2024 ANZBGL Annual Report

Annual Report8 November 2024ANZFinancials

Australia and New Zealand Banking Group Limited
9/833 Collins Street Docklands Victoria 3008 Australia
ABN 11 005 357 522
8 November 2024

Market Announcements Office
ASX Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000

Australia and New Zealand Banking Group Limited (ANZBGL)
2024 Annual Report

ANZBGL today released its 2024 Annual Report.

It has been approved for distribution by ANZBGL’s Board of Directors.

Yours faithfully

Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

Australia and
New Zealand Banking
Group Limited
2024 Annual Report

Contents
Overview
Our 2024 reporting suite
1
O
perating environment

O
ur operating environment
2
O
ur purpose and strategy
4
H
ow we create value 6
A
bout our business
8
G
overnance

Directors 10
Risk management

1
4
Performance overview
2
0
Remuneration report
3
4
Directors’ report
7
6
Financial report
7
9
Glossary

216

Our 2024 reporting suite
Annual Report structure
The various elements of the Directors’ Report, including the Operating and
Financial Review, are covered on pages 1 to 32. Commentary on our performance
overview contained on pages 20 to 32 references information reported in the
Financial Report pages 79 to 215.
The Remuneration Report on pages 34 to 75 and the Financial Report on pages
79 to 215 have been audited by KPMG.
This report covers all ANZBGL operations worldwide over which, unless otherwise
stated, we had control for the financial year 1 October 2023 to 30 September
2024. Monetary amounts in this document are reported in Australian dollars,
unless otherwise stated.
ANZ Group
Holdings Limited
ABN 16 659 510 791
2024 Full Year Results
Announcement
anz.com/results
2024 ANZGHL Annual Report
anz.com/annualreport
2024 Corporate
Governance Statement
anz.com/corporategovernance
2024 Climate-Related
Financial Disclosures
anz.com/annualreport
2024 Environment, Social and
Governance (ESG) Supplement
anz.com/annualreport
Australia and New Zealand
Banking Group Limited
ABN 11 005 357 522
2024 ANZBGL Annual Report
anz.com/annualreport
2024 September Quarter
APS 330 Pillar III Disclosure
anz.com/results
2024 United Kingdom
Disclosure and Transparency
Rules Submission (when released)
anz.com/results
Disclaimer & important notices
The material in this report contains
general background information about
the Group’s activities current as at 7th
November 2024. It is information given in
summary form and does not purport to
be complete. It is not intended to be and
should not be relied upon as advice to
investors or potential investors, and does
not take into account the investment
objectives, financial situation or needs of
any particular investor. These should be
considered, with or without professional
advice, when deciding if an investment
is appropriate.
Forward-looking statements
This report may contain forward-looking
statements or opinions including
statements regarding our intent, belief or
current expectations with respect to the
Group’s business operations, market
conditions, results of operations and
financial condition, capital adequacy,
sustainability objectives or targets,
specific provisions and risk management
practices. Those matters are subject to
risks and uncertainties that could cause
the actual results and financial position of
the ANZBGL Group to differ materially from
the information presented herein. When
used in the report, the words ‘forecast’,
‘estimate’, ‘goal’, ‘ target ’, ‘indicator’, ‘plan’,
‘pathway’, ‘ambition’, ‘modelling’, ‘project’,
‘intend’, ‘anticipate’, ‘believe’, ‘expect ’,
‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’,
‘would’, ‘could’, ‘should’ and similar
expressions, as they relate to the Group
and its management, are intended to
identify forward-looking statements or
opinions. There can be no assurance that
actual outcomes will not differ materially
from any forward-looking statements or
opinions contained herein. Also see the
Risk management section on pages
14 to 19 in relation to risks that may affect
forward-looking statements, and the `Key
Judgements and Estimates’ identified in
various places in the Annual Report.
Those statements are usually predictive
in character; or may be affected by
inaccurate assumptions or unknown risks
and uncertainties or may differ materially
from results ultimately achieved. As such,
these statements should not be relied
upon when making investment decisions.
These statements only speak as at the
date of publication and no representation
is made as to their correctness on or after
this date. No member of the ANZBGL
Group undertakes any obligation to
publicly release the result of any revisions
to these forward-looking statements to
reflect events or circumstances after the
date hereof to reflect the occurrence of
unanticipated events.
Climate-related information
This report also contains climate-related
statements. Those statements should be
read with the important notices in relation
to the uncertainties, challenges and risks
associated with climate-related
information in our 2024 Climate-related
Financial Disclosures report available at
anz.com/annualreport.
1
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

z
Our operating environment
A range of influences
characterise the
current operating
environment.
Economies have coped relatively
well with the sharp increases in
interest rates over 2022 and 2023.
Economic activity has slowed, but
recessions have been rare and
shallow. Unemployment in Australia
and New Zealand has only modestly
increased.
The cumulative impact of rising prices and
higher interest rates is sustaining cost of
living pressures for consumers, but
household balance sheets, in aggregate,
are sturdy. Investment plans are generally
robust, but resource availability is a
challenge, not least because of similar
wants across economies. Industrial policy
has become more common, including in
Australia, and is likely to reshape the
structure of economic activity over time
as governments address perceived
supply chain vulnerabilities and prioritise
domestic resilience.
China’s economy is operating on a
different cycle. Growth has moderated
as the economy adjusts to an ageing
demographic and the demand mix
changes. Trade is still growing despite
geopolitical complexities. High commodity
prices are sustaining exports from
Australia and New Zealand. Asian exports
have had a particularly strong year, backed
by renewed strength in technology trade.
The climate transition remains a subtext
to many of these developments. Resource
access challenges feature here as well,
as many economies strive to invest in
renewable energy, building retrofits and
more climate-friendly transport.
2Australia and New Zealand Banking Group Limited 2024 Annual Report

z
Economic outlook
Growth has slowed, but many central
banks have begun to reduce interest rates.
Inflation has proven to be slightly stickier
in Australia than elsewhere. Australia,
therefore, is likely to follow with a modest
easing cycle of its own, but not until 2025.
Easing cycles are likely to only partially
reverse the sharp interest rate rises of
recent years.
Private sector balance sheets, in general,
are in solid shape, suggesting lower
interest rates are likely to generate
economic traction without needing to be
too vigorous. The supply side of many
economies remains challenged by
influences including ageing workforces,
housing constraints, and the influence of
geopolitics and industry policy on supply
chains. This is also encouraging more
sustained government spending than has
been the case in previous cycles.
Policy in China has been gradually
responding to reduce the risks of a
sharper slowdown. Excessively low
inflation has been the primary
macroeconomic challenge. Further
easing is likely as China adjusts to softer
structural drivers of demand. An ageing
demographic suggests a shift in the mix
of activity over time, including in the
commodity sector. These shifts are likely
to have some permanence.
1. Refer to our 2024 Climate-related disclosures report for more information and for glossary of terms available at anz.com/esgreport.
ChallengesExamples of how we’re responding
Inflationary pressures
and higher interest rates
• Assessing borrowers’ resilience to
rising interest rates
•
F
ocusing on cost management and
delivering ongoing productivity
benefits, including from technology
simplification
• Dealing appropriately with customers
experiencing financial hardship or in
need of extra care
•
A
djusting our staff salaries appropriately
Public and regulatory scrutiny
• Being transparent about how we
are addressing regulatory and
political concerns
•
W
orking cooperatively with
regulators, government and non-
governmental organisations (NGOs)
• Continuing to evolve our ESG policies
and processes, seek to implement them
effectively and transparently disclose
our progress
Competitive
banking industry
• Operating a diverse business,
continuing to invest and prioritise
resources across Retail, Commercial
and Institutional segments
• Deploying new and improved digital
services, products and processes to
help meet customer needs for
efficient and accessible banking
•
Investing in underlying technology and
systems to establish more flexible and
responsive platforms (including ANZ Plus
and Institutional Payments and Cash
Management Platforms)
Cybersecurity threats
• Ongoing investment in cybersecurity,
fraud and scams detection capabilities
• Increasing customer awareness and
education as to the relevant risks
Geopolitical tension
• Contingency plans for our medium-to-
higher risk jurisdictions with trigger
events identified and monitored
• Continuing to review our international
network and operations
Climate change and nature
1
• Elevating climate to a Material Risk
in November 2023
•

O
ur Board approving our Group wide
Climate and Environment Strategy in
October 2024
• Supporting our customers’ transition
through banking and finance products
and services, such as sustainability-
linked loans and ESG-format bonds,
that help drive the transition to a low
carbon economy
3
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
3

Our purpose and strategy
Our purpose is to shape
a world where people and
communities thrive. It
explains ‘why’ we exist and
drives everything we do at
ANZ, including the choices
we make each day about
those we serve and how
we operate.
Our aspiration is to build a simpler, better, more purpose-driven
bank, through:
purpose-led propositions and
partnerships that improve financial
wellbeing, access to housing and
sustainability for our target segments
automated business-services
supported by modern, cloud-
based technology that is more
open, efficient, resilient and
compliant

an agile operating model that
encourages innovation and makes it
easier for our people to deliver value
for our customers quickly
disciplined allocation of resources,
enhanced delivery capabilities,
and an alignment of systems
and incentives.
Through our purpose we have elevated three areas facing significant
societal challenges aligned with our strategy and our reach, which
include commitments to:
Improving the financial wellbeing of our people, customers and
communities by helping them make the most of their money
throughout their lives;
Supporting household, business and financial practices that improve
environmental sustainability; and
Improving the availability of suitable and affordable housing options
for all Australians and New Zealanders.
Save for, buy and
own a liveable home
Start or buy and sustainably
grow their business
Move capital and goods around
the region and sustainably grow
their business
In particular, we want to help customers:
We bring our purpose to life through our strategy: to improve the financial wellbeing and sustainability
of customers through excellent services, tools and insights that engage and retain them, and help
positively change their behaviour.
4Australia and New Zealand Banking Group Limited 2024 Annual Report

Our values are: I.C.A.R.E
Integrity
We are honest and fair by speaking openly
and transparently, making thoughtful and
balanced decisions, doing what’s right and
acting with courage.
Collaboration
We work together for the customer, by getting
the right people together to get the job done
and helping each other.
Accountability
We take ownership and get things done – we do
what we say we will do – find the solutions by
testing and learning and act with determination.
Respect
We care for all those we serve. We value
difference and encourage everyone to have a
voice, think and act with consideration for our
customers, community and the environment.
Excellence
We challenge ourselves to be better. This is done
by making things simple, finding ways to work
differently, using data to improve and asking for
as well as acting on feedback.
Our values
Our values shape how we deliver our
purpose-led strategy. They are the
foundation of ‘how’ we work – living
our values every day enables us to
deliver on our strategy and purpose,
strengthen stakeholder relationships
and earn the community’s trust. All
employees and contractors must
comply with our Code of Conduct,
which sets down the expected
standards of professional behaviour
and guides us in applying our values.
5
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
5

We create value for our stakeholders
through the ‘Bank We’re Building’,
developing propositions our customers
love, with easy-to-use products and
services that evolve to meet their
changing needs.
We differentiate through our global
network, thought leadership, and
diversified retail, commercial and
institutional customer businesses.
How we create value
Our customer propositions are
enabled through our people and our
technology, data and risk
management:
Supported by our balance sheet
strength, our partnerships and
reputation:
Purpose and values-led people who drive value by caring about our customers
and the outcomes we create.
Flexible and resilient digital banking platforms powering our customers and made
available for others to power the industry.
Risk management framework and culture, establishing, overseeing and
influencing how risk is considered in decision making.
Partnerships that unlock new value with ecosystems that help customers further
improve their financial wellbeing and sustainability.
Strong balance sheet positions with access to capital, funding and liquidity to protect
and grow our business.
Reputation underpinned by trusted relationships with customers we choose to bank,
our business partners and the community to strengthen our brand and reputation.
6Australia and New Zealand Banking Group Limited 2024 Annual Report

Strategy &
business
model
Transformation outcomes
More targeted
We support more of our chosen customers to achieve
their goals, by using data to understand their needs.
More engaged
We improve our customers’ financial wellbeing and
sustainability by connecting with them and providing
valued solutions that meet their needs.
More efficient
We serve our customers more efficiently to save
them money and time by simplifying and automating
our processes.
Better protected
We reduce the risk of doing business for our customers
and for the bank, with systems that are less complex,
less prone to error and more secure.
More dynamic
We respond more rapidly to the evolving environment,
with adaptable people, systems and processes.
Aiming to create value for our stakeholders
Our customers
will have relatively better financial
wellbeing.
Our employees
will be more engaged and with better
tools to support customers.
Our shareholders
will be rewarded with stronger long-term
financial results (in terms of sustainable
economic profits).
Our community
will benefit from our financial contribution
(including taxes), practices and services,
contributing to positive economic
development.
Better access
to capital and talent,
driving greater
capacity to
invest well
Better data,
insights, risk
decisions
and pricing
Better customer
propositions that
are purposeful,
engaging, efficient
and safe
Better customer
engagement, and
greater use of our
products and
services
Better financial
wellbeing and
sustainability
outcomes for
customers and
the community
Better financial
outcomes for
shareholders
and staff
Better reputation
among customers
and the community,
and higher workforce
engagement
Better acquisition
and retention
rates, and higher
share of target
customers
Our customers will have
relatively better financial
wellbeing, more sustainable
practices and generate
higher average
lifetime value
7
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
7

About our business
Australia Retail
Provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits,
Credit Cards and Personal Loans. Products and services are provided via the branch network, home loan
specialists, contact centres, a variety of self-service channels (digital and internet banking, website,
ATMs and phone banking) and third-party brokers.
Australia
Commercial
Provides a full range of banking products and financial services, including asset financing, across
the following customer segments: SME Banking (small business owners and medium commercial
customers), and Diversified & Specialist Businesses (large commercial customers, and high net worth
individuals and family groups).
Institutional
The Institutional division services global institutional and corporate customers, and governments
across Australia, New Zealand and International (including Papua New Guinea (PNG)) via the following
business units:
•

T
ransaction Banking provides customers with working capital and liquidity solutions including
documentary trade, supply chain financing, commodity financing as well as cash management
solutions, deposits, payments and clearing.
• Corporate Finance provides customers with loan products, loan syndication, specialised loan
structuring and execution, project and export finance, debt structuring and acquisition finance, and
sustainable finance solutions.
•
M
arkets provides customers with risk management services in foreign exchange, interest rates, credit,
commodities, and debt capital markets in addition to managing the Group’s interest rate exposure and
liquidity position.
New Zealand
The New Zealand division comprises the following business units:
•
P
ersonal provides a full range of banking and wealth management services to consumer and private
banking customers. We deliver our services via our internet and app-based digital solutions and a
network of branches, mortgage specialists, private bankers and contact centres.
•

B
usiness & Agri provides a full range of banking services through our digital, branch and contact
centre channels, and traditional relationship banking and sophisticated financial solutions through
dedicated managers. These cover privately owned small, medium and large enterprises, the
agricultural business segment, government and government-related entities.
Suncorp
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding
company of Suncorp Bank. The transaction was undertaken to accelerate the growth of the Group’s
retail and commercial businesses while also improving the geographic balance of its business
in Australia.
The 2024 reported results include two months’ results for Suncorp Bank from the date of acquisition,
presented as Suncorp Bank division.
The Suncorp Bank division provides banking and related services to retail, commercial, small and
medium enterprises and agribusiness customers in Australia.
Pacific
The Pacific division provides products and services to retail and commercial customers (including
multi-nationals) and to governments located in the Pacific region, excluding PNG which forms part of
the Institutional division.
Group Centre
Provides support to the operating divisions, including technology, property, risk management, financial
management, treasury, strategy, marketing, human resources, corporate affairs, and shareholder
functions. It also includes minority investments in Asia.
We operate across a diverse business structure
8Australia and New Zealand Banking Group Limited 2024 Annual Report

Asia
China
Hong Kong
India
Indonesia
Japan
Laos
Malaysia
The Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Pacific
Cook Islands
Fiji
Kiribati
Papua New Guinea
Samoa
Solomon Islands
Timor–Leste
Tonga
Vanuatu
Europe
France
Germany
United Kingdom
Middle East
United Arab
Emirates (Dubai)
United States
of America
International
1. On a cash profit basis. Excludes non-core items included in statutory 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 21.
Our international presence and profit composition by geography
1
International
$1,082 million
Australia
$3,596 million
New Zealand
$2,107 million
50 years in Singapore
Singapore is Australia’s largest
two-way trading partner and investor
in Southeast Asia. It is Australia’s fifth
largest trading partner ($52.9 billion
in recent years) and fifth largest
source of foreign direct investment
($148.6 billion in 2022). As we mark
50 years in Singapore, it will not only
underline the country’s importance
to our strategy – but also as a crucial
investment and trading partner for
the whole country.
Read the full story at bluenotes.anz.
com/posts/2024/may/anz-news-
shayne-elliott-singapore-champion
9
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
9

Directors
As at the date of this report, there
are ten members on the Board of
Directors of ANZBGL. Their names,
positions within ANZBGL and
relevant other directorships are
described below.
Richard Gibb and John Cincotta each
joined the Board on 15 February 2024 as
an Independent Non-Executive Director
and Scott St John joined the Board as an
Independent Non-Executive Director on
25 March 2024. Ilana Atlas, AO and John
Macfarlane each ceased as an
Independent Non-Executive Director on
21 December 2023, both having served
on the Board since 2014. RT Hon Sr John
Key, GNZM AC ceased as an Independent
Non-Executive Director on 14 March 2024,
having served on the Board since 2018.
Relevant other directorships
Chairman: ANZGHL (from 2022), Singtel
Optus Pty Limited (from 2014, Director
from 2004) and Western Sydney Airport
Corporation (from 2017).
Deputy Chairman: St Vincent’s Health
Australia (from 2024, Director from 2019).
Relevant former directorships
held in last three years include
Former Director: Coca-Cola Amatil
(2017-2021) and Indara Digital
Infrastructure (formerly Australian Tower
Network Pty Ltd) (2021-2023).
Relevant other directorships
Director: ANZGHL (from 2022), ANZ
Bank New Zealand Limited (from 2009),
Norfina Limited (Suncorp Bank) (from
2024), the Financial Markets Foundation
for Children (from 2016) and the
Sydney Marae Alliance (from 2023).
Member: Business Council of Australia
(from 2016), the Australian Banking
Association (from 2016, Chairman
2017- 2019) and the Australian
Customs Advisory Board (from 2020).
Shayne Elliott
Position
Chief Executive Officer, Executive Director since January 2016
Paul O’Sullivan
Position
Chairman, Independent Non-Executive Director since November 2019

10Australia and New Zealand Banking Group Limited 2024 Annual Report

Relevant other directorships
Director: Norfina Limited (Suncorp
Bank) (from 2024).
Relevant former directorships
held in last three years include
Former Director: Barrenjoey Capital
Partners Group Holdings Pty Limited
(2020-2024).
John Cincotta
Position
Independent Non-Executive Director since February 2024
Relevant other directorships
Director: ANZGHL (from 2024).
Relevant former directorships
held in last three years include
Former Director: Credit Suisse
(Australia) Limited (2019-2024).
Richard Gibb
Position
Independent Non-Executive Director since February 2024
Relevant other directorships
Chairman: Norfina Limited (Suncorp
Bank) (from 2024), Executive Board of
the Institute of Health Metrics and
Evaluation at the University of
Washington (from 2024, Member from
2007) and Coalition for Epidemic
Preparedness Innovations (Norway)
(from 2018, Member from 2016).
Director: ANZGHL (from 2022) and
Clayton Utz (from 2017).
Honorary Professor: Australian
National University Research School
of Psychology.
Adjunct Professor: University of Sydney
and University of Canberra.
Relevant former directorships
held in last three years include
Former Chairman: Vault Systems
(2017-2022) and Council on the Ageing
Australia (2017-2024).
Former Director: Crown Resorts Limited
(2018-2022) and Naval Group Australia
Pty Ltd (2021-2022).
Former Member: National COVID-19
Commission Advisory Board (2020-
2021).
Former Council Member: Australian
Strategic Policy Institute (2016-2023).
Jane Halton, AO PSM
Position
Independent Non-Executive Director since October 2016
11
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Relevant other directorships
Chairman: Australia Pacific Airports
Corporation (from 2024).
Director: ANZGHL (from 2022), Norfina
Limited (Suncorp Bank) (from 2024), BHP
Group Limited (from 2020) and
Infrastructure Victoria (from 2023).
Relevant former directorships
held in last three years include
Former Director: Medibank Private
Limited (2014–2021), The Baker Heart &
Diabetes Institute (2013-2023) and
Stockland (2018-2024).
Christine O’Reilly
Position
Independent Non-Executive Director since November 2021
Relevant other directorships
Chairman: Regis Healthcare Limited
(Director from 2017, Chairman from
2018).
Director: Assemble Communities
(from 2020).
Relevant former directorships
held in last three years include
Director: AmBank Holdings Berhad
(2016-2021).
Graham Hodges
Position
Non-Executive Director since February 2023
Relevant other directorships
Chairman: Susan McKinnon Foundation
Advisory Board (from 2024).
President: Federal Remuneration
Tribunal (from 2024).
Director: ANZGHL (from 2023),
Woolworths Group Limited (from 2016)
and Fonterra Co-operative Group
Limited (from 2020).
Member: Board Advisory Group, Bain &
Company (from 2021).
Senior Advisor: Pollination (from 2023).
Relevant former directorships
held in last three years include
Former Chairman: Lendi Group
(2020-2021).
Former Director: Abacus Group
Holdings (2018-2022) and Endeavour
Group Limited (2021-2023).
Former Pro Chancellor: Western
Sydney University (2018-2024).
Holly Kramer
Position
Independent Non-Executive Director since August 2023
12Australia and New Zealand Banking Group Limited 2024 Annual Report

Relevant other directorships
Director: ANZGHL (from 2022), ANZ
Group Services Pty Ltd (from 2022),
Sonrai Security Inc. (from 2021) and
Pexa Australia Limited (from 2023).
Advisor: Zoom Video Communications,
Inc (from 2018), Box, Inc (from 2018)
and World Fuel Services (from 2023).
Jeff Smith
Position
Independent Non-Executive Director since August 2022
Relevant other directorships
Chairman: ANZ Bank New Zealand
Limited (from 2024, Director from 2021)
and Mercury NZ Limited (from 2024,
Director from 2017).
Director: ANZGHL (from 2024) and the
NEXT Foundation (from 2017).
Relevant former directorships
held in last three years include
Former Chairman: Fisher & Paykel
Healthcare Corporation Limited
(2020-2024, Director from 2015).
Former Director: Fonterra Co-operative
Group Limited (2016-2024).
Scott St John
Position
Independent Non-Executive Director since March 2024
13
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Risk management
Constant changes and
uncertainties in the
macroeconomic environment,
climate change and evolving
geopolitical tensions continue to
pose challenges to our operating
conditions. We understand that our
customers are similarly affected by
these as well as additional
challenges such as experiencing
increasing fraud
and scams activities. We
continue to strengthen our risk
management framework and
practices to meet such challenges.
External environment
The Group’s financial performance is
closely linked to the political, economic
and financial conditions in the countries
and regions in which ANZ, its customers
and its counterparties carry on business.
The current external environment is
shaped by significant global events
particularly geopolitical conditions and
climate change that impact economic
stability, regulatory environments and
financial markets.
•

G
eopolitical risk: Elections, conflicts,
and increasing US – China competition
have dominated the geopolitical
environment this year. Conflict in the
Middle East and Europe continue to
impact regional security and supply
chains and have increased market
volatility. Meanwhile, economic security
policymaking has accelerated as large
economies vie for influence, resources,
and industrial expansion. These
dynamics are reshaping trade and
investment flows, yet the swift
adaptation of these flows underscores
the resilience of the international
system. ANZ established a Geopolitical
Risk function in 2021, which provides
quarterly updates to key risk
committees, works with country teams
to monitor and manage regional risks,
and this year expanded to provide more
analysis and advice to management on
fast-moving developments.
•

C
limate risk: In November 2023, the
Board Risk Committee approved climate
risk as a material risk within ANZ’s risk
management framework. Climate risk is
also considered to be a driver of other
risks within our risk management
framework. Work is progressing to
integrate and embed climate risk into
the Group’s risk management
framework through existing policies,
processes and governance frameworks.
It is anticipated that this will be a
multi-year journey, recognising the
complexities and challenges that arise
from an evolving regulatory landscape,
limitations on the availability of and
access to reliable and consistent data,
and the need to uplift systems, tools,
and capability across the Group. For
details on our approach to managing
climate risk and actions we are taking
as part of our Net-Zero Banking Alliance
commitment, refer to our 2024
Climate-related Financial Disclosures
available at anz.com/annualreport.
Our Climate Change Commitment is
available at anz.com/esgreport.
•

T
echnology Disruption and Change:
ANZ serves a diverse customer base,
including retail, small business,
corporates, multinational institutions,
and other financial institutions. We tailor
our digital channels and products to
meet their varying needs. Our payments
services process payments in
29 markets and annually we serve more
than 10 million customers, facilitating
over seven billion payments and capital
flows. The pace of change continues
to accelerate driven by the dynamic
regulatory landscape, increased
technology disruption from both
traditional and non-traditional
competitors and industry-driven
changes (such as decommission in
legacy clearing streams (BECS &
Cheques); Confirmation of Payee, faster
payment adoption through Asia–Pacific,
ISO20022). This level of change and
disruption necessitates ongoing
vigilance regarding our enhanced
operational resilience, innovation and
compliance capabilities. We are
continually adapting our processes and
systems to meet these evolving
requirements, ensuring that we remain
agile and responsive to the evolving
regulatory, competitive, customer and
technological demands.
14Australia and New Zealand Banking Group Limited 2024 Annual Report

In addition, economic instability including
elevated interest rates, inflationary
pressures and higher cost of living
continue to increase financial stress for
some customers. While households and
businesses have been largely resilient to
date, the Board and management
continually monitor these developing
conditions to set appropriate risk criteria
for a range of potential scenarios. We will
continue to carefully manage our capital
and risk appetite settings so we can
continue to support our customers.
Suncorp Bank integration
On 1st August 2024, we welcomed
~3000 Suncorp Bank employees and 1.2
million customers into the ANZ Group. We
believe this acquisition will bring significant
public benefits and create a stronger,
more competitive bank that will better
serve our customers. Suncorp Bank has
a comprehensive risk management
framework and policies that operate
effectively. Through the establishment of
the Suncorp Bank Board, and in line with
commitments made, Suncorp Bank has its
own dedicated Management and Board
Risk Committees. Work is in progress to
ensure a smooth transition of risk
management frameworks and policies,
and effective integration into the ANZ risk
management operating model.
Non-financial risk
During the year APRA required ANZ to
hold an additional operational risk capital
overlay of $250 million (total $750 million)
from 30th September 2024. This increase
was a result of APRA viewing ANZ as
having made insufficient progress in
addressing weaknesses in non-financial
risk management. These concerns were
heightened following a number of recent
issues relating to our Markets business.
While there has been a lot of work already
completed in uplifting our approach to
non-financial risk management, there is
still more to do, and ANZ remains
committed to getting that work done as
soon as possible. This includes the
adoption of a consistent, simplified,
bank-wide methodology and framework,
from a technology, reporting, and culture
perspective.
Financial crime
We maintain a financial crime risk
management program that anticipates
and navigates criminal threats. The
Financial Crime portfolio continues to be
responsible for ensuring that ANZ meets
its regulatory obligations through its
Anti-Fraud Policy, Anti-Money Laundering/
Counter Terrorism Finance and Sanction
Programs for delivering detection,
investigative and intelligence capability
focused on identifying, mitigating, and
managing financial crime risk to help
protect the community. We also maintain
our partnership with the Australian
Transaction Report and Analysis Centre
(AUSTRAC)-led Fintel Alliance to increase
the resilience of the financial sector to
prevent exploitation by criminals, and
support investigations into serious crime
and national security.
Scams
ANZ continues to invest significantly as
part of its fight to help protect customers
and the community from scams and other
financial crimes. In 2024, ANZ has
prevented more than $140 million of
customer funds going to cybercriminals
and total ANZ customer scam losses
decreased compared to the previous year.
This is partly due to increased friction we
have put in place to slow down the
payment process for high-risk payments.
We also rely on our enhanced Falcon
technology to detect more suspicious
transactions.
Our latest measures for ANZ Classic
customers include the introduction of a
dedicated team of specialists who handle
calls about fraud and scams, a new Scam
Scoring model that uses AI to boost our
scam detection, and a Mule Detection
model to detect mule accounts and restrict
the movement of scam proceeds. We also
increased personalised warning messages
on Internet Banking when a transaction or
activity is considered high risk. For ANZ Plus
customers, we introduced a suite of scam
safe features including screen share
protection from scammers, location-based
security, risky-app detection, crypto limits
and active call status to detect coaching
from scammers.
We delivered various education initiatives
to improve scam confidence and service
capability for our bankers and customers.
This included for example, new and
enhanced content on ANZ’s security hub
on anz.com, messages and alerts in ANZ’s
digital channels, and the creation of new
mandated security content for frontline
employees to support customer
engagement on security.
We also added a new scams education
module to ANZ’s flagship financial
education program, MoneyMinded, which
equips community professionals with
resources to support their clients identify
and protect themselves from scams.
Emerging risks
ANZ manages and monitors risks in
accordance with our Risk Management
Framework (RMF). In addition to our material
risks – see below – two emerging risks that
we are paying particular attention to are:
Nature: We consider that our most material
nature risks can arise from lending to
customers that have material impacts and/
or dependencies on nature. These risks
can also arise from legal and regulatory
changes, which may impact ANZ directly or
indirectly through our customers. Failure to
manage these risks may lead to financial
and non-financial risks to ANZ.
We acknowledge the need to protect and
restore nature and mitigate biodiversity loss
including as a result of species extinction or
decline, ecosystem degradation and nature
loss. We are seeking to understand the
impacts and dependencies nature can
have on our customers, including how
customers are managing and mitigating
material risks and impacts.
For details on our approach to managing
nature risk refer to our 2024 Climate–
related Financial Disclosures available at
anz.com/annualreport. Our Climate
Change Commitment is available at
anz.com/esgreport.
Artificial Intelligence (AI): At ANZ, we
recognise the opportunity of using AI to
help shape a better world where
communities thrive. AI has the potential to
drive significant innovation and efficiency
in our operations, leading to enhanced
customer experiences and business
growth. With this opportunity comes the
need to act responsibly to mitigate the
potential risks associated with use of AI.
ANZ is adapting our governance and risk
management frameworks to ensure that
AI is adopted safely, in pace with evolving
regulatory standards and the expectations
of our customers.
15
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Risk culture
Risk culture is an important component
of our organisational culture and
underpins the shared values, behaviours
and practices that influence how risk is
considered in decision making.
ANZ remains committed to strengthening
risk culture, supporting the Group to
meet the evolving expectations of our
customers, the community and
regulators. Having achieved the target
state in 2023, the enterprise’s risk culture
has not met expectations of continuous
improvement in 2024. Notwithstanding
the strength in managing the Group’s
financial risks across credit, market,
capital, and liquidity, regulatory concerns
around our Markets business and
non-financial risk management are
earnestly under review, ensuring learnings
are captured to support improvement of
risk management behaviours and
practices where appropriate.
Risk culture is actively monitored
and driven across the Group through
completion of risk culture plans,
enterprise-wide awareness activities and
the continued focus on delivery of the
Group wide non-financial risk framework.
Risk culture is embedded in annual
performance and remuneration, and
recognition programs such as Risk
Role Models (see section 6 of the
Remuneration Report).
Our Risk Management
Framework (RMF)
The Board is ultimately responsible for
establishing and overseeing the ANZ
Group’s RMF which is supported by the
Group’s underlying systems, structures,
policies, procedures, processes and
people. The Board has delegated authority
to the Board Risk Committee (BRC) to
develop and monitor compliance with
the Group’s risk management policies.
The Committee reports regularly to the
Board on its activities. The key pillars of
our Group RMF include:
•

T
he Risk Management Strategy (RMS)
which is a critical element of the Group’s
RMF. The RMS includes: how the risk
function is structured to support the
Group’s purpose and strategy, and the
execution of the Group Chief Risk
Officer’s prescribed responsibilities as
an Accountable Person under the
Financial Accountability Regime; the
values, attitudes and behaviours that
support risk decision-making in
delivering on strategic priorities and a
Board approved target risk culture; a
description of each material risk; and an
overview of how the RMS addresses
each material risk, with reference to the
relevant policies, standards and
procedures. It also includes information
on how the Group identifies, measures,
evaluates, monitors, reports and
controls or mitigates the material risks
and the oversight mechanism and/or
committees in place.
•

T
he Risk Appetite Statement (RAS),
conveys, for each material risk, the
maximum level of risk the Group is
willing to accept in pursuing its strategic
objectives and its operating plans
considering its shareholders’,
depositors’ and customers’ interests.
•
Risk Principles support the RMF and
outline the behaviours and practices
that are expected to be applied to
guide risk management and help to
instil an appropriate risk culture across
the Group.
The Group operates under the Three
Lines-of-Defence Model. Each line of
defence has clearly defined roles,
responsibilities and escalation paths to
support effective risk management at
ANZ. The three lines of defence model
embeds a culture where risk is
everyone’s responsibility.
The business and enablement functions
form the first lines-of-defence and are
responsible for the implementation and
ongoing maintenance of the RMF
including day-to-day ownership of
risks and controls.
The Risk function forms the second line
of defence, providing independent
oversight of the Group’s risk profile and
RMF, including effective challenge to
activities and decisions that materially
affect the Group’s risk profile and working
with the first line, in developing and
maintaining the RMF.
Internal Audit is the third line of defence,
providing independent evaluation
and objective assurance on the
appropriateness, effectiveness and
adequacy of the Group’s RMF.
The governance and oversight of risk
management, while embedded in
day-to-day activities, is also the focus of
committees and regular forums across
the bank (see diagram next page). The
committees and forums discuss and
monitor known and emerging risks, review
management plans and monitor progress
to address known issues.
16Australia and New Zealand Banking Group Limited 2024 Annual Report

Executive Committee
ANZ’s most senior executives meet
regularly to discuss performance
and review shared initiatives.
Enterprise
Accountability
Group
Group Performance Execution Committee
ANZ’s key Management Committee charged with
oversight of the Group’s overall operational performance
and position and execution of the operating plan.
Principal Board

Committees
Group
Division
Country
Credit Ratings
System Oversight
Committee
Capital and
Stress Testing
Oversight
Committee
Financial Crime OREC
Sub-Committee
Regional or
Country Risk
Management
Committees
Country Assets
and Liability
Committees
Credit and
Market Risk
Committee
Group Asset
and Liability
Committee
Operational
Risk Executive
Committee
(OREC)
Ethics and
Responsible
Business
Committee
Investment
Committee
Group
Executive
People
Committee
Divisional/
Functional
Accountability
Groups
Divisional
Initiatives Review
Committees/
Project Advisory
Councils
Divisional Risk Management
Committees
Audit
Committee
Ethics,
Environment,
Social and
Governance
Committee
Risk
Committee
Digital Business
and Technology
Committee
Nomination and
Board Operations
Committee
People
and Culture
Committee
Board of Directors
Key Management Committees
17
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

The material risks facing the Group per the Group’s RMS, and how these risks are managed, are summarised below.
Risk typeDescriptionManaging the risk
Capital
Adequacy
Risk
The risk of loss arising from the Group failing
to maintain the level of capital required by
prudential regulators and other key stakeholders
(shareholders, debt investors, depositors, rating
agencies, etc.) to support the Group’s
consolidated operations and risk appetite.
We pursue an active approach to Capital
Management, which is designed to protect the
interests of depositors, creditors and shareholders
through ongoing review, and Board approval, of
the level and composition of our capital base
against key policy objectives.
Credit Risk
The risk of financial loss resulting from:
•
A c
ounterparty failing to fulfil its obligations; or
•
A decrease in credit quality of a counterparty
resulting in a loss.
Our Credit Risk framework is top down, being
defined by credit principles, policies and
requirements. Credit policies, requirements and
procedures cover all aspects of the credit life
cycle from initial approval and risk grading,
through to ongoing management and problem
debt management.
Liquidity and
Funding Risk
The risk that the Group is unable to meet its
payment obligations as they fall due, including:
• Repaying depositors or maturing wholesale
debt; or
• The Group having insufficient capacity to
fund increases in assets.
The Group recognises the inherent liquidity
and funding risk in the balance sheet and has
established a set of key principles, to mitigate
and control liquidity and funding risk.
Our framework is top down, being defined by
liquidity principles and policies. A liquidity limit
framework is in place with liquidity limits set based
on a liquidity stress testing framework.
Market Risk
The risk stems from our trading and balance
sheet activities and is the risk to the Group’s
earnings arising from:
•

C
hanges in interest rates, foreign exchange
rates, credit spreads, volatility, correlations; or
•
F
luctuations in bond, commodity or equity
prices.
We have a detailed market risk management and
control framework which includes incorporating an
independent risk measurement approach to
quantify the magnitude of market risk within the
trading and balance sheet portfolios. This
approach identifies the range of possible
outcomes, that can be expected over a given
period of time, and establishes the likelihood of
those outcomes and allocates an appropriate
amount of capital to support these activities.
Strategic Risk
Strategic Risk is defined as the risk that
internal or external factors prevent the Group
from achieving the key strategic goals that are
core to its operations through introduced risk
due to strategy changes, failure to execute the
strategy effectively, or a failure to adapt the
strategy in response to changing
environments and requirements.
Strategic risk may arise from factors such as
changes in the environmental context, failure
to meet strategic targets, and the introduction
of new or heightened risks resulting from
strategic adjustments.
Strategic risks are discussed and managed by the
Executive Committee (ExCo) through the Group
strategic planning process. Additionally, we
monitor delivery risk associated with High Impact
change initiatives and undertake risk assessments
prior to execution of our strategic changes.
Material risks
18Australia and New Zealand Banking Group Limited 2024 Annual Report

Risk typeDescriptionManaging the risk
Climate Risk
Climate risk includes:
•
P
hysical risk – arising from both longer-term
changes in climate (chronic risk) as well as
changes to the frequency and magnitude
of extreme weather events (acute risk).
Examples of chronic physical risk drivers
include rising sea levels, rising average
temperatures and ocean acidification.
Examples of acute physical risk drivers
include heatwaves, floods, bushfires
and cyclones;
•
Transition risk – arising from the transition to
a lower emission economy, including changes
in domestic and international policy and
regulatory settings, technological innovation,
social adaptation and market changes; or
•

L
iability risk – in the form of potential litigation
or regulatory action that may arise as a
consequence of a failure to adequately
consider or respond to the impacts of climate
change (including physical and transition
risks). This includes for example, the risk of
greenwashing, which may arise where an
entity is alleged to have misrepresented its
climate-related risks, business credentials
or strategies.
Following the elevation of climate risk to a material
risk in November 2023, work is progressing to
integrate and embed climate risk into the Group’s
risk management framework through existing
policies, processes and governance frameworks.
While climate risk can be a driver of credit risk
through lending to our customers, it may also
result in other financial risks, e.g. market risk
Climate risks can also be a driver of non-financial
risks including conduct risk, regulatory risk and
operational resilience risk.
Climate-related financial and non-financial risks
are managed through the risk management
strategies associated with these risks.
In 2024, we identified insurability risk as an
emerging risk to the Group and are seeking to
further understand the potential risks and impacts
to our customers.
Non-Financial
Risk
Non-Financial Risk (NFR) is the risk of loss and/
or non-compliance (including failure to act in
accordance with laws, regulations, industry
standards and codes, and internal policies)
resulting from inadequate or failed internal
processes, people, system and/or data, or
from external events. The Group manages NFR
in accordance with the industry-wide
Operational Risk Exchange (ORX) taxonomy,
of 16 ‘Risk Themes’, noting some of these
present a higher inherent risk to the Group
such as Conduct, Data, Financial Crime,
Information Security (including Cyber),
Regulatory and Technology.
The Group’s strategy for evolving NFR
management provides a planned and proactive
approach to improving the Group’s NFR
management. The NFR strategy is being
operationalised through the NFR Framework,
which has been designed to enable the Group to
holistically, consistently and effectively identify,
assess, remediate, monitor and report on NFR.
For further information about the principal risks and uncertainties that the ANZBGL
Group faces, refer to Principal Risks and Uncertainties section contained within the
‘2024 United Kingdom Disclosure and Transparency Rules Submission’ available at
anz.com/shareholder/centre/reporting/regulatory-disclosure/
19
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Performance overview
Our Performance (continued)
32
Group performance

The results of the Group’s operations and financial position are set out on pages 20-32. Pages 2-9 outline the Group’s strategy and
prospects. Discussion of our approach to risk management, including a summary of our key material risks, is outlined on pages 14-19.
Discussion or disclosure of further business strategies and prospects for future financial years has not been included in this report because,
in the opinion of the directors, it would be likely to result in unreasonable prejudice to the Group.
Group profit results

2024 2023
1

Statutory Cash Statutory Cash
Income Statement $m $m $m $m
Net interest income 16,037 16,037 16,568 16,568
Other operating income 4,484 4,746 3,910 4,344
Operating income 20,521 20,783 20,478 20,912
Operating expenses (10,669) (10,669) (10,087) (10,087)
Profit before credit impairment and income tax 9,852 10,114 10,391 10,825
Credit impairment (charge)/release (406) (406) (245) (245)
Profit before income tax 9,446 9,708 10,146 10,580
Income tax expense (2,816) (2,888) (2,945) (3,072)
Non-controlling interests (35) (35) (28) (28)
Profit attributable to shareholders of the Company 6,595 6,785 7,173 7,480
1. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts and restated 2023 comparative information. Refer to Note 1 About our financial statements for further details.
Statutory profit attributable to shareholders of the Company for the year decreased $578 million on the prior year to $6,595 million.
The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities. It is an industry-wide measure which
enables comparison with our peer group. We calculate cash profit by adjusting statutory profit for non-core items. In general, it represents the
financial performance of our core business activities. We use cash profit internally to set targets and incentivise our Senior Executives and leaders
through our remuneration plans. Refer to page 21 for adjustments between statutory and cash profit. The adjustments made in arriving at cash
profit are included in statutory profit which is subject to audit within the context of the external auditor’s audit of the 2024 Financial Report. Cash
profit is not subject to audit by the external auditor. Our external auditor has informed the Audit Committee that adjustments between statutory
and cash profit have been determined on a consistent basis across each of the periods presented.
Suncorp Bank acquisition
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Suncorp Bank
provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia.The transaction
was undertaken to accelerate the growth of the Group’s retail and commercial businesses while also improving the geographic balance of its
business in Australia. The 2024 reported results include 2 months results for Suncorp Bank from the date of acquisition, presented as Suncorp
Bank division.
The Group is currently completing the purchase price allocation exercise to identify, measure and recognise the acquired tangible and intangible
assets and assumed liabilities at their acquisition date fair values. As at 30 September 2024, all values have been recognised on a provisional
basis pending completion of this exercise. The provisional goodwill balance of $1,402 million will be remeasured to take into account any
adjustments from this exercise.
For further information on the assets acquired and liabilities assumed, refer to Note 34 Suncorp Bank acquisition in the Financial Report.
Suncorp Bank acquisition related adjustments
Suncorp Bank’s divisional results for 2024 includes the following acquisition related adjustments recognised by the Group post transaction
completion, with an after tax charge of $196 million:
 Collectively assessed credit impairment charge of $244 million ($171 million after tax) for Suncorp Bank’s performing loans and advances. In
accordance with Australian Accounting Standards requirements, the Group consolidated Suncorp Bank’s loans and advances on 31 July 2024,
however the Group was not permitted to recognise an allowance for ECL on the performing loans and advances, leading to a proportional
reduction in acquisition-related goodwill that would otherwise have been recognised. Subsequently, the Group was required to recognise a
collectively assessed allowance for ECL estimated using the Group’s ECL methodologies, with a corresponding charge recognised in the
Group’s Income Statement.
 Accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

20Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
33
Group performance
Key measures of our financial performance are set out below.

Adjustments between statutory profit and cash profit ($m)

Adjustments between continuing operations statutory profit and cash profit are summarised below:

Adjustment Comment for the adjustment
Economic hedges
2024: $264 million loss
2023: $217 million loss

Revenue and expense
hedges

2024: $74 million gain
2023: $90 million loss

The Group enters into economic hedges to manage its interest rate and foreign exchange risk which, in accordance
with accounting standards, result in fair value gains and losses being recognised within the Income Statement. We
remove the fair value adjustments from cash profit since the profit or loss resulting from the hedge transactions will
reverse over time to match with the profit or loss from the economically hedged item as part of cash profit. This
includes gains and losses arising from derivatives not designated in accounting hedge relationships but which are
considered to be economic hedges, including hedges of foreign currency debt issuances and foreign exchange
denominated revenue and expense streams, primarily NZD and USD (and USD correlated), as well as ineffectiveness
from designated accounting hedges.
In the 2024 financial year, losses on economic hedges relate to funding-related swaps, principally from narrowing
USD/EUR currency basis spreads and the weakening of the USD against the AUD. Further losses were driven by the
impact of falling AUD and NZD yield curves on net pay fixed economic hedge positions.
The gain on revenue and expense hedges was mainly due to the appreciation of AUD against the USD and NZD.

1.57
1.70
2024
2023
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Return on equity –
cash (%)
Common equity
tier 1(%)
51.3
48.2
2024
2023
406
245
2024
2023
6,785
7,480
2024
2023
12.2
13.3
2024
2023
9.9
11.2
2024
2023
264
2024 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
2024 Cash profit
attributable to shareholders
of the Company
6,595
(74)
6,785
21
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
20Australia and New Zealand Banking Group Limited 2024 Annual Report

Performance overview
Our Performance (continued)
32
Group performance

The results of the Group’s operations and financial position are set out on pages 20-32. Pages 2-9 outline the Group’s strategy and
prospects. Discussion of our approach to risk management, including a summary of our key material risks, is outlined on pages 14-19.
Discussion or disclosure of further business strategies and prospects for future financial years has not been included in this report because,
in the opinion of the directors, it would be likely to result in unreasonable prejudice to the Group.
Group profit results

2024 2023
1

Statutory
Cash Statutory Cash
Income Statement $m $m $m $m
Net interest income 16,037 16,037 16,568 16,568
Other operating income 4,484 4,746 3,910 4,344
Operating income 20,521 20,783 20,478 20,912
Operating expenses (10,669) (10,669) (10,087) (10,087)
Profit before credit impairment and income tax 9,852 10,114 10,391 10,825
Credit impairment (charge)/release (406) (406) (245) (245)
Profit before income tax 9,446 9,708 10,146 10,580
Income tax expense (2,816) (2,888) (2,945) (3,072)
Non-controlling interests (35) (35) (28) (28)
Profit attributable to shareholders of the Company 6,595 6,785 7,173 7,480
1. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts and restated 2023 comparative information. Refer to Note 1 About our financial statements for further details.
Statutory profit attributable to shareholders of the Company for the year decreased $578 million on the prior year to $6,595 million.
The Group uses cash profit, a non-IFRS measure, to assess the performance of its business activities. It is an industry-wide measure which
enables comparison with our peer group. We calculate cash profit by adjusting statutory profit for non-core items. In general, it represents the
financial performance of our core business activities. We use cash profit internally to set targets and incentivise our Senior Executives and leaders
through our remuneration plans. Refer to page 21 for adjustments between statutory and cash profit. The adjustments made in arriving at cash
profit are included in statutory profit which is subject to audit within the context of the external auditor’s audit of the 2024 Financial Report. Cash
profit is not subject to audit by the external auditor. Our external auditor has informed the Audit Committee that adjustments between statutory
and cash profit have been determined on a consistent basis across each of the periods presented.
Suncorp Bank acquisition
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Suncorp Bank
provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia.The transaction
was undertaken to accelerate the growth of the Group’s retail and commercial businesses while also improving the geographic balance of its
business in Australia. The 2024 reported results include 2 months results for Suncorp Bank from the date of acquisition, presented as Suncorp
Bank division.
The Group is currently completing the purchase price allocation exercise to identify, measure and recognise the acquired tangible and intangible
assets and assumed liabilities at their acquisition date fair values. As at 30 September 2024, all values have been recognised on a provisional
basis pending completion of this exercise. The provisional goodwill balance of $1,402 million will be remeasured to take into account any
adjustments from this exercise.
For further information on the assets acquired and liabilities assumed, refer to Note 34 Suncorp Bank acquisition in the Financial Report.
Suncorp Bank acquisition related adjustments
Suncorp Bank’s divisional results for 2024 includes the following acquisition related adjustments recognised by the Group post transaction
completion, with an after tax charge of $196 million:
 Collectively assessed credit impairment charge of $244 million ($171 million after tax) for Suncorp Bank’s performing loans and advances. In
accordance with Australian Accounting Standards requirements, the Group consolidated Suncorp Bank’s loans and advances on 31 July 2024,
however the Group was not permitted to recognise an allowance for ECL on the performing loans and advances, leading to a proportional
reduction in acquisition-related goodwill that would otherwise have been recognised. Subsequently, the Group was required to recognise a
collectively assessed allowance for ECL estimated using the Group’s ECL methodologies, with a corresponding charge recognised in the
Group’s Income Statement.
 Accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to the Group’s software capitalisation policy.

20Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
33
Group performance
Key measures of our financial performance are set out below.

Adjustments between statutory profit and cash profit ($m)

Adjustments between continuing operations statutory profit and cash profit are summarised below:

Adjustment Comment for the adjustment
Economic hedges
2024: $264 million loss
2023: $217 million loss

Revenue and expense
hedges

2024: $74 million gain
2023: $90 million loss

The Group enters into economic hedges to manage its interest rate and foreign exchange risk which, in accordance
with accounting standards, result in fair value gains and losses being recognised within the Income Statement. We
remove the fair value adjustments from cash profit since the profit or loss resulting from the hedge transactions will
reverse over time to match with the profit or loss from the economically hedged item as part of cash profit. This
includes gains and losses arising from derivatives not designated in accounting hedge relationships but which are
considered to be economic hedges, including hedges of foreign currency debt issuances and foreign exchange
denominated revenue and expense streams, primarily NZD and USD (and USD correlated), as well as ineffectiveness
from designated accounting hedges.
In the 2024 financial year, losses on economic hedges relate to funding-related swaps, principally from narrowing
USD/EUR currency basis spreads and the weakening of the USD against the AUD. Further losses were driven by the
impact of falling AUD and NZD yield curves on net pay fixed economic hedge positions.
The gain on revenue and expense hedges was mainly due to the appreciation of AUD against the USD and NZD.

1.57
1.70
2024
2023
Net interest margin –
cash (%)
2020
Operating expenses to
operating income -cash (%)
Credit impairment charge
/(release) –cash ($m)
Cash profit
($m)
Return on equity –
cash (%)
Common equity
tier 1(%)
51.3
48.2
2024
2023
406
245
2024
2023
6,785
7,480
2024
2023
12.2
13.3
2024
2023
9.9
11.2
2024
2023
264
2024 Statutory profit
attributable to shareholders
of the Company
Economic
hedges
Revenue and
expense hedges
2024 Cash profit
attributable to shareholders
of the Company
6,595
(74)
6,785
21
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
21
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Our Performance (continued)
34
Group cash profit performance
Cash profit ($m)

2024 2023

$m $m Movt
Net interest income 16,037 16,568 -3%
Other operating income 4,746 4,344 9%
Operating income 20,783 20,912 -1%
Operating expenses (10,669) (10,087) 6%
Profit before credit impairment and income tax 10,114 10,825 -7%
Credit impairment (charge)/release (406) (245) 66%
Profit before income tax 9,708 10,580 -8%
Income tax expense (2,888) (3,072) -6%
Non-controlling interests (35) (28) 25%
Cash profit attributable to shareholders of the Company 6,785 7,480 -9%
Cash profit attributable to shareholders of the Company decreased $695 million (9%) compared with the 2023 financial year.
Net interest income decreased $531 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.8 billion (5%)
increase in average interest earning assets. The decrease of 13 bps was driven by home loan pricing competition, markets activities impacted by
higher funding costs, primarily on commodity assets, where the related revenues are recognised as other operating income, and higher wholesale
funding issuance volume, partially offset by higher earnings on capital and replicating deposits. The increase in average interest earning assets
was driven by higher Markets activities, lending growth across the Australia Retail, Australia Commercial and New Zealand divisions, and the
acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Other operating income increased $402 million (9%) driven by an increase of $392 million in Markets other operating income from more
favourable trading conditions and higher transaction activity, and $43 million from a loss of disposal of data centres in Australia and $26 million
from unfavourable valuation adjustments, both in the prior year. This was partially offset by a $91 million decrease in share of associates’ profit.
Operating expenses increased $582 million (6%) driven by inflationary impacts, higher costs associated with strategic initiatives, the impact from
the acquisition of Suncorp Bank and restructuring costs. This was partially offset by productivity initiatives and the initial one-off levy under the
Compensation Scheme of Last Resort (CSLR) in 2023.
Credit impairment increased $161 million (66%) driven by a $110 million increase in collectively assessed credit impairment driven by $244
million from Suncorp Bank, partially offset by improvement in economic outlook, and a $51 million increase in individually assessed credit
impairment.
402
177
2023 Cash profit
attributable to
shareholders of the
Company
Net interest
income
Other
operating
income
Operating
expenses
Credit
impairment
Income tax
expense &
non-controlling
interests
2024 Cash profit
attributable to
shareholders of the
Company
7,480
(531)
(582)
(161)
6,785
22Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
35
Analysis of cash profit performance

Net interest income
Group net interest margin (bps)

2024
2023

$m $m Movt
Net interest income
1
16,037 16,568 -3%
Net interest margin (%) - cash
1
1.57 1.70 -13 bps
Average interest earning assets 1,024,290 975,540 5%
Average deposits and other borrowings 859,844 825,113 4%
1.
Includes the major bank levy of -$389 million (2023: -$353 million).

Net interest income decreased $531 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.8 billion (5%)
increase in average interest earning assets.
Net interest margin decreased 13 bps driven by home loan pricing competition, markets activities impacted by higher funding costs, primarily on
commodity assets where the related revenues are recognised as other operating income, higher wholesale funding issuance volume, partially
offset by higher earnings on capital and replicating deposits.
Average interest earning assets increased $48.8 billion (5%) driven by higher Markets activities, lending growth across the Australia Retail,
Australia Commercial, and New Zealand divisions and the acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Average deposits and other borrowings increased $34.7 billion (4%) driven by higher term deposits, the acquisition of Suncorp Bank, and higher
commercial paper, partially offset by lower repurchase agreements.

5
2023 Cash
net interest
margin
Assets
pricing
Deposits
pricing and
wholesale funding
Assets and
funding mix
Capital and
replicating
portfolio
Suncorp
Bank impact
2024 Cash
net interest
margin subtotal
Markets activities2024 Cash
net interest
margin
170
(8)
(2)
0
0165
(8)
157
23
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
22Australia and New Zealand Banking Group Limited 2024 Annual Report

Our Performance (continued)
34
Group cash profit performance
Cash profit ($m)

2024
2023

$m $m Movt
Net interest income 16,037 16,568 -3%
Other operating income 4,746 4,344 9%
Operating income 20,783 20,912 -1%
Operating expenses (10,669) (10,087) 6%
Profit before credit impairment and income tax 10,114 10,825 -7%
Credit impairment (charge)/release (406) (245) 66%
Profit before income tax 9,708 10,580 -8%
Income tax expense (2,888) (3,072) -6%
Non-controlling interests (35) (28) 25%
Cash profit attributable to shareholders of the Company 6,785 7,480 -9%
Cash profit attributable to shareholders of the Company decreased $695 million (9%) compared with the 2023 financial year.
Net interest income decreased $531 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.8 billion (5%)
increase in average interest earning assets. The decrease of 13 bps was driven by home loan pricing competition, markets activities impacted by
higher funding costs, primarily on commodity assets, where the related revenues are recognised as other operating income, and higher wholesale
funding issuance volume, partially offset by higher earnings on capital and replicating deposits. The increase in average interest earning assets
was driven by higher Markets activities, lending growth across the Australia Retail, Australia Commercial and New Zealand divisions, and the
acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Other operating income increased $402 million (9%) driven by an increase of $392 million in Markets other operating income from more
favourable trading conditions and higher transaction activity, and $43 million from a loss of disposal of data centres in Australia and $26 million
from unfavourable valuation adjustments, both in the prior year. This was partially offset by a $91 million decrease in share of associates’ profit.
Operating expenses increased $582 million (6%) driven by inflationary impacts, higher costs associated with strategic initiatives, the impact from
the acquisition of Suncorp Bank and restructuring costs. This was partially offset by productivity initiatives and the initial one-off levy under the
Compensation Scheme of Last Resort (CSLR) in 2023.
Credit impairment increased $161 million (66%) driven by a $110 million increase in collectively assessed credit impairment driven by $244
million from Suncorp Bank, partially offset by improvement in economic outlook, and a $51 million increase in individually assessed credit
impairment.
402
177
2023 Cash profit
attributable to
shareholders of the
Company
Net interest
income
Other
operating
income
Operating
expenses
Credit
impairment
Income tax
expense &
non-controlling
interests
2024 Cash profit
attributable to
shareholders of the
Company
7,480
(531)
(582)
(161)
6,785
22Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
35
Analysis of cash profit performance

Net interest income
Group net interest margin (bps)

2024 2023

$m $m Movt
Net interest income
1
16,037 16,568 -3%
Net interest margin (%) - cash
1
1.57 1.70 -13 bps
Average interest earning assets 1,024,290 975,540 5%
Average deposits and other borrowings 859,844 825,113 4%
1.
Includes the major bank levy of -$389 million (2023: -$353 million).

Net interest income decreased $531 million (3%) driven by a 13 bps decrease in net interest margin, partially offset by a $48.8 billion (5%)
increase in average interest earning assets.
Net interest margin decreased 13 bps driven by home loan pricing competition, markets activities impacted by higher funding costs, primarily on
commodity assets where the related revenues are recognised as other operating income, higher wholesale funding issuance volume, partially
offset by higher earnings on capital and replicating deposits.
Average interest earning assets increased $48.8 billion (5%) driven by higher Markets activities, lending growth across the Australia Retail,
Australia Commercial, and New Zealand divisions and the acquisition of Suncorp Bank, partially offset by lower lending in the Institutional division.
Average deposits and other borrowings increased $34.7 billion (4%) driven by higher term deposits, the acquisition of Suncorp Bank, and higher
commercial paper, partially offset by lower repurchase agreements.

5
2023 Cash
net interest
margin
Assets
pricing
Deposits
pricing and
wholesale funding
Assets and
funding mix
Capital and
replicating
portfolio
Suncorp
Bank impact
2024 Cash
net interest
margin subtotal
Markets activities2024 Cash
net interest
margin
170
(8)
(2)
0
0165
(8)
157
23
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
23
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Our Performance (continued)
36
Other operating income
Other operating income ($m)

2024
2023

$m $m Movt
Net fee and commission income
1
1,854 1,855 0%
Markets other operating income 2,315 1,923 20%
Share of associates' profit/(loss) 134 225 -40%
Other
1
443 341 30%
Total cash other operating income
2
4,746 4,344 9%
1.
Excluding the Markets business unit.
2.
Suncorp Bank division contributed $6 million in 2024 for the 2 months ended post acquisition.
Net fee and commission income decreased $1 million driven by a decrease in non-lending fees in the Australia Commercial division, and lower
cards revenue in the Australia Retail division. This was partially offset by higher transaction activity in the Institutional division.
Markets other operating income increased $392 million (20%) driven by increases in Franchise Revenue across most product groups from more
favourable trading conditions and higher transaction activity, an increase in derivative valuation adjustments with gains from favourable credit and
funding spreads, partially offset by lower Balance Sheet revenues from the impact of fewer short-term interest rate increases than prior year.
Share of associates' profit decreased $91 million (40%) driven by loss of equity accounted earnings following the disposal of AMMB Holdings
Berhad (AmBank), and a decrease in the Group’s equity accounted share of profit from P.T Bank Pan Indonesia (PT Panin).
Other income increased $102 million (30%) primarily driven by the net increase from non-recurring items in the prior year (including unfavourable
valuation adjustments, loss on disposal of data centres, and favourable adjustment to gain on sale relating to the completed UDC Finance
divestment), and a release of excess provision following legal settlements. This was partially offset by lower gains from recycling of foreign
currency translation reserves from other comprehensive income to Income Statement on dissolution of a number of international entities, and a
loss on disposal of investment in AmBank.

392
102
2023 Cash
other
operating
income
Net fee and
commission
income
Markets
other
operating
income
Share of
associates’
profit/(loss)
Other2024 Cash
other
operating
income
4,344
(91)
4,746
(1)
1
1
24Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
37
Operating expenses
Operating expenses ($m)

2024 2023
$m $m Movt
Personnel
6,140 5,736 7%
Premises
688 684 1%
Technology
1,894 1,686 12%
Restructuring
235 169 39%
Other
1,712 1,812 -6%
Total cash operating expenses
1
10,669 10,087 6%
Full time equivalent staff
2
42,142 40,119 5%
Average full time equivalent staff 40,379 39,444 2%
1.
Suncorp Bank contributed $188 million in 2024 for the 2 months post acquisition. Excluding Suncorp Bank division, total operating expense increased 4%.
2.
Includes 2,798 FTE from Suncorp Bank division. Excluding Suncorp Bank division, FTE decreased 2%.

Personnel expenses increased $404 million (7%) driven by inflationary impacts on wages including an increase in leave provisions, impact from
acquisition of Suncorp Bank and higher resourcing associated with strategic initiatives. This was partially offset by benefits from productivity
initiatives.
Technology expenses increased $208 million (12%) driven by higher software licence costs, inflationary impacts on vendor costs and the impact
from acquisition of Suncorp Bank including accelerated amortisation expense on alignment to the Group’s software capitalisation policy. This was
partially offset by benefits from technology simplification.
Restructuring expenses increased $66 million (39%) driven by operational changes across the Group.
Other expenses decreased $100 million (6%) driven by the initial one-off CSLR levy in the September 2023 full year and benefits from
productivity initiatives. This was partially offset by the impact from acquisition of Suncorp Bank.
404
4
208
66
2023 Cash
operating
expenses
PersonnelPremisesTechnologyRestructuringOther2024 Cash
operating
expenses
10,087
(100)
10,669
25
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25
Overview
Operating
environment
Governance
Performance
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Financial
report

Our Performance (continued)
38
Credit impairment

2024
2023 Movt
Collectively assessed credit impairment charge/(release) ($m) 262 152 72%
Individually assessed credit impairment charge/(release) ($m) 144 93 55%
Credit impairment charge/(release) ($m) 406 245 66%
Gross impaired assets ($m) 1,693 1,521 11%
Credit risk weighted assets ($b) 361.2 349.0 3%
Total allowance for expected credit losses (ECL) ($m) 4,555 4,408 3%
Individually assessed allowance for ECL as % of gross impaired assets 18.2% 24.7%
Collectively assessed allowance for ECL as % of credit risk weighted assets 1.18% 1.16%
Collectively assessed credit impairment charge/(release) ($m)

The collectively assessed impairment charge of $262 million for 2024 was driven by acquisition accounting related adjustments for Suncorp
Bank, deterioration in credit risk profile across all divisions, and portfolio growth. This was partially offset by improvement in economic outlook and
a reduction in management temporary adjustments as anticipated risks are more represented in portfolio credit profiles. The collectively assessed
impairment charge of $152 million for 2023 was driven by deterioration in the economic outlook and credit risk. This was partially offset by
favourable changes in portfolio composition, particularly in the Institutional division.
Individually assessed credit impairment charge/(release) ($m)

The individually assessed credit impairment charge increased $51 million (55%) driven by increases in the Australia Commercial division from SME
Banking portfolio, the Australia Retail division from unsecured portfolio and the New Zealand division from the Business & Agri portfolio, partially
offset by a decrease in the Institutional division due to lower new impairment flows.
244
262
88
16
3
2023 Collectively
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Collectively
assessed credit
impairment charge
152
(84)
(57)
(100)
93
144
20
30
16
4
2023 Individually
assessed credit
impairment charge
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacific
0
Group Centre2024 Individually
assessed credit
impairment charge
(18)
(1)
26Australia and New Zealand Banking Group Limited 2024 Annual Report
Our Performance (continued)
39
Gross impaired assets by division ($m)

Gross impaired assets increased $172 million (11%) driven by an increase in the Australia Retail division due to restructured home loan facilities,
the acquisition of Suncorp Bank, an increase in the Australia Commercial due to deterioration in the SME Banking portfolio, and an increase in the
New Zealand division due to portfolio deterioration across all portfolios. This was partially offset by a decrease in the Institutional division due to the
upgrade of several single name exposures, and the Pacific division due to reduced restructured exposures.

Total allowance for expected credit losses ($m)

The increase in total allowance for expected credit losses was driven by a $215 million increase in the collectively assessed allowance for
expected credit losses, partially offset by a $68 million decrease in the individually assessed allowance for expected credit losses.
The increase in collectively assessed allowance for expected credit losses was driven by deterioration in credit risk profile across all divisions
($267 million), the additional allowance for ECL from Suncorp Bank ($248 million), and portfolio growth ($88 million). This was partially offset by
reduction in management temporary adjustments ($201 million), improvement in economic outlook ($136 million), and reduction from foreign
currency translation and other impacts ($51 million).
The decrease in individually assessed allowance for expected credit losses was driven by a decrease in the Institutional division due to lower new
impairment flows and continued write-backs.
350
43
36
66
2023 Gross
impaired assets
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Gross
impaired assets
1,521
(278)
(45)
01,693
14
248
3
2023 Total
allowance
for expected
credit losses
Australia
Retail
Australia
Commercial
InstitutionalNew ZealandSuncorp BankPacificGroup Centre2024 Total
allowance
for expected
credit losses
4,408
(38)
(55)
(10)
(15)
4,555
27
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environment
Governance
Performance
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27
Overview
Operating
environment
Governance
Performance
overview
Remuneration
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Directors’
report
Financial
report

Our Performance (continued)
40
Divisional performance

Australia
Australia New Suncorp Group
2024 Retail Commercial Institutional Zealand Bank
2
Pacific Centre Group
Net interest margin
1
1.91% 2.59% 0.75% 2.57% 1.93% 3.88% n/a 1.57%
Operating expenses to operating income 59.7% 43.0% 41.7% 38.8% 73.2% 64.5% n/a 52.0%
Cash profit ($m) 1,607 1,342 2,858 1,536 (122) 60 (496) 6,785
Net loans and advances ($b) 332.5 65.0 210.5 123.5 70.9 1.7 - 804.0
Customer deposits ($b) 176.8 116.3 264.4 100.9 54.7 3.6 (0.1) 716.6
Number of FTE 10,832 3,294 6,272 6,756 2,798 985 11,205 42,142
Australia Australia New Suncorp Group
2023 Retail Commercial Institutional Zealand Bank Pacific Centre Group
Net interest margin
1
2.22% 2.70% 0.89% 2.64% - 3.91% n/a 1.70%
Operating expenses to operating income 54.3% 39.6% 40.5% 36.5% - 69.7% n/a 49.3%
Cash profit ($m) 1,938 1,440 2,949 1,546 - 71 (464) 7,480
Net loans and advances ($b) 312.2 61.6 210.2 121.8 - 1.7 0.1 707.7
Customer deposits ($b) 164.8 113.4 266.5 99.1 - 3.7 (0.1) 647.4
Number of FTE 11,313 3,514 6,366 6,766 - 1,013 11,147 40,119
1.
The net interest margin excluding Markets business unit was 2.35% (2023: 2.39%) for the Group and 2.38% (2023: 2.31%) for the Institutional division.
2.
Suncorp Bank 2024 Cash profit includes Suncorp Bank acquisition related adjustment charge after tax of $196 million.
28Australia and New Zealand Banking Group Limited 2024 Annual Report
28Australia and New Zealand Banking Group Limited 2024 Annual Report

Our Performance (continued)
41

Divisional performance

Australia Retail
Lending volumes increased driven by home loan growth. Net interest margin decreased driven by margin contraction from home loan
and deposit pricing competition, unfavourable deposit mix with a shift towards lower margin term deposits, and higher net funding
costs. This was partially offset by higher earnings on capital and replicating portfolio. Operating expenses increased driven by
inflationary impacts and incremental costs associated with strategic initiatives including ANZ Plus, partially offset by lower restructuring
expense, and benefits from productivity initiatives. Credit impairment charge decreased primarily driven by lower collectively assessed
credit impairment, partially offset by higher individually assessed credit impairment charge due to higher new impairment flows in the
unsecured portfolio.
Australia Commercial
Lending volumes increased driven by Diversified & Specialist Businesses, partially offset by lower lending in Central Functions and SME
Banking. Net interest margin decreased driven by unfavourable deposit mix with a shift towards lower margin term deposits, asset
margin contraction from pricing competition, and higher net funding costs. This was offset by favourable deposit margins and higher
earnings on capital and replicating portfolio. Other operating income decreased driven by a decrease in non-lending fees and a gain on
sale of Investment Lending business in the prior year. Operating expenses increased driven by higher restructuring expense and
inflationary impacts, partially offset by benefits from productivity initiatives. Credit impairment charge decreased driven by lower
collectively assessed credit impairment, partially offset by higher individually assessed credit impairment charge due to higher new
impairment flows in the SME Banking portfolio.

Institutional
Lending volumes increased driven by higher Markets balances, partially offset by lower core lending in Transaction Banking. Net interest
margin ex-Markets increased driven by higher earnings on capital. Other operating income increased driven by higher Markets
revenues in the customer franchise business lines. Operating expenses increased driven by inflationary impacts and higher restructuring
expense, partially offset by benefits from productivity initiatives. Credit impairment release decreased driven by higher collectively
assessed credit impairment, partially offset by higher individually assessed credit impairment release due to lower new impairment flows.

New Zealand
Lending volumes increased driven by home loan growth, partially offset by contraction in business lending. Net interest margin
decreased driven by unfavourable deposit margin, unfavourable deposit mix with a shift towards lower margin term deposits. This was
partially offset by lower net funding costs and higher earnings on capital. Other operating income decreased driven by a gain on
disposal of data centres in New Zealand in the prior year. Operating expenses increased driven by inflationary pressure, higher
restructuring expense and seasonal factors, partially offset by benefits from productivity initiatives. Credit impairment charge decreased
driven by lower collectively assessed credit impairment flows, partially offset by higher individually assessed credit impairment due to
higher new impairments mainly in the Business & Agri portfolio.
Suncorp Bank
2024 results include 2 months results from the date of acquisition. This includes acquisition related adjustments of $196 million loss
after tax comprising a collectively assessed credit impairment charge of $244 million ($171 million after tax) for Suncorp Bank’s
performing loans and advances, and an accelerated software amortisation expense of $36 million ($25 million after tax) on alignment to
the Group’s software capitalisation policy.
Pacific
Cash profit decreased driven by lower credit impairment release, partially offset by lower expenses and higher other operating income.

Group Centre
Cash loss increased primarily driven by lower equity accounted earnings and a loss on sale following the disposal of AmBank, partially
offset by increases driven by a number of non-recurring items in the prior year, including unfavourable valuation adjustment from
investments measured at fair value through profit or loss in the prior year, and a loss on disposal of data centres in Australia.

29
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
29
Overview
Operating
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Governance
Performance
overview
Remuneration
report
Directors’
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Financial
report

Our Performance (continued)
42
Financial position of the Group
Condensed balance sheet

As at

2024 2023

$b $b Movt
Assets
Cash / Settlement balances owed to ANZ / Collateral paid 166.5 186.1 -11%
Trading assets and investment securities 186.0 134.0 39%
Derivative financial instruments 54.4 60.4 -10%
Net loans and advances 804.0 707.7 14%
Other 18.7 17.9 4%
Total assets 1,229.6 1,106.1 11%

Liabilities
Settlement balances owed by ANZ / Collateral received 22.8 29.6 -23%
Deposits and other borrowings 905.2 815.2 11%
Derivative financial instruments 55.3 57.5 -4%
Debt issuances 156.4 116.0 35%
Other 21.1 18.7 13%
Total liabilities 1,160.8 1,037.0 12%
Total equity 68.8 69.1 0%

Cash / Settlement balances owed to ANZ / Collateral paid decreased $19.6 billion (10%) driven by decreases in balances with central banks,
and settlement balances owed to ANZ, and the impact of foreign currency translation. This was partially offset by increases in reverse repurchase
agreements and overnight interbank deposits.
Trading assets and investment securities increased $52.0 billion (39%) driven by an increase in government and semi-government bonds, and
treasury bills, and the acquisition of Suncorp Bank ($11.6 billion), partially offset by the impact of foreign currency translation.
Net loans and advances increased $96.3 billion (14%) driven by the acquisition of Suncorp Bank ($70.9 billion), increases in the Australia Retail
($20.3 billion) and New Zealand ($3.2 billion) divisions due to home loan growth, and higher lending volumes in the Institutional ($5.2 billion) and
Australia Commercial ($3.5 billion) divisions, partially offset by the impact of foreign currency translation.
Settlement balances owed by ANZ / Collateral received decreased $6.9 billion (23%) driven by decreases in collateral received and cash clearing
accounts.
Deposits and other borrowings increased $90.0 billion (11%) driven by the acquisition of Suncorp Bank ($62.3 billion), higher customer deposits
in the Australia Retail ($12.0 billion), Institutional ($7.2 billion), New Zealand ($3.1 billion) and Australia Commercial ($2.9 billion) divisions, increases
in commercial paper ($14.5 billion), and deposits from banks and repurchase agreements ($8.8 billion), partially offset by the impact of foreign
currency translation.
Debt issuances increased $40.4 billion (35%) driven by the issue of new senior and subordinated debt, including ANZ Capital Notes 9, partially
offset by the redemption of ANZ Capital Notes 4, and the acquisition of Suncorp Bank ($16.6 billion).
Total equity decreased $0.3 billion (0%) driven by capital returned from ANZBGL to ANZGHL to fund $2 billion share buy-back, partially offset by
an increase in retained earnings.

30Australia and New Zealand Banking Group Limited 2024 Annual Report
30Australia and New Zealand Banking Group Limited 2024 Annual Report

Our Performance (continued)
43
Liquidity

Average

2024 2023
Total liquid assets ($b)
1
273.9 268.3
Liquidity Coverage Ratio (LCR)
1
133% 130%
1.
Full year average, calculated as prescribed per APRA Prudential Regulatory Standard (APS 210 Liquidity) and consistent with APS 330 requirements.
The Group holds a portfolio of high quality unencumbered liquid assets in order to protect the Group’s liquidity position in a severely stressed
environment, as well as to meet regulatory requirements. High Quality Liquid Assets comprise three categories, with the definitions consistent with
Basel 3 LCR:
 Highest-quality liquid assets (HQLA1): Cash, highest credit quality government, central bank or public sector securities eligible for repurchase
with central banks to provide same-day liquidity.
 High-quality liquid assets (HQLA 2): High credit quality government, central bank or public sector securities, high quality corporate debt
securities and high quality covered bonds eligible for repurchase with central banks to provide same-day liquidity.
 Alternative liquid assets (ALA): Eligible securities listed by the RBNZ.
The Group monitors and manages the size and composition of its liquid assets portfolio on an ongoing basis in line with regulatory requirements
and the risk appetite set by the ANZBGL Board.
The LCR remained above the regulatory minimum of 100% throughout this period.
Funding

2024 2023

$b $b
Customer liabilities (funding) 729.5 659.1
Wholesale funding 376.6 316.8
Shareholders’ equity 68.8 69.1
Total funding
1
1,174.9 1,045.0
Net Stable Funding Ratio 116% 116%
1
Includes $79.1 billion of funding from the acquisition of Suncorp Bank.

The Group targets a diversified funding base, avoiding undue concentrations by investor type, maturity, market source and currency.
Net Stable Funding Ratio remained above the regulatory minimum of 100% throughout this period.
During 2024, the ANZBGL Group issued $41.6 billion of term wholesale funding (including $3.7 billion of pre-funding for the September 2025 full
year, $1.4 billion of Suncorp Bank issuance and $0.8 billion of perpetual subordinated notes issued by ANZ Holdings (New Zealand) Limited). In
addition, $1.7 billion of APRA compliant Additional Tier 1 capital and $0.3 billion of RBNZ compliant additional tier 1 capital was issued.

31
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
31
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Our Performance (continued)
44
Capital management

2024 2023 Movt
Common Equity Tier 1 (Level 2)
- APRA Basel III 12.2% 13.3%
Credit risk weighted assets ($b) 361.2 349.0 3%
Total risk weighted assets ($b) 446.6 433.3 3%
APRA Leverage Ratio 4.7% 5.4%
The Group’s capital management framework includes managing to Board approved risk appetite settings and maintaining all regulatory
requirements. APRA requirements at Level 1 and Level 2 include ANZ operating at or above APRA’s expectation for Domestic Systematically
Important Banks (D-SIBs).
APRA, under the authority of the Banking Act 1959, sets minimum regulatory requirements for banks including what is acceptable as regulatory
capital and provides methods of measuring the risks incurred by ANZ Bank Group.
The ANZ Bank Group’s Common Equity Tier 1 ratio was 12.2% based on APRA Basel III standards, exceeding APRA’s minimum requirements. It
decreased 114 bps driven by the impact of dividends paid during the year, acquisition of Suncorp Bank, the transfer of capital from ANZBGL to
ANZGHL to fund $2 billion share buy-back, and underlying RWA movement. This was partially offset by cash earnings, proceeds from disposal of
investment in AmBank and mortgage RWA modelling initiatives.
At 30 September 2024, ANZ Bank Group’s leverage ratio was 4.7% which is above the 3.5% minimum for internal ratings-based approach ADI,
including ANZ.
Dividends
ANZBGL paid the following dividends during the year:


$ 2,771 million 2023 final dividend to ANZ BH Pty Ltd on 22 December 2023;


$ 2,496 million 2024 interim dividend to ANZ BH Pty Ltd on 1 July 2024.
On 7 November 2024, the Directors proposed a final dividend of $2,472 million be paid on 20 December 2024, to ANZ BH Pty Ltd.
Further details on dividends paid during the year ended 30 September 2024 are set out in Note 6 Dividends in the Financial Report.
32Australia and New Zealand Banking Group Limited 2024 Annual Report
32Australia and New Zealand Banking Group Limited 2024 Annual Report

Our Performance (continued)
44
Capital management

2024
2023 Movt
Common Equity Tier 1 (Level 2)
- APRA Basel III 12.2%
13.3%
Credit risk weighted assets ($b) 361.2 349.0 3%
Total risk weighted assets ($b) 446.6 433.3 3%
APRA Leverage Ratio 4.7% 5.4%
The Group’s capital management framework includes managing to Board approved risk appetite settings and maintaining all regulatory
requirements. APRA requirements at Level 1 and Level 2 include ANZ operating at or above APRA’s expectation for Domestic Systematically
Important Banks (D-SIBs).
APRA, under the authority of the Banking Act 1959, sets minimum regulatory requirements for banks including what is acceptable as regulatory
capital and provides methods of measuring the risks incurred by ANZ Bank Group.
The ANZ Bank Group’s Common Equity Tier 1 ratio was 12.2% based on APRA Basel III standards, exceeding APRA’s minimum requirements. It
decreased 114 bps driven by the impact of dividends paid during the year, acquisition of Suncorp Bank, the transfer of capital from ANZBGL to
ANZGHL to fund $2 billion share buy-back, and underlying RWA movement. This was partially offset by cash earnings, proceeds from disposal of
investment in AmBank and mortgage RWA modelling initiatives.
At 30 September 2024, ANZ Bank Group’s leverage ratio was 4.7% which is above the 3.5% minimum for internal ratings-based approach ADI,
including ANZ.
Dividends
ANZBGL paid the following dividends during the year:


$ 2,771 million 2023 final dividend to ANZ BH Pty Ltd on 22 December 2023;


$ 2,496 million 2024 interim dividend to ANZ BH Pty Ltd on 1 July 2024.
On 7 November 2024, the Directors proposed a final dividend of $2,472 million be paid on 20 December 2024, to ANZ BH Pty Ltd.
Further details on dividends paid during the year ended 30 September 2024 are set out in Note 6 Dividends in the Financial Report.
32Australia and New Zealand Banking Group Limited 2024 Annual Report
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33
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Remuneration Report
Remuneration report
Holly Kramer
Chair – People & Culture
Committee
2024 Remuneration
Report – audited
Dear Shareholder,
Following a record performance in 2023,
the ANZ team has delivered another year
of strong financial results, along with
significant progress on our strategic
agenda, including completion of the
acquisition of Suncorp Bank and
significant growth in customers joining
our ANZ Plus platform. For shareholders,
we have delivered 27% Total Shareholder
Return (TSR) in financial year 2024, and
we also announced an on market share
buy-back in May 2024.
Two years ago, the Board revised the
executive remuneration structure to
ensure compliance with CPS 511
Remuneration and to ensure that the
Board had levers within the framework to
take into account business and leadership
performance, as well as the management
of financial and non-financial risk. This
year, the Board applied these levers with
respect to 2024 remuneration outcomes,
including as a result of a series of issues
stemming from our Markets business, and
an additional $250m capital overlay
imposed by APRA due to Non-Financial
Risk (NFR) matters. (Note: these issues are
outlined in the ‘Chairman’s message’ of the
Annual Report, and in this report we have
referenced the specific instances where
consequences have been considered and
applied, with an overall summary outlined
in Section 6).
Notwithstanding these issues, the
Board considers that the business has
performed well in 2024, and financial
Contents
1. Who is covered by
this report 36
2. Remuneration at
a glance 37
3. Historical information 38
4. Executive performance
and remuneration
framework overview 40
5. Executive remuneration
outcomes 47
6. Accountability and
Consequence Framework 57
7. Non-Executive
Director (NED)
remuneration 60
8. Remuneration
governance 62
9. Other remuneration
information 64
risks have been well managed.
Therefore, the challenge has been to
balance the reward for good overall
performance, with the need to apply
consequences fairly and appropriately to
reflect the impact of these recent events
on ANZ’s reputation, and customer,
shareholder and regulator confidence.
2024 remuneration outcomes
Short Term Variable Remuneration
(STVR) – Awarded
The ANZ Group Scorecard performance
is a key component informing STVR
outcomes for the Chief Executive Officer
(CEO) and Disclosed Executives, as well as
the majority of ANZ Group employees. The
2024 Group Scorecard performance was
assessed at 99% of target. However, with
the application of the Risk Modifier, the
overall scorecard performance reduced
to 90%/Below Target.
In order to improve clarity and alignment
to the ANZ Group Scorecard, the Board
determined that for 2024, the CEO’s STVR
would be based on 100% of the ANZ
Group Scorecard results, with allowance
for a CEO Leadership Modifier adjustment
focused on the CEO’s leadership of key
strategic priorities and risk management
(Section 5.1.2).
In the Board’s assessment, the CEO
Shayne Elliott, has continued to
demonstrate good leadership of the
Group and we have therefore assessed
him as on target for the CEO Leadership
Modifier component of his assessment.
Specifically, his leadership of key strategic
objectives has positioned ANZ well for the
future, and he is consistently a role model
of ANZ’s values and behaviours. Given,
however, that the CEO has ultimate
accountability for the broader Group’s
performance, the CEO needs to bear
appropriate accountability for the impact
of the Markets and NFR matters. As a
result, the Board applied its discretion
and assessed the CEO’s performance
as Below Target, and determined the
appropriate 2024 STVR outcome was
65% of target opportunity (52% of
maximum opportunity).
For Disclosed Executives, the Board
approved 2024 STVR outcomes which
range from 50% to 88% of target (average
34Australia and New Zealand Banking Group Limited 2024 Annual Report34
34Australia and New Zealand Banking Group Limited 2024 Annual Report

Remuneration report
Holly Kramer
Chair – People & Culture
Committee
2024 Remuneration
Report – audited
Dear Shareholder,
Following a record performance in 2023,
the ANZ team has delivered another year
of strong financial results, along with
significant progress on our strategic
agenda, including completion of the
acquisition of Suncorp Bank and
significant growth in customers joining
our ANZ Plus platform. For shareholders,
we have delivered 27% Total Shareholder
Return (TSR) in financial year 2024, and
we also announced an on market share
buy-back in May 2024.
Two years ago, the Board revised the
executive remuneration structure to
ensure compliance with CPS 511
Remuneration and to ensure that the
Board had levers within the framework to
take into account business and leadership
performance, as well as the management
of financial and non-financial risk. This
year, the Board applied these levers with
respect to 2024 remuneration outcomes,
including as a result of a series of issues
stemming from our Markets business, and
an additional $250m capital overlay
imposed by APRA due to Non-Financial
Risk (NFR) matters. (Note: these issues are
outlined in the ‘Chairman’s message’ of the
Annual Report, and in this report we have
referenced the specific instances where
consequences have been considered and
applied, with an overall summary outlined
in Section 6).
Notwithstanding these issues, the
Board considers that the business has
performed well in 2024, and financial
Contents
1. Who is covered by
this report 36
2. Remuneration at
a glance 37
3. Historical information 38
4. Executive performance
and remuneration
framework overview 40
5. Executive remuneration
outcomes 47
6. Accountability and
Consequence Framework 57
7. Non-Executive
Director (NED)
remuneration 60
8. Remuneration
governance 62
9. Other remuneration
information 64
risks have been well managed.
Therefore, the challenge has been to
balance the reward for good overall
performance, with the need to apply
consequences fairly and appropriately to
reflect the impact of these recent events
on ANZ’s reputation, and customer,
shareholder and regulator confidence.
2024 remuneration outcomes
Short Term Variable Remuneration
(STVR) – Awarded
The ANZ Group Scorecard performance
is a key component informing STVR
outcomes for the Chief Executive Officer
(CEO) and Disclosed Executives, as well as
the majority of ANZ Group employees. The
2024 Group Scorecard performance was
assessed at 99% of target. However, with
the application of the Risk Modifier, the
overall scorecard performance reduced
to 90%/Below Target.
In order to improve clarity and alignment
to the ANZ Group Scorecard, the Board
determined that for 2024, the CEO’s STVR
would be based on 100% of the ANZ
Group Scorecard results, with allowance
for a CEO Leadership Modifier adjustment
focused on the CEO’s leadership of key
strategic priorities and risk management
(Section 5.1.2).
In the Board’s assessment, the CEO
Shayne Elliott, has continued to
demonstrate good leadership of the
Group and we have therefore assessed
him as on target for the CEO Leadership
Modifier component of his assessment.
Specifically, his leadership of key strategic
objectives has positioned ANZ well for the
future, and he is consistently a role model
of ANZ’s values and behaviours. Given,
however, that the CEO has ultimate
accountability for the broader Group’s
performance, the CEO needs to bear
appropriate accountability for the impact
of the Markets and NFR matters. As a
result, the Board applied its discretion
and assessed the CEO’s performance
as Below Target, and determined the
appropriate 2024 STVR outcome was
65% of target opportunity (52% of
maximum opportunity).
For Disclosed Executives, the Board
approved 2024 STVR outcomes which
range from 50% to 88% of target (average
34Australia and New Zealand Banking Group Limited 2024 Annual Report34
75%). This reflects their individual and
Divisional performance, the Below Target
assessment for Group performance,
collective accountability for the NFR
matters, and individual consequences
(where relevant) for the Markets matters.
Long Term Variable Remuneration
(LTVR) – Lapsed/Granted
The performance rights granted in late
2019 to the CEO and relevant Disclosed
Executives did not meet the hurdles when
tested at the end of the performance
period in November 2023, therefore 100%
of these performance rights lapsed.
Last year, the 2024 LTVR (comprised of
50% performance rights and 50%
restricted rights), was granted to the CEO
and Disclosed Executives at full
opportunity, following the Board’s pre grant
assessment in October 2023 for restricted
rights, determining that no reduction was
required. For the CEO, the 2024 LTVR grant
was $3,375,000, noting that LTVR is future
focused and vests over time.
In considering the pre grant assessment
for the 2025 LTVR, the Board has chosen
to adjust the restricted rights (which make
up 50% of LTVR at full opportunity),
downward by 10%, due to the risk matters
discussed above. The CEO’s proposed
2025 LTVR of $3,206,250, will be subject
to a shareholder vote at the upcoming
2024 Annual General Meeting (AGM).
Fixed remuneration
Effective for 2024, Disclosed Executives
(excluding the CEO), received a Fixed
Remuneration (FR) adjustment to maintain
or improve market positioning. There were
no further increases to FR for 2024.
Changes to the way we
remunerate executives
(from 2024 onward)
For LTVR awards of performance rights,
only from financial year 2024 onward,
the Board approved in July 2023:
• the removal of DBS Bank Limited from
the Select Financial Services (SFS)
relative TSR comparator group, to better
balance the weighting of international
peers in our comparator group; and
• that Compound Annual Growth Rate
(CAGR) targets for the absolute CAGR
TSR hurdle be based on the time
weighted Cost of Capital (CoC) over the
four-year performance period rather
than the CoC at the start of the period,
to better reflect cyclical factors
impacting shareholders.
In addition, post the Suncorp Bank
acquisition and applicable to both awards
currently on foot and future LTVR awards
of performance rights, the Board approved
the removal of Suncorp Group Limited
from the relative TSR SFS comparator
group (Section 9.1).
Holly Kramer
Chair – People & Culture Committee
Changes to the way we
remunerate executives
(from 2025 onward)
In 2024, the People & Culture
Committee recommended, and
the Board approved, changes to
the ANZ Group Scorecard and
performance approach for
financial year 2025 onward.
The intention is to provide a
greater focus on fewer, more
meaningful objectives that will
drive sustainable long-term
performance, and to provide a
more transparent link between
performance and remuneration
outcomes. This approach is also
consistent with shareholder
feedback.
The key changes arising from this
review will be effective from 2025,
and are summarised as follows:
• reduction in the number of
objectives and indicators;
• provision of weightings for each
objective rather than at the
category level only;
• introduction of threshold/target/
stretch targets for each indicator;
• increase in the performance
assessment weighting for Group
performance for frontline
Disclosed Executives, from 25%
to 40%, to recognise the increase
in Group-wide priorities (excluding
Group Executive and CEO, New
Zealand); and
• increase in the weighting of
financial measures from 40% to
50% in our Group and Divisional
Scorecards.
Non-Executive
Director (NED) fees
For 2024 there was a 2% uplift to the
NED member fee, and uplifts to fees for
Committee chairs and members. There
was no change to the fees for the Board
Chair (Section 7.1).
In closing, and on behalf of my Board
colleagues, I’d like to thank all of our
ANZ employees for their important
contributions this past year. While the
year has been marked by some
challenges in the bank, underlying
performance was strong and we have
made meaningful progress on our
long-term goals.
35
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
35
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

The Remuneration Report for Australia and New Zealand Banking Group Limited (ANZBGL) outlines our remuneration
strategy and structure and the remuneration practices that apply to Key Management Personnel (KMP). This report has
been prepared, and audited, as required by the Corporations Act 2001. It forms part of the Directors’ Report.
This report includes disclosures for the full financial year 2024 (1 October 2023 to 30 September 2024). Ordinary shares and employee
equity (deferred shares, deferred share rights, restricted rights and performance rights) held prior to 3 January 2023
1
were previously
ANZBGL related equity – post the listing of ANZGHL, the equity was converted to ANZGHL related equity. References to ‘the Board’
throughout this report mean the Boards of ANZGHL and ANZBGL.
Section 5.1.1 ANZ Group Scorecard – approach and 2024 outcomes relates to ANZGHL rather than ANZBGL given this forms the basis
for determining performance and remuneration outcomes for the CEO and Disclosed Executives.
KMP are Directors of the Group (or entity)
(whether executive directors or otherwise),
and those personnel with a key
responsibility for the strategic direction
and management of the Group (or entity)
(i.e., members of the Group Executive
Committee (ExCo)) who have Financial
Accountability Regime (FAR) Accountability
and who report to the CEO (referred to as
Disclosed Executives).
1.1 Disclosed Executive
and Non-Executive Director
changes
There were several changes to our KMP
during the 2024 year:
• Ilana Atlas and John Macfarlane retired
as Non-Executive Directors (NEDs) on
21 December 2023, at the conclusion
of the 2023 AGM.
• John Cincotta and Richard Gibb
commenced as NEDs on
15 February 2024.
• Following Sir John Key retiring as
a NED on 14 March 2024, Scott
St John commenced as a NED on
25 March 2024.
• Richard Howell concluded as Acting
Group Executive, Talent & Culture on
8 October 2023 following the
appointment of Elisa Clements to the
role of Group Executive, Talent &
Culture, effective 9 October 2023.
1.2 Key Management Personnel (KMP)
The KMP whose remuneration is disclosed in this year’s report are:
2024 Non-Executive Directors (NEDs) – Current
P O’SullivanChairman
J CincottaDirector from 15 February 2024 (ANZBGL NED only)
R GibbDirector from 15 February 2024
J HaltonDirector
G HodgesDirector (ANZBGL NED only)
H KramerDirector
C O’ReillyDirector
J SmithDirector
S St JohnDirector from 25 March 2024
2024 Non-Executive Directors (NEDs) – Former
I AtlasFormer Director – retired 21 December 2023
J KeyFormer Director – retired 14 March 2024
J MacfarlaneFormer Director – retired 21 December 2023
2024 Chief Executive Officer (CEO) and Disclosed Executives – Current
S ElliottCEO and Executive Director
M CarnegieGroup Executive, Australia Retail
E ClementsGroup Executive, Talent & Culture (GE T&C) from 9 October 2023
K CorballyChief Risk Officer (CRO)
F FaruquiChief Financial Officer (CFO)
G FlorianGroup Executive, Technology & Group Services
C MorganGroup Executive, Australia Commercial
A StrongGroup Executive, Strategy & Transformation
A WatsonGroup Executive and CEO, New Zealand
M WhelanGroup Executive, Institutional
2024 Disclosed Executives – Former
R HowellFormer Acting Group Executive, Talent & Culture (GE T&C) – concluded
in role 8 October 2023
No changes to KMP since the end of 2024 up to the date of signing the
Directors’ Report.
1. ANZ Group Holdings Limited (ANZGHL) replaced Australia and New Zealand Banking Group Limited (ANZBGL) as the listed entity on 3 January 2023 under a scheme of arrangement
approved by shareholders at the AGM on 15 December 2022.
1. Who is covered by this report
1.1 Disclosed Executive and Non-Executive Director changes
1.2 Key Management Personnel (KMP)
36Australia and New Zealand Banking Group Limited 2024 Annual Report
2. Remuneration at a glance

CEO:Disclosed Executives:NEDs:
• No Fixed Remuneration (FR) increase.
• Awarded STVR of 65% of target (52%
of maximum opportunity), reflecting
his overall performance assessment
of Below Target.
• Awarded LTVR of $3,375,000
(following 2023 AGM shareholder
approval).
• Received 2024 total remuneration of
$4.1m (inclusive of the value of prior
equity awards which vested in 2024)
(Section 5.3).
• Received a Fixed Remuneration
adjustment effective 1 October 2023
to maintain or improve market
positioning (approved October 2023
by the Board) – no further FR
increases for 2024.
• Awarded STVR outcomes averaging
75% of target (60% of maximum
opportunity), with individual outcomes
ranging from 50% to 88% of target
(40% to 71% of maximum
opportunity).
• Awarded LTVR full opportunity of
135% of FR (100% of FR for the CRO)
– as LTVR is future focused, 2024
LTVR awards were approved in
October 2023 by the Board.
Following the 2024 NED fees review in
September 2023 (approved by the
People & Culture Committee):
• Received a 2% increase to the NED
member fee to $245,000 (unchanged
since 2016).
• Aligned fee structure across all
Committees increasing each
Committee chair fee to $68,000
and each Committee member fee
to $34,000.
• Board Chairman fee remains
unchanged.
Restricted rights and performance rights outcomes:
• 2024 LTVR restricted rights made at full award value following the 2024 LTVR
pre grant assessment in October 2023 by the Board.
• 100% of the 2019 performance rights award granted in late 2019 were lapsed, as
performance hurdles were not met when tested in November 2023 – end of the
performance period.
For 2024
37
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
37
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

3. Historical information
3.1 Five-year ANZ financial performance summary
3.2 Historical performance and remuneration outcomes
3.3 ANZ TSR performance (1 to 10 years)
3.1 Five-year ANZ financial performance summary
When determining variable remuneration outcomes for the CEO, Disclosed Executives and employees, a range of different financial
indicators are considered. The Group uses cash profit as a measure of performance for the Group’s ongoing business activities, as
this provides a basis to assess Group and Divisional performance against earlier periods and against peer institutions.
The adjustments made in arriving at cash profit are included in statutory profit which is subject to audit. Although cash profit is not
audited, the external auditor has informed the Audit Committee that the cash profit adjustments have been determined on a
consistent basis across each period presented.
2024 statutory profit is down 8% compared to the prior financial year, while cash profit is down 9%, with both metrics impacted by
one-off Suncorp Bank acquisition related adjustments. Excluding the one-off adjustments, statutory profit is down 5% and cash profit
is down 7%.
During 2024 the Group commenced a $2 billion share buy-back to return surplus capital to its shareholders, which up to
30 September 2024 has resulted in the Group returning $883m of capital to shareholders via the acquisition of 30 million shares
on the market.
ANZ’s financial performance
1
, including cash profit
2
, over the last five years.
1. The Group completed the divestment of its Aligned Dealer Group business, its Onepath Pensions and Investment business, and life insurance business across the 2020 and 2019
financial years. The financial results of these divested businesses were treated as discontinued operations in the 2022, 2021 and 2020 years. The Group ceased reporting discontinued
and continuing operations from completion in 2022. On 1 October 2023, the Group adopted AASB 17 Insurance Contracts (AASB 17), applied AASB 17 effective 1 October 2022 and
restated prior period comparative information. 2. Cash profit excludes non-core items included in statutory profit with the net after tax adjustment resulting in a decrease to statutory
profit of $190m for 2024, made up of several items. It is provided to assist readers understand the results of the core business activities of the Group.
Statutory profit attributable to
ordinary shareholders ($m)
6,535
7,119
3,577
2024
2022
2020
2023
2021
7,106
6,162
Cash profit
($m, unaudited)
6,725
6,496
3,660
2024
2022
2020
2023
2021
7,413
6,181
Cash profit - continuing operations
($m, unaudited)
6,725
6,515
3,758
2024
2022
2020
2023
2021
7,413
6,198
Cash profit before provisions -
continuing operations ($m, unaudited)
10,068
8,968
8,369
2024
2022
2020
2023
2021
10,766
8,396
Return on equity - cash (%) -
continuing operations (unaudited)
9.7
10.4
6.2
2024
2022
2020
2023
2021
11.0
9.9
Earnings per share - cash - continuing
operations (unaudited)
224.3
228.8
128.7
2024
2022
2020
2023
2021
247.3
216.5
38Australia and New Zealand Banking Group Limited 2024 Annual Report
3.2 Historical performance and remuneration outcomes
The table below shows the link between financial performance and variable remuneration outcomes over the past five years. STVR
outcomes are reasonably aligned with financial performance trends over the corresponding 2020 to 2024 periods, noting that the 2023
STVR outcomes were higher reflecting that year’s record result.
20202021202220232024
CEO STVR
1
outcome (% of target)50%
5
80%93%120%65%
Disclosed Executive STVR
2
outcome (average % of target
3
)54%
5
90%97%111%75%
Disclosed Executive STVR
2
outcome (range % of target
3
)46% - 66%69% - 99%89% - 120%100% - 125%50% - 88%
LTVR/VR PR vesting outcome (% vested)0%43.3%51.6%n/a0%
Share price
4
at 30 September ($)17.2228.1522.825.6630.48
Total dividend (cents per share)60142146175166
Total shareholder return (12 month %)-36.970.7-142027.0
1. Previously referred to as AVR pre-2022 for the CEO. 2. Previously referred to as VR pre-2022 for Disclosed Executives. 3. Pre 2022, % of target applied to the full VR due to the
combined VR structure for Disclosed Executives in those years. 4. On 1 October 2019, opening share price was $28.22. 5. Post 50% COVID-19 reduction.
3.3 ANZ TSR performance (1 to 10 years)
The table below compares ANZ’s TSR performance against the median TSR and upper quartile TSR of the performance rights Select
Financial Services (SFS) comparator group
1
over one to ten years, noting that for this table TSR is measured over a different timeframe
(i.e., to 30 September 2024) to the performance period for our performance rights.
• ANZ’s TSR performance was below the median TSR of the SFS comparator group
1
when comparing over one, three and ten years; and
• Either just above or just below the median over five years dependent on the size of the SFS comparator group.
Years to 30 September 2024
13510
ANZ (%)27.031.141.374.6
Median TSR SFS
2,3
(%)37.038.347.146.348.537.195.776.0
Upper quartile TSR SFS
2,3
(%)41.342.158.652.4105.581.7205.7151.8
1. See section 9.1.2 for details of the SFS comparator group. 2. Blue = SFS includes DBS Bank Limited and excludes Suncorp Group Limited. 3. White = SFS excludes DBS Bank Limited
and Suncorp Group Limited.
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4. Executive performance and remuneration framework overview
4.1 Strategy, principles and governance
4.2 Alignment of remuneration and risk
4.3 Remuneration structure and delivery
4.4 Performance assessment
4.5 Board discretion
4.6 Alignment of executive and shareholder interests
4.7 Remuneration mix
ANZ’s purpose and strategy
1
Is underpinned by our Performance and Remuneration Policies which include our Reward Principles:
Attract, motivate
and keep great
people
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
Fair and simple
to understand
With remuneration delivered to our CEO and Disclosed Executives through:
Fixed remuneration (FR)Performance linked variable remuneration
Short Term Variable Remuneration (STVR)
Awarded at end of year based on Group and
individual performance
Long Term Variable Remuneration (LTVR)
Awarded at start of year, with LTVR vesting
subject to performance conditions tested at
end of 4-year performance period
While governed by:
The People & Culture Committee and the Board determining FR and the variable remuneration outcomes for the CEO and each
Disclosed Executive. Additionally, the CEO’s LTVR outcome is also subject to shareholder approval at the AGM.
Board discretion (with supporting decision-making frameworks) is applied when determining performance and remuneration outcomes
(including grant of short and long-term variable remuneration awards), before any scheduled release of previously deferred
remuneration (Section 4.5), before the vesting of LTVR restricted rights (Section 9.1.1), and in applying any required consequences
(Section 6).
1. See the ‘Our purpose and strategy’ section of the Annual Report.
4.1 Strategy, principles and governance
The following overview highlights how the executive performance and remuneration framework supports ANZ’s purpose and strategy.
40Australia and New Zealand Banking Group Limited 2024 Annual Report
4.2 Alignment of remuneration and risk
Variable remuneration for the CEO and Disclosed Executives is designed to align remuneration and risk.
Alignment of remuneration and risk
Variable remuneration for the CEO and Disclosed Executives is aligned to risk management through:
Assessing behaviours
based on ANZ’s values
and risk/compliance
standards (including
the FAR)
Determining variable
remuneration
outcomes with risk as
a modifier – impacting
outcomes at both a
pool and individual level
Weighting
remuneration toward
the longer-term with a
significant proportion
at risk
Emphasising risk in the
determination and
vesting of LTVR
restricted rights
(Section 9.1.1)
Reinforcing the
importance of risk
culture in driving
sustainable long-term
performance in the
LTVR design
Providing material
weight to non-financial
metrics (particularly risk)
in line with APRA
requirements
Ensuring risk
measures are
considered over a
long-time horizon
(up to 5 and 6 years)
Determining
accountability
and applying
consequences
where appropriate
Strengthening risk
consequences with
clawback (Section 4.5)
Prohibiting the hedging
of unvested equity
Variable remuneration can be adjusted downwards, including to zero, allowing the Board to hold executives accountable, individually or
collectively, for the longer-term impacts of their decisions and actions.
4.3 Remuneration structure and delivery
There are two core components of remuneration at ANZ – fixed remuneration and at risk variable remuneration.
In structuring remuneration, the Board aims to find the right balance between fixed and variable remuneration (at risk), the way
it is delivered (cash versus deferred remuneration) and appropriate deferral time frames (the short, medium and long-term).
The Board sets and reviews annually the CEO and Disclosed Executives’ FR based on financial services market relativities and
reflecting each executive’s responsibilities, performance, qualifications and experience.
The CEO and Disclosed Executives’ variable remuneration is comprised of STVR and LTVR consistent with external market practice.
At target performance, 63% of variable remuneration for the CEO and Disclosed Executives, and 56% of variable remuneration for
the CRO is deferred for at least four years from the date the Board approved the variable remuneration in October, and the date
shareholders approve the CEO’s LTVR, noting that this complies with the FAR minimum deferral requirement of 60% for the CEO and
40% for Disclosed Executives.
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4.3.1 Remuneration structure
CEO and Disclosed Executives (DEs) (excluding CRO
1
)
4.3.2 Variable remuneration delivery
Variable remuneration for the CEO and the Disclosed Executives (excluding the CRO and former Acting GE T&C) is delivered as follows:
• STVR as 50% cash paid to executives at the end of the annual Performance and Remuneration Review (December), and subject to
clawback for two years post payment, and 50% shares deferred equally over years 2 and 3 (granted in November in respect of
performance for the prior financial year); and
• LTVR as restricted rights and performance rights granted at the beginning of the financial year in November/December, and
deferred over:
–year 4 (33%), year 5 (33%) and year 6 (34%) for the CEO; and
–year 4 (50%) and year 5 (50%) for Disclosed Executives.
Both restricted rights and performance rights are tested against the relevant performance condition at the end of the four-year
performance period and are then subject to additional holding period(s) until the completion of the respective deferral periods (Section 9.1).
Before any scheduled release of deferred remuneration, the Board considers whether malus should be applied to previously deferred
remuneration (or further deferral of vesting), or clawback to variable remuneration previously granted (two years post payment or
vesting), for the CEO and Disclosed Executives (Section 4.5).
1. CRO mix: 33.3% FR/33.3% STVR/33.3% LTVR. STVR maximum opportunity: the same as CEO/DE at 100% of FR, LTVR full opportunity: 100% of FR and delivered as 100% RR to
support independence. 2. If the CEO receives above target STVR, the amount above target will be delivered as 40% cash and 60% DS (20% year 4, 20% year 5, 20% year 6) to ensure
compliance with the minimum deferral requirements with respect to FAR and APRA’s Prudential Standard CPS 511 Remuneration.
Mix at
Maximum
Maximum/full
opportunity
Delivery
Timing/
deferral
Year 1 Cash 100%
Fixed Remuneration
(FR)
30%
100% of FR
Cash and superannuation
contributions
Year 2
DS 25%
Year 3 DS 25%
Year 1 Cash 50%
Short Term Variable
Remuneration (STVR)
2
30%
100% of FR
50% Cash
50% Deferred
shares (DS)
Awarded at end of year based
on Group and individual
performance
50% Restricted
rights (RR)
50% Performance
rights (PR)
Long Term Variable
Remuneration (LTVR)
40%
135% of FR
~2 yr HP
~1 yr HP
4-year Performance Period
• Awarded at start of year subject to
–RR: Pre grant assessment
(risk based measures)
–RR & PR: Shareholder approval at AGM for
CEO award
• Performance condition tested at end of
4-year performance period
–RR: Pre vest assessment
(risk based measures)
–PR: Relative and absolute TSR hurdles
For both RR and PR:
Deferral period = 4-year Performance Period + Holding Period (HP)
Year 4 CEO: 33% / DE: 50%
Year 5 CEO: 33% / DE: 50%
Year 6 CEO 34%
All variable remuneration is subject to the Board’s ongoing discretion
to apply in-year adjustments, malus and clawback
42Australia and New Zealand Banking Group Limited 2024 Annual Report
For deferred variable remuneration for the CEO and Disclosed Executives, we calculate the number of deferred shares to be granted
based on the VWAP of the shares traded on the ASX in the five trading days leading up to and including 1 October (i.e., in line with the
beginning of the financial year). Allocations prior to the 2022 financial year were based on the VWAP in the five trading days leading up
to and including the date of grant. The VWAP used for disclosure and expensing purposes is the one-day VWAP at the date of grant,
which is in line with the Accounting Standard.
In some cases, we may grant deferred share rights to executives instead of deferred shares. Each deferred share right entitles the
holder to one ordinary share.
4.4 Performance assessment
The following provides a summary of the performance assessment approach for the CEO and Disclosed Executives.
Financial Accountability Regime (FAR) compliance is the gateway that requires the Accountable Person to meet their obligations in line
with their Accountability Statement under the FAR since 15 March 2024 and, prior to that, under the Banking Executive Accountability
Regime (BEAR). The ‘what’ assessment comprises of the ANZ Group Scorecard and Divisional Scorecard (excluding the CEO). Both the
Group and Divisional Scorecard assessments are calculated as follows: Risk modifier
1
% x [Shareholder/Financial % + Customer % +
People & Culture %]. The ‘what’ assessment outcome is then modified by the ‘how’ modifier. The ‘how’ modifier for Disclosed
Executives considers a macro view of the individual’s approach to risk, demonstration of ANZ behaviours, and their contribution to
building a successful Group Executive team. See below and Section 5.1.2 for CEO Leadership Modifier detail.
4.4.1 CEO performance
The CEO’s STVR is assessed 100% on
the ANZ Group Scorecard, adjusted by
the CEO Leadership Modifier, which takes
into consideration the CEO’s leadership of:
• Key strategic priorities aligned with
ANZ’s strategy
• ANZ’s values/behaviours
• ANZ’s risk and compliance standards
This is a change from 2023, where
performance informing the CEO’s
STVR was split 50% between the
Group Scorecard and the CEO’s
individual objectives.
With the change to 100% assessment on
the ANZ Group Scorecard (as highlighted
in the ‘People & Culture Committee Chair
letter’), the weighting to financial
performance for the CEO is around 40%
(moving to 50% in 2025); however noting
that the CEO’s STVR is not formulaic.
1. Note for the CRO, Risk is incorporated in the Scorecard rather than as a separate modifier. 2. Performance
arrangements for the CRO are addressed additionally by the Risk Committee. Performance arrangements for the GE &
CEO, New Zealand are determined and approved by the ANZ NZ HR Committee/ANZ NZ Board in consultation with and
endorsed by the People & Culture Committee/Board, consistent with their respective regulatory obligations.
The Scorecard/strategic priorities are
agreed upon by the Board at the
beginning of the financial year (and are
designed to be stretching). At the end of
the financial year, the People & Culture
Committee reviews and recommends to
the Board for approval the CEO’s overall
performance taking into consideration:
i. Performance against the ANZ Group
Scorecard
ii. CEO Leadership Modifier
iii. Input from the Chairman
iv. Compliance with FAR obligations
v. Control function reports from the CRO
(on risk management), CFO (on financial
performance), GE T&C (on talent and
culture matters) and Group General
Manager Internal Audit (GGM IA) (on
internal audit matters)
vi. Material risk, audit and conduct events
that have either occurred or come to
light in the year
vii. Input from both the Audit Committee
and the Risk Committee of the Board
4.4.2 Disclosed Executive
performance
At the start of each year, stretching
performance objectives are set for
Disclosed Executives through Divisional
Scorecards, aligned with the ANZ Group
Scorecard. At the end of the financial year,
the People & Culture Committee
recommends to the Board for approval the
performance of each Disclosed Executive
2

against:
i. the ANZ Group Scorecard
(25% to 50% weighting)
ii. their Divisional Scorecard
(50% to 75% weighting)
iii. ANZ’s values/behaviours
iv. points iv) to vii) as detailed for the CEO
The ANZ Group Scorecard weighting for
Disclosed Executives varies based on
role focus:
• 50% weighting for enablement
Disclosed Executives: Chief Financial
Officer, GE Strategy & Transformation,
GE Talent & Culture, and GE Technology
& Group Services
• 25% weighting for Chief Risk Officer,
and frontline Disclosed Executives: GE
Australia Retail, GE Australia
Commercial, GE & CEO New Zealand,
and GE Institutional
FAR
Compliance
Gateway
‘How’
Modifier %
Key Inputs:
• Risk Standards
assessment
• How assessment
• Leadership of key
strategic priorities
(CEO only)
ANZ Group Scorecard
assessment %
Weighting
CEO: 100%
CRO: 25%
Frontline DEs: 25%
Enablement DEs: 50%
Divisional Scorecard
assessment %
Weighting
CEO: n/a
CRO: 75%
Frontline DEs: 75%
Enablement DEs: 50%
‘What’ assessment
Overall
Performance
Assessment %
Key Inputs:
• Informs STVR
outcome
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1. Except for the CRO who has a percentage weighting assigned to risk measures. 2. Considers all risk types including capital adequacy risk, liquidity and funding risk, credit risk,
market risk, climate risk, non-financial risk and strategic risk.
However, to reinforce the importance of collective accountability and contribution to Group outcomes, the Group weighting will increase
from 25% to 40% in 2025 for frontline Disclosed Executives (excluding GE & CEO, New Zealand). The Chief Risk Officer will retain a 25%
weighting to reinforce independence of the role.
Similar to the ANZ Group Scorecard, the Divisional Scorecards include the key elements of Shareholder/Financial, Customer, and People
& Culture, with Risk acting as a modifier.
1
The weighting of each element varies to reflect the responsibilities of each individual’s role.
The Shareholder/Financial element weightings range from 20% to 40% (increasing to 50% in 2025).
4.4.3 Alignment with the achievement of stretching performance objectives
Variable remuneration for the CEO and Disclosed Executives is designed to align with the achievement of stretching performance
objectives that support our business strategy and drive long-term sustainable outcomes for shareholders.
Alignment with the achievement of stretching performance objectives
Variable remuneration outcomes are based on a range of measures (as illustrated below), with material weight provided to
non-financial measures in accordance with Prudential Standard CPS 511 Remuneration.
STVR
Mix of financial and non-financial measures
Key individual assessment inputs
ANZ’s values/behavioursANZ’s risk and compliance standardsFAR obligations
ANZ Group Scorecard
25%-100% weighting
Divisional Scorecards
50%-75% weighting
Control function input
Risk, Finance, T&C, Audit
2024 ANZ Group Scorecard
Below are examples of key drivers of shareholder value
Shareholder/Financial (40%)
• Ensure dynamic, efficient and disciplined resource allocation,
including capital, that creates more value and sustainable
returns for customers, shareholders and society
Customer (40%)
• Create propositions that attract and engage more of our
target customers, and improve their financial well-being,
access to housing and sustainability
• Build resilient business services and technology that more
safely and efficiently serve customers
People & Culture (20%)
• Establish an adaptable workforce and operating model
that delivers innovation and outcomes for our customers
more quickly
Risk modifier (0% to 110%)
• Maintain risk discipline focused on good customer and
regulatory outcomes
Additional financial and non-financial considerations in determining Group and individual performance
and size of the ANZ Incentive Plan (ANZIP) variable remuneration pool include:
• Broader financial performance
• Quality of earnings and operating environment
• Shareholder experience
• Our Reward Principles (Section 4.1)
LTVR
Aligned to shareholder experience
LTVR restricted rights
Mostly non-financial
LTVR performance rights
Financial
Prudential soundness
Capital ratio and liquidity
prudential minimums
Risk measures
• Material risk outcomes
2

• APRA active supervision
• Risk culture
TSR
75% relative TSR
Performance relative to SFS
comparator group
25% absolute TSR
Focuses on positive growth –
even when market is declining
44Australia and New Zealand Banking Group Limited 2024 Annual Report
4.5 Board discretion
Variable remuneration is ’at risk’ remuneration and can range from zero to maximum opportunity. At the end of the financial year,
the Board
1
approves variable remuneration recommendations for the CEO and each Disclosed Executive following lengthy and
detailed discussions and assessment, supported by comprehensive analysis of performance from a number of sources.
Board discretion is applied when determining all CEO and Disclosed Executive variable remuneration outcomes including:
• the size of the ANZIP variable remuneration pool;
• STVR and LTVR outcomes for each financial year;
• LTVR vesting outcomes (including pre vest assessment); and
• downward adjustment of variable remuneration as part of consequence management, in accordance with applicable law and
any terms and conditions provided (see below).
Downward adjustment of variable remuneration
The Board may choose to exercise the following options or a combination of these at any time, but will always consider their
use if any of the circumstances specified by Prudential Standard CPS 511 Remuneration occur. #1 to #3 below are
applicable to all employees, while clawback (#4) is limited to select employees (primarily the CEO, Disclosed Executives and
senior employees in jurisdictions where clawback regulations apply):
1. In year adjustment
The most common type of
downward adjustment, which
reduces the amount of
variable remuneration an
employee may have otherwise
been awarded for that year.
2. Further deferral/freezing
Delays the decision to pay/
allocate variable
remuneration, or further
defers the vesting of
deferred remuneration or
freezes vested/unexercised
shares and rights. This would
typically only be considered
where an investigation is
pending/underway.
3. Malus
Is an adjustment to reduce the
value of all or part of deferred
remuneration before it has
vested. Malus is used in cases
of more serious performance
or behaviour issues. Any and
all variable remuneration we
award or grant to an employee
is subject to ANZ’s on-going
and absolute discretion to
apply malus and adjust
variable remuneration
downward (including to zero)
at any time before the relevant
variable remuneration vests.
4. Clawback
Is the recovery of variable
remuneration that has
already vested or been paid
(up to two years from
vesting/payment or a longer
period as determined by
Board discretion, policy or
applicable law). This would
typically only be considered
if the other types of
downward adjustment/other
consequences are
considered inadequate given
the severity of the situation.
Before any scheduled vesting of deferred remuneration, the Board (for the CEO, Disclosed Executives and other specified roles) and/or
the Enterprise Accountability Group (EAG) (for other employees) considers whether any further deferral, malus, or clawback should be
applied (Section 6).
4.6 Alignment of executive and shareholder interests
Variable remuneration for the CEO and Disclosed Executives is designed to align executive and shareholder interests.
Alignment of executive and shareholder interests
More broadly, ANZ’s variable remuneration structure supports the alignment of executives with the interests of shareholders through:
Substantial shareholding
requirements (around
80% of variable
remuneration at
maximum opportunity
deferred into ANZ equity,
and 75% for the CRO to
ensure alignment with
shareholder interests and
to ensure focus on
long-term value creation)
Significant variable
remuneration deferral
up to 5 and 6 years in
ANZ equity (which also
supports retention)
Significant weighting to
the LTVR component
(around 60% of VR)
which includes relative
and absolute TSR
hurdles
Consideration of cash
profit and economic
profit in determining
ANZIP variable
remuneration pool
Consideration of
the shareholder
experience (in respect
of the share price
and dividend) in
determining ANZIP
variable remuneration
pool and individual
outcomes
1. Remuneration arrangements for the Group Executive and CEO, New Zealand are determined and approved by the ANZ NZ Board in consultation with and endorsed by the Board,
consistent with their respective regulatory obligations.
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4.7 Remuneration mix
The CEO and Disclosed Executives
1
have an aligned remuneration mix of 30% FR, 30% STVR and 40% LTVR at maximum/full
opportunity, and structure, with the exception of longer deferral for the CEO in line with APRA’s deferral requirements.
CEO
Remuneration mix – CEO ($m)
2.500
2.500+1.200+1.300+1.688+1.688
2.500
Minimum opportunity
8.375 (44% cash, 56% equity)
Maximum/full opportunity
30%30%40%
LTVR PRLTVR RRSTVR deferred sharesSTVR cashFR
Disclosed Executives
The dollar amounts in the below example are for illustrative purposes only, and are based on the FR value of $1.25m.
Remuneration mix – Disclosed Executives
1
($m)
1.250
Minimum opportunity
4.188 (45% cash, 55% equity)
Maximum/full opportunity
1.250
1.250+0.625+0.625+0.844+0.844
30%30%40%
LTVR PRLTVR RRSTVR deferred sharesSTVR cashFR
Chief Risk Officer
To preserve the independence of the role and to minimise any conflicts of interest in carrying out the risk control function across the
organisation, the CRO’s remuneration arrangements differ to other Disclosed Executives.
While the STVR opportunity (100% of FR) is the same as the CEO and Disclosed Executives, the LTVR opportunity is different
(100% of FR instead of 135% of FR) reflecting the delivery of LTVR as 100% restricted rights (instead of 50% restricted rights and
50% performance rights). Maximum variable remuneration opportunity is 200% of FR for the CRO. The remuneration mix is 33.3%
FR/33.3% STVR/33.3% LTVR.
Former Acting Group Executive, Talent & Culture
Due to the acting nature of R Howell’s appointment his remuneration arrangements differed to other Disclosed Executives. For the time
spent in this acting role, his FR was set at $700k per annum from 1 June 2023 and increased to $703k from 1 July 2023 (due to the
impact of the Superannuation Guarantee rate change). His VR maximum opportunity was set at 150% of FR (his remuneration mix was
therefore 40% FR/60% VR). His VR in the acting role was delivered as 60% cash and 40% as shares deferred over years 4 to 5 to ensure
compliance with CPS 511 deferral requirements.
1. Excluding CRO.
46Australia and New Zealand Banking Group Limited 2024 Annual Report
5. Executive remuneration outcomes
5.1 Short term variable remuneration (STVR)
5.2 Long term variable remuneration (LTVR)
5.3 2024 Received remuneration
5.4 2024 CEO remuneration comparison with prior years
Remuneration outcomes have been presented in the following three ways:
1. Awarded remuneration –
STVR and LTVR
(Sections 5.1.2, 5.2.1 and 5.4)
2. Received remuneration
(Section 5.3)
3. Statutory remuneration
(Section 9.2)
5.1 Short term variable remuneration (STVR)
5.1.1 ANZ Group Scorecard – approach and 2024 outcomes
The ANZ Group Scorecard is approved by the Board at the start of each year. It plays a key role to:
Message internally what
matters most
Reinforce the importance of sound
management in addition to risk,
shareholder/financial, customer,
and people and culture outcomes
Inform focus of effort,
prioritisation and decision-
making across ANZ

Assessment of performance against the ANZ Group Scorecard provides a key input (as illustrated in Section 4.4):
In determining the size of the ANZ
Incentive Plan (ANZIP) variable
remuneration pool, which funds
individual variable remuneration
outcomes for all employees/STVR
for Disclosed Executives (excluding
the CEO to help mitigate potential
conflicts of interest)
In the overall performance assessment for the CEO (100% weighting,
adjusted based on a CEO Leadership Modifier) and Disclosed Executives
(25% – 50% weighting), which informs the STVR awarded outcomes in
Section 5.1.2
As managing risk appropriately is fundamental to the way ANZ operates, risk forms an integral part of the assessment, directly
impacting the overall ANZ Group Scorecard outcome (a modifier ranging from 0% to 110% of the ANZ Group Scorecard assessment).
On the following pages we have outlined ANZ’s 2024 Group Scorecard and provided a summary of outcomes for each of the key
performance categories to inform the overall assessment for 2024.
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Shareholder/Financial40% weight: 110%/Above Target
Key objectivesOutcomes
Ensure dynamic, efficient and disciplined resource allocation, including capital,
that creates more value and sustainable returns for customers, shareholders
and society
BelowTargetAbove
Deliver Group economic profit
1
to plan or better in a high-quality manner,
targeting sustainable returns
Effectively manage total cost growth, in support of our 3yr Strategic Plan
(including our 2024 productivity ambition)
• Economic profit exceeded plan by $88m after removing the impact from Suncorp Bank, which was not included in the original plan.
• Total cost growth was 6%. Excluding Suncorp Bank division, the cost growth of 4% was marginally higher than plan as a result of higher
restructuring costs to further our productivity agenda. Continued inflation and high levels of investment directed into growth, productivity and
simplification initiatives were partially offset by disciplined cost management and productivity initiatives.
• Return on equity (ROE) exceeded target by 36 basis points after removing the impacts from Suncorp Bank earnings not included in the
original plan.
Customer40% weight: 88%/Below Target
Key objectivesOutcomes
• Create propositions that attract and engage more of our target customers,
and improve their financial well-being, access to housing and sustainability
• Build resilient business services and technology that more safely and
efficiently serve customers
BelowTargetAbove
Suncorp Bank: Ensure Suncorp integration is on track
Australia Retail: Make ANZ Plus a success including Plus Home loan in market
and migration of initial cohort from Classic to Plus
Australia Commercial: Continue to execute Commercial strategy with targeted
growth in chosen segments and an increase in digital lending
Institutional: Deliver against Environmental, Social and Governance (ESG) targets
and extend leadership in platforms
New Zealand: Continue to make banking easier
• Suncorp Bank acquisition was completed, with a successful day 1 cutover.
• Australia Retail ANZ Plus growth has been strong, with Deposit Funds Under Management (FUM) of $16.5bn and customer numbers of
850k surpassing target, coupled with the rollout of additional features and continued improvement in Net Promoter Score (NPS)
2
.
However, ANZ Plus Home Loans have been slower to market and achieved slower growth than target.
• Australia Commercial maintained sound delivery of initiatives to support strategy and achieved targeted growth in specific segments.
NPS continued to improve year-on-year. Digital lending exceeded target. Flat growth with Business Owner/Home Owner FUM.
• Institutional achieved well beyond the 2024 target set to make progress on funding and facilitating $100bn by the end of 2030 in social
and environmental activities. Significant mandates won for Payment Platforms and named best bank for cash management globally by
Global Finance.
• New Zealand made significant progress on the Ngā Tapuwae program (to move ANZ NZ core to cloud and redesign business for greater
resilience, agility and lower cost) – the key enabler in making banking easier for customers in New Zealand. Delivered first Climate Related
Disclosure for New Zealand Climate standards.
1. 2. See footnotes over page.
48Australia and New Zealand Banking Group Limited 2024 Annual Report
People & Culture20% weight: 100%/On Target
Key objectivesOutcomes
Establish an adaptable workforce and operating model that delivers innovation
and outcomes for our customers more quickly
BelowTargetAbove
Retain high performers (particularly those with the skills to support our business
transformation)
Maintain a purpose led culture, with strong employee engagement, and
improved diversity and inclusion
• Engagement continued to be very high (84% vs 87% in 2023). This engagement is evidenced beyond survey data in other measures such
as participation in the ‘Lead@ANZ program’ (over 75% of eligible leaders having commenced the program), around 1,300 engineers having
completed the ‘Engineering Career Pathways program’ and the number of staff who chose to be upskilled in ESG (3,249 completed the
‘ESG@ANZ learning program’).
• Retention of high performers was also strong, despite a more competitive employment market.
• A new Diversity and Inclusion (D&I) target was created in 2024 (aligned to our D&I strategy), and improvement from the baseline was positive.
We continued to make progress on Women in Leadership (38.8%, up from 37.3% in 2023) and also maintained our #1 ranking amongst
major bank peers in Glassdoor
3
employer of choice ratings.
Risk modifier0 to 110%: 90%/Below Target
Maintain risk discipline focused on good customer and regulatory outcomes
• Strong credit outcome with no material credit events recorded. Overall, credit and market risk has been well managed, and liquidity risk
remains appropriate.
• Ongoing progress in delivering key regulatory commitments and uplifting NFR management, however, the recent impost of an additional
$250m operational risk overlay on top of our current $500m overlay is acknowledged as a clear sign that we need to do more in this area,
and this will be a significant focus for 2025.
• The enterprise’s risk culture has been assessed as Needs Improvement in 2024. Regulatory concerns around our Markets business and
NFR management have contributed to this re-assessment. Importantly, a high ‘Speak Up’ index of 81% was achieved, reflecting sustained
efforts to encourage people to speak up and challenge each other respectfully.
• No repeat adverse audits, no material Risk Appetite Statement breaches, and no material overdue regulatory issues.
Overall Group Performance AssessmentAssessment: 90%/Below Target
Overall performance (excluding the impact of the Risk Modifier), is assessed at 99% or slightly below target, despite a challenging
economic and socio-political environment. This reflects our strong financial performance with all business lines each contributing strongly,
solid progress against our long-term strategic objectives, and good customer and people outcomes.
However, while ANZ delivered against the majority of the Group Scorecard objectives, the recent issues in the Markets business, and the
additional $250m capital overlay from APRA in response to concerns regarding NFR matters, resulted in the application of a Risk Modifier of
90%, and therefore an overall performance assessment for 2024 of 90% (rounded) or Below Target. The Board notes that STVR outcomes
for the CEO and Disclosed Executives also take into consideration performance against individual objectives.
1. Economic profit is a risk adjusted profit measure used to evaluate business unit performance and is not subject to audit by the external auditor. Economic profit is calculated via a
series of adjustments to cash profit with the economic credit cost adjustment replacing the accounting credit loss charge; the inclusion of the benefit of imputation credits (measured
at 70% of Australian tax) and an adjustment to reflect the cost of capital. 2. Net Promoter Score (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. 3. Glassdoor is a website where employees and former employees anonymously review companies and their management.
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5.1.2 CEO and DEs STVR – 2024 outcomes
At the end of the financial year, the People & Culture Committee makes a recommendation to the Board for approval in respect of
STVR outcomes. STVR will vary up or down year-on-year, it is not guaranteed, and may range from zero to a maximum opportunity.
Where expectations are met, STVR is likely to be awarded around 80% of maximum opportunity. Where performance is below
expectations, STVR will be less (potentially down to zero), and where above expectations, STVR will be more (potentially up to
maximum opportunity). The degree of variance in individual STVR outcomes for Disclosed Executives reflects the weighting of the
Group component (i.e., roles with 50% Group weighting will generally have less differentiation), and relative performance of the
different areas/individuals.
Summary of how the 2024 overall performance assessment has impacted the STVR Allocation
2024 remuneration outcomes reflect both the overall performance of the Group and the performance of each individual/Division.
The following provides a summary of how the performance assessment has been impacted as a result of the Markets and NFR
matters, and therefore the resulting impact on the 2024 awarded STVR.
2024 STVR Allocation (Target: 80%; Max: 100% as % of FR)
1. The term ‘accountability’ is used in the broader sense – i.e., taken to mean that the CEO/Disclosed Executives are ultimately responsible for the effective management of risk and the
performance of the bank, and therefore should bear appropriate consequences for the impacts of the matters. As used in this report, the term should not be taken to mean
accountability under FAR, unless otherwise stated. Where referring to FAR accountability, the term ‘Accountability’ will be capitalised.
The STVR awarded tables show a year-on-year comparison of STVR awarded to the CEO, and Disclosed Executives for the 2023 and
2024 performance periods. STVR awarded reflects actual cash and the deferred shares component of STVR awarded in respect of the
relevant financial year. As non-cash components are subject to future vesting outcomes, the awarded value may be higher or lower
than the future realised value.
Awarded
STVR
Current Fixed
Remuneration
STVR Target
(80%)
Additional downward
Board discretion applied
to select individuals,
to ensure a fair and
proportionate STVR
outcome with respect to
executive accountability
1

for the Markets and
NFR matters
+ / - Adjustment
(if applicable)
Board
discretion
Awarded
STVR
Group Risk modifier adjusted
Individual Risk
outcome adjusted
All DEs impacted
ANZ Group Scorecard
assessment %
Divisional Scorecard
assessment %
Overall Performance
Assessment %
50Australia and New Zealand Banking Group Limited 2024 Annual Report
Awarded STVR in the relevant financial year – CEO
Actual STVRSTVR as % of
Financial year
STVR maximum
opportunity
$
Total STVR
$
STVR cash
$
STVR deferred
shares
$
Target
opportunity
Maximum
opportunity
CEO
S Elliott2024 2,500,000 1,300,000 650,000 650,000 65%52%
2023 2,500,000 2,400,000 1,160,000 1,240,000 120%96%
Board assessment of CEO
Leadership Modifier
The CEO has delivered well against the
key factors forming part of the CEO
Leadership Modifier.
1. Led/driven performance against
the ANZ Group Scorecard
The CEO’s leadership of the bank’s key
priorities resulted in strong progress
against ANZ’s longer term strategy, and
good overall performance against 2024
objectives (Section 5.1.1). Key leadership
highlights include:
• Final approval and acquisition of
Suncorp Bank
• The ongoing successful rollout of ANZ
Plus with strong adoption numbers,
FUM growth and NPS, although
acknowledging the slower than
planned progress in some areas
(e.g., home loans)
• Exceeding many ESG targets
• Significant productivity saves, to enable
investment in key platforms for long
term success
While 2024 has been a year of many
successful achievements, the Board’s
reduction to the Risk Modifier resulted in
a Below Target Group Scorecard
assessment overall.
2. ANZ values/behaviours
The CEO’s personal role modelling of the
ANZ values and behaviours is exemplary,
and as a result he is highly respected by
ANZ staff and regarded as an authentic
leader. Externally, the CEO demonstrates
industry leadership on a range of matters,
including his advocacy on making banking
more accessible to the general population,
along with his regular engagement with
non-profit partners and community groups.
3. Individual risk/compliance assessment
The CEO actively leads, encourages and
cultivates a culture where people seek to
understand, measure and proactively
manage risk and compliance matters.
He sets the tone from the top regarding
the importance of risk management and
speak up culture across the bank, as
evidenced by the improvement from 83%
to 88% for the response to “At ANZ there
are appropriate risk consequences when
risk management processes and
behaviours are not followed.” While the
CEO is ultimately accountable for the
Markets and NFR matters, he has provided
strong positive leadership in response to
each matter.
Board discretion
While on balance the CEO’s performance
against the ‘what’ and ‘how’ assessments
were good, the Markets and NFR matters
have impacted ANZ’s reputation, the
confidence of customers, shareholders
and regulators, and increased the risk
capital overlay on ANZ by $250m. As a
result, the Board has applied its discretion
to ensure a fair and proportionate
performance and STVR outcome for the
CEO, given he has ultimate accountability
for these matters.
CEO
The Board determined that an STVR outcome of $1.3m (65% of target/52% of maximum opportunity) was appropriate for 2024 having
regard to the overall performance of the Group, the CEO Leadership Modifier, and the Board’s application of downward adjustment due
to risk and reputation considerations arising from the Markets and NFR matters. As a result, the CEO’s STVR outcome is down 46%
year-on-year.
The Board assessed the CEO’s 2024 performance as follows:
‘What’ assessment‘How’ assessment
Basis for:Assessed as:Basis for:Assessed as:
ANZ Group Scorecard
(Section 5.1.1)
(100% weighting)
90%/
Below Target
CEO Leadership Modifier
(see below)
Overall: Met
1. Led/driven performance against the ANZ Group
Scorecard (including leadership of personal
objectives aligned to the ANZ Group Scorecard)
Met
2. ANZ values/behavioursRole Modelled
3. Individual risk/compliance assessmentConsistently demonstrated
Board discretion: Downward adjustment to reflect impacts arising from the Markets and NFR matters
Overall performance assessment of 65% of target aligned to STVR outcome
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Awarded STVR in the relevant financial year – Disclosed Executives
Actual STVRSTVR as % of
Financial
year
STVR maximum
opportunity
$
Total STVR
$
STVR cash
$
STVR deferred
shares
$
Target
opportunity
Maximum
opportunity
Current Disclosed Executives
M Carnegie2024 1,300,000 865,000 432,500 432,500 83%67%
2023 1,250,000 1,100,000 550,000 550,000 110%88%
E Clements
1
2024 784,000 470,400 235,200 235,200 75%60%
K Corbally2024 1,300,000 624,000 312,000 312,000 60%48%
2023 1,250,000 1,065,000 532,500 532,500 107%85%
F Faruqui2024 1,275,000 885,000 442,500 442,500 87%69%
2023 1,250,000 1,200,000 600,000 600,000 120%96%
G Florian2024 1,262,500 865,000 432,500 432,500 86%69%
2023 1,250,000 995,000 497,500 497,500 100%80%
C Morgan
1
2024 1,135,000 650,000 325,000 325,000 72%57%
2023 627,000 500,000 250,000 250,000 100%80%
A Strong
1
2024 850,000 580,000 290,000 290,000 85%68%
2023 690,000 630,200 315,100 315,100 114%91%
A Watson
2
2024 1,129,635 797,660 398,830 398,830 88%71%
2023 1,106,505 945,140 472,570 472,570 107%85%
M Whelan2024 1,500,000 595,000 297,500 297,500 50%40%
2023 1,460,000 1,460,000 730,000 730,000 125%100%
Former Disclosed Executives
R Howell
1
2024 21,490 n/a n/a n/a n/an/a
2023 348,068 300,000 180,000 120,000 108%86%
1. STVR based on time as a Disclosed Executive in either 2023 (C Morgan, A Strong, R Howell) or 2024 (E Clements, R Howell). 2. Paid in NZD and converted to AUD. Year to date
average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.
5.2 Long term variable remuneration (LTVR)
LTVR reinforces the focus on achieving longer term strategic objectives, driving outperformance relative to peers, and creating long-
term sustained value for all stakeholders. LTVR will be awarded based on full opportunity unless the LTVR restricted rights pre grant
assessment results in any reduction (and is also subject to shareholder approval for the CEO).
Disclosed Executives
STVR outcomes for Disclosed Executives
continue to differ both year-on-year and
between executives demonstrating the
variability in Group and individual
performance year-on-year and the at risk
nature of this element of remuneration
(i.e., it is not guaranteed and may be
adjusted up or down ranging from zero
to a maximum opportunity).
In 2024, STVR outcomes for all Disclosed
Executives have been impacted by the
Markets and NFR matters (i.e., down 29%
on average year-on-year for those in role
for a full year in 2023 and 2024), due to the:
• impact of the Risk Modifier outcome on
the Group Scorecard assessment; and
• the application of a -20% individual Risk
Modifier adjustment for most Disclosed
Executives to reflect collective executive
accountability for the NFR challenges.
The risk assessment impact was
greatest for the CRO and GE,
Institutional to reflect their greater overall
accountability for these matters (i.e.,
issues took place within their area of
control and influence), resulting in an
average STVR reduction of 50%
year-on-year.
The average STVR outcome for current
Disclosed Executives is 75% of target
(60% of maximum opportunity). This
reflects both the overall assessment of
ANZ Group performance as Below Target
(Section 5.1.1), which is weighted 25% or
50%, and also individual performance
(Section 4.4.2) which is weighted 75% or
50% depending on role. Outcomes range
from 50% to 88% of target (or 40% to
71% of maximum opportunity).
To ensure an overall fair and proportionate
consequence for the Markets and NFR
matters, downward Board discretion was
applied to STVR outcomes for select
individuals (refer to Section 6 for
consequence considerations).
The 2024 STVR awarded outcome for
E Clements is based on her time as a
Disclosed Executive during 2024. R Howell
was awarded nil STVR for the 8 days he
was a Disclosed Executive during 2024.
52Australia and New Zealand Banking Group Limited 2024 Annual Report
A pre vest assessment will determine the number of restricted rights that ultimately vest, and performance against TSR hurdles will
determine the level of vesting of performance rights and subsequent value of performance rights at the end of the performance period.
LTVR (restricted rights and performance rights) is designed to strengthen the alignment of executive interests with shareholders, and
performance rights provide a strong link between the reward for executive performance and TSR returns over the next four-year period.
5.2.1 CEO and DEs
1
LTVR – 2024 outcomes
2024 Awarded LTVR and pre grant assessment outcome
Following completion of the 2024 LTVR pre grant assessment, based on its outcome in October 2023, the Board determined that the
2024 LTVR (awarded at the start of the 2024 financial year) should be awarded at full opportunity to Disclosed Executives (November
2023) and the CEO (December 2023 post AGM).
The restricted rights component of LTVR was subject to a pre grant assessment by the Board which determined that the award should
be made at full value (i.e., no reduction); and will be subject to a pre vest assessment by the Board of non-financial measures at the end
of the four-year performance period to determine whether the restricted rights should vest in full.
Restricted rights 2024 pre grant assessment (Section 9.1.1)
StepActionOutcome
Step 1Assess Prudential SoundnessMet
Step 2Assess Risk MeasuresMet
Step 3Apply Board discretionNo adjustment
Pre grant assessment outcome100%
CEO LTVR: Shareholders approved at the 2023 AGM a 2024 LTVR award of $3,375,000 (135% of FR), delivered in the form of 50%
restricted rights and 50% performance rights.
Disclosed Executives LTVR: 2024 LTVR awarded at full opportunity (135% of FR, and 100% for the CRO). Note that R Howell was not
eligible in his acting capacity. Section 4.3 outlines delivery details.
2024 Awarded LTVR – CEO and Disclosed Executives
2024 LTVR Allocation (Full Opportunity
1
: 135% of FR; 2024 LTVR awarded at 100% of Full Opportunity)
Overall
135%
of FR
2024 Fixed
Remuneration
2024 Fixed
Remuneration
LTVR Restricted
Rights opportunity
(67.5%)
2024 Pre grant
assessment
Outcome: 100%
LTVR
Restricted Rights Allocation:
67.5% of Fixed Remuneration
LTVR
Performance Rights Allocation:
67.5% of Fixed Remuneration
LTVR Performance
Rights opportunity
(67.5%)
1. CRO role: Full opportunity at 100% of Fixed Remuneration and delivered wholly in restricted rights.
Actual LTVR
1
Total LTVR
1
$
LTVR
restricted rights
$
LTVR
performance rights
$
CEO and Current Disclosed Executives
S Elliott 3,375,000 1,687,500 1,687,500
M Carnegie 1,755,000 877,500 877,500
E Clements 1,080,000 540,000 540,000
K Corbally 1,300,000 1,300,000 -
F Faruqui 1,721,250 860,625 860,625
G Florian 1,704,375 852,188 852,188
C Morgan 1,532,250 766,125 766,125
A Strong 1,147,500 573,750 573,750
A Watson
2
1,524,903 762,451 762,451
M Whelan 2,025,000 1,012,500 1,012,500
1. LTVR full opportunity based on FR at start of financial year. 2. Awarded in NZD and converted to AUD.
Year to date average exchange rate used to convert NZD to AUD as at 30 September for the relevant year.
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2024 Received LTVR
2019 performance rights granted to the CEO in December 2019 and Disclosed Executives (excluding the CRO) in November 2019,
reached the end of their performance period in November 2023. Based on performance against hurdles, 100% of the performance
rights lapsed and executives received no value from this award.
Performance rights vesting outcomes
Over four years
HurdleGrant date
1
First date
exercisable
1
ANZ TSR/
CAGR
2
TSR
Median TSR/
CAGR
2
TSR
threshold
target
Upper quartile
TSR/CAGR
2

TSR maximum
target% vested
Overall
performance
rights
outcome
75% relative TSR
Select Financial Services (SFS)
comparator group
22-Nov-1922-Nov-2312.32%18.64%47.58%0%
100% lapsed
25% absolute CAGR
2
TSR22-Nov-1922-Nov-232.95%8.5%12.75%0%
1. Grant date for the CEO was 17 December 2019, and date first exercisable was 17 December 2023. The CEO’s performance period was the same as the performance period for
Disclosed Executives. 2. Compound Annual Growth Rate (CAGR).
5.2.2 CEO and DEs
1
LTVR – 2025 outcomes
Following completion of the 2025 LTVR pre grant assessment, the Board determined in October 2024 that the 2025 LTVR restricted
rights (50% of full LTVR opportunity), should be awarded at 90% of full opportunity to Disclosed Executives (November 2024) and the
CEO (December 2024 post AGM) due to risk considerations.
This adjustment formed part of a holistic assessment (i.e., including consideration of risk adjustments impacting STVR), to
ensure a proportionate collective impact for the NFR matters contributing to the additional capital overlay (Section 6). This
would result in a total 2025 LTVR award (awarded at the start of the 2025 financial year) at 95% of full opportunity (90% of full
opportunity for the CRO, whose LTVR is delivered wholly in restricted rights).
The restricted rights component of LTVR was subject to a pre grant assessment by the Board (outcomes are summarised below); and
will be subject to a pre vest assessment by the Board of non-financial measures at the end of the four-year performance period to
determine whether the restricted rights should vest in full.
Restricted rights 2025 pre grant assessment (Section 9.1.1)
StepActionOutcome
Step 1Assess Prudential SoundnessMet
Step 2Assess Risk MeasuresNot met
Step 3Apply Board discretionNo adjustment
Pre grant assessment outcome90%
The performance rights component of LTVR is subject to TSR hurdles, which will determine the level of vesting and subsequent value
of performance rights at the end of the performance period.
CEO LTVR: 2025 LTVR subject to shareholder approval at the 2024 AGM – 2025 LTVR award of $3,206,250 (128.25% of FR), delivered
in the form of 47% restricted rights and 53% performance rights.
Disclosed Executives LTVR: 2025 LTVR awarded at 90% of their full opportunity (128.25% of FR, and 90% for the CRO), delivered as part
restricted rights and part performance rights (except for the CRO whose LTVR is delivered wholly in restricted rights).
1. See footnote over page.
54Australia and New Zealand Banking Group Limited 2024 Annual Report
2025 LTVR Allocation (Full Opportunity
1
: 135% of FR; 2025 LTVR awarded at 95% of Full Opportunity)
Overall
128.25%
(95% of full
opportunity)
Overall
128.25%
of FR
(95% of full
opportunity)
2025 Fixed
Remuneration
2025 Fixed
Remuneration
LTVR Restricted
Rights opportunity
(67.5%)
2025 Pre grant
assessment
Outcome: 90%
2
LTVR
Restricted Rights Allocation:
60.75% of Fixed Remuneration
LTVR
Performance Rights Allocation:
67.5% of Fixed Remuneration
LTVR Performance
Rights opportunity
(67.5%)
1. CRO role: Full opportunity at 100% of Fixed Remuneration, overall awarded at 90% of full opportunity (as delivered wholly in restricted rights). 2. Downward adjustment
due to risk considerations in 2024. All DEs impacted.
5.3 2024 Received remuneration
This table shows the remuneration the CEO and Disclosed Executives actually received in relation to the 2024 financial year as cash
paid, or in the case of prior equity awards, the value which vested in 2024.
FR adjustments were received by Disclosed Executives effective 1 October 2023 to maintain or improve market positioning, approved
by the Board in October 2023. There were no other adjustments to FR for Disclosed Executives in 2024.
2024 Received remuneration – CEO and Disclosed Executives:
Received value includes the value of prior equity awards which vested in that year
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
2
$
Deferred variable
remuneration
which lapsed/
forfeited during
the year
1,3
$
CEO and Current Disclosed Executives
S Elliott 2,500,000 650,000 3,150,000 958,134 - 4,108,134 (4,297,414)
M Carnegie
4
1,300,000 432,500 1,732,500 526,735 - 2,259,235 (992,392)
E Clements
5
784,000 235,200 1,019,200 196,188 - 1,215,388 -
K Corbally
4
1,300,000 312,000 1,612,000 1,057,966 - 2,669,966 -
F Faruqui
4
1,275,000 442,500 1,717,500 697,515 - 2,415,015 (1,680,521)
G Florian
4
1,262,500 432,500 1,695,000 516,838 - 2,211,838 (562,329)
C Morgan
4,6
1,135,000 325,000 1,460,000 - 242,326 1,702,326 -
A Strong
4
850,000 290,000 1,140,000 329,428 - 1,469,428 -
A Watson
4,7
1,129,635 398,830 1,528,465 584,674 - 2,113,139 -
M Whelan
4
1,500,000 297,500 1,797,500 656,862 - 2,454,362 (1,753,220)
Former Disclosed Executives
R Howell
5
14,327 n/a 14,327 - - 14,327 -
1. Deferred variable remuneration which either vested or lapsed/forfeited during the year is the point in time value of previously deferred remuneration granted as deferred shares,
deferred share rights and/or restricted rights/performance rights, and is based on the one day Volume Weighted Average Price (VWAP) of the Company’s shares traded on the ASX on
the date of vesting or lapsing/forfeiture multiplied by the number of deferred shares/deferred share rights and/or restricted rights/performance rights. 2. The sum of fixed remuneration,
cash variable remuneration and deferred variable remuneration which vested during the year. 3. The lapsed/forfeited values relate to 100% of the performance rights awarded in
November/December 2019 lapsing in November/December 2023 due to the performance hurdles not being met. 4. Fixed remuneration reflects increases applied from 1 October
2023 to maintain or improve market positioning (M Carnegie, K Corbally, F Faruqui, G Florian, C Morgan, A Strong, A Watson, M Whelan). 5. Fixed remuneration based on time as a
Disclosed Executive (E Clements, R Howell). 6. Other deferred remuneration for C Morgan relates to deferred remuneration forfeited and bonus opportunity forgone as a result of joining
ANZ, that was deferred in prior years as deferred shares and vested during the year. 7. Paid in NZD and converted to AUD. Year to date average exchange rate used to convert NZD to
AUD as at 30 September for the relevant year.
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Awarded ReceivedStatutory
Awarded remuneration reflects actual cash
and the deferred shares component of STVR
awarded in the year. As non-cash components
are subject to future vesting outcomes, the
awarded value may be higher or lower than the
future realised value.
Awarded remuneration is lower in 2024
(compared to 2023), due to the notably lower
STVR in 2024. Note, STVR is awarded at the
end of the year.
Received remuneration
reflects the actual
remuneration received in the
year (i.e., cash paid and the
value of previously awarded
STVR deferred shares and
LTVR performance rights
which vested in the year).
The amount received is lower
in 2024 (compared to 2023),
due to the notably lower STVR
in 2024.
Note that whilst all LTVR due
to vest in 2024 lapsed, for
comparative purposes, in 2023
there was no LTVR due to vest
as a result of changing from a
three to four-year performance
period in November 2019.
Statutory remuneration
reflects remuneration in
accordance with Australian
Accounting Standards which
includes FR and the amortised
accounting value of equity
based variable remuneration,
not the actual awarded or
received value in respect of the
relevant financial year (i.e.,
includes the value of STVR and
LTVR expensed in the year).
This is different to remuneration
received in 2024 (which
includes prior year awards
which vested).
Fixed
remuneration
$
STVR
$
LTVR
$
Total
remuneration
$
Total
remuneration
$
Total
remuneration
$
2024 2,500,000 1,300,000 3,375,000 7,175,000 4,108,134 5,699,642
2023 2,500,000 2,400,000 3,375,000 8,275,000 4,579,413 6,186,508
AwardedReceivedStatutory
5.4 2024 CEO remuneration comparison with prior years
CEO – Summary of 2023 and 2024 total remuneration
56Australia and New Zealand Banking Group Limited 2024 Annual Report
6.1 Board considerations of
consequences for material
risk, audit and conduct events
Considerations regarding accountability
and consequences for our most senior
executives are considered and determined
by the People & Culture Committee and
Board, including the application of malus
and clawback (Section 4.5) for the CEO
and Disclosed Executives.
When determining consequences,
consideration is given to the level of
accountability, and the severity of the
issue, including customer impacts.
Consequences may include, for example,
one or more of the following: counselling,
formal warnings, impacts to in year
performance and remuneration outcomes
or application of malus to previously
deferred remuneration and ultimately
termination of employment or clawback
for the most serious issues.
As part of our standard process, reports
on the most material risk, audit and
conduct issues are presented to the
People & Culture, Risk and Audit
Committees at a joint meeting. This
information is considered by the Board
when considering the performance
of the Group, the ANZIP variable
remuneration pool for all employees and
in determining the performance and
remuneration outcomes of the CEO
and Disclosed Executives.
6.2 Additional Board
governance and oversight
regarding the Markets and
non-financial risk matters
in 2024
Further to consideration of material risk,
audit and conduct events, the Board put
in place in 2024 additional governance to
ensure it is well placed to determine
accountability consequences on issues
associated with the various Markets
matters. As part of the additional
governance, the Board also considered
ANZ’s NFR framework, particularly the
additional $250m capital overlay issued
by APRA.
In reviewing these matters, and to ensure
the application of fair and proportionate
consequences that are based on clearly
established evidence and facts, the Board:
• appointed its own independent legal
advisors to review material resulting
from three external reviews, and an
independent Markets expert to ensure
Board independence and that FAR
obligations had been met;
• established a sub-committee
consisting of the Board Chair and three
Board directors with experience in
Markets trading;
• spent considerable time deliberating
remuneration outcomes for the CEO
and Disclosed Executives taking into
consideration the findings from the
accountability reviews, and the fact that
the Executive Committee have collective
accountability for the performance of
the bank; and
• sought independent advice in relation
to the application of the remuneration
consequences for the CEO and
Disclosed Executives.
The Board views that relevant Executive
Committee members should bear
appropriate accountability for actions
and outcomes that took place within
their area of control or influence,
irrespective of whether they themselves
were personally involved or were
otherwise at fault, by virtue of their role
and seniority. Similarly, with respect to
the NFR matters, the Board considered
it appropriate to hold the Executive
Committee collectively accountable.
The Board has determined for the
CEO and Disclosed Executives, that the
deferred remuneration available in
November/December 2024, should vest
in full (subject to performance hurdles).
However, as investigations into the matters
above are ongoing, the Board view that
there is sufficient deferred remuneration
on-foot (Section 9.3), to apply downward
adjustment should further information
come to light that justifies the application
of additional consequences.
6. Accountability and Consequence Framework
6.1 Board considerations of consequences for
material risk, audit and conduct events
6.2 Additional Board governance and
oversight regarding the Markets and
non-financial risk matters in 2024
6.3 Summary of consequences applied to
the CEO and Disclosed Executives
6.4 Role of the Enterprise Accountability Group
6.5 Material positive risk events
6.6 Risk role models
6.7 Compliance with Prudential Standard
CPS 511 Remuneration
6.8 Evolving the Accountability &
Consequence Framework
6.9 Speak up culture
6.10 Application of consequences
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6.3 Summary of consequences applied to the CEO and Disclosed Executives
The following summarises how consequences related to the Markets and NFR matters have been considered overall for the CEO
and Disclosed Executives (DEs), both in terms of ANZ’s performance and remuneration framework and the additional Board
governance put in place to address these issues in 2024.
Summary of 2024 Consequence Approach and Outcomes
Note, no malus or clawback was applied to the remuneration of the CEO and Disclosed Executives during 2024.
While the 2024 Remuneration Report focuses on consequences for the CEO and Disclosed Executives, the Board has and will
continue to provide oversight (as appropriate), of consequence considerations for other current and former employees should there
be findings of accountability regarding the Markets matters.
6.4 Role of the Enterprise Accountability Group
The Enterprise Accountability Group (EAG) is the governance mechanism for the operation of the Accountability and Consequence
Framework (A&CF), and reviews accountability and consequences for employees below the CEO and ExCo/Disclosed Executives.
The EAG is chaired by the CEO and members include the CRO, CFO and GE T&C. It operates under the delegated authority of
the People & Culture Committee, considering Accountability questions under FAR and accountability in its broader sense, and is
responsible for:
• supporting the Board in monitoring the implementation and ongoing effectiveness of ANZ’s A&CF;
• reviewing the most material risk, conduct and audit events for accountability and the application of consequences,
where appropriate;
• providing guidance to the Divisions and considering initiatives across the Divisions to strengthen risk behaviours;
• acknowledging material positive risk events and recognising risk role models, whose achievements are profiled across the
organisation; and
• approving the release or application of downward adjustment for deferred variable remuneration (noting that for the CEO and
Disclosed Executives this is approved by the Board).
The EAG has processes in place to ensure that we mitigate the risk of conflicts of interest in reviewing events and determining
accountability and consequences. For example, when undertaking accountability reviews, a recommendation regarding the review
leader and scope must be sent to the CRO (or in the case of an event involving Group Risk to the CEO), for review and approval to
ensure the individual is capable of undertaking an impartial and unbiased review.

ANZ
Performance
Assessment
Framework
Group Risk modifier
adjusted
Individual Risk
outcome adjusted
All DEs impacted –
with higher impact for
those assessed as
having greater
accountability
Additional Board
Governance regarding
Markets & NFR Matters
(incl. external reviews)
Board discretion
overlay with
STVR adjustments for
select individuals
Adjustments applied
based on a
consequence lens,
rather than a ‘pure’
performance lens
2025 LTVR
Pre Grant
Assessment
Downward
adjustment
due to 2024 risk
considerations
All DEs impacted
Future
downward
adjustment
(if required)
Further
adjustment
if additional
information
comes to light
at a later date
See Section 4.5
for downward
adjustment options
Fair and
proportionate
remuneration
consequences
2024 STVR
and 2025 LTVR
outcomes
Awarded STVR
outcome of 52% of
maximum for CEO
and average of 60%
of maximum for
Disclosed Executives;
90% LTVR RR
resulting in 95%
2025 LTVR overall
58Australia and New Zealand Banking Group Limited 2024 Annual Report
6.5 Material positive
risk events
The EAG reviews material positive risk
decisions and events – times when our
proactive approach to identifying and
mitigating risk have had a material positive
outcome. Reviewing these examples
provides an opportunity to acknowledge
the importance of these events and share
learnings across the enterprise.
6.6 Risk role models
In 2024, 104 individuals were recognised
by the EAG for role modelling outstanding
risk behaviours through their efforts to
identify, manage and mitigate the
organisation’s risks and contribute to our
strong risk culture. Recognition provided
included a personalised e-mail from the
CEO, local recognition events, and having
their achievement profiled on our intranet
and in internal newsletters.
6.7 Compliance with
Prudential Standard
CPS 511 Remuneration
ANZ’s A&CF is an integral part of our
enterprise approach to meeting the
requirements of APRA’s Prudential
Standard CPS 511 Remuneration.
We introduced clawback provisions for the
CEO and our Disclosed Executives effective
2022, in addition to existing downward
adjustment tools such as in year
adjustment, further deferral and malus.
In 2024, we have continued to raise
employee awareness with respect to
accountability and consequences
through explicit references to the A&CF
(including remuneration consequences) in
employee training and communications
and performance and remuneration
policy documents.
In addition, as part of our annual
performance and remuneration process,
we have provided our People Leaders with
guidance regarding appropriate (and in
1. Results reported are taken from the Q2 and/or Q4 employee engagement surveys, and Risk Culture Survey.
some cases, mandatory) remuneration
consequences for conduct and
performance issues, including insights
from the previous year’s consequences
applied. These activities are part of our
continued focus on consistency in
application of remuneration consequence
across ANZ globally.
6.8 Evolving the Accountability
& Consequence Framework
Our A&CF is designed to support our
customer commitment that when things
go wrong, we fix them and hold
executives, (current and former where we
can), to account where appropriate. We
are also focused on ensuring that we learn
from the cause of the event, mitigate the
risk of future recurrences and continuously
seek to strengthen our risk culture. We
review the effectiveness of the A&CF
every year and implement enhancements
to further strengthen the A&CF based on
regulatory and internal stakeholder input.
6.9 Speak up culture
We continue to raise employee awareness
of, and promote the various ways
employees can speak up and raise issues
and ideas for improvement including
through initiatives such as:
• targeted jurisdiction and business
specific awareness sessions, designed
to build trust in the process and
program and promote speak up
channels;
• digital communications designed to
build confidence and trust in the
Whistleblower Program and process;
and
• the monitoring of responses in our
employee engagement surveys.
Key risk and speak up scores, including
‘My manager (the person I report to)
demonstrates personal accountability for
managing risk and sound risk behaviours
(92%)‘, ‘I can raise issues and concerns
without fear of reprisals’ (77%), ‘In my
team, it feels safe to ask questions, make
mistakes, highlight problems & take social
risks (85%)’ and ‘When I speak up, my
ideas, opinions and concerns are heard’
(81%) remained strong, in keeping with
2023, 2022 and 2021 results.
1
6.10 Application of
consequences
In 2024, there were 1,400 employee
relations cases involving alleged breaches
of our Code, with 488 resulting in a formal
consequence or the employee leaving
ANZ, down from 501 in 2023. Breaches
ranged from compliance/procedural
breaches (20.7%), through to general
unacceptable behaviour (38.5%), email/
systems misuse (10.5%), attendance
issues (17.4%), fraud/theft (5.5%), conflict
of interest (3.7%) and breaches of our
Equal Opportunity, Bullying and
Harassment Policy (3.7%). Outcomes
following investigations of breaches this
year included 88 terminations, 306
warnings and 94 employees leaving ANZ.
In relation to the application of
consequences to our senior leadership
population (senior executives, executives
and senior managers), 20 current and
former employees (30 in 2023) had a
consequence applied as a result of the
application of our Code of Conduct Policy
and/or findings of accountability for a
relevant event. Consequences included
warnings, impacts on performance and
remuneration outcomes and dismissal.
All employees and contractors across the
enterprise are required to complete
mandatory learning modules. Permanent
employees who fail to complete their
mandatory learning requirements within
30 days of the due date are (in the
absence of genuinely exceptional
circumstances) ineligible for any FR
increase or variable remuneration award
as part of our annual Performance and
Remuneration Review. In 2024, the
mandatory learning course compliance
rate across the enterprise was 99.73%.
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7.1 NED Remuneration structure
A review of 2024 NED fees was completed by the People & Culture Committee in September 2023. Following that review of 2024 fees
(as previously disclosed in the 2023 Remuneration Report), the People & Culture Committee approved a 2% increase to the NED
member fee (from $240,000 to $245,000) which has remained unchanged since 2016. The Board Chairman fee remains unchanged.
Following review, the People & Culture Committee also approved the alignment of the fee structure across all Committees increasing
each Committee chair fee to $68,000, and each Committee member fee to $34,000. This fee review considered increased complexity
in the regulatory environment, uplifts for ANZ’s broader employee population, and the external market.
The fee structure is applicable to NEDs of ANZGHL and ANZBGL. Fees prior to the implementation of the Non-Operating Holding
Company (NOHC) structure related to membership of the ANZBGL Board, and post implementation are viewed as a single fee covering
both Boards (i.e., membership of ANZGHL and ANZBGL Boards/Committees). Currently the fee structure applies irrespective of whether
NEDs serve on one or more Boards.
NEDs receive a fee for being a Director of the Board, and additional fees for either chairing, or being a member of a Board Committee.
The Chairman of the Board does not receive additional fees for serving on a Board Committee.
In setting Board and Committee fees, the following are considered: general industry practice, ASX Corporate Governance Principles and
Recommendations, the responsibilities and risks attached to the NED role, the time commitment expected of NEDs on Group and
Company matters, and fees paid to NEDs of comparable companies.
ANZ compares NED fees to a comparator group of Australian listed companies with a similar market capitalisation, with particular focus
on the major financial services institutions. This is considered an appropriate group, given similarity in size and complexity, nature of
work and time commitment by NEDs.
To maintain NED independence and impartiality:
• NED fees are not linked to the performance of the Group; and
• NEDs are not eligible to participate in any of the Group’s variable remuneration arrangements.
The current aggregate fee pool for NEDs of $4m was approved by shareholders at the 2012 AGM. The annual total of NEDs’ fees,
including superannuation contributions, is within this agreed limit.
This table shows the NED fee policy structure for 2024 compared to 2023.
NED fee policy structure – 2024 and 2023
Financial
yearChair feeMember fee
Board
1,2
2024$850,000$245,000
2023$850,000$240,000
Audit Committee2024$68,000$34,000
2023$65,000$32,500
Risk Committee2024$68,000$34,000
2023$65,000$32,500
People & Culture Committee (previously Human Resources Committee)2024$68,000$34,000
2023$65,000$32,500
Digital Business & Technology Committee2024$68,000$34,000
2023$55,000$27,500
Ethics, Environment, Social & Governance Committee2024$68,000$34,000
2023$55,000$27,500
1. Including superannuation. 2. The Chairman of the Board does not receive additional fees for serving on a Board Committee. The Chairman of the Board and NEDs do not receive a
fee for serving on the Nomination and Board Operations Committee.
7. Non-Executive Director (NED) remuneration
7.1 NED Remuneration structure
7.2 2024 Statutory remuneration – NEDS
60Australia and New Zealand Banking Group Limited 2024 Annual Report
NED shareholding guidelines
We expect our NEDs to hold ANZ shares. NEDs are required:
• to accumulate shares – over a five-year period from their appointment to the value of:
–100% of the NED member fee for Directors;
–100% of the Chairman fee for the Chairman; and
• to maintain this shareholding while they are a Director of ANZ.
Based on the ANZ share price as at 30 September 2024, all NEDs who have served five years met the holding guideline.
7.2 2024 Statutory remuneration – NEDS
The following table outlines the statutory remuneration of NEDs
1
disclosed in accordance with Australian Accounting Standards.
1. In addition to the fees shown below the following NEDs were awarded fees relating to other ANZ entities:
• John Cincotta awarded $35,743 in 2024 for his role as NED of Norfina Limited (Suncorp Bank).
• Jane Halton awarded $60,984 in 2024 for her role as Chair of Norfina Limited (Suncorp Bank).
• Christine O’Reilly awarded $35,743 in 2024 for her role as NED of Norfina Limited (Suncorp Bank).
• Scott St John awarded NZD 324,342 in 2024 for his roles as Chair and NED of ANZ Bank New Zealand Limited.
• Sir John Key awarded NZD 200,697 in 2024 (NZD 422,050 in 2023) for his role as Former Chair of ANZ Bank New Zealand Limited.
2024 Statutory remuneration – NEDS
Short-term NED benefits
Post-
employment
Financial
year
Fees
1

$
Non monetary
benefits
2

$
Super
contributions
1

$
Total
remuneration
3
$
Current Non-Executive Directors
P O’Sullivan
2024 821,968 - 28,032 850,000
2023 824,181 - 25,819 850,000
J Cincotta
4
2024 177,802 184 18,253 196,239
R Gibb
4
2024 206,291 184 18,253 224,728
J Halton 2024 358,281 - 28,032 386,313
2023 329,181 - 25,819 355,000
G Hodges
4
2024 284,968 184 28,032 313,184
2023 176,745 - 17,102 193,847
H Kramer
4
2024 328,577 184 28,032 356,793
2023 35,841 - 3,942 39,783
C O’Reilly 2024 362,484 - 28,032 390,516
2023 344,181 - 25,819 370,000
J Smith 2024 347,332 - 28,032 375,364
2023 298,889 - 25,819 324,708
S St John
4
2024 146,879 - 14,800 161,679
Former Non-Executive Directors
I Atlas
4
2024 78,047 - 6,850 84,897
2023 339,181 - 25,819 365,000
J Key
4
2024 143,595 1,295 13,699 158,589
2023 301,681 - 25,819 327,500
J Macfarlane
4
2024 78,047 4,974 6,850 89,871
2023 336,443 - 25,819 362,262
Total of all Non-Executive Directors 2024 3,334,271 7,005 246,897 3,588,173
2023 2,986,323 - 201,777 3,188,100
1. Year-on-year differences in fees relate to changes to the NED fees and also to the superannuation Maximum Contribution Base. 2. Non monetary benefits generally consist of
company-funded benefits (and the associated Fringe Benefits Tax) such as welcome gifts from the ANZ NZ Board and gifts provided upon retirement. 3. Long-term benefits and
share-based payments do not apply for the NEDs. 4. Remuneration based on time as a NED in either 2023 (G Hodges and H Kramer) or 2024 (J Cincotta, R Gibb, S St John, I Atlas, J Key
and J Macfarlane).
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8.1 The People &
Culture Committee
8.1.1 Role of the People &
Culture Committee
The Board is ultimately responsible for and
oversees ANZ Group’s Performance and
Remuneration Framework (P&R
Framework) and its effective application
throughout the ANZ Group. The People &
Culture Committee’s role is to assist the
Board in its oversight of the effective
operation of P&R Framework and other
T&C matters. It has been delegated
authority to act as the remuneration
committee for ANZBGL.
During the year the People & Culture
Committee met on six occasions and
reviewed and approved, or made
recommendations to the Board on
matters including:
• remuneration for the CEO and other key
executives (broader than those
disclosed in the Remuneration Report)
in accordance with ANZ’s Board level
P&R Policies, and fees for the NEDs;
• matters related to P&R Framework
compliance with APRA’s Prudential
Standard CPS 511 Remuneration, and
updates on Treasury’s Financial
Accountability Regime (FAR);
• the ANZ Group Scorecard (annual
objectives setting and assessment) and
annual variable remuneration spend;
• performance and reward outcomes for
key senior executives, including the
consideration of material events that
have either occurred or came to light in
the year;
• the release, further deferral or
application of malus of deferred
remuneration or clawback;
• key senior executive appointments
and terminations;
• the review of ANZ’s Board level P&R
Policies, and the Accountability &
Consequence Framework (A&CF);
• building capabilities required to
deliver on our strategy;
• succession plans for key senior
executives; and
• culture, diversity and inclusion,
employee engagement, and how
we work.
8.1.2 Link between
remuneration and risk
The People & Culture Committee has a
strong focus on the relationship between
business performance, risk management
and remuneration, aligned with our
business strategy. The chairs of the Risk
and Audit Committees and the full Board
(ANZGHL and ANZBGL) are in attendance
for specific People & Culture Committee
meetings. A joint meeting of the People &
Culture, Risk and Audit Committees was
held to review:
• material risk, conduct and audit
events that either occurred or came
to light in 2024;
• 2024 performance and variable
remuneration recommendations at
both the Group, CEO and Disclosed
Executive level.
To further reflect the importance of the
link between remuneration and risk:
• the Board had three NEDs (in addition to
the Chairman) in 2024 who served on
both the People & Culture Committee
and the Risk Committee;
• the People & Culture Committee has
free and unfettered access to risk and
financial control personnel (the CRO
and CFO attend People & Culture
Committee meetings for specific
agenda items);
• the CRO (together with GE T&C and
GGM IA) provides an independent
report to the People & Culture
Committee on the most material risk,
conduct and audit events (as relevant)
to help inform considerations of
performance and remuneration, and
accountability and consequences at the
Group, Divisional and individual level;
• the CRO also provides an independent
report to assist the Board in their
assessment of performance and
remuneration outcomes for the CEO
and Disclosed Executives;
• the chairs of the Risk and Audit
Committees are asked to provide input
to ensure appropriate consideration of
all relevant risk and internal audit issues;
• the ANZ Group Scorecard and Divisional
Scorecards include Risk as a key
element acting as a modifier, and it
forms an integral part of each
framework’s assessment and directly
impacts the overall outcomes; and
• the LTVR restricted rights pre grant and
pre vest assessments undertaken by
the Board are primarily based on
non-financial risk outcomes.
8.1.3 Conflict of interest
To help mitigate potential conflicts of
interest:
• management are not in attendance
when their own performance or
remuneration is being discussed by the
People & Culture Committee or Board;
• the CEO’s STVR is funded and
determined separately from the ANZIP
variable remuneration pool;
• the CRO’s remuneration arrangements
differ to other Disclosed Executives to
preserve the independence of the role;
• the EAG also has processes in place to
help mitigate conflicts of interest as
outlined in Section 6; and
• the People & Culture Committee seeks
input from a number of sources to
inform their consideration of
performance and remuneration
outcomes for the CEO and Disclosed
Executives including:
–independent reports from Risk,
Finance, Talent and Culture, and
Internal Audit;
–material risk, conduct and audit event
data provided by the CRO;
– input from both the Audit Committee
and the Risk Committee of the Board.
More details about the role of the People & Culture Committee, including its Charter,
can be found on our website. Go to anz.com > Our company > Strong governance
framework > ANZ People & Culture Committee Charter.
8. Remuneration governance
8.1 The People & Culture Committee
8.2 Internal governance
62Australia and New Zealand Banking Group Limited 2024 Annual Report
8.1.4 External advisors provided information but not recommendations
The People & Culture Committee can engage independent external advisors as needed.
Throughout the year, the People & Culture Committee and management received information from the following external advisors:
Ashurst, Deloitte, EY, Guerdon Associates, PayIQ Executive Pay and PricewaterhouseCoopers. This information related to market data,
market practices, analysis and modelling, legislative requirements and the interpretation of governance and regulatory requirements.
During the year, ANZ did not receive any remuneration recommendations from external advisors about the remuneration of KMP.
ANZ employs in-house remuneration professionals who provide recommendations to the People & Culture Committee and the Board.
The Board made its decisions independently, using the information provided and with careful regard to ANZ’s key strategic priorities,
purpose and values, risk appetite, and the ANZ Group P&R Framework, ANZ’s Board level P&R Policies and ANZ’s Reward Principles.
8.2 Internal governance
8.2.1 Hedging prohibition
All deferred equity must remain at risk until it has fully vested. Accordingly, executives and their associated persons must not enter into
any schemes that specifically protect the unvested value of equity allocated. If they do so, then they would forfeit the relevant equity.
8.2.2 CEO and Disclosed Executives’ shareholding guidelines
We expect the CEO and each Disclosed Executive to, over a five-year period:
• accumulate ANZ shares to the value of 200% of their FR; and
• maintain this shareholding level while they are an executive of ANZ.
Executives are permitted to sell ANZ securities to meet taxation obligations on employee equity even if below the 200% guideline.
However, tax obligations for the purpose of these guidelines is limited to that arising from the initial taxing point event (i.e., when the
deferred shares vest or rights are exercised).
Shareholdings include all vested and unvested equity (excluding performance rights). Based on equity holdings as at 30 September
2024, the CEO and all Disclosed Executives meet or, if less than five years’ tenure, are on track to meet their minimum shareholding
guidelines requirements.
8.2.3 CEO and Disclosed Executives’ contract terms and equity treatment
The details of the contract terms and the equity treatment on termination (in accordance with the Conditions of Grant) relating to the
CEO and Disclosed Executives are below. Although they are similar, they vary in some cases to suit different circumstances.
Type of contractPermanent ongoing employment contract.
Notice on resignation• 12 months by CEO;
• 6 months by Disclosed Executives.
1
Notice on termination
by ANZ
2
• 12 months by ANZ for CEO and Disclosed Executives.
3
However, ANZ may immediately terminate an individual’s employment at any time in the case of serious
misconduct. In that case, the individual will be entitled only to payment of FR up to the date of their
termination and their statutory entitlements.
How unvested equity is
treated on leaving ANZ
Executives who resign or are terminated will forfeit all their unvested deferred equity – unless the Board
determines otherwise.
If an executive is terminated due to redundancy or they are classified as a ‘good leaver’, unless the
Board determines otherwise, then:
• their STVR (deferred shares/share rights) remain on foot and are released at the original vesting date;
• their LTVR (restricted rights/performance rights) (for grants awarded from 31 December 2020) remain
on foot and are released at the original vesting date (to the extent that the performance hurdles are
met); and
• their performance rights
4
(for grants awarded pre 31 December 2020) are pro-rated for service to
the full notice termination date and released at the original vesting date (to the extent that the
performance hurdles are met).
On an executive’s death or total and permanent disablement, their deferred equity vests.
Unvested equity remains subject to malus post termination.
Change of control
(applies to the CEO only)
If a change of control or other similar event occurs, then we will test the performance conditions
applying to the CEO’s LTVR (restricted rights/performance rights). They will vest to the extent that the
performance conditions are satisfied.
1. 3 months by the former Acting GE T&C. 2. For M Carnegie, E Clements, K Corbally, F Faruqui, G Florian, C Morgan, A Strong, M Whelan and R Howell, their contracts state that in
particular circumstances they may be eligible for a retrenchment benefit in accordance with the relevant ANZ policy, as varied from time to time. For A Watson, notice on retrenchment
is 6 weeks and compensation on retrenchment is calculated on a scale up to a maximum of 79 weeks after 25 years’ service. 3. 6 months by ANZ for the former Acting GE T&C. 4. Or
deferred share rights granted to the CRO instead of performance rights.
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9.1 LTVR Remuneration detail
1
The award of restricted rights ensures that LTVR provides material weight to non-financial measures (as required under APRA’s
Prudential Standard CPS 511 Remuneration), as well as supporting long-term alignment with shareholders.
Having a risk-based focus reflects the intent of the Prudential Standard CPS 511 Remuneration in ensuring remuneration arrangements
appropriately incentivise individuals to prudently manage risks. The performance conditions are designed to ensure there is focus on
both material risk events and building a strong risk culture over the longer term.
The following table details design features common to both LTVR restricted rights and performance rights.
Below details the LTVR approach that applied to the 2024 LTVR award granted in November/December 2023.
LTVR elementDetail
DescriptionRestricted rights and performance rights provide a right to acquire one ordinary ANZ share at nil cost –
as long as applicable time and performance conditions are met. Their future value may range from zero to
an indeterminate value. The value depends on performance against the applicable performance condition
and on the share price at the time of exercise.
Performance periodBoth restricted rights and performance rights have a four-year performance period commencing from
1 October and ending four years later on 30 September (e.g., 1 October 2023 to 30 September 2027 for
the 2024 grant), noting that LTVR is awarded at the start of the financial year (rather than the end).
A four-year performance period provides sufficient time for longer term performance to be reflected.
Deferral periodsThe deferral period is the sum of the four-year performance period and the applicable holding period.
The holding period commences the day after the end of the four-year performance period (e.g., 1 October
2027 in the case of the 2024 LTVR award), and finishes on the 4th, 5th or 6th anniversary of grants.
Exercise periodRights can only be exercised at the end of the relevant deferral period (4, 5 or 6 years) when the rights vest
and become exercisable.
There is a two-year exercise period which commences at the end of the relevant deferral period for restricted
rights and performance rights.
ExpensingANZ engages PricewaterhouseCoopers to independently determine the fair value of restricted rights and
performance rights, which is only used for expensing for accounting purposes. They consider factors including:
the market performance conditions, share price volatility, life of the instrument, dividend yield, and share price
at grant date.
DividendsA dividend equivalent payment (DEP) is paid in cash at the end of the relevant deferral period, but is only made
to the extent that all or part of the underlying rights meet the relevant performance condition and vest to the
individual. Dividend equivalent payments accrue over the full deferral period for restricted rights, and only
during the holding period for performance rights.
Allocation basisThe value the Board uses to determine the number of restricted rights and performance rights to be allocated
to the CEO and Disclosed Executives is the face value of ANZGHL shares traded on the ASX in the five trading
days leading up to and including 1 October (beginning of the financial year and LTVR performance period).
LTVR is awarded around the start of the financial year in late November for Disclosed Executives and
December for the CEO (subject to shareholder approval).
Satisfying vestingOn vesting, the Board may determine to settle the relevant restricted rights and/or performance rights with
a cash equivalent payment, rather than with shares.
1. Excluding former Acting GE T&C.
9. Other remuneration information
9.1 LTVR Remuneration detail
9.2 2024 Statutory remuneration –
CEO and Disclosed Executives
9.3 Equity holdings
9.4 Loans
9.5 Other transactions
64Australia and New Zealand Banking Group Limited 2024 Annual Report
9.1.1 2024 LTVR restricted rights further details – CEO and Disclosed Executives
1
LTVR elementPerformance condition detail
Restricted rights
pre grant and pre
vest assessments
Pre grant assessment purpose: Determines whether any reduction should be made to restricted rights award
value and is primarily based on outcomes in the prior financial year.
Pre vest assessment purpose: Determines whether the restricted rights amount awarded should vest in full
and is based on outcomes over the four-year performance period.
The pre grant and pre vest assessments also take into consideration any adjustments already applied for the
same event/outcomes in either the current or prior years (i.e., adjustments to STVR and LTVR, malus and
clawback), to ensure the overall impact is fair and proportionate to the severity of the outcome. Therefore,
given other remuneration adjustments are likely to be considered first, and as the award of restricted rights is
future focused, it is anticipated that restricted rights will be allocated at full value in most years – unless the
outcome of the following three assessment steps determines otherwise.
Step 1
Assess Prudential soundness
Step 2
Assess risk measures
Step 3
Apply Board discretion
• Nil award if ANZ does not
meet capital ratio and
liquidity prudential
minimums.
• Consideration of any Material
Risk Outcomes from executive
actions or inactions which are
expected to/or have resulted in
significant impacts.
• Consideration of any significant
adverse change in APRA’s
Active Supervision level.
• Consideration of Risk Culture
(additional measure for pre vest)
that examines whether or not
ANZ has maintained (or made
progress towards) a sound risk
culture, considering both
executive actions or inactions.
• Board to determine whether any
reduction should be made to LTVR
restricted rights outcome based on
consideration of a range of factors,
including:
–the outcomes from steps 1 and
2;
–the impact, if any, of the issue/s
on ANZ’s reputation/standing in
the market;
–whether the issue was specific to
ANZ, the banking industry or the
broader market;
–any impacts already applied (e.g.,
regarding downward adjustment
mechanisms, pre grant
assessment impact to LTVR
restricted rights);
–whether any impact should be
made on an individual or
collective basis.
The assessments are not intended to be formulaic given the circumstances requiring the application of Board
discretion will typically be different or unique, however a Board decision making framework is in place to guide
the Board in applying discretion.
Material risk
outcomes process
The consideration of material risk outcomes is a key process that forms part of our broader Accountability and
Consequence Framework (A&CF) (Section 6), and is a comprehensive bottom-up process designed to ensure
that all relevant events are surfaced and considered appropriately. Key steps include:
• Risk, conduct and audit events are reported in ANZ’s Compliance & Operational Risk System.
• Divisional Accountability Groups review serious risk, conduct and audit events, and provide
recommendations regarding accountability and consequences, where appropriate.
• Enterprise Accountability Group (EAG) reviews recommendations of the Divisional Accountability Groups and
make final determination (with some exceptions where local Board approval is required or for material risk
takers and other non-administrative direct reports to the CEO, where Board approval is required).
• People & Culture Committee reviews the most serious risk, conduct and audit events (as part of independent
report from CRO) and determines impacts at the Group, Division and individual level for the CEO and ExCo.
1. Excluding former Acting GE T&C.
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9.1.2 2024 LTVR performance rights further details – CEO and Disclosed Executives excluding the CRO
1
LTVR elementPerformance condition detail
Performance rights
hurdles
The performance rights have TSR performance hurdles reflecting the importance of focusing on achieving
longer term strategic objectives and aligning executives’ and shareholders’ interests. There are two TSR
performance hurdles for the 2024 grants of performance rights:
• 75% will be measured against a relative TSR hurdle.
• 25% will be measured against an absolute TSR hurdle.
TSR represents the change in value of a share plus the value of reinvested dividends paid. We regard it as the
most appropriate long-term measure – it focuses on the delivery of shareholder value and is a well understood
and tested mechanism to measure performance. The combination of relative and absolute TSR hurdles
provides balance to the plan by:
• Relative: rewarding executives for performance that exceeds that of comparator companies; and
• Absolute: ensuring there is a continued focus on providing positive growth – even when the market
is declining.
The two hurdles measure separate aspects of performance:
• the relative TSR hurdle measures our TSR compared to that of the Select Financial Services (SFS) comparator
group, made up of core local and global competitors. This comparator group is chosen to broadly reflect the
geographies and business segments in which ANZ competes for revenue; and
• the absolute Compound Annual Growth Rate (CAGR) TSR hurdle provides executives with a more direct line
of sight to the level of shareholder return to be achieved. It also provides a tighter correlation between the
executives’ rewards and the shareholders’ financial outcomes.
We will measure ANZ’s TSR against each hurdle at the end of the four-year performance period to determine
whether any performance rights become exercisable. We measure relative and absolute TSR hurdles
independently from the other – for example one may vest fully or partially but the other may not vest.
Relative TSR hurdle
for performance
rights
The relative TSR hurdle is an external hurdle that measures our TSR against that of the SFS comparator group
over four years.
As previously disclosed in the 2023 Remuneration Report, in July 2023 for LTVR awards of performance rights
from financial year 2024 onwards, the Board approved for DBS Bank Limited to be removed from the
comparator group (noting that this change does not apply to prior awards currently on foot). This change
reflects the need to better balance the weighting of international peers in our comparator group to more
appropriately reflect the change in capital allocated to Asia compared to when international comparators were
originally included in 2015 (as part of the super regional strategy at that time).
In July 2023, the Board approved the removal of Suncorp Group Limited from the comparator group, post the
Suncorp Bank acquisition. This change applies to both prior awards currently on foot and future LTVR awards
of performance rights (i.e., from financial year 2025).
When considering an appropriate cohort of peers for benchmarking TSR performance, the Board take into
consideration organisations with a similar scope of activities, common geographical focus, broadly comparable
risk compliance and regulatory profiles, and relative stability and transparency across market cycles. The SFS
comparator group for the 2024 LTVR performance rights is made up of: Bank of Queensland Limited; Bendigo
and Adelaide Bank Limited; Commonwealth Bank of Australia Limited; Macquarie Group Limited; National
Australia Bank Limited; Standard Chartered PLC; and Westpac Banking Corporation.
If the TSR of the company compared to the TSR of
the constituents of the comparator group:
The percentage of performance rights which will
vest is:
Does not reach the 50
th
percentile0%
Reaches or exceeds the 50
th
percentile50%, plus 2% for every one percentile increase
above the 50
th
percentile
Reaches or exceeds the 75
th
percentile100%
1. Excluding former Acting GE T&C.
66Australia and New Zealand Banking Group Limited 2024 Annual Report
66Australia and New Zealand Banking Group Limited 2024 Annual Report

LTVR elementPerformance condition detail
Absolute TSR hurdle
for performance
rights
The absolute CAGR TSR hurdle is an internal hurdle focused on ANZ achieving or exceeding a threshold level of
growth that is set by the Board at the start of the performance period. The Board reviews and approves the
absolute CAGR TSR targets for each performance rights award. When determining the targets, the Board
references ANZ’s assessed Cost of Capital (CoC).
As previously disclosed in the 2023 Remuneration Report, in October 2023 the Board approved an update to
ANZ’s absolute CAGR TSR model for LTVR awards of performance rights from financial year 2024 onwards, to
reflect a dynamic (rather than static) target for CoC (noting that this change does not apply to prior awards
currently on foot). The TSR hurdle is now based on the time weighted CoC over the four-year performance
period. Therefore, the CAGR TSR target will be adjusted on a time weighted basis unless the Board applies
discretion not to adjust.
Any CoC changes approved by the Board throughout the performance period are prospective only (i.e., reflect
current market factors) and will form part of the dynamic CAGR TSR target calculation. This approach further
strengthens executive and shareholder alignment as the target is more responsive to future changes in both
the interest rate cycle and ANZ’s risk profile.
The level of performance required for each level of vesting, and the percentage of performance rights that vest
at each level of performance, is based on the time weighted CoC over the four-year performance period. The
Board will review and approve any changes to the CoC on a quarterly basis throughout the performance
period, based on the output from the Capital Asset Pricing Model (CAPM) methodology (which takes into
consideration the risk-free bond rate, the market risk premium and the beta – i.e., the volatility of ANZ’s
historical share price relative to the market). The Board will also approve the level of vesting (if any) at the end of
the performance period based on the time weighted CoC.
The Board retains discretion to adjust the absolute CAGR TSR hurdle in exceptional circumstances to ensure
that executives are neither advantaged nor disadvantaged by matters outside management’s control that
materially affect achievement of the absolute CAGR TSR performance condition.
If the absolute CAGR TSR of the company:The percentage of performance rights which will
vest is:
Does not reach the threshold
1
0%
Reaches the threshold50%
Exceeds the threshold but does not reach the full
vesting level (i.e., 150% of threshold)
Progressive pro-rata vesting between 50% and
100% (on a straight line basis)
Reaches or exceeds 150% of threshold100%
Calculating TSR
performance
When calculating performance against TSR, we:
• reduce the impact of share price volatility – by using an averaging calculation over a 90-trading day period
for start and end values;
• ensure an independent measurement – by engaging the services of an external organisation, to calculate
ANZ’s performance against both the absolute and relative TSR hurdles; and
• test the performance against the relevant hurdle once only at the end of the four-year performance period
– the rights lapse if the performance hurdle is not met – there is no retesting.
1. Based on the CoC at the start of the performance period, the CAGR TSR threshold was 9.75% and the full vesting level was based on a CAGR TSR of 14.63%; however this may be
subject to change based on the time weighted CoC over the performance period unless the Board exercises discretion to set it otherwise.
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9.2 2024 Statutory remuneration – CEO and Disclosed Executives
The following table outlines the statutory remuneration disclosed in accordance with Australian Accounting Standards. While it shows
the FR awarded (cash and superannuation contributions) and also the cash component of the 2024 variable remuneration award, it
does not show the actual variable remuneration awarded or received in 2024 (Sections 5.1.2, 5.2.1, 5.3 and 5.4), but instead shows
the amortised accounting value for this financial year of deferred remuneration (including prior year awards).
2024 Statutory remuneration – CEO and Disclosed Executives
Short–term employee benefitsPost–employment
Long–term
employee benefits
Share–based payments
7
Total amortisation value of
Long service leave
accrued during
the year
6

$
Variable
remuneration
Other equity
allocations
4,8
Financial
year
Cash salary
1
$
Non monetary
benefits
2
$
Total cash
incentive
3
$
Other cash
4

$
Super
contributions
5

$
Deferred
shares
$
Deferred
share rights
$
Restricted
rights
$
Performance
rights
$
Deferred
shares
$
Termination
benefits
$
Total
remuneration
$
CEO and Current Disclosed Executives
S Elliott2024 2,471,968 10,394 650,000 - 28,032
34,899 983,953 - 470,353 1,050,043 - - 5,699,642
2023 2,474,181 15,676 1,160,000 - 25,819 35,112 1,061,506 - 212,024 1,202,190 - - 6,186,508
M Carnegie
9
2024 1,271,468 30,510 432,500 - 28,532 24,194 537,168 - 278,624 318,478 - - 2,921,474
2023 1,224,181 77,341 550,000 - 26,319 22,858 548,990 - 132,871 298,501 - - 2,881,061
E Clements
10
2024755,468 13,042 235,200 - 28,532 62,803 258,379 - 74,331 41,931 - - 1,469,686
K Corbally
9
2024 1,271,968 10,394 312,000 - 28,032 28,812 504,806 184,609 412,784 - - - 2,753,405
2023 1,224,181 10,176 532,500 - 25,819 27,518 568,319 265,999 196,849 - - - 2,851,361
F Faruqui
9
2024 1,246,968 15,990 442,500 - 28,032 19,593 587,723 11,970 276,254 339,842 - - 2,968,872
2023 1,224,181 11,423 600,000 - 25,819 19,332 600,306 56,608 132,871 364,031 - - 3,034,571
G Florian
9
2024 1,234,468 21,358 432,500 - 28,032 19,520 519,518 - 262,636 314,818 - - 2,832,850
2023 1,216,181 23,179 497,500 - 25,819 30,978 531,235 - 122,240 270,977 - - 2,718,109
C Morgan
4,9,10
2024 1,106,468 33,024 325,000- 28,532 17,191 248,970 - 193,884 109,398 238,340 - 2,300,807
2023608,220 15,707 250,000 407,000 18,780 5,367 67,909 - 1,414 798 29,899 - 1,405,094
A Strong
9,10
2024821,968 - 290,000 - 28,032 33,855 382,072 - 173,812 94,524 - - 1,824,263
2023670,504 - 315,100 - 19,496 18,550 354,547 - 73,347 38,600 - - 1,490,144
A Watson
5,8,9,11
2024 1,043,345 10,870 398,830 - 64,667 7,560 494,722 - 244,918 294,280 - - 2,559,192
2023 1,062,823 21,431 472,570 - 60,557 6,612 528,328 - 117,866 222,922 46 - 2,493,155
M Whelan
9
2024 1,471,968 10,394 297,500 - 28,032 31,775 589,980 - 323,689 378,985 - - 3,132,323
2023 1,434,181 10,176 730,000 - 25,819 36,172 700,447 - 155,192 393,646 - - 3,485,633
Former Disclosed Executives
R Howell
10
20247,477–––6,850 237 2,831––––– 17,395
2023
224,942–180,000–6,850
9,32162,538––––– 483,651
1. Cash salary includes any adjustments required to reflect the use of ANZ’s Lifestyle Leave Policy for the period in the KMP role. 2. Non monetary benefits generally consist of
company-funded benefits (and the associated Fringe Benefits Tax) such as car parking, taxation services and costs met by the Company in relation to relocation/accommodation.
3. The total cash incentive relates to the cash component of STVR only. The relevant amortisation of the STVR deferred components is included in share-based payments and has been
amortised over the vesting period. The total STVR was approved by the ANZBGL and ANZGHL Boards in October 2024, and in addition for A Watson by the ANZ NZ Board in October
2024. 100% of the cash component of the STVR awarded for the 2023 and 2024 years vested to the executive in the applicable financial year. 4. Other cash and other equity
allocations (C Morgan) relate to the employment arrangements of deferred variable remuneration forfeited and bonus opportunity forgone as a result of joining ANZ. 5. For Australian
based executives, the 2023 and 2024 superannuation contributions reflect the Superannuation Guarantee Contribution based on the Maximum Contribution Base. A Watson
participates in KiwiSaver where ANZ provides an employer superannuation contribution matching member contributions up to 4% of total gross pay. KiwiSaver employer superannuation
contributions are also contributed on top of cash STVR at the time of payment. 6. For Australian based executives, long service leave accrued takes into consideration the impact of
changes to the Superannuation Guarantee percentage. Year-on-year fluctuations in long service leave accrued relate to the impact of historical fixed remuneration increases on the
accrual as calculated at the end of each financial year.
68Australia and New Zealand Banking Group Limited 2024 Annual Report
Short–term employee benefitsPost–employment
Long–term
employee benefits
Share–based payments
7
Total amortisation value of
Long service leave
accrued during
the year
6

$
Variable
remuneration
Other equity
allocations
4,8
Financial
year
Cash salary
1
$
Non monetary
benefits
2
$
Total cash
incentive
3
$
Other cash
4

$
Super
contributions
5

$
Deferred
shares
$
Deferred
share rights
$
Restricted
rights
$
Performance
rights
$
Deferred
shares
$
Termination
benefits
$
Total
remuneration
$
CEO and Current Disclosed Executives
S Elliott2024 2,471,968 10,394 650,000 - 28,032
34,899 983,953 - 470,353 1,050,043 - - 5,699,642
2023 2,474,181 15,676 1,160,000 - 25,819 35,112 1,061,506 - 212,024 1,202,190 - - 6,186,508
M Carnegie
9
2024 1,271,468 30,510 432,500 - 28,532 24,194 537,168 - 278,624 318,478 - - 2,921,474
2023 1,224,181 77,341 550,000 - 26,319 22,858 548,990 - 132,871 298,501 - - 2,881,061
E Clements
10
2024755,468 13,042 235,200 - 28,532 62,803 258,379 - 74,331 41,931 - - 1,469,686
K Corbally
9
2024 1,271,968 10,394 312,000 - 28,032 28,812 504,806 184,609 412,784 - - - 2,753,405
2023 1,224,181 10,176 532,500 - 25,819 27,518 568,319 265,999 196,849 - - - 2,851,361
F Faruqui
9
2024 1,246,968 15,990 442,500 - 28,032 19,593 587,723 11,970 276,254 339,842 - - 2,968,872
2023 1,224,181 11,423 600,000 - 25,819 19,332 600,306 56,608 132,871 364,031 - - 3,034,571
G Florian
9
2024 1,234,468 21,358 432,500 - 28,032 19,520 519,518 - 262,636 314,818 - - 2,832,850
2023 1,216,181 23,179 497,500 - 25,819 30,978 531,235 - 122,240 270,977 - - 2,718,109
C Morgan
4,9,10
2024 1,106,468 33,024 325,000- 28,532 17,191 248,970 - 193,884 109,398 238,340 - 2,300,807
2023608,220 15,707 250,000 407,000 18,780 5,367 67,909 - 1,414 798 29,899 - 1,405,094
A Strong
9,10
2024821,968 - 290,000 - 28,032 33,855 382,072 - 173,812 94,524 - - 1,824,263
2023670,504 - 315,100 - 19,496 18,550 354,547 - 73,347 38,600 - - 1,490,144
A Watson
5,8,9,11
2024 1,043,345 10,870 398,830 - 64,667 7,560 494,722 - 244,918 294,280 - - 2,559,192
2023 1,062,823 21,431 472,570 - 60,557 6,612 528,328 - 117,866 222,922 46 - 2,493,155
M Whelan
9
2024 1,471,968 10,394 297,500 - 28,032 31,775 589,980 - 323,689 378,985 - - 3,132,323
2023 1,434,181 10,176 730,000 - 25,819 36,172 700,447 - 155,192 393,646 - - 3,485,633
Former Disclosed Executives
R Howell
10
20247,477–––6,850 237 2,831––––– 17,395
2023
224,942–180,000–6,850
9,32162,538––––– 483,651
7. As required by AASB 2 Share-based payments, the amortisation value includes a proportion of the fair value (taking into account market-related vesting conditions) of all equity that
had not yet fully vested as at the commencement of the financial year. The fair value is determined at grant date and is allocated on a straight-line basis over the relevant vesting period.
The amount included as remuneration neither relates to, nor indicates, the benefit (if any) that the executive may ultimately realise if the equity becomes exercisable. No terms of
share-based payments have been altered or modified during the financial year. There were no cash settled share-based payments or any other form of share-based payment
compensation during the financial year for the CEO or Disclosed Executives. 8. Other equity allocations (A Watson) relate to shares received in relation to the historical Employee Share
Offer which provided a grant of ANZ shares in each financial year to eligible employees subject to Board approval. 9. 2024 fixed remuneration reflects increases applied from 1 October
2023 to maintain or improve market positioning (M Carnegie, K Corbally, F Faruqui, G Florian, C Morgan, A Strong, A Watson, M Whelan). 10. Remuneration based on time as a
Disclosed Executive in either 2023 (C Morgan, A Strong, R Howell) or 2024 (E Clements, R Howell). 11. Paid in NZD and converted to AUD.

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Type of equity
Number
granted
1
Equity
fair
value
(for
2024
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2024
3
Unexer-
cisable
as at
30 Sep
2024
4
NameNumber%
Value
2

$Number%
Value
2

$Number%
Value
2

$
CEO and Current Disclosed Executives
S Elliott
Deferred shares 3,001 22-Nov-1922-Nov-23 - 3,001 100 72,966 - - - (3,001) 100 72,966 -
Deferred shares 5,420 07-Dec-2022-Nov-23 - 5,420 100 131,781 - - - (5,420) 100 131,781 - -
Deferred shares 10,830 22-Nov-2122-Nov-23 - 10,830 100 263,318 - - - (10,830) 100 263,318 - -
Deferred shares 20,156 01-Oct-2222-Nov-23 - 20,156 100 490,069 - - - (20,156) 100 490,069 - -
Deferred shares 19,740 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 19,740
Deferred shares 19,739 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 19,739
Deferred shares 3,158 25.66 01-Oct-2322-Nov-26 - - - - - - - - - - - 3,158
Deferred shares 3,158 25.66 01-Oct-2322-Nov-27 - - - - - - - - - - - 3,158
Deferred shares 3,158 25.66 01-Oct-2322-Nov-28 - - - - - - - - - - - 3,158
Restricted rights 21,984 20.08 21-Dec-2321-Dec-2721-Dec-29 - - - - - - - - - - 21,984
Restricted rights 21,984 18.85 21-Dec-2321-Dec-2821-Dec-30 - - - - - - - - - - 21,984
Restricted rights 22,651 17.70 21-Dec-2321-Dec-2921-Dec-31 - - - - - - - - - - 22,651
Performance rights126,050 17-Dec-1917-Dec-2317-Dec-25 - - - (126,050)100 (3,223,073)- - - - -
Performance rights 42,016 17-Dec-1917-Dec-2317-Dec-25 - - - (42,016)100 (1,074,341)- - - - -
Performance rights 16,488 12.54 21-Dec-2321-Dec-2721-Dec-29 - - - - - - - - - - 16,488
Performance rights 5,496 7.35 21-Dec-2321-Dec-2721-Dec-29 - - - - - - - - - - 5,496
Performance rights 16,488 11.33 21-Dec-2321-Dec-2821-Dec-30 - - - - - - - - - - 16,488
Performance rights 5,496 7.26 21-Dec-2321-Dec-2821-Dec-30 - - - - - - - - - - 5,496
Performance rights 16,988 10.08 21-Dec-2321-Dec-2921-Dec-31 - - - - - - - - - - 16,988
Performance rights 5,662 7.15 21-Dec-2321-Dec-2921-Dec-31 - - -
- - - - - - - 5
,662
M Carnegie
Deferred shares 36 20-Aug-1601-Jun-17 - - - - - - - (36) 100 1,038 - -
Deferred shares 3,584 20-Aug-1620-Aug-17 - - - - - - - (3,584) 100 103,364 - -
Deferred shares 1,327 20-Aug-1621-Nov-17 - - - - - - - (1,327) 100 38,271 - -
Deferred shares 1,327 20-Aug-1627-Feb-18 - - - - - - - (1,327) 100 38,271 - -
Deferred shares 1,327 20-Aug-1601-Jun-18 - - - - - - - (1,327) 100 38,271 - -
Deferred shares 1,182 22-Nov-1622-Nov-19 - - - - - - - (1,182) 100 34,089 - -
Deferred shares 1,182 22-Nov-1622-Nov-20 - - - - - - - (1,182) 100 34,089 - -
Deferred shares 4,785 22-Nov-1722-Nov-18 - - - - - - - (4,785) 100 138,001 - -
Deferred shares 4,785 22-Nov-1722-Nov-19 - - - - - - - (4,785) 100 138,001 - -
Deferred shares 4,785 22-Nov-1722-Nov-20 - - - - - - - (4,785) 100 138,001 - -
Deferred shares 4,785 22-Nov-1722-Nov-21 - - - - - - - (4,785) 100 142,975 - -
Deferred shares 5,205 22-Nov-1822-Nov-19 - - - - - - - (5,205) 100 156,052 - -
Deferred shares 5,202 22-Nov-1822-Nov-20 - - - - - - - (5,202) 100 155,962 - -
Deferred shares 5,202 22-Nov-1822-Nov-21 - - - - - - - (5,202) 100 155,962 - -
Deferred shares 5,202 22-Nov-1822-Nov-22 - - - - - - - (5,202) 100 155,962 - -
9.3 Equity holdings
For the equity granted to the CEO and Disclosed Executives in November/December 2023, all deferred shares were purchased on the
market. For deferred share rights, which vested to Disclosed Executives in November 2023, where the rights were not able to be satisfied
through the reallocation of previously forfeited shares they were satisfied through the on market purchase of shares.
9.3.1 CEO and Disclosed Executives’ equity granted, vested, exercised/sold and lapsed/forfeited
The table below sets out details of deferred shares and rights that we granted to the CEO and Disclosed Executives:
• during the 2024 year, relating to 2023 Performance and Remuneration Review outcomes; or
• in prior years and that then vested, were exercised/sold or which lapsed/were forfeited during the 2024 year.
Equity granted, vested, exercised/sold and lapsed/forfeited – CEO and Disclosed Executives
70Australia and New Zealand Banking Group Limited 2024 Annual Report
Type of equity
Number
granted
1
Equity
fair
value
(for
2024
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2024
3
Unexer-
cisable
as at
30 Sep
2024
4
NameNumber%
Value
2

$Number%
Value
2

$Number%
Value
2

$
CEO and Current Disclosed Executives
M Carnegie
Deferred shares 7,924 22-Nov-1922-Nov-20 - - - - - - - (7,924) 100 234,926 - -
Deferred shares 5,942 22-Nov-1922-Nov-21 - - - - - - - (5,942) 100 176,131 - -
Deferred shares 3,961 22-Nov-1922-Nov-22 - - - - - - - (3,961) 100 117,411 -
Deferred shares 1,980 22-Nov-1922-Nov-23 - 1,980 100 48,141 - - - - - - 1,980 -
Deferred shares 7,099 07-Dec-2022-Nov-21 - - - - - - - (7,099) 100 210,426 - -
Deferred shares 5,323 07-Dec-2022-Nov-22 - - - - - - - (5,207) 98 154,344 116 -
Deferred shares 3,549 07-Dec-2022-Nov-23 - 3,549 100 86,290 - - - - - - 3,549 -
Deferred shares 6,165 22-Nov-2122-Nov-23 - 6,165 100 149,895 - - - - - - 6,165 -
Deferred shares 9,970 01-Oct-2222-Nov-23 - 9,970 100 242,409 - - - - - - 9,970 -
Deferred shares 10,857 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 10,857
Deferred shares 10,856 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 10,856
Restricted rights 17,321 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 17,321
Restricted rights 17,321 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 17,321
Performance rights 30,612 22-Nov-1922-Nov-2322-Nov-25 - - - (30,612)100 (744,294)- - - - -
Performance rights 10,204 22-Nov-1922-Nov-2322-Nov-25 - - - (10,204)100 (248,098)- - - - -
Performance rights 12,991 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 12,991
Performance rights 4,330 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 4,330
Performance rights 12,991 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 12,991
Performance rights 4,330 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 4,330
E Clements
5

Deferred shares 2,751 07-Dec-2022-Nov-23 - 2,751 100 66,887 - - - - - - 2
,751 -
Deferred shares 2,285 22-Nov-2122-Nov-23 - 2,285 100 55,557 - - - - - - 2,285 -
Deferred shares 3,033 22-Nov-2222-Nov-23 - 3,033 100 73,744 - - - - - - 3,033 -
Deferred shares 4,102 24.31 22-Nov-2322-Nov-24 - - - - - - - - - - - 4,102
Deferred shares 4,102 24.31 22-Nov-2322-Nov-25 - - - - - - - - - - - 4,102
Deferred shares 4,102 24.31 22-Nov-2322-Nov-26 - - - - - - - - - - - 4,102
Restricted rights 10,659 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 10,659
Restricted rights 10,659 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 10,659
Performance rights 7,994 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 7,994
Performance rights 2,664 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 2,664
Performance rights 7,994 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 7,994
Performance rights 2,664 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 2,664
K Corbally

Deferred shares 3,829 22-Nov-1922-Nov-23 - 3,829 100 93,098 - - - (3,829) 100 93,225 - -
Deferred shares 3,720 07-Dec-2022-Nov-23 - 3,720 100 90,447 - - - (3,720) 100 90,572 - -
Deferred shares 6,647 22-Nov-2122-Nov-23 - 6,647 100 161,614 - - - (6,647) 100 161,836 - -
Deferred shares 9,590 01-Oct-2222-Nov-23 - 9,590 100 233,169 - - - (9,590) 100 233,490 - -
Deferred shares 10,511 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 10,511
Deferred shares 10,511 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 10,511
Deferred share
rights
19,727 22-Nov-1922-Nov-2322-Nov-23 19,727 100 479,638 - - - (19,727) 100 479,638 - -
Restricted rights 25,661 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 25,661
Restricted rights 25,661 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 25,661
F Faruqui
Deferred shares 1,797 21-Nov-1421-Nov-17 - - - - - - - (1,797) 100 50,778 - -
Deferred shares 8,523 22-Nov-2122-Nov-22 - - - - - - - (8,523) 100 240,834 - -
Deferred shares 7,862 22-Nov-2122-Nov-23 - 7,862 100 191,155 - - - (7,862) 100 216,332 - -
Deferred shares 12,950 01-Oct-2222-Nov-23 - 12,950 100 314,864 - -
-
(12,950) 100 365,927 - -
Deferred shares 11,844 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 11,844
71
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
71
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

Type of equity
Number
granted
1
Equity
fair
value
(for
2024
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2024
3
Unexer-
cisable
as at
30 Sep
2024
4
NameNumber%
Value
2

$Number%
Value
2

$Number%
Value
2

$
CEO and Current Disclosed Executives
F Faruqui
Deferred shares 11,843 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 11,843
Deferred share
rights
4,257 22-Nov-1922-Nov-2322-Nov-23 4,257 100 103,504 - - - (4,257) 100 103,504 - -
Deferred share
rights
3,619 07-Dec-2022-Nov-2322-Nov-23 3,619 100 87,992 - - - (3,619) 100 87,992 - -
Restricted rights 16,988 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 16,988
Restricted rights 16,988 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 16,988
Performance rights 51,839 22-Nov-1922-Nov-2322-Nov-25 - - - (51,839)100 (1,260,403)- - - - -
Performance rights 17,279 22-Nov-1922-Nov-2322-Nov-25 - - - (17,279)100 (420,118)- - - - -
Performance rights 12,741 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 12,741
Performance rights 4,247 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 4,247
Performance rights 12,741 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 12,741
Performance rights 4,247 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 4,247
G Florian
Deferred shares 2,775 22-Nov-1822-Nov-22 - - - - - - - (2,775) 100 71,726 - -
Deferred shares 4,491 22-Nov-1922-Nov-20 - - - - - - - (4,491) 100 119,651 - -
Deferred shares 1,122 22-Nov-1922-Nov-23 - 1,122 100 27,280 - - - (1,122) 100 29,893 - -
Deferred shares 3,219 07-Dec-2022-Nov-23 - 3,219 100 78,266 - - - (3,219) 100 85,762 - -
Deferred shares 7,326 22-Nov-2122-Nov-23 - 7,326 100 178,123 - - - (7,326) 100 202,453 - -
Deferred shares 9,590 01-Oct-2222-Nov-23 - 9,590 100 233,169 - - - (9,590) 100 283,731 - -
Deferred shares 9,820 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 9,820
Deferred shares 9,820 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 9,820
Restricted rights 16,821 18.92 22-Nov-2322-Nov-2722-Nov-29 - - -
- - - - - - - 16
,821
Restricted rights 16,821 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 16,821
Performance rights 17,346 22-Nov-1922-Nov-2322-Nov-25 - - - (17,346)100 (421,747)- - - - -
Performance rights 5,782 22-Nov-1922-Nov-2322-Nov-25 - - - (5,782)100 (140,582)- - - - -
Performance rights 12,616 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 12,616
Performance rights 4,205 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 4,205
Performance rights 12,616 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 12,616
Performance rights 4,205 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 4,205
C Morgan
Deferred shares 3,025 20-Aug-2320-Aug-24 - 3,025 100 90,420 - - - - - - 3,025 -
Deferred shares 5,082 20-Aug-2320-Aug-24 - 5,082 100 151,906 - - - - - - 5,082 -
Deferred shares 4,935 25.66 01-Oct-2322-Nov-24 - - - - - - - - - - - 4,935
Deferred shares 4,934 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 4,934
Restricted rights 15,122 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 15,122
Restricted rights 15,122 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 15,122
Performance rights 11,342 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 11,342
Performance rights 3,780 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 3,780
Performance rights 11,342 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 11,342
Performance rights 3,780 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 3,780
A Strong
Deferred shares 2,590 07-Dec-2022-Nov-22 - - - - - - - (2,590) 100 63,059 - -
Deferred shares 3,229 07-Dec-2022-Nov-23 - 3,229 100 78,509 - - - (3,229) 100 78,617 - -
Deferred shares 4,189 22-Nov-2122-Nov-22 - - - - - - - (4,189) 100 101,990 - -
Deferred shares 4,187 22-Nov-2122-Nov-23 - 4,187 100 101,802 - - - (4,187) 100 101,942 - -
Deferred shares 6,133 01-Oct-2222-Nov-23 - 6,133 100 149,117 - - - (6,133) 100 149,321 - -
Deferred shares 6,761 25.6601-Oct-2322-Nov-24 - - - - - - - - - - - 6,761
Deferred shares 6,760 25.66 01-Oct-2322-Nov-25 - - -
- - - - - - - - 6
,760
Restricted rights 11,325 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 11,325
Restricted rights 11,325 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 11,325
72Australia and New Zealand Banking Group Limited 2024 Annual Report
1. For the purpose of the five highest paid executive disclosures, Executives are defined as Disclosed Executives or other members of the ExCo. For the 2024 financial year the five highest
paid executives include five Disclosed Executives. Rights granted to Disclosed Executives as remuneration in 2024 are included in the table. No rights have been granted to the CEO,
Disclosed Executives or the five highest paid executives since the end of 2024 up to the Directors’ Report sign-off date. 2. The point in time value of deferred shares/deferred share rights
and/or restricted rights/performance rights is based on the one day VWAP of the Company’s shares traded on the ASX on the date of vesting, lapsing/forfeiture or exercising/sale/transfer
out of trust, multiplied by the number of deferred shares/deferred share rights and/or restricted rights/performance rights. The exercise price for all deferred share rights/restricted rights/
performance rights is $0.00. No terms or conditions of grant of the share-based payment transactions have been altered or modified during the reporting period. 3. The number vested
and exercisable is the number of shares, options and rights that remain vested at the end of the reporting period. No shares, options and rights were vested and unexercisable.
4. Performance rights granted in prior years (by grant date) that remained unexerciseable at 30 September 2024 or date ceased as a KMP include (the below):
Nov-20Nov-21Nov-22Nov-23
S Elliott159,308126,35373,14366,618
M Carnegie38,37842,34536,57234,642
E Clements---21,316
K Corbally----
F Faruqui34,04554,00636,57233,976
G Florian34,82050,32433,64433,642
C Morgan--18,42130,244
A Strong--21,94422,650
A Watson31,38951,11732,44230,098
M Whelan34,04560,26642,71639,970
R Howell----
Type of equity
Number
granted
1
Equity
fair
value
(for
2024
grants
only)
$
Grant

date
First
date
exercisable
Date
of
expiry
Vested
Lapsed/
ForfeitedExercised/SoldVested
and
exercis-
able
as at
30 Sep
2024
3
Unexer-
cisable
as at
30 Sep
2024
4
NameNumber%
Value
2

$Number%
Value
2

$Number%
Value
2

$
CEO and Current Disclosed Executives
A Strong
Performance rights 8,494 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 8,494
Performance rights 2,831 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 2,831
Performance rights 8,494 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 8,494
Performance rights 2,831 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 2,831
A Watson
Deferred shares29 03-Dec-1803-Dec-21 - - - - - - - (29) 100 856 - -
Deferred shares32 02-Dec-1902-Dec-22 - - - - - - - (32) 100 945 - -
Deferred shares 4,541 22-Nov-1922-Nov-23 - 4,541 100 110,409 - - - (4,541) 100 128,315 - -
Deferred shares 2,902 07-Dec-2022-Nov-23 - 2,902 100 70,559 - - - (2,902) 100 82,815 - -
Deferred shares 7,442 22-Nov-2122-Nov-23 - 7,442 100 180,943 - - - (5,357) 72 158,151 2,085 -
Deferred shares 9,162 01-Oct-2222-Nov-23 - 9,162 100 222,763 - - - - - - 9,162 -
Deferred shares 9,328 25.6601-Oct-2322-Nov-24 - - - - - - - - - - - 9,328
Deferred shares 9,328 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 9,328
Restricted rights 15,050 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 15,050
Restricted rights 15,050 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 15,050
Performance rights 11,287 11.94 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 11,287
Performance rights 3,762 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 3,762
Performance rights 11,287 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 11,287
Performance rights 3,762 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 3,762
M Whelan
Deferred shares 3,499 22-Nov-1922-Nov-23 - 3,499 100 85,074 - - - (3,499) 100 85,085 - -
Deferred shares 3,148 07-Dec-2022-Nov-23 - 3,148 100
7
6,540 - - - (3,148) 100 76,550 - -
Deferred shares 8,774 22-Nov-2122-Nov-23 - 8,774 100 213,329 - - - (8,774) 100 213,357 - -
Deferred shares 11,595 01-Oct-2222-Nov-23 - 11,595 100 281,919 - - - (11,595) 100 281,956 - -
Deferred shares 14,410 25.6601-Oct-2322-Nov-24 - - - - - - - - - - - 14,410
Deferred shares 14,409 25.66 01-Oct-2322-Nov-25 - - - - - - - - - - - 14,409
Restricted rights 19,986 18.92 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 19,986
Restricted rights 19,986 17.77 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 19,986
Performance rights 54,081 22-Nov-1922-Nov-2322-Nov-25 - - - (54,081)100 (1,314,915)- - - - -
Performance rights 18,027 22-Nov-1922-Nov-2322-Nov-25 - - - (18,027)100 (438,305)- - - - -
Performance rights 14,989 11.9422-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 14,989
Performance rights 4,996 7.37 22-Nov-2322-Nov-2722-Nov-29 - - - - - - - - - - 4,996
Performance rights 14,989 10.74 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 14,989
Performance rights 4,996 7.26 22-Nov-2322-Nov-2822-Nov-30 - - - - - - - - - - 4,996
Former Disclosed Executives
R Howell
6
Performance rights granted to S Elliott in 2024 were approved by shareholders at
the 2023 AGM in accordance with ASX Listing Rule 10.14.
5. Equity transactions disclosed from date commenced as a Disclosed Executive.

6. Equity transactions disclosed up to date ceased as a KMP. There were no
disclosable transactions for R Howell.
73
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
73
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

9.3.2 NED, CEO and Disclosed Executives’ equity holdings
The table below sets out details of equity held directly, indirectly or beneficially by each NED, the CEO and each Disclosed Executive,
including their related parties.
Equity holdings – NED, CEO and Disclosed Executives
NameType of equity
Opening balance at
1 Oct 2023
Granted during
the year as
remuneration
1
Received during the
year on exercise of
options or rights
Resulting from any
other changes
during the year
2
Closing
balance at
30 Sep 2024
3,4
Current Non-Executive Directors
P O'SullivanOrdinary shares 4,350 - - - 4,350
Capital notes 7 9,250 - - - 9,250
J Cincotta
5
R Gibb
5
Ordinary shares - - - 1,032 1,032
Capital notes 7 - - - 194 194
Capital notes 8 - - - 196 196
J Halton Ordinary shares 10,058 - - - 10,058
G HodgesOrdinary shares 184,401 - - - 184,401
Capitol notes 4 1,350 - - (1,350) -
H KramerOrdinary shares 5,828 - - - 5,828
C O'ReillyOrdinary shares 6,400 - - - 6,400
J SmithOrdinary shares 2,779 - - - 2,779
S St John
5
Ordinary shares 2,000 - - 1,000 3,000
Former Non-Executive Directors
I Atlas
6
Ordinary shares 15,318 - - - 15,318
J Key
6
Ordinary shares 10,500 - - - 10,500
J Macfarlane
6
Ordinary shares 19,042 - - - 19,042
Capital notes 6 2,140 - - - 2,140
Capital notes 7 2,000 - - - 2,000
Capital notes 8 5,000 - - - 5,000
CEO and Current Disclosed Executives
S Elliott Deferred shares 73,103 48,953 - (39,407) 82,649
Ordinary shares 495,640 - - 44,648 540,288
Restricted rights 73,145 66,619 - - 139,764
Performance rights 526,870 66,618 - (168,066) 425,422
M CarnegieDeferred shares 132,773 21,713 - (84,865) 69,621
Ordinary shares 41,580 - - 4,298 45,878
Restricted rights 36,572 34,642 - - 71,214
Performance rights 158,111 34,642 - (40,816) 151,937
E Clements
5
Deferred shares 17,775 12,306 - - 30,081
Ordinary shares 993 - - 1,567 2,560
Restricted rights - 21,318 - - 21,318
Performance rights - 21,316 - - 21,316
K CorballyDeferred shares 45,958 21,022 - (23,786) 43,194
Ordinary shares 4,345 - 19,727 (24,072) -
Capital notes 6 1,400 - - - 1,400
Deferred share rights 62,675 - (19,727) - 42,948
Restricted rights 54,182 51,322 - - 105,504
F Faruqui Deferred shares 51,942 23,687 - (31,132) 44,497
Ordinary shares 120,517 - 6,397 3,238 130,152
Deferred share rights 9,780 - (7,876) - 1,904
Restricted rights 36,572 33,976 - - 70,548
Performance rights 193,741 33,976 - (69,118) 158,599
G Florian Deferred shares 47,048 19,640 - (28,523) 38,165
Ordinary shares 55,612 - - (25,495) 30,117
Restricted rights 33,646 33,642 - - 67,288
Performance rights 141,916 33,642 - (23,128) 152,430
C Morgan
7
Deferred shares 13,189 9,869 - - 23,058
Ordinary shares 25 - - 1,197 1,222
Restricted rights 18,422 30,244 - - 48,666
Performance rights 18,421 30,244 - - 48,665
A Strong Deferred shares 36,779 13,521 - (20,328) 29,972
Ordinary shares 4,235 - - (1,897) 2,338
Restricted rights 21,944 22,650 - - 44,594
Performance rights 21,944 22,650 - - 44,594
A Watson Deferred shares 42,101 18,656 - (12,800) 47,957
Employee Share Offer 61 - - (61) -
Ordinary shares 50,974 - - (13,795) 37,179
Restricted rights 32,442 30,100 - - 62,542
P
erformance rights 114,948 30,098 - - 145,046
74Australia and New Zealand Banking Group Limited 2024 Annual Report
74Australia and New Zealand Banking Group Limited 2024 Annual Report

9.4 Loans
9.4.1 Overview
When we lend to NEDs, the CEO or Disclosed Executives, we do so in the ordinary course of business and on normal commercial terms
and conditions that are no more favourable than those given to other employees or customers – this includes the term of the loan, the
security required and the interest rate. Details of the terms and conditions of lending products can be found on anz.com. No amounts
have been written off during the period, or individual assessed allowance for expected credit losses raised in respect of these balances.
Total loans to NEDs, the CEO and Disclosed Executives, including their related parties at 30 September 2024 (including those with balances
less than $100,000) was $23,446,756 (2023: $30,555,236) with interest paid of $1,077,834 (2023: $1,346,442) during the period.
9.4.2 NED, CEO and Disclosed Executives’ loan transactions
The table below sets out details of loans outstanding to NEDs, the CEO and Disclosed Executives including their related parties,
if – at any time during the year – the individual’s aggregate loan balance exceeded $100,000.
Loan transactions – NED, CEO and Disclosed Executives
Names
Opening balance
at 1 Oct 2023¹
$
Closing balance at
30 Sep 2024
$
Interest paid and
payable in the
reporting period²
$
Highest balance in
the reporting period
$
Current Non–Executive Directors
P O’Sullivan657,99867523664,981
G Hodges2,322,3551,246,73884,8582,501,191
H Kramer3,189,9353,532,890205,6643,602,471
S St John1,160,0961,145,91637,1121,165,093
CEO and Current Disclosed Executives
S Elliott2,467,0621,968,20572,1732,478,583
M Carnegie5,602,1833,782141,5665,620,083
G Florian2,324,1572,223,98260,8872,344,193
A Strong1,715,9812,406,222116,7142,868,494
M Whelan1,528,4581,495,36595,0891,578,999
Former Disclosed Executives
J Key
3
3,583,9613,579,413 157,598 3,896,804
J Macfarlane
3
5,907,6905,762,167 105,883 6,310,584
Total 30,459,876 23,365,355 1,077,567 33,031,476
1. Opening balances have been adjusted for new and leaving KMP. 2. Actual interest paid after considering offset accounts. The loan balance is shown gross, however the interest paid
takes into account the impact of offset amounts. 3. Closing balance is as at the date ceased as a KMP.
9.5 Other transactions
Other transactions with NEDs, the CEO and Disclosed Executives, and their related parties included deposits.
Other transactions – NED, CEO and Disclosed Executives
Opening balance at
1 Oct 2023
1
$
Closing balance at
30 Sep 2024
2,3
$
Total KMP Deposits41,142,03444,115,399
1. Opening balance is at 1 October 2023 or the date of commencement as a KMP if part way through the year and it has been adjusted to take into account timing variances.
2. Closing balance is at 30 September 2024 or at the date ceased as a KMP if part way through the year. 3. Interest received on deposits for 2024 was $854,222 (2023: $1,001,678).
Other transactions with KMP and their related parties included amounts paid to the Group in respect of investment management
service fees, brokerage, bank fees and charges. The Group has reimbursed KMP for the costs incurred for security and secretarial
services associated with the performance of their duties. These transactions are conducted on normal commercial terms and
conditions are no more favourable than those given to other employees or customers.
M Whelan
Deferred shares 48,958 28,819 - (27,016) 50,761
Ordinary shares 47,196 - - (41,820) 5,376
Restricted rights 42,716 39,972 - - 82,688
Performance rights 209,135 39,970 - (72,108) 176,997
Former Disclosed Executives
R Howell
6
Deferred shares 12,138 - - - 12,138
1. Details of options/rights granted as remuneration during 2024 are provided in the previous table. 2. Shares resulting from any other changes during the year include the net result of
any shares purchased (including under the ANZ Share Purchase Plan), forfeited, sold or acquired under the Dividend Reinvestment Plan. 3. The following shares (included in the
holdings above) were held on behalf of the NEDs, CEO and Disclosed Executives (i.e., indirect beneficially held shares) as at 30 September 2024 (or the date ceased as a KMP):
P O’Sullivan - 0, J Cincotta - 0, R Gibb - 1,422, J Halton - 0, G Hodges - 45,584, H Kramer - 5,828, C O’Reilly - 0, J Smith - 0, S St John - 3,000, I Atlas - 15,318, J Key - 10,500,
J Macfarlane - 28,182, S Elliott - 617,696, M Carnegie - 69,621, E Clements - 30,081, K Corbally - 44,594, F Faruqui - 44,497, G Florian - 68,277, C Morgan - 23,058, A Strong - 29,972,
A Watson - 47,957, M Whelan - 52,761, R Howell - 12,138. 4. Zero rights were vested and exercisable, and zero options/rights were vested and unexerciseable as at 30 September
2024. 5. Commencing balance is based on holdings as at the date of commencement as a KMP. 6. Concluding balance is based on holdings as at the date ceased as a KMP. 7. 2023
Remuneration Report incorrectly showed a zero closing balance of ordinary shares. The 25 ordinary shares are still held.
75
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report

Directors’ Report
Our Performance (continued)
7

Directors’ report

The Directors’ Report for the financial year
ended 30 September 2024 has been
prepared in accordance with the
requirements of the Corporations Act
2001. The information below forms part of
this Directors’ Report:
• Principal activities on page 8;
• Operating and financial review on
pages 20 to 32;
• Dividends on page 32;
• Information on the Directors on
pages 10 to 13;
Remuneration report on pages 34 to 75

Acquisition of Suncorp Bank
On 31 July 2024, the Group acquired
100% of the shares in SBGH Limited, the
immediate holding company of Suncorp
Bank. Suncorp Bank provides banking and
related services to retail, commercial, small
and medium enterprises and agribusiness
customers in Australia. The transaction
was undertaken to accelerate the growth
of the Group’s retail and commercial
businesses while also improving the
geographic balance of its business in
Australia.

Significant changes in state
of affairs
There have been no other significant
changes in the Group’s state of affairs
other than Acquisition of Suncorp Bank, as
described above.

Events since the end of the
financial year
Other than matters outlined in the
Financial Report, there have been no
significant events from 30 September
2024 to the date of signing this report.

Participation in political party
activities
We aim to assist the democratic process
in Australia by attending and participating
in paid events hosted by the major federal
political parties. For the year ended
30 September 2024, we contributed
$115,000 to participate in political
activities hosted by the Australian Labor
Party, the Liberal Party of Australia and the
National Party of Australia. These activities
included speeches, political functions and
conferences, and policy dialogue forums.
We disclose these contributions to the
Australian Electoral Commission (AEC),
noting the AEC’s reporting year is a
different period to the Group’s financial
year.

Modern slavery reporting
The Group is subject to Australia's Modern
Slavery Act Australian Commonwealth
Modern Slavery Act 2018 (Cth) and United
Kingdom's Modern Slavery Act 2015.
Our Modern Slavery Statement (when
released) will set out actions taken to
identify, assess and manage modern
slavery risks in our operations and supply
chain during the 2024 financial year.
Our 2024 Modern Slavery Statement will
be available at anz.com/esgreport prior to
our Annual General Meeting.

Environmental regulation
We recognise the expectations of our
stakeholders – customers, shareholders,
staff, regulators and the community – to
operate in a way that mitigates our
environmental impact.
In Australia, we meet the requirements of
the National Greenhouse and Energy
Reporting Act 2007 (Cth), which imposes
reporting obligations where energy
production, usage or greenhouse gas
emissions trigger specified thresholds.
We do not believe that our operations are
subject to any other particular and
significant environmental regulation under
a law of the Commonwealth of Australia or
of an Australian State or Territory. We may
become subject to environmental
regulation as a
result of our lending activities in the
ordinary course of business and have
developed policies, which are reviewed on
a regular basis, to help identify and
manage such environmental matters and
regulations.
Further details of our environmental
performance, including progress against
our targets and management of ESG
material issues are available in the ESG
Supplement, ESG Data and Framework
Pack and our Climate-related financial
disclosures, at anz.com/annualreport.

External auditor
The Group’s external auditor is KPMG. The
ANZ Group appointed Peat, Marwick,
Mitchell & Co (predecessor to KPMG) in
1969.
The Board Audit Committee conducts a
formal annual performance assessment of
the external auditor, including whether to
commence an external tender for the audit.
After considering relevant factors including
tenure, audit quality, local and international
capability and experience, and
independence, the Board Audit Committee
resolved to reappoint KPMG for the
30 September 2025 financial year audit.
KPMG regularly rotates the Group Lead
Audit Engagement Partner and the
Engagement Quality Control Review
Partner with the most recent rotation being
for the financial years ended
30 September 2023 and 30 September
2020, respectively.

Non-audit services
Our Stakeholder Engagement Model for
Relationship with the External Auditor (the
Policy), which incorporates requirements
of the Corporations Act 2001 and industry
best practice, prevents the external auditor
from providing services that are perceived
to be in conflict with the role of the external
auditor or breach independence
requirements. This includes consulting
advice and sub- contracting of operational
activities normally undertaken by
management, and engagements where
the external auditor may ultimately be
required to express an opinion on its own
work.
76Australia and New Zealand Banking Group Limited 2024 Annual Report

Our Performance (continued)
8
Specifically, the Policy:
• limits the scope of non-audit services
that may be provided;
• requires that audit, audit-related and
permitted non-audit services be
considered in light of independence
requirements and for any potential
conflicts of interest before they are
approved by the Audit Committee, or
approved by the Chair of the Audit
Committee (or delegate) and notified to
the Audit Committee; and
• requires pre-approval before the
external auditor can commence any
engagement for the Group.
Further details about the Policy can be
found in ANZGHL’s Corporate Governance
Statement.
The external auditor has confirmed to the
Audit Committee that it has:
• implemented procedures to
ensure it complies with
independence rules in applicable
jurisdictions; and
• complied with applicable policies and
regulations in those jurisdictions
regarding the provision of non-audit
services, and the Policy.
The Audit Committee has reviewed the
non-audit services provided by the
external auditor during the 2024
financial year, and has confirmed that
the provision of these services is
consistent with the Policy, compatible
with the general standard of
independence for auditors imposed
by the Corporations Act 2001 and did not
compromise the auditor independence
requirements of the Corporations Act 2001.
This has been formally advised by the Audit
Committee to the Board of Directors.
The categories of non-audit services
supplied to the Group during the year
ended 30 September 2024 by the
external auditor, KPMG, or by another
person or firm on KPMG’s behalf, and the
amounts paid or payable (including GST)
by the Group are as follows:
Amount paid/
payable $’000’s
Non-audit services
2024 2023
Methodology,
procedural, operational
and administrative
reviews
180
105
Total 180 105
Further details on the compensation paid
to KPMG are provided in Note 33 Auditor
Fees to the financial statements including
details of audit-related services provided
during the year of $6.79 million (2023:
$5.82 million).
For the reasons set out above, the
Directors are satisfied that the provision of
non-audit services by the external auditor
during the year ended 30 September
2024 is compatible with the general
standard of independence for external
auditors imposed by the Corporations Act
2001 and did not compromise the auditor
independence requirements of the
Corporations Act 2001.

Directors’ and Officers’
Indemnity

ANZBGL’s Constitution (Rule 9.1) permits
ANZBGL to:
• Indemnify any officer or employee of
ANZBGL or any of its related bodies
corporate, or its auditor, against
liabilities (so far as may be permitted
under applicable law) incurred as such
an officer, employee or auditor to a
person (other than ANZBGL or a related
body corporate), including liabilities
incurred as a result of appointment or
nomination by ANZBGL or a related
body corporate as a trustee or as an
officer or employee of another
corporation; and
• Make payments in respect of legal
costs incurred by an officer or
employee or auditor in defending an
action for a liability incurred as such an
officer, employee or auditor, or in
resisting or responding to actions taken
by a government agency, a duly
constituted Royal Commission or other
official inquiry, a liquidator, administrator,
trustee in bankruptcy or other
authorised official.
Our policy is that our employees should be
protected from any liability they incur as a
result of acting in the course of their
employment, subject to appropriate
conditions.
Under the policy, we will indemnify
employees and former employees
against any liability they incur to any third
party as a result of acting in good faith in
the course of their employment and this
extends to liability incurred as a result of
their appointment/nomination by or at
the request of the ANZ Group as an
officer or employee of another
corporation or body or as a trustee.
The indemnity is subject to applicable
law and certain exceptions.
ANZBGL has entered into Indemnity Deeds
with each of its Directors, with certain
secretaries and former Directors of
ANZBGL, and with certain employees and
other individuals who act as directors or
officers of related bodies corporate or of
another company, to indemnify them
against liabilities and legal costs of the kind
mentioned in ANZBGL’s Constitution.
During the 2024 financial year, we have
paid premiums for insurance for the
benefit of the Directors and employees
of the Group. In accordance with
common commercial practice, the
insurance prohibits disclosure of the
nature of the liability insured against and
the amount of the premium.

Key management personnel
and employee share and
option plans
The Remuneration Report contains
details of Non-Executive Directors
(NEDs), the Chief Executive Officer (CEO)
and Disclosed Executives’ equity holdings
and options/rights issued during the
2024 financial year.
Note 30 Employee Share and Option Plans
in the 2024 Financial Report contains
details of the 2024 financial year and as at
the date of signing the Directors’ Report:
• Options/rights issued over shares
granted to employees;
• Shares issued as a result of the
exercise of options/rights granted to
employees; and
• Other details about share
options/rights issued, including any
rights to participate in any share issues.
The names of all persons who currently
hold options/rights are entered in the
register kept by ANZGHL pursuant to
section 170 of the Corporations Act
2001. This register may be inspected
free of charge.

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Our Performance (continued)
9

Rounding of amounts
ANZBGL is a company of the kind referred to in Australian Securities and Investments Commission Corporations (Rounding in Financial/Directors’
Reports) Instrument 2016/191 dated 24 March 2016 and, in accordance with that Instrument, amounts in the consolidated financial statements
and this Directors’ Report have been rounded to the nearest million dollars unless specifically stated otherwise.
This report is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the Directors.

Paul O’Sullivan
Chairman
7 November 2024
Shayne Elliott
Managing Director

Lead Auditor’s Independence Declaration
The Lead Auditors Independence Declaration given under section 307C of the Corporations Act 2001 is set out below and forms part of the
Directors’ Report for the year ended 30 September 2024.
To: the Directors of Australia and New Zealand Banking Group Limited
I declare that, to the best of my knowledge and belief, in relation to the audit of Australia and New Zealand Banking Group Limited for the financial
year ended 30 September 2024, there have been:
• No contraventions of the auditor independence requirements as set out in the Corporations Act 2001 in relation to the audit; and
• No contraventions of any applicable code of professional conduct in relation to the audit.

KPMG

7 November 2024
Maria Trinci
Partner

KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English
company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
Liability limited by a scheme approved under Professional Standards Legislation.

78Australia and New Zealand Banking Group Limited 2024 Annual Report

Financial Report
Financial Report
Contents
Consolidated Financial Statements
Income Statement 80
Statement of Comprehensive Income 81
Balance Sheet 82
Cash Flow Statement 83
Statement of Changes in Equity 84
Notes to the Consolidated
Financial Statements
Basis of preparation
1. About our Financial Statements 86
Financial performance
2. Net interest income 89
3. Non-interest income 90
4. Operating expenses 92
5. Income tax 94
6. Dividends 97
7. Segment reporting 98
Financial assets and other
trading assets
8. Cash and cash equivalents 102
9. Trading assets 103
10. Derivative financial instruments 104
11. Investment securities 116
12. Net loans and advances 118
13. Allowance for expected
credit losses 119
Financial liabilities
14. Deposits and other borrowings 129
15. Payables and other liabilities 130
16. Debt issuances 131
Financial instrument disclosures
17. Financial risk management 137
18. Fair value of financial assets
and financial liabilities 159
19. Assets charged as security
for liabilities and collateral
accepted as security for assets 166
20. Offsetting 167
Non-financial assets
21. Goodwill and other
intangible assets 169
Non-financial liabilities
22. Other provisions 173
Equity
23. Shareholders’ equity 175
24. Capital management 178
Consolidation and presentation
25. Controlled entities 181
26. Investments in associates 183
27. Structured entities 185
28. Transfers of financial assets 188
Employee and related
party transactions
29. Superannuation and post
employment benefit obligations 189
30. Employee share and option plans 191
31. Related party disclosures 197
Other disclosures
32. Commitments,
contingent liabilities and
contingent assets 200
33. Auditor fees 203
34. Suncorp Bank acquisition 204
35. Events since the end
of the financial year 205
Consolidated entity 206
disclosure statement
Directors’ declaration 209
Independent auditor’s report 210
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80
Income Statement

Consolidated The Company

2024
2023 2024 2023
For the year ended 30 September Note $m $m $m $m
Interest income
1
60,678 49,929 49,868 41,144
Interest expense (44,641) (33,361) (38,622) (29,026)
Net interest income 2 16,037 16,568 11,246 12,118
Other operating income 3 4,228 3,577 9,791 5,401
Net income from insurance business 3 122 108 - -
Share of associates' profit/(loss) 3 134 225 - (18)
Operating income 20,521 20,478 21,037 17,501
Operating expenses 4 (10,669) (10,087) (8,777) (8,488)
Profit before credit impairment and income tax 9,852 10,391 12,260 9,013
Credit impairment (charge)/release 13 (406) (245) (126) (75)
Profit before income tax 9,446 10,146 12,134 8,938
Income tax expense 5 (2,816) (2,945) (1,879) (1,964)
Profit for the year 6,630 7,201 10,255 6,974
Comprising:
Profit attributable to shareholders of the Company 6,595 7,173 10,255 6,974
Profit attributable to non-controlling interests 35 28 - -
1.
Includes interest income calculated using the effective interest method on financial assets measured at amortised cost or fair value through other comprehensive income of $55,717 million
(2023: $46,920 million) in the Group and $43,743 million (2023: $37,235 million) in the Company.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
ANZ 2024 Annual Report
80Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
81
Financial Report
Statement of Comprehensive Income

Consolidated

The Company

2024 2023 2024 2023
For the year ended 30 September $m $m $m $m
Profit after tax 6,630 7,201 10,255 6,974

Other comprehensive income

Items that will not be reclassified subsequently to profit or loss
Investment securities - equity securities at FVOCI 148 (30) 145 (23)
Other reserve movements
1
(17) (80) (6) (105)

Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve (930) 718 (399) 64
Cash flow hedge reserve 2,069 235 1,888 339
Other reserve movements (774) (36) (763) 39

Income tax attributable to the above items (402) (22) (344) (73)
Share of associates’ other comprehensive income
2
(23) 31 - -
Total comprehensive income for the year 6,701 8,017 10,776 7,215
Comprising total comprehensive income attributable to:
Shareholders of the Company 6,676 7,962 10,776 7,215
Non-controlling interests
1
25 55 - -
1.
The Group includes foreign currency translation differences attributable to non-controlling interests of $10 million (2023: $27 million).
2.
The Group’s share of associates’ other comprehensive income, that may be reclassified subsequently to profit or loss in the Group, includes:

2024
$m
2023
$m
FVOCI reserve gain/(loss) (10) 25
Defined benefits gain/(loss) (13) 6
Total (23) 31

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
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82
Financial Report
Balance Sheet

Consolidated The Company

2024 2023 2024 2023
As at 30 September Note $m $m $m $m
Assets
Cash and cash equivalents
1
8 150,965 168,154 137,288 154,408
Settlement balances owed to ANZ 5,484 9,349 5,019 8,935
Collateral paid 10,090 8,558 8,797 7,717
Trading assets 9 45,755 37,004 38,427 30,693
Derivative financial instruments 10 54,370 60,406 57,627 59,989
Investment securities 11 140,262 96,969 113,966 83,201
Net loans and advances 12 804,032 707,694 588,998 563,017
Regulatory deposits 665 646 222 284
Due from controlled entities - - 24,315 26,067
Shares in controlled entities 25 - - 24,316 16,277
Investments in associates 26 1,415 2,321 - -
Current tax assets 19 37 19 9
Deferred tax assets 5 3,302 3,398 2,750 2,988
Goodwill and other intangible assets 21 5,421 3,961 995 935
Premises and equipment 2,388 2,360 1,807 1,923
Other assets 5,417 5,207 3,645 3,636
Total assets 1,229,585 1,106,064 1,008,191 960,079

Liabilities
Settlement balances owed by ANZ 16,188 19,267 11,317 16,574
Collateral received 6,583 10,382 6,061 9,452
Deposits and other borrowings 14 905,166 815,203 703,870 675,075
Derivative financial instruments 10 55,254 57,482 57,467 57,511
Due to controlled entities - - 25,660 26,894
Current tax liabilities 360 305 59 133
Deferred tax liabilities 5 64 60 61 47
Payables and other liabilities 15 18,594 15,984 14,474 13,279
Employee entitlements 644 568 457 424
Other provisions 22 1,584 1,714 1,319 1,499
Debt issuances 16 156,388 116,014 122,950 98,213
Total liabilities 1,160,825 1,036,979 943,695 899,101
Net assets 68,760 69,085 64,496 60,978

Shareholders' equity
Ordinary share capital 23 27,065 29,082 26,988 29,005
Reserves 23 (1,678) (1,796) (1,676) (2,222)
Retained earnings 23 42,602 41,277 39,184 34,195
Share capital and reserves attributable to shareholders of the
Company

67,989 68,563 64,496 60,978
Non-controlling interests 23 771 522 - -
Total shareholders' equity 68,760 69,085 64,496 60,978
1.
Includes Settlement balances owed to ANZ that meet the definition of Cash and cash equivalents.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
82Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
83
Financial Report
Cash Flow Statement

Consolidated The Company

2024 2023 2024 2023
For the year ended 30 September $m $m $m $m
Profit after income tax 6,630 7,201 10,255 6,974
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Allowance for expected credit losses 406
245 126 75
Depreciation and amortisation 944 941 749 795
(Gain)/Loss on sale of premises and equipment - 43 - 31
Net derivatives/foreign exchange adjustment 3,244 3,505 1,876 3,074
(Gain)/Loss on sale from divestments 21 (29) - 70
Other non-cash movements (10) (98) 120 124
Net (increase)/decrease in operating assets:

Collateral paid (1,968) 4,143 (1,581) 3,590
Trading assets
1
(3,204) (5,888) (4,355) (7,427)
Net loans and advances (33,546) (28,289) (30,642) (25,708)
Net intra-group loans and advances - - (1,204) (1,481)
Other assets (268) (1,725) (343) (1,333)
Net increase/(decrease) in operating liabilities:

Deposits and other borrowings 43,060 21,866 41,140 21,353
Settlement balances owed by ANZ (2,905) 5,278 (5,127) 6,314
Collateral received (3,368) (5,848) (2,922) (4,886)
Other liabilities
1
2,010 4,850 1,347 4,363
Total adjustments 4,416 (1,006) (816) (1,046)
Net cash provided by/(used in) operating activities
2
11,046 6,195 9,439 5,928
Cash flows from investing activities
Acquisition of Suncorp Bank, net of cash acquired (4,914)
- (6,247) -
Investment securities assets:
Purchases (84,777)
(51,974) (77,131) (46,130)
Proceeds from sale or maturity 47,542 41,401 42,662 35,495
Proceeds from divestments, net of cash disposed 686 1,135 - 1,174
Net movement in shares in controlled entities - - (21) (29)
Net investments in other assets (604) (604) (486) (612)
Net cash provided by/(used in) investing activities (42,067) (10,042) (41,223) (10,102)
Cash flows from financing activities
Deposits and other borrowings (repaid)/drawn down (1,014)
(11,105) - (12,002)
Debt issuances:
3

Issue proceeds 50,604
44,182 46,870 40,428
Redemptions (25,367) (23,985) (21,886) (19,641)
Dividends paid
4
(5,252) (4,700) (5,220) (4,673)
On-market purchase of treasury shares (126) (21) (126) (21)
Repayment of lease liabilities (342) (337) (271) (277)
Capital return (2,000) - (2,000) -
ANZ Bank New Zealand Perpetual Preference Shares 252 - - -
Net cash provided by/(used in) financing activities 16,755 4,034 17,367 3,814
Net increase/(decrease) in Cash and cash equivalents (14,266) 187 (14,417) (360)
Cash and cash equivalents at beginning of year 168,154 168,132 154,408 155,483
Effects of exchange rate changes on Cash and cash equivalents (2,923) (165) (2,703) (715)
Cash and cash equivalents at end of year 150,965 168,154 137,288 154,408
1.
Certain items were reclassified from Other liabilities to Trading assets to better reflect the movement in operating assets and operating liabilities. Comparative information was restated with a decrease of
$5,865 million in Trading assets and a corresponding increase in Other liabilities for the Group, and $5,658 million for the Company.
2.
Net cash provided by/(used in) operating activities for the Group includes interest received of $59,657 million (2023: $48,362 million), interest paid of $43,537 million (2023: $30,738 million) and income
taxes paid of $2,925 million (2023: $3,501 million). Net cash provided by/(used in) operating activities for the Company includes interest received of $49,705 million (2023: $40,353 million), interest paid
of $38,351 million (2023: $26,846 million) and income taxes paid of $2,084 million (2023: $2,384 million).
3.
Non-cash movements on Debt issuances include a gain of $711 million (2023: $2,084 million loss) from unrealised movements primarily due to fair value hedging adjustments and foreign exchange losses for
the Group, and include a gain of $246 million (2023: $1,598 million loss) from unrealised movements primarily due to fair value hedging and foreign exchange losses for the Company.
4.
Cash outflow for shares purchased in 2023 to satisfy the dividend reinvestment plan are classified in Dividends paid.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
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82Australia and New Zealand Banking Group Limited 2024 Annual Report

82
Financial Report
Balance Sheet

Consolidated The Company

2024
2023 2024 2023
As at 30 September Note $m $m $m $m
Assets
Cash and cash equivalents
1
8 150,965 168,154 137,288 154,408
Settlement balances owed to ANZ 5,484 9,349 5,019 8,935
Collateral paid 10,090 8,558 8,797 7,717
Trading assets 9 45,755 37,004 38,427 30,693
Derivative financial instruments 10 54,370 60,406 57,627 59,989
Investment securities 11 140,262 96,969 113,966 83,201
Net loans and advances 12 804,032 707,694 588,998 563,017
Regulatory deposits 665 646 222 284
Due from controlled entities - - 24,315 26,067
Shares in controlled entities 25 - - 24,316 16,277
Investments in associates 26 1,415 2,321 - -
Current tax assets 19 37 19 9
Deferred tax assets 5 3,302 3,398 2,750 2,988
Goodwill and other intangible assets 21 5,421 3,961 995 935
Premises and equipment 2,388 2,360 1,807 1,923
Other assets 5,417 5,207 3,645 3,636
Total assets 1,229,585 1,106,064 1,008,191 960,079

Liabilities
Settlement balances owed by ANZ 16,188
19,267 11,317 16,574
Collateral received 6,583 10,382 6,061 9,452
Deposits and other borrowings 14 905,166 815,203 703,870 675,075
Derivative financial instruments 10 55,254 57,482 57,467 57,511
Due to controlled entities - - 25,660 26,894
Current tax liabilities 360 305 59 133
Deferred tax liabilities 5 64 60 61 47
Payables and other liabilities 15 18,594 15,984 14,474 13,279
Employee entitlements 644 568 457 424
Other provisions 22 1,584 1,714 1,319 1,499
Debt issuances 16 156,388 116,014 122,950 98,213
Total liabilities 1,160,825 1,036,979 943,695 899,101
Net assets 68,760 69,085 64,496 60,978

Shareholders' equity
Ordinary share capital 23 27,065
29,082 26,988 29,005
Reserves 23 (1,678) (1,796) (1,676) (2,222)
Retained earnings 23 42,602 41,277 39,184 34,195
Share capital and reserves attributable to shareholders of the
Company
67,989
68,563 64,496 60,978
Non-controlling interests 23 771 522 - -
Total shareholders' equity 68,760 69,085 64,496 60,978
1.
Includes Settlement balances owed to ANZ that meet the definition of Cash and cash equivalents.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
82Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
83
Financial Report
Cash Flow Statement

Consolidated The Company

2024 2023 2024 2023
For the year ended 30 September $m $m $m $m
Profit after income tax 6,630 7,201 10,255 6,974
Adjustments to reconcile to net cash provided by/(used in) operating activities:
Allowance for expected credit losses 406 245 126 75
Depreciation and amortisation 944 941 749 795
(Gain)/Loss on sale of premises and equipment - 43 - 31
Net derivatives/foreign exchange adjustment 3,244 3,505 1,876 3,074
(Gain)/Loss on sale from divestments 21 (29) - 70
Other non-cash movements (10) (98) 120 124
Net (increase)/decrease in operating assets:

Collateral paid (1,968) 4,143 (1,581) 3,590
Trading assets
1
(3,204) (5,888) (4,355) (7,427)
Net loans and advances (33,546) (28,289) (30,642) (25,708)
Net intra-group loans and advances - - (1,204) (1,481)
Other assets (268) (1,725) (343) (1,333)
Net increase/(decrease) in operating liabilities:

Deposits and other borrowings 43,060 21,866 41,140 21,353
Settlement balances owed by ANZ (2,905) 5,278 (5,127) 6,314
Collateral received (3,368) (5,848) (2,922) (4,886)
Other liabilities
1
2,010 4,850 1,347 4,363
Total adjustments 4,416 (1,006) (816) (1,046)
Net cash provided by/(used in) operating activities
2
11,046 6,195 9,439 5,928
Cash flows from investing activities
Acquisition of Suncorp Bank, net of cash acquired (4,914) - (6,247) -
Investment securities assets:
Purchases (84,777) (51,974) (77,131) (46,130)
Proceeds from sale or maturity 47,542 41,401 42,662 35,495
Proceeds from divestments, net of cash disposed 686 1,135 - 1,174
Net movement in shares in controlled entities - - (21) (29)
Net investments in other assets (604) (604) (486) (612)
Net cash provided by/(used in) investing activities (42,067) (10,042) (41,223) (10,102)
Cash flows from financing activities
Deposits and other borrowings (repaid)/drawn down (1,014) (11,105) - (12,002)
Debt issuances:
3

Issue proceeds 50,604 44,182 46,870 40,428
Redemptions (25,367) (23,985) (21,886) (19,641)
Dividends paid
4
(5,252) (4,700) (5,220) (4,673)
On-market purchase of treasury shares (126) (21) (126) (21)
Repayment of lease liabilities (342) (337) (271) (277)
Capital return (2,000) - (2,000) -
ANZ Bank New Zealand Perpetual Preference Shares 252 - - -
Net cash provided by/(used in) financing activities 16,755 4,034 17,367 3,814
Net increase/(decrease) in Cash and cash equivalents (14,266) 187 (14,417) (360)
Cash and cash equivalents at beginning of year 168,154 168,132 154,408 155,483
Effects of exchange rate changes on Cash and cash equivalents (2,923) (165) (2,703) (715)
Cash and cash equivalents at end of year 150,965 168,154 137,288 154,408
1.
Certain items were reclassified from Other liabilities to Trading assets to better reflect the movement in operating assets and operating liabilities. Comparative information was restated with a decrease of
$5,865 million in Trading assets and a corresponding increase in Other liabilities for the Group, and $5,658 million for the Company.
2.
Net cash provided by/(used in) operating activities for the Group includes interest received of $59,657 million (2023: $48,362 million), interest paid of $43,537 million (2023: $30,738 million) and income
taxes paid of $2,925 million (2023: $3,501 million). Net cash provided by/(used in) operating activities for the Company includes interest received of $49,705 million (2023: $40,353 million), interest paid
of $38,351 million (2023: $26,846 million) and income taxes paid of $2,084 million (2023: $2,384 million).
3.
Non-cash movements on Debt issuances include a gain of $711 million (2023: $2,084 million loss) from unrealised movements primarily due to fair value hedging adjustments and foreign exchange losses for
the Group, and include a gain of $246 million (2023: $1,598 million loss) from unrealised movements primarily due to fair value hedging and foreign exchange losses for the Company.
4.
Cash outflow for shares purchased in 2023 to satisfy the dividend reinvestment plan are classified in Dividends paid.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
83
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84
Statement of Changes in Equity

Ordinary
share capital Reserves
Retained
earnings
Share capital
and reserves
attributable to
shareholders
of the Company

Non-
controlling

interests
Total
shareholders’
equity

Consolidated
$m
$m $m $m $m $m
As at 1 October 2022 28,797 (2,606) 39,716 65,907 494 66,401
Impact on transition to AASB 17 - - (37) (37) - (37)
Profit or loss for the year - - 7,173 7,173 28 7,201
Other comprehensive income for the year - 863 (74) 789 27 816
Total comprehensive income for the year - 863 7,099 7,962 55 8,017
Transactions with equity holders in their capacity as
equity holders:

Dividends paid - - (5,559) (5,559) (27) (5,586)
Dividend reinvestment plan
1
206 - - 206 - 206
Other equity movements:
Employee share and option plans 79 - - 79 - 79
ANZ Bank New Zealand Perpetual Preference Shares
2
- (39) 39 - - -
Other items - (14) 19 5 - 5
As at 30 September 2023 29,082 (1,796) 41,277 68,563 522 69,085
Profit or loss for the year - - 6,595 6,595 35 6,630
Other comprehensive income for the year - 101 (20) 81 (10) 71
Total comprehensive income for the year - 101 6,575 6,676 25 6,701
Transactions with equity holders in their capacity as
equity holders:

Dividends paid - - (5,267) (5,267) (32) (5,299)
Other equity movements:
Employee share and option plans (17) 23 4 10 - 10
ANZ Bank New Zealand Perpetual Preference Shares
2
- - (4) (4) 256 252
Capital return (2,000) - - (2,000) - (2,000)
Other items - (6) 17 11 - 11
As at 30 September 2024 27,065 (1,678) 42,602 67,989 771 68,760
1.
8.4 million shares were issued under the dividend reinvestment plan for the 2022 final dividend.
2.
Perpetual preference shares issued by ANZ Bank New Zealand, a wholly owned subsidiary of ANZBGL, are considered non-controlling interests to the Group.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
ANZ 2024 Annual Report
84Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
85
Statement of Changes in Equity

Ordinary
share capital Reserves
Retained
earnings
Total

shareholders’
equity

The Company
$m $m $m $m
As at 1 October 2022 28,720 (2,546) 32,859 59,033
Profit for the year - - 6,974 6,974
Other comprehensive income for the year - 319 (78) 241
Total comprehensive income for the year - 319 6,896 7,215
Transactions with equity holders in their capacity as
equity holders:
Dividends paid -
- (5,559) (5,559)
Dividend Reinvestment Plan
1
206 - - 206
Other equity movements:
Employee share and option plans 79
- - 79
Other items - 5 (1) 4
As at 30 September 2023 29,005 (2,222) 34,195 60,978
Profit for the year - - 10,255 10,255
Other comprehensive income for the year - 527 (6) 521
Total comprehensive income for the year - 527 10,249 10,776
Transactions with equity holders in their capacity as
equity holders:
Dividends paid -
- (5,267) (5,267)
Other equity movements: -
Employee share and option plans (17) 23 4 10
Capital return (2,000) - - (2,000)
Other items - (4) 3 (1)
As at 30 September 2024 26,988 (1,676) 39,184 64,496
1.
8.4 million shares were issued under the dividend reinvestment plan for the 2022 final dividend.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
85
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84Australia and New Zealand Banking Group Limited 2024 Annual Report

84
Statement of Changes in Equity

Ordinary
share capital Reserves
Retained
earnings
Share capital
and reserves
attributable to
shareholders
of the Company

Non-
controlling

interests
Total
shareholders’
equity

Consolidated
$m
$m $m $m $m $m
As at 1 October 2022 28,797 (2,606) 39,716 65,907 494 66,401
Impact on transition to AASB 17 - - (37) (37) - (37)
Profit or loss for the year - - 7,173 7,173 28 7,201
Other comprehensive income for the year - 863 (74) 789 27 816
Total comprehensive income for the year - 863 7,099 7,962 55 8,017
Transactions with equity holders in their capacity as
equity holders:

Dividends paid - - (5,559) (5,559) (27) (5,586)
Dividend reinvestment plan
1
206 - - 206 - 206
Other equity movements:
Employee share and option plans 79 - - 79 - 79
ANZ Bank New Zealand Perpetual Preference Shares
2
- (39) 39 - - -
Other items - (14) 19 5 - 5
As at 30 September 2023 29,082 (1,796) 41,277 68,563 522 69,085
Profit or loss for the year - - 6,595 6,595 35 6,630
Other comprehensive income for the year - 101 (20) 81 (10) 71
Total comprehensive income for the year - 101 6,575 6,676 25 6,701
Transactions with equity holders in their capacity as
equity holders:

Dividends paid - - (5,267) (5,267) (32) (5,299)
Other equity movements:
Employee share and option plans (17) 23 4 10 - 10
ANZ Bank New Zealand Perpetual Preference Shares
2
- - (4) (4) 256 252
Capital return (2,000) - - (2,000) - (2,000)
Other items - (6) 17 11 - 11
As at 30 September 2024 27,065 (1,678) 42,602 67,989 771 68,760
1.
8.4 million shares were issued under the dividend reinvestment plan for the 2022 final dividend.
2.
Perpetual preference shares issued by ANZ Bank New Zealand, a wholly owned subsidiary of ANZBGL, are considered non-controlling interests to the Group.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
ANZ 2024 Annual Report
84Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
85
Statement of Changes in Equity

Ordinary
share capital Reserves
Retained
earnings
Total

shareholders’
equity

The Company
$m $m $m $m
As at 1 October 2022 28,720 (2,546) 32,859 59,033
Profit for the year - - 6,974 6,974
Other comprehensive income for the year - 319 (78) 241
Total comprehensive income for the year - 319 6,896 7,215
Transactions with equity holders in their capacity as
equity holders:
Dividends paid -
- (5,559) (5,559)
Dividend Reinvestment Plan
1
206 - - 206
Other equity movements:
Employee share and option plans 79
- - 79
Other items - 5 (1) 4
As at 30 September 2023 29,005 (2,222) 34,195 60,978
Profit for the year - - 10,255 10,255
Other comprehensive income for the year - 527 (6) 521
Total comprehensive income for the year - 527 10,249 10,776
Transactions with equity holders in their capacity as
equity holders:
Dividends paid - - (5,267) (5,267)
Other equity movements: -
Employee share and option plans (17) 23 4 10
Capital return (2,000) - - (2,000)
Other items - (4) 3 (1)
As at 30 September 2024 26,988 (1,676) 39,184 64,496
1.
8.4 million shares were issued under the dividend reinvestment plan for the 2022 final dividend.

The notes appearing on pages 86 to 205 form an integral part of these financial statements.
85
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86
Notes to the Financial Statements
Notes to the Consolidated
Financial Statements
1. About our financial statements
General information
These are the consolidated financial statements for ANZBGL (the Company) and its controlled entities (together, the Group or Consolidated Entity) for the
year ended 30 September 2024. The Company is a publicly listed company incorporated and domiciled in Australia with debt listed on securities
exchanges. The Company is a subsidiary of ANZGHL and is regulated by APRA as an ADI. The address of the Company’s registered office and its principal
place of business is ANZ Centre, 833 Collins Street, Docklands, Victoria, Australia 3008. The Group provides banking and financial services to individuals
and business customers and operates in and across 29 markets.
On 7 November 2024, the Directors resolved to authorise the issue of these financial statements. Information in the financial statements is included only
to the extent we consider it material and relevant to the understanding of the financial statements. A disclosure is considered material and relevant if, for
example:


the amount is significant in size (quantitative factor);


the information is significant by nature (qualitative factor);


the user cannot understand the Group’s results without the specific disclosure (qualitative factor);


the information is critical to a user’s understanding of the impact of significant changes in the Group’s business during the period - for example,
business acquisitions or disposals (qualitative factor);


the information relates to an aspect of the Group’s operations that is important to its future performance (qualitative factor); and


the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group’s principal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of the financial statements:


outlines the basis upon which the Group’s financial statements have been prepared; and


discusses any new accounting standards or regulations that directly impact the financial statements.
Basis of preparation
This financial report is a general purpose (Tier 1) financial report prepared by a ‘for profit’ entity, in accordance with Australian Accounting Standards
(AASs) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), the Corporations Act 2001, and International
Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB).
We present the financial statements of the Group in Australian dollars, which is the Company’s functional and presentation currency. We measure the
financial statements of each entity in the Group using the currency of the primary economic environment in which that entity operates (the functional
currency). We have rounded values to the nearest million dollars ($m), unless otherwise stated, as permitted under the ASIC Corporations (Rounding in
Financial/Directors Report) Instrument 2016/191.
Certain comparative amounts have been restated to conform with the basis of preparation in the current year.
Basis of measurement and presentation
The financial information has been prepared in accordance with the historical cost basis - except the following assets and liabilities which we have stated
at their fair value:


derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;


financial instruments held for trading;


financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and


financial assets at fair value through other comprehensive income (FVOCI).
In accordance with AASB 119 Employee Benefits we have measured defined benefit obligations using the Projected Unit Credit Method.
Basis of consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and all its subsidiaries. An entity, including a
structured entity, is considered a subsidiary of the Group when we determine that the Company has control over the entity. Control exists when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. We assess power by examining existing rights that give the Company the current ability to direct the relevant activities of the entity. We have
eliminated, on consolidation, the effect of all transactions between entities in the Group.

86Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
87

1. About our financial statements (continued)
Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the relevant functional currency at the exchange rate prevailing at the date of the transaction. At the
reporting date, monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the relevant spot rate. Any
foreign currency translation gains or losses that arise are included in profit or loss in the period they arise.
We measure translation differences on non-monetary items classified as FVTPL and report them as part of the fair value gain or loss on these items. For
non-monetary items classified as investment securities measured at FVOCI, translation differences are included in other comprehensive income.
Financial statements of foreign operations that have a functional currency that is not Australian dollars
The financial statements of our foreign operations are translated into Australian dollars for consolidation into the Group financial statements using the
following method:
Foreign currency item Exchange rate used
Assets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period – but for a significant transaction if we believe the average rate is not reasonable,
then we use the rate at the date of the transaction
Exchange differences arising from the translation of financial statements of foreign operations are recognised in the foreign currency translation reserve in
equity. When we dispose of a foreign operation, the cumulative exchange differences are transferred to profit or loss.
Fiduciary activities
The Group provides fiduciary services to third parties including custody, nominee and trustee services. This involves the Group holding assets on behalf of
third parties and making decisions regarding the purchase and sale of financial instruments. If the Group is not the beneficial owner or does not control the
assets, then we do not recognise these transactions in these financial statements, except when required by accounting standards or another legislative
requirement.

In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates and
assumptions about past and future events. Further information on the key judgements and estimates that we consider material to the financial
statements are contained within each relevant note to the financial statements.
The global economy continues to face challenges associated with inflation and interest rate uncertainties, continuing trade and geopolitical
tensions, and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these
financial statements.
The Group is exposed to climate risk either directly through its operations or indirectly, for example, through lending to customers. Climate risk
may also be a driver of other risks within our risk management framework. Our most material climate risks arise from lending to business and
retail customers, which contributes to credit risk.
The Group has made various accounting estimates in this Financial Report based on forecasts of economic conditions which reflect
expectations and assumptions at 30 September 2024 about future events considered reasonable in the circumstances. Thus, there is a
considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those
forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting
estimates included in these financial statements. The significant accounting estimates impacted by these forecasts and associated
uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets.
The impact of these uncertainties on each of these accounting estimates is discussed in the relevant notes in this Financial Report, along with
assumptions and judgements made in relation to other key estimates. Readers should consider these disclosures in light of the inherent
uncertainties described above.
Australia and New Zealand Banking Group Limited 2024 Annual Report
Key judgements and estimates
87
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86Australia and New Zealand Banking Group Limited 2024 Annual Report

86
Notes to the Financial Statements
Notes to the Consolidated
Financial Statements
1. About our financial statements
General information
These are the consolidated financial statements for ANZBGL (the Company) and its controlled entities (together, the Group or Consolidated Entity) for the
year ended 30 September 2024. The Company is a publicly listed company incorporated and domiciled in Australia with debt listed on securities
exchanges. The Company is a subsidiary of ANZGHL and is regulated by APRA as an ADI. The address of the Company’s registered office and its principal
place of business is ANZ Centre, 833 Collins Street, Docklands, Victoria, Australia 3008. The Group provides banking and financial services to individuals
and business customers and operates in and across 29 markets.
On 7 November 2024, the Directors resolved to authorise the issue of these financial statements. Information in the financial statements is included only
to the extent we consider it material and relevant to the understanding of the financial statements. A disclosure is considered material and relevant if, for
example:


the amount is significant in size (quantitative factor);


the information is significant by nature (qualitative factor);


the user cannot understand the Group’s results without the specific disclosure (qualitative factor);


the information is critical to a user’s understanding of the impact of significant changes in the Group’s business during the period - for example,
business acquisitions or disposals (qualitative factor);


the information relates to an aspect of the Group’s operations that is important to its future performance (qualitative factor); and


the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group’s principal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of the financial statements:


outlines the basis upon which the Group’s financial statements have been prepared; and


discusses any new accounting standards or regulations that directly impact the financial statements.
Basis of preparation
This financial report is a general purpose (Tier 1) financial report prepared by a ‘for profit’ entity, in accordance with Australian Accounting Standards
(AASs) and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), the Corporations Act 2001, and International
Financial Reporting Standards (IFRS) and interpretations published by the International Accounting Standards Board (IASB).
We present the financial statements of the Group in Australian dollars, which is the Company’s functional and presentation currency. We measure the
financial statements of each entity in the Group using the currency of the primary economic environment in which that entity operates (the functional
currency). We have rounded values to the nearest million dollars ($m), unless otherwise stated, as permitted under the ASIC Corporations (Rounding in
Financial/Directors Report) Instrument 2016/191.
Certain comparative amounts have been restated to conform with the basis of preparation in the current year.
Basis of measurement and presentation
The financial information has been prepared in accordance with the historical cost basis - except the following assets and liabilities which we have stated
at their fair value:


derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;


financial instruments held for trading;


financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and


financial assets at fair value through other comprehensive income (FVOCI).
In accordance with AASB 119 Employee Benefits we have measured defined benefit obligations using the Projected Unit Credit Method.
Basis of consolidation
The consolidated financial statements of the Group comprise the financial statements of the Company and all its subsidiaries. An entity, including a
structured entity, is considered a subsidiary of the Group when we determine that the Company has control over the entity. Control exists when the Group
is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. We assess power by examining existing rights that give the Company the current ability to direct the relevant activities of the entity. We have
eliminated, on consolidation, the effect of all transactions between entities in the Group.

86Australia and New Zealand Banking Group Limited 2024 Annual ReportAustralia and New Zealand Banking Group Limited 2024 Annual Report
87

1. About our financial statements (continued)
Foreign currency translation
Transactions and balances
Foreign currency transactions are translated into the relevant functional currency at the exchange rate prevailing at the date of the transaction. At the
reporting date, monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the relevant spot rate. Any
foreign currency translation gains or losses that arise are included in profit or loss in the period they arise.
We measure translation differences on non-monetary items classified as FVTPL and report them as part of the fair value gain or loss on these items. For
non-monetary items classified as investment securities measured at FVOCI, translation differences are included in other comprehensive income.
Financial statements of foreign operations that have a functional currency that is not Australian dollars
The financial statements of our foreign operations are translated into Australian dollars for consolidation into the Group financial statements using the
following method:
Foreign currency item Exchange rate used
Assets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period – but for a significant transaction if we believe the average rate is not reasonable,
then we use the rate at the date of the transaction
Exchange differences arising from the translation of financial statements of foreign operations are recognised in the foreign currency translation reserve in
equity. When we dispose of a foreign operation, the cumulative exchange differences are transferred to profit or loss.
Fiduciary activities
The Group provides fiduciary services to third parties including custody, nominee and trustee services. This involves the Group holding assets on behalf of
third parties and making decisions regarding the purchase and sale of financial instruments. If the Group is not the beneficial owner or does not control the
assets, then we do not recognise these transactions in these financial statements, except when required by accounting standards or another legislative
requirement.

In the process of applying the Group’s accounting policies, management has made a number of judgements and applied estimates and
assumptions about past and future events. Further information on the key judgements and estimates that we consider material to the financial
statements are contained within each relevant note to the financial statements.
The global economy continues to face challenges associated with inflation and interest rate uncertainties, continuing trade and geopolitical
tensions, and impacts from climate change, which contribute to an elevated level of estimation uncertainty involved in the preparation of these
financial statements.
The Group is exposed to climate risk either directly through its operations or indirectly, for example, through lending to customers. Climate risk
may also be a driver of other risks within our risk management framework. Our most material climate risks arise from lending to business and
retail customers, which contributes to credit risk.
The Group has made various accounting estimates in this Financial Report based on forecasts of economic conditions which reflect
expectations and assumptions at 30 September 2024 about future events considered reasonable in the circumstances. Thus, there is a
considerable degree of judgement involved in preparing these estimates. Actual economic conditions are likely to be different from those
forecast since anticipated events frequently do not occur as expected, and the effect of these differences may significantly impact accounting
estimates included in these financial statements. The significant accounting estimates impacted by these forecasts and associated
uncertainties are predominantly related to expected credit losses and recoverable amounts of non-financial assets.
The impact of these uncertainties on each of these accounting estimates is discussed in the relevant notes in this Financial Report, along with
assumptions and judgements made in relation to other key estimates. Readers should consider these disclosures in light of the inherent
uncertainties described above.
Australia and New Zealand Banking Group Limited 2024 Annual Report
Key judgements and estimates
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Australia and New Zealand Banking Group Limited 2024 Annual Report
1. About our financial statements (continued)
Accounting standards adopted in the period
Accounting policies have been consistently applied to all periods presented, unless otherwise noted.
AASB 17 Insurance Contracts
On 1 October 2023, the Group adopted AASB 17 Insurance Contracts (AASB 17) which established principles for the recognition, measurement,
presentation, and disclosure of insurance contracts, and replaced AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts. Although
the overall profit recognised in respect of insurance contracts will not change over the life of contracts, the timing of revenue recognition will change.
The Group applied AASB 17 effective from 1 October 2022 and restated prior period comparative information. This resulted in a decrease in opening
retained earnings of $37 million on 1 October 2022, an increase in profit after tax (2023: $8 million), an increase in total assets (2023: $22 million), and an
increase in total liabilities (2023: $51 million) in the Australia Retail division. These adjustments were primarily driven by the impact of changes in the
pattern of recognition of revenue on insurance contracts issued, changes in the pattern of recognition of the net cost of reinsurance and the valuation of
profit commissions on reinsurance contracts held.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction amends
AASB 112 Income Taxes. It clarifies that entities are required to recognise deferred tax on transactions for which there is both an asset and a liability and
that give rise to equal taxable and deductible temporary differences which may apply to leases and decommissioning or restoration obligations. This
amendment was effective for the Group from 1 October 2023 and did not have a material impact on the Group.
International Tax Reform – Pillar Two Model Rules
The Organisation for Economic Co-Operation and Development published the Pillar Two Model Rules in December 2021 which are designed to ensure
large multinational enterprises pay a minimum level of tax of 15% in each of the jurisdictions where they operate. A number of countries in which the
Group operates have implemented or announced the proposed implementation of the Pillar Two rules including Australia.
As at 30 September 2024, Pillar Two draft legislation has been released in Australia but is not yet enacted or substantially enacted. The Australian Pillar
Two rules, if enacted, will be effective for the Group from 1 October 2024.
In anticipation of the legislation being enacted, the AASB issued AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Return
– Pillar Two Model Rules in June 2023. The Group has applied the mandatory exemption included in para.4A of this standard and has not recognised or
disclosed any associated deferred taxes.
The Group has assessed the potential impact of the Pillar Two legislation. Based on this analysis as at the reporting date and having regard to the
historical and reasonably estimable data, the Group is not expected to have a material Pillar Two tax exposure.
Accounting standards not early adopted
A number of new standards, amendments to standards and interpretations have been published but are not mandatory for the financial statements for
the year ended 30 September 2024 and have not been applied by the Group in preparing these financial statements. Further details of these are set out
below.
AASB 18 Presentation and Disclosure in Financial Statements
In June 2024, the AASB issued AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) which updates and replaces requirements for the
presentation and disclosure of information in financial statements. AASB 18 introduces new defined subtotals to be presented in the consolidated Income
Statement, disclosure of management-defined performance measures and requirements for grouping of information. This standard will be effective for
the financial year beginning 1 October 2027. We are currently assessing the impact of adopting this standard.
Classification and measurement amendments to AASB 9 Financial Instruments
In July 2024, the AASB issued AASB 2024-2 Amendments to Australian Accounting Standards - Classification and Measurement of Financial Instruments
which amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics
of financial assets with environmental, social and corporate governance and similar features. The amendments will be effective for the financial year
beginning 1 October 2026. We are currently assessing the impact of adopting the amendments.
Lease Liability in a Sale and Leaseback
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback amends AASB 16 Leases and specifies the
accounting for variable lease payments by seller-lessees in sale and leaseback transactions. The amendment is effective from 1 October 2024 and will
not have a material impact on the Group.
88Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

89

2.
Net interest income

Consolidated The Company

2024 2023 2024 2023

$m
$m $m $m
Interest income by type of financial asset
Financial assets at amortised cost 51,178 44,305 39,777 35,000
Investment securities at FVOCI
4,539 2,615 3,966 2,235
Trading assets
2,217 1,654 1,954 1,413
Financial assets at FVTPL
2,744 1,355 2,821 1,449

External interest income 60,678 49,929 48,518 40,097
Controlled entities' income - - 1,350 1,047
Interest income 60,678 49,929 49,868 41,144
Interest expense by type of financial liability
Financial liabilities at amortised cost (41,472)
(31,343) (34,130) (26,016)
Securities sold short (649) (451) (615) (392)
Financial liabilities designated at FVTPL (2,131) (1,214) (1,977) (1,104)
External interest expense (44,252) (33,008) (36,722) (27,512)
Controlled entities' expense - - (1,511) (1,161)
Interest expense (44,252) (33,008) (38,233) (28,673)
Major bank levy (389) (353) (389) (353)
Net interest income 16,037 16,568 11,246 12,118

Net interest income

Interest income and expense

We recognise interest income and expense in net interest income for all financial instruments, including those classified as held for trading,
assets measured at FVOCI, and assets and liabilities designated at FVTPL. We use the effective interest rate method to calculate the amortised
cost of assets held at amortised cost and to recognise interest income on financial assets measured at amortised cost and FVOCI. The effective
interest rate is the rate that discounts the stream of estimated future cash receipts or payments over the expected life of the financial instrument
or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability. For assets subject to prepayment, we
determine their expected life on the basis of historical behaviour of the particular asset portfolio taking into account contractual obligations and
prepayment experience.
We recognise fees and costs, which form an integral part of the financial instrument (for example loan origination fees and costs), using the
effective interest rate method. These are presented as part of interest income or expense depending on whether the underlying financial
instrument is a financial asset or financial liability.
Major Bank Levy
The Major Bank Levy Act 2017 (levy or major bank levy) applies a rate of 0.06% to certain liabilities of ANZBGL. The levy represents a finance
cost, and it is presented as interest expense in the Income Statement.

Recognition and measurement
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Australia and New Zealand Banking Group Limited 2024 Annual Report
1. About our financial statements (continued)
Accounting standards adopted in the period
Accounting policies have been consistently applied to all periods presented, unless otherwise noted.
AASB 17 Insurance Contracts
On 1 October 2023, the Group adopted AASB 17 Insurance Contracts (AASB 17) which established principles for the recognition, measurement,
presentation, and disclosure of insurance contracts, and replaced AASB 4 Insurance Contracts and AASB 1023 General Insurance Contracts. Although
the overall profit recognised in respect of insurance contracts will not change over the life of contracts, the timing of revenue recognition will change.
The Group applied AASB 17 effective from 1 October 2022 and restated prior period comparative information. This resulted in a decrease in opening
retained earnings of $37 million on 1 October 2022, an increase in profit after tax (2023: $8 million), an increase in total assets (2023: $22 million), and an
increase in total liabilities (2023: $51 million) in the Australia Retail division. These adjustments were primarily driven by the impact of changes in the
pattern of recognition of revenue on insurance contracts issued, changes in the pattern of recognition of the net cost of reinsurance and the valuation of
profit commissions on reinsurance contracts held.
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and Liabilities arising from a Single Transaction amends
AASB 112 Income Taxes. It clarifies that entities are required to recognise deferred tax on transactions for which there is both an asset and a liability and
that give rise to equal taxable and deductible temporary differences which may apply to leases and decommissioning or restoration obligations. This
amendment was effective for the Group from 1 October 2023 and did not have a material impact on the Group.
International Tax Reform – Pillar Two Model Rules
The Organisation for Economic Co-Operation and Development published the Pillar Two Model Rules in December 2021 which are designed to ensure
large multinational enterprises pay a minimum level of tax of 15% in each of the jurisdictions where they operate. A number of countries in which the
Group operates have implemented or announced the proposed implementation of the Pillar Two rules including Australia.
As at 30 September 2024, Pillar Two draft legislation has been released in Australia but is not yet enacted or substantially enacted. The Australian Pillar
Two rules, if enacted, will be effective for the Group from 1 October 2024.
In anticipation of the legislation being enacted, the AASB issued AASB 2023-2 Amendments to Australian Accounting Standards – International Tax Return
– Pillar Two Model Rules in June 2023. The Group has applied the mandatory exemption included in para.4A of this standard and has not recognised or
disclosed any associated deferred taxes.
The Group has assessed the potential impact of the Pillar Two legislation. Based on this analysis as at the reporting date and having regard to the
historical and reasonably estimable data, the Group is not expected to have a material Pillar Two tax exposure.
Accounting standards not early adopted
A number of new standards, amendments to standards and interpretations have been published but are not mandatory for the financial statements for
the year ended 30 September 2024 and have not been applied by the Group in preparing these financial statements. Further details of these are set out
below.
AASB 18 Presentation and Disclosure in Financial Statements
In June 2024, the AASB issued AASB 18 Presentation and Disclosure in Financial Statements (AASB 18) which updates and replaces requirements for the
presentation and disclosure of information in financial statements. AASB 18 introduces new defined subtotals to be presented in the consolidated Income
Statement, disclosure of management-defined performance measures and requirements for grouping of information. This standard will be effective for
the financial year beginning 1 October 2027. We are currently assessing the impact of adopting this standard.
Classification and measurement amendments to AASB 9 Financial Instruments
In July 2024, the AASB issued AASB 2024-2 Amendments to Australian Accounting Standards - Classification and Measurement of Financial Instruments
which amends requirements related to settling financial liabilities using an electronic payment system and assessing contractual cash flow characteristics
of financial assets with environmental, social and corporate governance and similar features. The amendments will be effective for the financial year
beginning 1 October 2026. We are currently assessing the impact of adopting the amendments.
Lease Liability in a Sale and Leaseback
AASB 2022-5 Amendments to Australian Accounting Standards – Lease Liability in a Sale and Leaseback amends AASB 16 Leases and specifies the
accounting for variable lease payments by seller-lessees in sale and leaseback transactions. The amendment is effective from 1 October 2024 and will
not have a material impact on the Group.
88Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

89

2.
Net interest income

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Interest income by type of financial asset
Financial assets at amortised cost 51,178 44,305 39,777 35,000
Investment securities at FVOCI
4,539 2,615 3,966 2,235
Trading assets
2,217 1,654 1,954 1,413
Financial assets at FVTPL
2,744 1,355 2,821 1,449
External interest income 60,678 49,929 48,518 40,097
Controlled entities' income - - 1,350 1,047
Interest income 60,678 49,929 49,868 41,144
Interest expense by type of financial liability
Financial liabilities at amortised cost (41,472) (31,343) (34,130) (26,016)
Securities sold short (649) (451) (615) (392)
Financial liabilities designated at FVTPL (2,131) (1,214) (1,977) (1,104)
External interest expense (44,252) (33,008) (36,722) (27,512)
Controlled entities' expense - - (1,511) (1,161)
Interest expense (44,252) (33,008) (38,233) (28,673)
Major bank levy (389) (353) (389) (353)
Net interest income 16,037 16,568 11,246 12,118

Net interest income

Interest income and expense

We recognise interest income and expense in net interest income for all financial instruments, including those classified as held for trading,
assets measured at FVOCI, and assets and liabilities designated at FVTPL. We use the effective interest rate method to calculate the amortised
cost of assets held at amortised cost and to recognise interest income on financial assets measured at amortised cost and FVOCI. The effective
interest rate is the rate that discounts the stream of estimated future cash receipts or payments over the expected life of the financial instrument
or, when appropriate, a shorter period, to the net carrying amount of the financial asset or liability. For assets subject to prepayment, we
determine their expected life on the basis of historical behaviour of the particular asset portfolio taking into account contractual obligations and
prepayment experience.
We recognise fees and costs, which form an integral part of the financial instrument (for example loan origination fees and costs), using the
effective interest rate method. These are presented as part of interest income or expense depending on whether the underlying financial
instrument is a financial asset or financial liability.
Major Bank Levy
The Major Bank Levy Act 2017 (levy or major bank levy) applies a rate of 0.06% to certain liabilities of ANZBGL. The levy represents a finance
cost, and it is presented as interest expense in the Income Statement.

Recognition and measurement
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Australia and New Zealand Banking Group Limited 2024 Annual Report
3.

Non-interest income

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Fee and commission income
Lending fees
1

420 397 394 362
Non-lending fees 2,272 2,275 1,551 1,533
Commissions 75 85 48 55
Funds management income 241 246 14 22
External fee and commission income 3,008 3,003 2,007 1,972
Controlled entities' income - - 192 187
Fee and commission income 3,008 3,003 2,199 2,159
Fee and commission expense (1,044) (1,057) (555) (553)
Net fee and commission income 1,964 1,946 1,644 1,606
Other income
Net foreign exchange earnings and other financial instruments income
2

2,166 1,535 1,941 1,272
Release of foreign currency translation reserve on dissolution of entities 22 43 - -
Loss on disposal of data centres in Australia - (43) - (32)
Loss on disposal of investment in AmBank (21) - - -
Dividends received from controlled entities - - 6,104 2,562
Other 97 96 102 (7)
Other income 2,264 1,631 8,147 3,795
Other operating income 4,228 3,577 9,791 5,401
Net income from insurance business 122 108 - -
Share of associates' profit/(loss) 134 225 - (18)
Non-interest income 4,484 3,910 9,791 5,383
1.

Excludes fees treated as part of the effective yield calculation in Interest income.
2.

Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges entered into to manage interest rate and foreign exchange risk, ineffective
portions of cash flow hedges, and fair value movements in financial assets and liabilities designated at FVTPL.
90Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

91

3.Non-interest income

(continued)

Other operating income
Fee and commission revenue
We recognise fee and commission revenue arising from contracts with customers (a) over time when the performance obligation is satisfied
across more than one reporting period, or (b) at a point in time when the performance obligation is satisfied immediately or is satisfied within
one reporting period.


lending fees exclude fees treated as part of the effective yield calculation of interest income. Lending fees include certain guarantee and
commitment fees where the loan or guarantee is not likely to be drawn upon, and other fees charged for providing customers a distinct
good or service that are recognised separately from the underlying lending product.


non-lending fees include fees associated with deposit and credit card accounts, interchange fees and fees charged for specific customer
transactions such as international transaction fees. Where the Group provides multiple goods or services to a customer under the same
contract, the Group allocates the transaction price of the contract to distinct performance obligations based on the relative stand-alone
selling price of each performance obligation. Revenue is recognised as each performance obligation is satisfied.


commissions represent fees from third parties where we act as an agent by arranging a third party (such as an insurance provider) to
provide goods and services to a customer. In such cases, we are not primarily responsible for providing the underlying good or service to
the customer. If the Group collects funds on behalf of a third party when acting as an agent, we only recognise the net commission
retained as revenue. When the commission is variable based on factors outside our control (such as a trail commission), revenue is only
recognised if it is highly probable that a significant reversal of the variable amount will not be required in future periods.


funds management income represents fees earned from customers for providing financial advice and asset management services.
Revenue is recognised either at the point the financial advice is provided or over the period in which the asset management services are
delivered. Performance fees associated with funds management activities are only recognised when it becomes highly probable the
performance hurdle will be achieved.
Net foreign exchange earnings and other financial instruments income
We recognise the following as net foreign exchange earnings and other financial instruments income:


exchange rate differences arising on the settlement of monetary items and translation differences on monetary items translated at rates
different to those at which they were initially recognised or included in a previous financial report;


fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges that we use to manage
interest rate and foreign exchange risk on funding instruments;


the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;


immediately upon sale or repayment of a hedged item, the unamortised fair value adjustments to items designated as fair value hedges
and amounts accumulated in equity related to designated cash flow hedges;


fair value movements on financial assets and financial liabilities designated at FVTPL or held for trading;


amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and


the gain or loss on derecognition of financial assets or liabilities measured at amortised cost
.
Gain or loss on disposal of non-financial assets
The gain or loss on the disposal of assets is the difference between the carrying value of the asset and the proceeds of disposal net of costs.
This is recognised in Other income in the year in which control of the asset transfers to the buyer.
Share of associates’ profit/(loss)
The equity method is applied to accounting for associates. Under the equity method, our share of the after tax results of associates is included
in the Income Statement and the Statement of Comprehensive Income.
Recognition and measurement
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Australia and New Zealand Banking Group Limited 2024 Annual Report
3.

Non-interest income

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Fee and commission income
Lending fees
1

420
397 394 362
Non-lending fees 2,272 2,275 1,551 1,533
Commissions 75 85 48 55
Funds management income 241 246 14 22
External fee and commission income 3,008 3,003 2,007 1,972
Controlled entities' income - - 192 187
Fee and commission income 3,008 3,003 2,199 2,159
Fee and commission expense (1,044) (1,057) (555) (553)
Net fee and commission income 1,964 1,946 1,644 1,606
Other income
Net foreign exchange earnings and other financial instruments income
2

2,166
1,535 1,941 1,272
Release of foreign currency translation reserve on dissolution of entities 22 43 - -
Loss on disposal of data centres in Australia - (43) - (32)
Loss on disposal of investment in AmBank (21) - - -
Dividends received from controlled entities - - 6,104 2,562
Other 97 96 102 (7)
Other income 2,264 1,631 8,147 3,795
Other operating income 4,228 3,577 9,791 5,401
Net income from insurance business 122 108 - -
Share of associates' profit/(loss) 134 225 - (18)
Non-interest income 4,484 3,910 9,791 5,383
1.

Excludes fees treated as part of the effective yield calculation in Interest income.
2.

Includes fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges entered into to manage interest rate and foreign exchange risk, ineffective
portions of cash flow hedges, and fair value movements in financial assets and liabilities designated at FVTPL.
90Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

91

3.Non-interest income

(continued)

Other operating income
Fee and commission revenue
We recognise fee and commission revenue arising from contracts with customers (a) over time when the performance obligation is satisfied
across more than one reporting period, or (b) at a point in time when the performance obligation is satisfied immediately or is satisfied within
one reporting period.


lending fees exclude fees treated as part of the effective yield calculation of interest income. Lending fees include certain guarantee and
commitment fees where the loan or guarantee is not likely to be drawn upon, and other fees charged for providing customers a distinct
good or service that are recognised separately from the underlying lending product.


non-lending fees include fees associated with deposit and credit card accounts, interchange fees and fees charged for specific customer
transactions such as international transaction fees. Where the Group provides multiple goods or services to a customer under the same
contract, the Group allocates the transaction price of the contract to distinct performance obligations based on the relative stand-alone
selling price of each performance obligation. Revenue is recognised as each performance obligation is satisfied.


commissions represent fees from third parties where we act as an agent by arranging a third party (such as an insurance provider) to
provide goods and services to a customer. In such cases, we are not primarily responsible for providing the underlying good or service to
the customer. If the Group collects funds on behalf of a third party when acting as an agent, we only recognise the net commission
retained as revenue. When the commission is variable based on factors outside our control (such as a trail commission), revenue is only
recognised if it is highly probable that a significant reversal of the variable amount will not be required in future periods.


funds management income represents fees earned from customers for providing financial advice and asset management services.
Revenue is recognised either at the point the financial advice is provided or over the period in which the asset management services are
delivered. Performance fees associated with funds management activities are only recognised when it becomes highly probable the
performance hurdle will be achieved.
Net foreign exchange earnings and other financial instruments income
We recognise the following as net foreign exchange earnings and other financial instruments income:


exchange rate differences arising on the settlement of monetary items and translation differences on monetary items translated at rates
different to those at which they were initially recognised or included in a previous financial report;


fair value movements (excluding realised and accrued interest) on derivatives not designated as accounting hedges that we use to manage
interest rate and foreign exchange risk on funding instruments;


the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;


immediately upon sale or repayment of a hedged item, the unamortised fair value adjustments to items designated as fair value hedges
and amounts accumulated in equity related to designated cash flow hedges;


fair value movements on financial assets and financial liabilities designated at FVTPL or held for trading;


amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and


the gain or loss on derecognition of financial assets or liabilities measured at amortised cost
.
Gain or loss on disposal of non-financial assets
The gain or loss on the disposal of assets is the difference between the carrying value of the asset and the proceeds of disposal net of costs.
This is recognised in Other income in the year in which control of the asset transfers to the buyer.
Share of associates’ profit/(loss)
The equity method is applied to accounting for associates. Under the equity method, our share of the after tax results of associates is included
in the Income Statement and the Statement of Comprehensive Income.
Recognition and measurement
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Australia and New Zealand Banking Group Limited 2024 Annual Report
4. Operating expenses

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Personnel
Salaries and related costs 5,475 5,157 3,938 3,791
Superannuation costs 443 396 368 335
Equity-settled share-based payments 139 105 124 92
Other 83 78 53 62
Personnel 6,140 5,736 4,483 4,280
Premises
Rent 74 71 52 50
Depreciation 436 437 332 338
Other 178 176 123 123
Premises 688 684 507 511
Technology
Depreciation and amortisation 501 501 416 455
Subscription licences and outsourced services 1,155 1,007 782 695
Other 238 178 174 144
Technology 1,894 1,686 1,372 1,294
Restructuring 235 169 190 146
Other
Advertising and public relations 200 176 158 133
Professional fees 766 857 716 795
Freight, stationery, postage and communication 170 175 126 128
Card processing fees 107 104 103 101
Other 469 500 1,122 1,100
Other 1,712 1,812 2,225 2,257
Operating expenses 10,669 10,087 8,777 8,488
92Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

93

4. Operating expenses (continued)

Operating expenses
Operating expenses are recognised as services are provided to the Group, over the period in which an asset is consumed, or once a liability is
created.
Salaries and related costs - annual leave, long service leave and other employee benefits
Wages and salaries, annual leave and other employee entitlements expected to be paid or settled within twelve months of employees
rendering service are measured at their nominal amounts using remuneration rates that the Group expects to pay when the liabilities are
settled.
We accrue employee entitlements relating to long service leave using an actuarial calculation. It includes assumptions regarding staff
departures, leave utilisation and future salary increases. The result is then discounted using market yields at the reporting date. The market
yields are determined from a blended rate of high quality corporate bonds with terms to maturity that closely match the estimated future cash
outflows.
If we expect to pay short term cash bonuses, then a liability is recognised when the Group has a present legal or constructive obligation to pay
this amount (as a result of past service provided by the employee) and the obligation can be reliably measured.
Personnel expenses also include share-based payments which may be cash or equity settled. We calculate the fair value of equity settled
remuneration at grant date, which is then amortised over the vesting period, with a corresponding increase in share capital or the share option
reserve as applicable. When we estimate the fair value, we take into account market vesting conditions, such as share price performance
conditions. We take non-market vesting conditions, such as service conditions, into account by adjusting the number of equity instruments
included in the expense.
After the grant of an equity-based award, the amount we recognise as an expense is reversed when non-market vesting conditions are not
met, for example an employee fails to satisfy the minimum service period specified in the award due to resignation, termination or notice of
dismissal for serious misconduct. However, we do not reverse the expense if the award does not vest due to the failure to meet a market-
based performance condition.
Further information on share-based payment schemes operated by the Group during the current and prior year is included in Note 30
Employee share and option plans.
Recognition and measurement
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92Australia and New Zealand Banking Group Limited 2024 Annual Report

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Australia and New Zealand Banking Group Limited 2024 Annual Report
4. Operating expenses

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Personnel
Salaries and related costs 5,475
5,157 3,938 3,791
Superannuation costs 443 396 368 335
Equity-settled share-based payments 139 105 124 92
Other 83 78 53 62
Personnel 6,140 5,736 4,483 4,280
Premises
Rent 74
71 52 50
Depreciation 436 437 332 338
Other 178 176 123 123
Premises 688 684 507 511
Technology
Depreciation and amortisation 501
501 416 455
Subscription licences and outsourced services 1,155 1,007 782 695
Other 238 178 174 144
Technology 1,894 1,686 1,372 1,294
Restructuring 235 169 190 146
Other
Advertising and public relations 200
176 158 133
Professional fees 766 857 716 795
Freight, stationery, postage and communication 170 175 126 128
Card processing fees 107 104 103 101
Other 469 500 1,122 1,100
Other 1,712 1,812 2,225 2,257
Operating expenses 10,669 10,087 8,777 8,488
92Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

93

4. Operating expenses (continued)

Operating expenses
Operating expenses are recognised as services are provided to the Group, over the period in which an asset is consumed, or once a liability is
created.
Salaries and related costs - annual leave, long service leave and other employee benefits
Wages and salaries, annual leave and other employee entitlements expected to be paid or settled within twelve months of employees
rendering service are measured at their nominal amounts using remuneration rates that the Group expects to pay when the liabilities are
settled.
We accrue employee entitlements relating to long service leave using an actuarial calculation. It includes assumptions regarding staff
departures, leave utilisation and future salary increases. The result is then discounted using market yields at the reporting date. The market
yields are determined from a blended rate of high quality corporate bonds with terms to maturity that closely match the estimated future cash
outflows.
If we expect to pay short term cash bonuses, then a liability is recognised when the Group has a present legal or constructive obligation to pay
this amount (as a result of past service provided by the employee) and the obligation can be reliably measured.
Personnel expenses also include share-based payments which may be cash or equity settled. We calculate the fair value of equity settled
remuneration at grant date, which is then amortised over the vesting period, with a corresponding increase in share capital or the share option
reserve as applicable. When we estimate the fair value, we take into account market vesting conditions, such as share price performance
conditions. We take non-market vesting conditions, such as service conditions, into account by adjusting the number of equity instruments
included in the expense.
After the grant of an equity-based award, the amount we recognise as an expense is reversed when non-market vesting conditions are not
met, for example an employee fails to satisfy the minimum service period specified in the award due to resignation, termination or notice of
dismissal for serious misconduct. However, we do not reverse the expense if the award does not vest due to the failure to meet a market-
based performance condition.
Further information on share-based payment schemes operated by the Group during the current and prior year is included in Note 30
Employee share and option plans.
Recognition and measurement
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Australia and New Zealand Banking Group Limited 2024 Annual Report
5. Income tax
Income tax expense
Reconciliation of the prima facie income tax expense on pre-tax profit with the income tax expense recognised in profit or loss:

Consolidated The Company

2024 2023 2024 2023
$m $m $m $m
Profit before income tax 9,446 10,146 12,134 8,938
Prima facie income tax expense at 30% 2,834 3,044 3,640 2,681
Tax effect of permanent differences:
Share of associates' (profit)/loss (41) (68) - 5
Interest on convertible instruments 124 92 124 92
Overseas tax rate differential (156) (163) (93) (95)
Provision for foreign tax on dividend repatriation 36 41 33 35
Rebatable and non-assessable dividends - - (1,831) (769)
Other (1) (2) (8) 23
Subtotal 2,796 2,944 1,865 1,972
Income tax (over)/under provided in previous years 20 1 14 (8)
Income tax expense 2,816 2,945 1,879 1,964
Current tax expense 3,063 2,891 1,956 2,012
Adjustments recognised in the current year in relation to the
current tax of prior years
20 1 14 (8)
Deferred tax expense/(income) relating to the origination and
reversal of temporary differences
(267) 53 (91) (40)
Income tax expense 2,816 2,945 1,879 1,964
Australia 1,481 1,644 1,476 1,568
Overseas 1,335 1,301 403 396
Income tax expense 2,816 2,945 1,879 1,964
Effective tax rate 29.8% 29.0% 15.5% 22.0%
94Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

95
5. Income tax (continued)
Deferred tax assets and liabilities

Consolidated The Company

2024
2023 2024 2023

$m
$m $m $m
Deferred tax assets balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Collectively assessed allowances for expected credit losses 1,216
1,128 898 897
Individually assessed allowances for expected credit losses 86 102 60 79
Provision for employee entitlements 330 294 252 243
Other provisions 261 263 196 209
Software 1,014 917 894 781
Lease liabilities
1
523 513 416 446
Other
1
221 231 165 181
Total 3,651 3,448 2,881 2,836
Amounts recognised directly in Other Comprehensive Income:
Cash flow hedge reserve 217
818 217 789
FVOCI reserve 245 29 243 29
Other reserves 2 - 1 (2)
Total 464 847 461 816
Total deferred tax assets (before set-off)
1
4,115 4,295 3,342 3,652
Set-off of deferred tax balances pursuant to set-off provisions
1
(813) (897) (592) (664)
Net deferred tax assets 3,302 3,398 2,750 2,988

2024
2023 2024 2023

$m
$m $m $m
Deferred tax liabilities balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Finance leases 11
95 5 6
Right-of-use assets
1
446 442 352 389
Other 323 303 238 212
Total 780 840 595 607
Amounts recognised directly in Other Comprehensive Income:
Foreign currency translation reserve 1
36 1 36
Cash flow hedge reserve 32 17 1 7
FVOCI reserve 15 17 13 19
Defined benefit obligations 42 47 36 42
Other reserves 7 - 7 -
Total 97 117 58 104
Total deferred tax liabilities (before set-off)
1
877 957 653 711
Set-off of deferred tax balances pursuant to set-off provisions
1
(813) (897) (592) (664)
Net deferred tax liabilities 64 60 61 47
1.

Prior period balances have been restated to reflect the adoption of amendments to AASB 112 Income Taxes related to right-of-use assets and lease liabilities that arise from a single transaction.
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94Australia and New Zealand Banking Group Limited 2024 Annual Report

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Australia and New Zealand Banking Group Limited 2024 Annual Report
5. Income tax
Income tax expense
Reconciliation of the prima facie income tax expense on pre-tax profit with the income tax expense recognised in profit or loss:

Consolidated The Company

2024
2023 2024 2023
$m $m $m $m
Profit before income tax 9,446 10,146 12,134 8,938
Prima facie income tax expense at 30% 2,834 3,044 3,640 2,681
Tax effect of permanent differences:
Share of associates' (profit)/loss (41)
(68) - 5
Interest on convertible instruments 124 92 124 92
Overseas tax rate differential (156) (163) (93) (95)
Provision for foreign tax on dividend repatriation 36 41 33 35
Rebatable and non-assessable dividends - - (1,831) (769)
Other (1) (2) (8) 23
Subtotal 2,796 2,944 1,865 1,972
Income tax (over)/under provided in previous years 20 1 14 (8)
Income tax expense 2,816 2,945 1,879 1,964
Current tax expense 3,063 2,891 1,956 2,012
Adjustments recognised in the current year in relation to the
current tax of prior years
20
1 14 (8)
Deferred tax expense/(income) relating to the origination and
reversal of temporary differences
(267)
53 (91) (40)
Income tax expense 2,816 2,945 1,879 1,964
Australia 1,481 1,644 1,476 1,568
Overseas 1,335 1,301 403 396
Income tax expense 2,816 2,945 1,879 1,964
Effective tax rate 29.8% 29.0% 15.5% 22.0%
94Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

95
5. Income tax (continued)
Deferred tax assets and liabilities

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Deferred tax assets balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Collectively assessed allowances for expected credit losses 1,216 1,128 898 897
Individually assessed allowances for expected credit losses 86 102 60 79
Provision for employee entitlements 330 294 252 243
Other provisions 261 263 196 209
Software 1,014 917 894 781
Lease liabilities
1
523 513 416 446
Other
1
221 231 165 181
Total 3,651 3,448 2,881 2,836
Amounts recognised directly in Other Comprehensive Income:
Cash flow hedge reserve 217 818 217 789
FVOCI reserve 245 29 243 29
Other reserves 2 - 1 (2)
Total 464 847 461 816
Total deferred tax assets (before set-off)
1
4,115 4,295 3,342 3,652
Set-off of deferred tax balances pursuant to set-off provisions
1
(813) (897) (592) (664)
Net deferred tax assets 3,302 3,398 2,750 2,988

2024 2023 2024 2023

$m $m $m $m
Deferred tax liabilities balances comprise temporary differences attributable to:
Amounts recognised in the Income Statement:
Finance leases 11 95 5 6
Right-of-use assets
1
446 442 352 389
Other 323 303 238 212
Total 780 840 595 607
Amounts recognised directly in Other Comprehensive Income:
Foreign currency translation reserve 1 36 1 36
Cash flow hedge reserve 32 17 1 7
FVOCI reserve 15 17 13 19
Defined benefit obligations 42 47 36 42
Other reserves 7 - 7 -
Total 97 117 58 104
Total deferred tax liabilities (before set-off)
1
877 957 653 711
Set-off of deferred tax balances pursuant to set-off provisions
1
(813) (897) (592) (664)
Net deferred tax liabilities 64 60 61 47
1.

Prior period balances have been restated to reflect the adoption of amendments to AASB 112 Income Taxes related to right-of-use assets and lease liabilities that arise from a single transaction.
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Australia and New Zealand Banking Group Limited 2024 Annual Report

5. Income tax (continued)
Tax consolidation
The Company and all its wholly owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. ANZGHL is the head
entity of the tax-consolidated group. We recognise each of the following in the separate financial statements of members of the tax consolidated group
on a ‘group allocation’ basis: tax expense/income, and deferred tax liabilities/assets that arise from temporary differences for members of the tax-
consolidated group. ANZGHL (as head entity of the tax-consolidated group) recognises current tax liabilities and assets of the tax-consolidated group.
Under a tax funding arrangement between the entities in the tax-consolidated group, amounts are recognised as payable to or receivable by each
member of the tax-consolidated group in relation to the tax contribution amounts paid or payable between members of the tax-consolidated group and
the head entity ANZGHL.
Members of the tax-consolidated group have also entered into a tax sharing agreement that provides for the allocation of income tax liabilities between
the entities were the head entity to default on its income tax payment obligations
.
Unrecognised deferred tax assets and liabilities
Unrecognised deferred tax assets related to unused realised tax losses (on revenue account) total $10 million (2023: $1 million) for the Group and nil
(2023: nil) for the Company.
Unrecognised deferred tax liabilities related to additional potential foreign tax costs (assuming all retained earnings in offshore branches and subsidiaries
are repatriated) total $251 million (2023: $286 million) for the Group and $27 million (2023: $30 million) for the Company.

Income tax expense
Income tax expense comprises both current and deferred taxes and is based on the accounting profit adjusted for differences in the
accounting and tax treatments of income and expenses (that is, taxable income). We recognise tax expense in profit or loss except when the
tax relates to items recognised directly in equity and other comprehensive income, in which case we recognise the tax directly in equity or
other comprehensive income respectively.
Current tax expense
Current tax is the tax we expect to pay on taxable income for the year, based on tax rates (and tax laws) which are enacted at the reporting
date. We recognise current tax as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax assets and liabilities
We account for deferred tax using the balance sheet method. Deferred tax arises because the accounting income is not always the same as
the taxable income. This creates temporary differences, which usually reverse over time. Until they reverse, we recognise a deferred tax asset,
or liability, on the balance sheet. We measure deferred taxes at the tax rates that we expect will apply to the period(s) when the asset is
realised, or the liability settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date.
We offset current and
deferred tax assets and liabilities only to the extent that:
 they relate to income taxes imposed by the same taxation authority;
 there is a legal right and intention to settle on a net basis; and

it is allowed under the tax law
of the relevant jurisdiction.

Judgement is required in determining provisions held in respect of uncertain tax positions. The Group estimates its tax liabilities based on its
understanding of the relevant law in each of the countries in which it operates and seeks independent advice where appropriate.
Recognition and measurement
Key judgements and estimates
96Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

97
6. Dividends
Ordinary share dividends
Dividends determined by the Board of the Company are recognised with a corresponding reduction of retained earnings on the dividend payment date.
Accordingly, the final dividend proposed for the current financial year is paid in the following financial year.

Amount
Total
dividend
Dividends

% of total per share $m
Financial Year 2023

2022 final dividend paid
1

74 cents 2,213
2023 special dividend paid to ANZ BH Pty Ltd

33 cents 1,000
2023 interim dividend paid to ANZ BH Pty Ltd

79 cents 2,387
Dividends paid during the year ended 30 September 2023

5,600
Cash

96.3% 5,394
Dividend reinvestment plan
2

3.7% 206
Dividends paid during the year ended 30 September 2023

5,600
Financial Year 2024

2023 final dividend paid to ANZ BH Pty Ltd

92 cents 2,771
2024 interim dividend paid to ANZ BH Pty Ltd

83 cents 2,496
Dividends paid during the year ended 30 September 2024

5,267

Amount
Total
dividend
Dividends proposed and to be paid after year-end Payment date per share $m
2024 final dividend 20 December 2024 82 cents 2,472
1.

Fully franked for Australian tax purposes (30% tax rate) and carried New Zealand imputation credits of NZD 9 cents.
2.

Includes on-market share purchases for the DRP of $206 million.
Dividend reinvestment plan and bonus option plan
ANZBGL’s Dividend Reinvestment Plan (DRP) and Bonus Option Plan (BOP) ceased to operate following implementation of the Restructure on 3 January
2023.
Restrictions on the payment of dividends
APRA’s written approval is required before paying dividends on the ordinary shares of the Company if:
 the aggregate dividends exceed the Company’s after tax earnings (in calculating those after tax earnings, we take into account any payments we
made on senior capital instruments) in the financial year to which they relate; or
 the Group’s Common Equity Tier 1 capital ratio falls within capital range buffers specified by APRA.
If the Company fails to pay a dividend or distribution on its ANZ Capital Notes or ANZ Capital Securities on the scheduled payment date, it may (subject to
a number of exceptions) be restricted from resolving to pay or paying any dividend on the Company’s ordinary shares.
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96Australia and New Zealand Banking Group Limited 2024 Annual Report

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Australia and New Zealand Banking Group Limited 2024 Annual Report

5. Income tax (continued)
Tax consolidation
The Company and all its wholly owned Australian resident entities are part of a tax-consolidated group under Australian taxation law. ANZGHL is the head
entity of the tax-consolidated group. We recognise each of the following in the separate financial statements of members of the tax consolidated group
on a ‘group allocation’ basis: tax expense/income, and deferred tax liabilities/assets that arise from temporary differences for members of the tax-
consolidated group. ANZGHL (as head entity of the tax-consolidated group) recognises current tax liabilities and assets of the tax-consolidated group.
Under a tax funding arrangement between the entities in the tax-consolidated group, amounts are recognised as payable to or receivable by each
member of the tax-consolidated group in relation to the tax contribution amounts paid or payable between members of the tax-consolidated group and
the head entity ANZGHL.
Members of the tax-consolidated group have also entered into a tax sharing agreement that provides for the allocation of income tax liabilities between
the entities were the head entity to default on its income tax payment obligations
.
Unrecognised deferred tax assets and liabilities
Unrecognised deferred tax assets related to unused realised tax losses (on revenue account) total $10 million (2023: $1 million) for the Group and nil
(2023: nil) for the Company.
Unrecognised deferred tax liabilities related to additional potential foreign tax costs (assuming all retained earnings in offshore branches and subsidiaries
are repatriated) total $251 million (2023: $286 million) for the Group and $27 million (2023: $30 million) for the Company.

Income tax expense
Income tax expense comprises both current and deferred taxes and is based on the accounting profit adjusted for differences in the
accounting and tax treatments of income and expenses (that is, taxable income). We recognise tax expense in profit or loss except when the
tax relates to items recognised directly in equity and other comprehensive income, in which case we recognise the tax directly in equity or
other comprehensive income respectively.
Current tax expense
Current tax is the tax we expect to pay on taxable income for the year, based on tax rates (and tax laws) which are enacted at the reporting
date. We recognise current tax as a liability (or asset) to the extent that it is unpaid (or refundable).
Deferred tax assets and liabilities
We account for deferred tax using the balance sheet method. Deferred tax arises because the accounting income is not always the same as
the taxable income. This creates temporary differences, which usually reverse over time. Until they reverse, we recognise a deferred tax asset,
or liability, on the balance sheet. We measure deferred taxes at the tax rates that we expect will apply to the period(s) when the asset is
realised, or the liability settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the reporting date.
We offset current and
deferred tax assets and liabilities only to the extent that:
 they relate to income taxes imposed by the same taxation authority;
 there is a legal right and intention to settle on a net basis; and

it is allowed under the tax law
of the relevant jurisdiction.

Judgement is required in determining provisions held in respect of uncertain tax positions. The Group estimates its tax liabilities based on its
understanding of the relevant law in each of the countries in which it operates and seeks independent advice where appropriate.
Recognition and measurement
Key judgements and estimates
96Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

97
6. Dividends
Ordinary share dividends
Dividends determined by the Board of the Company are recognised with a corresponding reduction of retained earnings on the dividend payment date.
Accordingly, the final dividend proposed for the current financial year is paid in the following financial year.

Amount
Total
dividend
Dividends

% of total per share $m
Financial Year 2023

2022 final dividend paid
1

74 cents 2,213
2023 special dividend paid to ANZ BH Pty Ltd

33 cents 1,000
2023 interim dividend paid to ANZ BH Pty Ltd

79 cents 2,387
Dividends paid during the year ended 30 September 2023

5,600
Cash

96.3% 5,394
Dividend reinvestment plan
2

3.7% 206
Dividends paid during the year ended 30 September 2023

5,600
Financial Year 2024

2023 final dividend paid to ANZ BH Pty Ltd

92 cents 2,771
2024 interim dividend paid to ANZ BH Pty Ltd

83 cents 2,496
Dividends paid during the year ended 30 September 2024

5,267

Amount
Total
dividend
Dividends proposed and to be paid after year-end Payment date per share $m
2024 final dividend 20 December 2024 82 cents 2,472
1.

Fully franked for Australian tax purposes (30% tax rate) and carried New Zealand imputation credits of NZD 9 cents.
2.

Includes on-market share purchases for the DRP of $206 million.
Dividend reinvestment plan and bonus option plan
ANZBGL’s Dividend Reinvestment Plan (DRP) and Bonus Option Plan (BOP) ceased to operate following implementation of the Restructure on 3 January
2023.
Restrictions on the payment of dividends
APRA’s written approval is required before paying dividends on the ordinary shares of the Company if:
 the aggregate dividends exceed the Company’s after tax earnings (in calculating those after tax earnings, we take into account any payments we
made on senior capital instruments) in the financial year to which they relate; or
 the Group’s Common Equity Tier 1 capital ratio falls within capital range buffers specified by APRA.
If the Company fails to pay a dividend or distribution on its ANZ Capital Notes or ANZ Capital Securities on the scheduled payment date, it may (subject to
a number of exceptions) be restricted from resolving to pay or paying any dividend on the Company’s ordinary shares.
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Australia and New Zealand Banking Group Limited 2024 Annual Report
7. Segment reporting
Description of segments
The Group’s operating segments are presented on a basis that is consistent with the information provided internally to the Chief Executive Officer (CEO),
who is the chief operating decision maker. This reflects the way the Group’s businesses are managed, rather than the legal structure of the Group.
We measure the performance of operating segments on a cash profit basis. To calculate cash profit, we exclude items from profit after tax attributable to
shareholders. For 2024 and 2023, the adjustments relate to impacts of economic hedges and revenue and expense hedges which represent timing
differences that will reverse through earnings in the future. Transactions between divisions across segments within the Group are conducted on an arm’s-
length basis and where relevant disclosed as part of the income and expenses of these segments.
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Suncorp Bank provides
banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia. The transaction was undertaken
to accelerate the growth of the Group’s retail and commercial businesses while also improving the geographic balance of its business in Australia. The
2024 reported results include 2 months results for Suncorp Bank from the date of acquisition, presented as Suncorp Bank division below.
The presentation of divisional results has been impacted by the following changes during the period:
 Accounting standards adoption - the Group adopted AASB 17 Insurance Contracts (AASB 17) on 1 October 2023. Although the overall profit
recognised in respect of insurance contracts will not change over the life of contracts, the timing of revenue recognition will change. The Group applied
AASB 17 effective from 1 October 2022 and restated prior period comparative information. This resulted in a decrease in opening retained earnings of
$37 million on 1 October 2022, a $8 million increase in profit after tax, a $22 million increase in total assets, and a $51 million increase in total liabilities
in the Australia Retail division.
 Divisional results presentation - prior period divisional comparative information was restated to reflect a number of cost reallocations across the
divisions.
The reportable segments are divisions engaged in providing either different products or services or similar products and services in different geographical
areas. They are as follows:
Australia Retail
The Australia Retail division provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits, Credit Cards and
Personal Loans. Products and services are provided via the branch network, home loan specialists, contact centres, a variety of self-service channels
(digital and internet banking, website, ATMs and phone banking) and third-party brokers.
Australia Commercial
The Australia Commercial division provides a full range of banking products and financial services, including asset financing, across the following customer
segments: SME Banking (small business owners and medium commercial customers), and Diversified & Specialist Businesses (large commercial
customers, and high net worth individuals and family groups).
Institutional
The Institutional division services global institutional and corporate customers, and governments across Australia, New Zealand and International (including
Papua New Guinea (PNG)) via the following business units:
 Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity
financing as well as cash management solutions, deposits, payments and clearing.
 Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance,
debt structuring and acquisition finance, and sustainable finance solutions.
 Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in
addition to managing the Group's interest rate exposure and liquidity position.
New Zealand
The New Zealand division comprises the following business units:
 Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via
our internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.
 Business & Agri (previously Business) provides a full range of banking services through our digital, branch and contact centre channels, and traditional
relationship banking and sophisticated financial solutions through dedicated managers. These cover privately owned small, medium and large
enterprises, the agricultural business segment, government and government-related entities.
Suncorp Bank
The Suncorp Bank division provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in
Australia.
Pacific
The Pacific division provides products and services to retail and commercial customers (including multi-nationals) and to governments located in the
Pacific region, excluding PNG which forms part of the Institutional division.
Group Centre
Group Centre division provides support to the operating divisions, including technology, property, risk management, financial management, treasury,
strategy, marketing, human resources, corporate affairs, and shareholder functions. It also includes minority investments in Asia.
98Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

99
7. Segment reporting (continued)
Operating segments

Australia
Retail

Australia
Commercial
Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total

Year ended 30 September 2024 $m $m $m $m $m $m $m $m
Net interest income 5,223 3,164 3,741 3,143 251 123 392 16,037
Net fee and commission income 531 300 740 399 6 14 (26) 1,964
Net income from insurance business 122 - - - - - - 122
Other income
1,2

11
42 2,408 - - 77 (12) 2,526
Share of associates’ profit/(loss) - - - - - - 134 134
Other operating income 664 342 3,148 399 6 91 96 4,746
Operating income
1,2

5,887
3,506 6,889 3,542 257 214 488 20,783
Operating expenses (3,516) (1,507) (2,875) (1,376) (188) (138) (1,069) (10,669)
Cash profit/(loss) before credit impairment
and income tax
2,371
1,999 4,014 2,166 69 76 (581) 10,114
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)
Cash profit/(loss) before income tax 2,300 1,919 4,024 2,138 (174) 84 (583) 9,708
Income tax (expense)/benefit
1,2

(693)
(577) (1,166) (602) 52 (22) 120 (2,888)
Non-controlling interests - - - - - (2) (33) (35)
Cash profit/(loss) 1,607 1,342 2,858 1,536 (122) 60 (496) 6,785
Economic hedges
1

(264)

Revenue and expense hedges
2

74

Profit after tax attributable to shareholders 6,595
Includes non-cash items:
Share of associates’ profit/(loss) -
- - - - - 134 134
Depreciation and amortisation (56) (6) (171) (107) (46) (9) (550) (945)
Equity-settled share-based payment expenses (6) (5) (97) (5) - (1) (25) (139)
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)

Australia
Retail

Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
3

Pacific
Group
Centre

Group
Total

Financial position
$m
$m $m $m $m $m $m $m
Goodwill 100 - 1,245 1,596 1,402 - - 4,343
Investments in associates - - - - - - 1,415 1,415
Total external assets 335,356 65,456 574,998 127,032 87,185 3,162 36,396 1,229,585
Total external liabilities 180,801 122,029 460,053 120,203 81,610 3,686 192,443 1,160,825
1.
The cash profit adjustment for economic hedges applies to the Institutional, New Zealand and Group Centre divisions with $368 million loss recognised in Other operating income and $104 million benefit
recognised in Income tax expense.
2.
The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $106 million gain recognised in Other operating income and $32 million expense recognised in
Income tax expense.
3.
Assets acquired and liabilities assumed are disclosed on a provisional basis. Refer to Note 34 Suncorp Bank acquisition for further information.

99
Overview
Operating
environment
Governance
Performance
overview
Remuneration
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Directors’
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Financial
report
98Australia and New Zealand Banking Group Limited 2024 Annual Report

98
Australia and New Zealand Banking Group Limited 2024 Annual Report
7. Segment reporting
Description of segments
The Group’s operating segments are presented on a basis that is consistent with the information provided internally to the Chief Executive Officer (CEO),
who is the chief operating decision maker. This reflects the way the Group’s businesses are managed, rather than the legal structure of the Group.
We measure the performance of operating segments on a cash profit basis. To calculate cash profit, we exclude items from profit after tax attributable to
shareholders. For 2024 and 2023, the adjustments relate to impacts of economic hedges and revenue and expense hedges which represent timing
differences that will reverse through earnings in the future. Transactions between divisions across segments within the Group are conducted on an arm’s-
length basis and where relevant disclosed as part of the income and expenses of these segments.
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Suncorp Bank provides
banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in Australia. The transaction was undertaken
to accelerate the growth of the Group’s retail and commercial businesses while also improving the geographic balance of its business in Australia. The
2024 reported results include 2 months results for Suncorp Bank from the date of acquisition, presented as Suncorp Bank division below.
The presentation of divisional results has been impacted by the following changes during the period:
 Accounting standards adoption - the Group adopted AASB 17 Insurance Contracts (AASB 17) on 1 October 2023. Although the overall profit
recognised in respect of insurance contracts will not change over the life of contracts, the timing of revenue recognition will change. The Group applied
AASB 17 effective from 1 October 2022 and restated prior period comparative information. This resulted in a decrease in opening retained earnings of
$37 million on 1 October 2022, a $8 million increase in profit after tax, a $22 million increase in total assets, and a $51 million increase in total liabilities
in the Australia Retail division.
 Divisional results presentation - prior period divisional comparative information was restated to reflect a number of cost reallocations across the
divisions.
The reportable segments are divisions engaged in providing either different products or services or similar products and services in different geographical
areas. They are as follows:
Australia Retail
The Australia Retail division provides a full range of banking services to Australian consumers. This includes Home Loans, Deposits, Credit Cards and
Personal Loans. Products and services are provided via the branch network, home loan specialists, contact centres, a variety of self-service channels
(digital and internet banking, website, ATMs and phone banking) and third-party brokers.
Australia Commercial
The Australia Commercial division provides a full range of banking products and financial services, including asset financing, across the following customer
segments: SME Banking (small business owners and medium commercial customers), and Diversified & Specialist Businesses (large commercial
customers, and high net worth individuals and family groups).
Institutional
The Institutional division services global institutional and corporate customers, and governments across Australia, New Zealand and International (including
Papua New Guinea (PNG)) via the following business units:
 Transaction Banking provides customers with working capital and liquidity solutions including documentary trade, supply chain financing, commodity
financing as well as cash management solutions, deposits, payments and clearing.
 Corporate Finance provides customers with loan products, loan syndication, specialised loan structuring and execution, project and export finance,
debt structuring and acquisition finance, and sustainable finance solutions.
 Markets provides customers with risk management services in foreign exchange, interest rates, credit, commodities, and debt capital markets in
addition to managing the Group's interest rate exposure and liquidity position.
New Zealand
The New Zealand division comprises the following business units:
 Personal provides a full range of banking and wealth management services to consumer and private banking customers. We deliver our services via
our internet and app-based digital solutions and a network of branches, mortgage specialists, private bankers and contact centres.
 Business & Agri (previously Business) provides a full range of banking services through our digital, branch and contact centre channels, and traditional
relationship banking and sophisticated financial solutions through dedicated managers. These cover privately owned small, medium and large
enterprises, the agricultural business segment, government and government-related entities.
Suncorp Bank
The Suncorp Bank division provides banking and related services to retail, commercial, small and medium enterprises and agribusiness customers in
Australia.
Pacific
The Pacific division provides products and services to retail and commercial customers (including multi-nationals) and to governments located in the
Pacific region, excluding PNG which forms part of the Institutional division.
Group Centre
Group Centre division provides support to the operating divisions, including technology, property, risk management, financial management, treasury,
strategy, marketing, human resources, corporate affairs, and shareholder functions. It also includes minority investments in Asia.
98Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

99
7. Segment reporting (continued)
Operating segments

Australia
Retail

Australia
Commercial
Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total

Year ended 30 September 2024 $m $m $m $m $m $m $m $m
Net interest income 5,223 3,164 3,741 3,143 251 123 392 16,037
Net fee and commission income 531 300 740 399 6 14 (26) 1,964
Net income from insurance business 122 - - - - - - 122
Other income
1,2

11 42 2,408 - - 77 (12) 2,526
Share of associates’ profit/(loss) - - - - - - 134 134
Other operating income 664 342 3,148 399 6 91 96 4,746
Operating income
1,2

5,887 3,506 6,889 3,542 257 214 488 20,783
Operating expenses (3,516) (1,507) (2,875) (1,376) (188) (138) (1,069) (10,669)
Cash profit/(loss) before credit impairment
and income tax
2,371 1,999 4,014 2,166 69 76 (581) 10,114
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)
Cash profit/(loss) before income tax 2,300 1,919 4,024 2,138 (174) 84 (583) 9,708
Income tax (expense)/benefit
1,2

(693) (577) (1,166) (602) 52 (22) 120 (2,888)
Non-controlling interests - - - - - (2) (33) (35)
Cash profit/(loss) 1,607 1,342 2,858 1,536 (122) 60 (496) 6,785
Economic hedges
1

(264)
Revenue and expense hedges
2

74
Profit after tax attributable to shareholders 6,595
Includes non-cash items:
Share of associates’ profit/(loss) - - - - - - 134 134
Depreciation and amortisation (56) (6) (171) (107) (46) (9) (550) (945)
Equity-settled share-based payment expenses (6) (5) (97) (5) - (1) (25) (139)
Credit impairment (charge)/release (71) (80) 10 (28) (243) 8 (2) (406)

Australia
Retail

Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
3

Pacific
Group
Centre

Group
Total

Financial position
$m
$m $m $m $m $m $m $m
Goodwill 100 - 1,245 1,596 1,402 - - 4,343
Investments in associates - - - - - - 1,415 1,415
Total external assets 335,356 65,456 574,998 127,032 87,185 3,162 36,396 1,229,585
Total external liabilities 180,801 122,029 460,053 120,203 81,610 3,686 192,443 1,160,825
1.
The cash profit adjustment for economic hedges applies to the Institutional, New Zealand and Group Centre divisions with $368 million loss recognised in Other operating income and $104 million benefit
recognised in Income tax expense.
2.
The cash profit adjustment for revenue and expense hedges applies to the Group Centre division with $106 million gain recognised in Other operating income and $32 million expense recognised in
Income tax expense.
3.
Assets acquired and liabilities assumed are disclosed on a provisional basis. Refer to Note 34 Suncorp Bank acquisition for further information.

99
Overview
Operating
environment
Governance
Performance
overview
Remuneration
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Directors’
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Financial
report
99
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report

100
Australia and New Zealand Banking Group Limited 2024 Annual Report
7. Segment reporting (continued)
Operating segments (continued)

Australia
Retail
Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total
Year ended 30 September 2023 $m $m $m $m $m $m $m $m
Net interest income 5,709 3,224 4,040 3,149 - 123 323 16,568
Net fee and commission income 546 322 685 398 - 19 (24) 1,946
Net income from insurance business 108 - - - - - - 108
Other income
1,2
16 43 2,009 11 - 66 (80) 2,065
Share of associates’ profit/(loss) - - - - - - 225 225
Other operating income 670 365 2,694 409 - 85 121 4,344
Operating income
1,2
6,379 3,589 6,734 3,558 - 208 444 20,912
Operating expenses (3,461) (1,423) (2,728) (1,299) - (145) (1,031) (10,087)
Cash profit/(loss) before credit impairment
and income tax
2,918 2,166 4,006 2,259 - 63 (587) 10,825
Credit impairment (charge)/release (135) (107) 80 (112) - 28 1 (245)
Cash profit/(loss) before income tax 2,783 2,059 4,086 2,147 - 91 (586) 10,580
Income tax (expense)/benefit
1,2
(845) (619) (1,137) (601) - (18) 148 (3,072)
Non-controlling interests - - - - - (2) (26) (28)
Cash profit/(loss) 1,938 1,440 2,949 1,546 - 71 (464) 7,480
Economic hedges
1
(217)
Revenue and expense hedges
2
(90)
Profit after tax attributable to shareholders 7,173
Includes non-cash items:
Share of associates’ profit/(loss) - - - - - - 225 225
Depreciation and amortisation (77) (5) (164) (105) - (10) (580) (941)
Equity-settled share-based payment expenses (6) (2) (73) (4) - - (20) (105)
Credit impairment (charge)/release (135) (107) 80 (112) - 28 1 (245)

Australia
Retail
Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total
Financial position
$m
$m $m $m $m $m $m $m
Goodwill 100 - 1,261 1,617 - - - 2,978
Investments in associates - - - - - - 2,321 2,321
Total external assets 315,207 61,916 538,825 125,178 - 3,391 61,547 1,106,064
Total external liabilities 168,926 119,341 452,777 122,924 - 3,862 169,149 1,036,979
1.
The cash profit adjustment for economic hedges applies to the Institutional, New Zealand and Group Centre divisions with $305 million loss recognised in Other operating income and $88 million benefit
recognised in Income tax expense.
2.
The cash profit adjustment for economic hedges applies to the Group Centre division with $129 million loss recognised in Other operating income and $39 million benefit recognised in Income tax
expense.

100Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

101
7. Segment reporting (continued)
Segment income by products and services
The primary sources of our external income across all divisions are interest income and other operating income, which includes net fee and commission
income, net foreign exchange earnings and other financial instruments income. The Australia Retail, Australia Commercial, New Zealand, Suncorp Bank,
and Pacific divisions derive income from products and services in retail and commercial banking. The Institutional division derives its income from
institutional products and market services. No single customer amounts to greater than 10% of the Group’s income.
Geographical information
The reportable segments operate across three geographical regions as follows:
 Australia Retail division - Australia
 Australia Commercial division - Australia
 Institutional division - all three geographical regions
 New Zealand division - New Zealand
 Suncorp Bank division - Australia
 Pacific division – Rest of World
 Group Centre division - all three geographical regions
The Rest of World geography includes Asia, Pacific, Europe and the Americas.
The following table sets out total operating income earned and assets to be recovered in more than one year based on the geographical regions in which
the Group operates.

Australia New Zealand Rest of World Total

2024 2023 2024 2023 2024 2023 2024 2023

$m $m $m $m $m $m $m $m
Total operating income 12,794 12,689 4,400 4,463 3,327 3,326 20,521 20,478
Assets to be recovered in more than one year
1
498,091 407,221 121,455 119,278 25,444 28,877 644,990 555,376
1.
Represents Net loans and advances based on the contractual maturity.
101
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Performance
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Financial
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100Australia and New Zealand Banking Group Limited 2024 Annual Report

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Australia and New Zealand Banking Group Limited 2024 Annual Report
7. Segment reporting (continued)
Operating segments (continued)

Australia
Retail
Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total
Year ended 30 September 2023 $m $m $m $m $m $m $m $m
Net interest income 5,709 3,224 4,040 3,149 - 123 323 16,568
Net fee and commission income 546 322 685 398 - 19 (24) 1,946
Net income from insurance business 108 - - - - - - 108
Other income
1,2
16 43 2,009 11 - 66 (80) 2,065
Share of associates’ profit/(loss) - - - - - - 225 225
Other operating income 670 365 2,694 409 - 85 121 4,344
Operating income
1,2
6,379 3,589 6,734 3,558 - 208 444 20,912
Operating expenses (3,461) (1,423) (2,728) (1,299) - (145) (1,031) (10,087)
Cash profit/(loss) before credit impairment
and income tax
2,918 2,166 4,006 2,259 - 63 (587) 10,825
Credit impairment (charge)/release (135) (107) 80 (112) - 28 1 (245)
Cash profit/(loss) before income tax 2,783 2,059 4,086 2,147 - 91 (586) 10,580
Income tax (expense)/benefit
1,2
(845) (619) (1,137) (601) - (18) 148 (3,072)
Non-controlling interests - - - - - (2) (26) (28)
Cash profit/(loss) 1,938 1,440 2,949 1,546 - 71 (464) 7,480
Economic hedges
1
(217)
Revenue and expense hedges
2
(90)
Profit after tax attributable to shareholders 7,173
Includes non-cash items:
Share of associates’ profit/(loss) -
- - - - - 225 225
Depreciation and amortisation (77) (5) (164) (105) - (10) (580) (941)
Equity-settled share-based payment expenses (6) (2) (73) (4) - - (20) (105)
Credit impairment (charge)/release (135) (107) 80 (112) - 28 1 (245)

Australia
Retail
Australia
Commercial Institutional
New
Zealand

Suncorp
Bank
Pacific
Group
Centre

Group
Total
Financial position
$m
$m $m $m $m $m $m $m
Goodwill 100 - 1,261 1,617 - - - 2,978
Investments in associates - - - - - - 2,321 2,321
Total external assets 315,207 61,916 538,825 125,178 - 3,391 61,547 1,106,064
Total external liabilities 168,926 119,341 452,777 122,924 - 3,862 169,149 1,036,979
1.
The cash profit adjustment for economic hedges applies to the Institutional, New Zealand and Group Centre divisions with $305 million loss recognised in Other operating income and $88 million benefit
recognised in Income tax expense.
2.
The cash profit adjustment for economic hedges applies to the Group Centre division with $129 million loss recognised in Other operating income and $39 million benefit recognised in Income tax
expense.

100Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

101
7. Segment reporting (continued)
Segment income by products and services
The primary sources of our external income across all divisions are interest income and other operating income, which includes net fee and commission
income, net foreign exchange earnings and other financial instruments income. The Australia Retail, Australia Commercial, New Zealand, Suncorp Bank,
and Pacific divisions derive income from products and services in retail and commercial banking. The Institutional division derives its income from
institutional products and market services. No single customer amounts to greater than 10% of the Group’s income.
Geographical information
The reportable segments operate across three geographical regions as follows:
 Australia Retail division - Australia
 Australia Commercial division - Australia
 Institutional division - all three geographical regions
 New Zealand division - New Zealand
 Suncorp Bank division - Australia
 Pacific division – Rest of World
 Group Centre division - all three geographical regions
The Rest of World geography includes Asia, Pacific, Europe and the Americas.
The following table sets out total operating income earned and assets to be recovered in more than one year based on the geographical regions in which
the Group operates.

Australia New Zealand Rest of World Total

2024 2023 2024 2023 2024 2023 2024 2023

$m $m $m $m $m $m $m $m
Total operating income 12,794 12,689 4,400 4,463 3,327 3,326 20,521 20,478
Assets to be recovered in more than one year
1
498,091 407,221 121,455 119,278 25,444 28,877 644,990 555,376
1.
Represents Net loans and advances based on the contractual maturity.
101
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
101
Overview
Operating
environment
Governance
Performance
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Remuneration
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Directors’
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Financial
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102
Australia and New Zealand Banking Group Limited 2024 Annual Report

Financial assets
Outlined below is a description of how we classify and measure financial assets as they apply to the note disclosures that follow.
Financial assets - general

There are three measurement classifications for financial assets under AASB 9 Financial Instruments (AASB 9): amortised cost, FVTPL and
FVOCI. Financial assets are classified into these measurement classifications on the basis of two criteria:


the business model within which the financial asset is managed; and


the contractual cash flow characteristics of the financial asset (specifically whether the contractual cash flows represent solely payments of
principal and interest).
The resultant financial asset classifications are as follows:


Amortised cost: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a
business model whose objective is to collect their cash flows;


FVOCI: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business
model whose objective is to collect their cash flows or to sell the assets; and


FVTPL: Any other financial assets not falling into the categories above are measured at FVTPL.
Fair value option for financial assets
A financial asset may be irrevocably designated on initial recognition:


at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or


at FVOCI for investments in equity securities, where that instrument is neither held for trading nor contingent consideration recognised by
an acquirer in a business combination.

8. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other balances, as outlined below, that are convertible into cash with an insignificant risk of
changes in value and with remaining maturities of three months or less, including reverse repurchase agreements.

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Coins, notes and cash at bank 1,196 1,070 843 667
Securities purchased under agreements to resell in less than 3 months 44,125 31,711 41,307 31,120
Balances with central banks 69,024 105,689 59,609 94,389
Settlement balances owed to ANZ within 3 months 36,620 29,684 35,529 28,232
Cash and cash equivalents 150,965 168,154 137,288 154,408
Classification and measurement
102Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

103

9. Trading assets

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Government debt securities and notes 35,276 28,074 28,796 23,144
Corporate and financial institution securities 4,057 3,885 3,365 2,914
Commodities 6,399 4,881 6,243 4,471
Other securities 23 164 23 164
Total 45,755 37,004 38,427 30,693

Trading assets are financial instruments or other assets we either:



Acquire principally for the purpose of selling in the short-term; or


Hold as part of a portfolio we manage for short-term profit making.
Trading assets include commodity inventories measured at fair value less cost to sell in accordance with the broker trader exemption under
AASB 102 Inventories.
We recognise purchases and sales of trading assets on trade date:


Initially, we measure them at fair value; and


Subsequently, we measure them in the Balance Sheet at their fair value with any change in fair value recognised in profit or loss.
Assets disclosed as Trading assets are subject to the general classification and measurement policy for Financial Assets outlined at the
commencement of the Group’s financial assets disclosures on page 102.
Judgement is required when applying the valuation techniques used to determine the fair value of trading assets not valued using quoted
market prices. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.
2023
2024
28,074
164
3,885
4,881
Other securities
Government debt
securities and notes
Commodities
Corporate and financial
institution securities
35,276
23
4,057
6,399
Recognition and measurement
Key judgements and estimates
103
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
102Australia and New Zealand Banking Group Limited 2024 Annual Report

102
Australia and New Zealand Banking Group Limited 2024 Annual Report

Financial assets
Outlined below is a description of how we classify and measure financial assets as they apply to the note disclosures that follow.
Financial assets - general

There are three measurement classifications for financial assets under AASB 9 Financial Instruments (AASB 9): amortised cost, FVTPL and
FVOCI. Financial assets are classified into these measurement classifications on the basis of two criteria:


the business model within which the financial asset is managed; and


the contractual cash flow characteristics of the financial asset (specifically whether the contractual cash flows represent solely payments of
principal and interest).
The resultant financial asset classifications are as follows:


Amortised cost: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a
business model whose objective is to collect their cash flows;


FVOCI: Financial assets with contractual cash flows that comprise solely payments of principal and interest and which are held in a business
model whose objective is to collect their cash flows or to sell the assets; and


FVTPL: Any other financial assets not falling into the categories above are measured at FVTPL.
Fair value option for financial assets
A financial asset may be irrevocably designated on initial recognition:


at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or


at FVOCI for investments in equity securities, where that instrument is neither held for trading nor contingent consideration recognised by
an acquirer in a business combination.

8. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and other balances, as outlined below, that are convertible into cash with an insignificant risk of
changes in value and with remaining maturities of three months or less, including reverse repurchase agreements.

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Coins, notes and cash at bank 1,196 1,070 843 667
Securities purchased under agreements to resell in less than 3 months 44,125 31,711 41,307 31,120
Balances with central banks 69,024 105,689 59,609 94,389
Settlement balances owed to ANZ within 3 months 36,620 29,684 35,529 28,232
Cash and cash equivalents 150,965 168,154 137,288 154,408
Classification and measurement
102Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

103

9. Trading assets

Consolidated The Company

2024 2023 2024 2023

$m $m $m $m
Government debt securities and notes 35,276 28,074 28,796 23,144
Corporate and financial institution securities 4,057 3,885 3,365 2,914
Commodities 6,399 4,881 6,243 4,471
Other securities 23 164 23 164
Total 45,755 37,004 38,427 30,693

Trading assets are financial instruments or other assets we either:



Acquire principally for the purpose of selling in the short-term; or


Hold as part of a portfolio we manage for short-term profit making.
Trading assets include commodity inventories measured at fair value less cost to sell in accordance with the broker trader exemption under
AASB 102 Inventories.
We recognise purchases and sales of trading assets on trade date:


Initially, we measure them at fair value; and


Subsequently, we measure them in the Balance Sheet at their fair value with any change in fair value recognised in profit or loss.
Assets disclosed as Trading assets are subject to the general classification and measurement policy for Financial Assets outlined at the
commencement of the Group’s financial assets disclosures on page 102.
Judgement is required when applying the valuation techniques used to determine the fair value of trading assets not valued using quoted
market prices. Refer to Note 18 Fair value of financial assets and financial liabilities for further details.
2023
2024
28,074
164
3,885
4,881
Other securities
Government debt
securities and notes
Commodities
Corporate and financial
institution securities
35,276
23
4,057
6,399
Recognition and measurement
Key judgements and estimates
103
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
103
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
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Financial
report

104
Australia and New Zealand Banking Group Limited 2024 Annual Report
10. Derivative financial instruments
Consolidated

Assets Liabilities Assets Liabilities

2024 2024 2023 2023
Fair value

$m $m $m $m
Derivative financial instruments - held for trading

53,889 (54,798) 60,059 (57,210)
Derivative financial instruments - designated in hedging relationships

481 (456) 347 (272)
Derivative financial instruments 54,370 (55,254) 60,406 (57,482)

The Company
Assets Liabilities Assets Liabilities

2024 2024 2023 2023
Fair value

$m $m $m $m
Derivative financial instruments - held for trading

57,370 (57,257) 59,649 (57,256)
Derivative financial instruments - designated in hedging relationships

257 (210) 340 (255)
Derivative financial instruments 57,627 (57,467) 59,989 (57,511)
Features
Derivative financial instruments are contracts:


Whose value is derived from an underlying price index (or other variable) defined in the contract - sometimes the value is derived from more than one
variable;


That require little or no initial net investment; and


That are settled at a future date.
Movements in the price of the underlying variables, which cause the value of the contract to fluctuate, are reflected in the fair value of the derivative.
Purpose
The Group’s derivative financial instruments have been categorised as follows:
Trading Derivatives held in order to:


meet customer needs for managing their own risks.


manage risks in the Group that are not in a designated hedge accounting relationship (some elements of balance
sheet management).


undertake market making and positioning activities to generate profits from short-term fluctuations in prices or margins.
Designated in Hedging
Relationships
Derivatives designated into hedge accounting relationships in order to minimise profit or loss volatility by matching
movements in underlying positions relating to:


hedges of the Group’s exposures to interest rate risk and currency risk.


hedges of other exposures relating to non-trading positions.
Types
The Group offers or uses four different types of derivative financial instruments:
Forwards A contract documenting the rate of interest, or the currency exchange rate, to be paid or received on a notional principal
amount at a future date.
Futures An exchange traded contract in which the parties agree to buy or sell an asset in the future for a price agreed on the
transaction date, with a net settlement in cash paid on the future date without physical delivery of the asset.
Swaps A contract in which two parties exchange one series of cash flows for another.
Options A contract in which the buyer of the contract has the right - but not the obligation - to buy (known as a ‘call option’) or to
sell (known as a ‘put option’) an asset or instrument at a set price on a future date. The seller has the corresponding
obligation to fulfil the transaction to sell or buy the asset or instrument if the buyer exercises the option.

104Notes to the consolidated financial statements (continued)Australia and New Zealand Banking Group Limited 2024 Annual Report
Notes to the Financial Statements

105
10. Derivative financial instruments (continued)
Risks managed
The Group offers and uses the instruments described above to manage fluctuations in the following:
Foreign Exchange Currencies at current or determined rates of exchange.
Interest Rate Fixed or variable interest rates applying to money lent, deposited or borrowed.
Commodity Soft commodities (that is, agricultural products such as wheat, coffee, cocoa and sugar) and hard commodities (that is,
mined products such as gold, oil and gas).
Credit Risk of default by customers or third parties.
The Group uses a number of central clearing counterparties and exchanges to settle derivative transactions. Different arrangements for posting of
collateral exist with these exchanges:


some transactions are subject to clearing arrangements which result in separate recognition of collateral assets and liabilities, with the carrying values
of the associated derivative assets and liabilities held at their fair value.


other transactions, are legally settled by the payment or receipt of collateral which reduces the carrying values of the related derivative instruments by
the amount paid or received.
Derivative financial instruments – held for trading
The majority of the Group’s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:
Consolidated Assets
Liabilities Assets Liabilities

2024 2024 2023 2023
Fair value $m $m $m $m
Interest rate contracts
Forward rate agreements 1 (1) - -
Futures contracts 80 (109) 294 (37)
Swap agreements 8,258 (9,527) 10,815 (15,194)
Options 1,263 (1,371) 1,805 (2,023)
Total 9,602 (11,008) 12,914 (17,254)
Foreign exchange contracts
Spot and forward contracts 20,008 (21,445) 21,399 (19,580)
Swap agreements 21,961 (19,612) 23,230 (18,172)
Options 779 (835) 690 (1,120)
Total 42,748 (41,892) 45,319 (38,872)
Commodity and other contracts 1,537 (1,896) 1,812 (1,067)
Credit default swaps 2 (2) 14 (17)
Derivative financial instruments - held for trading
1
53,889 (54,798) 60,059 (57,210)
1.
Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.
105
Overview
Operating
environment
Governance
Performance
overview
Remuneration
report
Directors’
report
Financial
report
104Australia and New Zealand Banking Group Limited 2024 Annual Report

ANZ Group Holdings (“ANZ”) – Trading to resume at 10:13am 2024 Annual General Meeting Documents

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