition to a net-zero carbon economy require a ‘whole-
of-economy’ approach, with all sectors having a role to play.
This year we reviewed our approach to climate change.
Our focus is on ensuring an orderly and just transition that
gives careful consideration to the impacts on communities
and manages our climate-related risks, while increasing
our ambition to lower emissions in the energy, transport,
buildings and agricultural sectors.
Our revised Climate Change Statement commits us to the
following actions:
-encouraging and supporting 100 of our largest emitting
customers in the energy, transport, buildings and food,
beverage and agricultural sectors to establish, and where
appropriate, strengthen existing low carbon transition plans,
by 2021
-encouraging customers that have coal-fired generation
assets to work towards setting medium and long-term
emission reduction targets up to 2050 that contribute
towards achieving a ‘less than 2 ̊C target’
-no direct financing for the development of new coal-fired
power stations that emit more than 0.8t CO
2
/MWh
-focusing on existing customers producing coal that when
used for power generation results in lower emissions, and
reducing our exposure to thermal coal mining
-providing incentives for customers to reduce emissions,
such as facilitating, together with government, concessional
loans for corporate and agribusiness customers to buy
energy-efficient equipment; and
-only financing the construction of new large-scale office
buildings which achieve or exceed a NABERS 4.5 star
standard (or equivalent international rating) ‘as designed’.
Changing consumer behaviours: businesses’ response to
climate change, including the adoption of new technologies and
practices, presents a number of risks and opportunities, including
the provision of funding and advisory services to customers
involved in renewable energy generation; construction/
retrofitting of ‘green buildings’ and less emissions intensive
manufacturing and transport.
Liquidity risks: liquidity risk exists for customers exposed to
climate-related risks. This may add risk to refinance events,
something we have recently observed in relation to infrastructure
dependent on the resources sector.
Reputation risks: damage to our reputation as a result of funding
industries seen as contributing to climate change may have a
range of impacts, including adverse effects on our profitability,
funding costs, increased regulatory scrutiny and availability of new
business opportunities. Our ability to attract and retain customers
could also be adversely affected if our reputation is damaged, in
turn impacting our business, operations and performance.
RISK MANAGEMENT
Our most material climate change risks and opportunities result
from our lending to business and retail customers, including
credit-related losses incurred as a result of a customer being
unable or unwilling to repay debt.
Under our risk management framework, our material risk category
of Credit Risk incorporates the risks associated with lending to
customers that could be impacted by climate change or by
changes to laws, regulations, or other policies such as carbon
pricing and climate change adaptation or mitigation policies.
It also includes changes to the cost and level of insurance cover
available to our customers. Climate change risk has been added
to the Group and Institutional Risk Appetite Statements to ensure
the risk is appropriately identified and assessed.
We are developing an organisational culture that encourages
regular discussion and consideration of emerging climate-related
risks. Our Risk team is working with our bankers, encouraging
them to talk to their customers about managing the risks and
opportunities associated with climate change.
METRICS AND TARGETS
We use a range of metrics to assess the impact of climate-related risks on our business activities and set targets in line with our strategy,
in particular around engaging with customers to understand their plans to transition to a low carbon economy.
METRICTARGETPROGRESS
Environmental sustainability targetFund and facilitate at least $15 billion
by 2020 for our customers’ activities
$11.5 billion
Average emissions intensity of financed
electricity generation
Reduce over timeFinanced emissions intensity has decreased by
14% in Australia and 68% outside of Australia
since 2014
Emissions from energy use in our commercial
offices, branches and data centres
Reduce scope 1 and 2 emissions
by 24% by 2025 and 35% by 2030
Global scope 1 and 2 emissions have decreased
by 18% since 2015
Sourcing more renewable power for our
Australian operations
Increase by 13% by 2020See case study on page 35
We will also provide information on metrics relating to our credit exposure, broken down by industry and credit quality in our future disclosures.
Further detail on these disclosures, including the scenario testing, customer engagement and our revised approach to climate change,
will be discussed in our 2018 Sustainability Review, available at anz.com/cs in December.
We are engaging with regulators that are taking steps to ensure
their regulated entities are assessing and responding to the
risks posed by climate change. This year we responded to the
Australian Prudential Regulation Authority’s first survey on
climate-related risks.
34
ANZ 2018 ANNUAL REVIEW

INDUSTRY ASSOCIATIONS
We work in a collaborative and open way as members of associations that have similar policy interests. In 2018 our key
memberships and payments to them were: Australian Banking Association $5,274,041, Business Council of Australia $93,500,
New Zealand Bankers’ Association $284,241 (NZD), Business New Zealand $40,250 (NZD), Financial Services Council $214,154,
Association of Superannuation Funds of Australia $69,300 and Insurance Council of Australia $28,318
1
.
Payments to the Australian Banking Association include the annual fees as well as expenditure related to communications
activity, contributions by major banks to the establishment of a not-for-profit Debt Repayment Service, industry initiatives in
response to the Royal Commission’s work, and industry reform activity (such as the new Banking Code of Practice).
HOW WE REVIEW OUR ALIGNMENT WITH INDUSTRY ASSOCIATIONS
We understand our stakeholders are interested in the position
we take on issues such as climate change and energy policy,
and our membership of industry associations that undertake
advocacy on these issues.
Some associations have broad memberships, such as the
Business Council of Australia, and develop policy agendas
on a wide variety of matters, such as tax, education, business
regulation, climate change and energy.
We understand it is not possible for industry associations
to obtain a consensus on every issue. There is sometimes
disagreement amongst members about the final positions
taken by industry associations. Even if we do not agree
with every position taken, we will retain our membership
provided we are able to have constructive dialogue within
the association, and they are receptive to members’ feedback
regarding their approaches to lobbying or advocacy.
It is also important to note that industry associations do not
represent the views of any single member. On some issues
we will communicate our views directly, through submissions,
media comment, speeches by senior executives at industry
forums and public reports.
1.
The membership of the last three will cease in March 2019
35OUR CLIMATE-RELATED FINANCIAL DISCLOSURES
THE POWER OF PARTNERSHIPS
In December 2017 ANZ announced its participation in a Telstra-
led collective to execute a renewable energy power purchase
agreement (PPA) for the Murra Warra Wind Farm, located near
Horsham in North-West Victoria. Coca Cola Amatil and the
University of Melbourne also joined this collective.
An electricity supply contract between a renewables project and
an energy buyer, a PPA typically has a long contract term of around
six to 12 or more years. They require an upfront agreement on the
cost of electricity and/or green products for the life of the contract.
As a result, PPAs can generate substantial energy cost savings while
delivering new and additional renewable energy onto the grid.
“As well as reducing energy costs, the project will provide
significant environmental benefits and substantial support to the
local community and regional economy, ” said RES Australia CEO
Matt Rebbeck the PPA project developer and operator.
Stage one of the project is currently under construction and due
for completion in early 2019. Once both stages are complete
the wind farm will have 429 megawatts of capacity, making it
larger than any wind farm currently operating in the Southern
Hemisphere.
Entering into this PPA is one of the ways ANZ is supporting the
transition to a low carbon economy.
CASE STUDY
ENVIRONMENTAL
SUSTAINABILITY

REMUNERATION
OVERVIEW
The following pages provide a summary of the remuneration for the Non-Executive Directors (NEDs), Chief Executive Officer (CEO) and
Disclosed Executives – Key Management Personnel (KMP). The detailed Remuneration Report is contained in the Annual Report from
page 40 onwards. The report can be accessed via the ANZ website at anz.com/annualreport.
NON-EXECUTIVE DIRECTOR (NED) REMUNERATION
There was no increase to NED fees for the 2018 year (unchanged from 2016). Year-on-year differences in total remuneration relate to changes
in Committee memberships.
Short-Term NED BenefitsPost-Employment
Financial YearFees
1
$
Super contributions
1
$
Total remuneration
2
$
CURRENT NON-EXECUTIVE DIRECTORS
D Gonski2018
804,831 20,169 825,000
2017
805,276 19,724 825,000
I Atlas2018
324,331 20,169 344,500
2017
317,776 19,724 337,500
P Dwyer2018
344,831 20,169 365,000
2017
345,276 19,724 365,000
J Halton
3
2018
277,567 20,169 297,736
2017
241,063 18,894 259,957
J Key
4
2018
148,546 11,996 160,542
H Lee2018
314,831 20,169 335,000
2017
315,276 19,724 335,000
G Liebelt2018
345,858 20,169 366,027
2017
343,151 19,724 362,875
J Macfarlane2018
298,331 20,169 318,500
2017
298,776 19,724 318,500
FORMER NON-EXECUTIVE DIRECTOR
I Macfarlane
5
2017
68,225 4,904 73,129
Total of all Non-Executive Directors2018
2,859,126 153,179 3,012,305
2017
2,734,819 142,142 2,876,961
1.
Year-on-year differences in fees relate to changes in Committee memberships and changes to the superannuation Maximum Contribution Base.
2.
Long-term benefits and share-based payments do not apply for the Non-Executive Directors. There were no non monetary benefits or termination benefits for the Non-Executive
Directors in either 2017 or 2018.
3.
J Halton commenced as a Non-Executive Director on 21 October 2016, so 2017 remuneration reflects a partial service year.
4.
J Key commenced as a Non-Executive Director for Australia and New Zealand Banking Group Limited on 28 February 2018, so 2018 remuneration reflects a partial service year.
In addition for 2018, in relation to his Non-Executive Directorship from 18 October 2017 for ANZ Bank New Zealand Limited, J Key also received a total of NZD 302,925 as a
Non-Executive Director until 31 December 2017 and from 1 January 2018 as Chairman.
5.
I Macfarlane retired as a NED on 16 December 2016, so 2017 remuneration reflects partial service year up to his date of retirement.
36
ANZ 2018 ANNUAL REVIEW

ANZ’S PURPOSE AND STRATEGY
1
REINFORCED BY:
WHILE SUPPORTING THE ALIGNMENT OF EXECUTIVES AND SHAREHOLDERS THROUGH:
INDIVIDUAL OUTCOMES REFLECT THE PERFORMANCE OF THE GROUP, DIVISION AND INDIVIDUAL:
DRIVING PERFORMANCE THROUGH OBJECTIVES WITHIN THE
GROUP PERFORMANCE FRAMEWORK TO DETERMINE THE VARIABLE REMUNERATION POOL:
WITH REMUNERATION DELIVERED TO OUR CEO AND DISCLOSED EXECUTIVES THROUGH:
IS UNDERPINNED BY:
Despite solid performance against the majority of metrics in the 2018 Group Performance Framework,
the ANZIP variable remuneration pool for 2018 is significantly down on prior year, in recognition of the
failures highlighted in the Royal Commission and their reputational impact.
2018 FIXED
REMUNERATION
CHANGES:
No change to the CEO’s fixed remuneration for 2018.
Fixed remuneration for new appointments has been set lower than prior incumbent.
No change to NED fees for 2018 (reduction of 20% to the Chairman fee and NED member fee
(for current NEDs) in 2019).
Combined weighting 100% including both annual and longer term strategic measures
GROUP
PERFORMANCE
CATEGORIES:
Financial and Discipline
(50% weighting)
Customer
(25% weighting)
People and Reputation
(25% weighting)
Risk

(overall adjustment)
2018 VARIABLE
REMUNERATION
OUTCOMES
4
:
(see sections
5.4 and 5.5 of the
Remuneration Report)
CEO Variable Remuneration
75% of target which comprises:
Annual Variable Remuneration:
83% of target (56% of max); and
Long Term Variable Remuneration:
67% of target
(subject to shareholder approval).
Current Disclosed Executives
Variable Remuneration outcomes:
% of target% of max
Average:7853
Range:60 – 91 40 – 60
Nov 2014 performance
rights fully lapsed.
Executives received no
value from this award.
OUR REMUNERATION
POLICY/REWARD
PRINCIPLES:
Are fair and
simple to
understand
Reward our people for doing
the right thing having regard to
our customers and shareholders
Focus on how things
are achieved as much
as what is achieved
Attract, motivate and
keep great people
ALIGNING
REMUNERATION
AND RISK:
Risk is a key input in determining
variable remuneration including
as a multiplier in determining
the ANZIP
3
variable
remuneration pool
Prohibiting the
hedging of
unvested equity
Applying Board
discretion on
performance and
remuneration
outcomes
Being able to
downward
adjust deferred
remuneration
(including to zero)
Assessing
behaviours based
on ANZ’s Values and
risk/compliance
standards
SHAREHOLDER
ALIGNMENT:
Substantial
shareholding
requirements
Significant incentive
deferral (up to four
years) in ANZ equity
Use of Economic Profit as a
key input in determining the
variable remuneration pool
Use of relative and absolute
Total Shareholder Return
(TSR) hurdle
s
1.
See the ‘About our Business’ and ‘Our Strategy’ sections of the Annual Report.
2.
The structure of our remuneration framework is aligned with our reward principles
and has been designed to support ANZ’s purpose and strategy.
3.
ANZ Incentive Plan (ANZIP) is our main variable remuneration plan.
4.
Variable remuneration outcomes appropriately reflect the Group’s performance
against the indicators in the Group performance framework, and also the individual’s
performance against their own targets, which are appropriately stretching.
OUR CORE
REMUNERATION
COMPONENTS2:
Fixed
remuneration
Variable remuneration delivered as
Cash Deferred shares Performance rights
AT RISK
REMUNERATION AT A GLANCE
ANZ’S 2018
PERFORMANCE OVERALL:
(see sections 5.1 and 5.2 of
the Remuneration Report)
37
REMUNERATION OVERVIEW

CEO AND DISCLOSED EXECUTIVES’ REMUNERATION
2018 VARIABLE REMUNERATION AWARDED
This table shows the VR awarded to the CEO and current
Disclosed Executives for the year ending 30 September 2018,
and what this represents as a % of their target opportunity and
maximum opportunity.
The average variable remuneration awarded to the CEO and
current Disclosed Executives is 78% of target (53% of maximum),
which appropriately reflects ANZ’s overall performance and
the impact to the overall ANZIP variable remuneration pool.
Only the cash component will be received this year. The deferred
shares will vest evenly over four years. The performance rights may
or may not vest when tested against the performance hurdles in
three years’ time.
2018 ACTUAL REMUNERATION RECEIVED
This table shows the remuneration the CEO and current Disclosed Executives actually received in relation to the 2018 performance year as cash;
or in the case of prior equity awards, the value which vested in 2018. The final column also shows the value of prior equity awards which lapsed
in 2018 (these awards reflect the 2014 performance rights which failed to meet the performance hurdles when tested in November 2017).
Only the cash component of the 2018 VR award appears in this table, as the other components are deferred and may/may not vest in future years.
1.
VR for the CEO = AVR + LTVR (LTVR subject to shareholder approval at the 2018 Annual General Meeting).
2.
% of max for the CEO = 150% of AVR target plus LTVR target (face value at threshold vesting). The maximum opportunity arrow for the CEO is not to scale, given there is no max for LTVR.
3.
Remuneration disclosed from commencement in Disclosed Executive role, CRO receives deferred share rights instead of performance rights.
4.
Multiply by two to convert to face value at full vesting for performance rights.
$1,400,000
$875,000$875,000
$396,000$396,000
$408,000
S Elliott
VR
1
$3,150,000
(75% of target, 60% of max
2
)
M CarnegieVR $1,600,000
(80% of target, 53% of max)
K Corbally
3
VR $499,500
(83% of target, 55% of max)
A GeorgeVR $1,075,000
(61% of target, 41% of max)
D HiscoVR $1,952,719
(83% of target, 56% of max)
M JablkoVR $1,750,000
(88% of target, 58% of max)
F OhlssonVR $1,200,000
(60% of target, 40% of max)
M WhelanVR $2,175,000
(91% of target, 60% of max)
$528,000
$528,000
$544,000
$164,835
$164,835
$169,830
$354,750
$354,750
$365,500
$644,397$644,397
$663,925
$577,500$577,500
$595,000
$717,750$717,750
$739,500
CashDeferred shares or deferred share rightsPerformance rights face value at threshold vesting
4
=
=
=
=
=
=
=
=
++
+
+
+
+
+
+
+
+
+
+
+
+
+
+
Fixed
remuneration
$
Cash variable
remuneration
$
Total
cash
$
Deferred variable
remuneration
which vested
during the year
1

$
Other deferred
remuneration
which vested
during the year
1

$
Actual
remuneration
received
$
Deferred variable
remuneration which
lapsed/ forfeited
during the year
1

$
CEO AND CURRENT DISCLOSED EXECUTIVES
S Elliott 2,100,000 875,000 2,975,000 874,666 - 3,849,666 (1,582,649)
M Carnegie
2
1,000,000 528,000 1,528,000 34,610 1,481,009 3,043,619 -
K Corbally
3
486,000 164,835 650,835 - - 650,835 -
A George
4
876,000 354,750 1,230,750 334,044 250,000 1,814,794 (153,292)
D Hisco
5
1,170,713 644,397 1,815,110 864,274 - 2,679,384 (1,383,354)
M Jablko
6
1,000,000 577,500 1,577,500 34,610 428,084 2,040,194 -
F Ohlsson 1,000,000 396,000 1,396,000 597,403 - 1,993,403 (404,809)
M Whelan 1,200,000 717,750 1,917,750 856,454 - 2,774,204 (395,655)
1.
The point in time value of previously deferred remuneration granted as shares/share
rights and/or performance rights is based on the one day VWAP of the Company’s shares
traded on the ASX on the date of vesting or lapsing/forfeiture multiplied by the number
of shares/share rights and/or performance rights. The amount paid as deferred cash is the
value disclosed. The lapsed/forfeited values relate to the performance rights we awarded
in November 2014 which lapsed due to the performance hurdles not being met.
2.
Other deferred remuneration for M Carnegie relates to previously disclosed
compensation for bonus opportunity foregone and deferred remuneration forfeited.
3.
Remuneration disclosed from commencement in Disclosed Executive role (19 March 2018).
4.
A George’s fixed remuneration was adjusted in May 2018 when she commenced in
the expanded role of Deputy CEO and Group Executive, Wealth Australia. As disclosed
in 2017, in relation to A George’s role before her appointment to the Group Executive
Committee, in July 2016 the Board approved a cash retention award of $500,000 with
partial vesting in June 2017 ($250,000) and December 2017 ($250,000).
5.
Paid in NZD and converted to AUD.
6.
Other deferred remuneration for M Jablko relates to previously disclosed compensation
for bonus opportunity foregone and deferred remuneration forfeited.
This table supplements, and is different to, the Statutory Remuneration table which presents the accounting expense for both vested and
unvested awards in accordance with the Australian Accounting Standards.
38
ANZ 2018 ANNUAL REVIEW

WATSON BLINDS AND AWNINGS
We understand that running a small business is challenging.
To support our customers while they focus on growing their
business, we facilitate access to Employment Hero for business
customers, free of charge.
Employment Hero is an online human resources (HR) platform
that combines various HR functions into one centralised
self-service portal, helping Australian businesses navigate the
complexity, and reduce the time spent managing HR related
issues.
Watson Blinds and Awnings, marking its 50th anniversary
this year, is one of more than 900 customers benefiting from
Employment Hero this year.
“Since the introduction of Employment Hero, we have reduced
time spent on payroll data entry from eight hours to two. We
have introduced new technology that enables our employees to
access their information on their mobile devices. As we continue
to grow our business, having a cloud payroll system will allow us
to capture accurate information and process pays seamlessly”.
“In the past, our employee on-boarding process has involved
lots of form filling for our employees – tax file declarations,
superannuation declarations, bank account details forms,
emergency contacts and hard copies of employment contracts.
Employment Hero does all of this without the need for paper.
In addition, it’s a more positive on-boarding experience for
employees, which I’m sure will make us more appealing to the
next generation of employees, the majority of whom are digitally
savvy” said Raymond Watson.
Established by John Watson in Canberra, the business is now
owned and operated by John’s sons Raymond and Kevin.
Succession planning is underway, with the third generation
Rohan, Tim and Amanda Watson, buying into the business. We
are working closely with the Watson family and their accountant
to help them manage a smooth succession and realise their
retirement goals.
Supporting businesses such as Watson Blinds and Awnings,
so they can focus on their day to day business, aligns with our
commitment to helping Australian businesses grow and succeed
in a changing world.
Left to right – Kevin Watson, Raymond Watson, Directors, Watson Blinds
Jarrod Fitzgerald, Senior Relationship Manager, ANZ
CASE STUDY
SUPPORTING
SMALL BUSINESS
39

FIVE YEAR
SUMMARY
2018
1
2017
1
201620152014
$m$m$m$m$m
FINANCIAL PERFORMANCE CASH
2
Net interest income14,51414,87515,09514,61613,797
Other operating income4,7004,9415,4995,9215,781
Operating expenses(9,248)(8,967)(10,439)(9,378)(8,760)
Profit before credit impairment and income tax9,96610,84910,15511,15910,818
Credit impairment charge(688)(1,199)(1,956)(1,205)(989)
Income tax expense(2,775)(2,826)(2,299)(2,724)(2,700)
Non-controlling interests(16)(15)(11)(14)(12)
Cash profit from continuing operations
2
6,4876,8095,8897,2167,117
Cash profit/(loss) from discontinued operations(682)129N/AN/AN/A
Cash profit5,8056,9385,8897,2167,117
Adjustments to arrive at statutory profit
2
595(532)(180)277154
Profit attributable to shareholders of the Company6,4006,4065,7097,4937,271
FINANCIAL POSITION
Assets942,624897,326914,869889,900772,092
Net assets59,38359,07557,92757,35349,284
Common Equity Tier 111.4%10.6%9.6%9.6%8.8%
Common Equity Tier 1 –
Internationally Comparable Basel 3
3
16.8%15.8%14.5%13.2%12.5%
Return on average ordinary equity (statutory)
4
10.9%11.0%10.0%14.5%15.8%
Return on average assets (statutory)0.7%0.7%0.6%0.9%1.0%
Cost to income ratio (cash)
2
51.6%46.1%50.7%45.7%44.7%
SHAREHOLDER VALUE – ORDINARY SHARES
Total return to shareholders
(share price movement plus dividends)
0.6%13.1%9.2% (7.5%)5.9%
Market capitalisation80,97986,94880,88678,60685,235
Dividend (cents)160c160c160c181c178c
Franked portion – interim100%100%100%100%100%
– final 100%100%100%100%100%
Share price – high (dollar)$30.80$32.95 $29.17 $37.25 $35.07
– low (dollar)$26.08$25.78 $21.86 $26.38 $28.84
– closing (dollar)$28.18$29.60 $27.63 $27.08 $30.92
SHARE INFORMATION
(per fully paid ordinary share)
Earnings per share (cents)221.6220.1197.4271.5267.1
Dividend payout ratio (statutory)72.1%73.4%81.9%68.6%67.4%
Net tangible assets per ordinary share
5
$18.47$17.66 $17.13 $16.86 $14.65
No. of fully paid ordinary shares issued (millions)2,8742,9372,9272,9032,757
Dividend reinvestment plan (DRP) issue price
– interim$27.76$28.80 $24.82 $31.93 $33.30
– final-$29.02$28.16 $27.08 $32.02
OTHER INFORMATION
No. of shareholders509,238522,425545,256546,558498,309
1.
During 2018, part of Wealth Australia and TSO and Group Centre division was classified
as a discontinued operation. 2017 comparatives have been restated accordingly. 2016
to 2014 has not been restated. All ratios are presented on a Group basis inclusive of
discontinued operations across 2018 to 2014.
2.
Cash profit excludes non-core items included in statutory profit and is provided to assist
readers in understanding the result of the ongoing business activities of the Group. Cash
profit is not audited; however, the external auditor has informed the Audit Committee
that the adjustments have been determined on a consistent basis across each period
presented, and the adjustments for the sale impact of Shanghai Rural Commercial Bank
(SRCB) in 2018 and 2017 are appropriate.
3.
Internationally Comparable Methodology applied for 2015–2018 aligns with APRA’s
information paper entitled ‘International Capital Comparison Study’ (13 July 2015). Basel
Internationally Comparable ratios do not include an estimate of the Basel l capital floor
requirement.
4.
Average ordinary equity excludes non-controlling interests and preference shares.
5.
Equals shareholders’ equity less preference share capital, goodwill, software and other
intangible assets divided by the number of ordinary shares.
40
ANZ 2018 ANNUAL REVIEW

20182017201620152014
FAIR AND RESPONSIBLE BANKING
Net Promoter Score Ranking (relative to peers)
Australia Retail
1
34244
Australia Business and Private Banking
2
34443
Australia Institutional
3
121––
New Zealand Retail
4
44455
New Zealand Commercial and Agri
5
55555
New Zealand Institutional
6
131––
Digitally active customers
Australia (%)
7
6161605855
New Zealand (%)
8
68656259–
Code of conduct
Alleged breaches1,114
1,4431,4081,6291,718
Investigations resulting in termination226262254294336
FINANCIAL WELLBEING
Help enable social and economic participation of
1 million people by 2020 (cumulative total)
9
889,135550,361453,054––
Employees
FTE
10
39,92444,89646,55450,15250,328
Employee Engagement (%)
11
7372747673
Total Women in Leadership (%)
12
32.031.129.929.527.9
Community
Total community investment ($m)136.9
131.189.874.875.6
Volunteer hours124,113
113,127113,071108,142101,801
Employee volunteering participation rate (%)
13
34.629.4–––
ENVIRONMENTAL SUSTAINABILITY
Fund and facilitate at least $15b by 2020 towards environmentally
sustainable solutions for our customers (cumulative total)
14
11.56.92.5
Environmental footprint
Australia (tCO
2
-e) 123,056126,881136,751147,499154,922
New Zealand (tCO
2
-e)7,8876,9927,9109,18910,008
APEA (tCO
2
-e)40,06947,12048,90852,84347,347
Total (tCO
2
-e)171,012180,993193,569209,531212,277
Total scope 1, 2 & 3 GHG emissions (tCO
2
-e)266,906273,216299,224335,085322,820
Project finance portfolio
15
Renewables (%)7670636044
Coal (%)10
16191833
Gas (%)13
13182223
Project finance commitment to renewable energy ($m) 1,076
1,141875881835
1.
Roy Morgan Research Single Source, Australian population aged 14+, Main Financial
Institution, six month rolling average to Sep’14, Sep’15, Sep’16, Sep’17 & Sep’18. Ranking
based on the four major Australian banks.
2.
DBM Business Financial Services Monitor. Base: Business and Private Banking (<$100m
annual turnover) Main Financial Institution customers. Data based on business banking
NPS only (excludes Private Bank NPS). Six month average to Sep’14, Sep’15, Sep’16, Sep’17
& Sep’18. Ranking based on the four major Australian banks.
3.
Peter Lee Associates 2018 Large Corporate and Institutional Relationship Banking survey
Australia.
4.
Retail Market Monitor, Camorra Research, Retail: Sep’14, Sep’15, Sep’16, Sep’17 & Sep’18
(monthly).
5.
Business Finance Monitor, TNS Kantar Research. Base: Commercial ($3m – $150m annual
turnover) and Agricultural (>500K annual turnover) customers. Q3’14, Q3’15, Q3’16, Q3’17
& Q3’18 (quarterly).
6.
Peter Lee Associates Large Corporate and Institutional Relationship Banking surveys
New Zealand 2016–18, ranked against the Top 4 competitors (in 2016 rank based on
question ‘which bank would you be most likely to recommend’).
7.
Roy Morgan Research Single Source, proportion of ANZ customers aged 14+ conducted
Internet banking using ANZ App or Website in last 4 weeks, 12 months rolling average to
Sep’14, Sep’15, Sep’16, Sep’17 & Sep’18.
8.
Proportion of ANZ customers who have used ANZ Internet Banking or ANZ goMoney at
least once in the last 90 days. 12 months to Sep’15, Sep’16, Sep’17 & Sep’18.
9.
Target commenced in FY 2016. Performance includes people helped through our
initiatives to support financial wellbeing, including our financial inclusion, employment
and community programs, and targeted banking products and services for small
business and retail customers.
10.
As disclosed in the Annual Report.
11.
The 2017 engagement survey was run as a pulse survey sent to 10% of the bank’s
employees with a 57% response rate.
12 .
Measures representation at the Senior Manager, Executive and Senior Executive levels.
Includes all employees regardless of leave status but not contractors (which are included
in FTE).
13.
Commenced reporting in 2017.
14.
Target commenced in FY 2016. Performance includes funding or facilitation of initiatives
that help lower carbon emissions, improve water stewardship, and minimise waste.
15.
Breakdowns for 2018 and 2017 do not total to 100% due to rounding.
41
5 YEAR SUMMARY

Australia
$4,069 million
New Zealand
$1,745 million
International
$673 million
MAY 2019
1st MayHalf Year Results Announcement
14th MayInterim Dividend Ex-Date
15th MayInterim Dividend Record Date
16th MayDRP/BOP/Foreign Currency Record Date
JULY 2019
1st JulyInterim Dividend Payment Date
OCTOBER 2019
31st OctoberAnnual Results Announcement
IMPORTANT DATES
FOR SHAREHOLDERS
1
OUR INTERNATIONAL PRESENCE AND
EARNING COMPOSITION BY GEOGRAPHY
1
NOVEMBER 2019
12th NovemberFinal Dividend Ex-Date
13th NovemberFinal Dividend Record Date
14th NovemberDRP/BOP/Foreign Currency Record Date
DECEMBER 2019
17th DecemberAnnual General Meeting (Brisbane)
18th DecemberFinal Dividend Payment Date
AUSTRALIA
NEW ZEALAND
INTERNATIONAL
1.
If there are any changes to these dates, the Australian Securities Exchange
will be notified accordingly.
Asia
Cambodia
China
HongKong
India
Indonesia
Japan
Laos
Malaysia

Myanmar
thePhilippines
Singapore
SouthKorea
Taiwan
Thailand
Vietnam
Pacific
AmericanSamoa
CookIslands
Fiji
Guam
Kiribati
NewCaledonia
PapuaNewGuinea
Samoa
Europe
France
Germany
UnitedKingdom
Middle East
UnitedArab
Emirates(Dubai)
United States
of America
SolomonIslands
Timor-Leste
Tonga
Vanuatu
1.
On a Cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations included in cash profit. It is provided to assist readers in
understanding the result of the ongoing business activitives of the Group. For further information on adjustments between statutory and cash profit refer to page 15 of the 2018 Annual Report.
42
ANZ 2018 ANNUAL REVIEW

ASSEMBLE AND MAKE VENTURES
Housing affordability is a challenge faced by many people in
Australia and New Zealand, particularly younger people and
those on lower-incomes.
Assemble, a residential developer, has created the Assemble Model
– a new ‘build-to-rent’ hybrid model that bridges the gap between
renting and owning your home. It offers residents the security
and stability of a five-year lease with the opportunity (but not the
obligation) to purchase their home at the end of the lease. The
purchase price is fixed from the start of the lease, giving residents
a set goal to save towards and mitigating the risk of being priced
out of the market during the rental period. It also protects against
rental insecurity, with the rent set at a market rate and agreed up
front, enabling residents to have the ability to plan-ahead while
they save and settle into the local community.
According to Kris Daff, Managing Director, Assemble and MAKE
Ventures, “the model aims to address the fundamental desire
for the majority of Australians to own their own home – and is a
direct response to multi-level government policies on housing
affordability.”
ANZ is financing the development and has worked with Assemble
to refine their model providing advice on funding options,
valuation methodology and risk management. Our Retail business
has assisted Assemble to understand consumer purchasing
profiles, retail mortgage lending parameters and appropriate
strategies to support potential purchasers to save for their deposit
prior to the end of the lease.
“We now have over 2,500 aspiring homebuyers interested in
participating in Assemble’s home ownership pathway and, with
ANZ’s support, we have a pipeline of future projects to cater for
this growing customer base” said Kris.
Caryn Kakas, Senior Manager, Group Strategy, ANZ
Kris Daff, Managing Director, Assemble and MAKE Ventures
CASE STUDY
HOUSING
OU

REGISTERED OFFICE:
ANZ Centre Melbourne
Level 9, 833 Collins Street
Docklands VIC 3008 Australia
Telephone: +61 3 9273 5555
Facsimile: +61 3 8542 5252
Company Secretary: Simon Pordage
INVESTOR RELATIONS:
Level 10, 833 Collins Street
Docklands VIC 3008 Australia
Telephone: +61 3 8654 7682
Facsimile: +61 3 8654 8886
Email: investor.relations@anz.com
www.shareholder.anz.com
Group General Manager
Investor Relations: Jill Campbell
COMMUNICATIONS AND
PUBLIC AFFAIRS:
Level 10, 833 Collins Street
Docklands VIC 3008 Australia
Telephone: +61 2 6198 5001
Email: Tony.Warren@anz.com
Group General Manager
Communications and
Public Affairs: Tony Warren
CONTACTS
UNITED KINGDOM
Computershare Investor Services PLC
The Pavilions Bridgwater Road
Bristol BS99 6ZZ
Telephone: +44 870 702 0000
Facsimile: +44 870 703 6101
UNITED STATES
Citibank Shareholder Services
P.O. Box 43077 Providence
Rhode Island 02940-3077
Callers outside USA: +1-781-575-4555
Callers within USA (toll free):
+1-877-248-4237 (+1-877-CITI-ADR)
Email: citibank@shareholders-online.com
citi.com/adr
The Bank of New York Mellon
240 Greenwich St, Floor 7E
New York, NY 10286
Telephone: +1 1800 254 2826
Deutsche Bank Trust Company Americas
60 Wall Street, Mailstop NYC 60-1630
New York, NY 10005
Telephone: +1 212 250 2500
SHARE AND SECURITIES REGISTRAR:
AUSTRALIA
Computershare Investor Services Pty Ltd
GPO Box 2975
Melbourne VIC 3001
Telephone within Australia: 1800 11 33 99
International Callers: +61 3 9415 4010
Facsimile: +61 3 9473 2500
Email: anzshareregistry@computershare.com.au
Austraclear Services Limited
20 Bridge Street
Sydney NSW 2000
Telephone: +61 2 8298 8476
JAPAN
Japan Securities Depository Center,
Incorporated
1-1, Nihombashi Kayabacho 2-chome,
Chuo-ku, Tokyo 103-0025 Japan
Phone: +81-3-3661-0161 (Main) /
+81-3-3661-7193 (Book-Entry Transfer
Department)
LUXEMBOURG
Deutsche Bank Luxembourg S.A.
2, Boulevard Konrad Adenauer
L-1115 Luxembourg
Luxembourg
Telephone: +352 4 21 22 1
NEW ZEALAND
Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
Telephone: 0800 174 007
Facsimile: +64 9 488 8787
44
ANZ 2018 ANNUAL REVIEW

MORE INFORMATION
General Information on ANZ can be obtained from our website: anz.com. Shareholders
can visit our Shareholder Centre at shareholder.anz.com. ANZ Corporate Governance:
For information about ANZ’s approach to Corporate Governance and to obtain copies
of ANZ’s Constitution, Board/Board Committee Charters, Codes of Conduct and Ethics
and summaries of other ANZ policies of interest to shareholders and stakeholders, visit
anz.com/governance. Australia and New Zealand Banking Group Limited ABN 11 005 357 522.
This Annual Review (Review) has been prepared for Australia and New Zealand Banking
Group Limited (“the Company”) together with its subsidiaries which are variously described
as: “ANZ”, “Group”, “ANZ Group”, “the Bank”, “us”, “we” or “our”.
FTSE4Good
DISCLOSURE INSIGHT ACTION

shareholder.anz.com
Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522.
ANZ’s colour blue is a trade mark of ANZ.

Notice Corporations Act Subsection 259C(2)ANZ 2018 Final Dividend – Foreign Currency Payments

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.