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"entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:AUD" } }, "fact104": { "value": "0", "decimals": 0, "dimensions": { "concept": "anz:AnzBankNewZealandPerpetualPreferenceShares", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:AUD" } }, "fact105": { "value": "-4000000", "decimals": -6, "dimensions": { "concept": "anz:AnzBankNewZealandPerpetualPreferenceShares", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:AUD" } }, "fact106": { "value": "-4000000", "decimals": -6, "dimensions": { "concept": "anz:AnzBankNewZealandPerpetualPreferenceShares", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:AUD" } }, "fact107": { "value": "256000000", "decimals": -6, "dimensions": { "concept": "anz:AnzBankNewZealandPerpetualPreferenceShares", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:AUD" } }, "fact108": { "value": "252000000", "decimals": -6, "dimensions": { "concept": "anz:AnzBankNewZealandPerpetualPreferenceShares", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:AUD" } }, "fact109": { "value": "2000000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:AUD" } }, "fact110": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:AUD" } }, "fact111": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:AUD" } }, "fact112": { "value": "2000000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:AUD" } }, "fact113": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:AUD" } }, "fact114": { "value": "2000000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "unit": "iso4217:AUD" } }, "fact115": { "value": "0", "decimals": 0, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:AUD" } }, "fact116": { "value": "-6000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:AUD" } }, "fact117": { "value": "17000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:AUD" } }, "fact118": { "value": "11000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:AUD" } }, "fact119": { "value": "0", "decimals": 0, 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"decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2024-10-01T00:00:00", "unit": "iso4217:AUD" } }, "fact_ifrs-full_DisclosureOfNotesAndOtherExplanatoryInformationExplanatory_E2_CY": { "value": "\n
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\u2019s 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:
\u2022
the amount is significant in size (quantitative factor);
\u2022
the information is significant by nature (qualitative factor);
\u2022
the user cannot understand the Group\u2019s results without the specific disclosure (qualitative factor);
\u2022
the information is critical to a user\u2019s understanding of the impact of significant changes in the Group\u2019s business during the period - for example,
business acquisitions or disposals (qualitative factor);
\u2022
the information relates to an aspect of the Group\u2019s operations that is important to its future performance (qualitative factor); and
\u2022
the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group\u2019s principal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of the financial statements:
\u2022
outlines the basis upon which the Group\u2019s financial statements have been prepared; and
\u2022
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 \u2018for profit\u2019 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\u2019s 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:
\u2022
derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
\u2022
financial instruments held for trading;
\u2022
financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
\u2022
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.
\n
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
A
ssets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period \u2013 but for a significant transaction if we believe the average rate is not reasonable,
t
hen 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.
Key judgements and estimates
In the process of applying the Group\u2019s 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.
\n
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 \u2013 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 \u2013 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 \u2013 International Tax Return
\u2013 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 \u2013 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.
\n
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
Recognition and measurement
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.
\n
3.
Non-interest income
Consolidated The Company
2024 2024 2023 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.
\n
Recognition and measurement
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.
\u2022
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.
\u2022
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.
\u2022
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.
\u2022
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:
\u2022
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;
\u2022
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;
\u2022
the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;
x
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;
\u2022
fair value movements on financial assets and financial liabilities designated at FVTPL or held for trading;
\u2022
amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and
\u2022
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\u2019 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.
\n
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
\n
Recognition and measurement
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.
\n
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%
\n
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.
\n
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 \u2018group allocation\u2019 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.
Recognition and measurement
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:
\u2022 they relate to income taxes imposed by the same taxation authority;
\u2022 there is a legal right and intention to settle on a net basis; and
\u2022
it is allowed under the tax law
of the relevant jurisdiction.
Key judgements and estimates
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.
\n
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.
Total
dividend
Dividends
Amount
% 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\u2019s 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\u2019s written approval is required before paying dividends on the ordinary shares of the Company if:
\u2022 the aggregate dividends exceed the Company\u2019s 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
\u2022 the Group\u2019s 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\u2019s ordinary shares.
\n
7. Segment reporting
Description of segments
The Group\u2019s 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\u2019s 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\u2019s-
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\u2019s 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:
\u2022 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.
\u2022 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:
\u2022 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.
\u2022 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.
\u2022 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:
\u2022 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.
\u2022 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.
\n
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\u2019 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\u2019 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.
\n
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\u2019 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 ta
x
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\u2019 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.
\n
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\u2019s income.
Geographical information
The reportable segments operate across three geographical regions as follows:
\u2022 Australia Retail division - Australia
\u2022 Australia Commercial division - Australia
\u2022 Institutional division - all three geographical regions
\u2022 New Zealand division - New Zealand
\u2022 Suncorp Bank division - Australia
\u2022 Pacific division \u2013 Rest of World
\u2022 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.
\n
Financial assets
Outlined below is a description of how we classify and measure financial assets as they apply to the note disclosures that follow.
Classi\ufb01cation and measurement
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:
\u2022
the business model within which the financial asset is managed; and
\u2022
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:
\u2022
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;
\u2022
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
\u2022
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:
\u2022
at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or
\u2022
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
\n
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
Recognition and measurement
Trading assets are financial instruments or other assets we either:
\u2022
Acquire principally for the purpose of selling in the short-term; or
\u2022
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:
\u2022
Initially, we measure them at fair value; and
\u2022
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\u2019s financial assets disclosures on page 102.
Key judgements and estimates
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.
\n
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:
\u2022
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;
\u2022
That require little or no initial net investment; and
\u2022
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\u2019s derivative financial instruments have been categorised as follows:
Trading Derivatives held in order to:
\u2022
meet customer needs for managing their own risks.
\u2022
manage risks in the Group that are not in a designated hedge accounting relationship (some elements of balance
sheet management).
\u2022
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:
\u2022
hedges of the Group\u2019s exposures to interest rate risk and currency risk.
\u2022
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 \u2018call option\u2019) or to
sell (known as a \u2018put option\u2019) 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.
\n
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:
\u2022
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.
\u2022
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 \u2013 held for trading
The majority of the Group\u2019s 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.
\n
The majority of the Company\u2019s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:
The Company
Assets Liabilities Assets Liabilities
2024 2024 2023 2023
Fair Value
$m $m $m $m
Interest rate contracts
Forward rate agreements 1 (1) 2 (1)
Futures contracts
75 (40) 259 (30)
Swap agreements
10,063 (11,329) 11,324 (15,178)
Options
1,261 (1,371) 1,807 (2,016)
Total
11,400 (12,741) 13,392 (17,225)
Foreign exchange contracts
Spot and forward contracts 19,396 (20,141) 19,229 (17,595)
Swap agreements
24,224 (21,611) 24,493 (20,216)
Options
772 (829) 684 (1,110)
Total
44,392 (42,581) 44,406 (38,921)
Commodity and other contracts 1,537 (1,896) 1,823 (1,078)
Credit default swaps 41 (39) 28 (32)
Derivative financial instruments - held for trading
1
57,370 (57,257) 59,649 (57,256)
1.
Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.
\n\n
\"\"
Derivative financial instruments \u2013 designated in hedging relationships
Under the accounting policy choice provided by AASB 9, the Group has continued to apply the hedge accounting requirements of AASB 139 Financial
Instruments: Recognition and Measurement (AASB 139).
There are three types of hedge accounting relationships the Group utilises:
Fair value hedge Cash flow hedge Net investment hedge
Objective of this
hedging arrangement
To hedge our exposure to changes to
the fair value of a recognised asset or
liability or unrecognised firm
commitment caused by interest rate or
foreign currency movements.
To hedge our exposure to variability in
cash flows of a recognised asset or
liability, a firm commitment or a highly
probable forecast transaction caused
by interest rate, foreign currency and
other price movements.
To hedge our exposure to exchange
rate differences arising from the
translation of our foreign operations
from their functional currency to
Australian dollars.
Recognition of
effective hedge
portion
The following are recognised in profit or
loss at the same time:
\u2022
all changes in the fair value of the
underlying item relating to the
hedged risk; and
\u2022
the change in the fair value of the
derivatives.
We recognise the effective portion of
changes in the fair value of derivatives
designated as a cash flow hedge in the
cash flow hedge reserve.
We recognise the effective portion of
changes in the fair value of the hedging
instrument in the foreign currency
translation reserve (FCTR).
Recognition of
ineffective hedge
portion
Recognised immediately in Other operating income.
If a hedging
instrument expires, or
is sold, terminated, or
exercised; or no
longer qualifies for
hedge accounting
When we recognise the hedged item in
profit or loss, we recognise the related
unamortised fair value hedge
adjustment in profit or loss. This may
occur over time if the hedged item is
amortised to profit or loss as part of the
effective yield over the period to
maturity.
Only when we recognise the hedged
item in profit or loss is the amount
previously deferred in the cash flow
hedge reserve transferred to profit
or loss.
The amount we defer in the foreign
currency translation reserve remains in
equity and is transferred to profit or
loss only when we dispose of, or
partially dispose of, the foreign
operation.
Hedged item sold or
repaid
We recognise the unamortised fair
value hedge adjustment immediately in
profit or loss.
Amounts accumulated in equity are
transferred immediately to profit or
loss.
The gain or loss, or applicable
proportion, we have recognised in
equity is transferred to profit or loss on
disposal or partial disposal of a foreign
operation.
\n
\"\"
The fair value of derivative financial instruments designated in hedging relationships is:
2024 2023
Consolidated
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities
$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 571 14 - 607 5 -
Interest rate swap agreements
175,849 226 (253) 126,881 32 (195)
Interest rate futures contracts
3,151 11 - 11,778 243 (9)
Cash flow hedges
Interest rate swap agreements 154,968 200 (196) 122,704 17 (48)
Foreign exchange swap agreements
654 26 (7) 683 50 (19)
Foreign exchange spot and forward contracts
81 4 - - - -
Net investment hedges
Foreign exchange spot and forward contracts 92 - - 47 - (1)
Derivative financial instruments - designated in
hedging relationships
335,366 481 (456) 262,700 347 (272)
2024 2023
The Company
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities
$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 571 14 - 607 5 -
Interest rate swap agreements
144,667 198 (134) 101,587 32 (184)
Interest rate futures contracts
3,151 11 - 11,778 243 (9)
Cash flow hedges
Interest rate swap agreements 92,998 4 (69) 89,173 10 (42)
Foreign exchange swap agreements
654 26 (7) 683 50 (19)
Foreign exchange spot and forward contracts
81 4 - - - -
Net investment hedges
Foreign exchange spot and forward contracts - - - 47 - (1)
Derivative financial instruments - designated in
hedging relationships
242,122 257 (210) 203,875 340 (255)
\n
\"\"
The maturity profile of the nominal amounts of our hedging instruments held is:
Consolidated
Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal amount
Rate $m $m $m$m $m
As at 30 September 2024
Fair value hedges
Interest rate Interest rate 2.94% 10,202 17,387 86,096 65,315 179,000
Foreign exchange HKD/AUD FX rate
5.26 571 - - - 571
Cash flow hedges
Interest rate Interest rate 3.11% 20,417 42,091 91,589 871 154,968
Foreign exchange
1
AUD/USD FX rate
0.74
20 61 - 654 735
USD/EUR FX rate
0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate 1.09 - 92 - - 92
As at 30 September 2023
Fair value hedges
Interest rate Interest rate 2.38%
2,314 10,533 79,35046,462 138,659
Foreign exchange HKD/AUD FX rate 5.02 607 - - - 607
Cash flow hedges
Interest rate Interest rate 2.27% 7,573 37,630 76,359 1,142 122,704
Foreign exchange
1
AUD/USD FX rate 0.74
- - - 683 683
USD/EUR FX rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate 1.09
- 47 - - 47
1.
Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.
\n
\"\"
The Company
Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal Amount
Rate
$m $m $m $m $m
As at 30 September 2024
Fair value hedges
Interest rate Interest Rate 3.01% 9,860 14,596 65,270 58,092 147,818
Foreign exchange HKD/AUD FX Rate
5.26 571 - - - 571
Cash flow hedges
Interest rate Interest Rate 2.55% 8,580 16,580 67,080 758 92,998
Foreign exchange
1
AUD/USD FX Rate
0.74
20 61 - 654 735
USD/EUR FX Rate
0.91
Net investment hedges
Foreign exchange NZD/AUD FX Rate - - - - - -
As at 30 September 2023
Fair value hedges
Interest rate Interest Rate 2.49% 1,910 8,025 61,644 41,786 113,365
Foreign exchange HKD/AUD FX Rate 5.02 607 - - - 607
Cash flow hedges
Interest rate Interest Rate 1.78%
3,154 22,353 62,577 1,089 89,173
Foreign exchange
1
AUD/USD FX Rate 0.74
- - - 683 683
USD/EUR FX Rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX Rate 1.09 - 47 - - 47
1.
Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.
\n
\"\"
The impacts of ineffectiveness from our designated hedge relationships by type of hedge relationship and type of risk being hedged are:
Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4
Consolidated
Change in value
of hedging
instrument
2
Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3
As at 30 September 2024 $m$m $m $m
Fair value hedges
1
Interest rate (2,922) 2,928 6 -
Foreign exchange
36 (36) - -
Cash flow hedges
1
Interest rate
2,175 (2,074) 101 (2)
Foreign exchange
(3) 3 - -
Net investment hedges
1
Foreign exchange 9 (9) - -
As at 30 September 2023
Fair value hedges
1
Interest rate (846) 870 24 -
Foreign exchange (4) 4 - -
Cash flow hedges
1
Interest rate 280
(239) 41 (13)
Foreign exchange - - - 9
Net investment hedges
1
Foreign exchange (39) 39 - 79
Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4
The Company
Change in value
of hedging
instrument
2
Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3
As at 30 September 2024 $m $m $m $m
Fair value hedges
1
Interest rate (2,811) 2,817 6 -
Foreign exchange
36 (36) - -
Cash flow hedges
1
Interest rate
1,994 (1,894) 100 (2)
Foreign exchange (3) 3 - -
Net investment hedges
1
Foreign exchange - - - -
As at 30 September 2023
Fair value hedges
1
Interest rate (797) 814 17 -
Foreign exchange (4) 4 - -
Cash flow hedges
1
Interest rate 386
(344) 42 (15)
Foreign exchange - - - 9
Net investment hedges
1
Foreign exchange (4) 4 - -
1.
All hedging instruments are classified as derivative financial instruments.
2.
Changes in value of hedging instruments is before any adjustments for Settle to Market clearing arrangements.
3.
Recognised in Other operating income.
4.
Recognised in Net interest income and Other operating income.
\n
\"\"
The hedged items in relation to the Group\u2019s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets Liabilities Assets Liabilities
Consolidated presentation Hedged risk $m $m $m $m
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate
- (73,805) - 1,284
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 97,838 - 625 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 571 - 43 -
Total
99,955 (73,805) 638 1,284
As at 30 September 2023
Fixed rate loans and advances Net loans and advances Interest rate 3,472 - (139) -
Fixed rate debt issuance Debt issuances Interest rate - (66,190) - 4,163
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 61,082 - (5,121) -
Equity securities at FVOCI
1
Investment securities Foreign exchange 607 - 79 -
Total
65,161 (66,190) (5,181) 4,163
1.
The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $3 million
(2023: -$13 million).
The hedged items in relation to the Company\u2019s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets
Liabilities Assets Liabilities
The Company presentation Hedged risk $m $m $m $m
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate
- (60,258) - 904
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 81,276 - 538 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 571 - 43 -
Total
83,393 (60,258) 551 904
As at 30 September 2023
Fixed rate loans and advances Net loans and advances Interest rate 3,472 - (139) -
Fixed rate debt issuance Debt issuances Interest rate - (51,602) - 3,025
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 52,336 - (4,342) -
Equity securities at FVOCI
1
Investment securities Foreign exchange 607 - 79 -
Total
56,415 (51,602) (4,402) 3,025
1.
The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $3 million
(2023: -$13 million).
\n
\"\"
The hedged items in relation to the Group\u2019s and Company\u2019s cash flow and net investment hedges are:
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
Consolidated Hedged risk $m$m $m $m
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (575) - - -
Floating rate customer deposits Interest rate
(31) - - -
Foreign currency debt issuances Foreign exchange
(7) - - -
Highly probable forecast transactions Foreign exchange
4 - - -
Net investment hedges
Foreign operations Foreign exchange - - 22 20
As at 30 September 2023
Cash flow hedges
Floating rate loans and advances Interest rate (3,482) 11 - -
Floating rate customer deposits Interest rate 794 (1) - -
Foreign currency debt issuances Foreign exchange - - - -
Highly probable forecast transactions Foreign exchange - - - -
Net investment hedges
Foreign operations Foreign exchange -
- 12 49
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
The Company Hedged risk $m $m $m $m
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (820) - - -
Floating rate customer deposits Interest rate
105 - - -
Foreign currency debt issuances Foreign exchange
(7) - - -
Highly probable forecast transactions Foreign exchange
4 - - -
Net investment hedges
Foreign operations Foreign exchange - - - -
As at 30 September 2023
Cash flow hedges
Floating rate loans and advances Interest rate (3,103) 2 - -
Floating rate customer deposits Interest rate 495 - - -
Foreign currency debt issuances Foreign exchange - - - -
Highly probable forecast transactions Foreign exchange - - - -
Net investment hedges
Foreign operations Foreign exchange - - 12 49
\n
\"\"
The table below details the reconciliation of the Group\u2019s cash flow hedge reserve by risk type:
Interest rate
Foreign
currency
Total
Consolidated $m $m $m
Balance at 1 October 2022 (2,028) (8) (2,036)
Fair value gains/(losses) 239 - 239
Transferred to profit or loss (13) 9 (4)
Income taxes and others (69) (2) (71)
Balance at 30 September 2023
(1,871) (1) (1,872)
Fair value gains/(losses) 2,074 (3) 2,071
Transferred to profit or loss
(2) - (2)
Income taxes and others
(620) 1 (619)
Balance at 30 September 2024
(419) (3) (422)
Hedges of net investments in a foreign operation resulted in a $9 million increase in FCTR during the year (2023: $40 million increase).
The table below details the reconciliation of the Company\u2019s cash flow hedge reserve by risk type:
Interest rate
Foreign
currency
Total
The Company $m $m $m
Balance at 1 October 2022 (2,053) (8) (2,061)
Fair value gains/(losses) 344 - 344
Transferred to profit or loss (15) 9 (6)
Income taxes and others (99) (2) (101)
Balance at 30 September 2023
(1,823) (1) (1,824)
Fair value gains/(losses) 1,894 (3) 1,891
Transferred to profit or loss
(2) - (2)
Income taxes and others
(569) 1 (568)
Balance at 30 September 2024
(500) (3) (503)
Hedges of net investments in a foreign operation resulted in nil impact in FCTR during the year (2023: $4 million decrease).
\n
\"\"
Recognition and measurement
Recognition
Initially and at each reporting date, we recognise all derivatives at fair value. If the fair value of a derivative is
positive, then we carry it as an asset, but if its value is negative, then we carry it as a liability.
Valuation adjustments are integral in determining the fair value of derivatives. This includes:
\u2022
a credit valuation adjustment to reflect the counterparty risk and/or event of default; and
\u2022
a funding valuation adjustment to account for funding costs and benefits in the derivatives portfolio.
Derecognition of
assets and liabilities
We remove derivative assets from our Balance Sheet when the contracts expire or we have transferred
substantially all the risks and rewards of ownership. We remove derivative liabilities from our Balance Sheet
when the Group\u2019s contractual obligations are discharged, cancelled or expired.
With respect to derivatives cleared through a central clearing counterparty or exchange, derivative assets or
liabilities may be derecognised in accordance with the principle above when collateral is settled, depending
on the legal arrangements in place for each instrument.
Impact on the
Income Statement
The recognition of gains or losses on derivative financial instruments depends on whether the derivative is
held for trading or is designated in a hedge accounting relationship. For derivative financial instruments held
for trading, gains or losses from changes in the fair value are recognised in profit or loss.
For an instrument designated in a hedge accounting relationship, the recognition of gains or losses depends
on the nature of the item being hedged. Refer to the table on page 107 for details of the recognition
approach applied for each type of hedge accounting relationship.
Sources of hedge accounting ineffectiveness may arise from differences in the interest rate reference rate,
margins, or rate set differences and differences in discounting between the hedged items and the hedging
instruments.
Hedge effectiveness
To qualify for hedge accounting under AASB 139, a hedge relationship is expected to be highly effective. A
hedge relationship is highly effective only if the following conditions are met:
\u2022
the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is designated (prospective
effectiveness); and
\u2022
the actual results of the hedge are within the range of 80-125% (retrospective effectiveness).
The Group monitors hedge effectiveness on a regular basis but at a minimum at each reporting date.
Key judgements and estimates
Judgement is required when we select the valuation techniques used to determine the fair value of derivatives, particularly the selection of
valuation inputs that are not readily observable, and the application of valuation adjustments to certain derivatives. Refer to Note 18 Fair value
of financial assets and financial liabilities for further details.
\n
\"\"
11. Investment securities
Consolidated The Company
2024 2023 2024 2023
$m
$m
$m
$m
Investment securities measured at FVOCI
Debt securities 131,944 88,271 107,388 76,320
Equity securities
1,065 946 1,060 945
Investment securities measured at amortised cost
Debt securities 7,091 7,752 5,356 5,936
Investment securities measured at FVTPL
Debt securities 162 - 162 -
Total
140,262 96,969 113,966 83,201
The maturity profile of investment securities is as follows:
Consolidated
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2024 $m $m $m $m $m $m
Government securities
9,824 11,048 52,228 54,039 - 127,139
Corporate and financial institution securities 485 1,326 6,565 328 - 8,704
Other securities
490 386 578 1,900 - 3,354
Equity securities
- - - - 1,065 1,065
Total
10,799 12,760 59,371 56,267 1,065 140,262
As at 30 September 2023
Government securities 8,807
10,233 29,482 36,081 - 84,603
Corporate and financial institution securities 358 1,205 5,973 58 - 7,594
Other securities 617 591 602 2,016 - 3,826
Equity securities - - - - 946 946
Total 9,782 12,029 36,057 38,155 946 96,969
During the year, the Group recognised a net gain of $8 million (2023: $9 million) in Other operating income from the recycling of gains/losses previously
recognised in Other comprehensive income in respect of debt securities at FVOCI.
2023
2024
84,603
3,826
7,594
946
127,139
Government securities
Corporate and financial
institution securities
Other securities
Equity securities
3,354
8,704
1,065
\n
\"\"
The Company
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2024 $m $m $m $m $m $m
Government securities
9,213 8,454 38,158 46,719 - 102,544
Corporate and financial institution securities 484 976 5,249 328 - 7,037
Other securities
490 386 578 1,871 - 3,325
Equity securities
- - - - 1,060 1,060
Total
10,187 9,816 43,985 48,918 1,060 113,966
As at 30 September 2023
Government securities 7,665
8,649 23,140 33,182 - 72,636
Corporate and financial institution securities 280 634 4,822 58 - 5,794
Other securities 617 591 602 2,016 - 3,826
Equity securities - - - - 945 945
Total 8,562 9,874 28,564 35,256 945 83,201
During the year, the Company recognised a net gain of $8 million (2023 net loss: $6 million) in Other operating income from the recycling of gains/losses
previously recognised in Other comprehensive income in respect of debt securities at FVOCI.
Recognition and measurement
Investment securities are those financial assets in security form (that is, transferable debt or equity instruments) that are not held for trading
purposes. By way of exception, bills of exchange (a form of security/transferable instrument) which are used to facilitate the Group\u2019s customer
lending activities are classified as Loans and advances (rather than Investment securities) to better reflect the substance of the arrangement.
Equity investments not held for trading purposes may be designated at FVOCI on an instrument-by-instrument basis. If this election is made,
gains or losses are not reclassified from Other comprehensive income to profit or loss on disposal of the investment. However, gains or losses
may be reclassified within equity.
Assets disclosed as Investment securities are subject to the general classification and measurement policy for financial assets outlined at the
commencement of the Group\u2019s financial asset disclosures on page 102. Additionally, expected credit losses associated with \u2018Investment
securities - debt securities at amortised cost\u2019 and \u2018Investment securities - debt securities at FVOCI\u2019 are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses. For \u2018Investment securities - debt securities at
FVOCI\u2019, the allowance for Expected Credit Loss (ECL) is recognised in the FVOCI reserve in equity with a corresponding charge to profit or loss.
Key judgements and estimates
Judgement is required when we select valuation techniques used to determine the fair value of assets not valued using quoted market prices,
particularly the selection of valuation inputs that are not readily observable. Refer to Note 18 Fair value of financial assets and financial liabilities
for further details.
\n
\"\"
12. Net loans and advances
The following table provides details of Net loans and advances:
Consolidated The Company
2024 2023 2024 2023
$m$m $m $m
Overdrafts
6,109 5,552 4,701 4,516
Credit cards 6,713 6,805 5,571 5,630
Commercial bills
4,401 4,682 4,401 4,682
Term loans \u2013 housing
484,554 404,491 324,883 304,772
Term loans \u2013 non-housing
301,284 285,458 248,498 242,403
Other
924 1,292 845 1,244
Subtotal
803,985 708,280 588,899 563,247
Unearned income
1
(515) (515) (489) (483)
Capitalised brokerage and other origination costs
1
4,237 3,475 3,303 3,048
Gross loans and advances
807,707 711,240 591,713 565,812
Allowance for expected credit losses (refer to Note 13) (3,675) (3,546) (2,715) (2,795)
Net loans and advances
804,032 707,694 588,998 563,017
Residual contractual maturity:
Within one year 159,042 152,318 133,701 128,045
More than one year
644,990 555,376 455,297 434,972
Net loans and advances
804,032 707,694 588,998 563,017
Carried on Balance Sheet at:
Amortised cost 779,246 685,806 564,559 541,777
Fair value through profit or loss
24,786 21,888 24,439 21,240
Net loans and advances
804,032 707,694 588,998 563,017
1.
Amortised over the expected life of the loan.
Recognition and measurement
Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are
facilities the Group provides directly to customers or through third party channels.
Loans and advances are initially recognised at fair value plus transaction costs directly attributable to the issue of the loan or advance, which
are primarily brokerage and other origination costs which we amortise over the estimated life of the loan. Subsequently, we then measure
loans and advances at amortised cost using the effective interest rate method, net of any allowance for ECL, or at fair value when they are
specifically designated on initial recognition as FVTPL, are classified as held for sale or when held for trading. Refer to Note 18 Fair value of
financial assets and financial liabilities for further details.
We classify contracts to lease assets and hire purchase agreements as finance leases if they transfer substantially all the risks and rewards of
ownership of the asset to the customer or an unrelated third party. We include these facilities in \u2018Other\u2019 in the table above.
The Group enters into transactions in which it transfers financial assets that are recognised on its Balance Sheet. When the Group retains
substantially all of the risks and rewards of the transferred assets, the transferred assets remain on the Group\u2019s Balance Sheet, however if
substantially all the risks and rewards are transferred, the Group derecognises the asset. If the risks and rewards are partially retained and
control over the asset is lost, the Group derecognises the asset. If control over the asset is not lost, the Group continues to recognise the asset
to the extent of its continuing involvement.
We separately recognise the rights and obligations retained, or created, in the transfer of assets as appropriate.
Assets disclosed as Net loans and advances are subject to the general classification and measurement policy for financial assets outlined on
page 102. Additionally, expected credit losses associated with loans and advances at amortised cost are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses.
\n
\"\"
13. Allowance for expected credit losses
Suncorp Bank acquisition related adjustment
The collectively assessed credit impairment charge for 2024 includes $244 million for Suncorp Bank\u2019s performing loans and advances. In accordance with
Australian Accounting Standards requirements, the Group consolidated Suncorp Bank\u2019s 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\u2019s ECL methodologies, with a corresponding collectively assessed credit impairment charge recognised in the Group\u2019s Income Statement.
2024 2023
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Net loans and advances at amortised cost 3,372 303 3,675 3,180 366 3,546
Off-balance sheet commitments 841 5 846 817 10 827
Investment securities - debt securities at amortised cost
34 - 34 35 - 35
Total
4,247 308 4,555 4,032 376 4,408
Other comprehensive income
Investment securities - debt securities at FVOCI
1
20 - 20 15 - 15
2024
2023
The Company
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Net loans and advances at amortised cost 2,495 220 2,715 2,516 279 2,795
Off-balance sheet commitments 691 2 693 692 5 697
Investment securities - debt securities at amortised cost
1 - 1 1 - 1
Total
3,187 222 3,409 3,209 284 3,493
Other comprehensive income
Investment securities - debt securities at FVOCI
1
14 - 14 12 - 12
1.
For FVOCI assets, the allowance for ECL does not alter the carrying amount which remains at fair value. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding
charge to profit or loss.
The following tables present the movement in the allowance for ECL for the year.
Net loans and advances - at amortised cost
Allowance for ECL is included in Net loans and advances.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 1,141 1,548 360 533 3,582
Transfer between stages 148 (138) (94) 84 -
New and increased provisions (net of releases) (73) 202 61 388 578
Write-backs - - - (212) (212)
Bad debts written off (excluding recoveries) - - - (409) (409)
Foreign currency translation and other movements
1
11 12 2 (18) 7
As at 30 September 2023 1,227 1,624 329 366 3,546
Transfer between stages 155 (181) (57) 83 -
New and increased provisions (net of releases)
2
(89) 218 168 379 676
Write-backs
- - - (177) (177)
Bad debts written off (excluding recoveries)
- - - (316) (316)
Foreign currency translation and other movements
1
(17) (8) 3 (32) (54)
As at 30 September 2024
1,276 1,653 443 303 3,675
1.
Other movements include the impacts of discount unwind on individually assessed allowance for ECL or the impact of divestments completed during the year.
2.
Includes Suncorp Bank acquisition related collectively assessed allowance for ECL. Under accounting standards, these were initially recognised as Stage 1, and where relevant moving to Stage 2 after the
date of acquisition, all presented within New and increased provisions (net of releases).
\n
\"\"
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 946 1,259 295 425 2,925
Transfer between stages 122 (118) (83) 79 -
New and increased provisions (net of releases) (43) 98 39 295 389
Write-backs - - - (192) (192)
Bad debts written off (excluding recoveries) - - - (310) (310)
Foreign currency translation and other movements
1
1 - - (18) (17)
As at 30 September 2023 1,026 1,239 251 279 2,795
Transfer between stages 115 (140) (48) 73 -
New and increased provisions (net of releases) (121) 51 137 294 361
Write-backs
- - - (132) (132)
Bad debts written off (excluding recoveries)
- - - (274) (274)
Foreign currency translation and other movements
1
(14) - (1) (20) (35)
As at 30 September 2024
1,006 1,150 339 220 2,715
1.
Other movements include the impacts of discount unwind on individually assessed allowance for ECL or the impact of divestments completed during the year.
Off-balance sheet commitments - undrawn and contingent facilities
Allowance for ECL is included in Other provisions.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 593 144 29 9 775
Transfer between stages 31 (29) (4) 2 -
New and increased provisions (net of releases) - 46 (1) 2 47
Write-backs - - - (4) (4)
Foreign currency translation and other movements
1
6 1 1 1 9
As at 30 September 2023 630 162 25 10 827
Transfer between stages 18 (17) (1) - -
New and increased provisions (net of releases) 26 13 1 3 43
Write-backs
- - - (7) (7)
Foreign currency translation and other movements
1
(16) (2) 2 (1) (17)
As at 30 September 2024
658 156 27 5 846
1.
Other movements include impact of divestments completed during the year.
\n
\"\"
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 530 112 26 5 673
Transfer between stages 27 (26) (3) 2 -
New and increased provisions (net of releases) (10) 35 (2) - 23
Write-backs - - - (2) (2)
Foreign currency translation and other movements 3 - - - 3
As at 30 September 2023 550 121 21 5 697
Transfer between stages 15 (13) (2) - -
New and increased provisions (net of releases) 23 (11) 3 - 15
Write-backs
- - - (3) (3)
Foreign currency translation
(15) (1) - - (16)
As at 30 September 2024
573 96 22 2 693
Investment securities - debt securities at amortised cost
Allowance for ECL is included in Investment securities.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 35 - - - 35
As at 30 September 2024 34 - - - 34
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 1 - - - 1
As at 30 September 2024 1 - - - 1
Investment securities - debt securities at FVOCI
As FVOCI assets are measured at fair value, there is no separate allowance for ECL. Instead, the allowance for ECL is recognised in Other
comprehensive income with a corresponding charge to profit or loss.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 15 - - - 15
As at 30 September 2024 20 - - - 20
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 12 - - - 12
As at 30 September 2024 14 - - - 14
\n
\"\"
Credit impairment charge - Income Statement
Credit impairment charge/(release) analysis
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
New and increased provisions (net of releases)
1,2
- Collectively assessed 262 152 11 41
- Individually assessed
465 476 367 376
Write-backs
3
(184) (216) (135) (194)
Recoveries of amounts previously written-off
(137) (167) (117) (148)
Total credit impairment charge
406 245 126 75
1.
Includes the impact of transfers between collectively assessed and individually assessed.
2.
New and increased provisions (net of releases) includes:
Consolidated The Company
2024 2023 2024 2023
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Net loans and advances at amortised cost 214 462 106 472 (6) 367 15 374
Off-balance sheet commitments 40 3 43 4 15 - 21 2
Investment securities - debt securities at amortised cost 3 - (1) - (1) - - -
Investment securities - debt securities at FVOCI 5 - 4 - 3 - 5 -
Total 262 465 152 476 11 367 41 376
3.
Consists of write-backs in Net loans and advances at amortised cost of $177 million (2023: $212 million) for the Group and $132 million (2023: $192 million) for the Company, and Off-balance sheet
commitments of $7 million (2023: $4 million) for the Group and $3 million (2023: $2 million) for the Company.
The contractual amount outstanding on financial assets that were written off during the year and that are still subject to enforcement activity is
$136 million (2023: $147 million) for the Group, and $116 million (2023: $133 million) for the Company.
\n
\"\"
Recognition and measurement
Expected credit loss model
The measurement of expected credit losses reflects an unbiased, probability weighted prediction which evaluates a range of scenarios and
takes into account the time value of money, past events, current conditions and forecasts of future economic conditions.
Expected credit losses are either measured over 12 months or the expected lifetime of the financial asset, depending on credit deterioration
since origination, according to the following three-stage approach:
\u2022
Stage 1: At the origination of a financial asset, and where there has not been a Significant Increase in Credit Risk (SICR) since origination, an
allowance for ECL is recognised reflecting the expected credit losses resulting from default events that are possible within the next 12
months from the reporting date. For instruments with a remaining maturity of less than 12 months, expected credit losses are estimated
based on default events that are possible over the remaining time to maturity.
\u2022
Stage 2: Where there has been a SICR since origination, an allowance for ECL is recognised reflecting expected credit losses resulting from
all possible default events over the expected life of a financial instrument. If credit risk were to improve in a subsequent period such that the
increase in credit risk since origination is no longer considered significant, the exposure returns to a Stage 1 classification with ECL
measured accordingly.
\u2022
Stage 3: Where there is objective evidence of impairment, an allowance equivalent to lifetime ECL is recognised.
Expected credit losses are estimated on a collective basis for exposures in Stage 1 and Stage 2, and on either a collective or individual basis
when transferred to Stage 3.
For financial assets that are credit-impaired on initial recognition, lifetime ECL are incorporated into the calculation of the effective interest rate
on initial recognition. Consequently, these assets do not carry an expected credit loss allowance on initial recognition. The amount recognised
as a provision for credit losses after initial recognition is equal to the change in the lifetime expected credit loss since initial recognition.
Measurement of expected credit loss
ECL is calculated as the product of the following credit risk factors at a facility level, discounted to incorporate the time value of money:
\u2022
Probability of default (PD) - the estimate of the likelihood that a borrower will default over a given period;
\u2022
Exposure at default (EAD) - the expected balance sheet exposure at default taking into account repayments of principal and interest,
expected additional drawdowns and accrued interest; and
\u2022
Loss given default (LGD) - the expected loss in the event of the borrower defaulting, expressed as a percentage of the facility's EAD, taking
into account direct and indirect recovery costs.
These credit risk factors are adjusted for current and forward-looking information through the use of macroeconomic variables.
Expected life
When estimating ECL for exposures in Stage 2 and 3, the Group considers the expected lifetime over which it is exposed to credit risk.
For non-retail portfolios, the Group uses the maximum contractual period as the expected lifetime for non-revolving credit facilities. For non-
retail revolving credit facilities, such as corporate lines of credit, the expected life reflects the Group\u2019s contractual right to withdraw a facility as
part of a contractually agreed annual review, after taking into account the applicable notice period.
For retail portfolios, the expected lifetime is determined using a behavioural term, taking into account expected prepayment behaviour and
events that give rise to substantial modifications.
Definition of default, credit impaired and write-offs
The definition of default used in measuring ECL is aligned to the definition used for internal credit risk management purposes across all
portfolios. This definition is also in line with the regulatory definition of default. Default occurs when there are indicators that a debtor is unlikely
to fully satisfy contractual credit obligations to the Group, or the exposure is 90 days past due.
Financial assets, including those that are well secured, are considered credit impaired for financial reporting purposes when they default.
When there is no realistic probability of recovery, loans are written off against the related impairment allowance on completion of the Group\u2019s
internal processes and when all reasonably expected recoveries have been collected. In subsequent periods, any recoveries of amounts
previously written-off are recorded as a release to the credit impairment charge in the Income Statement.
Modified financial assets
If the contractual terms of a financial asset are modified or an existing financial asset is replaced with a new one for either credit or commercial
reasons, an assessment is made to determine if the changes to the terms of the existing financial asset are considered substantial. This
assessment considers both changes in cash flows arising from the modified terms as well as changes in the overall instrument risk profile; for
example, changes in the principal (credit limit), term, or type of underlying collateral. Where a modification is considered non-substantial, the
existing financial asset is not derecognised and its date of origination continues to be used to determine SICR. Where a modification is
considered substantial, the existing financial asset is derecognised and a new financial asset is recognised at its fair value on the modification
date, which also becomes the date of origination used to determine SICR for this new asset.
\n
\"\"
Significant increase in credit risk
Stage 2 assets are those that have experienced a SICR since origination. In determining what constitutes a SICR, the Group considers both
qualitative and quantitative information:
i. Internal credit rating grade
For the majority of portfolios, the primary indicator of a SICR is a significant deterioration in the internal credit rating grade of a facility since
origination and is measured by the application of thresholds.
For non-retail portfolios, a SICR is determined by comparing the Customer Credit Rating (CCR) applicable to a facility at reporting date to
the CCR at origination of that facility. A CCR is assigned to each borrower which reflects the PD of the borrower and incorporates both
borrower and non-borrower specific information, including forward-looking information. CCRs are subject to review at least annually or
more frequently when an event occurs which could affect the credit risk of the customer.
For retail portfolios, a SICR is determined, depending on the type of facility, by either comparing the scenario weighted lifetime PD at the
reporting date to that at origination, or by reference to customer behavioural score thresholds. The scenario weighted lifetime probability of
default may increase significantly if:
\u2022
there has been a deterioration in the economic outlook, or an increase in economic uncertainty; or
\u2022
there has been a deterioration in the customer\u2019s overall credit position, or ability to manage their credit obligations.
ii. Backstop criteria
The Group uses 30 days past due arrears as a backstop criterion for both non-retail and retail portfolios. For retail portfolios only, facilities
are required to demonstrate three to six months of good payment behaviour prior to being allocated back to Stage 1.
Forward-looking information
Forward-looking information is incorporated into both our assessment of whether a financial asset has experienced a SICR since origination
and in our estimate of ECL. In applying forward-looking information for estimating ECL, the Group considers four probability-weighted forecast
economic scenarios as follows:
i. Base case scenario
The base case scenario is the Group\u2019s view of future macroeconomic conditions. It reflects the same basis of assumptions used by
management for strategic planning and budgeting, and also informs the Group Internal Capital Adequacy Assessment Process which is
the process the Group applies in strategic and capital planning over a 3-year time horizon;
ii. Upside and iii. Downside scenarios
The upside and downside scenarios are fixed by reference to average economic cycle conditions (that is, they are not based on the
economic conditions prevailing at balance date) and are based on a combination of more optimistic (in the case of the upside) and
pessimistic (in the case of the downside) economic events and uncertainty over long term horizons; and
iv. Severe downside scenario
The severe scenario assumes a deep economic downturn, both domestically and globally. Forecast macroeconomic variables for such a
scenario are developed by ANZ Research - Economics (ANZ Economics), reflecting a plausible scenario unfolding over a 5-year period
given current economic conditions. These assumptions have been revised in 2024, reflecting an escalation of geopolitical tensions,
persistent inflation, and worsening national budget positions.
The four scenarios are described in terms of macroeconomic variables used in the PD, LGD and EAD models (collectively the ECL models)
depending on the lending portfolio and country of the borrower. Examples of the macroeconomic variables include unemployment rates,
Gross Domestic Product (GDP) growth rates, residential property price indices, commercial property price indices and consumer price indices.
Probability weighting of each scenario is determined by management considering the risks and uncertainties surrounding the base case
economic scenario, as well as specific portfolio considerations where required. The Group Asset and Liability Committee (GALCO) is
responsible for reviewing and approving the base case economic scenario and the Credit and Market Risk Committee (CMRC) approves the
probability weights applied to each scenario.
Where applicable, temporary adjustments may be made to account for situations where known or expected risks have not been adequately
addressed in the modelling process. CMRC is responsible for approving such adjustments.
\n
\"\"
Key judgements and estimates
Collectively assessed allowance for expected credit losses
In estimating collectively assessed ECL, the Group makes judgements and assumptions in relation to:
\u2022
the selection of an estimation technique or modelling methodology; and
\u2022
the selection of inputs for those models, and the interdependencies between those inputs.
The following table summarises the key judgements and assumptions in relation to the model inputs and the interdependencies between
those inputs, and highlights significant changes during the current period.
The judgements and associated assumptions have been made within the context of the uncertainty as to how various factors might impact
the global economy and reflect historical experience and other factors that are considered to be relevant, including expectations of future
events that are believed to be reasonable under the circumstances. The Group\u2019s ECL estimates are inherently uncertain and, as a result, actual
results may differ from these estimates.
Judgement/Assumption Description Considerations for the year ended 30 September 2024
Determining when a SICR
has occurred or reversed
In the measurement of ECL, judgement is involved
in determining whether there has been a SICR
since initial recognition of a loan, which would
result in it moving from Stage 1 to Stage 2. This is
a key area of judgement since transition from
Stage 1 to Stage 2 increases the ECL from an
allowance based on the PD in the next 12
months, to an allowance for lifetime ECL.
Subsequent decreases in credit risk resulting in
transition from Stage 2 to Stage 1 may similarly
result in significant changes in the ECL allowance.
The setting of precise SICR trigger points requires
judgement which may have a material impact
upon the size of the ECL allowance. The Group
monitors the effectiveness of SICR criteria on an
ongoing basis.
The determination of SICR was consistent with prior
periods.
Measuring both 12-
month and lifetime
expected credit losses
The PD, LGD and EAD factors used in determining
ECL are point-in-time measures reflecting the
relevant forward-looking information determined
by management. Judgement is involved in
determining which forward-looking information is
relevant for particular lending portfolios and for
determining each portfolio\u2019s point-in-time
sensitivity.
In addition, judgement is required where
behavioural characteristics are applied in
estimating the lifetime of a facility which is used in
measuring ECL.
The PD, LGD and EAD models are subject to the Group\u2019s
model risk policy that stipulates periodic model monitoring
and re-validation, and defines approval procedures and
authorities according to model materiality.
There were no material changes to the policy.
Base case economic
forecast
The Group derives a forward-looking \u2018base case\u2019
economic scenario which reflects ANZ
Economics\u2019 view of future macroeconomic
conditions.
There have been no changes to the types of forward-
looking variables (key economic drivers) used as model
inputs.
As at 30 September 2024, the base case assumptions
have been updated to reflect a moderation in inflation and
an easing in labour market conditions in both Australia and
New Zealand. Both economies are forecast to continue to
grow below trend. Despite increased household
disposable incomes, limited flow-through to household
consumption is forecast.
The expected outcomes of key economic drivers for the
base case scenario at 30 September 2024 are described
below under the heading \u201cBase case economic forecast
assumptions\u201d.
\n
\"\"
Judgement/Assumption Description Considerations for the year ended 30 September 2024
Probability weighting of
each economic scenario
(base case, upside,
downside and severe
downside scenarios)
1
Probability weighting of each economic scenario
is determined by management considering the
risks and uncertainties surrounding the base case
economic scenario at each measurement date.
The assigned probability weightings in Australia,
New Zealand and Rest of World are subject to a
high degree of inherent uncertainty and therefore
the actual outcomes may be significantly different
to those projected.
Probability weightings in New Zealand shifted from
downside to upside scenarios during the current period
reflecting increasing confidence in economic recovery with
high-frequency data providing early indication that the
economy is responding to monetary easing.
Probability weightings in Australia and Rest of World
remain unchanged from the prior period, reflecting our
assessment of the continuing downside risks from the
impact of higher interest rates and inflation in these
economies.
The probability weightings for current and prior periods are
as detailed in the section below under the heading
\u2018Probability weightings\u2019.
Management temporary
adjustments
Management temporary adjustments to the ECL
allowance are used in circumstances where it is
judged that our existing inputs, assumptions and
model techniques do not capture all the risk
factors relevant to our lending portfolios.
Emerging local or global macroeconomic,
microeconomic or political events, and natural
disasters that are not incorporated into our
current parameters, risk ratings, or forward-
looking information are examples of such
circumstances.
Management have continued to apply adjustments to
accommodate uncertainty associated with higher inflation
and interest rates. Management overlays have been made
for risks particular to home loans, credit cards and
commercial lending in Australia, and for mortgages and
commercial lending in New Zealand. The total amount of
adjustments has decreased from the prior period as
anticipated risks are now represented in the portfolio
credit profiles.
Management has considered and concluded no
temporary adjustment is required at 30 September 2024
to the ECL in relation to climate or weather related events
during the period.
1.
The upside and downside scenarios are fixed by reference to average economic cycle conditions (that is, they are not based on the economic conditions prevailing at balance date) and are
based on a combination of more optimistic (in the case of the upside) and pessimistic (in the case of the downside) economic conditions.
Base case economic forecast assumptions
Continuing uncertainties described above increase the risk of the economic forecast resulting in an understatement or overstatement of the
ECL balance.
The economic drivers of the base case economic forecasts, reflective of ANZ Economics\u2019 view of future macroeconomic conditions used at
30 September 2024 are set out below. For the years following the near term forecasts below, the ECL models apply simplified assumptions
for the economic conditions to calculate lifetime loss.
Forecast calendar year
2024 2025 2026
Australia
GDP (annual % change) 1.2 2.0 2.4
Unemployment rate (annual average) 4.1 4.4 4.3
Residential property prices (annual % change) 7.3 5.5 5.5
Consumer price index (annual average % change) 3.3 2.9 2.7
New Zealand
GDP (annual % change) -0.1 0.8 2.2
Unemployment rate (annual average) 4.7 5.4 5.4
Residential property prices (annual % change) -1.0 4.5 5.0
Consumer price index (annual average % change) 3.1 2.2 1.8
Rest of World
GDP (annual % change) 2.3 1.5 1.9
Consumer price index (annual average % change) 3.1 2.4 2.1
\n
\"\"
Probability weightings
Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case
economic scenario including the uncertainties described above.
The average base case weighting has remained unchanged at 46% (2023: 46%) as the upside and downside scenario weightings have been
revised. The average upside case weighting has increased to 1% (2023: 0%), and the average downside case weighting has decreased to
40% (2023: 41%).
The assigned probability weightings in Australia, New Zealand and Rest of World are subject to a high degree of inherent uncertainty and
therefore the actual outcomes may be significantly different to those projected. The Group considers these weightings in each geography to
provide estimates of the possible loss outcomes and taking into account short and long term inter-relationships within the Group\u2019s credit
portfolios. The average weightings applied across the Group are set out below:
Consolidated The Company
2024 2023 2024 2023
Base 46% 46% 45% 45%
Upside 1% 0% 0% 0%
Downside 40% 41% 42% 42%
Severe downside 13% 13% 13% 13%
ECL - Sensitivity analysis
Given current economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future
periods, expected credit losses reported by the Group should be considered as a best estimate within a range of possible estimates.
The table below illustrates the sensitivity of collectively assessed ECL to key factors used in determining it as at 30 September 2024:
Consolidated The Company
ECL
$m
Impact
$m
ECL
$m
Impact
$m
If 1% of Stage 1 facilities were included in Stage 2 4,328 81 3,255 68
If 1% of Stage 2 facilities were included in Stage 1 4,241 (6) 3,183 (4)
100% upside scenario 1,502 (2,745) 1,129 (2,058)
100% base scenario 1,951 (2,296) 1,419 (1,768)
100% downside scenario 3,580 (667) 2,599 (588)
100% severe downside scenario 10,142 5,895 7,683 4,496
Individually assessed allowance for expected credit losses
In estimating individually assessed ECL, the Group makes judgements and assumptions in relation to expected repayments, the realisable
value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process.
Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described
above.
\n\n
\"\"
Financial liabilities
Outlined below is a description of how we classify and measure financial liabilities relevant to the note disclosures that follow.
Classi\ufb01cation and measurement
Financial liabilities
Financial liabilities are measured at amortised cost, or FVTPL when they are held for trading. Additionally, financial liabilities can be designated at
FVTPL where:
\u2022 the designation eliminates or significantly reduces an accounting mismatch which would otherwise arise;
\u2022 a group of financial liabilities are managed and their performance are evaluated on a fair value basis, in accordance with a documented risk
management strategy; or
\u2022 the financial liability contains one or more embedded derivatives unless:
a) the embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract; or
b) the embedded derivative is closely related to the host financial liability.
Where financial liabilities are designated as measured at fair value, gains or losses relating to changes in the entity\u2019s own credit risk are
included in Other comprehensive income, except where doing so would create or enlarge an accounting mismatch in profit or loss.
\n
\"\"
14. Deposits and other borrowings
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Certificates of deposit
42,206 41,919 35,434 39,426
Term deposits 273,516 247,893 199,943 196,309
On demand and short term deposits
383,014 356,601 288,228 297,195
Deposits not bearing interest
60,104 42,906 41,386 24,456
Deposits from banks & securities sold under repurchase agreements
98,550 92,562 94,513 86,464
Commercial paper and other borrowings
47,776 33,322 44,366 31,225
Deposits and other borrowings
1
905,166 815,203 703,870 675,075
Residual contractual maturity:
Within one year 894,658 805,808 699,192 671,395
More than one year
10,508 9,395 4,678 3,680
Deposits and other borrowings
905,166 815,203 703,870 675,075
Carried on Balance Sheet at:
Amortised cost 862,165 781,314 662,910 643,868
Fair value through profit or loss
43,001 33,889 40,960 31,207
Deposits and other borrowings
905,166 815,203 703,870 675,075
1.
Customer deposits balance of $716,634 million (2023: $647,400 million) for the Group and $529,557 million (2023: $517,960 million) for the Company includes Term deposits, On demand and short
term deposits and Deposits not bearing interest.
Recognition and measurement
For deposits and other borrowings that:
\u2022 are not designated at FVTPL on initial recognition, we measure them at amortised cost and recognise their interest expense using the
effective interest rate method; and
\u2022 are managed on a fair value basis, reduce or eliminate an accounting mismatch or contain an embedded derivative, we designate them as
measured at FVTPL.
Refer to Note 18 Fair value of financial assets and financial liabilities for further details.
For deposits and other borrowings designated at fair value we recognise the amount of fair value gain or loss attributable to changes in the
Group\u2019s own credit risk in Other comprehensive income in retained earnings. Any remaining amount of fair value gain or loss we recognise
directly in profit or loss. Once we have recognised an amount in other comprehensive income, we do not later reclassify it to profit or loss.
Securities sold under repurchase agreements represent a liability to repurchase the financial assets that remain on our balance sheet since the
risks and rewards of ownership remain with the Group. Over the life of the repurchase agreement, we recognise the difference between the
sale price and the repurchase price and charge it to interest expense in profit or loss.
20232024
Certificates of deposit
Term deposits
On demand and short
term deposits
Deposits not bearing interest
Deposits from banks & securities sold
under repurchase agreements
247,893
356,601
42,906
33,322
92,562
Commercial paper and
other borrowings
41,919
273,516
383,014
60,104
47,776
98,550
42,206
\n
\"\"
15. Payables and other liabilities
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Payables and accruals
7,243 5,811 4,989 4,582
Liabilities at fair value
1
6,023 5,267 5,677 4,922
Lease liabilities
1,784 1,767 1,402 1,531
Trail commission liabilities
2,055 1,469 1,606 1,469
Other liabilities
1,489 1,670 800 775
Payables and other liabilities
18,594 15,984 14,474 13,279
1.
Relate to securities sold short classified as held for trading and measured at FVTPL.
Recognition and measurement
The Group recognises liabilities when there is a present obligation to transfer economic resources as a result of past events.
Below is the measurement basis for each item classified as other liabilities:
\u2022 Payables, accruals and other liabilities are measured at the contractual amount payable or the best estimate of consideration required to
settle the payable.
\u2022 Liabilities at fair value relate to securities sold short, which we classify as held for trading and measure at FVTPL based on quoted prices in
active markets.
\u2022 Lease liabilities are initially measured at the present value of the future lease payments using the Group\u2019s incremental borrowing rate at the
lease commencement date. The carrying amount is then subsequently adjusted to reflect the interest on the lease liability, lease payments
that have been made and any lease reassessments or modifications.
\u2022 Trail commission liabilities are measured based on the present value of expected future trail commission payments taking into consideration
average behavioural loan life and outstanding balances of broker originated loans.
\n
\"\"
16. Debt issuances
The Group, primarily via ANZBGL and some of its banking subsidiaries (including ANZ Bank New Zealand and Norfina Limited (Suncorp Bank)), uses a
variety of funding programmes to issue senior debt (including covered bonds and securitisations) and subordinated debt. The difference between senior
debt and subordinated debt is that, in a winding up of an issuer, holders of senior debt of that issuer rank in priority to holders of subordinated debt of that
issuer. Subordinated debt will be repaid by the relevant issuer only after the repayment of claims of its depositors and other creditors (including the senior
debt holders) of that issuer.
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Senior debt
94,152 63,233 72,183 50,671
Covered bonds 18,931 18,223 13,853 15,084
Securitisation
3,640 880 - -
Total unsubordinated debt
116,723 82,336 86,036 65,755
Subordinated debt
- ANZBGL Additional Tier 1 capital
8,277 8,232 8,330 8,287
- ANZBGL Tier 2 capital
28,584 23,707 28,584 23,707
- Other subordinated debt securities
2,804 1,739 - 464
Total subordinated debt
39,665 33,678 36,914 32,458
Total debt issued 156,388 116,014 122,950 98,213
Residual contractual maturity
1
:
Within one year 35,107 21,746 28,751 18,499
More than one year
119,090 92,856 92,751 78,245
No maturity date (instruments in perpetuity)
2,191 1,412 1,448 1,469
Total debt issued
156,388 116,014 122,950 98,213
Carried on Balance Sheet at:
Amortised cost 154,572 114,678 120,155 95,881
Fair value through profit or loss
1,816 1,336 2,795 2,332
Total debt issued
156,388 116,014 122,950 98,213
1.
Based on the final maturity date or, in the case of Additional Tier 1 capital securities, the mandatory conversion date (if any).
Total debt issued by currency
The table below shows the Group\u2019s issued debt by currency of issue, which broadly represents the debt holders\u2019 base location.
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
USD United States dollars
45,512 32,723 37,381 24,074
EUR Euro 26,325 26,990 20,911 21,356
AUD Australian dollars
69,420 47,043 51,234 46,123
NZD New Zealand dollars
1,074 1,575 65 43
JPY Japanese yen
2,609 1,993 2,609 1,993
CHF Swiss francs
683 1,039 - -
AUD Pounds sterling
8,543 2,230 8,543 2,230
HKD Hong Kong dollars
1,403 1,407 1,403 1,407
Other Chinese yuan and Singapore dollars
819 1,014 804 987
Total debt issued
156,388 116,014 122,950 98,213
\n
\"\"
16. Debt issuances
Subordinated debt
Subordinated debt is primarily issued externally by the Group out of its banking subsidiaries, ANZBGL and ANZ Bank New Zealand. ANZ Holdings (New
Zealand) Limited also issued $800 million of perpetual subordinated debt in September 2024. The externally issued subordinated debt constitutes
subordinated debt of both the Group and the relevant issuer.
At 30 September 2024, all subordinated debt issued by ANZBGL qualifies as regulatory capital for ANZBGL. Depending on their terms and conditions, the
subordinated debt instruments issued by ANZBGL are classified as either Additional Tier 1 (AT1) capital for ANZBGL (in the case of the ANZ Capital Notes
(ANZ CN) and ANZ Capital Securities (ANZ CS)) or Tier 2 capital for ANZBGL (in the case of the term subordinated notes) for APRA\u2019s capital adequacy
purposes. Subordinated debt issued by ANZ Holdings (New Zealand) Limited or ANZ Bank New Zealand does not constitute regulatory capital for the
Group for APRA\u2019s capital adequacy purposes.
Subordinated debt issued by ANZ Bank New Zealand will constitute tier 2 capital for ANZ Bank New Zealand for the purposes of the Reserve Bank of New
Zealand\u2019s (RBNZ) capital requirements. Subordinated debt issued by ANZ Holdings (New Zealand) Limited does not constitute regulatory capital for the
RBNZ\u2019s capital adequacy purposes.
AT1 capital
All outstanding AT1 capital instruments issued by ANZBGL are Basel III fully compliant instruments (refer to Note 24 Capital management for further
information about Basel III) for APRA\u2019s capital adequacy purposes. Each of the ANZ CN and ANZ CS rank equally with each other.
Distributions on the AT1 capital instruments are non-cumulative and subject to the issuer\u2019s absolute discretion and certain payment conditions (including
regulatory requirements). Distributions on ANZ CNs are franked in line with the franking applied to ANZGHL\u2019s ordinary shares.
Where specified, the AT1 capital instruments provide the issuer with an early redemption or conversion option on a specified date and in certain other
circumstances (such as a tax or regulatory event). This redemption option is subject to APRA\u2019s prior written approval.
Each of the AT1 capital instruments will immediately convert into a variable number of ANZGHL\u2019s ordinary shares (based on the average market price of
the shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number of ANZGHL\u2019s ordinary shares) if:
\u2022
ANZBGL\u2019s Common Equity Tier 1 capital ratios are equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
\u2022
APRA notifies ANZBGL that, without the conversion or write-off of certain securities or a public sector injection of capital (or equivalent support), it
considers that ANZBGL would become non-viable \u2013 known as a Non-Viability Trigger Event.
Where specified, AT1 capital instruments mandatorily convert into a variable number of ANZGHL\u2019s ordinary shares (based on the average market price of
the shares immediately prior to conversion less a 1% discount):
\u2022
on a specified mandatory conversion date; or
\u2022
on an earlier date under certain circumstances as set out in the terms.
However, this mandatory conversion is deferred for a specified period if certain conversion tests are not met.
If the AT1 capital securities convert, and the holders receive ANZGHL ordinary shares, then:
\u2022
the AT1 capital securities are transferred by the holders to ANZGHL for their face value;
\u2022
ANZBGL shall redeem the securities and simultaneously issue ordinary shares to its parent ANZ BH Pty Ltd (based on ANZBGL\u2019s share price calculated
by reference to its consolidated net assets, subject to a maximum conversion number); and
\u2022
ANZ BH Pty Ltd will issue shares to ANZGHL (based on ANZ BH Pty Ltd\u2019s share price calculated by reference to its consolidated net assets, subject to a
maximum conversion number).
Preference shares issued by ANZ Bank New Zealand will constitute AT1 capital for ANZ Bank New Zealand for the purposes of the RBNZ\u2019s capital
requirements, however they will not constitute AT1 capital for the Group as the terms of the preference shares do not satisfy APRA\u2019s capital requirements.
Externally issued preference shares are included within non-controlling interests in Note 23 Shareholders\u2019 equity.
The tables below show key details of the ANZBGL\u2019s AT1 capital instruments on issue at 30 September in both the current and prior years:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
ANZBGL's Additional Tier 1 capital (perpetual subordinated securities)
1
ANZ Capital Notes
AUD 1,622m ANZ CN4
2
- 1,621 - 1,621
AUD 931m ANZ CN5
931 929 931 929
AUD 1,500m ANZ CN6
1,490 1,489 1,490 1,489
AUD 1,310m ANZ CN7
1,300 1,298 1,300 1,298
AUD 1,500m ANZ CN8
1,485 1,483 1,483 1,481
AUD 1,700m ANZ CN9
1,680 - 1,678 -
ANZ Capital Securities
USD 1,000m ANZ Capital Securities 1,391 1,412 1,448 1,469
Total ANZBGL Additional Tier 1 capital
3
8,277 8,232 8,330 8,287
1.
Carrying values are net of issuance costs.
2.
All of the ANZ CN4 were redeemed on 20 March 2024 with approximately $905 million of the proceeds from redemption reinvested into ANZ CN9 on the same date.
3.
This forms part of ANZBGL\u2019s qualifying AT1 capital. Refer to Note 24 Capital management for further details.
\n
\"\"
ANZ Capital Notes
ANZ CN4 ANZ CN5 ANZ CN6
Issuer
ANZBGL ANZBGL ANZBGL
Issue date
27 September 2016 28 September 2017 8 July 2021
Issue amount
$1,622 million $931 million $1,500 million
Face value per note
$100 $100 $100
Distribution frequency
Quarterly in arrears Quarterly in arrears Quarterly in arrears
Distribution rate
Floating rate: (90 day Bank
Bill rate+4.7%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+3.8%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+3.0%)x(1-Australian
corporate tax rate)
Issuer\u2019s early redemption or conversion option
20 March 2024
1
20 March 2025 20 March 2028
Mandatory conversion date
20 March 2026
2
20 March 2027 20 September 2030
Common Equity Capital Trigger Event
Yes Yes Yes
Non-Viability Trigger Event
Yes Yes Yes
Carrying value (net of issue costs)
nil $931 million $1,490 million
(2023: $1,621 million) (2023: $929 million) (2023: $1,489 million)
ANZ CN7 ANZ CN8 ANZ CN9
Issuer
ANZBGL ANZBGL ANZBGL
Issue date
24 March 2022 24 March 2023 20 March 2024
Issue amount
$1,310 million $1,500 million $1,700 million
Face value per note
$100 $100 $100
Distribution frequency
Quarterly in arrears Quarterly in arrears Quarterly in arrears
Distribution rate
Floating rate: (90 day Bank
Bill rate+2.7%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+2.75%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+2.9%)x(1-Australian
corporate tax rate)
Issuer\u2019s early redemption or conversion option
20 March 2029 20 March 2030 20 March 2031
Mandatory conversion date
20 September 2031 20 September 2032 20 September 2033
Common Equity Capital Trigger Event
Yes Yes Yes
Non-Viability Trigger Event
Yes Yes Yes
Carrying value (net of issue costs)
$1,300 million $1,485 million $1,680 million
(2023: $1,298 million) (2023: $1,483 million) (2023: nil)
1.
All of the ANZ CN4 were redeemed on 20 March 2024 with approximately $905 million of the proceeds from redemption reinvested into ANZ CN9 on the same date.
2.
The mandatory conversion date is no longer applicable as all of ANZ CN4 have been redeemed.
\n
\"\"
ANZ Capital Securities
Issuer ANZBGL, acting through its London branch
Issue date 15 June 2016
Issue amount USD 1,000 million
Face value Minimum denomination of USD 200,000 and an integral multiple of USD 1,000 above that
Interest frequency Semi-annually in arrears
Interest rate
Fixed at 6.75% p.a. until 15 June 2026. Reset on 15 June 2026 and each 5 year anniversary
to a floating rate: 5 year USD mid-market swap rate + 5.168%
Issuer\u2019s early redemption option 15 June 2026 and each 5 year anniversary
Common Equity Capital Trigger Event Yes
Non-Viability Trigger Event Yes
Carrying value (net of issue costs) $1,391 million (2023: $1,412 million)
\n
\"\"
Tier 2 capital
Convertible term subordinated notes issued by ANZBGL are Basel III fully compliant instruments for APRA\u2019s capital adequacy purposes. If a Non-Viability
Trigger Event occurs, each of the convertible term subordinated notes will immediately convert into ANZGHL ordinary shares (based on the average
market price of the ANZGHL shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number).
If the Tier 2 capital securities convert, and the holders receive ANZGHL ordinary shares, then ANZBGL shall issue ordinary shares to its parent ANZ BH
Pty Ltd (based on ANZBGL\u2019s share price calculated by reference to its consolidated net assets, subject to a maximum conversion number) and ANZ BH
Pty Ltd will issue shares to ANZGHL (calculated on the same basis).
The table below shows the Tier 2 capital subordinated debt issued by ANZBGL at 30 September in the current and prior year:
Consolidated The Company
Next optional call date \u2013 Interest
2024 2023 2024 2023
Currency Face value Maturity subject to APRA\u2019s prior approval rate
$m $m $m $m
ANZBGL Tier 2 capital (term subordinated notes)
USD 800m 2024 N/A Fixed - 1,220 - 1,220
JPY 20,000m 2026 N/A Fixed
203 207 203 207
USD 1,500m 2026 N/A Fixed
2,089 2,125 2,089 2,125
AUD 225m 2032 2027 Fixed
224 225 224 225
AUD 1,750m 2029 2024 Floating
- 1,750 - 1,750
EUR
1
1,000m 2029 2024 Fixed 1,600 1,555 1,600 1,555
AUD 265m 2039 N/A Fixed
189 170 189 170
USD 1,250m 2030 2025 Fixed
1,764 1,808 1,764 1,808
AUD 1,250m 2031 2026 Floating
1,250 1,250 1,250 1,250
USD 1,500m2035 2030 Fixed
1,845 1,786 1,845 1,786
AUD 330m 2040 N/A Fixed
225 202 225 202
AUD 195m 2040 N/A Fixed
131 117 131 117
EUR 750m 2031 2026 Fixed
1,154 1,104 1,154 1,104
AUD 500m 2031 2026 Fixed
904 830 904 830
AUD 1,450m 2032 2027 Fixed
1,440 1,400 1,440 1,400
AUD 300m 2032 2027 Floating
290 300 290 300
JPY 59,400m 2032 2027 Fixed
597 606 597 606
SGD 600m 2032 2027 Fixed
684 659 684 659
AUD 900m 2034 2029 Fixed
907 871 907 871
USD 1,250m 2032 N/A Fixed
1,817 1,803 1,817 1,803
EUR 1,000m 2033 2028 Fixed
1,642 1,594 1,642 1,594
AUD 1,000m 2038 2033 Fixed
1,007 975 1,007 975
AUD 275m 2033 2028 Fixed
275 275 275 275
AUD 875m 2033 2028 Floating
867 875 867 875
AUD 1,434m 2034 2029 Floating
1,415 - 1,415 -
AUD 850m 2034 2029 Fixed
850 - 850 -
USD 1,000m 2034 2029 Fixed
1,478 - 1,478 -
AUD 1,900m 2039 2034 Fixed
1,947 - 1,947 -
USD 1,250m 2035 2034 Fixed
1,790 - 1,790 -
Total ANZBGL Tier 2 capital
2,3
28,584 23,707 28,584 23,707
1.
The EUR 1,000m subordinated notes will be redeemed on 21 November 2024.
2.
Carrying values are net of issuance costs, and, where applicable, include fair value hedge accounting adjustments.
3.
This forms part of ANZBGL\u2019s qualifying Tier 2 capital. Refer to Note 24 Capital management for further details.
\n
\"\"
Other subordinated debt securities
The term subordinated notes issued by ANZ Bank New Zealand constitute tier 2 capital under RBNZ requirements. However, they do not (among other
things) contain a Non-Viability Trigger Event and therefore do not meet APRA\u2019s requirements for Tier 2 capital instruments in order to qualify as regulatory
capital for the Group.
ANZ Holdings (New Zealand) Limited externally issued $800m perpetual subordinated notes in September 2024, however, they do not constitute tier 2
capital for either APRA\u2019s or RBNZ\u2019s capital adequacy purposes.
Consolidated The Company
Interest
2024 2023 2024 2023
Currency Face value Maturity Next optional call date
1
rate $m $m $m $m
Non-Basel III compliant perpetual subordinated notes issued by ANZBGL
2
USD 300m Perpetual
Each semi-annual interest payment
date
Floating - 464 - 464
Perpetual subordinated notes issued by ANZ Holdings (New Zealand) Limited
3
AUD 800m Perpetual 2030 Floating 800 - - -
Term subordinated notes issued by ANZ Bank New Zealand Limited
NZD 600m 2031 2026 Fixed 549 555 - -
USD 500m 2032 2027 Fixed
708 720 - -
USD 500m 2034 2029 Fixed
747 - - -
Other subordinated debt
4
2,804 1,739 - 464
1.
Subject to APRA\u2019s or RBNZ\u2019s prior approval (as applicable).
2.
The USD 300 million perpetual subordinated notes were redeemed by ANZBGL on 31 October 2023.
3.
The perpetual subordinated notes were issued by ANZ Holdings (New Zealand) Limited on 18 September 2024 with the proceeds invested in perpetual preference shares issued internally by ANZ Bank
New Zealand (which constitute additional tier 1 capital for ANZ Bank New Zealand for the purposes of RBNZ\u2019s capital requirements but not for the purposes of APRA\u2019s capital requirements).
4.
ANZ Bank New Zealand also externally issued NZD 550 million of perpetual preference shares on 18 July 2022 and NZD 275 million of perpetual preference shares on 19 March 2024. These perpetual
preference shares constitute AT1 capital for ANZ Bank New Zealand for the purposes of RBNZ\u2019s capital requirements but not for the purposes of APRA\u2019s capital requirements. These preference shares
are included within non-controlling interests in Note 23 Shareholders\u2019 equity.
Recognition and measurement
Debt issuances are initially recognised at fair value and are subsequently measured at amortised cost, except where designated at FVTPL.
Interest expense on debt issuances is recognised using the effective interest rate method. Where the group enters into a fair value hedge
accounting relationship, the fair value attributable to the hedged risk is reflected in adjustments to the carrying value of the debt.
Subordinated debt with capital-based conversion features (i.e. Common Equity Capital Trigger Events or Non-Viability Trigger Events) are
considered to contain embedded derivatives that we account for separately at FVTPL. The embedded derivatives arise because the number
of shares issued on conversion following any of those trigger events is subject to the maximum conversion number, however they have no
significant value as of the reporting date given the remote nature of those trigger events
.
\n
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17. Financial risk management
Risk management framework and model
Introduction
The use of financial instruments is fundamental to the Group\u2019s businesses of providing banking and other financial services to our customers. The
associated financial risks (primarily credit, market, and liquidity risks) are a significant portion of the Group\u2019s key material risks.
We disclose details of all key material risks impacting the Group, and further information on the Group\u2019s risk management activities, in the Governance and
Risk Management sections of this Annual Report.
This note details the Group\u2019s financial risk management policies, processes and quantitative disclosures in relation to the key financial risks.
Key material financial risks Key sections applicable to this risk
Credit risk
The risk of financial loss resulting from:
\u2022
a counterparty failing to fulfil its obligations; or
\u2022
a decrease in credit quality of a counterparty resulting in a
financial loss.
Credit risk incorporates the risks associated with us lending to
customers who could be impacted by climate change, changes to
laws, regulations, or other policies adopted by governments or
regulatory authorities. Climate change impacts include both physical
risks (climate- or weather-related events) and transition risks
resulting from the adjustment to a low emissions
economy. Transition risks include resultant changes to laws,
regulations and policies noted above.
\u2022
Credit risk overview, management and control responsibilities
\u2022
Maximum exposure to credit risk
\u2022
Credit quality
\u2022
Concentrations of credit risk
\u2022
Collateral management
Market risk
The risk to the Group\u2019s earnings arising from:
\u2022
changes in interest rates, foreign exchange rates, credit spreads,
volatility and correlations; or
\u2022
fluctuations in bond, commodity or equity prices.
\u2022
Market risk overview, management and control responsibilities
\u2022
Measurement of market risk
\u2022
Traded and non-traded market risk
\u2022
Equity securities designated at FVOCI
\u2022
Foreign currency risk \u2013 structural exposure
Liquidity and funding risk
The risk that the Group is unable to meet payment obligations as
they fall due, including:
\u2022
repaying depositors or maturing wholesale debt; or
\u2022
the Group having insufficient capacity to fund increases in assets.
\u2022
Liquidity risk overview, management and control responsibilities
\u2022
Key areas of measurement for liquidity risk
\u2022
Liquidity risk outcomes
\u2022
Residual contractual maturity analysis of the Group\u2019s liabilities
\n
\"\"
Overview
An overview of our risk management framework
This overview is provided to aid the users of the financial statements in understanding the context of the financial disclosures required under AASB 7
Financial Instruments: Disclosures. It should be read in conjunction with the Governance and Risk Management sections of this Annual Report.
The Board is responsible for establishing and overseeing the Group\u2019s Risk Management Framework (RMF). The Board has delegated authority to the
Board Risk Committee (BRC) to develop and monitor compliance with the Group\u2019s risk management policies. The BRC reports regularly to the Board on its
activities.
The Board approves the strategic objectives of the Group including:
\u2022
the Risk Appetite Statement (RAS), which sets out the Board\u2019s expectations regarding the degree of risk that the Group is prepared to accept in pursuit
of its strategic objectives and business plan; and
\u2022
the Risk Management Strategy (RMS), which describes the Group\u2019s strategy for managing risks and the key elements of the RMF that give effect to this
strategy. This includes a description of each material risk, and an overview of how the RMF addresses each 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
material risks.
The Group, through its training and management standards and procedures, aims to maintain a disciplined and robust control environment in which all
employees understand their roles and obligations. At ANZ, risk is everyone\u2019s responsibility.
The Group has an independent risk management function, headed by the Chief Risk Officer who:
\u2022
is responsible for overseeing the risk profile and the risk management framework;
\u2022
can effectively challenge activities and decisions that materially affect the Group\u2019s risk profile; and
\u2022
has an independent reporting line to the BRC to enable the appropriate escalation of issues of concern.
The Internal Audit Function reports directly to the Board Audit Committee (BAC). Internal Audit provides:
\u2022
an independent evaluation of the Group\u2019s RMF annually that seeks to ensure compliance with, and the effectiveness of, the risk management
framework;
\u2022
facilitation of a comprehensive review every three years that seeks to ensure the appropriateness, effectiveness and adequacy of the risk
management framework; and
\u2022
recommendations to improve the framework and/or work practices to strengthen the effectiveness of day-to-day operations.
\n
\"\"
Credit risk
Credit risk overview, management and control responsibilities
Granting credit facilities to customers is one of the Group\u2019s major sources of income. As this activity is also a principal risk, the Group dedicates
considerable resources to its management. The Group assumes credit risk in a wide range of lending and other activities in diverse markets and in many
jurisdictions. Credit risks arise from traditional lending to customers as well as from interbank, treasury, trade finance and capital markets activities around
the world.
Our credit risk management framework ensures we apply a consistent approach across the Group when we measure, monitor and manage the credit risk
appetite set by the Board. The Board is assisted and advised by the BRC in discharging its duty to oversee credit risk. The BRC:
x
sets the credit risk appetite and credit strategies; and
x
approves credit transactions beyond the discretion of executive management.
We quantify credit risk through an internal credit rating system (masterscales) to ensure consistency across exposure types and to provide a consistent
framework for reporting and analysis. The system uses models and other tools to measure the following for customer exposures:
Probability of Default (PD) Expressed by a Customer Credit Rating (CCR), reflecting the Group\u2019s assessment of a customer\u2019s ability to
service and repay debt.
Exposure at Default (EAD) The expected balance sheet exposure at default taking into account repayments of principal and interest,
expected additional drawdowns and accrued interest at the time of default.
Loss Given Default (LGD) Expressed by a Security Indicator (SI) ranging from A to G. The SI is calculated by reference to the
percentage of loan covered by security which the Group can realise if a customer defaults. The A-G scale
is supplemented by a range of other SIs which cover factors such as cash cover and sovereign backing.
For retail and some small business lending, we group exposures into large homogenous pools \u2013 and the
LGD is assigned at the pool level.
Our specialist credit risk teams develop and validate the Group\u2019s PD and LGD rating models. The outputs from these models drive our day-to-day credit
risk management decisions including origination, pricing, approval levels, regulatory capital adequacy, economic capital allocation, and credit provisioning.
All customers with whom the Group has a credit relationship are assigned a CCR at origination via either of the following assessment approaches:
Large and more complex lending Retail and some small business lending
Rating models provide a consistent and structured assessment, with
judgement required around the use of out-of-model factors. We
handle credit approval on a dual approval basis, jointly with the
business writer and an independent credit officer.
Automated assessment of credit applications using a combination of
scoring (application and behavioural), policy rules and external credit
reporting information. If the application does not meet the automated
assessment criteria, then it is subject to manual assessment.
We use the Group\u2019s internal CCRs to manage the credit quality of financial assets. To enable wider comparisons, the Group\u2019s CCRs are mapped to
external rating agency scales as follows:
Credit Quality
Description Internal CCR ANZ Customer Requirements
Moody\u2019s
Ratings
S&P Global
Ratings
Strong CCR 0+ to 4- Demonstrated superior stability in their operating and financial
performance over the long-term, and whose earnings capacity
is not significantly vulnerable to foreseeable events.
Aaa - Baa3 AAA - BBB-
Satisfactory CCR 5+ to 6- Demonstrated sound operational and financial stability over the
medium to long-term, even though some may be susceptible to
cyclical trends or variability in earnings.
Ba1 - B1 BB
+
- B+
Weak CCR 7+ to 8= Demonstrated some operational and financial instability, with
variability and uncertainty in profitability and liquidity projected to
continue over the short and possibly medium term.
B2 - Caa B
- CCC
Defaulted CCR 8- to 10 When doubt arises as to the collectability of a credit facility, the
financial instrument (or \u2018the facility\u2019) is classified as defaulted.
N/A N/A
\n
\"\"
Maximum exposure to credit risk
For financial assets recognised on the Balance Sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be
differences between the carrying amounts reported on the Balance Sheet and the amounts reported in the tables below. Principally, these differences
arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or
bank notes and coins.
For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure
to credit risk is the maximum amount the Group would have to pay if the instrument is called upon.
The table below shows our maximum exposure to credit risk of on-balance sheet and off-balance sheet positions before taking account of any collateral
held or other credit enhancements.
Reported Excluded
1
Maximum exposure
to credit risk
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
On-balance sheet positions
Net loans and advances 804,032 707,694 - - 804,032 707,694
Other financial assets:
Cash and cash equivalents 150,965 168,154 1,196 1,070 149,769 167,084
Settlement balances owed to ANZ
5,484 9,349 5,484 9,349 - -
Collateral paid
10,090 8,558 - - 10,090 8,558
Trading assets
45,755 37,004 6,399 4,881 39,356 32,123
Derivative financial instruments
54,370 60,406 - - 54,370 60,406
Investment securities
- debt securities at amortised cost 7,091 7,752 - - 7,091 7,752
- debt securities at FVOCI
131,944 88,271 - - 131,944 88,271
- equity securities at FVOCI
1,065 946 1,065 946 - -
- debt securities at FVTPL
162 - - - 162 -
Regulatory deposits
665 646 - - 665 646
Other financial assets
2
4,547 4,417 - - 4,547 4,417
Total other financial assets
412,138 385,503 14,144 16,246 397,994 369,257
Subtotal 1,216,170 1,093,197 14,144 16,246 1,202,026 1,076,951
Off-balance sheet positions
Undrawn and contingent facilities
3
298,152 290,055 - - 298,152 290,055
Total
1,514,322 1,383,252 14,144 16,246 1,500,178 1,367,006
1.
Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures and carbon credits within Trading assets; and
equity securities within Investment securities were excluded as they do not have credit risk exposure.
2.
Other financial assets mainly comprise accrued interest and acceptances.
3.
Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for ECL.
\n
\"\"
Reported Excluded
1
Maximum exposure
to credit risk
2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m
On-balance sheet positions
Net loans and advances 588,998 563,017 - - 588,998 563,017
Other financial assets:
Cash and cash equivalents 137,288 154,408 843 667 136,445 153,741
Settlement balances owed to ANZ
5,019 8,935 5,019 8,935 - -
Collateral paid
8,797 7,717 - - 8,797 7,717
Trading assets
38,427 30,693 6,243 4,472 32,184 26,221
Derivative financial instruments
57,627 59,989 - - 57,627 59,989
Investment securities
- debt securities at amortised cost 5,356 5,936 - - 5,356 5,936
- debt securities at FVOCI
107,388 76,320 - - 107,388 76,320
- equity securities at FVOCI
1,060 945 1,060 945 - -
- debt securities at FVTPL
162 - - - 162 -
Regulatory deposits
222 284 - - 222 284
Due from controlled entities
24,315 26,067 - - 24,315 26,067
Other financial assets
2
3,090 3,024 - - 3,090 3,024
Total other financial assets 388,751 374,318 13,165 15,019 375,586 359,299
Subtotal 977,749 937,335 13,165 15,019 964,584 922,316
Off-balance sheet positions
Undrawn and contingent facilities
3
249,548 252,415 - - 249,548 252,415
Total
1,227,297 1,189,750 13,165 15,019 1,214,132 1,174,731
1.
Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures, and carbon credits within Trading assets; and
equity securities within Investment securities were excluded as they do not have credit risk exposure.
2.
Other financial assets mainly comprise accrued interest and acceptances.
3.
Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for expected credit losses.
\n
\"\"
Credit quality
An analysis of the Group\u2019s credit risk exposure is presented in the following tables based on the Group\u2019s internal credit quality rating by stage without
taking account of the effects of any collateral or other credit enhancements:
Net loans and advances
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated
$m
$m $m $m $m
As at 30 September 2024
Strong 485,243 17,072 - - 502,315
Satisfactory
188,825 46,940 - - 235,765
Weak
15,538 18,222 - - 33,760
Defaulted
- - 5,976 832 6,808
Gross loans and advances at amortised cost
689,606 82,234 5,976 832 778,648
Allowance for ECL (1,276) (1,653) (443) (303) (3,675)
Net loans and advances at amortised cost
688,330 80,581 5,533 529 774,973
Coverage ratio 0.19% 2.01% 7.41% 36.42% 0.47%
Loans and advances at FVTPL 24,786
Loans and advances purchased credit impaired
1
551
Unearned income
(515)
Capitalised brokerage and other origination costs
4,237
Net carrying amount
804,032
As at 30 September 2023
Strong 411,583
17,063 - - 428,646
Satisfactory 193,170 37,977 - - 231,147
Weak 11,306 10,398 - - 21,704
Defaulted - - 3,858 1,037 4,895
Gross loans and advances at amortised cost 616,059 65,438 3,858 1,037 686,392
Allowance for ECL (1,227) (1,624) (329) (366) (3,546)
Net loans and advances at amortised cost 614,832 63,814 3,529 671 682,846
Coverage ratio 0.20% 2.48% 8.53% 35.29% 0.52%
Loans and advances at FVTPL 21,888
Unearned income (515)
Capitalised brokerage and other origination costs 3,475
Net carrying amount 707,694
1.
Represents Stage 3 exposures from Suncorp Bank at the date of acquisition recognised net of allowance for ECL.
\n
\"\"
Net loans and advances
\n
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 366,329 14,061 - - 380,390
Satisfactory
121,820 33,813 - - 155,633
Weak
11,433 11,945 - - 23,378
Defaulted
- - 4,574 485 5,059
Gross loans and advances at amortised cost
499,582 59,819 4,574 485 564,460
Allowance for ECL (1,006) (1,150) (339) (220) (2,715)
Net loans and advances at amortised cost
498,576 58,669 4,235 265 561,745
Coverage ratio 0.20% 1.92% 7.41% 45.36% 0.48%
Loans and advances at FVTPL 24,439
Unearned income (489)
Capitalised brokerage and other origination costs
3,303
Net carrying amount
588,998
As at 30 September 2023
Strong 315,206 11,682 - - 326,888
Satisfactory 160,357 31,769 - - 192,126
Weak 10,906 8,362 - - 19,268
Defaulted - - 2,994 731 3,725
Gross loans and advances at amortised cost 486,469 51,813 2,994 731 542,007
Allowance for ECL (1,026) (1,239) (251) (279) (2,795)
Net loans and advances at amortised cost 485,443 50,574 2,743 452 539,212
Coverage ratio 0.21% 2.39% 8.38% 38.17% 0.52%
Loans and advances at FVTPL 21,240
Unearned income (483)
Capitalised brokerage and other origination costs 3,048
Net carrying amount 563,017
\n
\"\"
Off-balance sheet commitments - undrawn and contingent facilities
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 200,720 1,497 - - 202,217
Satisfactory
26,496 3,249 - - 29,745
Weak
880 931 - - 1,811
Defaulted
- - 101 26 127
Gross undrawn and contingent facilities subject to ECL 228,096 5,677 101 26 233,900
Allowance for ECL included in Other provisions (refer to Note 22) (658) (156) (27) (5) (846)
Net undrawn and contingent facilities subject to ECL
227,438 5,521 74 21 233,054
Coverage ratio 0.29% 2.75% 26.73% 19.23% 0.36%
Undrawn and contingent facilities not subject to ECL
1
65,098
Net undrawn and contingent facilities 298,152
As at 30 September 2023
Strong 189,980 1,234 - - 191,214
Satisfactory 30,007 4,276 - - 34,283
Weak 975 746 - - 1,721
Defaulted - - 79 47 126
Gross undrawn and contingent facilities subject to ECL 220,962 6,256 79 47 227,344
Allowance for ECL included in Other provisions (refer to Note 22) (630) (162) (25) (10) (827)
Net undrawn and contingent facilities subject to ECL 220,332 6,094 54 37 226,517
Coverage ratio 0.29% 2.59% 31.65% 21.28% 0.36%
Undrawn and contingent facilities not subject to ECL
1
63,538
Net undrawn and contingent facilities 290,055
1.
Commitments that can be unconditionally cancelled at any time without notice.
\n
\"\"
Off-balance sheet commitments - undrawn and contingent facilities
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 169,168 1,317 - - 170,485
Satisfactory
21,053 2,225 - - 23,278
Weak
668 522 - - 1,190
Defaulted
- - 66 17 83
Gross undrawn and contingent facilities subject to ECL
190,889 4,064 66 17 195,036
Allowance for ECL included in Other provisions (refer to Note 22) (573) (96) (22) (2) (693)
Net undrawn and contingent facilities subject to ECL
190,316 3,968 44 15 194,343
Coverage ratio 0.30% 2.36% 33.33% 11.76% 0.36%
Undrawn and contingent facilities not subject to ECL
1
55,205
Net undrawn and contingent facilities 249,548
As at 30 September 2023
Strong 167,251 1,065 - - 168,316
Satisfactory 25,966 3,554 - - 29,520
Weak 753 466 - - 1,219
Defaulted - - 64 35 99
Gross undrawn and contingent facilities subject to ECL 193,970 5,085 64 35 199,154
Allowance for ECL included in Other provisions (refer to Note 22) (550) (121) (21) (5) (697)
Net undrawn and contingent facilities subject to ECL 193,420 4,964 43 30 198,457
Coverage ratio 0.28% 2.38% 32.81% 14.29% 0.35%
Undrawn and contingent facilities not subject to ECL
1
53,958
Net undrawn and contingent facilities 252,415
1.
Commitments that can be unconditionally cancelled at any time without notice.
\n
\"\"
Investment securities - debt securities at amortised cost
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 5,535 - - - 5,535
Satisfactory
72 - - - 72
Weak
1,518 - - - 1,518
Gross investment securities - debt securities at amortised cost
7,125 - - - 7,125
Allowance for ECL (34) - - - (34)
Net investment securities - debt securities at amortised cost 7,091 - - - 7,091
Coverage ratio 0.48% - - - 0.48%
As at 30 September 2023
Strong 6,117 - - - 6,117
Satisfactory 112 - - - 112
Weak 1,558 - - - 1558
Gross investment securities - debt securities at amortised cost 7,787 - - - 7,787
Allowance for ECL (35) - - - (35)
Net investment securities - debt securities at amortised cost 7,752 - - - 7,752
Coverage ratio 0.45% - - - 0.45%
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 5,273 - - - 5,273
Satisfactory
41 - - - 41
Weak
43 - - - 43
Gross investment securities - debt securities at amortised cost
5,357 - - - 5,357
Allowance for ECL (1) - - - (1)
Net investment securities - debt securities at amortised cost
5,356 - - - 5,356
Coverage ratio 0.02% - - - 0.02%
As at 30 September 2023
Strong 5,796 - - - 5,796
Satisfactory 97 - - - 97
Weak 44 - - - 44
Gross investment securities - debt securities at amortised cost 5,937 - - - 5,937
Allowance for ECL (1) - - - (1)
Net investment securities - debt securities at amortised cost 5,936 - - - 5,936
Coverage ratio 0.02% - - - 0.02%
\n
\"\"
Investment securities - debt securities at FVOCI
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 131,944 - - - 131,944
Satisfactory
- - - - -
Investment securities - debt securities at FVOCI
131,944 - - - 131,944
Allowance for ECL recognised in Other comprehensive income (20) - - - (20)
Coverage ratio
0.02% - - - 0.02%
As at 30 September 2023
Strong 88,271
- - - 88,271
Satisfactory - - - - -
Investment securities - debt securities at FVOCI 88,271 - - - 88,271
Allowance for ECL recognised in Other comprehensive income (15) - - - (15)
Coverage ratio 0.02% - - - 0.02%
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company $m $m $m $m $m
As at 30 September 2024
Strong 107,388 - - - 107,388
Satisfactory
- - - - -
Investment securities - debt securities at FVOCI
107,388 - - - 107,388
Allowance for ECL recognised in Other comprehensive income (14) - - - (14)
Coverage ratio
0.01% - - - 0.01%
As at 30 September 2023
Strong 76,320 - - - 76,320
Satisfactory - - - - -
Investment securities - debt securities at FVOCI 76,320 - - - 76,320
Allowance for ECL recognised in Other comprehensive income (12) - - - (12)
Coverage ratio 0.02% - - - 0.02%
\n
\"\"
Other financial assets
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Strong
250,471 270,012 255,180 274,741
Satisfactory
1
7,954 2,579 7,474 2,022
Weak
534 604 188 280
Defaulted
- - - -
Total carrying amount
258,959 273,195 262,842 277,043
1.
Includes Investment Securities - debt securities at FVTPL of $162 million (2023: nil) for the Group and $162 million (2023: nil) for the Company.
Concentrations of credit risk
Credit risk becomes concentrated when a number of customers are engaged in similar activities, have similar economic characteristics, or have similar
activities within the same geographic region \u2013 therefore, they may be similarly affected by changes in economic or other conditions. The Group monitors
its credit portfolio to manage risk concentration and rebalance the portfolio. The Group also applies single customer counterparty limits to protect against
unacceptably large exposures to one single customer.
Composition of financial instruments that give rise to credit risk by industry group are presented below
:
Loans Other financial
Off-balance sheet
credit related
and advances assets commitments Total
Consolidated
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining
41,558 35,797 888 612 16,187 16,707 58,633 53,116
Business services 6,015 8,138 132 207 8,469 7,003 14,616 15,348
Construction
4,594 5,506 29 36 8,806 7,212 13,429 12,754
Electricity, gas and water supply
8,517 8,626 839 463 12,742 11,837 22,098 20,926
Entertainment, leisure and tourism
13,326 13,486 94 78 3,941 3,889 17,361 17,453
Financial, investment and insurance
80,270 77,454 242,832 278,218 61,229 62,409 384,331 418,081
Government and official institutions
15,861 8,300 122,570 80,544 1,214 1,075 139,645 89,919
Manufacturing
27,470 30,261 708 1,287 46,004 47,302 74,182 78,850
Personal lending
485,404 392,702 1,527 1,394 62,513 59,185 549,444 453,281
Property services
60,613 58,064 1,496 439 20,349 17,503 82,458 76,006
Retail trade
9,300 12,900 85 113 8,150 8,131 17,535 21,144
Transport and storage
10,764 12,110 817 369 9,099 9,215 20,680 21,694
Wholesale trade
13,078 12,538 501 660 25,149 25,783 38,728 38,981
Other
27,215 32,398 25,510 4,872 15,146 13,631 67,871 50,901
Gross total
803,985 708,280 398,028 369,292 298,998 290,882 1,501,011 1,368,454
Allowance for ECL (3,675) (3,546) (34) (35) (846) (827) (4,555) (4,408)
Subtotal 800,310 704,734 397,994 369,257 298,152 290,055 1,496,456 1,364,046
Unearned income (515) (515) - - - - (515) (515)
Capitalised brokerage and other origination costs 4,237 3,475 - - - - 4,237 3,475
Maximum exposure to credit risk
804,032 707,694 397,994 369,257 298,152 290,055 1,500,178 1,367,006
\n\n
Composition of financial instruments that give rise to credit risk by industry group are presented below:
Loans Otherfinancial
Off-balance sheet
credit related
and advances assets commitments Total
The Company
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining
21,971 20,622 865 586 14,165 15,198 37,001 36,406
Business services 4,738 7,165 119 183 7,684 6,237 12,541 13,585
Construction
2,727 4,545 21 30 7,362 6,038 10,110 10,613
Electricity, gas and water supply
7,921 7,956 474 302 11,273 10,409 19,668 18,667
Entertainment, leisure and tourism
10,803 11,721 84 67 3,391 3,390 14,278 15,178
Financial, investment and insurance
77,887 74,836 250,700 282,701 57,699 58,806 386,286 416,343
Government and official institutions
15,837 8,294 95,487 68,361 455 384 111,779 77,039
Manufacturing
23,448 26,394 576 935 39,430 40,027 63,454 67,356
Personal lending
336,576 303,801 1,478 1,347 41,208 47,961 379,262 353,109
Property services
44,419 44,903 1,349 368 18,059 15,794 63,827 61,065
Retail trade
7,011 11,099 78 85 7,177 7,342 14,266 18,526
Transport and storage
9,629 10,968 624 288 8,242 8,331 18,495 19,587
Wholesale trade
10,835 10,320 414 480 21,926 22,385 33,175 33,185
Other
15,097 20,623 23,318 3,567 12,170 10,810 50,585 35,000
Gross total
588,899 563,247 375,587 359,300 250,241 253,112 1,214,727 1,175,659
Allowance for ECL (2,715) (2,795) (1) (1) (693) (697) (3,409) (3,493)
Subtotal 586,184 560,452 375,586 359,299 249,548 252,415 1,211,318 1,172,166
Unearned income (489) (483) - - - - (489) (483)
Capitalised brokerage and other origination costs 3,303 3,048 - - - - 3,303 3,048
Maximum exposure to credit risk 588,998 563,017 375,586 359,299 249,548 252,415 1,214,132 1,174,731
report
\n
Collateral management
We use collateral for on and off-balance sheet exposures to mitigate credit risk if a counterparty cannot meet its repayment obligations. Where there is
sufficient collateral, an expected credit loss is not recognised. This is largely the case for certain lending products, such as margin loans and reverse
repurchase agreements that are secured by the securities purchased using the lending. For some products, the collateral provided by customers is
fundamental to the product\u2019s structuring, so it is not strictly the secondary source of repayment - for example, lending secured by trade receivables is
typically repaid by the collection of those receivables. During the period there was no change in our collateral policies.
The nature of collateral or security held for the relevant classes of financial assets is as follows:
Net loans and advances
Loans - housing and
personal
Housing loans are secured by mortgage(s) over property and additional security may take the form of
guarantees and deposits.
Personal lending (including credit cards and overdrafts) is predominantly unsecured. If we take security, then it
is restricted to eligible vehicles, motor homes and other assets.
Loans - business Business loans may be secured, partially secured or unsecured. Typically, we take security by way of a
mortgage over property and/or a charge over the business or other assets.
If appropriate, we may take other security to mitigate the credit risk, such as guarantees, standby letters of
credit or derivative protection.
Other financial assets
Trading assets, Investment
securities, Derivatives and
Other financial assets
For trading assets, we do not seek collateral directly from the issuer or counterparty. However, the collateral
may be implicit in the terms of the instrument (for example, with an asset-backed security). The terms of debt
securities may include collateralisation.
For derivatives we will have large individual exposures to single name counterparties such as central clearing
houses, financial institutions, and other institutional clients. Open derivative positions with these counterparties
are aggregated and cash collateral (or other forms of eligible collateral) is exchanged daily through the
respective Credit Support Annex agreements. The collateral is provided by the counterparty when their position
is out of the money (or provided to the counterparty by the Group when our position is out of the money).
Credit risk will remain where the full amount of the derivative exposure is not covered by any collateral.
Off-balance sheet positions
Undrawn and contingent
facilities
Collateral for off-balance sheet positions is mainly held against undrawn facilities, and they are typically
performance bonds or guarantees. Undrawn facilities that are secured include housing loans secured by
mortgages over residential property and business lending secured by commercial real estate and/or charges
over business assets.
The table below shows the estimated value of collateral we hold and the net unsecured portion of credit exposures:
Maximum exposure to credit risk Total value of collateral
1
Unsecured portion of
credit exposure
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
Net loans and advances
804,032 707,694 667,130 569,283 136,902 138,411
Other financial assets 397,994 369,257 51,732 38,612 346,262 330,645
Off-balance sheet positions
298,152 290,055 80,258 65,723 217,894 224,332
Total
1,500,178 1,367,006 799,120 673,618 701,058 693,388
Maximum exposure to credit risk Total value of collateral
1
Unsecured portion of
credit exposure
2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m
Net loans and advances
588,998 563,017 463,804 436,544 125,194 126,473
Other financial assets 375,586 359,299 46,950 35,542 328,636 323,757
Off-balance sheet positions
249,548 252,415 52,804 50,880 196,744 201,535
Total
1,214,132 1,174,731 563,558 522,966 650,574 651,765
1.
In estimating the value of collateral for housing loans, customers are assumed to be meeting their insurance obligations for the properties over which the mortgages are secured.
\n
Market risk
Market risk overview, management and control responsibilities
Market risk stems from the Group\u2019s trading and balance sheet management activities and the impact of changes and correlations between interest rates,
foreign exchange rates, credit spreads, commodities, equities and the volatility within these asset classes.
The BRC delegates responsibility for day-to-day management of both market risks and compliance with market risk policies to the Credit and Market Risk
Committee (CMRC) and the Group Asset and Liability Committee (GALCO).
Within overall strategies and policies established by the BRC, business units and risk management have joint responsibility for the control of market risk at
the Group level. The Market Risk team (a specialist risk management unit independent of the business) allocates market risk limits at various levels and
monitors and reports on them daily. This detailed framework allocates individual limits to manage and control exposures using risk factors and profit and
loss limits.
Management, measurement and reporting of market risk is undertaken in two broad categories
:
Traded Market Risk Non-Traded Market Risk
Risk of loss from changes in the value of financial instruments due to
movements in price factors for both physical and derivative trading
positions. Principal risk categories monitored are:
1.
Currency risk \u2013 potential loss arising from changes in foreign
exchange rates or their implied volatilities.
2.
Interest rate risk \u2013 potential loss from changes in market interest
rates or their implied volatilities.
3.
Credit spread risk \u2013 potential loss arising from a movement in
margin or spread relative to a benchmark.
4.
Commodity risk \u2013 potential loss arising from changes in
commodity prices or their implied volatilities.
5.
Equity risk \u2013 potential loss arising from changes in equity prices.
Risk of loss associated with the management of non-traded interest rate risk,
liquidity risk and foreign exchange exposures. This includes interest rate risk in
the banking book. This risk of loss arises from adverse changes in the overall
and relative level of interest rates for different tenors, differences in the actual
versus expected net interest margin, and the potential valuation risk associated
with embedded options in financial instruments and bank products.
Measurement of market risk
We primarily manage and control market risk using Value at Risk (VaR), sensitivity analysis and stress testing.
VaR measures the Group\u2019s possible daily loss based on historical market movements. The Group\u2019s VaR approach for both traded and non-traded risk is
historical simulation. We use historical changes in market rates, prices and volatilities over a 500 business day window using a one-day holding period.
Back testing is used to ensure our VaR models remain accurate.
The Group measures VaR at a 99% confidence interval which means there is a 99% chance that a loss will not exceed the VaR for the relevant holding
period.
\n
Traded and non-traded market risk
Traded market risk
The table below shows the traded market risk VaR on a diversified basis by risk categories
:
Total
Group
Total Group (excl. Suncorp Bank)
2
2024
2024 2023
Consolidated
As at As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
$m
Traded value at risk 99% confidence
Foreign exchange 3.2
3.2 11.5 2.2 5.0 2.8 6.2 1.6 3.0
Interest rate
6.5
6.4 19.2 4.8 8.7 6.7 18.3 5.1 8.5
Credit
5.7
5.7 8.1 4.2 6.7 5.9 7.7 2.5 4.5
Commodities
3.3
3.3 5.0 1.8 2.9 4.0 6.6 1.8 3.0
Equity
-
- - - - - - - -
Diversification benefit
1
(10.0)
(9.9) n/a n/a (10.2) (9.7) n/a n/a (8.1)
Total VaR
8.7
8.7 22.5 8.0 13.1 9.7 18.2 7.2 10.9
2024 2023
The Company
As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
Traded value at risk 99% confidence
Foreign exchange 3.4 7.7 1.9 4.4 2.6 6.0 1.5 2.8
Interest rate
5.6 18.4 4.7 8.5 6.3 15.5 4.8 8.0
Credit
5.5 7.9 4.2 6.4 5.6 7.1 1.9 4.3
Commodity
2.6 5.0 1.6 2.5 2.1 4.5 1.1 2.7
Equity
- - - - - - - -
Diversification benefit
1
(9.0) n/a n/a (9.2) (8.6) n/a n/a (7.8)
Total VaR
8.1 24.6 6.7 12.6 8.0 16.2 6.7 10.0
1.
The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported
for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.
2.
Excludes the 2 months of immaterial Suncorp Bank VaR impacts post-acquisition.
\n
Non-traded market risk
Balance sheet risk management
The principal objectives of balance sheet risk management are to maintain acceptable levels of interest rate and liquidity risk to mitigate the negative
impact of movements in interest rates on the earnings and market value of the Group\u2019s banking book, while ensuring the Group maintains sufficient
liquidity to meet its obligations as they fall due.
Interest rate risk management
Non-traded interest rate risk relates to the potential adverse impact of changes in market interest rates on the Group\u2019s future Net interest income. This risk
arises from two principal sources, namely mismatches between the repricing dates of interest bearing assets and liabilities; and the investment of capital
and other non-interest bearing liabilities and assets. Interest rate risk is reported using VaR and scenario analysis (based on the impact of a 1% rate
shock). The table below shows VaR figures for non-traded interest rate risk for the combined Group as well as Australia, New Zealand and Rest of World
geographies which are calculated separately.
Total
Group
Total Group (excl. Suncorp Bank)
2
2024
2024 2023
Consolidated
As at As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m
$m $m $m $m $m $m $m $m
Non-traded value at risk 99% confidence
Australia 96.8
97.7 97.7 70.8 78.9 81.2 93.2 72.0 82.2
New Zealand
27.4
27.4 28.2 24.3 25.9 35.3 35.3 26.1 31.1
Rest of World
32.9
32.9 39.5 29.0 34.8 32.2 32.8 23.2 27.9
Diversification benefit
1
(62.2)
(63.0) n/a n/a (46.9) (52.6) n/a n/a (45.6)
Total VaR 94.9 95.0 99.5 81.3 92.7 96.1 101.5 86.4 95.6
2024 2023
The Company
As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
Non-traded value at risk 99% confidence
Australia 97.7 97.7 70.8 78.9 81.2 93.2 72.0 82.2
New Zealand
0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0
Rest of World
33.5 39.7 31.1 36.6 34.0 34.5 23.7 28.4
Diversification benefit
1
(37.8) n/a n/a (31.8) (30.5) n/a n/a (26.6)
Total VaR
93.4 93.4 74.2 83.7 84.7 92.4 76.4 84.0
1.
The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported
for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.
2.
Excludes the 2 months of immaterial Suncorp Bank VaR impacts post-acquisition.
\n
We undertake scenario analysis to stress test the impact of extreme events on the Group\u2019s market risk exposures (excluding Suncorp Bank). We model a
1% overnight parallel positive shift in the yield curve to determine the potential impact on our Net interest income over the next 12 months. This is a
standard risk measure which assumes the parallel shift is reflected in all wholesale and customer rates.
The table below shows the outcome of this risk measure for the current and previous financial years, expressed as a percentage of reported Net interest
income.
Consolidated The Company
2024 2023 2024 2023
Impact of 1% rate shock on the next 12 months' net interest income
As at period end 0.68% 0.96% 0.38% 0.73%
Maximum exposure
1.20% 1.17% 1.06% 0.90%
Minimum exposure
0.27% 0.38% 0.09% 0.02%
Average exposure (in absolute terms)
0.78% 0.80% 0.61% 0.56%
Equity securities designated at FVOCI
Our investment securities contain equity investment holdings which predominantly comprise Bank of Tianjin and other unlisted equities. The market risk
impact on these equity investments is not captured by the Group\u2019s VaR processes for traded and non-traded market risks. Therefore, the Group regularly
reviews the valuations of the investments within the portfolio and assesses whether the investments are appropriately measured based on the recognition
and measurement policies set out in Note 11 Investment securities.
Foreign currency risk \u2013 structural exposures
Our investment of capital in foreign operations - for example, branches, subsidiaries or associates with functional currencies other than the Australian
Dollar - exposes the Group to the risk of changes in foreign exchange rates. Variations in the value of these foreign operations arising as a result of
exchange differences are reflected in the foreign currency translation reserve in equity. Where considered appropriate, the Group enters into hedges of
the foreign exchange exposures from its foreign operations.
Similarly, the Group may enter into economic hedges against larger foreign exchange denominated revenue streams (primarily New Zealand Dollar, US
Dollar and US Dollar correlated). The primary objective of hedging is to ensure that, if practical, the effect of changes in foreign exchange rates on the
consolidated capital ratios are minimised.
\n
Liquidity and funding risk
Liquidity risk overview, management and control responsibilities
Liquidity risk is the risk that the Group is either:
\u2022 unable to meet its payment obligations (including repaying depositors or maturing wholesale debt) when they fall due; or
\u2022 does not have the appropriate amount, tenor and composition of funding and liquidity to fund increases in its assets.
Management of liquidity and funding risks are overseen by GALCO. The Group\u2019s liquidity and funding risks are governed by a set of Board-approved
principles and include:
\u2022 maintaining the ability to meet all payment obligations in the immediate term;
\u2022 ensuring that the Group maintains Board-approved \u2018survival horizons\u2019 under a range of idiosyncratic, and general market, liquidity stress scenarios, at a
country and Group-wide level, to meet cash flow obligations over the short to medium term;
\u2022 maintaining strength in the Group\u2019s balance sheet structure to ensure long term resilience in the liquidity and funding risk profile;
\u2022 ensuring the liquidity management framework is compatible with local regulatory requirements;
\u2022 preparing daily liquidity reports and scenario analysis to quantify the Group\u2019s positions;
\u2022 targeting a diversified funding base to avoid undue concentrations by investor type, maturity, market source and currency;
\u2022 holding a portfolio of high quality liquid assets to protect against adverse funding conditions and to support day-to-day operations; and
\u2022 establishing detailed contingency plans to cover different liquidity crisis events.
The Group operates under a non-operating holding company structure whereby:
\u2022 ANZBGL\u2019s liquidity risk management framework remains unchanged and continues to operate its own liquidity and funding program, governance
frameworks and reporting regime reflecting its authorised deposit-taking institution (ADI) operations;
\u2022 ANZGHL (parent entity) has no material liquidity risk given the structure and nature of the balance sheet; and
\u2022 ANZ Non-Bank Group is not expected to have separate funding arrangements and will rely on ANZGHL for funding.
A separate liquidity policy has been established for ANZGHL and ANZBGL Group to reflect the differing nature of liquidity risk inherent in each business
model. ANZGHL will ensure that the parent entity and ANZ Non-Bank Group holds sufficient cash reserves to meet operating and financing requirements.
Key areas of measurement for liquidity risk
Scenario modelling of funding sources
Group\u2019s liquidity risk appetite is defined by a range of regulatory and internal liquidity metrics mandated by the ANZBGL Board. The metrics cover a range
of scenarios of varying duration and level of severity.
The objective of this framework is to:
\u2022 Provide protection against shorter term extreme market dislocation and stress.
\u2022 Maintain structural strength in the balance sheet by ensuring that an appropriate amount of longer-term assets are funded with longer-term funding.
\u2022 Ensure that no undue timing concentrations exist in the Group\u2019s funding profile.
Key components of this framework include the Liquidity Coverage Ratio (LCR), which is a severe short term liquidity stress scenario, the Net Stable Funding
Ratio (NSFR), a longer-term structural liquidity measure (both of which are mandated by banking regulators including APRA), and internally-developed
liquidity scenarios for stress-testing purposes.
Liquid assets
Group holds a portfolio of high quality (unencumbered) liquid assets to protect Group\u2019s liquidity position in a severely stressed environment and to meet
regulatory requirements. High quality liquid assets comprise three categories consistent with Basel III LCR requirements:
\u2022 Highest-quality liquid assets - cash and highest credit quality government, central bank or public sector securities eligible for repurchase with central
banks to provide same-day liquidity.
\u2022 High-quality liquid assets - 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.
\u2022 Alternative liquid assets (ALA) - eligible securities that the RBNZ will accept in its domestic market operations and asset qualifying as collateral for the
CLF.
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.
\n
Liquidity risk outcomes
1
Liquidity Coverage Ratio - ANZBGL\u2019s Liquidity Coverage Ratio (LCR) averaged 133% for 2024, (2023: 130%) and above the regulatory minimum of
100%.
Net Stable Funding Ratio - ANZBGL\u2019s Net Stable Funding Ratio (NSFR) as at 30 September 2024 was 116% (2023: 116%), above the regulatory
minimum of 100%.
\ue014\ue011
This information is not within the scope of the external audit of the Group Financial Report by the Group\u2019s external auditor, KPMG. The Liquidity Coverage Ratio and Net Stable Funding Ratio are non-IFRS
disclosures and are disclosed as part of the Group's APS 330 Public Disclosure and disclosed in APRA Reporting Form ARF 210 Liquidity which will be subject to specific procedures in accordance with
Prudential Standard APS 310 Audit and Related Matters.
Liquidity crisis contingency planning
Group maintains APRA-endorsed liquidity crisis contingency plans for analysing and responding to a liquidity threatening event at a country and Group-
wide level. Key liquidity contingency crisis planning requirements and guidelines include:
Ongoing business management Early signs/ mild stress Severe stress
\u2022 establish crisis/severity levels
\u2022 liquidity limits
\u2022 early warning indicators
\u2022 monitoring and review
\u2022 management actions not requiring
business rationalisation
\u2022 activate contingency funding plans
\u2022 management actions for altering asset and liability
behaviour
Assigned responsibility for internal and external communications and the appropriate timing to communicate
Since the precise nature of any stress event cannot be known in advance, we design the plans to be flexible to the nature and severity of the stress event
with multiple variables able to be accommodated in any plan
.
Group funding
The Group monitors the composition and stability of its funding so that it remains within the Group\u2019s funding risk appetite. This approach ensures that an
appropriate proportion of the Group\u2019s assets are funded by stable funding sources, including customer deposits; longer-dated wholesale funding (with a
remaining term exceeding one year); and equity.
Funding plans prepared Considerations in preparing funding plans
\u2022 3 year strategic plan prepared annually
\u2022 annual funding plan as part of the Group\u2019s planning
process
\u2022 forecasting in light of actual results as a calibration to the
annual plan
\u2022 customer balance sheet growth
\u2022 changes in wholesale funding including: targeted funding volumes; markets;
investors; tenors; and currencies for senior, secured, subordinated, hybrid
transactions and market conditions
\u2022
liquidity stress testing
RBA term funding facility
As an additional source of funding, in March 2020, the RBA announced a Term Funding Facility (TFF) for the banking system to support lending to
Australian businesses. The TFF is a three-year secured funding facility to ADIs at a fixed rate of 0.25% for drawdowns up to 4 November 2020, and
reduced to 0.10% for new drawdowns from 4 November 2020 onwards. The TFF was closed to drawdowns on 30 June 2021.
As at 30 September 2024, there was nil drawn under the RBA\u2019s TFF, as it was fully repaid in the 2024 financial year (2023: $8.1 billion).
RBNZ funding for lending programme and term lending facility
Between May 2020 and July 2021, the RBNZ made funds available under a Term Lending Facility (TLF) to promote lending to businesses. The TLF is a
five-year secured funding facility for New Zealand banks at a fixed rate of 0.25%.
In November 2020 the RBNZ announced a Funding for Lending Programme (FLP) which aimed to lower the cost of borrowing for New Zealand
businesses and households. The FLP is a three-year secured funding facility for New Zealand banks at a floating rate of the New Zealand Official Cash
Rate (OCR). New Zealand banks were able to obtain initial funding of up to 4% of their lending to New Zealand resident households, non-financial
businesses and non-profit institutions serving households as at 31 October 2020 (eligible loans). The initial allocation closed on 6 June 2022. An additional
allocation of up to 2% of eligible loans was available, subject to certain conditions until 6 December 2022.
As at 30 September 2024, ANZ Bank New Zealand had drawn $0.2 billion under the TLF (2023: $0.3 billion) and $2.3 billion under the FLP
(2023: $3.2 billion).
\n
Residual contractual maturity analysis of the group\u2019s liabilities
The tables below provide residual contractual maturity analysis of financial liabilities as at 30 September within relevant maturity groupings. All outstanding
debt issuance and subordinated debt is profiled on the earliest date on which the Group may be required to pay. All at-call liabilities are reported in the
\u2018Less than 3 months\u2019 category unless there is a longer minimum notice period. The amounts represent principal and interest cash flows and therefore may
differ from equivalent amounts reported on Balance Sheet.
It should be noted that this is not how the Group manages its liquidity risk. The management of this risk is detailed on page 155.
Less than
3 months
3 to 12
months
1 to 5
years
After
5 years
Total
Consolidated
$m
$m $m $m $m
As at 30 September 2024
Settlement balances owed by ANZ 16,188 - - - 16,188
Collateral received
6,583 - - - 6,583
Deposits and other borrowings
744,041 158,247 11,040 199 913,527
Liability for acceptances
425 - - - 425
Debt issuances
1
8,327 36,858 112,728 20,384 178,297
Derivative liabilities (excluding those held for balance sheet management)
2
47,622 - - - 47,622
Lease liabilities
105 313 917 947 2,282
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (66,248) (60,183) (83,371) (14,359) (224,161)
Pay leg
66,981 60,260 84,472 14,661 226,374
- Other balance sheet management:
Receive leg (189,769) (42,388) (36,763) (21,831) (290,751)
Pay leg
185,946 40,718 33,393 19,266 279,323
As at 30 September 2023
Settlement balances owed by ANZ 19,267 - - - 19,267
Collateral received 10,382 - - - 10,382
Deposits and other borrowings 674,762 137,488 9,762 241 822,253
Liability for acceptances 646 - - - 646
Debt issuances
1
4,738 23,908 88,270 16,017 132,933
Derivative liabilities (excluding those held for balance sheet management)
2
48,150 - - - 48,150
Lease liabilities 100 264 872 743 1,979
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (29,459)
(40,907) (90,906) (14,001) (175,273)
Pay leg 28,852 41,385 90,230 13,986 174,453
- Other balance sheet management:
Receive leg (142,289) (44,586) (35,720) (19,866) (242,461)
Pay leg 138,899 42,867 34,198 19,872 235,836
1.
Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Group and
subordinated debt issued by ANZ New Zealand which constitutes Tier 2 capital under RBNZ requirements but does not qualify as the APRA Tier 2 requirements.
2.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the \u2018Less than 3 months\u2019 category.
3.
Includes derivatives designated into hedging relationships of $456 million (2023: $272 million) and $7,176 million (2023: $9,060 million) categorised as held for trading but form part of the Group\u2019s
balance sheet managed activities.
At 30 September 2024, $249,988 million (2023: $240,711 million) of the Group\u2019s undrawn facilities and $49,010 million (2023: $50,171 million) of its
issued guarantees mature in less than 1 year, based on the earliest date on which the Group may be required to pay.
\n
Less than
3 months
3 to 12
months
1 to 5
years
After
5 years
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Settlement balances owed by ANZ 11,317 - - - 11,317
Collateral received
6,061 - - - 6,061
Deposits and other borrowings
589,605 114,499 4,813 197 709,114
Liability for acceptances
329 - - - 329
Debt issuances
1
6,780 30,135 86,529 17,705 141,149
Derivative liabilities (excluding those held for balance sheet management)
2
52,979 - - - 52,979
Lease liabilities
84 249 685 768 1,786
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (63,238) (52,317) (65,194) (12,371) (193,120)
Pay leg
63,728 52,291 66,280 12,677 194,976
- Other balance sheet management:
Receive leg (185,273) (36,714) (29,311) (20,391) (271,689)
Pay leg
181,397 35,094 26,075 17,776 260,342
As at 30 September 2023
Settlement balances owed by ANZ 16,574 - - - 16,574
Collateral received 9,452 - - - 9,452
Deposits and other borrowings 567,239 109,010 3,718 232 680,199
Liability for acceptances 391 - - - 391
Debt issuances
1
4,321 20,669 75,192 13,297 113,479
Derivative liabilities (excluding those held for balance sheet management)
2
53,111 - - - 53,111
Lease liabilities 80 207 715 725 1,727
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (26,321)
(31,549) (70,627) (10,871) (139,368)
Pay leg 25,602 31,952 69,816 10,860 138,230
- Other balance sheet management:
Receive leg (136,668) (38,700) (27,047) (18,876) (221,291)
Pay leg 133,496 37,540 26,247 18,914 216,197
1.
Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Company.
2.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the \u2018Less than 3 months\u2019 category.
3.
Includes derivatives designated into hedging relationships of $210 million (2023: $255 million) and $4,278 million (2023: $4,145 million) categorised as held for trading but form part of the Company\u2019s
balance sheet managed activities.
At 30 September 2024, $216,838 million (2023: $206,405 million) of the Company\u2019s undrawn facilities and $45,770 million (2023: $46,707 million) of its
issued guarantees mature in less than 1 year, based on the earliest date on which the Company may be required to pay.
\n
18. Fair value of financial assets and financial liabilities
Classification of financial assets and financial liabilities
The Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments on the
Balance Sheet at fair value.
Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts
as recognised on the Balance Sheet.
2024 2023
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value
Total
Consolidated Note
$m $m $m $m $m $m
Financial assets
Cash and cash equivalents 8 113,710 37,255 150,965 140,588 27,566 168,154
Settlement balances owed to ANZ
5,484 - 5,484 9,349 - 9,349
Collateral paid
10,090 - 10,090 8,558 - 8,558
Trading assets 9
- 45,755 45,755 - 37,004 37,004
Derivative financial instruments 10
- 54,370 54,370 - 60,406 60,406
Investment securities 11
7,091 133,171 140,262 7,752 89,217 96,969
Net loans and advances 12
779,246 24,786 804,032 685,806 21,888 707,694
Regulatory deposits
665 - 665 646 - 646
Other financial assets
4,547 - 4,547 4,417 - 4,417
Total
920,833 295,337 1,216,170 857,116 236,081 1,093,197
Financial liabilities
Settlement balances owed by ANZ 16,188 - 16,188 19,267 - 19,267
Collateral received
6,583 - 6,583 10,382 - 10,382
Deposits and other borrowings 14
862,165 43,001 905,166 781,314 33,889 815,203
Derivative financial instruments 10
- 55,254 55,254 - 57,482 57,482
Payables and other liabilities 15
12,571 6,023 18,594 10,717 5,267 15,984
Debt issuances 16
154,572 1,816 156,388 114,678 1,336 116,014
Total
1,052,079 106,094 1,158,173 936,358 97,974 1,034,332
\n
\u037e
2024 2023
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value
Total
The Company Note $m $m $m $m $m $m
Financial assets
Cash and cash equivalents 8 100,892 36,396 137,288 127,309 27,099 154,408
Settlement balances owed to ANZ
5,019 - 5,019 8,935 - 8,935
Collateral paid
8,797 - 8,797 7,717 - 7,717
Trading assets 9
- 38,427 38,427 - 30,693 30,693
Derivative financial instruments 10
- 57,627 57,627 - 59,989 59,989
Investment securities 11
5,356 108,610 113,966 5,936 77,265 83,201
Net loans and advances 12
564,559 24,439 588,998 541,777 21,240 563,017
Regulatory deposits
222 - 222 284 - 284
Due from controlled entities
21,864 2,451 24,315 24,173 1,894 26,067
Other financial assets
3,090 - 3,090 3,024 - 3,024
Total
709,799 267,950 977,749 719,155 218,180 937,335
Financial liabilities
Settlement balances owed by ANZ 11,317 - 11,317 16,574 - 16,574
Collateral received
6,061 - 6,061 9,452 - 9,452
Deposits and other borrowings 14
662,910 40,960 703,870 643,868 31,207 675,075
Derivative financial instruments 10
- 57,467 57,467 - 57,511 57,511
Due to controlled entities
25,560 100 25,660 26,737 157 26,894
Payables and other liabilities 15
8,797 5,677 14,474 8,357 4,922 13,279
Debt issuances 16
120,155 2,795 122,950 95,881 2,332 98,213
Total
834,800 106,999 941,799 800,869 96,129 896,998
\n
Financial assets and financial liabilities measured at fair value
The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.
If the Group holds offsetting risk positions, then the portfolio exception in AASB 13 Fair Value Measurement (AASB 13) is used to measure the fair value of
such groups of financial assets and financial liabilities. The Group measures the portfolio based on the price that would be received to sell a net long
position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.
Fair value designation
The Group designates certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss:
\u2022
where they contain separable embedded derivatives and are managed on a fair value basis, the total fair value movements are recognised in profit or
loss in the same period as the movement on any associated hedging instruments; or
\u2022
in order to eliminate an accounting mismatch which would arise if the assets or liabilities were otherwise carried at amortised cost. This mismatch
arises due to measuring the derivative financial instruments (used to mitigate interest rate risk of these assets or liabilities) at fair value through profit or
loss.
The Group\u2019s approach ensures that it recognises the fair value movements on the assets or liabilities in profit or loss in the same period as the movement
on the associated derivatives.
The Group may also designate certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss where
they are managed on a fair value basis to align the measurement with how the financial instruments are managed.
Fair value approach and valuation techniques
The Group uses valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no
quoted price in an active market for that asset or liability exists. This includes the following:
Asset or liability Fair value approach
Financial instruments classified as:
- Derivative financial assets and
financial liabilities (including trading
and non-trading)
- Repurchase agreements < 90 days
- Net loans and advances
- Deposits and other borrowings
- Debt issuances
Discounted cash flow techniques are used whereby contractual future cash flows of the instrument are
discounted using wholesale market interest rates, or market borrowing rates for debt or loans with
similar maturities or yield curves appropriate for the remaining term to maturity.
Other financial instruments held for
trading:
- Securities sold short
- Debt and equity securities
Valuation techniques are used that incorporate observable market inputs for financial instruments with
similar credit risk, maturity and yield characteristics.
Equity securities where an active market does not exist are measured using comparable company
valuation multiples (such as price-to-book ratios).
Financial instruments classified as:
- Investment securities \u2013 debt or equity
Valuation techniques use comparable multiples (such as price-to-book ratios) or discounted cashflow
(DCF) techniques incorporating, to the extent possible, observable inputs from instruments with similar
characteristics.
There were no significant changes to valuation approaches during the current or prior periods.
\n
Fair value hierarchy
The Group categorises assets and liabilities carried at fair value into a fair value hierarchy in accordance with AASB 13 based on the observability of inputs
used to measure the fair value:
\u2022 Level 1 - valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2 - valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or
indirectly; and
\u2022 Level 3 - valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.
There were no significant changes to levelling approaches during the current or prior periods. The following table presents assets and liabilities carried at
fair value in accordance with the fair value hierarchy:
Fair value measurements
Quoted price in active
markets
(Level 1)
Using observable
inputs
(Level 2)
Using unobservable
inputs
(Level 3) Total
2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m
Assets
Cash and cash equivalents (measured at fair value) - - 37,255 27,566 - - 37,255 27,566
Trading assets
1
31,507 26,388 14,233 10,614 15 2 45,755 37,004
Derivative financial instruments
1
131 935 54,214 59,448 25 23 54,370 60,406
Investment securities
1
111,060 71,355 21,055 16,924 1,056 938 133,171 89,217
Net loans and advances
- - 24,429 21,159 357 729 24,786 21,888
Total
142,698 98,678 151,186 135,711 1,453 1,692 295,337 236,081
Liabilities
Deposits and other borrowings (designated at fair value) - - 43,001 33,889 - - 43,001 33,889
Derivative financial instruments
1
393 218 54,846 57,241 15 23 55,254 57,482
Payables and other liabilities
5,804 4,841 219 426 - - 6,023 5,267
Debt issuances (designated at fair value)
- - 1,816 1,336 - - 1,816 1,336
Total
6,197 5,059 99,882 92,892 15 23 106,094 97,974
1.
During 2024, $1,119 million of assets were transferred from Level 1 to Level 2 (2023: $3,624 million transferred from Level 1 to Level 2) and $4,913 million of assets were transferred from Level 2 to
Level 1 (2023: $1,452 million transferred from Level 2 to Level 1) for the Group due to a change in the observability of market price and/or valuation inputs. There were no other material transfers
between Level 1, Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred, and do not include assets and
liabilities acquired as part of Suncorp Bank.
Fair value measurements
Quoted price in active
markets
(Level 1)
Using observable
inputs
(Level 2)
Using unobservable
inputs
(Level 3) Total
2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m
Assets
Cash and cash equivalents (measured at fair value) - - 36,396 27,099 - - 36,396 27,099
Trading assets
1
27,048 22,264 11,364 8,427 15 2 38,427 30,693
Derivative financial instruments
1
126 900 57,477 59,066 24 23 57,627 59,989
Investment securities
1
90,608 63,879 16,951 12,449 1,051 937 108,610 77,265
Net loans and advances
- - 24,082 20,511 357 729 24,439 21,240
Due from controlled entities
246 - 2,205 1,894 - - 2,451 1,894
Total
118,028 87,043 148,475 129,446 1,447 1,691 267,950 218,180
Liabilities
Deposits and other borrowings (designated at fair value) - - 40,960 31,207 - - 40,960 31,207
Derivative financial instruments
1
324 210 57,131 57,287 12 14 57,467 57,511
Payables and other liabilities
5,473 4,500 204 422 - - 5,677 4,922
Debt issuances (designated at fair value)
- - 2,795 2,332 - - 2,795 2,332
Due to controlled entities
- - 100 157 - - 100 157
Total
5,797 4,710 101,190 91,405 12 14 106,999 96,129
1.
During 2024, $1,119 million of assets were transferred from Level 1 to Level 2 (2023: $2,139 million transferred from Level 1 to Level 2) and $2,622 million of assets were transferred from Level 2 to
Level 1 (2023: $1,155 million transferred from Level 2 to Level 1) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1,
Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.
\n
Fair value measurement incorporating unobservable market data
Level 3 fair value measurements
Level 3 financial instruments are a net asset of $1,438 million (2023: $1,669 million) for the Group and $1,435 million (2023: $1,676 million) for the
Company. The assets and liabilities which incorporate significant unobservable inputs are:
\u2022
equity and debt securities for which there is no active market or traded prices cannot be observed;
\u2022
loans and advances measured at fair value for which there is no observable market data; and
\u2022
derivatives referencing market rates that cannot be observed primarily due to lack of market activity.
Level 3 transfers
During the year, there were no material transfers into or out of Level 3 for the Group and the Company (2023: $218 million of loans and advances
measured at fair value were transferred from Level 2 to Level 3 for the Group and the Company).
The material Level 3 financial instruments as at 30 September 2024 are listed as below:
i)
Investment securities - equity holdings classified as FVOCI
Bank of Tianjin (BoT)
The Group holds an investment in the Bank of Tianjin. The investment is valued based on comparative price-to-book (P/B) multiples (a P/B multiple is the
ratio of the market value of equity to the book value of equity). The extent of judgement applied in determining the appropriate multiple and comparator
group from which the multiple is derived resulted in the Level 3 classification. As at 30 September 2024, the BoT equity holding balance was $958 million
(2023: $849 million). The increase in the BoT fair valuation was due to an increase in the P/B multiple used in the valuation and foreign currency translation
impacts.
Other equity investments
The Group holds $98 million (2023: $89 million) and the Company holds $93 million (2023: $87 million) of unlisted equities classified as FVOCI, for which
there are no active markets or traded prices available, resulting in a Level 3 classification. The increase in unlisted equity holdings balance was mainly due
to new purchases during the year and foreign currency translation impacts.
ii)
Net loans and advances - classified as FVTPL
Syndicated loans
The Group holds $357 million (2023: $729 million) of syndicated loans for sale which are measured at FVTPL for which there is no observable market
data available. The decrease in the Level 3 loan balances was mainly due to scheduled repayments as well as foreign currency translation impacts.
Sensitivity to Level 3 data inputs
When we make assumptions due to significant inputs to a valuation not being directly observable (Level 3 inputs), then changing these assumptions
changes the Group\u2019s estimate of the instrument\u2019s fair value. Favourable and unfavourable changes are determined by changing the primary unobservable
parameters used to derive the fair valuation.
Investment securities - equity holdings
The valuations of the equity investments are sensitive to variations in selected unobservable inputs, with valuation techniques used including P/B multiples
and discounted cashflow techniques. If for example, a 10% increase or decrease to the primary input into the valuations were to occur (such as the P/B
multiple), it would result in a $106 million increase or decrease in the fair value of the portfolio, which would be recognised in shareholders\u2019 equity in the
Group ($105 million for the Company), with no impact to net profit or loss.
Net loans and advances
Syndicated loan valuations are sensitive to credit spreads in determining their fair valuation. For the syndicated loans which are primarily investment grade
loans, an increase or decrease in credit spreads would have an immaterial impact on net profit or net assets of the Group. For the remaining syndicated
loans, the Group may, where deemed necessary, utilise Credit Risk Insurance to mitigate the credit risks associated with those loans. The effect of this
would also result in an immaterial impact to the net profit or net assets of the Group.
Other
The remaining Level 3 balance is immaterial and changes in inputs have a minimal impact on net profit and net assets of the Group.
Deferred fair value gains and losses
Where fair value is determined using unobservable inputs significant to the fair value of a financial instrument, the Group does not immediately recognise
the difference between the transaction price and the amount determined based on the valuation technique (day one gain or loss) in profit or loss. After
initial recognition, the Group recognises the deferred amount in profit or loss on a straight-line basis over the life of the transaction or until all inputs
become observable. Day one gains and losses which have been deferred are not material.
\n
Financial assets and financial liabilities not measured at fair value
The financial assets and financial liabilities listed below are carried at amortised cost on the Group\u2019s Balance Sheet. While this is the value at which we
expect the assets will be realised and the liabilities settled, the Group provides an estimate of the fair value of the financial assets and financial liabilities at
balance date in the tables below.
Fair values of financial assets and liabilities carried at amortised cost not included in the tables below approximate their carrying values. These financial
assets and liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near the end of the
reporting period.
Categorised into fair value hierarchy
Quoted price in
active markets
Using observable
inputs
Using unobservable
inputs
At amortised cost (Level 1) (Level 2) (Level 3) Total fair value
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m $m $m
Financial assets
Investment securities 7,091 7,752 - - 7,078 7,712 - - 7,078 7,712
Net loans and advances
779,246 685,806 - - 17,693 19,619 761,657 664,120 779,350 683,739
Total
786,337 693,558 - - 24,771 27,331 761,657 664,120 786,428 691,451
Financial liabilities
Deposits and other borrowings 862,165 781,314 - - 862,368 781,106 - - 862,368 781,106
Debt issuances
154,572 114,678 32,244 30,786 123,667 83,867 - - 155,911 114,653
Total
1,016,737 895,992 32,244 30,786 986,035 864,973 - - 1,018,279 895,759
Categorised into fair value hierarchy
Quoted price in
active markets
Using observable
inputs
Using unobservable
inputs
At amortised cost (Level 1) (Level 2) (Level 3) Total fair value
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m $m $m
Financial assets
Investment securities 5,356 5,936 - - 5,355 5,896 - - 5,355 5,896
Net loans and advances
564,559 541,777 - - 17,335 19,224 547,021 521,474 564,356 540,698
Total
569,915 547,713 - - 22,690 25,120 547,021 521,474 569,711 546,594
Financial liabilities
Deposits and other borrowings 662,910 643,868 - - 662,965 643,755 - - 662,965 643,755
Debt issuances
120,155 95,881 29,758 28,496 91,466 67,309 - - 121,224 95,805
Total
783,065 739,749 29,758 28,496 754,431 711,064 - - 784,189 739,560
\n
The following table sets out the Group\u2019s basis of estimating the fair values of financial assets and liabilities carried at amortised cost where the carrying
value is not typically a reasonable approximation of fair value
.
Financial asset and liability Fair value approach
Investment securities - debt securities
at amortised cost
Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable for that
instrument.
Net loans and advances to banks Discounted cash flows using prevailing market rates for loans with similar credit quality.
Net loans and advances to customers Present value of future cash flows, discounted using a curve that incorporates changes in wholesale
market rates, the Group\u2019s cost of wholesale funding and the customer margin, as appropriate.
Deposit liability without a specified
maturity or at call
The amount payable on demand at the reporting date. We do not adjust the fair value for any value we
expect the Group to derive from retaining the deposit for a future period.
Interest bearing fixed maturity deposits
and other borrowings and acceptances
with quoted market rates
Market borrowing rates of interest for debt with a similar maturity are used to discount contractual cash
flows to derive the fair value.
Debt issuances Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable to the
Group for that instrument.
Key judgements and estimates
A significant portion of financial instruments are carried on the Balance Sheet at fair value. The Group therefore regularly evaluates the key
valuation assumptions used in the determination of the fair valuation of financial instruments incorporated within the financial statements, as
this can involve a high degree of judgement and estimation in determining the carrying values at the balance date.
In determining the fair valuation of financial instruments, the Group has considered the impact of related economic and market conditions on
fair value measurement assumptions and the appropriateness of valuation inputs in these estimates, notably valuation adjustments, as well as
the impact of these matters on the classification of financial instruments in the fair value hierarchy.
Most of the valuation models the Group uses employ only observable market data as inputs. For certain financial instruments, we may use
data that is not readily observable in current markets. If we use unobservable market data, then we need to exercise more judgement to
determine fair value depending on the significance of the unobservable input to the overall valuation. Generally, we derive unobservable inputs
from other relevant market data and compare them to observed transaction prices where available. When establishing the fair value of a
financial instrument using a valuation technique, the Group also considers any required valuation adjustments in determining the fair value. We
may apply adjustments (such as credit valuation adjustments and funding valuation adjustments \u2013 refer to Note 10 Derivative financial
instruments) to reflect the Group\u2019s assessment of factors that market participants would consider in determining fair value of a particular
financial instrument.
\n
19. Assets charged as security for liabilities and collateral accepted as security for assets
The following disclosure excludes the amounts presented as collateral paid and received in the Balance Sheet that relate to derivative liabilities and
derivative assets respectively. The terms and conditions of those collateral agreements are included in the standard Credit Support Annex that forms part
of the International Swaps and Derivatives Association Master Agreement under which most of our derivatives are executed.
Assets charged as security for liabilities
Assets charged as security for liabilities include the following types of instruments:
\u2022
securities provided as collateral for repurchase transactions. These transactions are governed by standard industry agreements;
\u2022
specified residential mortgages provided as security for notes and bonds issued to investors as part of the Group\u2019s covered bond programs;
\u2022
collateral provided to central banks; and
\u2022
collateral provided to clearing houses.
The carrying amount of assets pledged as security are as follows:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Securities sold under arrangements to repurchase
1
45,709 47,552 41,384 42,002
Residential mortgages provided as security for covered bonds 34,235 31,188 21,027 21,017
Other
6,339 6,152 6,203 6,077
1.
The amounts disclosed as securities sold under arrangements to repurchase include both:
\u2022
assets pledged as security which continue to be recognised on the Group's Balance Sheet; and
\u2022
assets repledged, which are included in the disclosure below.
Collateral accepted as security for assets
The Group has received collateral associated with various financial transactions. Under certain arrangements the Group has the right to sell, or to repledge,
the collateral received. These arrangements are governed by standard industry agreements.
The fair value of collateral we have received and that which we have sold or repledged is as follows:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Fair value of assets which can be sold or repledged
68,145 52,184 65,329 51,519
Fair value of assets sold or repledged 39,699 33,493 39,058 33,218
\n\n
20. Offsetting
We offset financial assets and financial liabilities on the Balance Sheet (in accordance with AASB 132 Financial Instruments: Presentation) when there is:
\u2022 a current legally enforceable right to set off the recognised amounts in all circumstances; and
\u2022 an intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously.
The following table identifies financial assets and financial liabilities which have not been offset but are subject to enforceable master netting agreements
(or similar arrangements) and the related amounts not offset in the Balance Sheet. We have not taken into account the effect of over-collateralisation.
Amount subject to master netting agreement or similar
Total amounts
recognised
in the
Balance Sheet
Amounts not
subject to
master netting
agreement or
similar
Total
Financial
instruments
4
Financial
collateral
(received)/
pledged
4
Net amount
Consolidated
$m
$m $m $m $m $m
As at 30 September 2024
Derivative financial assets
1
54,370 (3,534) 50,836 (38,192) (7,702) 4,942
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 6,870 (1,258) 5,612 - (5,606) 6
- at fair value through profit or loss 57,032 (12,183) 44,849 (1,957) (42,830) 62
Total financial assets 118,272 (16,975) 101,297 (40,149) (56,138) 5,010
Derivative financial liabilities
1
(55,254) 2,881 (52,373) 38,192 6,244 (7,937)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (4,675) 2,168 (2,507) - 2,507 -
- at fair value through profit or loss (39,640) 14,185 (25,455) 1,957 23,484 (14)
Total financial liabilities (99,569) 19,234 (80,335) 40,149 32,235 (7,951)
As at 30 September 2023
Derivative financial assets
1
60,406 (3,290) 57,116 (38,070) (13,049) 5,997
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,145
(124) 4,021 - (4,021) -
- at fair value through profit or loss 44,088 (10,505) 33,583 (2,401) (31,182) -
Total financial assets 108,639 (13,919) 94,720 (40,471) (48,252) 5,997
Derivative financial liabilities
1
(57,482) 5,096 (52,386) 38,070 6,547 (7,769)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (12,744)
1,117 (11,627) - 11,627 -
- at fair value through profit or loss (31,710) 13,304 (18,406) 2,401 16,005 -
Total financial liabilities (101,936) 19,517 (82,419) 40,471 34,179 (7,769)
1.
Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the
carrying value of those associated derivative balances.
2.
Reverse repurchase agreements:
\u2022
with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
\u2022
with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
3.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
4.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over-collateralisation is excluded
from the tables.
\n
Amount subject to master netting agreement or similar
Total amounts
recognised
in the
Balance Sheet
Amounts not
subject to
master netting
agreement or
similar
Total
Financial
instruments
4
Financial
collateral
(received)/
pledged
4
Net amount
The Company
$m
$m $m $m $m $m
As at 30 September 2024
Derivative financial assets
1
57,627 (2,527) 55,100 (43,360) (7,258) 4,482
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,911 (600) 4,311 - (4,307) 4
- at fair value through profit or loss 56,173 (11,596) 44,577 (1,685) (42,830) 62
Total financial assets 118,711 (14,723) 103,988 (45,045) (54,395) 4,548
Derivative financial liabilities
1
(57,467) 1,594 (55,873) 43,360 5,577 (6,936)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (2,103) 2,103 - - - -
- at fair value through profit or loss (38,903) 14,099 (24,804) 1,685 23,106 (13)
Total financial liabilities (98,473) 17,796 (80,677) 45,045 28,683 (6,949)
As at 30 September 2023
Derivative financial assets
1
59,989 (1,096) 58,893 (41,574) (11,716) 5,603
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,021
- 4,021 - (4,021) -
- at fair value through profit or loss 43,553 (10,143) 33,410 (2,248) (31,162) -
Total financial assets 107,563 (11,239) 96,324 (43,822) (46,899) 5,603
Derivative financial liabilities
1
(57,511) 2,760 (54,751) 41,574 6,356 (6,821)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (8,955)
865 (8,090) - 8,090 -
- at fair value through profit or loss (31,125) 12,872 (18,253) 2,248 16,005 -
Total financial liabilities (97,591) 16,497 (81,094) 43,822 30,451 (6,821)
1.
Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the
carrying value of those associated derivative balances.
2.
Reverse repurchase agreements:
\u2022 with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
\u2022 with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
3.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
4.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over-collateralisation is excluded from
the tables
\n
21. Goodwill and other intangible assets
Goodwill
1
Software Other Intangibles Total
Consolidated
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Balance at start of year
2,978 2,906 913 896 70 75 3,961 3,877
Additions
2
1,402 - 430 332 - - 1,832 332
Amortisation expense
3
- - (319) (316) - (2) (319) (318)
Impairment expense
- - (9) - (7) - (16) -
Written-off on disposal/exit
4
- (78) - - - (7) - (85)
Foreign currency exchange difference
(37) 150 - 1 - 4 (37) 155
Balance at end of year
4,343 2,978 1,015 913 63 70 5,421 3,961
Cost
5
4,343 2,978 7,975 8,127 69 78 12,387 11,183
Accumulated amortisation n/a n/a (6,960) (7,214) (6) (8) (6,966) (7,222)
Carrying amount
4,343 2,978 1,015 913 63 70 5,421 3,961
Goodwill
1
Software Other Intangibles Total
The Company
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Balance at start of year
62 62 873 872 - 1 935 935
Additions - - 343 310 - - 343 310
Amortisation expense
- - (274) (310) - (1) (274) (311)
Impairment expense
- - (9) - - - (9) -
Foreign currency exchange difference
- - - 1 - - - 1
Balance at end of year
62 62 933 873 - - 995 935
Cost
5
62 62 7,630 7,800 6 7 7,698 7,869
Accumulated amortisation n/a n/a (6,697) (6,927) (6) (7) (6,703) (6,934)
Carrying amount
62 62 933 873 - - 995 935
1.
Goodwill excludes notional goodwill in equity accounted investments.
2.
2024 includes $1,402 million of provisional goodwill and $103 million of provisional intangibles on acquisition of Suncorp Bank.
3.
2024 includes $36 million of accelerated amortisation expense from Suncorp Bank on alignment to the Group\u2019s software capitalisation policy.
4.
2023 includes goodwill written-off on disposal of Cashrewards to ANZ NBH Pty Ltd.
5.
Includes impact of foreign currency translation differences.
Impairment testing for cash generating units containing goodwill
Goodwill acquired in a business combination is tested for impairment annually and whenever there are indicators of potential impairment. Goodwill is
allocated at the date of acquisition to the cash generating unit (CGU) or group of CGUs that are expected to benefit from the synergies of the related
business combination.
Goodwill is considered to be impaired if the carrying amount of the relevant CGU exceeds its recoverable amount. We estimate the recoverable amount of
each CGU to which goodwill is allocated using a fair value less costs of disposal (FVLCOD) approach, with a value-in-use (VIU) assessment performed
where the FVLCOD is less than the carrying amount.
Goodwill is allocated to the following CGUs based on the lowest level at which goodwill is monitored
.
Cash generating units:
2024
$m
2023
$m
Australia Retail
100 100
Institutional
1,245 1,261
New Zealand
1,596 1,617
Suncorp Bank
1,402 -
\n\n
We estimate the FVLCOD of each CGU to which goodwill is allocated by applying observable price earnings multiples of comparable companies to the
estimated future maintainable earnings of each CGU. A deduction is then made for estimated costs of disposal. The valuation is considered to be level 3
in the fair value hierarchy due to unobservable inputs used in the valuation.
Management\u2019s approach and the key assumptions used in determining FVLCOD are as follows:
Key assumption Approach to determining the value (or values) for each key assumption
Future maintainable earnings Future maintainable earnings for each CGU is estimated as the sum of:
\u2022
The Group\u2019s 2025 financial plan for each CGU; and
\u2022
An allocation of the central costs recorded outside of the CGUs to which goodwill is allocated.
Where relevant, adjustments are made to the Group\u2019s financial plan to reflect the long-term expectations for
items such as expected credit losses.
Price/Earnings (P/E) multiple P/E multiples applicable to each CGU have been derived from a comparator group of publicly traded
companies, and include a 30% control premium, discussed below.
In the case of the New Zealand and Institutional CGUs, management has made downwards adjustments to
P/E multiples to address specific factors relevant to those CGUs.
A control premium has been applied which recognises the increased consideration a potential acquirer
would be willing to pay in order to gain sufficient ownership to achieve control over the relevant activities of
the CGU. For each CGU, the control premium has been estimated as 30% of the comparator group P/E
multiple based on historical transactions.
Costs of disposal Costs of disposal have been estimated as 2% of the fair value of the CGU based on those observed from
historical and recent transactions.
Our impairment testing did not result in the impairment of goodwill as at 30 September 2024.
The FVLCOD estimates for each CGU are sensitive to assumptions about P/E multiples, future maintainable earnings and control premium (30%).
However, each CGU would continue to show a surplus in recoverable amount over carrying amount even where other reasonably possible alternative
estimates were used.
\n
Recognition and measurement
The table below details how we recognise and measure different intangible assets:
Goodwill Software Other Intangibles
Definition
Excess amount the Group has
paid in acquiring a business
over the fair value of the
identifiable assets and liabilities
acquired.
Purchased software owned by the Group is
capitalised.
Internal and external costs incurred in
building software and computer systems
costing greater than $20 million are
capitalised as assets. Those less than $20
million are expensed in the year in which the
costs are incurred.
Costs incurred in planning or evaluating
software proposals or in maintaining
systems after implementation are
not capitalised.
Management fee rights arising
from acquisition of funds
management business and other
intangible assets arising from
contractual rights.
Carrying value
Cost less any accumulated
impairment losses.
Allocated to the cash
generating unit to which the
acquisition relates.
Initially, measured at cost or if acquired in a
business combination at the acquisition date
fair value.
Subsequently, carried at cost less
accumulated amortisation and impairment
losses.
Initially, measured at fair value at
acquisition.
Subsequently, carried at cost less
accumulated amortisation and
impairment losses.
Useful life
Indefinite.
Goodwill is reviewed for
impairment at least annually or
when there is an indication of
impairment.
Except for major core infrastructure,
amortised over periods between
2-5 years; however major core infrastructure
may be amortised over 7 years subject to
approval by the Audit Committee.
Purchased software is amortised over 2
years unless it is considered integral to other
assets with a longer useful life.
Management fee rights with an
indefinite life are reviewed for
impairment at least annually or
when there is an indication of
impairment. Other intangible
assets are amortised over 3 years.
Depreciation
method
Not applicable. Straight-line method. Not applicable to indefinite life
intangible assets. Straight-line
method for assets with a finite life.
\n
Key judgements and estimates
Management judgement is used to assess the recoverable value of goodwill and other intangible assets, and the useful economic life of an
asset, or whether an asset has an indefinite life. We reassess the recoverability of the carrying value at each reporting date.
Goodwill
A number of key judgements are required in the determination of whether or not a goodwill balance is impaired including:
\u2022 the level at which goodwill is allocated \u2013 consistent with prior periods the CGUs to which goodwill is allocated are the Group\u2019s revenue
generating segments that benefit from relevant historical business combinations generating goodwill.
\u2022 determination of the carrying amount of each CGU which includes an allocation, on a reasonable and consistent basis, of corporate assets
and liabilities that are not directly attributable to the CGUs to which goodwill is allocated.
\u2022 assessment of the recoverable amount of each CGU including:
R selection of the model used to determine the fair value \u2013 the Group has used the market multiple approach to estimate the fair
value; and
R selection of the key assumptions in respect of future maintainable earnings, the P/E multiple applied, including selection of an
appropriate comparator group and determination of an appropriate control premium, and costs of disposal as described above.
Software and other intangible assets
At each reporting date, software and other intangible assets are assessed for indicators of impairment and, where such indicators are
identified, an impairment assessment is performed. In the event that an asset\u2019s carrying amount is determined to be greater than its
recoverable amount, the carrying amount of the asset is written down immediately. Those assets not yet ready for use are tested for
impairment annually.
In addition, the expected useful lives of intangible assets are assessed at each reporting date. The assessment requires management
judgement, and in relation to our software assets, a number of factors can influence the expected useful lives. These factors include changes
to business strategy, significant divestments and the pace of technological change.
\n
22. Other provisions
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
ECL allowance on undrawn and contingent facilities
1
846 827 693 697
Customer remediation 394 459 333 425
Restructuring costs
80 98 70 83
Non-lending losses, frauds and forgeries
90 73 77 62
Other
174 257 146 232
Total other provisions
1,584 1,714 1,319 1,499
1.
Refer to note 13 Allowance for expected credit losses for movement analysis.
Customer
remediation
Restructuring
costs
Non-lending
losses, frauds
and forgeries
Other
Consolidated
$m
$m $m $m
Balance at 1 October 2023
459 98 73 257
New and increased provisions made during the year 158 160 22 36
Provisions used during the year
(178) (142) (5) (50)
Unused amounts reversed during the year
(45) (36) - (69)
Balance at 30 September 2024
394 80 90 174
Customer
remediation
Restructuring
costs
Non-lending
losses, frauds
and forgeries
Other
The Company
$m
$m $m $m
Balance at 1 October 2023
425 83 62 232
New and increased provisions made during the year 108 145 29 32
Provisions used during the year
(163) (124) (14) (49)
Unused amounts reversed during the year
(37) (34) - (69)
Balance at 30 September 2024 333 70 77 146
\n
Customer remediation
Customer remediation includes provisions for expected refunds to customers, remediation project costs and related customer and regulatory claims,
penalties and litigation costs and outcomes.
Restructuring costs
Provisions for restructuring costs arise from activities related to changes in the scope of business undertaken by the Group or the manner in which that
business is undertaken and include employee termination benefits. Costs relating to on-going activities are not provided for and are expensed as incurred.
Non-lending losses, frauds and forgeries
Non-lending losses include losses arising from certain legal actions not directly related to amounts of principal outstanding for loans and advances and
losses arising from forgeries, frauds and the correction of operational issues. The amounts recognised are the best estimate of the consideration required
to settle the present obligation at the reporting date, taking into account the risks and uncertainties that surround the events and circumstances that
affect the provision.
Other
Other provisions comprise various other provisions including workers compensation, make-good provisions associated with leased premises, warranties
and indemnities provided in connection with various disposals of businesses and assets, and contingent liabilities recognised as part of a business
combination.
Recognition and measurement
The Group recognises provisions when there is a present obligation arising from a past event, an outflow of economic resources is probable,
and the amount of the provision can be measured reliably.
The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into
account the risks and uncertainties surrounding the timing and amount of the obligation. Where a provision is measured using the estimated
cash flows required to settle the present obligation, its carrying amount is the present value of those cash flows
.
Key judgements and estimates
The Group holds provisions for various obligations including customer remediation, restructuring costs, non-lending losses, frauds and forgeries
and litigation related claims. These provisions involve judgements regarding the timing and outcome of future events, including estimates of
expenditure required to satisfy such obligations. Where relevant, expert legal advice has been obtained and, in light of such advice, provisions
and/or disclosures as deemed appropriate have been made.
In relation to customer remediation, determining the amount of the provisions, which represent management\u2019s best estimate of the cost of
settling the identified matters, requires the exercise of significant judgement. It will often be necessary to form a view on a number of different
assumptions, including the number of impacted customers, the average refund per customer, the associated remediation project costs, and
the implications of regulatory exposures and customer claims having regard to their specific facts and circumstances. There is a heightened
level of estimation uncertainty where the customer remediation provision relates to a legal proceeding or matter. The appropriateness of the
underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence including expert legal advice, and
adjustments are made to the provisions where appropriate.
\n
23. Shareholders\u2019 equity
Shareholders' equity
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Ordinary share capital
27,065 29,082 26,988 29,005
Reserves
Foreign currency translation reserve
1
(360) 570 (341) 58
Share option reserve
105 82 105 82
FVOCI reserve
(979) (554) (937) (538)
Cash flow hedge reserve
(422) (1,872) (503) (1,824)
Transactions with non-controlling interests reserve
(22) (22) - -
Total reserves
(1,678) (1,796) (1,676) (2,222)
Retained earnings 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
2
771 522 - -
Total shareholders\u2019 equity
68,760 69,085 64,496 60,978
1.
As a result of the closure of a number of international entities, the associated foreign currency translation reserve was recycled from Other comprehensive income to profit or loss, resulting in a $22 million
gain recognised in Other operating income in 2024 (2023: $43 million gain).
2.
ANZ Bank New Zealand issued $256 million of perpetual preference shares in 2024 that are considered non-controlling interests to the Group.
Ordinary share capital
The table below details the movement in ordinary shares and share capital for the year
.
2024 2023
Consolidated
Number of
shares $m
Number of
shares
$m
Balance at start of the year 3,003,366,782 29,082 2,989,923,751 28,797
Dividend reinvestment plan issuances - - 8,406,978 206
Bonus option plan
- - 1,657,422 -
Employee share and option plans
- (17) 3,378,631 79
Capital return
- (2,000) - -
Balance at end of year
3,003,366,782 27,065 3,003,366,782 29,082
2024 2023
The Company
Number of
shares $m
Number of
shares
$m
Balance at start of the year 3,003,366,782 29,005 2,989,923,751 28,720
Dividend reinvestment plan issuances - - 8,406,978 206
Bonus option plan
- - 1,657,422 -
Employee share and option plans
- (17) 3,378,631 79
Capital return
- (2,000) - -
Balance at end of year
3,003,366,782 26,988 3,003,366,782 29,005
\n
Non-controlling interests
Profit attributable to
non-controlling interests
Equity attributable to
non-controlling interests
Dividend paid to
non-controlling interests
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
ANZ Bank New Zealand PPS
1
32 26 758 512 32 26
Other 3 2 13 10 - 1
Total
35 28 771 522 32 27
1.
On 19 March 2024, ANZ Bank New Zealand Limited issued $256 million (NZD275 million) of PPS.
ANZ Bank New Zealand Preference Shares
Perpetual Preference Shares (PPS) externally issued by ANZ Bank New Zealand Limited (ANZ Bank New Zealand), a member of the Group, are considered
non-controlling interests of the Group.
The key terms of the PPS are as follows:
PPS dividends
Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are
certain restrictions on the ability of ANZ Bank New Zealand to pay a dividend on its ordinary shares. Holders of the PPS have no other rights participate in
the profits or property of ANZ Bank New Zealand.
Redemption features
Holders of PPS have no right to require that the PPS be redeemed. ANZ Bank New Zealand may, at its option, redeem all of the PPS on an optional
redemption date (being each scheduled quarterly dividend payment date from the first optional redemption date), or at any time following the occurrence
of a tax event or regulatory event, subject to prior written approval of RBNZ and certain other conditions being met.
\n
Recognition and measurement
Ordinary shares
Ordinary shares have no par value. They entitle holders to receive dividends, or proceeds available
on winding up of the Company, in proportion to the number of fully paid ordinary shares held. They
are recognised at the amount paid per ordinary share net of directly attributable costs. Every holder
of fully paid ordinary shares present at a meeting of the Company in person, or by proxy, is entitled
to:
\u2022 on a show of hands, one vote; and
\u2022 on a poll, one vote, for each share held.
Treasury shares
Treasury shares are shares in the Company which:
\u2022 the ANZ Employee Share Acquisition Plan purchases on market and have not yet distributed, or
\u2022 the Company issues to the ANZ Employee Share Acquisition Plan and have not yet been
distributed.
Treasury shares are deducted from share capital and excluded from the weighted average number
of ordinary shares used in the earnings per share calculations.
Reserves:
Foreign currency translation reserve
Includes differences arising on translation of assets and liabilities into Australian dollars when the
functional currency of a foreign operation (including subsidiaries and branches) is not Australian
dollars. In this reserve, we reflect any offsetting gains or losses on hedging these exposures,
together with any tax effect.
Cash flow hedge reserve Includes fair value gains and losses associated with the effective portion of designated cash flow
hedging instruments together with any tax effect.
FVOCI reserve Includes changes in the fair value of certain debt securities and equity securities included within
Investment Securities together with any tax effect.
In respect of debt securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition, except for those relating
to allowance for ECL, interest income and foreign currency exchange gains and losses which are
recognised in profit or loss. As debt securities at FVOCI are recorded at fair value, the balance of
the FVOCI reserve is net of the ECL allowance associated with such assets. When a debt security
measured at FVOCI is derecognised, the cumulative gain or loss recognised in the FVOCI reserve in
respect of that security is reclassified to profit or loss and presented in other operating income.
In respect of the equity securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition (including any related
foreign exchange gains or losses). When an equity security measured at FVOCI is derecognised,
the cumulative gain or loss recognised in the FVOCI reserve in respect of that security is not
recycled to profit or loss.
Share option reserve Includes amounts which arise on the recognition of share-based compensation expense.
Transactions with non-controlling
interests reserve
Includes the impact of transactions with non-controlling shareholders in their capacity as
shareholders.
Non-controlling interests
Share in the net assets of controlled entities attributable to equity interests which the Group does
not own directly or indirectly.
\n
24. Capital management
Capital management framework
The Group\u2019s capital management framework includes managing capital at Level 1 and Level 2.
The Group\u2019s framework includes managing to Board approved risk appetite settings and maintaining all regulatory requirements. APRA requirements at
Level 1 and Level 2 include the Group operating at or above APRAs expectation for Domestic Systematically Important Banks (D-SIBs) following the
implementation of APRA\u2019s Capital Reform.
All requirements were satisfied as at 30 September 2024.
Capital management strategy
The Group\u2019s capital management strategy aims to protect the interests of depositors, creditors and shareholders. We achieve this through an Internal
Capital Adequacy Assessment Process (ICAAP) whereby the Group conducts detailed strategic and capital planning over a 3-year time horizon.
The process involves:
\u2022 forecasting economic variables, financial performance of divisions and the financial impact of new strategic initiatives to be implemented during the
planning period;
\u2022 performing stress tests under different economic scenarios to determine the level of additional capital (stress capital buffer) needed to absorb losses
that may be experienced under an economic downturn;
\u2022 reviewing capital position and targets against the Group\u2019s risk profile; and
\u2022 developing a capital plan, taking into account capital ratio targets, ECM requirements, current and future capital issuances requirements and options
around capital products, timing and markets to execute the capital plan under differing market and economic conditions.
The capital plan is approved by the Board and updated as required. The Board and senior management are provided with regular updates of the Group\u2019s
capital position. Any material actions required to ensure ongoing prudent capital management are submitted to the Board for approval. Throughout the
year, the Group maintained compliance with all the regulatory requirements related to Capital Adequacy in the jurisdictions in which it operates.
\n
Regulatory environment
Australia
As the ANZ Bank Group is an Authorised Deposit-taking Institution (ADI) in Australia, it is primarily regulated by APRA under the Banking Act 1959 (Cth).
ANZ Bank Group must comply with the minimum regulatory capital requirements, prudential capital ratios and specific reporting levels that APRA sets and
which are consistent with the global Basel III capital framework. This is the common framework for determining the appropriate level of bank regulatory
capital as set by the Basel Committee on Banking Supervision. APRA minimum requirements are summarised below:
Regulatory capital definition
Common Equity Tier 1 (CET1) Capital Tier 1 Capital Tier 2 Capital Total Capital
Shareholders\u2019 equity adjusted for
specific items.
CET1 capital plus certain securities
with complying loss absorbing
characteristics known as Additional
Tier 1 capital.
Subordinated debt instruments which
have a minimum term of 5 years at
issue date.
Tier 1 plus Tier 2 capital.
Minimum Prudential Capital Ratios (PCRs)
CET1 Ratio Tier 1 Ratio Total Capital Ratio
CET1 capital divided by total risk
weighted assets must be at least 4.5%.
Tier 1 capital divided by total risk
weighted assets must be at least
6.0%.
Total capital divided by total risk
weighted assets must be at least
8.0%. For D-SIBs, Total Capital Ratio
must be of at least 11% from 1st Jan
2024. Refer below for details.
Reporting Levels
Level 1 Level 2 Level 3
The ADI on a stand-alone basis (that is
ANZBGL and specified subsidiaries
which are consolidated to form the
ADI\u2019s Extended Licensed Entity).
The consolidated Group less
certain subsidiaries and associates
that are excluded under prudential
standards.
A conglomerate ANZGHL Group at the widest level.
As at 30 September 2024, APRA also requires the ADI to hold additional CET1 buffers as follows:
\u2022 a capital conservation buffer (CCB) of 4.75% which is inclusive of the additional 1% surcharge for domestically systemically important banks (D-SIBs).
APRA has determined that ANZ is a D-SIB.
\u2022 a countercyclical capital buffer which is set on a jurisdictional basis. The requirement is currently set at 1% for Australia.
Additionally in December 2021, APRA announced that it requires all D-SIBs including the Group to increase its minimum total capital ratio requirement by
3% of RWA by January 2024, and a further 1.5% of RWA by January 2026 (total increase of 4.5%). APRA expects this to be predominantly met by Tier 2
capital, with an equivalent decrease in other senior funding. The Group is on track to meet these requirements as at reporting date.
In September 2024, APRA also released a discussion paper \u201cA more effective capital framework for a crisis\u201d, which outlines potential amendments to
APRA\u2019s prudential framework to ensure that the capital strength of the Australian banking system operates more effectively in stress. The changes are
proposed to come into effect from January 2027 with the main change being replacing the current requirement for 1.5% of Additional Tier 1 capital (AT1)
with 0.25% of CET1 capital and 1.25% of Tier 2 capital.
Insurance and funds management
As required by APRA\u2019s Prudential Standards, insurance and funds management activities are:
\u2022 de-consolidated for the purposes of calculating capital adequacy; and
\u2022 excluded from the risk-based capital adequacy framework.
We deduct the investment in these controlled entities 100% from CET1 capital, and if we include any profits from these activities in the ANZ Bank Group\u2019s
results, then we exclude them from the determination of CET1 capital to the extent they have not been remitted.
Outside Australia
In addition to APRA, the Group\u2019s branch operations and major banking subsidiary operations are also overseen by local regulators such as the Reserve
Bank of New Zealand, the US Federal Reserve, the UK Prudential Regulation Authority, the Monetary Authority of Singapore, the Hong Kong Monetary
Authority and the China Banking and Insurance Regulatory Commission. They may impose minimum capital levels on operations in their individual
jurisdictions.
\n
ANZ Bank Group
1
The following table provides details of ANZ Bank Group\u2019s capital adequacy ratios at 30 September:
Consolidated
2024 2023
$m $m
Qualifying capital
Tier 1
Shareholders' equity and non-controlling interests
68,760 69,085
Prudential adjustments to shareholders' equity
(721) (396)
Gross Common Equity Tier 1 capital
68,039 68,689
Deductions (13,570) (10,895)
Common Equity Tier 1 capital
54,469 57,794
Additional Tier 1 capital
2
8,207 8,232
Tier 1 capital
62,676 66,026
Tier 2 capital
3
29,189 24,959
Total qualifying capital
91,865 90,985
Capital adequacy ratios (Level 2)
Common Equity Tier 1 12.2% 13.3%
Tier 1
14.0% 15.2%
Tier 2
6.5% 5.8%
Total capital ratio
20.6% 21.0%
Risk weighted assets
446,582 433,327
1.
This information is not within the scope of the external audit of the Group Financial Report by the Group\u2019s external auditor, KPMG. The information presented in this table is a regulatory requirement
disclosed in Part A of ARF 110 Capital Adequacy which will be subject to audit in accordance with Prudential Standard APS 310 Audit and Related Matters.
2.
This includes Additional Tier 1 capital of $8,207 million (2023: $8,232 million) (refer to Note 16 Debt issuances) including a regulatory adjustments and deductions of -$70 million (2023: nil)
3.
This includes Tier 2 capital of $28,584 million (2023: 23,707 million) (refer to Note 16 Debt issuances), a general reserve for impairment of financial assets of $1,711 million (2023: $1,776 million) and
regulatory adjustments and deductions of -$1,107 million (2023: -$524 million)
\n
25. Controlled entities
The ultimate parent of the Group is ANZ Group Holdings Limited
Incorporated in
Australia
Nature of Business
Banking
The Group holds 100% of the voting interests in all controlled entities, unless noted otherwise.
The material controlled entities of the Group are:
Australia and New Zealand Banking Group Ltd Australia Banking
SBGH Limited Australia Banking
ANZ Bank (Vietnam) Limited
1
Vietnam Banking
ANZ Funds Pty Ltd Australia Holding Company
ANZ Bank (Kiribati) Limited
1
(75% ownership) Kiribati Banking
ANZ Bank (Samoa) Limited
1
Samoa Banking
ANZ Bank (Vanuatu) Limited
2
Vanuatu Banking
ANZ Holdings (New Zealand) Limited
1
New Zealand Holding Company
ANZ Bank New Zealand Limited
1
New Zealand Banking
ANZ Investment Services (New Zealand) Limited
1
New Zealand Funds Management
ANZ New Zealand (Int\u2019l) Limited
1
New Zealand Finance
ANZ New Zealand Investments Holdings Limited
1
New Zealand Holding Company
ANZ New Zealand Investments Limited
1
New Zealand Funds Management
ANZNZ Covered Bond Trust
1,3
New Zealand Finance
ANZ International Private Limited
1
Singapore HoldingCompany
ANZcover Insurance Private Ltd
1
Singapore Captive-Insurance
ANZ Lenders Mortgage Insurance Pty Ltd Australia Mortgage Insurance
ANZ Residential Covered Bond Trust
3
Australia Finance
Australia and New Zealand Bank (China) Company Limited
1
China Banking
Australia and New Zealand Banking Group (PNG) Limited
1
Papua New Guinea Banking
Citizens Bancorp Guam Holding Company
ANZ Guam Inc Guam Banking
Institutional Securitisation Services Limited Australia Securitisation Manager
PT Bank ANZ Indonesia
1
(99% ownership) Indonesia Banking
1.
Audited by overseas KPMG firms \u2014 either as part of the Group audit, or for standalone financial statements as required.
2.
Audited by Law Partners.
3.
Not owned by the Group. Control exists as the Group retains substantially all the risks and rewards of the operations.
Changes to material controlled entities
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Refer to Note 34 Suncorp
Bank acquisition for further details.
Citizens Bancorp and ANZ Guam Inc have ceased business as at 30 September 2024.
Significant restrictions
Controlled entities that are subject to prudential regulation may be required to maintain minimum capital or other regulatory requirements which may, from
time to time, limit the entity\u2019s ability to transfer assets, pay dividends or make other capital distributions to the parent entity or to other entities in the Group.
The Group manages such restrictions within our risk management framework, as outlined in Note 17 Financial risk management and our capital
management strategy, as outlined in Note 24 Capital management.
As at 30 September 2024, restrictions on the ability of an entity within the Group to transfer assets, pay dividends or make other capital distributions to
other entities in the Group were not material to the liquidity or capital management of the Group.
\n
Recognition and measurement
The Group\u2019s subsidiaries are those entities it controls through:
\u2022 being exposed to, or having rights to, variable returns from the entity; and
\u2022 being able to affect those returns through its power over the entity.
The Group assesses whether it has power over those entities by examining the Group\u2019s existing rights to direct the relevant activities of the
entity.
If the Group sells or acquires subsidiaries during the year, it includes their operating results in the Group results to the date of disposal or from
the date of acquisition. When the Group\u2019s control ceases, it derecognises the assets and liabilities of the subsidiary, any related non-controlling
interest and other components of equity.
If the Group\u2019s ownership interest in a subsidiary changes in a way that does not result in a loss of control, then the Group accounts for that as
a transaction with equity holders in their capacity as equity holders.
All transactions between Group entities are eliminated on consolidation.
\n
26. Investment in associates
Significant associates of the Group are:
Ordinary share
interest
Carrying amount $m
Name of entity Principal activity
2024 2023 2024 2023
AMMB Holdings Berhad (AmBank)
1
Banking and insurance 0% 22% - 881
PT Bank Pan Indonesia (PT Panin) Consumer and business bank 39% 39% 1,415 1,440
Total carrying value of associates
2
1,415 2,321
1.
The Group fully disposed its interest in AmBank in 2024.
2.
Includes the impact of foreign currency translation recognised in the foreign currency translation reserve.
Financial information on significant associates
Set out below is the summarised financial information of each associate that is significant to the Group. The summarised financial information is based on
the associates\u2019 IFRS financial information and may require the use of unaudited financial information as each associate has a different financial year to the
Group (PT Panin 31 December, AmBank 31 March).
AMMB Holdings
Berhad
1
PT Bank Pan
Indonesia
Principal place of business and country of incorporation Malaysia Indonesia
2024 2023 2024 2023
$m $m $m $m
Summarised results
Operating income - 1,517 1,062 1,273
Profit/(Loss) for the year
- 545 218 372
Other comprehensive income/(loss) - 87 (41) 24
Total comprehensive income/(loss)
- 632 177 396
Less: Total comprehensive (income)/loss attributable to non\u2013controlling
interests
- (8) (19) (69)
Total comprehensive income/(loss) attributable to owners of associate
- 624 158 327
Summarised financial position
Total assets
2
- 62,057 20,616 20,498
Total liabilities
2
- 58,015 16,078 16,928
Total net assets
2
- 4,042 4,538 3,570
Less: Non-controlling interests of associate - (301) (353) (348)
Net assets attributable to owners of associate
- 3,741 4,185 3,222
Reconciliation to carrying amount of Group's interest in associate
3
Carrying amount at the beginning of the year 881 790 1,440 1,318
Investment
- - - -
Group's share of total comprehensive income/(loss)
69 138 42 138
Dividends received from associate
(14) (42) - -
Foreign currency translation reserve adjustments
(21) (5) (67) (16)
Partial disposal of investment
(668) - - -
Loss on partial disposal of investment
(21) - - -
Foreign currency translation reserve reclassified to profit or loss
(5) - - -
Less: Carrying value reclassified as Investment securities
(221) - - -
Carrying amount at the end of the year - 881 1,415 1,440
Market value of Group's investment in associate
4
- 875 1,448 1,167
1.
On 6 March 2024, the Group partially disposed of its interest in AmBank, reducing its investment by $668 million and its ordinary share interest from 22% to 5%. Following the decrease in ownership, the
Group ceased equity accounting for AmBank and reclassified the investment as Investment securities at fair value through other comprehensive income. On 31 May 2024, the Group disposed of its
remaining 5% interest in AmBank.
2.
Includes market value adjustments (including goodwill) the Group made at the time of acquisition (and adjustments for any differences in accounting policies).
3.
For AmBank this includes movements up to cessation of equity accounting.
4.
Market value is based on a price per share at reporting date and does not include any adjustments for the size of our holding.
\n
Impairment assessment
The Group assesses the carrying value of its associates investments for impairment indicators. The impairment assessment of non-lending assets
identified that one of the Group\u2019s associated investments PT Panin had indicators of impairment as a result of its carrying value exceeding its fair value less
costs of disposal (FVLCD) at times throughout the year. No impairment was recognised as its carrying value was supported by its FVLCD at 30 September
2024.
Recognition and measurement
An associate is an entity for which the Group has significant influence over its operating and financial policies but which it does not control. The
Group accounts for associates using the equity method. Its investments in associates are carried at cost plus the post-acquisition share of
changes in the associate\u2019s net assets less accumulated impairments. Dividends the Group receives from associates are recognised as a
reduction in the carrying amount of the investment. The Group includes goodwill recognised by the associate in the carrying amount of the
investment. It does not individually test the goodwill incorporated in the associates carrying amount for impairment.
At least at each reporting date, the Group reviews investments in associates for any indication of impairment. If an indication of impairment
exists, then the Group determines the recoverable amount of the associate using the higher of:
\u2022 the associate\u2019s fair value less cost of disposal; and
\u2022 its value-in-use (VIU).
We use a discounted cash flow methodology, and when applicable, other methodologies (such as capitalisation of earnings methodology), to
determine the recoverable amount when determining a VIU.
Key judgements and estimates
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that
the investment may be impaired. In addition, the Group is required to assess at each reporting date whether the recoverable amount of the
Group\u2019s investment has increased to such a level as to support the reversal of any prior period impairments.
184
\n
27. Structured entities
A Structured Entity (SE) is an entity that has been designed such that voting or similar rights are not the dominant factor in determining who controls the
entity. SEs are generally established with restrictions on their ongoing activities in order to achieve narrow and well defined objectives.
SEs are classified as subsidiaries and consolidated when control exists. If the Group does not control a SE, then it is not consolidated. This note provides
information on both consolidated and unconsolidated SEs.
The Group\u2019s involvement with SEs is as follows:
Type Details
Securitisation The Group establishes SEs to securitise customer loans and advances that it has originated, in order to diversify
sources of funding for liquidity management. Securitisation programs include customer loans and advances
assigned to bankruptcy remote SEs to provide either security for obligations payable on notes issued by the SEs
to external investors or create assets held by the Group eligible for repurchase agreements with applicable central
banks.
The Group retains control over these SEs and therefore they are consolidated. Refer to Note 28 Transfers of
financial assets for further details.
The Group also establishes SEs on behalf of customers to securitise their loans or receivables. The Group may
manage these securitisation vehicles or provide liquidity or other support. Additionally, the Group may acquire
interests in securitisation vehicles set up by third parties through holding securities issued by such entities. In
limited circumstances where control exists, the Group consolidates the SE.
Covered bond issuances Certain loans and advances have been assigned to bankruptcy remote SEs to provide security for issuances of
debt securities by the Group. The Group retains control over these SEs and therefore they are consolidated. Refer
to Note 28 Transfers of financial assets for further details.
Structured finance arrangements The Group is involved with SEs established:
\u2022 in connection with structured lending transactions to facilitate debt syndication and/or to ring-fence collateral;
and
\u2022 to own assets that are leased to customers in structured leasing transactions.
The Group may manage the SE, hold minor amounts of the SE\u2019s capital, or provide risk management products
(derivatives) to the SE. In most instances, the Group does not control these SEs. In limited circumstances where
control exists, the Group consolidates the SE.
Funds management activities The Group is the scheme manager for a number of Managed Investment Schemes (MIS) in New Zealand. These
MIS are financed through the issue of units to investors and the Group considers them to be SEs. The Group\u2019s
interests in these MIS are limited to receiving fees for services or providing risk management products
(derivatives). These interests do not create significant exposures that would allow the Group to control the funds.
Therefore, these MIS are not consolidated.
Consolidated structured entities
Financial or other support provided to consolidated structured entities
The Group provides financial support to consolidated SEs as outlined below.
Securitisation and covered bond
issuances
The Group provides lending facilities, derivatives and commitments to these SEs and/or holds debt instruments
they have issued.
Structured finance arrangements The assets held by these SEs are normally pledged as collateral for financing provided. Certain consolidated SEs
are financed entirely by the Group while others are financed by syndicated loan facilities in which the Group is a
participant. The financing provided by the Group includes lending facilities where the Group\u2019s exposure is limited to
the amount of the loan and any undrawn amount. Additionally, the Group has provided Letters of Support to these
consolidated SEs confirming that the Group will not demand repayment of the financing provided for the ensuing
12 month period.
The Group did not provide any non-contractual support to consolidated SEs during the year (2023: nil). Other than as disclosed above, the Group does
not have any current intention to provide financial or other support to consolidated SEs.
\n
Unconsolidated structured entities
Group\u2019s interest in unconsolidated structured entities
An \u2018interest\u2019 in an unconsolidated SE is any form of contractual or non-contractual involvement with a SE that exposes the Group to variability of returns
from the performance of that SE. These interests include, but are not limited to: holdings of debt or equity securities; derivatives that pass-on risks specific
to the performance of the SE, lending, loan commitments, financial guarantees, and fees from funds management activities.
For the purpose of disclosing interests in unconsolidated SEs:
\u2022
no disclosure is made if the Group\u2019s involvement is not more than a passive interest - for example: when the Group\u2019s involvement constitutes a typical
customer-supplier relationship. On this basis, exposures to unconsolidated SEs that arise from lending, trading and investing activities are not
considered disclosable interests - unless the design of the structured entity allows the Group to participate in decisions about the relevant activities
(being those that significantly affect the entity\u2019s returns).
\u2022
\u2018interests\u2019 do not include derivatives intended to expose the Group to market-risk (rather than performance risk specific to the SE) or derivatives
through which the Group creates, rather than absorbs, variability of the unconsolidated SE (such as purchase of credit protection under a credit default
swap).
The table below sets out the Group\u2019s interests in unconsolidated SEs together with the maximum exposure to loss that could arise from
those interests:
Securitisation Structured finance Total
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
On-balance sheet interests
Investment securities 1,819 2,070 - - 1,819 2,070
Gross loans and advances
11,447 10,367 23 24 11,470 10,391
Total on-balance sheet
13,266 12,437 23 24 13,289 12,461
Off-balance sheet interests
Commitments (facilities undrawn) 2,279 3,270 - - 2,279 3,270
Guarantees
50 50 - - 50 50
Total off-balance sheet
2,329 3,320 - - 2,329 3,320
Maximum exposure to loss 15,595 15,757 23 24 15,618 15,781
In addition to the interests above, the Group earned funds management fees from unconsolidated investment funds of $184 million
(2023: $177 million) during the year.
The Group\u2019s maximum exposure to loss represents the maximum amount of loss that the Group could incur as a result of its involvement with
unconsolidated SEs if loss events were to take place - regardless of the probability of occurrence. This does not in any way represent the actual losses
expected to be incurred. Furthermore, the maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements entered into to
mitigate the Group\u2019s exposure to loss.
The maximum exposure to loss has been determined as:
x the carrying amount of Investment securities measured at amortised cost; and
x the carrying amount plus the undrawn amount of any committed loans and advances.
The size of unconsolidated SEs is indicated by total assets which vary by SE with the largest single SE having a value of approximately $4.7 billion.
The Group did not provide any non-contractual support to unconsolidated SEs during the year (2023: nil) nor does it have any current intention to provide
financial or other support to unconsolidated SEs.
\n
Sponsored unconsolidated structured entities
The Group may also sponsor unconsolidated SEs in which it has no disclosable interest.
For the purposes of this disclosure, the Group considers itself the \u2018sponsor\u2019 of an unconsolidated SE if it is the primary party involved in the design and
establishment of that SE and:
\u2022 the Group is the major user of that SE; or
\u2022 the Group\u2019s name appears in the name of that SE, or on its products; or
\u2022 the Group provides implicit or explicit guarantees of that SE\u2019s performance.
The Group has sponsored the ANZ PIE Fund in New Zealand, which invests only in deposits with ANZ Bank New Zealand. The Group does not provide any
implicit or explicit guarantees of the capital value or performance of investments in the ANZ PIE Fund. There was no income received from, nor assets
transferred to, this entity during the year.
Key judgements and estimates
Significant judgement is required in assessing whether the Group has control over Structured Entities. Judgement is required to determine the
existence of:
\u2022 power over the relevant activities (being those that significantly affect the entity\u2019s returns); and
\u2022 exposure to variable returns of the entity.
\n
28. Transfers of financial assets
In the normal course of business the Group enters into transactions where it transfers financial assets directly to third parties or to SEs. These transfers
may result in the Group fully, or partially, derecognising those financial assets - depending on the Group\u2019s exposure to the risks and rewards or control
over the transferred assets. If the Group retains substantially all of the risk and rewards of a transferred asset, the transfer does not qualify for
derecognition and the asset remains on the Group\u2019s Balance Sheet in its entirety.
Securitisations
Net loans and advances include residential mortgages securitised under the Group\u2019s securitisation programs which are assigned to bankruptcy remote
SEs to provide security for obligations payable on the notes issued by the SEs. The holders of the issued notes have full recourse to the pool of residential
mortgages which have been securitised and the Group cannot otherwise pledge or dispose of the transferred assets.
In some instances, the Group is also the holder of the securitised notes issued by the SEs. In addition, the Group is entitled to any residual income of the
SEs and sometimes enters into derivatives with the SEs. The Group retains the risks and rewards of the residential mortgages and continues to recognise
the mortgages as financial assets.
The Group is exposed to variable returns from its involvement with these securitisation SEs and has the ability to affect those returns through its power
over the SEs activities. The SEs are therefore consolidated by the Group.
Covered bonds
The Group operates various global covered bond programs to raise funding in its primary markets. Net loans and advances include residential mortgages
assigned to bankruptcy remote SEs associated with these covered bond programs. In respect of each program, a covered bond guarantor has
guaranteed payments of interest and principal pursuant to a guarantee which is secured over its assets, including these residential mortgages.
Substantially all of the assets of each covered bond guarantor consist of that covered bond guarantor\u2019s equitable interests in mortgage loans secured by
residential real estate.
The covered bond holders have dual recourse to the issuer and the cover pool of assets. The issuer cannot otherwise pledge or dispose of the
transferred assets, however, subject to legal arrangements it may repurchase and substitute assets as long as the required cover is maintained.
The Group is required to maintain the cover pool at a level sufficient to cover the bond obligations. In addition, the Group is entitled to any residual income
of the covered bond SEs (after all payments to the covered bond holders and external parties) and enters into derivatives with the SEs. The Group retains
the majority of the risks and rewards of the residential mortgages and continues to recognise the mortgages as financial assets.
The Group is exposed to variable returns from its involvement with the covered bond SEs and has the ability to affect those returns through its power over
the SEs activities. The SEs are therefore consolidated by the Group. The covered bonds issued externally are included within debt issuances.
Repurchase agreements
When the Group sells securities subject to repurchase agreements under which we retain substantially all the risks and rewards of ownership, then those
assets do not qualify for derecognition. An associated liability is recognised for the consideration received from the counterparty.
Structured finance arrangements
The Group arranges funding for certain customer transactions through structured leasing. These transactions are recognised on Group\u2019s Balance Sheet
as lease receivables or loans. At times, other financial institutions participate in the funding of these arrangements. This participation involves a
proportionate transfer of the rights to the assets recognised by the Group. The participating banks have limited recourse to the leased assets and related
proceeds. Where the Group continues to be exposed to some of the risks of the transferred assets through a derivative or other continuing involvement,
the Group does not derecognise the lease receivable or loan. Instead, the Group recognises an associated liability representing its obligations to the
participating financial institutions.
The tables below set out the balance of assets transferred that do not qualify for derecognition, along with the associated liabilities.
Securitisations
1,2
Covered bonds
Repurchase
agreements
Structured finance
arrangements
2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m
Current carrying amount of assets transferred
3,730 886 34,235 31,188 45,709 47,552 15 27
Carrying amount of associated liabilities 3,640 880 18,931 18,223 44,315 44,454 15 27
Securitisations
1,2
Covered bonds
Repurchase
agreements
Structured finance
arrangements
2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m
Current carrying amount of assets transferred
714 886 21,027 21,017 41,384 42,002 - -
Carrying amount of associated liabilities 714 886 21,027 21,017 41,006 40,080 - -
1.
Does not include transfers to internal structured entities where there are no external investors.
2.
The securitisation noteholders have recourse only to the pool of residential mortgages which have been securitised. The carrying value of securitised assets and the associated liabilities approximates their
fair value.
\n
29. Superannuation and post employment benefit obligations
Set out below is a summary of amounts recognised in the Balance Sheet in respect of the defined benefit superannuation schemes:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Defined benefit obligation and scheme assets
Present value of funded defined benefit obligation (998) (959) (873) (839)
Fair value of scheme assets
1,150 1,131 1,003 991
Net defined benefit asset
152 172 130 152
As represented in the Balance Sheet
Net liabilities arising from defined benefit obligations included in Payables and
other liabilities
(4) (4) (4) (4)
Net assets arising from defined benefit obligations included in Other assets
156 176 134 156
Net defined benefit asset
152 172 130 152
Weighted average duration of the benefit payments reflected in the defined
benefit obligation (years)
11.3 11.4 10.9 10.9
As at the most recent reporting dates of the schemes, the aggregate surplus of net market value of assets over the value of accrued benefits on a
funding basis was $71 million (2023: $53 million surplus). In 2024, the Group made defined benefit contributions totaling $2 million (2023: $2 million). It
expects to make contributions of approximately $2 million next financial year.
Governance of the schemes and funding of the defined benefit sections
The main defined benefit superannuation schemes in which the Group participates operate under trust law and are managed and administered on behalf
of the members in accordance with the terms of the relevant trust deed and rules and all relevant legislation. These schemes have corporate trustees,
which are wholly owned subsidiaries of the Group. The trustees are the legal owners of the assets, which are held separately from the assets of the
Group, and are responsible for setting investment policy and agreeing funding requirements with the employer through the triennial actuarial valuation
process.
The Group has defined benefit arrangements in Australia, Japan, New Zealand, Philippines, Taiwan and United Kingdom. The defined benefit section of the
ANZ Australian Staff Superannuation Scheme, the ANZ UK Staff Pension Scheme and the ANZ National Retirement Scheme in New Zealand are the three
largest plans. They have been closed to new members since 1987, 2004 and 1991 respectively. None of the schemes had a material deficit, or surplus,
at the last funding valuation. The Group has no present liability under any of the schemes\u2019 trust deeds to fund a deficit (measured on a funding basis). A
contingent liability of the Group may arise if any of the schemes were wound up.
On 24 June 2024, the trustees of the ANZ UK Staff Pension Scheme (Scheme) executed a AUD 455 million bulk annuity insurance policy. The insurance
policy was purchased using the existing assets of the Scheme. The transaction secured an insurance asset that fully matches pension liabilities of the
Scheme and is therefore measured at an amount that matches the insured scheme liabilities. The Group retains ultimate responsibility for the benefits
provided to the Scheme members. In accordance with AASB 119 Employee Benefits, the impact of this transaction was to record a remeasurement loss
of AUD 15 million in other comprehensive income.
Recognition and measurement
Defined benefit superannuation schemes
The Group operates a small number of defined benefit schemes. Independent actuaries calculate the liability and expenses related to
providing benefits to employees under each defined benefit scheme. They use the Projected Unit Credit Method to value the liabilities. The
balance sheet includes:
\u2022 a defined benefit liability if the obligation is greater than the fair value of the schemes assets; and
\u2022 an asset (capped to its recoverable amount) if the fair value of the assets is greater than the obligation.
In each reporting period, the movements in the net defined benefit liability are recognised as follows:
\u2022 the net movement relating to the current period\u2019s service cost, net interest on the defined benefit liability, past service costs and other costs
(such as the effects of any curtailments and settlements) as operating expenses;
\u2022 remeasurements of the net defined benefit liability (which comprise actuarial gains and losses and return on scheme assets, excluding
interest income included in net interest) directly in retained earnings through other comprehensive income; and
\u2022 contributions of the Group directly against the net defined benefit position.
Defined contribution superannuation schemes
The Group operates a number of defined contribution schemes. It also contributes (according to local law, in the various countries in which it
operates) to Government and other plans that have the characteristics of defined contribution plans. The Group\u2019s contributions to these
schemes are recognised as personnel expenses when they are incurred
.
\n
Key judgements and estimates
The main assumptions we use in valuing defined benefit obligations are listed in the table below. A change to any assumptions, or applying
different assumptions, could have an effect on the Statement of Other Comprehensive Income and Balance Sheet
.
Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2024
$m
2023
$m
Consolidated
2024 2023
Discount rate (% p.a.) 1.5-5.35
1.15-5.6 0.5% increase (45) (43)
Future salary increases (% p.a.) 2.0-3.7
2.0-3.5
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.) 2.3-3.3/2.8
2.9-3.4/2.8 0.5% increase 36 34
Life expectancy at age 60 for current pensioners1 year increase
34 33
\u2013 Males (years) 26.3-28.4
26.3-28.3
\u2013 Females (years) 29.3-30.3
29.2-30.2
Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2024
$m
2023
$m
The Company
2024 2023
Discount rate (% p.a.) 5.0-5.35
5.5-5.6 0.5% increase (39) (38)
Future salary increases (% p.a.) 3.5
3.5
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.) 2.6-3.3/2.8
2.9-3.3/2.8 0.5% increase
30
29
Life expectancy at age 60 for current pensioners 1 year increase
30
29
\u2013 Males (years) 26.3-28.4
26.3-28.3
\u2013 Females (years) 29.3-30.3
29.2-30.2
\n\n
30. Employee share and option plans
The Group operates a number of employee share and option schemes under the ANZ Employee Share Acquisition Plan and the ANZ Share Option Plan
which are operated by the Company. These are Group share-based payment arrangements under which shares in ANZGHL (ANZ shares) are allocated or
granted to employees of the Group.
ANZ Employee Share Acquisition Plan
ANZ Employee Share Acquisition Plan schemes that operated during 2024 and 2023 were the Deferred Share Plan and the Variable Pay to Shares (VPS)
Offer. The ANZ Incentive Plan (ANZIP) (the variable remuneration plan operating across the Group) has Short Term Variable Remuneration or Variable
Remuneration delivered under the Deferred Share Plan or ANZ Share Option Plan for eligible employees.
Deferred Share Plan
i) ANZ Incentive Plan (ANZIP) \u2013 Short Term Variable Remuneration (STVR) and Variable Remuneration (VR) \u2013 deferred shares
Award Type
STVR (deferred shares) STVR/VR historical (deferred
shares)
VR (deferred shares) VR historical (deferred
shares)
Eligibility
Chief Executive Officer (CEO), Group Executive Committee
(ExCo) and Group General Manager Internal Audit (GGM IA)
1
.
All other employees (excluding select roles in the United
Kingdom (UK)/China/Hong Kong (HK)
2
).
Financial Year (FY)
of grant
2023 and 2022 Performance
and Remuneration Review
(PRR): granted in FY24 &
FY23
Historical grants: on foot
during FY24 & FY23
Grants from 1 Oct 2023:
granted in FY24
2023 and 2022 PRR:
granted in FY24 & FY23
Historical grants: on foot
during FY24 & FY23
Grant approach 50% of the CEO, ExCo and
GGM IA\u2019s Short Term Variable
Remuneration (STVR)
deferred as shares.
50% of the CEO\u2019s STVR, 25%
of ExCo\u2019s Variable
Remuneration (VR) (except for
the Chief Risk Officer (CRO)),
and 33% of the CRO and
GGM IA\u2019s VR, deferred as
shares.
If VR is at or exceeds AUD
125,000, then 40% of total
VR amount is deferred as
shares.
If VR is at or exceeds AUD
100,000, then 60% of total
VR amount is deferred as
shares.
Conditions
Deferred over years two and three, where year 1 includes the
performance period (i.e., 1 October to 30 September). Granted
in late November.
Deferred over a minimum of
four years (including the
performance period), vesting
no faster than on a pro-rata
basis and only after two
years (i.e., 33% year two,
33% year three, 34% year
four).
Deferred over years two,
three and four, where year 1
includes the performance
period. Granted in late
November.
Allocation value Deferred shares granted
based on the Volume
Weighted Average Price
(VWAP) of ANZ shares traded
on the ASX in the five trading
days leading up to and
including 1 October.
Deferred shares granted based on the VWAP of ANZ shares traded on the ASX in the five
trading days leading up to and including the date of grant.
1.
All ANZGHL/ANZBGL Financial Accountability Regime (FAR) Accountable Executives.
2.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level Material Risk Takers (MRTs), in line with local regulatory requirements.
i
i) Exceptional circumstances
Remuneration
forgone
In exceptional circumstances, we grant deferred shares to certain employees when they start with the Group to
compensate them for remuneration they have forgone from their previous employer. The vesting period generally
aligns with the remaining vesting period of the remuneration they have forgone, and therefore varies between grants.
Retention We may grant deferred shares to high performing employees who are regarded as a significant retention risk to the
Group.
\n
iii) Further information
Cessation
Unless the Board
1
decides otherwise, employees forfeit their unvested deferred shares if they resign, are terminated on
notice, or are dismissed for serious misconduct. The deferred shares may be held in trust beyond the deferral period.
Dividends
Dividends are reinvested in the Dividend Reinvestment Plan.
Instrument
Deferred share rights may be granted instead of deferred shares in some countries as locally appropriate (see deferred
share rights Section).
Expensing value (fair
value)
We expense the fair value of deferred shares on a straight-line basis over the relevant vesting period and we recognise
the expense as a share-based compensation expense with a corresponding increase in equity. Deferred shares are
expensed based on the one-day VWAP at the date of grant.
2024 and 2023 grants
During the 2024 year, we granted 2,863,800 deferred shares (2023: 2,244,181) with a weighted average allocation
value of $24.45 (2023: $24.37).
Downward adjustment
Deferred shares remain at risk and the Board has the discretion to adjust the number of deferred shares downwards,
including to zero at any time before the vesting date (malus), and limited to select employees
2
, recovery post vesting
(i.e., clawback). The Group\u2019s downward adjustment provisions are detailed in Section 4.5 of the 2024 Remuneration
Report.
Board discretion was exercised to apply malus to 4,138 deferred shares in 2024 (2023: nil).
1.
References to \u2018the Board\u2019 throughout this note means the Boards of ANZGHL and ANZBGL.
2.
Clawback applies to the CEO, ExCo and GGM IA (for awards granted in the 2023 and 2024 financial years), and to select senior employees in jurisdictions where clawback regulations apply.
Variable Pay to Shares (VPS) Offer
Eligibility, grant
approach and
conditions
VPS provides employees in Australia the opportunity to receive up to $1,000 worth of ANZ shares with concessional
tax treatment (where criteria are met). All ANZ shares are held by a custodian or nominee appointed by the Trustee on
the Trustee\u2019s behalf and are restricted for 3 years. During this time employees benefit from dividend payments which
are reinvested through the Dividend Reinvestment Plan (DRP) and have voting entitlements. After the restriction period
has been reached the shares can sold or transferred.
Allocation value
Granted based on the VWAP of ANZ shares traded on the ASX in the five trading days leading up to and including the
date of grant.
Expensing value
(fair value)
Expensed based on the one-day VWAP at the date of grant.
2024 grants
During the 2024 year, we granted 51,619 shares on 22 November 2023 (2023: 55,600) at an issue price of $24.20
(2023: $24.46).
Expensing of the ANZ Employee Share Acquisition Plan
Expensing value
(fair value)
The fair value of shares we granted during 2024 under the Deferred Share Plan and VPS Offer, measured as at the
date of grant of the shares, is $71.4 million (2023: $56.5 million) based on 2,915,419 shares
(2023: 2,299,781) with a weighted average VWAP of $24.48 (2023: $24.57).
\n
ANZ Share Option Plan
Allocation
We may grant selected employees options/rights which entitle them to acquire fully paid ordinary ANZ shares at a
fixed price at the time the options/rights vest. Voting and dividend rights will be attached to the ordinary shares
allocated on exercise of the options/rights.
Each option/right entitles the holder to one ordinary share subject to the terms and conditions imposed on grant.
Exercise price of options, determined in accordance with the rules of the plan, is generally based on the VWAP of the
shares traded on the ASX in the week leading up to and including the date of grant. For rights, the exercise price is nil.
Rules
Prior to the exercise of the option/right, if ANZ changes its share capital due to a bonus share issue, pro-rata new
share issue or reorganisation, the following adjustments are required:
\u2022 Issue of bonus shares - When the holder exercises their option, they are also entitled to be issued the number of
bonus shares they would have been entitled to had they held the underlying shares at the time of the bonus issue;
\u2022 Pro-rata share offer - We will adjust the exercise price of the option in the manner set out in the ASX Listing Rules;
and
\u2022 Reorganisation - In respect of rights, if there is a bonus issue or reorganisation of ANZ\u2019s share capital, then the
Board may adjust the number of rights or the number of underlying shares so that there is no advantage or
disadvantage to the holder.
Holders otherwise have no other entitlements to participate:
\u2022 in any new issue of ANZ securities before they exercise their options/rights; or
\u2022 in a share issue of a body corporate other than ANZ (such as a subsidiary).
Any portion of the award which vests may, at the Boards discretion, be satisfied by a cash equivalent payment rather
than shares.
Expensing value
(fair value)
We expense the fair value of options/rights on a straight-line basis over the relevant vesting period and we recognise
the expense as a share-based compensation expense with a corresponding increase in equity. Factors considered in
determining the fair value include: the market performance conditions, share price volatility, life of the instrument,
dividend yield, and share price at grant date.
Satisfying vesting
Any portion of the award of options/rights (that have met the applicable time and performance conditions) may be
satisfied by a cash equivalent payment rather than shares at Board discretion.
In financial year 2024, all deferred share rights were satisfied through a share allocation, other than 95,968 deferred
share rights (2023: 70,231) for which a cash payment was made.
100% of the performance rights (PR) granted in late 2019 (2019 PR award) were lapsed, as the performance hurdles
were not met when tested in November 2023 \u2013 the end of the performance period. There were no PR due to vest in
financial year 2023, as a result of a change in the performance period from three years to four years.
Cessation
The provisions that apply if the employee\u2019s employment ends are in Section 8.2.3 of the 2024 Remuneration Report.
Downward adjustment
As per Deferred Share Plan.
\n
Option plans that operated during 2024 and 2023
i) Long Term Variable Remuneration (LTVR) and Variable Remuneration (VR) - restricted rights (RR), performance rights (PR), and deferred share
rights (DSR)
Award Type LTVR (RR & PR) LTVR / VR historical (PR) ANZIP VR (DSR) ANZIP historical VR (DSR)
Eligibility CEO, ExCo and GGM IA
1
CEO and ExCo
1
All other employees (excluding select roles in the
UK/China/HK
2
) in countries where DSR may be granted
instead of deferred shares
FY of grant 2023 and 2022 PRR: granted
in FY24 & FY23
Historical grants: on foot during
FY24 & FY23
Grants from 1 Oct
2023: granted in FY24
2023 and 2022 PRR:
granted in FY24 & FY23
Historical grants: on foot
during FY24 & FY23
Grant approach 50% of the CEO and ExCo\u2019s
(except for the CRO) LTVR was
received as RR and 50% as PR.
100% of the CRO and GGM
IA\u2019s LTVR was received as RR.
100% of the CEO\u2019s LTVR and
50% of ExCo\u2019s VR (except for
the CRO who received 50% VR
as DSR instead) was received
as PR.
If VR is at or exceeds
AUD 125,000, then
40% of total VR amount
is deferred.
If VR is at or exceeds AUD
100,000, then 60% of total
VR amount is deferred.
Conditions RR and PR provide a right to
acquire one ordinary ANZ share
at nil cost \u2013 subject to time and
performance conditions.
Awarded subject to:
\u2022 RR: pre grant assessment
(risk-based measures)
\u2022 RR and PR: shareholder
approval at Annual General
Meeting (AGM) for CEO
award
Performance condition tested
at end of four-year
performance period:
\u2022 RR: pre vest assessment
(risk-based measures)
\u2022 PR: relative and absolute
Total Shareholder Return
(TSR) hurdles
Deferral period
3
= four-year
performance period
(commencing 1 October) +
holding period (which
commences the day after end
of performance period and
finishes on the 4
th
, 5
th
or 6
th
anniversary of grants (CEO only
for year 6)).
Further details provided in
Section 9.1 of the 2024
Remuneration Report.
Awarded at the end of the year
subject to shareholder
approval at AGM for CEO
award.
PR performance condition
tested (relative and absolute
TSR hurdles) at the end of
four-year performance period.
The four-year performance
period commenced on 22
November to 21 November
four years later.
The deferral period is four
years.
Further details are provided in
Section 5.2.3a of the 2021
Remuneration Report.
DSR provide a right to
acquire one ordinary
ANZ share at nil cost
after a specified vesting
period.
Deferred over a
minimum of four years
(including the
performance period),
vesting no faster than
on a pro-rata basis and
only after two years (i.e.,
33% year two, 33%
year three, 34% year
four).
DSR provide a right to
acquire one ordinary ANZ
share at nil cost after a
specified vesting period.
Deferred over years two,
three and four, where year 1
includes the performance
period.
Allocation value Face value of ANZ shares traded on the ASX in the five trading
days leading up to and including 1 October (beginning of the
financial year).
The fair value at the date of grant is used to determine
the number of DSR to be allocated and is also used for
expensing purposes. The fair value is adjusted for the
absence of dividends during the vesting period.
1.
All ANZGHL/ANZBGL FAR Accountable Executives.
2.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level MRTs, in line with local regulatory requirements.
3.
A 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 equivalents accrue over the full deferral period for RR, and only during the holding period for PR.
\n
Award Type LTVR (RR & PR) LTVR / VR historical (PR) ANZIP VR (DSR) ANZIP historical VR (DSR)
Allocation timing LTVR awarded around late November/December (subject to
shareholder approval for CEO).
Granted in late November.
Start of FY End of FY
2024 grants During 2024, we granted
376,821 RR and 313,156 PR
(2023: 393,419 RR and
325,880 PR).
During 2024, we granted 3,588,912 DSR (no
performance hurdles)
(2023: 2,386,278).
Downward
adjustment
Board discretion was not exercised to apply malus or clawback
to any RR or PR in 2024 (2023: nil PR).
Board discretion was not exercised to apply malus or
clawback to any deferred share rights in 2024
(2023: nil).
ii) Exceptional circumstances
Remuneration forgone
As per Deferred Share Plan in countries where DSR may be granted instead of deferred shares.
Retention
Options, deferred share rights, restricted rights and performance rights on issue
As at 7 November 2024, there were 487 holders of 6,177,236 DSR on issue, 11 holders of 739,812 RR on issue and 11 holders of 1,427,926 PR on
issue.
Options/rights movements
This table shows the options/rights over unissued ANZ shares and their related weighted average (WA) exercise prices as at the beginning and end of
2024 and the movements during 2024:
Opening
balance
1 Oct 2023 Granted Forfeited
1
Expired Exercised
Closing
balance
30 Sep 2024
Number of options/rights
6,719,516 4,278,889 (632,985) 0 (2,014,320) 8,351,100
WA exercise price
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
WA closing share price $27.34
WA remaining contractual life 1.8 years
WA exercise price of all exercisable
options/rights outstanding
$0.00
Outstanding exercisable options/rights 118,965
This table shows the options/rights over unissued ANZ shares and their related weighted average exercise prices as at the beginning and end of 2023
and the movements during 2023:
Opening
balance
1 Oct 2022 Granted Forfeited
1
Expired Exercised
Closing
balance
30 Sep 2023
Number of options/rights 6,209,040 3,105,577 (428,483) 0 (2,166,618) 6,719,516
WA exercise price $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
WA closing share price
$24.30
WA remaining contractual life 1.9 years
WA exercise price of all exercisable
options/rights outstanding
$0.00
Outstanding exercisable options/rights 124,377
1.
Refers to any circumstance where equity can be forfeited (for example on cessation, downward adjustment or performance conditions not met).
All of the shares issued as a result of the exercise of options/rights during 2024 and 2023, were issued at a nil exercise price.
\n
As at the date of the signing of the Directors\u2019 Report on 7 November 2024:
\u2022 no options/rights over ordinary shares have been granted since the end of 2024; and
\u2022 6,126 shares issued as a result of the exercise of options/rights since the end of 2024, all with a nil exercise price.
Fair value assumptions
When determining the fair value, we apply the standard market techniques for valuation, including Monte Carlo and/or Black Scholes pricing models. We
do so in accordance with the requirements of AASB 2 Share-based Payments. The models take into account early exercise of vested equity, non-
transferability and internal/external performance hurdles (if any).
The table below shows the significant assumptions we used as inputs into our fair value calculation of instruments granted during the period. We present
the values as weighted averages, but the specific values we use for each allocation are the ones we use for the fair value calculation.
2024
2023
Deferred
share
rights
Restricted
rights
Performance
rights
Deferred
share
rights
Restricted
rights
Performance
rights
Exercise price ($) 0.00 0.00 0.00 0.00 0.00 0.00
Share closing price at grant date ($) 24.38 24.66 24.60 24.67 24.54 24.51
Expected volatility of ANZ share price (%)
1
19.98 20.0 20.0 20.0 20.0 20.0
Equity term (years) 2.1 6.6 6.6 2.1 6.6 6.6
Vesting period (years) 2.0 4.6 4.6 2.0 4.6 4.6
Expected life (years) 2.0 4.6 4.6 2.0 4.6 4.6
Expected dividend yield (%) 6.5 6.5 6.5 6.25 6.25 6.25
Risk free interest rate (%) 4.18 4.03 4.05 3.20 3.36 3.36
Fair value ($) 21.44 10.32 18.44 21.81 18.61 9.85
1.
Expected volatility represents a measure of the amount by which ANZ\u2019s share price is expected to fluctuate over the life of the rights. The measure of volatility used in the model is the annualised standard
deviation of the continuously compounded rates of return on the historical share price over a defined period of time preceding the date of grant. This historical average annualised volatility is then used to
estimate a reasonable expected volatility over the expected life of the rights.
Satisfying equity awards
All shares underpinning equity awards may be purchased on market, reallocated or be newly issued shares, or a combination.
The equity we purchased on market during the 2024 financial year (either under the ANZ Employee Share Acquisition Plan and the ANZ Share Option
Plan, or to satisfy options or rights) for all employees amounted to 5,211,778 shares at an average price of $24.17 per share (2023: 816,023 shares at
an average price of $24.35 per share).
\n
31. Related party disclosures
Key Management Personnel compensation
Key Management Personnel (KMP) are Directors of ANZBGL (whether executive directors or otherwise), and those personnel with a key responsibility for
the strategic direction and management of the Group (i.e., members of the Group Executive Committee (ExCo)) who have Financial Accountability Regime
(FAR) accountability and who report to the CEO. KMP compensation included within total personnel expenses in Note 4 Operating expenses is as follows:
Consolidated
2024 2023
1
$'000 $'000
Short-term benefits
20,017 21,072
Post-employment benefits 572 483
Other long-term benefits
280 212
Termination benefits
- 31
Share-based payments
11,199 8,303
Total
32,068 30,101
1.
Includes former disclosed KMP until the end of their employment.
Key Management Personnel loan transactions
Loans made to KMP are made 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, including the term of the loan, security required and the interest rate. No amounts have been written off during the
period, or individual provisions raised in respect of these balances. Details of the terms and conditions of lending products can be found on anz.com. The
aggregate balance of loans (including credit card balances) made, guaranteed or secured, and undrawn facilities to KMP including their related parties,
were as follows:
Consolidated The Company
2024 2023 2024 2023
$'000 $'000 $'000 $'000
Loans advanced
1
23,447 30,555 13,211 20,150
Undrawn facilities
1
2,319 1,685 1,995 1,373
Interest charged
2
1,078 1,346 778 523
1.
Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who
departed in the prior year.
2.
Interest charged is for all KMP\u2019s during the period.
Key Management Personnel holdings of ANZ securities
KMP, including their related parties, held the Company\u2019s subordinated debt and shares, share rights and options over shares in ANZGHL directly, indirectly
or beneficially as shown below
:
Consolidated
2024 2023
Number Number
Shares, options and rights
1
3,613,895 3,410,800
Subordinated debt
1
20,180 21,140
1.
Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who
departed in the prior year.
\n
Other transactions of Key Management Personnel and their related parties
The aggregate of deposits of KMP and their related parties with the Group were $44 million (2023: $41 million) and with the Company were $30 million
(2023: $27 million).
Other transactions with KMP and their related parties include amounts paid to the Group in respect of investment management service fees, brokerage
and 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 no more favourable than those given to other employees or
customers. Gifts were provided to KMP, including on their retirement, amounting to $7,005 during the year (2023: $2,476).
Associates
We disclose significant associates in Note 26 Investments in associates. During the course of the financial year, transactions conducted with all associates
were on terms equivalent to those made on an arm\u2019s length basis.
Consolidated The Company
2024 2023 2024 2023
$'000 $'000 $'000 $'000
Amounts receivable from associates
19 13 - -
Amounts payable to associates 1,064 990 - -
Interest revenue from associates
- 9,391 - 7,860
Interest expense to associates
76 353 - 307
Other revenue from associates
- 5,816 - 5,816
Other expenses paid to associates
2,933 3,088 - 704
Dividend income from associates
13,771 42,316 - -
Undrawn facilities
1
919 931 - -
1.
Comparatives have been amended to include unutilised limits from revolving credit facilities.
There have been no material guarantees given or received. No amounts receivable from associates have been written-off during the period, nor individual
provisions raised in respect of these balances.
Subsidiaries
We disclose material controlled entities in Note 25 Controlled entities. During the financial year, subsidiaries conducted transactions with each other and
with associates on terms equivalent to those on an arm\u2019s length basis. As at 30 September 2024, we consider all outstanding amounts on these
transactions to be fully collectible.
Other intragroup transactions include providing management and administrative services, staff training, data processing facilities, transfer of tax losses,
and the leasing of premises and equipment. The Company also issued letters of comfort and guarantees in respect of certain subsidiaries in the normal
course of business.
\n
Related Entities
Transactions with related entities include leasing arrangements, funding activities, deposits and tax funding arrangements.
These transactions are conducted on terms equivalent to those on an arm\u2019s length basis. As at 30 September 2024, we consider all outstanding amounts
on these transactions to be fully recoverable.
The following balances with related ANZ Group entities were outstanding at 30 September:
2024
$m
2023
$m
Amounts due from ultimate controlling entity
36 85
Amounts due from other related entities
755 696
Amounts due to ultimate controlling entity
10 1
Amount due to parent entity
47 -
Amounts due to other related entities
315 270
Deposits from ultimate controlling entity
1,258 183
Deposits from other related entities
165 111
Undrawn facilities for other related entities 105 31
The following transactions occurred with related ANZ Group entities:
2024
$m
2023
$m
Dividend paid to parent entity
5,267 4,387
Capital return to parent entity
2,039 -
Interest paid to ultimate controlling entity
28 6
Interest paid to other related entities
45 26
Other expenses paid to other related entities
7 -
Interest received from other related entities
64 42
Other revenue received from other related entities
34 18
In addition, ANZBGL has right-of-use assets of $536 million (2023: $689 million) and lease liabilities of $672 million (2023: $815 million) with ANZ Group
Services Pty Ltd at 30 September 2024. For the year ended 30 September 2024, the associated depreciation on the right-of-use assets was $43 million
(2023: $36 million) and interest paid on the lease liabilities was $29 million (2023: $15 million) (the interest paid on lease liabilities has been included in the
table above within interest paid to other related entities).
\n
32. Commitments, contingent liabilities and contingent assets
Credit related commitments and contingencies
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Contract amount of:
Undrawn facilities 249,988 240,711 204,782 206,405
Guarantees and letters of credit
22,509 23,556 19,515 20,816
Performance related contingencies
26,501 26,615 25,944 25,891
Total
298,998 290,882 250,241 253,112
Undrawn facilities
The majority of undrawn facilities are subject to customers maintaining specific credit and other requirements or conditions. Many of these facilities are
expected to be only partially used, and others may never be used at all. As such, the total of the nominal principal amounts is not necessarily
representative of future liquidity risks or future cash requirements. Based on the earliest date on which the Group may be required to pay, the full amount
of undrawn facilities for the Group mature within 12 months.
Guarantees, letters of credit and performance related contingencies
Guarantees, letters of credit and performance related contingencies relate to transactions that the Group has entered into as principal.
Letters of credit involve the Group issuing letters of credit guaranteeing payment in favour of an exporter. They are secured against an underlying
shipment of goods or backed by a confirmatory letter of credit from another bank.
Performance-related contingencies are liabilities that oblige the Group to make payments to a third party if the customer fails to fulfil its non-monetary
obligations under the contract.
To reflect the risks associated with these transactions, we apply the same credit origination, portfolio management and collateral requirements that we
apply to loans. The contract amount represents the maximum potential amount that we could lose if the counterparty fails to meet its financial obligations.
As the facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. Based on the earliest date
on which the Group may be required to pay, the full amount of guarantees and letters of credit and performance-related contingencies for the Group
mature within 12 months.
Other contingent liabilities
There are outstanding court proceedings, claims and possible claims for and against the Group. Where relevant, expert legal advice has been obtained
and, in the light of such advice, provisions (refer to Note 22 Other provisions) and/or disclosures as deemed appropriate have been made. In some
instances we have not disclosed the estimated financial impact of the individual items either because it is not practicable to do so or because such
disclosure may prejudice the interests of the Group.
A description of contingent liabilities and contingent assets as at 30 September 2024 is set out below.
Regulatory and customer exposures
The Group regularly engages with its domestic and international regulators and other statutory and supervisory bodies. The nature of these regulatory
interactions can be wide ranging and include regulatory investigations, surveillance and reviews, reportable situations, formal and informal inquiries and
regulatory supervisory activities in Australia and globally. The Group also receives notices and requests for information from its regulators and other bodies
from time to time as part of both industry-wide and Group-specific reviews and makes disclosures to its regulators at its own instigation.
There has been a recent increase in the number of matters on which the Group has engaged with its regulators. Recent interactions relate to matters
including:
\u2022 markets transactions and data reporting;
\u2022 anti-money laundering and counter-terrorism financing obligations, processes and procedures; and
\u2022 non-financial risk management practices including customer service processes relating to complaints, hardship and deceased estates, compliance
with mandatory reporting obligations, the application of interest and fees on certain products and the financial accountability regime.
The possible exposures associated with the Group\u2019s regulatory interactions may include civil enforcement actions, criminal proceedings, fines and
penalties, imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise
of other regulatory powers.
There may also be exposures to customers, third parties and shareholders which are additional to any regulatory exposures. These could include class
actions or claims for compensation or other remedies.
The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.
\n
South African rate action
In February 2017, the South African Competition Commission commenced proceedings against local and international banks including the Company
alleging breaches of the cartel provisions of the South African Competition Act in respect of trading in the South African rand. The potential civil penalty or
other financial impact is uncertain.
Esanda dealer car loan litigation
In August 2020, a class action was brought against the Company alleging unfair conduct, misleading or deceptive conduct and equitable mistake in
relation to the use of flex commissions in dealer arranged Esanda car loans. An agreement to settle the claim was reached in October 2024. The
Company will pay $85 million in settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without admission of
liability and remains subject to court approval.
Onepath superannuation litigation
In December 2020, a class action was brought against OnePath Custodians, OnePath Life and the Company alleging that OnePath Custodians breached
its obligations under superannuation legislation, and its duties as trustee, in respect of superannuation investments and fees. The claim also alleges that
the Company was involved in some of OnePath Custodians\u2019 investment breaches. An agreement to settle the claim was reached in October 2024. The
Company will contribute $14 million to the settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without
admission of liability and remains subject to court approval.
New Zealand loan information litigation
In September 2021, a representative proceeding was brought against ANZ Bank New Zealand Limited, alleging breaches of disclosure requirements
under consumer credit legislation in respect of variation letters sent to certain loan customers. ANZ Bank New Zealand Limited is defending the allegations.
Credit cards litigation
In November 2021, a class action was brought against the Company alleging that certain interest terms in credit card contracts were unfair contract
terms and that it was unconscionable for the Company to rely on them. An agreement to settle the claim was reached in March 2024. The Company will
pay $57.5 million in settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without admission of liability and
remains subject to court approval.
Security recovery actions
Various claims have been made or are anticipated, arising from security recovery actions taken to resolve impaired assets. These claims will be defended.
Warranties, indemnities and performance management fees
The Group has provided warranties, indemnities and other commitments in favour of the seller/purchaser and other persons in connection with various
acquisitions/disposals of businesses and assets and other transactions, covering a range of matters and risks. It is exposed to claims under those
warranties, indemnities and commitments, some of which are currently active. The outcomes and total costs associated with these exposures remain
uncertain.
The Group has entered an arrangement to pay performance management fees to external fund managers in the event predetermined performance
criteria are satisfied in relation to certain Group investments. The satisfaction of the performance criteria and associated performance management fee
remains uncertain.
\n
Clearing and settlement obligations
Certain group companies have a commitment to comply with rules governing various clearing and settlement arrangements which could result in a credit
risk exposure and loss if another member institution fails to settle its payment clearing activities. The Group\u2019s potential exposure arising from these
arrangements is unquantifiable in advance.
Certain group companies hold memberships of central clearing houses, including ASX Clear (Futures), London Clearing House (LCH) SwapClear, Korea
Exchange (KRX), Hong Kong Exchange (HKEX), the Clearing Corporation of India, Taiwan Futures Exchange and the Shanghai Clearing House. These
memberships allow the relevant group company to centrally clear derivative instruments in line with cross-border regulatory requirements. Common to all
of these memberships is the requirement for the relevant group company to make default fund contributions. In the event of a default by another
member, the relevant group company could potentially be required to commit additional default fund contributions which are unquantifiable in advance.
Parent entity guarantees
Certain group companies have issued letters of comfort and guarantees in respect of certain subsidiaries in the normal course of business. Under these
letters and guarantees, the issuing entity undertakes to ensure that those subsidiaries continue to meet their financial obligations, subject to certain
conditions including that the subsidiary remains a controlled entity.
Sale of Grindlays business
On 31 July 2000, the Company completed the sale to Standard Chartered Bank (SCB) of ANZ Grindlays Bank Limited (Grindlays) and certain other
businesses. The Company provided warranties and indemnities relating to those businesses.
The indemnified matters include civil penalty proceedings and criminal prosecutions brought by Indian authorities against Grindlays and certain of its
officers, in relation to certain transactions conducted in 1991 that are alleged to have breached the Foreign Exchange Regulation Act, 1973. Civil penalties
were imposed in 2007 which are the subject of ongoing appeals.
Contingent assets
National Housing Bank
The Company is pursuing recovery of the proceeds of certain disputed cheques which were credited to the account of a former Grindlays customer in
the early 1990s.
The disputed cheques were drawn on the National Housing Bank (NHB) in India. Proceedings between Grindlays and NHB concerning the proceeds of the
cheques were resolved in early 2002.
Recovery is now being pursued from the estate of the Grindlays customer who received the cheque proceeds. Any amounts recovered are to be shared
between the Company and NHB.
\n
33. Auditor fees
Consolidated The Company
2024 2023 2024 2023
$\u2019000 $\u2019000 $\u2019000 $\u2019000
KPMG Australia
Audit or review of financial reports 11,016 9,567 10,486 9,134
Audit-related services
1
4,597 3,882 4,528 3,808
Non-audit services
2
27 10 27 10
Total
3
15,640 13,459 15,041 12,952
Overseas related practices of KPMG Australia
Audit or review of financial reports 5,930 6,157 2,058 1,994
Audit-related services
1
2,191 1,933 809 911
Non-audit services
2
153 95 - -
Total
8,274 8,185 2,867 2,905
Total auditor fees
4
23,914 21,644 17,908 15,857
1.
Group audit-related services comprise prudential and regulatory services of $4.16 million (2023: $4.11 million), comfort letters $0.72 million (2023: $0.57 million) and other services $1.91 million
(2023: $1.14 million). Company audit-related services comprise prudential and regulatory services of $3.76 million (2023: $3.69 million), comfort letters $0.68 million (2023: $0.53 million) and other
services $0.90 million (2023: $0.50 million).
2.
The nature of non-audit services for the Group includes methodology, procedural, operational and administrative reviews. Further details are provided in the Directors\u2019 Report.
3.
Inclusive of goods and services tax.
4.
Total auditor fees do not include fees paid to other audit firms where KPMG is in joint audit arrangement or not the auditor amounting to $0.80 million (2023: $0.55 million) for the Group. Total fees paid to
other audit firms where KPMG is in a joint audit arrangement or not the auditor amounting to $0.56 million (2023: $0.45 million) for the Company.
Under Group policy, KPMG Australia or any of its related practices are allowed to provide assurance and other audit-related services that, while outside the
scope of the statutory audit, are consistent with the role of an external auditor. These include prudential and regulatory reviews requested by regulators
such as APRA. Any other services that are not audit or audit-related services are non-audit services. Group policy allows certain non-audit services to be
provided where the service would not contravene auditor independence requirements. KPMG Australia or any of its related practices may not provide
services that are perceived to be in conflict with the role of the external auditor or breach auditor independence. These include consulting advice and
subcontracting 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.
\n
34.
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\u2019s retail and commercial businesses while also improving the geographic balance of its business in Australia.
Assets acquired and liabilities assumed as at acquisition date are disclosed on a provisional basis, with goodwill of $1,402 million recognised and allocated
to the Suncorp Bank division, pending completion of the final consideration payable, and the purchase price allocation (PPA).
Provisional goodwill is attributable to the assembled workforce and expected synergies arising from the economies of scale from the integration and
consolidation of platforms and funding benefits. It will not be deductible for tax purposes.
The provisional balances are pending the completion of the PPA exercise that commenced following completion on 31 July 2024 but remains in progress
at the date of this report. At 30 September 2024, the most significant adjustments have been the elimination of the pre-acquisition allowance for ECL,
capitalised brokerage and other origination costs, and related deferred tax balances. The PPA exercise will identify the acquired tangible and intangible
assets and assumed liabilities and measure their acquisition-date values. The Group expects that on completion of the PPA in the 2025 financial year, the
acquired assets (including loans and advances and intangible assets) and assumed liabilities (including deposits and debt issuances) will be restated to
their acquisition-date values with a corresponding adjustment to goodwill.
2024
Assets acquired and liabilities assumed as at acquisition date (provisional)
$m
Assets
Cash and cash equivalents 1,333
Collateral paid
80
Trading assets
2,307
Derivative financial instruments
310
Investment securities
9,920
Gross loans and advances
69,745
Deferred tax assets
48
Intangible assets
103
Other assets
431
Total assets
84,277
Liabilities
Collateral received 48
Deposits and other borrowings
62,438
Derivative financial instruments
279
Payables and other liabilities
731
Provisions
89
Debt issuances
15,847
Total liabilities
79,432
Net assets acquired 4,845
Cash consideration paid
1,2
6,247
Provisional value of goodwill
1,402
1.
Subject to final completion activities.
2.
The cash consideration of $6.2 billion includes payment for Suncorp Bank\u2019s Tier 2 notes ($606 million) and Capital Notes ($564 million).
Included in the Consolidated Income Statement and Statement of Comprehensive Income since 31 July 2024 is operating income of $257 million and net
loss after tax of $122 million in respect of the acquired business. Had Suncorp Bank been acquired on 1 October 2023, the operating income and profit
after tax of the combined Group for the twelve months ended 30 September 2024 was estimated to be ~$21,600 million and ~$6,900 million
respectively.
The Group incurred acquisition-related costs of $21 million (2023: $12 million) on legal fees and due diligence costs, recognised in Other operating
expenses in the Income Statement.
\n
Recognition and measurement
Business combinations are accounted for using the acquisition method of accounting. The cost of acquisition is measured at the fair value
of the transferred consideration, including where relevant, any contingent consideration. Acquisition-related costs are expensed when
incurred. Identifiable assets and liabilities, along with contingent consideration, are valued at their fair values on the acquisition date.
Goodwill is calculated as the excess of the consideration over the net of identifiable assets and liabilities. The acquired business operations
are included in our financial statements from the acquisition date.
35. 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.
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory_E2_CY": { "value": "
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\u2019s 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:
\u2022
the amount is significant in size (quantitative factor);
\u2022
the information is significant by nature (qualitative factor);
\u2022
the user cannot understand the Group\u2019s results without the specific disclosure (qualitative factor);
\u2022
the information is critical to a user\u2019s understanding of the impact of significant changes in the Group\u2019s business during the period - for example,
business acquisitions or disposals (qualitative factor);
\u2022
the information relates to an aspect of the Group\u2019s operations that is important to its future performance (qualitative factor); and
\u2022
the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group\u2019s principal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of the financial statements:
\u2022
outlines the basis upon which the Group\u2019s financial statements have been prepared; and
\u2022
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 \u2018for profit\u2019 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\u2019s 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:
\u2022
derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
\u2022
financial instruments held for trading;
\u2022
financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
\u2022
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.
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
A
ssets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period \u2013 but for a significant transaction if we believe the average rate is not reasonable,
t
hen 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.
Key judgements and estimates
In the process of applying the Group\u2019s 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.
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 \u2013 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 \u2013 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 \u2013 International Tax Return
\u2013 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 \u2013 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory_D69980713_CY": { "value": "
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\u2019s 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:
\u2022
the amount is significant in size (quantitative factor);
\u2022
the information is significant by nature (qualitative factor);
\u2022
the user cannot understand the Group\u2019s results without the specific disclosure (qualitative factor);
\u2022
the information is critical to a user\u2019s understanding of the impact of significant changes in the Group\u2019s business during the period - for example,
business acquisitions or disposals (qualitative factor);
\u2022
the information relates to an aspect of the Group\u2019s operations that is important to its future performance (qualitative factor); and
\u2022
the information is required under legislative requirements of the Corporations Act 2001, the Banking Act 1959 (Cth) or by the Group\u2019s principal
regulators, including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).
This section of the financial statements:
\u2022
outlines the basis upon which the Group\u2019s financial statements have been prepared; and
\u2022
discusses any new accounting standards or regulations that directly impact the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_LegalFormOfEntity_E6_CY": { "value": "publicly listed company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_DomicileOfEntity_E5_CY": { "value": "Australia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_PrincipalPlaceOfBusiness_E9_CY": { "value": "Australia", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_CountryOfIncorporation_E7_CY": { "value": "Australia", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_AddressOfRegisteredOfficeOfEntity_E8_CY": { "value": "ANZ Centre, 833 Collins Street, Docklands, Victoria, Australia 3008", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "ifrs-full_DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities_E10_CY": { "value": "The Group provides banking and financial services to individuals
and business customers and operates in and across 29 markets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_D70435477_CY": { "value": "
Basis of preparation
This financial report is a general purpose (Tier 1) financial report prepared by a \u2018for profit\u2019 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\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements_D1087757960_CY": { "value": "
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:
\u2022
derivative financial instruments and in the case of fair value hedging, a fair value adjustment made to the underlying hedged item;
\u2022
financial instruments held for trading;
\u2022
financial assets and financial liabilities designated at fair value through profit or loss (FVTPL); and
\u2022
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.
", "dimensions": { "concept": "ifrs-full:ExplanationOfMeasurementBasesUsedInPreparingFinancialStatements", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_D580622619_CY": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_D653549305_CY": { "value": "
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
A
ssets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period \u2013 but for a significant transaction if we believe the average rate is not reasonable,
t
hen 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_D1602477774_CY": { "value": "
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
A
ssets and liabilities The reporting date rate
Equity The initial investment date rate
Income and expenses The average rate for the period \u2013 but for a significant transaction if we believe the average rate is not reasonable,
t
hen 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DescriptionOfAccountingForPolicyFiduciaryActivitiesExplanatory_D324995376_CY": { "value": "
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.
", "dimensions": { "concept": "anz:DescriptionOfAccountingForPolicyFiduciaryActivitiesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAccountingJudgementsAndEstimatesExplanatory_D1601009912_CY": { "value": "
Key judgements and estimates
In the process of applying the Group\u2019s 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DescriptionOfAccountingStandardsAdoptedInThePeriodExplanatory_D1102565323_CY": { "value": "
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 \u2013 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 \u2013 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 \u2013 International Tax Return
\u2013 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.
", "dimensions": { "concept": "anz:DescriptionOfAccountingStandardsAdoptedInThePeriodExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DescriptionOfAccountingStandardsNotEarlyAdoptedExplanatory_D1036106693_CY": { "value": "
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 \u2013 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.
", "dimensions": { "concept": "anz:DescriptionOfAccountingStandardsNotEarlyAdoptedExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfInterestIncomeExpenseExplanatory_D291871691_CY": { "value": "
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
Recognition and measurement
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOtherOperatingIncomeExpenseExplanatory_D1849253896_CY": { "value": "
3.
Non-interest income
Consolidated The Company
2024 2024 2023 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.
Recognition and measurement
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.
\u2022
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.
\u2022
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.
\u2022
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.
\u2022
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:
\u2022
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;
\u2022
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;
\u2022
the ineffective portions of fair value hedges, cash flow hedges and net investment hedges;
x
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;
\u2022
fair value movements on financial assets and financial liabilities designated at FVTPL or held for trading;
\u2022
amounts released from the FVOCI reserve when a debt instrument classified as FVOCI is sold; and
\u2022
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\u2019 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOtherOperatingExpenseExplanatory_D859062149_CY": { "value": "
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
Recognition and measurement
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIncomeTaxExplanatory_D1254203794_CY": { "value": "
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%
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.
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 \u2018group allocation\u2019 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.
Recognition and measurement
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:
\u2022 they relate to income taxes imposed by the same taxation authority;
\u2022 there is a legal right and intention to settle on a net basis; and
\u2022
it is allowed under the tax law
of the relevant jurisdiction.
Key judgements and estimates
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDividendsExplanatory_D841851788_CY": { "value": "
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.
Total
dividend
Dividends
Amount
% 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\u2019s 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\u2019s written approval is required before paying dividends on the ordinary shares of the Company if:
\u2022 the aggregate dividends exceed the Company\u2019s 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
\u2022 the Group\u2019s 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\u2019s ordinary shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_D735339068_CY": { "value": "
7. Segment reporting
Description of segments
The Group\u2019s 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\u2019s 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\u2019s-
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\u2019s 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:
\u2022 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.
\u2022 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:
\u2022 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.
\u2022 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.
\u2022 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:
\u2022 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.
\u2022 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.
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\u2019 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\u2019 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.
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\u2019 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 ta
x
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\u2019 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.
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\u2019s income.
Geographical information
The reportable segments operate across three geographical regions as follows:
\u2022 Australia Retail division - Australia
\u2022 Australia Commercial division - Australia
\u2022 Institutional division - all three geographical regions
\u2022 New Zealand division - New Zealand
\u2022 Suncorp Bank division - Australia
\u2022 Pacific division \u2013 Rest of World
\u2022 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.
Financial assets
Outlined below is a description of how we classify and measure financial assets as they apply to the note disclosures that follow.
Classi\ufb01cation and measurement
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:
\u2022
the business model within which the financial asset is managed; and
\u2022
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:
\u2022
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;
\u2022
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
\u2022
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:
\u2022
at FVTPL when the designation eliminates or significantly reduces an accounting mismatch that would otherwise arise; or
\u2022
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.
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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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DisclosureOfTradingAssetsExplanatory_D1330944541_CY": { "value": "
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
Recognition and measurement
Trading assets are financial instruments or other assets we either:
\u2022
Acquire principally for the purpose of selling in the short-term; or
\u2022
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:
\u2022
Initially, we measure them at fair value; and
\u2022
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\u2019s financial assets disclosures on page 102.
Key judgements and estimates
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.
", "dimensions": { "concept": "anz:DisclosureOfTradingAssetsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_D596483356_CY": { "value": "
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:
\u2022
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;
\u2022
That require little or no initial net investment; and
\u2022
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\u2019s derivative financial instruments have been categorised as follows:
Trading Derivatives held in order to:
\u2022
meet customer needs for managing their own risks.
\u2022
manage risks in the Group that are not in a designated hedge accounting relationship (some elements of balance
sheet management).
\u2022
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:
\u2022
hedges of the Group\u2019s exposures to interest rate risk and currency risk.
\u2022
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 \u2018call option\u2019) or to
sell (known as a \u2018put option\u2019) 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.
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:
\u2022
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.
\u2022
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 \u2013 held for trading
The majority of the Group\u2019s 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.
The majority of the Company\u2019s derivative financial instruments are held for trading. The fair value of derivative financial instruments held for trading is:
The Company
Assets Liabilities Assets Liabilities
2024 2024 2023 2023
Fair Value
$m $m $m $m
Interest rate contracts
Forward rate agreements 1 (1) 2 (1)
Futures contracts
75 (40) 259 (30)
Swap agreements
10,063 (11,329) 11,324 (15,178)
Options
1,261 (1,371) 1,807 (2,016)
Total
11,400 (12,741) 13,392 (17,225)
Foreign exchange contracts
Spot and forward contracts 19,396 (20,141) 19,229 (17,595)
Swap agreements
24,224 (21,611) 24,493 (20,216)
Options
772 (829) 684 (1,110)
Total
44,392 (42,581) 44,406 (38,921)
Commodity and other contracts 1,537 (1,896) 1,823 (1,078)
Credit default swaps 41 (39) 28 (32)
Derivative financial instruments - held for trading
1
57,370 (57,257) 59,649 (57,256)
1.
Includes derivatives held for balance sheet management which are not designated into accounting hedge relationships.
\"\"
Derivative financial instruments \u2013 designated in hedging relationships
Under the accounting policy choice provided by AASB 9, the Group has continued to apply the hedge accounting requirements of AASB 139 Financial
Instruments: Recognition and Measurement (AASB 139).
There are three types of hedge accounting relationships the Group utilises:
Fair value hedge Cash flow hedge Net investment hedge
Objective of this
hedging arrangement
To hedge our exposure to changes to
the fair value of a recognised asset or
liability or unrecognised firm
commitment caused by interest rate or
foreign currency movements.
To hedge our exposure to variability in
cash flows of a recognised asset or
liability, a firm commitment or a highly
probable forecast transaction caused
by interest rate, foreign currency and
other price movements.
To hedge our exposure to exchange
rate differences arising from the
translation of our foreign operations
from their functional currency to
Australian dollars.
Recognition of
effective hedge
portion
The following are recognised in profit or
loss at the same time:
\u2022
all changes in the fair value of the
underlying item relating to the
hedged risk; and
\u2022
the change in the fair value of the
derivatives.
We recognise the effective portion of
changes in the fair value of derivatives
designated as a cash flow hedge in the
cash flow hedge reserve.
We recognise the effective portion of
changes in the fair value of the hedging
instrument in the foreign currency
translation reserve (FCTR).
Recognition of
ineffective hedge
portion
Recognised immediately in Other operating income.
If a hedging
instrument expires, or
is sold, terminated, or
exercised; or no
longer qualifies for
hedge accounting
When we recognise the hedged item in
profit or loss, we recognise the related
unamortised fair value hedge
adjustment in profit or loss. This may
occur over time if the hedged item is
amortised to profit or loss as part of the
effective yield over the period to
maturity.
Only when we recognise the hedged
item in profit or loss is the amount
previously deferred in the cash flow
hedge reserve transferred to profit
or loss.
The amount we defer in the foreign
currency translation reserve remains in
equity and is transferred to profit or
loss only when we dispose of, or
partially dispose of, the foreign
operation.
Hedged item sold or
repaid
We recognise the unamortised fair
value hedge adjustment immediately in
profit or loss.
Amounts accumulated in equity are
transferred immediately to profit or
loss.
The gain or loss, or applicable
proportion, we have recognised in
equity is transferred to profit or loss on
disposal or partial disposal of a foreign
operation.
\"\"
The fair value of derivative financial instruments designated in hedging relationships is:
2024 2023
Consolidated
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities
$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 571 14 - 607 5 -
Interest rate swap agreements
175,849 226 (253) 126,881 32 (195)
Interest rate futures contracts
3,151 11 - 11,778 243 (9)
Cash flow hedges
Interest rate swap agreements 154,968 200 (196) 122,704 17 (48)
Foreign exchange swap agreements
654 26 (7) 683 50 (19)
Foreign exchange spot and forward contracts
81 4 - - - -
Net investment hedges
Foreign exchange spot and forward contracts 92 - - 47 - (1)
Derivative financial instruments - designated in
hedging relationships
335,366 481 (456) 262,700 347 (272)
2024 2023
The Company
Nominal
amount Assets Liabilities
Nominal
amount Assets Liabilities
$m $m $m $m $m $m
Fair value hedges
Foreign exchange spot and forward contracts 571 14 - 607 5 -
Interest rate swap agreements
144,667 198 (134) 101,587 32 (184)
Interest rate futures contracts
3,151 11 - 11,778 243 (9)
Cash flow hedges
Interest rate swap agreements 92,998 4 (69) 89,173 10 (42)
Foreign exchange swap agreements
654 26 (7) 683 50 (19)
Foreign exchange spot and forward contracts
81 4 - - - -
Net investment hedges
Foreign exchange spot and forward contracts - - - 47 - (1)
Derivative financial instruments - designated in
hedging relationships
242,122 257 (210) 203,875 340 (255)
\"\"
The maturity profile of the nominal amounts of our hedging instruments held is:
Consolidated
Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal amount
Rate $m $m $m$m $m
As at 30 September 2024
Fair value hedges
Interest rate Interest rate 2.94% 10,202 17,387 86,096 65,315 179,000
Foreign exchange HKD/AUD FX rate
5.26 571 - - - 571
Cash flow hedges
Interest rate Interest rate 3.11% 20,417 42,091 91,589 871 154,968
Foreign exchange
1
AUD/USD FX rate
0.74
20 61 - 654 735
USD/EUR FX rate
0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate 1.09 - 92 - - 92
As at 30 September 2023
Fair value hedges
Interest rate Interest rate 2.38%
2,314 10,533 79,35046,462 138,659
Foreign exchange HKD/AUD FX rate 5.02 607 - - - 607
Cash flow hedges
Interest rate Interest rate 2.27% 7,573 37,630 76,359 1,142 122,704
Foreign exchange
1
AUD/USD FX rate 0.74
- - - 683 683
USD/EUR FX rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX rate 1.09
- 47 - - 47
1.
Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.
\"\"
The Company
Average
Less than 3
months
3 to 12
months
1 to 5
years
After
5 years Total
Nominal Amount
Rate
$m $m $m $m $m
As at 30 September 2024
Fair value hedges
Interest rate Interest Rate 3.01% 9,860 14,596 65,270 58,092 147,818
Foreign exchange HKD/AUD FX Rate
5.26 571 - - - 571
Cash flow hedges
Interest rate Interest Rate 2.55% 8,580 16,580 67,080 758 92,998
Foreign exchange
1
AUD/USD FX Rate
0.74
20 61 - 654 735
USD/EUR FX Rate
0.91
Net investment hedges
Foreign exchange NZD/AUD FX Rate - - - - - -
As at 30 September 2023
Fair value hedges
Interest rate Interest Rate 2.49% 1,910 8,025 61,644 41,786 113,365
Foreign exchange HKD/AUD FX Rate 5.02 607 - - - 607
Cash flow hedges
Interest rate Interest Rate 1.78%
3,154 22,353 62,577 1,089 89,173
Foreign exchange
1
AUD/USD FX Rate 0.74
- - - 683 683
USD/EUR FX Rate 0.91
Net investment hedges
Foreign exchange NZD/AUD FX Rate 1.09 - 47 - - 47
1.
Hedges of foreign exchange risk cover multiple currency pairs. The table reflects the larger currency pairs only.
\"\"
The impacts of ineffectiveness from our designated hedge relationships by type of hedge relationship and type of risk being hedged are:
Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4
Consolidated
Change in value
of hedging
instrument
2
Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3
As at 30 September 2024 $m$m $m $m
Fair value hedges
1
Interest rate (2,922) 2,928 6 -
Foreign exchange
36 (36) - -
Cash flow hedges
1
Interest rate
2,175 (2,074) 101 (2)
Foreign exchange
(3) 3 - -
Net investment hedges
1
Foreign exchange 9 (9) - -
As at 30 September 2023
Fair value hedges
1
Interest rate (846) 870 24 -
Foreign exchange (4) 4 - -
Cash flow hedges
1
Interest rate 280
(239) 41 (13)
Foreign exchange - - - 9
Net investment hedges
1
Foreign exchange (39) 39 - 79
Ineffectiveness
Amount reclassified
from the cash flow
hedge reserve or FCTR
to profit or loss
4
The Company
Change in value
of hedging
instrument
2
Change in value
of hedged item
Hedge ineffectiveness
recognised in profit or
loss
3
As at 30 September 2024 $m $m $m $m
Fair value hedges
1
Interest rate (2,811) 2,817 6 -
Foreign exchange
36 (36) - -
Cash flow hedges
1
Interest rate
1,994 (1,894) 100 (2)
Foreign exchange (3) 3 - -
Net investment hedges
1
Foreign exchange - - - -
As at 30 September 2023
Fair value hedges
1
Interest rate (797) 814 17 -
Foreign exchange (4) 4 - -
Cash flow hedges
1
Interest rate 386
(344) 42 (15)
Foreign exchange - - - 9
Net investment hedges
1
Foreign exchange (4) 4 - -
1.
All hedging instruments are classified as derivative financial instruments.
2.
Changes in value of hedging instruments is before any adjustments for Settle to Market clearing arrangements.
3.
Recognised in Other operating income.
4.
Recognised in Net interest income and Other operating income.
\"\"
The hedged items in relation to the Group\u2019s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets Liabilities Assets Liabilities
Consolidated presentation Hedged risk $m $m $m $m
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate
- (73,805) - 1,284
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 97,838 - 625 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 571 - 43 -
Total
99,955 (73,805) 638 1,284
As at 30 September 2023
Fixed rate loans and advances Net loans and advances Interest rate 3,472 - (139) -
Fixed rate debt issuance Debt issuances Interest rate - (66,190) - 4,163
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 61,082 - (5,121) -
Equity securities at FVOCI
1
Investment securities Foreign exchange 607 - 79 -
Total
65,161 (66,190) (5,181) 4,163
1.
The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $3 million
(2023: -$13 million).
The hedged items in relation to the Company\u2019s fair value hedges are:
Carrying amount
Accumulated fair value
hedge adjustments on the
hedged item
Balance sheet Assets
Liabilities Assets Liabilities
The Company presentation Hedged risk $m $m $m $m
As at 30 September 2024
Fixed rate loans and advances Net loans and advances Interest rate 1,546 - (30) -
Fixed rate debt issuance Debt issuances Interest rate
- (60,258) - 904
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 81,276 - 538 -
Equity securities at FVOCI
1
Investment securities Foreign exchange 571 - 43 -
Total
83,393 (60,258) 551 904
As at 30 September 2023
Fixed rate loans and advances Net loans and advances Interest rate 3,472 - (139) -
Fixed rate debt issuance Debt issuances Interest rate - (51,602) - 3,025
Fixed rate investment securities at FVOCI
1
Investment securities Interest rate 52,336 - (4,342) -
Equity securities at FVOCI
1
Investment securities Foreign exchange 607 - 79 -
Total
56,415 (51,602) (4,402) 3,025
1.
The carrying amount of debt and equity instruments at FVOCI does not include the fair value hedge adjustment. The fair value hedge adjustment is included in other comprehensive income.
The cumulative amount of fair value hedge adjustments relating to ceased hedge relationships remaining on the Balance Sheet is $3 million
(2023: -$13 million).
\"\"
The hedged items in relation to the Group\u2019s and Company\u2019s cash flow and net investment hedges are:
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
Consolidated Hedged risk $m$m $m $m
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (575) - - -
Floating rate customer deposits Interest rate
(31) - - -
Foreign currency debt issuances Foreign exchange
(7) - - -
Highly probable forecast transactions Foreign exchange
4 - - -
Net investment hedges
Foreign operations Foreign exchange - - 22 20
As at 30 September 2023
Cash flow hedges
Floating rate loans and advances Interest rate (3,482) 11 - -
Floating rate customer deposits Interest rate 794 (1) - -
Foreign currency debt issuances Foreign exchange - - - -
Highly probable forecast transactions Foreign exchange - - - -
Net investment hedges
Foreign operations Foreign exchange -
- 12 49
Cash flow
hedge reserve
Foreign currency
translation reserve
Continuing
hedges
Discontinued
hedges
Continuing
hedges
Discontinued
hedges
The Company Hedged risk $m $m $m $m
As at 30 September 2024
Cash flow hedges
Floating rate loans and advances Interest rate (820) - - -
Floating rate customer deposits Interest rate
105 - - -
Foreign currency debt issuances Foreign exchange
(7) - - -
Highly probable forecast transactions Foreign exchange
4 - - -
Net investment hedges
Foreign operations Foreign exchange - - - -
As at 30 September 2023
Cash flow hedges
Floating rate loans and advances Interest rate (3,103) 2 - -
Floating rate customer deposits Interest rate 495 - - -
Foreign currency debt issuances Foreign exchange - - - -
Highly probable forecast transactions Foreign exchange - - - -
Net investment hedges
Foreign operations Foreign exchange - - 12 49
\"\"
The table below details the reconciliation of the Group\u2019s cash flow hedge reserve by risk type:
Interest rate
Foreign
currency
Total
Consolidated $m $m $m
Balance at 1 October 2022 (2,028) (8) (2,036)
Fair value gains/(losses) 239 - 239
Transferred to profit or loss (13) 9 (4)
Income taxes and others (69) (2) (71)
Balance at 30 September 2023
(1,871) (1) (1,872)
Fair value gains/(losses) 2,074 (3) 2,071
Transferred to profit or loss
(2) - (2)
Income taxes and others
(620) 1 (619)
Balance at 30 September 2024
(419) (3) (422)
Hedges of net investments in a foreign operation resulted in a $9 million increase in FCTR during the year (2023: $40 million increase).
The table below details the reconciliation of the Company\u2019s cash flow hedge reserve by risk type:
Interest rate
Foreign
currency
Total
The Company $m $m $m
Balance at 1 October 2022 (2,053) (8) (2,061)
Fair value gains/(losses) 344 - 344
Transferred to profit or loss (15) 9 (6)
Income taxes and others (99) (2) (101)
Balance at 30 September 2023
(1,823) (1) (1,824)
Fair value gains/(losses) 1,894 (3) 1,891
Transferred to profit or loss
(2) - (2)
Income taxes and others
(569) 1 (568)
Balance at 30 September 2024
(500) (3) (503)
Hedges of net investments in a foreign operation resulted in nil impact in FCTR during the year (2023: $4 million decrease).
\"\"
Recognition and measurement
Recognition
Initially and at each reporting date, we recognise all derivatives at fair value. If the fair value of a derivative is
positive, then we carry it as an asset, but if its value is negative, then we carry it as a liability.
Valuation adjustments are integral in determining the fair value of derivatives. This includes:
\u2022
a credit valuation adjustment to reflect the counterparty risk and/or event of default; and
\u2022
a funding valuation adjustment to account for funding costs and benefits in the derivatives portfolio.
Derecognition of
assets and liabilities
We remove derivative assets from our Balance Sheet when the contracts expire or we have transferred
substantially all the risks and rewards of ownership. We remove derivative liabilities from our Balance Sheet
when the Group\u2019s contractual obligations are discharged, cancelled or expired.
With respect to derivatives cleared through a central clearing counterparty or exchange, derivative assets or
liabilities may be derecognised in accordance with the principle above when collateral is settled, depending
on the legal arrangements in place for each instrument.
Impact on the
Income Statement
The recognition of gains or losses on derivative financial instruments depends on whether the derivative is
held for trading or is designated in a hedge accounting relationship. For derivative financial instruments held
for trading, gains or losses from changes in the fair value are recognised in profit or loss.
For an instrument designated in a hedge accounting relationship, the recognition of gains or losses depends
on the nature of the item being hedged. Refer to the table on page 107 for details of the recognition
approach applied for each type of hedge accounting relationship.
Sources of hedge accounting ineffectiveness may arise from differences in the interest rate reference rate,
margins, or rate set differences and differences in discounting between the hedged items and the hedging
instruments.
Hedge effectiveness
To qualify for hedge accounting under AASB 139, a hedge relationship is expected to be highly effective. A
hedge relationship is highly effective only if the following conditions are met:
\u2022
the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is designated (prospective
effectiveness); and
\u2022
the actual results of the hedge are within the range of 80-125% (retrospective effectiveness).
The Group monitors hedge effectiveness on a regular basis but at a minimum at each reporting date.
Key judgements and estimates
Judgement is required when we select the valuation techniques used to determine the fair value of derivatives, particularly the selection of
valuation inputs that are not readily observable, and the application of valuation adjustments to certain derivatives. Refer to Note 18 Fair value
of financial assets and financial liabilities for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DisclosureOfInvestmentSecuritiesExplanatory_D668927668_CY": { "value": "
\"\"
11. Investment securities
Consolidated The Company
2024 2023 2024 2023
$m
$m
$m
$m
Investment securities measured at FVOCI
Debt securities 131,944 88,271 107,388 76,320
Equity securities
1,065 946 1,060 945
Investment securities measured at amortised cost
Debt securities 7,091 7,752 5,356 5,936
Investment securities measured at FVTPL
Debt securities 162 - 162 -
Total
140,262 96,969 113,966 83,201
The maturity profile of investment securities is as follows:
Consolidated
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2024 $m $m $m $m $m $m
Government securities
9,824 11,048 52,228 54,039 - 127,139
Corporate and financial institution securities 485 1,326 6,565 328 - 8,704
Other securities
490 386 578 1,900 - 3,354
Equity securities
- - - - 1,065 1,065
Total
10,799 12,760 59,371 56,267 1,065 140,262
As at 30 September 2023
Government securities 8,807
10,233 29,482 36,081 - 84,603
Corporate and financial institution securities 358 1,205 5,973 58 - 7,594
Other securities 617 591 602 2,016 - 3,826
Equity securities - - - - 946 946
Total 9,782 12,029 36,057 38,155 946 96,969
During the year, the Group recognised a net gain of $8 million (2023: $9 million) in Other operating income from the recycling of gains/losses previously
recognised in Other comprehensive income in respect of debt securities at FVOCI.
2023
2024
84,603
3,826
7,594
946
127,139
Government securities
Corporate and financial
institution securities
Other securities
Equity securities
3,354
8,704
1,065
\"\"
The Company
Less than 3
months
3 to 12
months 1 to 5 years After 5 years
No
maturity Total
As at 30 September 2024 $m $m $m $m $m $m
Government securities
9,213 8,454 38,158 46,719 - 102,544
Corporate and financial institution securities 484 976 5,249 328 - 7,037
Other securities
490 386 578 1,871 - 3,325
Equity securities
- - - - 1,060 1,060
Total
10,187 9,816 43,985 48,918 1,060 113,966
As at 30 September 2023
Government securities 7,665
8,649 23,140 33,182 - 72,636
Corporate and financial institution securities 280 634 4,822 58 - 5,794
Other securities 617 591 602 2,016 - 3,826
Equity securities - - - - 945 945
Total 8,562 9,874 28,564 35,256 945 83,201
During the year, the Company recognised a net gain of $8 million (2023 net loss: $6 million) in Other operating income from the recycling of gains/losses
previously recognised in Other comprehensive income in respect of debt securities at FVOCI.
Recognition and measurement
Investment securities are those financial assets in security form (that is, transferable debt or equity instruments) that are not held for trading
purposes. By way of exception, bills of exchange (a form of security/transferable instrument) which are used to facilitate the Group\u2019s customer
lending activities are classified as Loans and advances (rather than Investment securities) to better reflect the substance of the arrangement.
Equity investments not held for trading purposes may be designated at FVOCI on an instrument-by-instrument basis. If this election is made,
gains or losses are not reclassified from Other comprehensive income to profit or loss on disposal of the investment. However, gains or losses
may be reclassified within equity.
Assets disclosed as Investment securities are subject to the general classification and measurement policy for financial assets outlined at the
commencement of the Group\u2019s financial asset disclosures on page 102. Additionally, expected credit losses associated with \u2018Investment
securities - debt securities at amortised cost\u2019 and \u2018Investment securities - debt securities at FVOCI\u2019 are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses. For \u2018Investment securities - debt securities at
FVOCI\u2019, the allowance for Expected Credit Loss (ECL) is recognised in the FVOCI reserve in equity with a corresponding charge to profit or loss.
Key judgements and estimates
Judgement is required when we select valuation techniques used to determine the fair value of assets not valued using quoted market prices,
particularly the selection of valuation inputs that are not readily observable. Refer to Note 18 Fair value of financial assets and financial liabilities
for further details.
", "dimensions": { "concept": "anz:DisclosureOfInvestmentSecuritiesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DisclosureOfLoansAndAdvancesExplanatory_D851456280_CY": { "value": "
\"\"
12. Net loans and advances
The following table provides details of Net loans and advances:
Consolidated The Company
2024 2023 2024 2023
$m$m $m $m
Overdrafts
6,109 5,552 4,701 4,516
Credit cards 6,713 6,805 5,571 5,630
Commercial bills
4,401 4,682 4,401 4,682
Term loans \u2013 housing
484,554 404,491 324,883 304,772
Term loans \u2013 non-housing
301,284 285,458 248,498 242,403
Other
924 1,292 845 1,244
Subtotal
803,985 708,280 588,899 563,247
Unearned income
1
(515) (515) (489) (483)
Capitalised brokerage and other origination costs
1
4,237 3,475 3,303 3,048
Gross loans and advances
807,707 711,240 591,713 565,812
Allowance for expected credit losses (refer to Note 13) (3,675) (3,546) (2,715) (2,795)
Net loans and advances
804,032 707,694 588,998 563,017
Residual contractual maturity:
Within one year 159,042 152,318 133,701 128,045
More than one year
644,990 555,376 455,297 434,972
Net loans and advances
804,032 707,694 588,998 563,017
Carried on Balance Sheet at:
Amortised cost 779,246 685,806 564,559 541,777
Fair value through profit or loss
24,786 21,888 24,439 21,240
Net loans and advances
804,032 707,694 588,998 563,017
1.
Amortised over the expected life of the loan.
Recognition and measurement
Loans and advances are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are
facilities the Group provides directly to customers or through third party channels.
Loans and advances are initially recognised at fair value plus transaction costs directly attributable to the issue of the loan or advance, which
are primarily brokerage and other origination costs which we amortise over the estimated life of the loan. Subsequently, we then measure
loans and advances at amortised cost using the effective interest rate method, net of any allowance for ECL, or at fair value when they are
specifically designated on initial recognition as FVTPL, are classified as held for sale or when held for trading. Refer to Note 18 Fair value of
financial assets and financial liabilities for further details.
We classify contracts to lease assets and hire purchase agreements as finance leases if they transfer substantially all the risks and rewards of
ownership of the asset to the customer or an unrelated third party. We include these facilities in \u2018Other\u2019 in the table above.
The Group enters into transactions in which it transfers financial assets that are recognised on its Balance Sheet. When the Group retains
substantially all of the risks and rewards of the transferred assets, the transferred assets remain on the Group\u2019s Balance Sheet, however if
substantially all the risks and rewards are transferred, the Group derecognises the asset. If the risks and rewards are partially retained and
control over the asset is lost, the Group derecognises the asset. If control over the asset is not lost, the Group continues to recognise the asset
to the extent of its continuing involvement.
We separately recognise the rights and obligations retained, or created, in the transfer of assets as appropriate.
Assets disclosed as Net loans and advances are subject to the general classification and measurement policy for financial assets outlined on
page 102. Additionally, expected credit losses associated with loans and advances at amortised cost are recognised and measured in
accordance with the accounting policy outlined in Note 13 Allowance for expected credit losses.
", "dimensions": { "concept": "anz:DisclosureOfLoansAndAdvancesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfAllowanceForCreditLossesExplanatory_D746869149_CY": { "value": "
\"\"
13. Allowance for expected credit losses
Suncorp Bank acquisition related adjustment
The collectively assessed credit impairment charge for 2024 includes $244 million for Suncorp Bank\u2019s performing loans and advances. In accordance with
Australian Accounting Standards requirements, the Group consolidated Suncorp Bank\u2019s 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\u2019s ECL methodologies, with a corresponding collectively assessed credit impairment charge recognised in the Group\u2019s Income Statement.
2024 2023
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Net loans and advances at amortised cost 3,372 303 3,675 3,180 366 3,546
Off-balance sheet commitments 841 5 846 817 10 827
Investment securities - debt securities at amortised cost
34 - 34 35 - 35
Total
4,247 308 4,555 4,032 376 4,408
Other comprehensive income
Investment securities - debt securities at FVOCI
1
20 - 20 15 - 15
2024
2023
The Company
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
Net loans and advances at amortised cost 2,495 220 2,715 2,516 279 2,795
Off-balance sheet commitments 691 2 693 692 5 697
Investment securities - debt securities at amortised cost
1 - 1 1 - 1
Total
3,187 222 3,409 3,209 284 3,493
Other comprehensive income
Investment securities - debt securities at FVOCI
1
14 - 14 12 - 12
1.
For FVOCI assets, the allowance for ECL does not alter the carrying amount which remains at fair value. Instead, the allowance for ECL is recognised in Other comprehensive income with a corresponding
charge to profit or loss.
The following tables present the movement in the allowance for ECL for the year.
Net loans and advances - at amortised cost
Allowance for ECL is included in Net loans and advances.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 1,141 1,548 360 533 3,582
Transfer between stages 148 (138) (94) 84 -
New and increased provisions (net of releases) (73) 202 61 388 578
Write-backs - - - (212) (212)
Bad debts written off (excluding recoveries) - - - (409) (409)
Foreign currency translation and other movements
1
11 12 2 (18) 7
As at 30 September 2023 1,227 1,624 329 366 3,546
Transfer between stages 155 (181) (57) 83 -
New and increased provisions (net of releases)
2
(89) 218 168 379 676
Write-backs
- - - (177) (177)
Bad debts written off (excluding recoveries)
- - - (316) (316)
Foreign currency translation and other movements
1
(17) (8) 3 (32) (54)
As at 30 September 2024
1,276 1,653 443 303 3,675
1.
Other movements include the impacts of discount unwind on individually assessed allowance for ECL or the impact of divestments completed during the year.
2.
Includes Suncorp Bank acquisition related collectively assessed allowance for ECL. Under accounting standards, these were initially recognised as Stage 1, and where relevant moving to Stage 2 after the
date of acquisition, all presented within New and increased provisions (net of releases).
\"\"
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 946 1,259 295 425 2,925
Transfer between stages 122 (118) (83) 79 -
New and increased provisions (net of releases) (43) 98 39 295 389
Write-backs - - - (192) (192)
Bad debts written off (excluding recoveries) - - - (310) (310)
Foreign currency translation and other movements
1
1 - - (18) (17)
As at 30 September 2023 1,026 1,239 251 279 2,795
Transfer between stages 115 (140) (48) 73 -
New and increased provisions (net of releases) (121) 51 137 294 361
Write-backs
- - - (132) (132)
Bad debts written off (excluding recoveries)
- - - (274) (274)
Foreign currency translation and other movements
1
(14) - (1) (20) (35)
As at 30 September 2024
1,006 1,150 339 220 2,715
1.
Other movements include the impacts of discount unwind on individually assessed allowance for ECL or the impact of divestments completed during the year.
Off-balance sheet commitments - undrawn and contingent facilities
Allowance for ECL is included in Other provisions.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 593 144 29 9 775
Transfer between stages 31 (29) (4) 2 -
New and increased provisions (net of releases) - 46 (1) 2 47
Write-backs - - - (4) (4)
Foreign currency translation and other movements
1
6 1 1 1 9
As at 30 September 2023 630 162 25 10 827
Transfer between stages 18 (17) (1) - -
New and increased provisions (net of releases) 26 13 1 3 43
Write-backs
- - - (7) (7)
Foreign currency translation and other movements
1
(16) (2) 2 (1) (17)
As at 30 September 2024
658 156 27 5 846
1.
Other movements include impact of divestments completed during the year.
\"\"
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 1 October 2022 530 112 26 5 673
Transfer between stages 27 (26) (3) 2 -
New and increased provisions (net of releases) (10) 35 (2) - 23
Write-backs - - - (2) (2)
Foreign currency translation and other movements 3 - - - 3
As at 30 September 2023 550 121 21 5 697
Transfer between stages 15 (13) (2) - -
New and increased provisions (net of releases) 23 (11) 3 - 15
Write-backs
- - - (3) (3)
Foreign currency translation
(15) (1) - - (16)
As at 30 September 2024
573 96 22 2 693
Investment securities - debt securities at amortised cost
Allowance for ECL is included in Investment securities.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 35 - - - 35
As at 30 September 2024 34 - - - 34
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 1 - - - 1
As at 30 September 2024 1 - - - 1
Investment securities - debt securities at FVOCI
As FVOCI assets are measured at fair value, there is no separate allowance for ECL. Instead, the allowance for ECL is recognised in Other
comprehensive income with a corresponding charge to profit or loss.
Stage 3
Consolidated
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 15 - - - 15
As at 30 September 2024 20 - - - 20
Stage 3
The Company
Stage 1
$m
Stage 2
$m
Collectively
assessed
$m
Individually
assessed
$m
Total
$m
As at 30 September 2023 12 - - - 12
As at 30 September 2024 14 - - - 14
\"\"
Credit impairment charge - Income Statement
Credit impairment charge/(release) analysis
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
New and increased provisions (net of releases)
1,2
- Collectively assessed 262 152 11 41
- Individually assessed
465 476 367 376
Write-backs
3
(184) (216) (135) (194)
Recoveries of amounts previously written-off
(137) (167) (117) (148)
Total credit impairment charge
406 245 126 75
1.
Includes the impact of transfers between collectively assessed and individually assessed.
2.
New and increased provisions (net of releases) includes:
Consolidated The Company
2024 2023 2024 2023
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Collectively
assessed
$m
Individually
assessed
$m
Net loans and advances at amortised cost 214 462 106 472 (6) 367 15 374
Off-balance sheet commitments 40 3 43 4 15 - 21 2
Investment securities - debt securities at amortised cost 3 - (1) - (1) - - -
Investment securities - debt securities at FVOCI 5 - 4 - 3 - 5 -
Total 262 465 152 476 11 367 41 376
3.
Consists of write-backs in Net loans and advances at amortised cost of $177 million (2023: $212 million) for the Group and $132 million (2023: $192 million) for the Company, and Off-balance sheet
commitments of $7 million (2023: $4 million) for the Group and $3 million (2023: $2 million) for the Company.
The contractual amount outstanding on financial assets that were written off during the year and that are still subject to enforcement activity is
$136 million (2023: $147 million) for the Group, and $116 million (2023: $133 million) for the Company.
\"\"
Recognition and measurement
Expected credit loss model
The measurement of expected credit losses reflects an unbiased, probability weighted prediction which evaluates a range of scenarios and
takes into account the time value of money, past events, current conditions and forecasts of future economic conditions.
Expected credit losses are either measured over 12 months or the expected lifetime of the financial asset, depending on credit deterioration
since origination, according to the following three-stage approach:
\u2022
Stage 1: At the origination of a financial asset, and where there has not been a Significant Increase in Credit Risk (SICR) since origination, an
allowance for ECL is recognised reflecting the expected credit losses resulting from default events that are possible within the next 12
months from the reporting date. For instruments with a remaining maturity of less than 12 months, expected credit losses are estimated
based on default events that are possible over the remaining time to maturity.
\u2022
Stage 2: Where there has been a SICR since origination, an allowance for ECL is recognised reflecting expected credit losses resulting from
all possible default events over the expected life of a financial instrument. If credit risk were to improve in a subsequent period such that the
increase in credit risk since origination is no longer considered significant, the exposure returns to a Stage 1 classification with ECL
measured accordingly.
\u2022
Stage 3: Where there is objective evidence of impairment, an allowance equivalent to lifetime ECL is recognised.
Expected credit losses are estimated on a collective basis for exposures in Stage 1 and Stage 2, and on either a collective or individual basis
when transferred to Stage 3.
For financial assets that are credit-impaired on initial recognition, lifetime ECL are incorporated into the calculation of the effective interest rate
on initial recognition. Consequently, these assets do not carry an expected credit loss allowance on initial recognition. The amount recognised
as a provision for credit losses after initial recognition is equal to the change in the lifetime expected credit loss since initial recognition.
Measurement of expected credit loss
ECL is calculated as the product of the following credit risk factors at a facility level, discounted to incorporate the time value of money:
\u2022
Probability of default (PD) - the estimate of the likelihood that a borrower will default over a given period;
\u2022
Exposure at default (EAD) - the expected balance sheet exposure at default taking into account repayments of principal and interest,
expected additional drawdowns and accrued interest; and
\u2022
Loss given default (LGD) - the expected loss in the event of the borrower defaulting, expressed as a percentage of the facility's EAD, taking
into account direct and indirect recovery costs.
These credit risk factors are adjusted for current and forward-looking information through the use of macroeconomic variables.
Expected life
When estimating ECL for exposures in Stage 2 and 3, the Group considers the expected lifetime over which it is exposed to credit risk.
For non-retail portfolios, the Group uses the maximum contractual period as the expected lifetime for non-revolving credit facilities. For non-
retail revolving credit facilities, such as corporate lines of credit, the expected life reflects the Group\u2019s contractual right to withdraw a facility as
part of a contractually agreed annual review, after taking into account the applicable notice period.
For retail portfolios, the expected lifetime is determined using a behavioural term, taking into account expected prepayment behaviour and
events that give rise to substantial modifications.
Definition of default, credit impaired and write-offs
The definition of default used in measuring ECL is aligned to the definition used for internal credit risk management purposes across all
portfolios. This definition is also in line with the regulatory definition of default. Default occurs when there are indicators that a debtor is unlikely
to fully satisfy contractual credit obligations to the Group, or the exposure is 90 days past due.
Financial assets, including those that are well secured, are considered credit impaired for financial reporting purposes when they default.
When there is no realistic probability of recovery, loans are written off against the related impairment allowance on completion of the Group\u2019s
internal processes and when all reasonably expected recoveries have been collected. In subsequent periods, any recoveries of amounts
previously written-off are recorded as a release to the credit impairment charge in the Income Statement.
Modified financial assets
If the contractual terms of a financial asset are modified or an existing financial asset is replaced with a new one for either credit or commercial
reasons, an assessment is made to determine if the changes to the terms of the existing financial asset are considered substantial. This
assessment considers both changes in cash flows arising from the modified terms as well as changes in the overall instrument risk profile; for
example, changes in the principal (credit limit), term, or type of underlying collateral. Where a modification is considered non-substantial, the
existing financial asset is not derecognised and its date of origination continues to be used to determine SICR. Where a modification is
considered substantial, the existing financial asset is derecognised and a new financial asset is recognised at its fair value on the modification
date, which also becomes the date of origination used to determine SICR for this new asset.
\"\"
Significant increase in credit risk
Stage 2 assets are those that have experienced a SICR since origination. In determining what constitutes a SICR, the Group considers both
qualitative and quantitative information:
i. Internal credit rating grade
For the majority of portfolios, the primary indicator of a SICR is a significant deterioration in the internal credit rating grade of a facility since
origination and is measured by the application of thresholds.
For non-retail portfolios, a SICR is determined by comparing the Customer Credit Rating (CCR) applicable to a facility at reporting date to
the CCR at origination of that facility. A CCR is assigned to each borrower which reflects the PD of the borrower and incorporates both
borrower and non-borrower specific information, including forward-looking information. CCRs are subject to review at least annually or
more frequently when an event occurs which could affect the credit risk of the customer.
For retail portfolios, a SICR is determined, depending on the type of facility, by either comparing the scenario weighted lifetime PD at the
reporting date to that at origination, or by reference to customer behavioural score thresholds. The scenario weighted lifetime probability of
default may increase significantly if:
\u2022
there has been a deterioration in the economic outlook, or an increase in economic uncertainty; or
\u2022
there has been a deterioration in the customer\u2019s overall credit position, or ability to manage their credit obligations.
ii. Backstop criteria
The Group uses 30 days past due arrears as a backstop criterion for both non-retail and retail portfolios. For retail portfolios only, facilities
are required to demonstrate three to six months of good payment behaviour prior to being allocated back to Stage 1.
Forward-looking information
Forward-looking information is incorporated into both our assessment of whether a financial asset has experienced a SICR since origination
and in our estimate of ECL. In applying forward-looking information for estimating ECL, the Group considers four probability-weighted forecast
economic scenarios as follows:
i. Base case scenario
The base case scenario is the Group\u2019s view of future macroeconomic conditions. It reflects the same basis of assumptions used by
management for strategic planning and budgeting, and also informs the Group Internal Capital Adequacy Assessment Process which is
the process the Group applies in strategic and capital planning over a 3-year time horizon;
ii. Upside and iii. Downside scenarios
The upside and downside scenarios are fixed by reference to average economic cycle conditions (that is, they are not based on the
economic conditions prevailing at balance date) and are based on a combination of more optimistic (in the case of the upside) and
pessimistic (in the case of the downside) economic events and uncertainty over long term horizons; and
iv. Severe downside scenario
The severe scenario assumes a deep economic downturn, both domestically and globally. Forecast macroeconomic variables for such a
scenario are developed by ANZ Research - Economics (ANZ Economics), reflecting a plausible scenario unfolding over a 5-year period
given current economic conditions. These assumptions have been revised in 2024, reflecting an escalation of geopolitical tensions,
persistent inflation, and worsening national budget positions.
The four scenarios are described in terms of macroeconomic variables used in the PD, LGD and EAD models (collectively the ECL models)
depending on the lending portfolio and country of the borrower. Examples of the macroeconomic variables include unemployment rates,
Gross Domestic Product (GDP) growth rates, residential property price indices, commercial property price indices and consumer price indices.
Probability weighting of each scenario is determined by management considering the risks and uncertainties surrounding the base case
economic scenario, as well as specific portfolio considerations where required. The Group Asset and Liability Committee (GALCO) is
responsible for reviewing and approving the base case economic scenario and the Credit and Market Risk Committee (CMRC) approves the
probability weights applied to each scenario.
Where applicable, temporary adjustments may be made to account for situations where known or expected risks have not been adequately
addressed in the modelling process. CMRC is responsible for approving such adjustments.
\"\"
Key judgements and estimates
Collectively assessed allowance for expected credit losses
In estimating collectively assessed ECL, the Group makes judgements and assumptions in relation to:
\u2022
the selection of an estimation technique or modelling methodology; and
\u2022
the selection of inputs for those models, and the interdependencies between those inputs.
The following table summarises the key judgements and assumptions in relation to the model inputs and the interdependencies between
those inputs, and highlights significant changes during the current period.
The judgements and associated assumptions have been made within the context of the uncertainty as to how various factors might impact
the global economy and reflect historical experience and other factors that are considered to be relevant, including expectations of future
events that are believed to be reasonable under the circumstances. The Group\u2019s ECL estimates are inherently uncertain and, as a result, actual
results may differ from these estimates.
Judgement/Assumption Description Considerations for the year ended 30 September 2024
Determining when a SICR
has occurred or reversed
In the measurement of ECL, judgement is involved
in determining whether there has been a SICR
since initial recognition of a loan, which would
result in it moving from Stage 1 to Stage 2. This is
a key area of judgement since transition from
Stage 1 to Stage 2 increases the ECL from an
allowance based on the PD in the next 12
months, to an allowance for lifetime ECL.
Subsequent decreases in credit risk resulting in
transition from Stage 2 to Stage 1 may similarly
result in significant changes in the ECL allowance.
The setting of precise SICR trigger points requires
judgement which may have a material impact
upon the size of the ECL allowance. The Group
monitors the effectiveness of SICR criteria on an
ongoing basis.
The determination of SICR was consistent with prior
periods.
Measuring both 12-
month and lifetime
expected credit losses
The PD, LGD and EAD factors used in determining
ECL are point-in-time measures reflecting the
relevant forward-looking information determined
by management. Judgement is involved in
determining which forward-looking information is
relevant for particular lending portfolios and for
determining each portfolio\u2019s point-in-time
sensitivity.
In addition, judgement is required where
behavioural characteristics are applied in
estimating the lifetime of a facility which is used in
measuring ECL.
The PD, LGD and EAD models are subject to the Group\u2019s
model risk policy that stipulates periodic model monitoring
and re-validation, and defines approval procedures and
authorities according to model materiality.
There were no material changes to the policy.
Base case economic
forecast
The Group derives a forward-looking \u2018base case\u2019
economic scenario which reflects ANZ
Economics\u2019 view of future macroeconomic
conditions.
There have been no changes to the types of forward-
looking variables (key economic drivers) used as model
inputs.
As at 30 September 2024, the base case assumptions
have been updated to reflect a moderation in inflation and
an easing in labour market conditions in both Australia and
New Zealand. Both economies are forecast to continue to
grow below trend. Despite increased household
disposable incomes, limited flow-through to household
consumption is forecast.
The expected outcomes of key economic drivers for the
base case scenario at 30 September 2024 are described
below under the heading \u201cBase case economic forecast
assumptions\u201d.
\"\"
Judgement/Assumption Description Considerations for the year ended 30 September 2024
Probability weighting of
each economic scenario
(base case, upside,
downside and severe
downside scenarios)
1
Probability weighting of each economic scenario
is determined by management considering the
risks and uncertainties surrounding the base case
economic scenario at each measurement date.
The assigned probability weightings in Australia,
New Zealand and Rest of World are subject to a
high degree of inherent uncertainty and therefore
the actual outcomes may be significantly different
to those projected.
Probability weightings in New Zealand shifted from
downside to upside scenarios during the current period
reflecting increasing confidence in economic recovery with
high-frequency data providing early indication that the
economy is responding to monetary easing.
Probability weightings in Australia and Rest of World
remain unchanged from the prior period, reflecting our
assessment of the continuing downside risks from the
impact of higher interest rates and inflation in these
economies.
The probability weightings for current and prior periods are
as detailed in the section below under the heading
\u2018Probability weightings\u2019.
Management temporary
adjustments
Management temporary adjustments to the ECL
allowance are used in circumstances where it is
judged that our existing inputs, assumptions and
model techniques do not capture all the risk
factors relevant to our lending portfolios.
Emerging local or global macroeconomic,
microeconomic or political events, and natural
disasters that are not incorporated into our
current parameters, risk ratings, or forward-
looking information are examples of such
circumstances.
Management have continued to apply adjustments to
accommodate uncertainty associated with higher inflation
and interest rates. Management overlays have been made
for risks particular to home loans, credit cards and
commercial lending in Australia, and for mortgages and
commercial lending in New Zealand. The total amount of
adjustments has decreased from the prior period as
anticipated risks are now represented in the portfolio
credit profiles.
Management has considered and concluded no
temporary adjustment is required at 30 September 2024
to the ECL in relation to climate or weather related events
during the period.
1.
The upside and downside scenarios are fixed by reference to average economic cycle conditions (that is, they are not based on the economic conditions prevailing at balance date) and are
based on a combination of more optimistic (in the case of the upside) and pessimistic (in the case of the downside) economic conditions.
Base case economic forecast assumptions
Continuing uncertainties described above increase the risk of the economic forecast resulting in an understatement or overstatement of the
ECL balance.
The economic drivers of the base case economic forecasts, reflective of ANZ Economics\u2019 view of future macroeconomic conditions used at
30 September 2024 are set out below. For the years following the near term forecasts below, the ECL models apply simplified assumptions
for the economic conditions to calculate lifetime loss.
Forecast calendar year
2024 2025 2026
Australia
GDP (annual % change) 1.2 2.0 2.4
Unemployment rate (annual average) 4.1 4.4 4.3
Residential property prices (annual % change) 7.3 5.5 5.5
Consumer price index (annual average % change) 3.3 2.9 2.7
New Zealand
GDP (annual % change) -0.1 0.8 2.2
Unemployment rate (annual average) 4.7 5.4 5.4
Residential property prices (annual % change) -1.0 4.5 5.0
Consumer price index (annual average % change) 3.1 2.2 1.8
Rest of World
GDP (annual % change) 2.3 1.5 1.9
Consumer price index (annual average % change) 3.1 2.4 2.1
\"\"
Probability weightings
Probability weightings for each scenario are determined by management considering the risks and uncertainties surrounding the base case
economic scenario including the uncertainties described above.
The average base case weighting has remained unchanged at 46% (2023: 46%) as the upside and downside scenario weightings have been
revised. The average upside case weighting has increased to 1% (2023: 0%), and the average downside case weighting has decreased to
40% (2023: 41%).
The assigned probability weightings in Australia, New Zealand and Rest of World are subject to a high degree of inherent uncertainty and
therefore the actual outcomes may be significantly different to those projected. The Group considers these weightings in each geography to
provide estimates of the possible loss outcomes and taking into account short and long term inter-relationships within the Group\u2019s credit
portfolios. The average weightings applied across the Group are set out below:
Consolidated The Company
2024 2023 2024 2023
Base 46% 46% 45% 45%
Upside 1% 0% 0% 0%
Downside 40% 41% 42% 42%
Severe downside 13% 13% 13% 13%
ECL - Sensitivity analysis
Given current economic uncertainties and the judgement applied to factors used in determining the expected default of borrowers in future
periods, expected credit losses reported by the Group should be considered as a best estimate within a range of possible estimates.
The table below illustrates the sensitivity of collectively assessed ECL to key factors used in determining it as at 30 September 2024:
Consolidated The Company
ECL
$m
Impact
$m
ECL
$m
Impact
$m
If 1% of Stage 1 facilities were included in Stage 2 4,328 81 3,255 68
If 1% of Stage 2 facilities were included in Stage 1 4,241 (6) 3,183 (4)
100% upside scenario 1,502 (2,745) 1,129 (2,058)
100% base scenario 1,951 (2,296) 1,419 (1,768)
100% downside scenario 3,580 (667) 2,599 (588)
100% severe downside scenario 10,142 5,895 7,683 4,496
Individually assessed allowance for expected credit losses
In estimating individually assessed ECL, the Group makes judgements and assumptions in relation to expected repayments, the realisable
value of collateral, business prospects for the customer, competing claims and the likely cost and duration of the work-out process.
Judgements and assumptions in respect of these matters have been updated to reflect amongst other things, the uncertainties described
above.
\"\"
Financial liabilities
Outlined below is a description of how we classify and measure financial liabilities relevant to the note disclosures that follow.
Classi\ufb01cation and measurement
Financial liabilities
Financial liabilities are measured at amortised cost, or FVTPL when they are held for trading. Additionally, financial liabilities can be designated at
FVTPL where:
\u2022 the designation eliminates or significantly reduces an accounting mismatch which would otherwise arise;
\u2022 a group of financial liabilities are managed and their performance are evaluated on a fair value basis, in accordance with a documented risk
management strategy; or
\u2022 the financial liability contains one or more embedded derivatives unless:
a) the embedded derivative does not significantly modify the cash flows that otherwise would be required by the contract; or
b) the embedded derivative is closely related to the host financial liability.
Where financial liabilities are designated as measured at fair value, gains or losses relating to changes in the entity\u2019s own credit risk are
included in Other comprehensive income, except where doing so would create or enlarge an accounting mismatch in profit or loss.
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\"\"
14. Deposits and other borrowings
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Certificates of deposit
42,206 41,919 35,434 39,426
Term deposits 273,516 247,893 199,943 196,309
On demand and short term deposits
383,014 356,601 288,228 297,195
Deposits not bearing interest
60,104 42,906 41,386 24,456
Deposits from banks & securities sold under repurchase agreements
98,550 92,562 94,513 86,464
Commercial paper and other borrowings
47,776 33,322 44,366 31,225
Deposits and other borrowings
1
905,166 815,203 703,870 675,075
Residual contractual maturity:
Within one year 894,658 805,808 699,192 671,395
More than one year
10,508 9,395 4,678 3,680
Deposits and other borrowings
905,166 815,203 703,870 675,075
Carried on Balance Sheet at:
Amortised cost 862,165 781,314 662,910 643,868
Fair value through profit or loss
43,001 33,889 40,960 31,207
Deposits and other borrowings
905,166 815,203 703,870 675,075
1.
Customer deposits balance of $716,634 million (2023: $647,400 million) for the Group and $529,557 million (2023: $517,960 million) for the Company includes Term deposits, On demand and short
term deposits and Deposits not bearing interest.
Recognition and measurement
For deposits and other borrowings that:
\u2022 are not designated at FVTPL on initial recognition, we measure them at amortised cost and recognise their interest expense using the
effective interest rate method; and
\u2022 are managed on a fair value basis, reduce or eliminate an accounting mismatch or contain an embedded derivative, we designate them as
measured at FVTPL.
Refer to Note 18 Fair value of financial assets and financial liabilities for further details.
For deposits and other borrowings designated at fair value we recognise the amount of fair value gain or loss attributable to changes in the
Group\u2019s own credit risk in Other comprehensive income in retained earnings. Any remaining amount of fair value gain or loss we recognise
directly in profit or loss. Once we have recognised an amount in other comprehensive income, we do not later reclassify it to profit or loss.
Securities sold under repurchase agreements represent a liability to repurchase the financial assets that remain on our balance sheet since the
risks and rewards of ownership remain with the Group. Over the life of the repurchase agreement, we recognise the difference between the
sale price and the repurchase price and charge it to interest expense in profit or loss.
20232024
Certificates of deposit
Term deposits
On demand and short
term deposits
Deposits not bearing interest
Deposits from banks & securities sold
under repurchase agreements
247,893
356,601
42,906
33,322
92,562
Commercial paper and
other borrowings
41,919
273,516
383,014
60,104
47,776
98,550
42,206
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\"\"
15. Payables and other liabilities
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Payables and accruals
7,243 5,811 4,989 4,582
Liabilities at fair value
1
6,023 5,267 5,677 4,922
Lease liabilities
1,784 1,767 1,402 1,531
Trail commission liabilities
2,055 1,469 1,606 1,469
Other liabilities
1,489 1,670 800 775
Payables and other liabilities
18,594 15,984 14,474 13,279
1.
Relate to securities sold short classified as held for trading and measured at FVTPL.
Recognition and measurement
The Group recognises liabilities when there is a present obligation to transfer economic resources as a result of past events.
Below is the measurement basis for each item classified as other liabilities:
\u2022 Payables, accruals and other liabilities are measured at the contractual amount payable or the best estimate of consideration required to
settle the payable.
\u2022 Liabilities at fair value relate to securities sold short, which we classify as held for trading and measure at FVTPL based on quoted prices in
active markets.
\u2022 Lease liabilities are initially measured at the present value of the future lease payments using the Group\u2019s incremental borrowing rate at the
lease commencement date. The carrying amount is then subsequently adjusted to reflect the interest on the lease liability, lease payments
that have been made and any lease reassessments or modifications.
\u2022 Trail commission liabilities are measured based on the present value of expected future trail commission payments taking into consideration
average behavioural loan life and outstanding balances of broker originated loans.
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\"\"
16. Debt issuances
The Group, primarily via ANZBGL and some of its banking subsidiaries (including ANZ Bank New Zealand and Norfina Limited (Suncorp Bank)), uses a
variety of funding programmes to issue senior debt (including covered bonds and securitisations) and subordinated debt. The difference between senior
debt and subordinated debt is that, in a winding up of an issuer, holders of senior debt of that issuer rank in priority to holders of subordinated debt of that
issuer. Subordinated debt will be repaid by the relevant issuer only after the repayment of claims of its depositors and other creditors (including the senior
debt holders) of that issuer.
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Senior debt
94,152 63,233 72,183 50,671
Covered bonds 18,931 18,223 13,853 15,084
Securitisation
3,640 880 - -
Total unsubordinated debt
116,723 82,336 86,036 65,755
Subordinated debt
- ANZBGL Additional Tier 1 capital
8,277 8,232 8,330 8,287
- ANZBGL Tier 2 capital
28,584 23,707 28,584 23,707
- Other subordinated debt securities
2,804 1,739 - 464
Total subordinated debt
39,665 33,678 36,914 32,458
Total debt issued 156,388 116,014 122,950 98,213
Residual contractual maturity
1
:
Within one year 35,107 21,746 28,751 18,499
More than one year
119,090 92,856 92,751 78,245
No maturity date (instruments in perpetuity)
2,191 1,412 1,448 1,469
Total debt issued
156,388 116,014 122,950 98,213
Carried on Balance Sheet at:
Amortised cost 154,572 114,678 120,155 95,881
Fair value through profit or loss
1,816 1,336 2,795 2,332
Total debt issued
156,388 116,014 122,950 98,213
1.
Based on the final maturity date or, in the case of Additional Tier 1 capital securities, the mandatory conversion date (if any).
Total debt issued by currency
The table below shows the Group\u2019s issued debt by currency of issue, which broadly represents the debt holders\u2019 base location.
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
USD United States dollars
45,512 32,723 37,381 24,074
EUR Euro 26,325 26,990 20,911 21,356
AUD Australian dollars
69,420 47,043 51,234 46,123
NZD New Zealand dollars
1,074 1,575 65 43
JPY Japanese yen
2,609 1,993 2,609 1,993
CHF Swiss francs
683 1,039 - -
AUD Pounds sterling
8,543 2,230 8,543 2,230
HKD Hong Kong dollars
1,403 1,407 1,403 1,407
Other Chinese yuan and Singapore dollars
819 1,014 804 987
Total debt issued
156,388 116,014 122,950 98,213
\"\"
16. Debt issuances
Subordinated debt
Subordinated debt is primarily issued externally by the Group out of its banking subsidiaries, ANZBGL and ANZ Bank New Zealand. ANZ Holdings (New
Zealand) Limited also issued $800 million of perpetual subordinated debt in September 2024. The externally issued subordinated debt constitutes
subordinated debt of both the Group and the relevant issuer.
At 30 September 2024, all subordinated debt issued by ANZBGL qualifies as regulatory capital for ANZBGL. Depending on their terms and conditions, the
subordinated debt instruments issued by ANZBGL are classified as either Additional Tier 1 (AT1) capital for ANZBGL (in the case of the ANZ Capital Notes
(ANZ CN) and ANZ Capital Securities (ANZ CS)) or Tier 2 capital for ANZBGL (in the case of the term subordinated notes) for APRA\u2019s capital adequacy
purposes. Subordinated debt issued by ANZ Holdings (New Zealand) Limited or ANZ Bank New Zealand does not constitute regulatory capital for the
Group for APRA\u2019s capital adequacy purposes.
Subordinated debt issued by ANZ Bank New Zealand will constitute tier 2 capital for ANZ Bank New Zealand for the purposes of the Reserve Bank of New
Zealand\u2019s (RBNZ) capital requirements. Subordinated debt issued by ANZ Holdings (New Zealand) Limited does not constitute regulatory capital for the
RBNZ\u2019s capital adequacy purposes.
AT1 capital
All outstanding AT1 capital instruments issued by ANZBGL are Basel III fully compliant instruments (refer to Note 24 Capital management for further
information about Basel III) for APRA\u2019s capital adequacy purposes. Each of the ANZ CN and ANZ CS rank equally with each other.
Distributions on the AT1 capital instruments are non-cumulative and subject to the issuer\u2019s absolute discretion and certain payment conditions (including
regulatory requirements). Distributions on ANZ CNs are franked in line with the franking applied to ANZGHL\u2019s ordinary shares.
Where specified, the AT1 capital instruments provide the issuer with an early redemption or conversion option on a specified date and in certain other
circumstances (such as a tax or regulatory event). This redemption option is subject to APRA\u2019s prior written approval.
Each of the AT1 capital instruments will immediately convert into a variable number of ANZGHL\u2019s ordinary shares (based on the average market price of
the shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number of ANZGHL\u2019s ordinary shares) if:
\u2022
ANZBGL\u2019s Common Equity Tier 1 capital ratios are equal to or less than 5.125% - known as a Common Equity Capital Trigger Event; or
\u2022
APRA notifies ANZBGL that, without the conversion or write-off of certain securities or a public sector injection of capital (or equivalent support), it
considers that ANZBGL would become non-viable \u2013 known as a Non-Viability Trigger Event.
Where specified, AT1 capital instruments mandatorily convert into a variable number of ANZGHL\u2019s ordinary shares (based on the average market price of
the shares immediately prior to conversion less a 1% discount):
\u2022
on a specified mandatory conversion date; or
\u2022
on an earlier date under certain circumstances as set out in the terms.
However, this mandatory conversion is deferred for a specified period if certain conversion tests are not met.
If the AT1 capital securities convert, and the holders receive ANZGHL ordinary shares, then:
\u2022
the AT1 capital securities are transferred by the holders to ANZGHL for their face value;
\u2022
ANZBGL shall redeem the securities and simultaneously issue ordinary shares to its parent ANZ BH Pty Ltd (based on ANZBGL\u2019s share price calculated
by reference to its consolidated net assets, subject to a maximum conversion number); and
\u2022
ANZ BH Pty Ltd will issue shares to ANZGHL (based on ANZ BH Pty Ltd\u2019s share price calculated by reference to its consolidated net assets, subject to a
maximum conversion number).
Preference shares issued by ANZ Bank New Zealand will constitute AT1 capital for ANZ Bank New Zealand for the purposes of the RBNZ\u2019s capital
requirements, however they will not constitute AT1 capital for the Group as the terms of the preference shares do not satisfy APRA\u2019s capital requirements.
Externally issued preference shares are included within non-controlling interests in Note 23 Shareholders\u2019 equity.
The tables below show key details of the ANZBGL\u2019s AT1 capital instruments on issue at 30 September in both the current and prior years:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
ANZBGL's Additional Tier 1 capital (perpetual subordinated securities)
1
ANZ Capital Notes
AUD 1,622m ANZ CN4
2
- 1,621 - 1,621
AUD 931m ANZ CN5
931 929 931 929
AUD 1,500m ANZ CN6
1,490 1,489 1,490 1,489
AUD 1,310m ANZ CN7
1,300 1,298 1,300 1,298
AUD 1,500m ANZ CN8
1,485 1,483 1,483 1,481
AUD 1,700m ANZ CN9
1,680 - 1,678 -
ANZ Capital Securities
USD 1,000m ANZ Capital Securities 1,391 1,412 1,448 1,469
Total ANZBGL Additional Tier 1 capital
3
8,277 8,232 8,330 8,287
1.
Carrying values are net of issuance costs.
2.
All of the ANZ CN4 were redeemed on 20 March 2024 with approximately $905 million of the proceeds from redemption reinvested into ANZ CN9 on the same date.
3.
This forms part of ANZBGL\u2019s qualifying AT1 capital. Refer to Note 24 Capital management for further details.
\"\"
ANZ Capital Notes
ANZ CN4 ANZ CN5 ANZ CN6
Issuer
ANZBGL ANZBGL ANZBGL
Issue date
27 September 2016 28 September 2017 8 July 2021
Issue amount
$1,622 million $931 million $1,500 million
Face value per note
$100 $100 $100
Distribution frequency
Quarterly in arrears Quarterly in arrears Quarterly in arrears
Distribution rate
Floating rate: (90 day Bank
Bill rate+4.7%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+3.8%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+3.0%)x(1-Australian
corporate tax rate)
Issuer\u2019s early redemption or conversion option
20 March 2024
1
20 March 2025 20 March 2028
Mandatory conversion date
20 March 2026
2
20 March 2027 20 September 2030
Common Equity Capital Trigger Event
Yes Yes Yes
Non-Viability Trigger Event
Yes Yes Yes
Carrying value (net of issue costs)
nil $931 million $1,490 million
(2023: $1,621 million) (2023: $929 million) (2023: $1,489 million)
ANZ CN7 ANZ CN8 ANZ CN9
Issuer
ANZBGL ANZBGL ANZBGL
Issue date
24 March 2022 24 March 2023 20 March 2024
Issue amount
$1,310 million $1,500 million $1,700 million
Face value per note
$100 $100 $100
Distribution frequency
Quarterly in arrears Quarterly in arrears Quarterly in arrears
Distribution rate
Floating rate: (90 day Bank
Bill rate+2.7%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+2.75%)x(1-Australian
corporate tax rate)
Floating rate: (90 day Bank
Bill rate+2.9%)x(1-Australian
corporate tax rate)
Issuer\u2019s early redemption or conversion option
20 March 2029 20 March 2030 20 March 2031
Mandatory conversion date
20 September 2031 20 September 2032 20 September 2033
Common Equity Capital Trigger Event
Yes Yes Yes
Non-Viability Trigger Event
Yes Yes Yes
Carrying value (net of issue costs)
$1,300 million $1,485 million $1,680 million
(2023: $1,298 million) (2023: $1,483 million) (2023: nil)
1.
All of the ANZ CN4 were redeemed on 20 March 2024 with approximately $905 million of the proceeds from redemption reinvested into ANZ CN9 on the same date.
2.
The mandatory conversion date is no longer applicable as all of ANZ CN4 have been redeemed.
\"\"
ANZ Capital Securities
Issuer ANZBGL, acting through its London branch
Issue date 15 June 2016
Issue amount USD 1,000 million
Face value Minimum denomination of USD 200,000 and an integral multiple of USD 1,000 above that
Interest frequency Semi-annually in arrears
Interest rate
Fixed at 6.75% p.a. until 15 June 2026. Reset on 15 June 2026 and each 5 year anniversary
to a floating rate: 5 year USD mid-market swap rate + 5.168%
Issuer\u2019s early redemption option 15 June 2026 and each 5 year anniversary
Common Equity Capital Trigger Event Yes
Non-Viability Trigger Event Yes
Carrying value (net of issue costs) $1,391 million (2023: $1,412 million)
\"\"
Tier 2 capital
Convertible term subordinated notes issued by ANZBGL are Basel III fully compliant instruments for APRA\u2019s capital adequacy purposes. If a Non-Viability
Trigger Event occurs, each of the convertible term subordinated notes will immediately convert into ANZGHL ordinary shares (based on the average
market price of the ANZGHL shares immediately prior to conversion less a 1% discount, subject to a maximum conversion number).
If the Tier 2 capital securities convert, and the holders receive ANZGHL ordinary shares, then ANZBGL shall issue ordinary shares to its parent ANZ BH
Pty Ltd (based on ANZBGL\u2019s share price calculated by reference to its consolidated net assets, subject to a maximum conversion number) and ANZ BH
Pty Ltd will issue shares to ANZGHL (calculated on the same basis).
The table below shows the Tier 2 capital subordinated debt issued by ANZBGL at 30 September in the current and prior year:
Consolidated The Company
Next optional call date \u2013 Interest
2024 2023 2024 2023
Currency Face value Maturity subject to APRA\u2019s prior approval rate
$m $m $m $m
ANZBGL Tier 2 capital (term subordinated notes)
USD 800m 2024 N/A Fixed - 1,220 - 1,220
JPY 20,000m 2026 N/A Fixed
203 207 203 207
USD 1,500m 2026 N/A Fixed
2,089 2,125 2,089 2,125
AUD 225m 2032 2027 Fixed
224 225 224 225
AUD 1,750m 2029 2024 Floating
- 1,750 - 1,750
EUR
1
1,000m 2029 2024 Fixed 1,600 1,555 1,600 1,555
AUD 265m 2039 N/A Fixed
189 170 189 170
USD 1,250m 2030 2025 Fixed
1,764 1,808 1,764 1,808
AUD 1,250m 2031 2026 Floating
1,250 1,250 1,250 1,250
USD 1,500m2035 2030 Fixed
1,845 1,786 1,845 1,786
AUD 330m 2040 N/A Fixed
225 202 225 202
AUD 195m 2040 N/A Fixed
131 117 131 117
EUR 750m 2031 2026 Fixed
1,154 1,104 1,154 1,104
AUD 500m 2031 2026 Fixed
904 830 904 830
AUD 1,450m 2032 2027 Fixed
1,440 1,400 1,440 1,400
AUD 300m 2032 2027 Floating
290 300 290 300
JPY 59,400m 2032 2027 Fixed
597 606 597 606
SGD 600m 2032 2027 Fixed
684 659 684 659
AUD 900m 2034 2029 Fixed
907 871 907 871
USD 1,250m 2032 N/A Fixed
1,817 1,803 1,817 1,803
EUR 1,000m 2033 2028 Fixed
1,642 1,594 1,642 1,594
AUD 1,000m 2038 2033 Fixed
1,007 975 1,007 975
AUD 275m 2033 2028 Fixed
275 275 275 275
AUD 875m 2033 2028 Floating
867 875 867 875
AUD 1,434m 2034 2029 Floating
1,415 - 1,415 -
AUD 850m 2034 2029 Fixed
850 - 850 -
USD 1,000m 2034 2029 Fixed
1,478 - 1,478 -
AUD 1,900m 2039 2034 Fixed
1,947 - 1,947 -
USD 1,250m 2035 2034 Fixed
1,790 - 1,790 -
Total ANZBGL Tier 2 capital
2,3
28,584 23,707 28,584 23,707
1.
The EUR 1,000m subordinated notes will be redeemed on 21 November 2024.
2.
Carrying values are net of issuance costs, and, where applicable, include fair value hedge accounting adjustments.
3.
This forms part of ANZBGL\u2019s qualifying Tier 2 capital. Refer to Note 24 Capital management for further details.
\"\"
Other subordinated debt securities
The term subordinated notes issued by ANZ Bank New Zealand constitute tier 2 capital under RBNZ requirements. However, they do not (among other
things) contain a Non-Viability Trigger Event and therefore do not meet APRA\u2019s requirements for Tier 2 capital instruments in order to qualify as regulatory
capital for the Group.
ANZ Holdings (New Zealand) Limited externally issued $800m perpetual subordinated notes in September 2024, however, they do not constitute tier 2
capital for either APRA\u2019s or RBNZ\u2019s capital adequacy purposes.
Consolidated The Company
Interest
2024 2023 2024 2023
Currency Face value Maturity Next optional call date
1
rate $m $m $m $m
Non-Basel III compliant perpetual subordinated notes issued by ANZBGL
2
USD 300m Perpetual
Each semi-annual interest payment
date
Floating - 464 - 464
Perpetual subordinated notes issued by ANZ Holdings (New Zealand) Limited
3
AUD 800m Perpetual 2030 Floating 800 - - -
Term subordinated notes issued by ANZ Bank New Zealand Limited
NZD 600m 2031 2026 Fixed 549 555 - -
USD 500m 2032 2027 Fixed
708 720 - -
USD 500m 2034 2029 Fixed
747 - - -
Other subordinated debt
4
2,804 1,739 - 464
1.
Subject to APRA\u2019s or RBNZ\u2019s prior approval (as applicable).
2.
The USD 300 million perpetual subordinated notes were redeemed by ANZBGL on 31 October 2023.
3.
The perpetual subordinated notes were issued by ANZ Holdings (New Zealand) Limited on 18 September 2024 with the proceeds invested in perpetual preference shares issued internally by ANZ Bank
New Zealand (which constitute additional tier 1 capital for ANZ Bank New Zealand for the purposes of RBNZ\u2019s capital requirements but not for the purposes of APRA\u2019s capital requirements).
4.
ANZ Bank New Zealand also externally issued NZD 550 million of perpetual preference shares on 18 July 2022 and NZD 275 million of perpetual preference shares on 19 March 2024. These perpetual
preference shares constitute AT1 capital for ANZ Bank New Zealand for the purposes of RBNZ\u2019s capital requirements but not for the purposes of APRA\u2019s capital requirements. These preference shares
are included within non-controlling interests in Note 23 Shareholders\u2019 equity.
Recognition and measurement
Debt issuances are initially recognised at fair value and are subsequently measured at amortised cost, except where designated at FVTPL.
Interest expense on debt issuances is recognised using the effective interest rate method. Where the group enters into a fair value hedge
accounting relationship, the fair value attributable to the hedged risk is reflected in adjustments to the carrying value of the debt.
Subordinated debt with capital-based conversion features (i.e. Common Equity Capital Trigger Events or Non-Viability Trigger Events) are
considered to contain embedded derivatives that we account for separately at FVTPL. The embedded derivatives arise because the number
of shares issued on conversion following any of those trigger events is subject to the maximum conversion number, however they have no
significant value as of the reporting date given the remote nature of those trigger events
.
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\"\"
17. Financial risk management
Risk management framework and model
Introduction
The use of financial instruments is fundamental to the Group\u2019s businesses of providing banking and other financial services to our customers. The
associated financial risks (primarily credit, market, and liquidity risks) are a significant portion of the Group\u2019s key material risks.
We disclose details of all key material risks impacting the Group, and further information on the Group\u2019s risk management activities, in the Governance and
Risk Management sections of this Annual Report.
This note details the Group\u2019s financial risk management policies, processes and quantitative disclosures in relation to the key financial risks.
Key material financial risks Key sections applicable to this risk
Credit risk
The risk of financial loss resulting from:
\u2022
a counterparty failing to fulfil its obligations; or
\u2022
a decrease in credit quality of a counterparty resulting in a
financial loss.
Credit risk incorporates the risks associated with us lending to
customers who could be impacted by climate change, changes to
laws, regulations, or other policies adopted by governments or
regulatory authorities. Climate change impacts include both physical
risks (climate- or weather-related events) and transition risks
resulting from the adjustment to a low emissions
economy. Transition risks include resultant changes to laws,
regulations and policies noted above.
\u2022
Credit risk overview, management and control responsibilities
\u2022
Maximum exposure to credit risk
\u2022
Credit quality
\u2022
Concentrations of credit risk
\u2022
Collateral management
Market risk
The risk to the Group\u2019s earnings arising from:
\u2022
changes in interest rates, foreign exchange rates, credit spreads,
volatility and correlations; or
\u2022
fluctuations in bond, commodity or equity prices.
\u2022
Market risk overview, management and control responsibilities
\u2022
Measurement of market risk
\u2022
Traded and non-traded market risk
\u2022
Equity securities designated at FVOCI
\u2022
Foreign currency risk \u2013 structural exposure
Liquidity and funding risk
The risk that the Group is unable to meet payment obligations as
they fall due, including:
\u2022
repaying depositors or maturing wholesale debt; or
\u2022
the Group having insufficient capacity to fund increases in assets.
\u2022
Liquidity risk overview, management and control responsibilities
\u2022
Key areas of measurement for liquidity risk
\u2022
Liquidity risk outcomes
\u2022
Residual contractual maturity analysis of the Group\u2019s liabilities
\"\"
Overview
An overview of our risk management framework
This overview is provided to aid the users of the financial statements in understanding the context of the financial disclosures required under AASB 7
Financial Instruments: Disclosures. It should be read in conjunction with the Governance and Risk Management sections of this Annual Report.
The Board is responsible for establishing and overseeing the Group\u2019s Risk Management Framework (RMF). The Board has delegated authority to the
Board Risk Committee (BRC) to develop and monitor compliance with the Group\u2019s risk management policies. The BRC reports regularly to the Board on its
activities.
The Board approves the strategic objectives of the Group including:
\u2022
the Risk Appetite Statement (RAS), which sets out the Board\u2019s expectations regarding the degree of risk that the Group is prepared to accept in pursuit
of its strategic objectives and business plan; and
\u2022
the Risk Management Strategy (RMS), which describes the Group\u2019s strategy for managing risks and the key elements of the RMF that give effect to this
strategy. This includes a description of each material risk, and an overview of how the RMF addresses each 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
material risks.
The Group, through its training and management standards and procedures, aims to maintain a disciplined and robust control environment in which all
employees understand their roles and obligations. At ANZ, risk is everyone\u2019s responsibility.
The Group has an independent risk management function, headed by the Chief Risk Officer who:
\u2022
is responsible for overseeing the risk profile and the risk management framework;
\u2022
can effectively challenge activities and decisions that materially affect the Group\u2019s risk profile; and
\u2022
has an independent reporting line to the BRC to enable the appropriate escalation of issues of concern.
The Internal Audit Function reports directly to the Board Audit Committee (BAC). Internal Audit provides:
\u2022
an independent evaluation of the Group\u2019s RMF annually that seeks to ensure compliance with, and the effectiveness of, the risk management
framework;
\u2022
facilitation of a comprehensive review every three years that seeks to ensure the appropriateness, effectiveness and adequacy of the risk
management framework; and
\u2022
recommendations to improve the framework and/or work practices to strengthen the effectiveness of day-to-day operations.
\"\"
Credit risk
Credit risk overview, management and control responsibilities
Granting credit facilities to customers is one of the Group\u2019s major sources of income. As this activity is also a principal risk, the Group dedicates
considerable resources to its management. The Group assumes credit risk in a wide range of lending and other activities in diverse markets and in many
jurisdictions. Credit risks arise from traditional lending to customers as well as from interbank, treasury, trade finance and capital markets activities around
the world.
Our credit risk management framework ensures we apply a consistent approach across the Group when we measure, monitor and manage the credit risk
appetite set by the Board. The Board is assisted and advised by the BRC in discharging its duty to oversee credit risk. The BRC:
x
sets the credit risk appetite and credit strategies; and
x
approves credit transactions beyond the discretion of executive management.
We quantify credit risk through an internal credit rating system (masterscales) to ensure consistency across exposure types and to provide a consistent
framework for reporting and analysis. The system uses models and other tools to measure the following for customer exposures:
Probability of Default (PD) Expressed by a Customer Credit Rating (CCR), reflecting the Group\u2019s assessment of a customer\u2019s ability to
service and repay debt.
Exposure at Default (EAD) The expected balance sheet exposure at default taking into account repayments of principal and interest,
expected additional drawdowns and accrued interest at the time of default.
Loss Given Default (LGD) Expressed by a Security Indicator (SI) ranging from A to G. The SI is calculated by reference to the
percentage of loan covered by security which the Group can realise if a customer defaults. The A-G scale
is supplemented by a range of other SIs which cover factors such as cash cover and sovereign backing.
For retail and some small business lending, we group exposures into large homogenous pools \u2013 and the
LGD is assigned at the pool level.
Our specialist credit risk teams develop and validate the Group\u2019s PD and LGD rating models. The outputs from these models drive our day-to-day credit
risk management decisions including origination, pricing, approval levels, regulatory capital adequacy, economic capital allocation, and credit provisioning.
All customers with whom the Group has a credit relationship are assigned a CCR at origination via either of the following assessment approaches:
Large and more complex lending Retail and some small business lending
Rating models provide a consistent and structured assessment, with
judgement required around the use of out-of-model factors. We
handle credit approval on a dual approval basis, jointly with the
business writer and an independent credit officer.
Automated assessment of credit applications using a combination of
scoring (application and behavioural), policy rules and external credit
reporting information. If the application does not meet the automated
assessment criteria, then it is subject to manual assessment.
We use the Group\u2019s internal CCRs to manage the credit quality of financial assets. To enable wider comparisons, the Group\u2019s CCRs are mapped to
external rating agency scales as follows:
Credit Quality
Description Internal CCR ANZ Customer Requirements
Moody\u2019s
Ratings
S&P Global
Ratings
Strong CCR 0+ to 4- Demonstrated superior stability in their operating and financial
performance over the long-term, and whose earnings capacity
is not significantly vulnerable to foreseeable events.
Aaa - Baa3 AAA - BBB-
Satisfactory CCR 5+ to 6- Demonstrated sound operational and financial stability over the
medium to long-term, even though some may be susceptible to
cyclical trends or variability in earnings.
Ba1 - B1 BB
+
- B+
Weak CCR 7+ to 8= Demonstrated some operational and financial instability, with
variability and uncertainty in profitability and liquidity projected to
continue over the short and possibly medium term.
B2 - Caa B
- CCC
Defaulted CCR 8- to 10 When doubt arises as to the collectability of a credit facility, the
financial instrument (or \u2018the facility\u2019) is classified as defaulted.
N/A N/A
\"\"
Maximum exposure to credit risk
For financial assets recognised on the Balance Sheet, the maximum exposure to credit risk is the carrying amount. In certain circumstances there may be
differences between the carrying amounts reported on the Balance Sheet and the amounts reported in the tables below. Principally, these differences
arise in respect of financial assets that are subject to risks other than credit risk, such as equity instruments which are primarily subject to market risk, or
bank notes and coins.
For undrawn facilities, this maximum exposure to credit risk is the full amount of the committed facilities. For contingent exposures, the maximum exposure
to credit risk is the maximum amount the Group would have to pay if the instrument is called upon.
The table below shows our maximum exposure to credit risk of on-balance sheet and off-balance sheet positions before taking account of any collateral
held or other credit enhancements.
Reported Excluded
1
Maximum exposure
to credit risk
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
On-balance sheet positions
Net loans and advances 804,032 707,694 - - 804,032 707,694
Other financial assets:
Cash and cash equivalents 150,965 168,154 1,196 1,070 149,769 167,084
Settlement balances owed to ANZ
5,484 9,349 5,484 9,349 - -
Collateral paid
10,090 8,558 - - 10,090 8,558
Trading assets
45,755 37,004 6,399 4,881 39,356 32,123
Derivative financial instruments
54,370 60,406 - - 54,370 60,406
Investment securities
- debt securities at amortised cost 7,091 7,752 - - 7,091 7,752
- debt securities at FVOCI
131,944 88,271 - - 131,944 88,271
- equity securities at FVOCI
1,065 946 1,065 946 - -
- debt securities at FVTPL
162 - - - 162 -
Regulatory deposits
665 646 - - 665 646
Other financial assets
2
4,547 4,417 - - 4,547 4,417
Total other financial assets
412,138 385,503 14,144 16,246 397,994 369,257
Subtotal 1,216,170 1,093,197 14,144 16,246 1,202,026 1,076,951
Off-balance sheet positions
Undrawn and contingent facilities
3
298,152 290,055 - - 298,152 290,055
Total
1,514,322 1,383,252 14,144 16,246 1,500,178 1,367,006
1.
Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures and carbon credits within Trading assets; and
equity securities within Investment securities were excluded as they do not have credit risk exposure.
2.
Other financial assets mainly comprise accrued interest and acceptances.
3.
Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for ECL.
\"\"
Reported Excluded
1
Maximum exposure
to credit risk
2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m
On-balance sheet positions
Net loans and advances 588,998 563,017 - - 588,998 563,017
Other financial assets:
Cash and cash equivalents 137,288 154,408 843 667 136,445 153,741
Settlement balances owed to ANZ
5,019 8,935 5,019 8,935 - -
Collateral paid
8,797 7,717 - - 8,797 7,717
Trading assets
38,427 30,693 6,243 4,472 32,184 26,221
Derivative financial instruments
57,627 59,989 - - 57,627 59,989
Investment securities
- debt securities at amortised cost 5,356 5,936 - - 5,356 5,936
- debt securities at FVOCI
107,388 76,320 - - 107,388 76,320
- equity securities at FVOCI
1,060 945 1,060 945 - -
- debt securities at FVTPL
162 - - - 162 -
Regulatory deposits
222 284 - - 222 284
Due from controlled entities
24,315 26,067 - - 24,315 26,067
Other financial assets
2
3,090 3,024 - - 3,090 3,024
Total other financial assets 388,751 374,318 13,165 15,019 375,586 359,299
Subtotal 977,749 937,335 13,165 15,019 964,584 922,316
Off-balance sheet positions
Undrawn and contingent facilities
3
249,548 252,415 - - 249,548 252,415
Total
1,227,297 1,189,750 13,165 15,019 1,214,132 1,174,731
1.
Coins, notes and cash at bank within Cash and cash equivalents; trade dated assets within Settlement balances owed to ANZ; precious metal exposures, and carbon credits within Trading assets; and
equity securities within Investment securities were excluded as they do not have credit risk exposure.
2.
Other financial assets mainly comprise accrued interest and acceptances.
3.
Undrawn and contingent facilities include guarantees, letters of credit and performance related contingencies, net of collectively assessed and individually assessed allowance for expected credit losses.
\"\"
Credit quality
An analysis of the Group\u2019s credit risk exposure is presented in the following tables based on the Group\u2019s internal credit quality rating by stage without
taking account of the effects of any collateral or other credit enhancements:
Net loans and advances
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated
$m
$m $m $m $m
As at 30 September 2024
Strong 485,243 17,072 - - 502,315
Satisfactory
188,825 46,940 - - 235,765
Weak
15,538 18,222 - - 33,760
Defaulted
- - 5,976 832 6,808
Gross loans and advances at amortised cost
689,606 82,234 5,976 832 778,648
Allowance for ECL (1,276) (1,653) (443) (303) (3,675)
Net loans and advances at amortised cost
688,330 80,581 5,533 529 774,973
Coverage ratio 0.19% 2.01% 7.41% 36.42% 0.47%
Loans and advances at FVTPL 24,786
Loans and advances purchased credit impaired
1
551
Unearned income
(515)
Capitalised brokerage and other origination costs
4,237
Net carrying amount
804,032
As at 30 September 2023
Strong 411,583
17,063 - - 428,646
Satisfactory 193,170 37,977 - - 231,147
Weak 11,306 10,398 - - 21,704
Defaulted - - 3,858 1,037 4,895
Gross loans and advances at amortised cost 616,059 65,438 3,858 1,037 686,392
Allowance for ECL (1,227) (1,624) (329) (366) (3,546)
Net loans and advances at amortised cost 614,832 63,814 3,529 671 682,846
Coverage ratio 0.20% 2.48% 8.53% 35.29% 0.52%
Loans and advances at FVTPL 21,888
Unearned income (515)
Capitalised brokerage and other origination costs 3,475
Net carrying amount 707,694
1.
Represents Stage 3 exposures from Suncorp Bank at the date of acquisition recognised net of allowance for ECL.
\"\"
Net loans and advances
\n
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 366,329 14,061 - - 380,390
Satisfactory
121,820 33,813 - - 155,633
Weak
11,433 11,945 - - 23,378
Defaulted
- - 4,574 485 5,059
Gross loans and advances at amortised cost
499,582 59,819 4,574 485 564,460
Allowance for ECL (1,006) (1,150) (339) (220) (2,715)
Net loans and advances at amortised cost
498,576 58,669 4,235 265 561,745
Coverage ratio 0.20% 1.92% 7.41% 45.36% 0.48%
Loans and advances at FVTPL 24,439
Unearned income (489)
Capitalised brokerage and other origination costs
3,303
Net carrying amount
588,998
As at 30 September 2023
Strong 315,206 11,682 - - 326,888
Satisfactory 160,357 31,769 - - 192,126
Weak 10,906 8,362 - - 19,268
Defaulted - - 2,994 731 3,725
Gross loans and advances at amortised cost 486,469 51,813 2,994 731 542,007
Allowance for ECL (1,026) (1,239) (251) (279) (2,795)
Net loans and advances at amortised cost 485,443 50,574 2,743 452 539,212
Coverage ratio 0.21% 2.39% 8.38% 38.17% 0.52%
Loans and advances at FVTPL 21,240
Unearned income (483)
Capitalised brokerage and other origination costs 3,048
Net carrying amount 563,017
\"\"
Off-balance sheet commitments - undrawn and contingent facilities
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 200,720 1,497 - - 202,217
Satisfactory
26,496 3,249 - - 29,745
Weak
880 931 - - 1,811
Defaulted
- - 101 26 127
Gross undrawn and contingent facilities subject to ECL 228,096 5,677 101 26 233,900
Allowance for ECL included in Other provisions (refer to Note 22) (658) (156) (27) (5) (846)
Net undrawn and contingent facilities subject to ECL
227,438 5,521 74 21 233,054
Coverage ratio 0.29% 2.75% 26.73% 19.23% 0.36%
Undrawn and contingent facilities not subject to ECL
1
65,098
Net undrawn and contingent facilities 298,152
As at 30 September 2023
Strong 189,980 1,234 - - 191,214
Satisfactory 30,007 4,276 - - 34,283
Weak 975 746 - - 1,721
Defaulted - - 79 47 126
Gross undrawn and contingent facilities subject to ECL 220,962 6,256 79 47 227,344
Allowance for ECL included in Other provisions (refer to Note 22) (630) (162) (25) (10) (827)
Net undrawn and contingent facilities subject to ECL 220,332 6,094 54 37 226,517
Coverage ratio 0.29% 2.59% 31.65% 21.28% 0.36%
Undrawn and contingent facilities not subject to ECL
1
63,538
Net undrawn and contingent facilities 290,055
1.
Commitments that can be unconditionally cancelled at any time without notice.
\"\"
Off-balance sheet commitments - undrawn and contingent facilities
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 169,168 1,317 - - 170,485
Satisfactory
21,053 2,225 - - 23,278
Weak
668 522 - - 1,190
Defaulted
- - 66 17 83
Gross undrawn and contingent facilities subject to ECL
190,889 4,064 66 17 195,036
Allowance for ECL included in Other provisions (refer to Note 22) (573) (96) (22) (2) (693)
Net undrawn and contingent facilities subject to ECL
190,316 3,968 44 15 194,343
Coverage ratio 0.30% 2.36% 33.33% 11.76% 0.36%
Undrawn and contingent facilities not subject to ECL
1
55,205
Net undrawn and contingent facilities 249,548
As at 30 September 2023
Strong 167,251 1,065 - - 168,316
Satisfactory 25,966 3,554 - - 29,520
Weak 753 466 - - 1,219
Defaulted - - 64 35 99
Gross undrawn and contingent facilities subject to ECL 193,970 5,085 64 35 199,154
Allowance for ECL included in Other provisions (refer to Note 22) (550) (121) (21) (5) (697)
Net undrawn and contingent facilities subject to ECL 193,420 4,964 43 30 198,457
Coverage ratio 0.28% 2.38% 32.81% 14.29% 0.35%
Undrawn and contingent facilities not subject to ECL
1
53,958
Net undrawn and contingent facilities 252,415
1.
Commitments that can be unconditionally cancelled at any time without notice.
\"\"
Investment securities - debt securities at amortised cost
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 5,535 - - - 5,535
Satisfactory
72 - - - 72
Weak
1,518 - - - 1,518
Gross investment securities - debt securities at amortised cost
7,125 - - - 7,125
Allowance for ECL (34) - - - (34)
Net investment securities - debt securities at amortised cost 7,091 - - - 7,091
Coverage ratio 0.48% - - - 0.48%
As at 30 September 2023
Strong 6,117 - - - 6,117
Satisfactory 112 - - - 112
Weak 1,558 - - - 1558
Gross investment securities - debt securities at amortised cost 7,787 - - - 7,787
Allowance for ECL (35) - - - (35)
Net investment securities - debt securities at amortised cost 7,752 - - - 7,752
Coverage ratio 0.45% - - - 0.45%
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Strong 5,273 - - - 5,273
Satisfactory
41 - - - 41
Weak
43 - - - 43
Gross investment securities - debt securities at amortised cost
5,357 - - - 5,357
Allowance for ECL (1) - - - (1)
Net investment securities - debt securities at amortised cost
5,356 - - - 5,356
Coverage ratio 0.02% - - - 0.02%
As at 30 September 2023
Strong 5,796 - - - 5,796
Satisfactory 97 - - - 97
Weak 44 - - - 44
Gross investment securities - debt securities at amortised cost 5,937 - - - 5,937
Allowance for ECL (1) - - - (1)
Net investment securities - debt securities at amortised cost 5,936 - - - 5,936
Coverage ratio 0.02% - - - 0.02%
\"\"
Investment securities - debt securities at FVOCI
Stage 3
Stage 1
Stage 2
Collectively
assessed
Individually
assessed
Total
Consolidated $m $m $m $m $m
As at 30 September 2024
Strong 131,944 - - - 131,944
Satisfactory
- - - - -
Investment securities - debt securities at FVOCI
131,944 - - - 131,944
Allowance for ECL recognised in Other comprehensive income (20) - - - (20)
Coverage ratio
0.02% - - - 0.02%
As at 30 September 2023
Strong 88,271
- - - 88,271
Satisfactory - - - - -
Investment securities - debt securities at FVOCI 88,271 - - - 88,271
Allowance for ECL recognised in Other comprehensive income (15) - - - (15)
Coverage ratio 0.02% - - - 0.02%
Stage 3
Stage 1 Stage 2
Collectively
assessed
Individually
assessed
Total
The Company $m $m $m $m $m
As at 30 September 2024
Strong 107,388 - - - 107,388
Satisfactory
- - - - -
Investment securities - debt securities at FVOCI
107,388 - - - 107,388
Allowance for ECL recognised in Other comprehensive income (14) - - - (14)
Coverage ratio
0.01% - - - 0.01%
As at 30 September 2023
Strong 76,320 - - - 76,320
Satisfactory - - - - -
Investment securities - debt securities at FVOCI 76,320 - - - 76,320
Allowance for ECL recognised in Other comprehensive income (12) - - - (12)
Coverage ratio 0.02% - - - 0.02%
\"\"
Other financial assets
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Strong
250,471 270,012 255,180 274,741
Satisfactory
1
7,954 2,579 7,474 2,022
Weak
534 604 188 280
Defaulted
- - - -
Total carrying amount
258,959 273,195 262,842 277,043
1.
Includes Investment Securities - debt securities at FVTPL of $162 million (2023: nil) for the Group and $162 million (2023: nil) for the Company.
Concentrations of credit risk
Credit risk becomes concentrated when a number of customers are engaged in similar activities, have similar economic characteristics, or have similar
activities within the same geographic region \u2013 therefore, they may be similarly affected by changes in economic or other conditions. The Group monitors
its credit portfolio to manage risk concentration and rebalance the portfolio. The Group also applies single customer counterparty limits to protect against
unacceptably large exposures to one single customer.
Composition of financial instruments that give rise to credit risk by industry group are presented below
:
Loans Other financial
Off-balance sheet
credit related
and advances assets commitments Total
Consolidated
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining
41,558 35,797 888 612 16,187 16,707 58,633 53,116
Business services 6,015 8,138 132 207 8,469 7,003 14,616 15,348
Construction
4,594 5,506 29 36 8,806 7,212 13,429 12,754
Electricity, gas and water supply
8,517 8,626 839 463 12,742 11,837 22,098 20,926
Entertainment, leisure and tourism
13,326 13,486 94 78 3,941 3,889 17,361 17,453
Financial, investment and insurance
80,270 77,454 242,832 278,218 61,229 62,409 384,331 418,081
Government and official institutions
15,861 8,300 122,570 80,544 1,214 1,075 139,645 89,919
Manufacturing
27,470 30,261 708 1,287 46,004 47,302 74,182 78,850
Personal lending
485,404 392,702 1,527 1,394 62,513 59,185 549,444 453,281
Property services
60,613 58,064 1,496 439 20,349 17,503 82,458 76,006
Retail trade
9,300 12,900 85 113 8,150 8,131 17,535 21,144
Transport and storage
10,764 12,110 817 369 9,099 9,215 20,680 21,694
Wholesale trade
13,078 12,538 501 660 25,149 25,783 38,728 38,981
Other
27,215 32,398 25,510 4,872 15,146 13,631 67,871 50,901
Gross total
803,985 708,280 398,028 369,292 298,998 290,882 1,501,011 1,368,454
Allowance for ECL (3,675) (3,546) (34) (35) (846) (827) (4,555) (4,408)
Subtotal 800,310 704,734 397,994 369,257 298,152 290,055 1,496,456 1,364,046
Unearned income (515) (515) - - - - (515) (515)
Capitalised brokerage and other origination costs 4,237 3,475 - - - - 4,237 3,475
Maximum exposure to credit risk
804,032 707,694 397,994 369,257 298,152 290,055 1,500,178 1,367,006
Composition of financial instruments that give rise to credit risk by industry group are presented below:
Loans Otherfinancial
Off-balance sheet
credit related
and advances assets commitments Total
The Company
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Agriculture, forestry, fishing and mining
21,971 20,622 865 586 14,165 15,198 37,001 36,406
Business services 4,738 7,165 119 183 7,684 6,237 12,541 13,585
Construction
2,727 4,545 21 30 7,362 6,038 10,110 10,613
Electricity, gas and water supply
7,921 7,956 474 302 11,273 10,409 19,668 18,667
Entertainment, leisure and tourism
10,803 11,721 84 67 3,391 3,390 14,278 15,178
Financial, investment and insurance
77,887 74,836 250,700 282,701 57,699 58,806 386,286 416,343
Government and official institutions
15,837 8,294 95,487 68,361 455 384 111,779 77,039
Manufacturing
23,448 26,394 576 935 39,430 40,027 63,454 67,356
Personal lending
336,576 303,801 1,478 1,347 41,208 47,961 379,262 353,109
Property services
44,419 44,903 1,349 368 18,059 15,794 63,827 61,065
Retail trade
7,011 11,099 78 85 7,177 7,342 14,266 18,526
Transport and storage
9,629 10,968 624 288 8,242 8,331 18,495 19,587
Wholesale trade
10,835 10,320 414 480 21,926 22,385 33,175 33,185
Other
15,097 20,623 23,318 3,567 12,170 10,810 50,585 35,000
Gross total
588,899 563,247 375,587 359,300 250,241 253,112 1,214,727 1,175,659
Allowance for ECL (2,715) (2,795) (1) (1) (693) (697) (3,409) (3,493)
Subtotal 586,184 560,452 375,586 359,299 249,548 252,415 1,211,318 1,172,166
Unearned income (489) (483) - - - - (489) (483)
Capitalised brokerage and other origination costs 3,303 3,048 - - - - 3,303 3,048
Maximum exposure to credit risk 588,998 563,017 375,586 359,299 249,548 252,415 1,214,132 1,174,731
report
Collateral management
We use collateral for on and off-balance sheet exposures to mitigate credit risk if a counterparty cannot meet its repayment obligations. Where there is
sufficient collateral, an expected credit loss is not recognised. This is largely the case for certain lending products, such as margin loans and reverse
repurchase agreements that are secured by the securities purchased using the lending. For some products, the collateral provided by customers is
fundamental to the product\u2019s structuring, so it is not strictly the secondary source of repayment - for example, lending secured by trade receivables is
typically repaid by the collection of those receivables. During the period there was no change in our collateral policies.
The nature of collateral or security held for the relevant classes of financial assets is as follows:
Net loans and advances
Loans - housing and
personal
Housing loans are secured by mortgage(s) over property and additional security may take the form of
guarantees and deposits.
Personal lending (including credit cards and overdrafts) is predominantly unsecured. If we take security, then it
is restricted to eligible vehicles, motor homes and other assets.
Loans - business Business loans may be secured, partially secured or unsecured. Typically, we take security by way of a
mortgage over property and/or a charge over the business or other assets.
If appropriate, we may take other security to mitigate the credit risk, such as guarantees, standby letters of
credit or derivative protection.
Other financial assets
Trading assets, Investment
securities, Derivatives and
Other financial assets
For trading assets, we do not seek collateral directly from the issuer or counterparty. However, the collateral
may be implicit in the terms of the instrument (for example, with an asset-backed security). The terms of debt
securities may include collateralisation.
For derivatives we will have large individual exposures to single name counterparties such as central clearing
houses, financial institutions, and other institutional clients. Open derivative positions with these counterparties
are aggregated and cash collateral (or other forms of eligible collateral) is exchanged daily through the
respective Credit Support Annex agreements. The collateral is provided by the counterparty when their position
is out of the money (or provided to the counterparty by the Group when our position is out of the money).
Credit risk will remain where the full amount of the derivative exposure is not covered by any collateral.
Off-balance sheet positions
Undrawn and contingent
facilities
Collateral for off-balance sheet positions is mainly held against undrawn facilities, and they are typically
performance bonds or guarantees. Undrawn facilities that are secured include housing loans secured by
mortgages over residential property and business lending secured by commercial real estate and/or charges
over business assets.
The table below shows the estimated value of collateral we hold and the net unsecured portion of credit exposures:
Maximum exposure to credit risk Total value of collateral
1
Unsecured portion of
credit exposure
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
Net loans and advances
804,032 707,694 667,130 569,283 136,902 138,411
Other financial assets 397,994 369,257 51,732 38,612 346,262 330,645
Off-balance sheet positions
298,152 290,055 80,258 65,723 217,894 224,332
Total
1,500,178 1,367,006 799,120 673,618 701,058 693,388
Maximum exposure to credit risk Total value of collateral
1
Unsecured portion of
credit exposure
2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m
Net loans and advances
588,998 563,017 463,804 436,544 125,194 126,473
Other financial assets 375,586 359,299 46,950 35,542 328,636 323,757
Off-balance sheet positions
249,548 252,415 52,804 50,880 196,744 201,535
Total
1,214,132 1,174,731 563,558 522,966 650,574 651,765
1.
In estimating the value of collateral for housing loans, customers are assumed to be meeting their insurance obligations for the properties over which the mortgages are secured.
Market risk
Market risk overview, management and control responsibilities
Market risk stems from the Group\u2019s trading and balance sheet management activities and the impact of changes and correlations between interest rates,
foreign exchange rates, credit spreads, commodities, equities and the volatility within these asset classes.
The BRC delegates responsibility for day-to-day management of both market risks and compliance with market risk policies to the Credit and Market Risk
Committee (CMRC) and the Group Asset and Liability Committee (GALCO).
Within overall strategies and policies established by the BRC, business units and risk management have joint responsibility for the control of market risk at
the Group level. The Market Risk team (a specialist risk management unit independent of the business) allocates market risk limits at various levels and
monitors and reports on them daily. This detailed framework allocates individual limits to manage and control exposures using risk factors and profit and
loss limits.
Management, measurement and reporting of market risk is undertaken in two broad categories
:
Traded Market Risk Non-Traded Market Risk
Risk of loss from changes in the value of financial instruments due to
movements in price factors for both physical and derivative trading
positions. Principal risk categories monitored are:
1.
Currency risk \u2013 potential loss arising from changes in foreign
exchange rates or their implied volatilities.
2.
Interest rate risk \u2013 potential loss from changes in market interest
rates or their implied volatilities.
3.
Credit spread risk \u2013 potential loss arising from a movement in
margin or spread relative to a benchmark.
4.
Commodity risk \u2013 potential loss arising from changes in
commodity prices or their implied volatilities.
5.
Equity risk \u2013 potential loss arising from changes in equity prices.
Risk of loss associated with the management of non-traded interest rate risk,
liquidity risk and foreign exchange exposures. This includes interest rate risk in
the banking book. This risk of loss arises from adverse changes in the overall
and relative level of interest rates for different tenors, differences in the actual
versus expected net interest margin, and the potential valuation risk associated
with embedded options in financial instruments and bank products.
Measurement of market risk
We primarily manage and control market risk using Value at Risk (VaR), sensitivity analysis and stress testing.
VaR measures the Group\u2019s possible daily loss based on historical market movements. The Group\u2019s VaR approach for both traded and non-traded risk is
historical simulation. We use historical changes in market rates, prices and volatilities over a 500 business day window using a one-day holding period.
Back testing is used to ensure our VaR models remain accurate.
The Group measures VaR at a 99% confidence interval which means there is a 99% chance that a loss will not exceed the VaR for the relevant holding
period.
Traded and non-traded market risk
Traded market risk
The table below shows the traded market risk VaR on a diversified basis by risk categories
:
Total
Group
Total Group (excl. Suncorp Bank)
2
2024
2024 2023
Consolidated
As at As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
$m
Traded value at risk 99% confidence
Foreign exchange 3.2
3.2 11.5 2.2 5.0 2.8 6.2 1.6 3.0
Interest rate
6.5
6.4 19.2 4.8 8.7 6.7 18.3 5.1 8.5
Credit
5.7
5.7 8.1 4.2 6.7 5.9 7.7 2.5 4.5
Commodities
3.3
3.3 5.0 1.8 2.9 4.0 6.6 1.8 3.0
Equity
-
- - - - - - - -
Diversification benefit
1
(10.0)
(9.9) n/a n/a (10.2) (9.7) n/a n/a (8.1)
Total VaR
8.7
8.7 22.5 8.0 13.1 9.7 18.2 7.2 10.9
2024 2023
The Company
As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
Traded value at risk 99% confidence
Foreign exchange 3.4 7.7 1.9 4.4 2.6 6.0 1.5 2.8
Interest rate
5.6 18.4 4.7 8.5 6.3 15.5 4.8 8.0
Credit
5.5 7.9 4.2 6.4 5.6 7.1 1.9 4.3
Commodity
2.6 5.0 1.6 2.5 2.1 4.5 1.1 2.7
Equity
- - - - - - - -
Diversification benefit
1
(9.0) n/a n/a (9.2) (8.6) n/a n/a (7.8)
Total VaR
8.1 24.6 6.7 12.6 8.0 16.2 6.7 10.0
1.
The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported
for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.
2.
Excludes the 2 months of immaterial Suncorp Bank VaR impacts post-acquisition.
Non-traded market risk
Balance sheet risk management
The principal objectives of balance sheet risk management are to maintain acceptable levels of interest rate and liquidity risk to mitigate the negative
impact of movements in interest rates on the earnings and market value of the Group\u2019s banking book, while ensuring the Group maintains sufficient
liquidity to meet its obligations as they fall due.
Interest rate risk management
Non-traded interest rate risk relates to the potential adverse impact of changes in market interest rates on the Group\u2019s future Net interest income. This risk
arises from two principal sources, namely mismatches between the repricing dates of interest bearing assets and liabilities; and the investment of capital
and other non-interest bearing liabilities and assets. Interest rate risk is reported using VaR and scenario analysis (based on the impact of a 1% rate
shock). The table below shows VaR figures for non-traded interest rate risk for the combined Group as well as Australia, New Zealand and Rest of World
geographies which are calculated separately.
Total
Group
Total Group (excl. Suncorp Bank)
2
2024
2024 2023
Consolidated
As at As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m
$m $m $m $m $m $m $m $m
Non-traded value at risk 99% confidence
Australia 96.8
97.7 97.7 70.8 78.9 81.2 93.2 72.0 82.2
New Zealand
27.4
27.4 28.2 24.3 25.9 35.3 35.3 26.1 31.1
Rest of World
32.9
32.9 39.5 29.0 34.8 32.2 32.8 23.2 27.9
Diversification benefit
1
(62.2)
(63.0) n/a n/a (46.9) (52.6) n/a n/a (45.6)
Total VaR 94.9 95.0 99.5 81.3 92.7 96.1 101.5 86.4 95.6
2024 2023
The Company
As at
High for
year
Low for
year
Average
for year As at
High for
year
Low for
year
Average
for year
$m $m $m $m $m $m $m $m
Non-traded value at risk 99% confidence
Australia 97.7 97.7 70.8 78.9 81.2 93.2 72.0 82.2
New Zealand
0.0 0.1 0.0 0.0 0.0 0.1 0.0 0.0
Rest of World
33.5 39.7 31.1 36.6 34.0 34.5 23.7 28.4
Diversification benefit
1
(37.8) n/a n/a (31.8) (30.5) n/a n/a (26.6)
Total VaR
93.4 93.4 74.2 83.7 84.7 92.4 76.4 84.0
1.
The diversification benefit reflects risks that offset across categories. The high and low VaR figures reported for each factor did not necessarily occur on the same day as the high and low VaR reported
for the Group as a whole. Consequently, a diversification benefit for high and low would not be meaningful and is therefore omitted from the table.
2.
Excludes the 2 months of immaterial Suncorp Bank VaR impacts post-acquisition.
We undertake scenario analysis to stress test the impact of extreme events on the Group\u2019s market risk exposures (excluding Suncorp Bank). We model a
1% overnight parallel positive shift in the yield curve to determine the potential impact on our Net interest income over the next 12 months. This is a
standard risk measure which assumes the parallel shift is reflected in all wholesale and customer rates.
The table below shows the outcome of this risk measure for the current and previous financial years, expressed as a percentage of reported Net interest
income.
Consolidated The Company
2024 2023 2024 2023
Impact of 1% rate shock on the next 12 months' net interest income
As at period end 0.68% 0.96% 0.38% 0.73%
Maximum exposure
1.20% 1.17% 1.06% 0.90%
Minimum exposure
0.27% 0.38% 0.09% 0.02%
Average exposure (in absolute terms)
0.78% 0.80% 0.61% 0.56%
Equity securities designated at FVOCI
Our investment securities contain equity investment holdings which predominantly comprise Bank of Tianjin and other unlisted equities. The market risk
impact on these equity investments is not captured by the Group\u2019s VaR processes for traded and non-traded market risks. Therefore, the Group regularly
reviews the valuations of the investments within the portfolio and assesses whether the investments are appropriately measured based on the recognition
and measurement policies set out in Note 11 Investment securities.
Foreign currency risk \u2013 structural exposures
Our investment of capital in foreign operations - for example, branches, subsidiaries or associates with functional currencies other than the Australian
Dollar - exposes the Group to the risk of changes in foreign exchange rates. Variations in the value of these foreign operations arising as a result of
exchange differences are reflected in the foreign currency translation reserve in equity. Where considered appropriate, the Group enters into hedges of
the foreign exchange exposures from its foreign operations.
Similarly, the Group may enter into economic hedges against larger foreign exchange denominated revenue streams (primarily New Zealand Dollar, US
Dollar and US Dollar correlated). The primary objective of hedging is to ensure that, if practical, the effect of changes in foreign exchange rates on the
consolidated capital ratios are minimised.
Liquidity and funding risk
Liquidity risk overview, management and control responsibilities
Liquidity risk is the risk that the Group is either:
\u2022 unable to meet its payment obligations (including repaying depositors or maturing wholesale debt) when they fall due; or
\u2022 does not have the appropriate amount, tenor and composition of funding and liquidity to fund increases in its assets.
Management of liquidity and funding risks are overseen by GALCO. The Group\u2019s liquidity and funding risks are governed by a set of Board-approved
principles and include:
\u2022 maintaining the ability to meet all payment obligations in the immediate term;
\u2022 ensuring that the Group maintains Board-approved \u2018survival horizons\u2019 under a range of idiosyncratic, and general market, liquidity stress scenarios, at a
country and Group-wide level, to meet cash flow obligations over the short to medium term;
\u2022 maintaining strength in the Group\u2019s balance sheet structure to ensure long term resilience in the liquidity and funding risk profile;
\u2022 ensuring the liquidity management framework is compatible with local regulatory requirements;
\u2022 preparing daily liquidity reports and scenario analysis to quantify the Group\u2019s positions;
\u2022 targeting a diversified funding base to avoid undue concentrations by investor type, maturity, market source and currency;
\u2022 holding a portfolio of high quality liquid assets to protect against adverse funding conditions and to support day-to-day operations; and
\u2022 establishing detailed contingency plans to cover different liquidity crisis events.
The Group operates under a non-operating holding company structure whereby:
\u2022 ANZBGL\u2019s liquidity risk management framework remains unchanged and continues to operate its own liquidity and funding program, governance
frameworks and reporting regime reflecting its authorised deposit-taking institution (ADI) operations;
\u2022 ANZGHL (parent entity) has no material liquidity risk given the structure and nature of the balance sheet; and
\u2022 ANZ Non-Bank Group is not expected to have separate funding arrangements and will rely on ANZGHL for funding.
A separate liquidity policy has been established for ANZGHL and ANZBGL Group to reflect the differing nature of liquidity risk inherent in each business
model. ANZGHL will ensure that the parent entity and ANZ Non-Bank Group holds sufficient cash reserves to meet operating and financing requirements.
Key areas of measurement for liquidity risk
Scenario modelling of funding sources
Group\u2019s liquidity risk appetite is defined by a range of regulatory and internal liquidity metrics mandated by the ANZBGL Board. The metrics cover a range
of scenarios of varying duration and level of severity.
The objective of this framework is to:
\u2022 Provide protection against shorter term extreme market dislocation and stress.
\u2022 Maintain structural strength in the balance sheet by ensuring that an appropriate amount of longer-term assets are funded with longer-term funding.
\u2022 Ensure that no undue timing concentrations exist in the Group\u2019s funding profile.
Key components of this framework include the Liquidity Coverage Ratio (LCR), which is a severe short term liquidity stress scenario, the Net Stable Funding
Ratio (NSFR), a longer-term structural liquidity measure (both of which are mandated by banking regulators including APRA), and internally-developed
liquidity scenarios for stress-testing purposes.
Liquid assets
Group holds a portfolio of high quality (unencumbered) liquid assets to protect Group\u2019s liquidity position in a severely stressed environment and to meet
regulatory requirements. High quality liquid assets comprise three categories consistent with Basel III LCR requirements:
\u2022 Highest-quality liquid assets - cash and highest credit quality government, central bank or public sector securities eligible for repurchase with central
banks to provide same-day liquidity.
\u2022 High-quality liquid assets - 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.
\u2022 Alternative liquid assets (ALA) - eligible securities that the RBNZ will accept in its domestic market operations and asset qualifying as collateral for the
CLF.
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.
Liquidity risk outcomes
1
Liquidity Coverage Ratio - ANZBGL\u2019s Liquidity Coverage Ratio (LCR) averaged 133% for 2024, (2023: 130%) and above the regulatory minimum of
100%.
Net Stable Funding Ratio - ANZBGL\u2019s Net Stable Funding Ratio (NSFR) as at 30 September 2024 was 116% (2023: 116%), above the regulatory
minimum of 100%.
\ue014\ue011
This information is not within the scope of the external audit of the Group Financial Report by the Group\u2019s external auditor, KPMG. The Liquidity Coverage Ratio and Net Stable Funding Ratio are non-IFRS
disclosures and are disclosed as part of the Group's APS 330 Public Disclosure and disclosed in APRA Reporting Form ARF 210 Liquidity which will be subject to specific procedures in accordance with
Prudential Standard APS 310 Audit and Related Matters.
Liquidity crisis contingency planning
Group maintains APRA-endorsed liquidity crisis contingency plans for analysing and responding to a liquidity threatening event at a country and Group-
wide level. Key liquidity contingency crisis planning requirements and guidelines include:
Ongoing business management Early signs/ mild stress Severe stress
\u2022 establish crisis/severity levels
\u2022 liquidity limits
\u2022 early warning indicators
\u2022 monitoring and review
\u2022 management actions not requiring
business rationalisation
\u2022 activate contingency funding plans
\u2022 management actions for altering asset and liability
behaviour
Assigned responsibility for internal and external communications and the appropriate timing to communicate
Since the precise nature of any stress event cannot be known in advance, we design the plans to be flexible to the nature and severity of the stress event
with multiple variables able to be accommodated in any plan
.
Group funding
The Group monitors the composition and stability of its funding so that it remains within the Group\u2019s funding risk appetite. This approach ensures that an
appropriate proportion of the Group\u2019s assets are funded by stable funding sources, including customer deposits; longer-dated wholesale funding (with a
remaining term exceeding one year); and equity.
Funding plans prepared Considerations in preparing funding plans
\u2022 3 year strategic plan prepared annually
\u2022 annual funding plan as part of the Group\u2019s planning
process
\u2022 forecasting in light of actual results as a calibration to the
annual plan
\u2022 customer balance sheet growth
\u2022 changes in wholesale funding including: targeted funding volumes; markets;
investors; tenors; and currencies for senior, secured, subordinated, hybrid
transactions and market conditions
\u2022
liquidity stress testing
RBA term funding facility
As an additional source of funding, in March 2020, the RBA announced a Term Funding Facility (TFF) for the banking system to support lending to
Australian businesses. The TFF is a three-year secured funding facility to ADIs at a fixed rate of 0.25% for drawdowns up to 4 November 2020, and
reduced to 0.10% for new drawdowns from 4 November 2020 onwards. The TFF was closed to drawdowns on 30 June 2021.
As at 30 September 2024, there was nil drawn under the RBA\u2019s TFF, as it was fully repaid in the 2024 financial year (2023: $8.1 billion).
RBNZ funding for lending programme and term lending facility
Between May 2020 and July 2021, the RBNZ made funds available under a Term Lending Facility (TLF) to promote lending to businesses. The TLF is a
five-year secured funding facility for New Zealand banks at a fixed rate of 0.25%.
In November 2020 the RBNZ announced a Funding for Lending Programme (FLP) which aimed to lower the cost of borrowing for New Zealand
businesses and households. The FLP is a three-year secured funding facility for New Zealand banks at a floating rate of the New Zealand Official Cash
Rate (OCR). New Zealand banks were able to obtain initial funding of up to 4% of their lending to New Zealand resident households, non-financial
businesses and non-profit institutions serving households as at 31 October 2020 (eligible loans). The initial allocation closed on 6 June 2022. An additional
allocation of up to 2% of eligible loans was available, subject to certain conditions until 6 December 2022.
As at 30 September 2024, ANZ Bank New Zealand had drawn $0.2 billion under the TLF (2023: $0.3 billion) and $2.3 billion under the FLP
(2023: $3.2 billion).
Residual contractual maturity analysis of the group\u2019s liabilities
The tables below provide residual contractual maturity analysis of financial liabilities as at 30 September within relevant maturity groupings. All outstanding
debt issuance and subordinated debt is profiled on the earliest date on which the Group may be required to pay. All at-call liabilities are reported in the
\u2018Less than 3 months\u2019 category unless there is a longer minimum notice period. The amounts represent principal and interest cash flows and therefore may
differ from equivalent amounts reported on Balance Sheet.
It should be noted that this is not how the Group manages its liquidity risk. The management of this risk is detailed on page 155.
Less than
3 months
3 to 12
months
1 to 5
years
After
5 years
Total
Consolidated
$m
$m $m $m $m
As at 30 September 2024
Settlement balances owed by ANZ 16,188 - - - 16,188
Collateral received
6,583 - - - 6,583
Deposits and other borrowings
744,041 158,247 11,040 199 913,527
Liability for acceptances
425 - - - 425
Debt issuances
1
8,327 36,858 112,728 20,384 178,297
Derivative liabilities (excluding those held for balance sheet management)
2
47,622 - - - 47,622
Lease liabilities
105 313 917 947 2,282
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (66,248) (60,183) (83,371) (14,359) (224,161)
Pay leg
66,981 60,260 84,472 14,661 226,374
- Other balance sheet management:
Receive leg (189,769) (42,388) (36,763) (21,831) (290,751)
Pay leg
185,946 40,718 33,393 19,266 279,323
As at 30 September 2023
Settlement balances owed by ANZ 19,267 - - - 19,267
Collateral received 10,382 - - - 10,382
Deposits and other borrowings 674,762 137,488 9,762 241 822,253
Liability for acceptances 646 - - - 646
Debt issuances
1
4,738 23,908 88,270 16,017 132,933
Derivative liabilities (excluding those held for balance sheet management)
2
48,150 - - - 48,150
Lease liabilities 100 264 872 743 1,979
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (29,459)
(40,907) (90,906) (14,001) (175,273)
Pay leg 28,852 41,385 90,230 13,986 174,453
- Other balance sheet management:
Receive leg (142,289) (44,586) (35,720) (19,866) (242,461)
Pay leg 138,899 42,867 34,198 19,872 235,836
1.
Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Group and
subordinated debt issued by ANZ New Zealand which constitutes Tier 2 capital under RBNZ requirements but does not qualify as the APRA Tier 2 requirements.
2.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the \u2018Less than 3 months\u2019 category.
3.
Includes derivatives designated into hedging relationships of $456 million (2023: $272 million) and $7,176 million (2023: $9,060 million) categorised as held for trading but form part of the Group\u2019s
balance sheet managed activities.
At 30 September 2024, $249,988 million (2023: $240,711 million) of the Group\u2019s undrawn facilities and $49,010 million (2023: $50,171 million) of its
issued guarantees mature in less than 1 year, based on the earliest date on which the Group may be required to pay.
Less than
3 months
3 to 12
months
1 to 5
years
After
5 years
Total
The Company
$m
$m $m $m $m
As at 30 September 2024
Settlement balances owed by ANZ 11,317 - - - 11,317
Collateral received
6,061 - - - 6,061
Deposits and other borrowings
589,605 114,499 4,813 197 709,114
Liability for acceptances
329 - - - 329
Debt issuances
1
6,780 30,135 86,529 17,705 141,149
Derivative liabilities (excluding those held for balance sheet management)
2
52,979 - - - 52,979
Lease liabilities
84 249 685 768 1,786
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (63,238) (52,317) (65,194) (12,371) (193,120)
Pay leg
63,728 52,291 66,280 12,677 194,976
- Other balance sheet management:
Receive leg (185,273) (36,714) (29,311) (20,391) (271,689)
Pay leg
181,397 35,094 26,075 17,776 260,342
As at 30 September 2023
Settlement balances owed by ANZ 16,574 - - - 16,574
Collateral received 9,452 - - - 9,452
Deposits and other borrowings 567,239 109,010 3,718 232 680,199
Liability for acceptances 391 - - - 391
Debt issuances
1
4,321 20,669 75,192 13,297 113,479
Derivative liabilities (excluding those held for balance sheet management)
2
53,111 - - - 53,111
Lease liabilities 80 207 715 725 1,727
Derivative assets and liabilities (balance sheet management)
3
- Funding:
Receive leg (26,321)
(31,549) (70,627) (10,871) (139,368)
Pay leg 25,602 31,952 69,816 10,860 138,230
- Other balance sheet management:
Receive leg (136,668) (38,700) (27,047) (18,876) (221,291)
Pay leg 133,496 37,540 26,247 18,914 216,197
1.
Callable wholesale debt instruments have been included at their next call date. Balance includes subordinated debt instruments that may be settled in cash or in equity, at the option of the Company.
2.
The full mark-to-market after any adjustments for Settle to Market of derivative liabilities (excluding those held for balance sheet management) is included in the \u2018Less than 3 months\u2019 category.
3.
Includes derivatives designated into hedging relationships of $210 million (2023: $255 million) and $4,278 million (2023: $4,145 million) categorised as held for trading but form part of the Company\u2019s
balance sheet managed activities.
At 30 September 2024, $216,838 million (2023: $206,405 million) of the Company\u2019s undrawn facilities and $45,770 million (2023: $46,707 million) of its
issued guarantees mature in less than 1 year, based on the earliest date on which the Company may be required to pay.
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18. Fair value of financial assets and financial liabilities
Classification of financial assets and financial liabilities
The Group recognises and measures financial instruments at either fair value or amortised cost, with a significant number of financial instruments on the
Balance Sheet at fair value.
Fair value is the best estimate of the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market
participants at the measurement date.
The following tables set out the classification of financial assets and liabilities according to their measurement bases together with their carrying amounts
as recognised on the Balance Sheet.
2024 2023
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value
Total
Consolidated Note
$m $m $m $m $m $m
Financial assets
Cash and cash equivalents 8 113,710 37,255 150,965 140,588 27,566 168,154
Settlement balances owed to ANZ
5,484 - 5,484 9,349 - 9,349
Collateral paid
10,090 - 10,090 8,558 - 8,558
Trading assets 9
- 45,755 45,755 - 37,004 37,004
Derivative financial instruments 10
- 54,370 54,370 - 60,406 60,406
Investment securities 11
7,091 133,171 140,262 7,752 89,217 96,969
Net loans and advances 12
779,246 24,786 804,032 685,806 21,888 707,694
Regulatory deposits
665 - 665 646 - 646
Other financial assets
4,547 - 4,547 4,417 - 4,417
Total
920,833 295,337 1,216,170 857,116 236,081 1,093,197
Financial liabilities
Settlement balances owed by ANZ 16,188 - 16,188 19,267 - 19,267
Collateral received
6,583 - 6,583 10,382 - 10,382
Deposits and other borrowings 14
862,165 43,001 905,166 781,314 33,889 815,203
Derivative financial instruments 10
- 55,254 55,254 - 57,482 57,482
Payables and other liabilities 15
12,571 6,023 18,594 10,717 5,267 15,984
Debt issuances 16
154,572 1,816 156,388 114,678 1,336 116,014
Total
1,052,079 106,094 1,158,173 936,358 97,974 1,034,332
\u037e
2024 2023
At amortised
cost
At fair
value Total
At amortised
cost
At fair
value
Total
The Company Note $m $m $m $m $m $m
Financial assets
Cash and cash equivalents 8 100,892 36,396 137,288 127,309 27,099 154,408
Settlement balances owed to ANZ
5,019 - 5,019 8,935 - 8,935
Collateral paid
8,797 - 8,797 7,717 - 7,717
Trading assets 9
- 38,427 38,427 - 30,693 30,693
Derivative financial instruments 10
- 57,627 57,627 - 59,989 59,989
Investment securities 11
5,356 108,610 113,966 5,936 77,265 83,201
Net loans and advances 12
564,559 24,439 588,998 541,777 21,240 563,017
Regulatory deposits
222 - 222 284 - 284
Due from controlled entities
21,864 2,451 24,315 24,173 1,894 26,067
Other financial assets
3,090 - 3,090 3,024 - 3,024
Total
709,799 267,950 977,749 719,155 218,180 937,335
Financial liabilities
Settlement balances owed by ANZ 11,317 - 11,317 16,574 - 16,574
Collateral received
6,061 - 6,061 9,452 - 9,452
Deposits and other borrowings 14
662,910 40,960 703,870 643,868 31,207 675,075
Derivative financial instruments 10
- 57,467 57,467 - 57,511 57,511
Due to controlled entities
25,560 100 25,660 26,737 157 26,894
Payables and other liabilities 15
8,797 5,677 14,474 8,357 4,922 13,279
Debt issuances 16
120,155 2,795 122,950 95,881 2,332 98,213
Total
834,800 106,999 941,799 800,869 96,129 896,998
Financial assets and financial liabilities measured at fair value
The fair valuation of financial assets and financial liabilities is generally determined at the individual instrument level.
If the Group holds offsetting risk positions, then the portfolio exception in AASB 13 Fair Value Measurement (AASB 13) is used to measure the fair value of
such groups of financial assets and financial liabilities. The Group measures the portfolio based on the price that would be received to sell a net long
position (an asset) for a particular risk exposure, or to transfer a net short position (a liability) for a particular risk exposure.
Fair value designation
The Group designates certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss:
\u2022
where they contain separable embedded derivatives and are managed on a fair value basis, the total fair value movements are recognised in profit or
loss in the same period as the movement on any associated hedging instruments; or
\u2022
in order to eliminate an accounting mismatch which would arise if the assets or liabilities were otherwise carried at amortised cost. This mismatch
arises due to measuring the derivative financial instruments (used to mitigate interest rate risk of these assets or liabilities) at fair value through profit or
loss.
The Group\u2019s approach ensures that it recognises the fair value movements on the assets or liabilities in profit or loss in the same period as the movement
on the associated derivatives.
The Group may also designate certain loans and advances, deposits and other borrowings and debt issuances as fair value through profit or loss where
they are managed on a fair value basis to align the measurement with how the financial instruments are managed.
Fair value approach and valuation techniques
The Group uses valuation techniques to estimate the fair value of assets and liabilities for recognition, measurement and disclosure purposes where no
quoted price in an active market for that asset or liability exists. This includes the following:
Asset or liability Fair value approach
Financial instruments classified as:
- Derivative financial assets and
financial liabilities (including trading
and non-trading)
- Repurchase agreements < 90 days
- Net loans and advances
- Deposits and other borrowings
- Debt issuances
Discounted cash flow techniques are used whereby contractual future cash flows of the instrument are
discounted using wholesale market interest rates, or market borrowing rates for debt or loans with
similar maturities or yield curves appropriate for the remaining term to maturity.
Other financial instruments held for
trading:
- Securities sold short
- Debt and equity securities
Valuation techniques are used that incorporate observable market inputs for financial instruments with
similar credit risk, maturity and yield characteristics.
Equity securities where an active market does not exist are measured using comparable company
valuation multiples (such as price-to-book ratios).
Financial instruments classified as:
- Investment securities \u2013 debt or equity
Valuation techniques use comparable multiples (such as price-to-book ratios) or discounted cashflow
(DCF) techniques incorporating, to the extent possible, observable inputs from instruments with similar
characteristics.
There were no significant changes to valuation approaches during the current or prior periods.
Fair value hierarchy
The Group categorises assets and liabilities carried at fair value into a fair value hierarchy in accordance with AASB 13 based on the observability of inputs
used to measure the fair value:
\u2022 Level 1 - valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2 - valuations using inputs other than quoted prices included within Level 1 that are observable for a similar asset or liability, either directly or
indirectly; and
\u2022 Level 3 - valuations where significant unobservable inputs are used to measure the fair value of the asset or liability.
There were no significant changes to levelling approaches during the current or prior periods. The following table presents assets and liabilities carried at
fair value in accordance with the fair value hierarchy:
Fair value measurements
Quoted price in active
markets
(Level 1)
Using observable
inputs
(Level 2)
Using unobservable
inputs
(Level 3) Total
2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m
Assets
Cash and cash equivalents (measured at fair value) - - 37,255 27,566 - - 37,255 27,566
Trading assets
1
31,507 26,388 14,233 10,614 15 2 45,755 37,004
Derivative financial instruments
1
131 935 54,214 59,448 25 23 54,370 60,406
Investment securities
1
111,060 71,355 21,055 16,924 1,056 938 133,171 89,217
Net loans and advances
- - 24,429 21,159 357 729 24,786 21,888
Total
142,698 98,678 151,186 135,711 1,453 1,692 295,337 236,081
Liabilities
Deposits and other borrowings (designated at fair value) - - 43,001 33,889 - - 43,001 33,889
Derivative financial instruments
1
393 218 54,846 57,241 15 23 55,254 57,482
Payables and other liabilities
5,804 4,841 219 426 - - 6,023 5,267
Debt issuances (designated at fair value)
- - 1,816 1,336 - - 1,816 1,336
Total
6,197 5,059 99,882 92,892 15 23 106,094 97,974
1.
During 2024, $1,119 million of assets were transferred from Level 1 to Level 2 (2023: $3,624 million transferred from Level 1 to Level 2) and $4,913 million of assets were transferred from Level 2 to
Level 1 (2023: $1,452 million transferred from Level 2 to Level 1) for the Group due to a change in the observability of market price and/or valuation inputs. There were no other material transfers
between Level 1, Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred, and do not include assets and
liabilities acquired as part of Suncorp Bank.
Fair value measurements
Quoted price in active
markets
(Level 1)
Using observable
inputs
(Level 2)
Using unobservable
inputs
(Level 3) Total
2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m
Assets
Cash and cash equivalents (measured at fair value) - - 36,396 27,099 - - 36,396 27,099
Trading assets
1
27,048 22,264 11,364 8,427 15 2 38,427 30,693
Derivative financial instruments
1
126 900 57,477 59,066 24 23 57,627 59,989
Investment securities
1
90,608 63,879 16,951 12,449 1,051 937 108,610 77,265
Net loans and advances
- - 24,082 20,511 357 729 24,439 21,240
Due from controlled entities
246 - 2,205 1,894 - - 2,451 1,894
Total
118,028 87,043 148,475 129,446 1,447 1,691 267,950 218,180
Liabilities
Deposits and other borrowings (designated at fair value) - - 40,960 31,207 - - 40,960 31,207
Derivative financial instruments
1
324 210 57,131 57,287 12 14 57,467 57,511
Payables and other liabilities
5,473 4,500 204 422 - - 5,677 4,922
Debt issuances (designated at fair value)
- - 2,795 2,332 - - 2,795 2,332
Due to controlled entities
- - 100 157 - - 100 157
Total
5,797 4,710 101,190 91,405 12 14 106,999 96,129
1.
During 2024, $1,119 million of assets were transferred from Level 1 to Level 2 (2023: $2,139 million transferred from Level 1 to Level 2) and $2,622 million of assets were transferred from Level 2 to
Level 1 (2023: $1,155 million transferred from Level 2 to Level 1) due to a change in the observability of market price and/or valuation inputs. There were no other material transfers between Level 1,
Level 2 and Level 3 during the year. Transfers into and out of levels are measured at the beginning of the reporting period in which the transfer occurred.
Fair value measurement incorporating unobservable market data
Level 3 fair value measurements
Level 3 financial instruments are a net asset of $1,438 million (2023: $1,669 million) for the Group and $1,435 million (2023: $1,676 million) for the
Company. The assets and liabilities which incorporate significant unobservable inputs are:
\u2022
equity and debt securities for which there is no active market or traded prices cannot be observed;
\u2022
loans and advances measured at fair value for which there is no observable market data; and
\u2022
derivatives referencing market rates that cannot be observed primarily due to lack of market activity.
Level 3 transfers
During the year, there were no material transfers into or out of Level 3 for the Group and the Company (2023: $218 million of loans and advances
measured at fair value were transferred from Level 2 to Level 3 for the Group and the Company).
The material Level 3 financial instruments as at 30 September 2024 are listed as below:
i)
Investment securities - equity holdings classified as FVOCI
Bank of Tianjin (BoT)
The Group holds an investment in the Bank of Tianjin. The investment is valued based on comparative price-to-book (P/B) multiples (a P/B multiple is the
ratio of the market value of equity to the book value of equity). The extent of judgement applied in determining the appropriate multiple and comparator
group from which the multiple is derived resulted in the Level 3 classification. As at 30 September 2024, the BoT equity holding balance was $958 million
(2023: $849 million). The increase in the BoT fair valuation was due to an increase in the P/B multiple used in the valuation and foreign currency translation
impacts.
Other equity investments
The Group holds $98 million (2023: $89 million) and the Company holds $93 million (2023: $87 million) of unlisted equities classified as FVOCI, for which
there are no active markets or traded prices available, resulting in a Level 3 classification. The increase in unlisted equity holdings balance was mainly due
to new purchases during the year and foreign currency translation impacts.
ii)
Net loans and advances - classified as FVTPL
Syndicated loans
The Group holds $357 million (2023: $729 million) of syndicated loans for sale which are measured at FVTPL for which there is no observable market
data available. The decrease in the Level 3 loan balances was mainly due to scheduled repayments as well as foreign currency translation impacts.
Sensitivity to Level 3 data inputs
When we make assumptions due to significant inputs to a valuation not being directly observable (Level 3 inputs), then changing these assumptions
changes the Group\u2019s estimate of the instrument\u2019s fair value. Favourable and unfavourable changes are determined by changing the primary unobservable
parameters used to derive the fair valuation.
Investment securities - equity holdings
The valuations of the equity investments are sensitive to variations in selected unobservable inputs, with valuation techniques used including P/B multiples
and discounted cashflow techniques. If for example, a 10% increase or decrease to the primary input into the valuations were to occur (such as the P/B
multiple), it would result in a $106 million increase or decrease in the fair value of the portfolio, which would be recognised in shareholders\u2019 equity in the
Group ($105 million for the Company), with no impact to net profit or loss.
Net loans and advances
Syndicated loan valuations are sensitive to credit spreads in determining their fair valuation. For the syndicated loans which are primarily investment grade
loans, an increase or decrease in credit spreads would have an immaterial impact on net profit or net assets of the Group. For the remaining syndicated
loans, the Group may, where deemed necessary, utilise Credit Risk Insurance to mitigate the credit risks associated with those loans. The effect of this
would also result in an immaterial impact to the net profit or net assets of the Group.
Other
The remaining Level 3 balance is immaterial and changes in inputs have a minimal impact on net profit and net assets of the Group.
Deferred fair value gains and losses
Where fair value is determined using unobservable inputs significant to the fair value of a financial instrument, the Group does not immediately recognise
the difference between the transaction price and the amount determined based on the valuation technique (day one gain or loss) in profit or loss. After
initial recognition, the Group recognises the deferred amount in profit or loss on a straight-line basis over the life of the transaction or until all inputs
become observable. Day one gains and losses which have been deferred are not material.
Financial assets and financial liabilities not measured at fair value
The financial assets and financial liabilities listed below are carried at amortised cost on the Group\u2019s Balance Sheet. While this is the value at which we
expect the assets will be realised and the liabilities settled, the Group provides an estimate of the fair value of the financial assets and financial liabilities at
balance date in the tables below.
Fair values of financial assets and liabilities carried at amortised cost not included in the tables below approximate their carrying values. These financial
assets and liabilities are either short term in nature or are floating rate instruments that are re-priced to market interest rates on or near the end of the
reporting period.
Categorised into fair value hierarchy
Quoted price in
active markets
Using observable
inputs
Using unobservable
inputs
At amortised cost (Level 1) (Level 2) (Level 3) Total fair value
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m $m $m
Financial assets
Investment securities 7,091 7,752 - - 7,078 7,712 - - 7,078 7,712
Net loans and advances
779,246 685,806 - - 17,693 19,619 761,657 664,120 779,350 683,739
Total
786,337 693,558 - - 24,771 27,331 761,657 664,120 786,428 691,451
Financial liabilities
Deposits and other borrowings 862,165 781,314 - - 862,368 781,106 - - 862,368 781,106
Debt issuances
154,572 114,678 32,244 30,786 123,667 83,867 - - 155,911 114,653
Total
1,016,737 895,992 32,244 30,786 986,035 864,973 - - 1,018,279 895,759
Categorised into fair value hierarchy
Quoted price in
active markets
Using observable
inputs
Using unobservable
inputs
At amortised cost (Level 1) (Level 2) (Level 3) Total fair value
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m $m $m
Financial assets
Investment securities 5,356 5,936 - - 5,355 5,896 - - 5,355 5,896
Net loans and advances
564,559 541,777 - - 17,335 19,224 547,021 521,474 564,356 540,698
Total
569,915 547,713 - - 22,690 25,120 547,021 521,474 569,711 546,594
Financial liabilities
Deposits and other borrowings 662,910 643,868 - - 662,965 643,755 - - 662,965 643,755
Debt issuances
120,155 95,881 29,758 28,496 91,466 67,309 - - 121,224 95,805
Total
783,065 739,749 29,758 28,496 754,431 711,064 - - 784,189 739,560
The following table sets out the Group\u2019s basis of estimating the fair values of financial assets and liabilities carried at amortised cost where the carrying
value is not typically a reasonable approximation of fair value
.
Financial asset and liability Fair value approach
Investment securities - debt securities
at amortised cost
Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable for that
instrument.
Net loans and advances to banks Discounted cash flows using prevailing market rates for loans with similar credit quality.
Net loans and advances to customers Present value of future cash flows, discounted using a curve that incorporates changes in wholesale
market rates, the Group\u2019s cost of wholesale funding and the customer margin, as appropriate.
Deposit liability without a specified
maturity or at call
The amount payable on demand at the reporting date. We do not adjust the fair value for any value we
expect the Group to derive from retaining the deposit for a future period.
Interest bearing fixed maturity deposits
and other borrowings and acceptances
with quoted market rates
Market borrowing rates of interest for debt with a similar maturity are used to discount contractual cash
flows to derive the fair value.
Debt issuances Calculated based on quoted market prices or observable inputs as applicable. If quoted market prices are
not available, we use a discounted cash flow model using a yield curve appropriate for the remaining term
to maturity of the debt instrument. The fair value reflects adjustments to credit spreads applicable to the
Group for that instrument.
Key judgements and estimates
A significant portion of financial instruments are carried on the Balance Sheet at fair value. The Group therefore regularly evaluates the key
valuation assumptions used in the determination of the fair valuation of financial instruments incorporated within the financial statements, as
this can involve a high degree of judgement and estimation in determining the carrying values at the balance date.
In determining the fair valuation of financial instruments, the Group has considered the impact of related economic and market conditions on
fair value measurement assumptions and the appropriateness of valuation inputs in these estimates, notably valuation adjustments, as well as
the impact of these matters on the classification of financial instruments in the fair value hierarchy.
Most of the valuation models the Group uses employ only observable market data as inputs. For certain financial instruments, we may use
data that is not readily observable in current markets. If we use unobservable market data, then we need to exercise more judgement to
determine fair value depending on the significance of the unobservable input to the overall valuation. Generally, we derive unobservable inputs
from other relevant market data and compare them to observed transaction prices where available. When establishing the fair value of a
financial instrument using a valuation technique, the Group also considers any required valuation adjustments in determining the fair value. We
may apply adjustments (such as credit valuation adjustments and funding valuation adjustments \u2013 refer to Note 10 Derivative financial
instruments) to reflect the Group\u2019s assessment of factors that market participants would consider in determining fair value of a particular
financial instrument.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_anz_DisclosureOfAssetsChargedAsSecurityForLiabilitiesAndCollateralAcceptedAsSecurityForAssetsExplanatory_D68672820_CY": { "value": "
19. Assets charged as security for liabilities and collateral accepted as security for assets
The following disclosure excludes the amounts presented as collateral paid and received in the Balance Sheet that relate to derivative liabilities and
derivative assets respectively. The terms and conditions of those collateral agreements are included in the standard Credit Support Annex that forms part
of the International Swaps and Derivatives Association Master Agreement under which most of our derivatives are executed.
Assets charged as security for liabilities
Assets charged as security for liabilities include the following types of instruments:
\u2022
securities provided as collateral for repurchase transactions. These transactions are governed by standard industry agreements;
\u2022
specified residential mortgages provided as security for notes and bonds issued to investors as part of the Group\u2019s covered bond programs;
\u2022
collateral provided to central banks; and
\u2022
collateral provided to clearing houses.
The carrying amount of assets pledged as security are as follows:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Securities sold under arrangements to repurchase
1
45,709 47,552 41,384 42,002
Residential mortgages provided as security for covered bonds 34,235 31,188 21,027 21,017
Other
6,339 6,152 6,203 6,077
1.
The amounts disclosed as securities sold under arrangements to repurchase include both:
\u2022
assets pledged as security which continue to be recognised on the Group's Balance Sheet; and
\u2022
assets repledged, which are included in the disclosure below.
Collateral accepted as security for assets
The Group has received collateral associated with various financial transactions. Under certain arrangements the Group has the right to sell, or to repledge,
the collateral received. These arrangements are governed by standard industry agreements.
The fair value of collateral we have received and that which we have sold or repledged is as follows:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Fair value of assets which can be sold or repledged
68,145 52,184 65,329 51,519
Fair value of assets sold or repledged 39,699 33,493 39,058 33,218
", "dimensions": { "concept": "anz:DisclosureOfAssetsChargedAsSecurityForLiabilitiesAndCollateralAcceptedAsSecurityForAssetsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory_D2012867576_CY": { "value": "
20. Offsetting
We offset financial assets and financial liabilities on the Balance Sheet (in accordance with AASB 132 Financial Instruments: Presentation) when there is:
\u2022 a current legally enforceable right to set off the recognised amounts in all circumstances; and
\u2022 an intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously.
The following table identifies financial assets and financial liabilities which have not been offset but are subject to enforceable master netting agreements
(or similar arrangements) and the related amounts not offset in the Balance Sheet. We have not taken into account the effect of over-collateralisation.
Amount subject to master netting agreement or similar
Total amounts
recognised
in the
Balance Sheet
Amounts not
subject to
master netting
agreement or
similar
Total
Financial
instruments
4
Financial
collateral
(received)/
pledged
4
Net amount
Consolidated
$m
$m $m $m $m $m
As at 30 September 2024
Derivative financial assets
1
54,370 (3,534) 50,836 (38,192) (7,702) 4,942
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 6,870 (1,258) 5,612 - (5,606) 6
- at fair value through profit or loss 57,032 (12,183) 44,849 (1,957) (42,830) 62
Total financial assets 118,272 (16,975) 101,297 (40,149) (56,138) 5,010
Derivative financial liabilities
1
(55,254) 2,881 (52,373) 38,192 6,244 (7,937)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (4,675) 2,168 (2,507) - 2,507 -
- at fair value through profit or loss (39,640) 14,185 (25,455) 1,957 23,484 (14)
Total financial liabilities (99,569) 19,234 (80,335) 40,149 32,235 (7,951)
As at 30 September 2023
Derivative financial assets
1
60,406 (3,290) 57,116 (38,070) (13,049) 5,997
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,145
(124) 4,021 - (4,021) -
- at fair value through profit or loss 44,088 (10,505) 33,583 (2,401) (31,182) -
Total financial assets 108,639 (13,919) 94,720 (40,471) (48,252) 5,997
Derivative financial liabilities
1
(57,482) 5,096 (52,386) 38,070 6,547 (7,769)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (12,744)
1,117 (11,627) - 11,627 -
- at fair value through profit or loss (31,710) 13,304 (18,406) 2,401 16,005 -
Total financial liabilities (101,936) 19,517 (82,419) 40,471 34,179 (7,769)
1.
Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the
carrying value of those associated derivative balances.
2.
Reverse repurchase agreements:
\u2022
with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
\u2022
with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
3.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
4.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over-collateralisation is excluded
from the tables.
Amount subject to master netting agreement or similar
Total amounts
recognised
in the
Balance Sheet
Amounts not
subject to
master netting
agreement or
similar
Total
Financial
instruments
4
Financial
collateral
(received)/
pledged
4
Net amount
The Company
$m
$m $m $m $m $m
As at 30 September 2024
Derivative financial assets
1
57,627 (2,527) 55,100 (43,360) (7,258) 4,482
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,911 (600) 4,311 - (4,307) 4
- at fair value through profit or loss 56,173 (11,596) 44,577 (1,685) (42,830) 62
Total financial assets 118,711 (14,723) 103,988 (45,045) (54,395) 4,548
Derivative financial liabilities
1
(57,467) 1,594 (55,873) 43,360 5,577 (6,936)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (2,103) 2,103 - - - -
- at fair value through profit or loss (38,903) 14,099 (24,804) 1,685 23,106 (13)
Total financial liabilities (98,473) 17,796 (80,677) 45,045 28,683 (6,949)
As at 30 September 2023
Derivative financial assets
1
59,989 (1,096) 58,893 (41,574) (11,716) 5,603
Reverse repurchase, securities borrowing and
similar agreements
2
- at amortised cost 4,021
- 4,021 - (4,021) -
- at fair value through profit or loss 43,553 (10,143) 33,410 (2,248) (31,162) -
Total financial assets 107,563 (11,239) 96,324 (43,822) (46,899) 5,603
Derivative financial liabilities
1
(57,511) 2,760 (54,751) 41,574 6,356 (6,821)
Repurchase, securities lending and similar
agreements
3
- at amortised cost (8,955)
865 (8,090) - 8,090 -
- at fair value through profit or loss (31,125) 12,872 (18,253) 2,248 16,005 -
Total financial liabilities (97,591) 16,497 (81,094) 43,822 30,451 (6,821)
1.
Derivative assets and liabilities recognised in the Balance Sheet reflect the impact of certain central clearing collateral arrangements, whereby collateral that qualifies as legal settlement has reduced the
carrying value of those associated derivative balances.
2.
Reverse repurchase agreements:
\u2022 with less than 90 days to maturity are presented in the Balance Sheet within Cash and cash equivalents; or
\u2022 with 90 days or more to maturity are presented in the Balance Sheet within Net loans and advances.
3.
Repurchase agreements are presented on the Balance Sheet within Deposits and other borrowings.
4.
The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure of the relevant financial assets or liabilities, and any over-collateralisation is excluded from
the tables
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfIntangibleAssetsAndGoodwillExplanatory_D1711992169_CY": { "value": "
21. Goodwill and other intangible assets
Goodwill
1
Software Other Intangibles Total
Consolidated
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Balance at start of year
2,978 2,906 913 896 70 75 3,961 3,877
Additions
2
1,402 - 430 332 - - 1,832 332
Amortisation expense
3
- - (319) (316) - (2) (319) (318)
Impairment expense
- - (9) - (7) - (16) -
Written-off on disposal/exit
4
- (78) - - - (7) - (85)
Foreign currency exchange difference
(37) 150 - 1 - 4 (37) 155
Balance at end of year
4,343 2,978 1,015 913 63 70 5,421 3,961
Cost
5
4,343 2,978 7,975 8,127 69 78 12,387 11,183
Accumulated amortisation n/a n/a (6,960) (7,214) (6) (8) (6,966) (7,222)
Carrying amount
4,343 2,978 1,015 913 63 70 5,421 3,961
Goodwill
1
Software Other Intangibles Total
The Company
2024 2023 2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m $m $m
Balance at start of year
62 62 873 872 - 1 935 935
Additions - - 343 310 - - 343 310
Amortisation expense
- - (274) (310) - (1) (274) (311)
Impairment expense
- - (9) - - - (9) -
Foreign currency exchange difference
- - - 1 - - - 1
Balance at end of year
62 62 933 873 - - 995 935
Cost
5
62 62 7,630 7,800 6 7 7,698 7,869
Accumulated amortisation n/a n/a (6,697) (6,927) (6) (7) (6,703) (6,934)
Carrying amount
62 62 933 873 - - 995 935
1.
Goodwill excludes notional goodwill in equity accounted investments.
2.
2024 includes $1,402 million of provisional goodwill and $103 million of provisional intangibles on acquisition of Suncorp Bank.
3.
2024 includes $36 million of accelerated amortisation expense from Suncorp Bank on alignment to the Group\u2019s software capitalisation policy.
4.
2023 includes goodwill written-off on disposal of Cashrewards to ANZ NBH Pty Ltd.
5.
Includes impact of foreign currency translation differences.
Impairment testing for cash generating units containing goodwill
Goodwill acquired in a business combination is tested for impairment annually and whenever there are indicators of potential impairment. Goodwill is
allocated at the date of acquisition to the cash generating unit (CGU) or group of CGUs that are expected to benefit from the synergies of the related
business combination.
Goodwill is considered to be impaired if the carrying amount of the relevant CGU exceeds its recoverable amount. We estimate the recoverable amount of
each CGU to which goodwill is allocated using a fair value less costs of disposal (FVLCOD) approach, with a value-in-use (VIU) assessment performed
where the FVLCOD is less than the carrying amount.
Goodwill is allocated to the following CGUs based on the lowest level at which goodwill is monitored
.
Cash generating units:
2024
$m
2023
$m
Australia Retail
100 100
Institutional
1,245 1,261
New Zealand
1,596 1,617
Suncorp Bank
1,402 -
We estimate the FVLCOD of each CGU to which goodwill is allocated by applying observable price earnings multiples of comparable companies to the
estimated future maintainable earnings of each CGU. A deduction is then made for estimated costs of disposal. The valuation is considered to be level 3
in the fair value hierarchy due to unobservable inputs used in the valuation.
Management\u2019s approach and the key assumptions used in determining FVLCOD are as follows:
Key assumption Approach to determining the value (or values) for each key assumption
Future maintainable earnings Future maintainable earnings for each CGU is estimated as the sum of:
\u2022
The Group\u2019s 2025 financial plan for each CGU; and
\u2022
An allocation of the central costs recorded outside of the CGUs to which goodwill is allocated.
Where relevant, adjustments are made to the Group\u2019s financial plan to reflect the long-term expectations for
items such as expected credit losses.
Price/Earnings (P/E) multiple P/E multiples applicable to each CGU have been derived from a comparator group of publicly traded
companies, and include a 30% control premium, discussed below.
In the case of the New Zealand and Institutional CGUs, management has made downwards adjustments to
P/E multiples to address specific factors relevant to those CGUs.
A control premium has been applied which recognises the increased consideration a potential acquirer
would be willing to pay in order to gain sufficient ownership to achieve control over the relevant activities of
the CGU. For each CGU, the control premium has been estimated as 30% of the comparator group P/E
multiple based on historical transactions.
Costs of disposal Costs of disposal have been estimated as 2% of the fair value of the CGU based on those observed from
historical and recent transactions.
Our impairment testing did not result in the impairment of goodwill as at 30 September 2024.
The FVLCOD estimates for each CGU are sensitive to assumptions about P/E multiples, future maintainable earnings and control premium (30%).
However, each CGU would continue to show a surplus in recoverable amount over carrying amount even where other reasonably possible alternative
estimates were used.
Recognition and measurement
The table below details how we recognise and measure different intangible assets:
Goodwill Software Other Intangibles
Definition
Excess amount the Group has
paid in acquiring a business
over the fair value of the
identifiable assets and liabilities
acquired.
Purchased software owned by the Group is
capitalised.
Internal and external costs incurred in
building software and computer systems
costing greater than $20 million are
capitalised as assets. Those less than $20
million are expensed in the year in which the
costs are incurred.
Costs incurred in planning or evaluating
software proposals or in maintaining
systems after implementation are
not capitalised.
Management fee rights arising
from acquisition of funds
management business and other
intangible assets arising from
contractual rights.
Carrying value
Cost less any accumulated
impairment losses.
Allocated to the cash
generating unit to which the
acquisition relates.
Initially, measured at cost or if acquired in a
business combination at the acquisition date
fair value.
Subsequently, carried at cost less
accumulated amortisation and impairment
losses.
Initially, measured at fair value at
acquisition.
Subsequently, carried at cost less
accumulated amortisation and
impairment losses.
Useful life
Indefinite.
Goodwill is reviewed for
impairment at least annually or
when there is an indication of
impairment.
Except for major core infrastructure,
amortised over periods between
2-5 years; however major core infrastructure
may be amortised over 7 years subject to
approval by the Audit Committee.
Purchased software is amortised over 2
years unless it is considered integral to other
assets with a longer useful life.
Management fee rights with an
indefinite life are reviewed for
impairment at least annually or
when there is an indication of
impairment. Other intangible
assets are amortised over 3 years.
Depreciation
method
Not applicable. Straight-line method. Not applicable to indefinite life
intangible assets. Straight-line
method for assets with a finite life.
Key judgements and estimates
Management judgement is used to assess the recoverable value of goodwill and other intangible assets, and the useful economic life of an
asset, or whether an asset has an indefinite life. We reassess the recoverability of the carrying value at each reporting date.
Goodwill
A number of key judgements are required in the determination of whether or not a goodwill balance is impaired including:
\u2022 the level at which goodwill is allocated \u2013 consistent with prior periods the CGUs to which goodwill is allocated are the Group\u2019s revenue
generating segments that benefit from relevant historical business combinations generating goodwill.
\u2022 determination of the carrying amount of each CGU which includes an allocation, on a reasonable and consistent basis, of corporate assets
and liabilities that are not directly attributable to the CGUs to which goodwill is allocated.
\u2022 assessment of the recoverable amount of each CGU including:
R selection of the model used to determine the fair value \u2013 the Group has used the market multiple approach to estimate the fair
value; and
R selection of the key assumptions in respect of future maintainable earnings, the P/E multiple applied, including selection of an
appropriate comparator group and determination of an appropriate control premium, and costs of disposal as described above.
Software and other intangible assets
At each reporting date, software and other intangible assets are assessed for indicators of impairment and, where such indicators are
identified, an impairment assessment is performed. In the event that an asset\u2019s carrying amount is determined to be greater than its
recoverable amount, the carrying amount of the asset is written down immediately. Those assets not yet ready for use are tested for
impairment annually.
In addition, the expected useful lives of intangible assets are assessed at each reporting date. The assessment requires management
judgement, and in relation to our software assets, a number of factors can influence the expected useful lives. These factors include changes
to business strategy, significant divestments and the pace of technological change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfProvisionsExplanatory_D1907887261_CY": { "value": "
22. Other provisions
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
ECL allowance on undrawn and contingent facilities
1
846 827 693 697
Customer remediation 394 459 333 425
Restructuring costs
80 98 70 83
Non-lending losses, frauds and forgeries
90 73 77 62
Other
174 257 146 232
Total other provisions
1,584 1,714 1,319 1,499
1.
Refer to note 13 Allowance for expected credit losses for movement analysis.
Customer
remediation
Restructuring
costs
Non-lending
losses, frauds
and forgeries
Other
Consolidated
$m
$m $m $m
Balance at 1 October 2023
459 98 73 257
New and increased provisions made during the year 158 160 22 36
Provisions used during the year
(178) (142) (5) (50)
Unused amounts reversed during the year
(45) (36) - (69)
Balance at 30 September 2024
394 80 90 174
Customer
remediation
Restructuring
costs
Non-lending
losses, frauds
and forgeries
Other
The Company
$m
$m $m $m
Balance at 1 October 2023
425 83 62 232
New and increased provisions made during the year 108 145 29 32
Provisions used during the year
(163) (124) (14) (49)
Unused amounts reversed during the year
(37) (34) - (69)
Balance at 30 September 2024 333 70 77 146
Customer remediation
Customer remediation includes provisions for expected refunds to customers, remediation project costs and related customer and regulatory claims,
penalties and litigation costs and outcomes.
Restructuring costs
Provisions for restructuring costs arise from activities related to changes in the scope of business undertaken by the Group or the manner in which that
business is undertaken and include employee termination benefits. Costs relating to on-going activities are not provided for and are expensed as incurred.
Non-lending losses, frauds and forgeries
Non-lending losses include losses arising from certain legal actions not directly related to amounts of principal outstanding for loans and advances and
losses arising from forgeries, frauds and the correction of operational issues. The amounts recognised are the best estimate of the consideration required
to settle the present obligation at the reporting date, taking into account the risks and uncertainties that surround the events and circumstances that
affect the provision.
Other
Other provisions comprise various other provisions including workers compensation, make-good provisions associated with leased premises, warranties
and indemnities provided in connection with various disposals of businesses and assets, and contingent liabilities recognised as part of a business
combination.
Recognition and measurement
The Group recognises provisions when there is a present obligation arising from a past event, an outflow of economic resources is probable,
and the amount of the provision can be measured reliably.
The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into
account the risks and uncertainties surrounding the timing and amount of the obligation. Where a provision is measured using the estimated
cash flows required to settle the present obligation, its carrying amount is the present value of those cash flows
.
Key judgements and estimates
The Group holds provisions for various obligations including customer remediation, restructuring costs, non-lending losses, frauds and forgeries
and litigation related claims. These provisions involve judgements regarding the timing and outcome of future events, including estimates of
expenditure required to satisfy such obligations. Where relevant, expert legal advice has been obtained and, in light of such advice, provisions
and/or disclosures as deemed appropriate have been made.
In relation to customer remediation, determining the amount of the provisions, which represent management\u2019s best estimate of the cost of
settling the identified matters, requires the exercise of significant judgement. It will often be necessary to form a view on a number of different
assumptions, including the number of impacted customers, the average refund per customer, the associated remediation project costs, and
the implications of regulatory exposures and customer claims having regard to their specific facts and circumstances. There is a heightened
level of estimation uncertainty where the customer remediation provision relates to a legal proceeding or matter. The appropriateness of the
underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence including expert legal advice, and
adjustments are made to the provisions where appropriate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_D794132355_CY": { "value": "
23. Shareholders\u2019 equity
Shareholders' equity
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Ordinary share capital
27,065 29,082 26,988 29,005
Reserves
Foreign currency translation reserve
1
(360) 570 (341) 58
Share option reserve
105 82 105 82
FVOCI reserve
(979) (554) (937) (538)
Cash flow hedge reserve
(422) (1,872) (503) (1,824)
Transactions with non-controlling interests reserve
(22) (22) - -
Total reserves
(1,678) (1,796) (1,676) (2,222)
Retained earnings 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
2
771 522 - -
Total shareholders\u2019 equity
68,760 69,085 64,496 60,978
1.
As a result of the closure of a number of international entities, the associated foreign currency translation reserve was recycled from Other comprehensive income to profit or loss, resulting in a $22 million
gain recognised in Other operating income in 2024 (2023: $43 million gain).
2.
ANZ Bank New Zealand issued $256 million of perpetual preference shares in 2024 that are considered non-controlling interests to the Group.
Ordinary share capital
The table below details the movement in ordinary shares and share capital for the year
.
2024 2023
Consolidated
Number of
shares $m
Number of
shares
$m
Balance at start of the year 3,003,366,782 29,082 2,989,923,751 28,797
Dividend reinvestment plan issuances - - 8,406,978 206
Bonus option plan
- - 1,657,422 -
Employee share and option plans
- (17) 3,378,631 79
Capital return
- (2,000) - -
Balance at end of year
3,003,366,782 27,065 3,003,366,782 29,082
2024 2023
The Company
Number of
shares $m
Number of
shares
$m
Balance at start of the year 3,003,366,782 29,005 2,989,923,751 28,720
Dividend reinvestment plan issuances - - 8,406,978 206
Bonus option plan
- - 1,657,422 -
Employee share and option plans
- (17) 3,378,631 79
Capital return
- (2,000) - -
Balance at end of year
3,003,366,782 26,988 3,003,366,782 29,005
Non-controlling interests
Profit attributable to
non-controlling interests
Equity attributable to
non-controlling interests
Dividend paid to
non-controlling interests
2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m
ANZ Bank New Zealand PPS
1
32 26 758 512 32 26
Other 3 2 13 10 - 1
Total
35 28 771 522 32 27
1.
On 19 March 2024, ANZ Bank New Zealand Limited issued $256 million (NZD275 million) of PPS.
ANZ Bank New Zealand Preference Shares
Perpetual Preference Shares (PPS) externally issued by ANZ Bank New Zealand Limited (ANZ Bank New Zealand), a member of the Group, are considered
non-controlling interests of the Group.
The key terms of the PPS are as follows:
PPS dividends
Holders of PPS are entitled to receive dividends that are discretionary, non-cumulative and subject to conditions. If a PPS dividend is not paid, there are
certain restrictions on the ability of ANZ Bank New Zealand to pay a dividend on its ordinary shares. Holders of the PPS have no other rights participate in
the profits or property of ANZ Bank New Zealand.
Redemption features
Holders of PPS have no right to require that the PPS be redeemed. ANZ Bank New Zealand may, at its option, redeem all of the PPS on an optional
redemption date (being each scheduled quarterly dividend payment date from the first optional redemption date), or at any time following the occurrence
of a tax event or regulatory event, subject to prior written approval of RBNZ and certain other conditions being met.
Recognition and measurement
Ordinary shares
Ordinary shares have no par value. They entitle holders to receive dividends, or proceeds available
on winding up of the Company, in proportion to the number of fully paid ordinary shares held. They
are recognised at the amount paid per ordinary share net of directly attributable costs. Every holder
of fully paid ordinary shares present at a meeting of the Company in person, or by proxy, is entitled
to:
\u2022 on a show of hands, one vote; and
\u2022 on a poll, one vote, for each share held.
Treasury shares
Treasury shares are shares in the Company which:
\u2022 the ANZ Employee Share Acquisition Plan purchases on market and have not yet distributed, or
\u2022 the Company issues to the ANZ Employee Share Acquisition Plan and have not yet been
distributed.
Treasury shares are deducted from share capital and excluded from the weighted average number
of ordinary shares used in the earnings per share calculations.
Reserves:
Foreign currency translation reserve
Includes differences arising on translation of assets and liabilities into Australian dollars when the
functional currency of a foreign operation (including subsidiaries and branches) is not Australian
dollars. In this reserve, we reflect any offsetting gains or losses on hedging these exposures,
together with any tax effect.
Cash flow hedge reserve Includes fair value gains and losses associated with the effective portion of designated cash flow
hedging instruments together with any tax effect.
FVOCI reserve Includes changes in the fair value of certain debt securities and equity securities included within
Investment Securities together with any tax effect.
In respect of debt securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition, except for those relating
to allowance for ECL, interest income and foreign currency exchange gains and losses which are
recognised in profit or loss. As debt securities at FVOCI are recorded at fair value, the balance of
the FVOCI reserve is net of the ECL allowance associated with such assets. When a debt security
measured at FVOCI is derecognised, the cumulative gain or loss recognised in the FVOCI reserve in
respect of that security is reclassified to profit or loss and presented in other operating income.
In respect of the equity securities classified as measured at FVOCI, the FVOCI reserve records
accumulated changes in fair value arising subsequent to initial recognition (including any related
foreign exchange gains or losses). When an equity security measured at FVOCI is derecognised,
the cumulative gain or loss recognised in the FVOCI reserve in respect of that security is not
recycled to profit or loss.
Share option reserve Includes amounts which arise on the recognition of share-based compensation expense.
Transactions with non-controlling
interests reserve
Includes the impact of transactions with non-controlling shareholders in their capacity as
shareholders.
Non-controlling interests
Share in the net assets of controlled entities attributable to equity interests which the Group does
not own directly or indirectly.
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24. Capital management
Capital management framework
The Group\u2019s capital management framework includes managing capital at Level 1 and Level 2.
The Group\u2019s framework includes managing to Board approved risk appetite settings and maintaining all regulatory requirements. APRA requirements at
Level 1 and Level 2 include the Group operating at or above APRAs expectation for Domestic Systematically Important Banks (D-SIBs) following the
implementation of APRA\u2019s Capital Reform.
All requirements were satisfied as at 30 September 2024.
Capital management strategy
The Group\u2019s capital management strategy aims to protect the interests of depositors, creditors and shareholders. We achieve this through an Internal
Capital Adequacy Assessment Process (ICAAP) whereby the Group conducts detailed strategic and capital planning over a 3-year time horizon.
The process involves:
\u2022 forecasting economic variables, financial performance of divisions and the financial impact of new strategic initiatives to be implemented during the
planning period;
\u2022 performing stress tests under different economic scenarios to determine the level of additional capital (stress capital buffer) needed to absorb losses
that may be experienced under an economic downturn;
\u2022 reviewing capital position and targets against the Group\u2019s risk profile; and
\u2022 developing a capital plan, taking into account capital ratio targets, ECM requirements, current and future capital issuances requirements and options
around capital products, timing and markets to execute the capital plan under differing market and economic conditions.
The capital plan is approved by the Board and updated as required. The Board and senior management are provided with regular updates of the Group\u2019s
capital position. Any material actions required to ensure ongoing prudent capital management are submitted to the Board for approval. Throughout the
year, the Group maintained compliance with all the regulatory requirements related to Capital Adequacy in the jurisdictions in which it operates.
Regulatory environment
Australia
As the ANZ Bank Group is an Authorised Deposit-taking Institution (ADI) in Australia, it is primarily regulated by APRA under the Banking Act 1959 (Cth).
ANZ Bank Group must comply with the minimum regulatory capital requirements, prudential capital ratios and specific reporting levels that APRA sets and
which are consistent with the global Basel III capital framework. This is the common framework for determining the appropriate level of bank regulatory
capital as set by the Basel Committee on Banking Supervision. APRA minimum requirements are summarised below:
Regulatory capital definition
Common Equity Tier 1 (CET1) Capital Tier 1 Capital Tier 2 Capital Total Capital
Shareholders\u2019 equity adjusted for
specific items.
CET1 capital plus certain securities
with complying loss absorbing
characteristics known as Additional
Tier 1 capital.
Subordinated debt instruments which
have a minimum term of 5 years at
issue date.
Tier 1 plus Tier 2 capital.
Minimum Prudential Capital Ratios (PCRs)
CET1 Ratio Tier 1 Ratio Total Capital Ratio
CET1 capital divided by total risk
weighted assets must be at least 4.5%.
Tier 1 capital divided by total risk
weighted assets must be at least
6.0%.
Total capital divided by total risk
weighted assets must be at least
8.0%. For D-SIBs, Total Capital Ratio
must be of at least 11% from 1st Jan
2024. Refer below for details.
Reporting Levels
Level 1 Level 2 Level 3
The ADI on a stand-alone basis (that is
ANZBGL and specified subsidiaries
which are consolidated to form the
ADI\u2019s Extended Licensed Entity).
The consolidated Group less
certain subsidiaries and associates
that are excluded under prudential
standards.
A conglomerate ANZGHL Group at the widest level.
As at 30 September 2024, APRA also requires the ADI to hold additional CET1 buffers as follows:
\u2022 a capital conservation buffer (CCB) of 4.75% which is inclusive of the additional 1% surcharge for domestically systemically important banks (D-SIBs).
APRA has determined that ANZ is a D-SIB.
\u2022 a countercyclical capital buffer which is set on a jurisdictional basis. The requirement is currently set at 1% for Australia.
Additionally in December 2021, APRA announced that it requires all D-SIBs including the Group to increase its minimum total capital ratio requirement by
3% of RWA by January 2024, and a further 1.5% of RWA by January 2026 (total increase of 4.5%). APRA expects this to be predominantly met by Tier 2
capital, with an equivalent decrease in other senior funding. The Group is on track to meet these requirements as at reporting date.
In September 2024, APRA also released a discussion paper \u201cA more effective capital framework for a crisis\u201d, which outlines potential amendments to
APRA\u2019s prudential framework to ensure that the capital strength of the Australian banking system operates more effectively in stress. The changes are
proposed to come into effect from January 2027 with the main change being replacing the current requirement for 1.5% of Additional Tier 1 capital (AT1)
with 0.25% of CET1 capital and 1.25% of Tier 2 capital.
Insurance and funds management
As required by APRA\u2019s Prudential Standards, insurance and funds management activities are:
\u2022 de-consolidated for the purposes of calculating capital adequacy; and
\u2022 excluded from the risk-based capital adequacy framework.
We deduct the investment in these controlled entities 100% from CET1 capital, and if we include any profits from these activities in the ANZ Bank Group\u2019s
results, then we exclude them from the determination of CET1 capital to the extent they have not been remitted.
Outside Australia
In addition to APRA, the Group\u2019s branch operations and major banking subsidiary operations are also overseen by local regulators such as the Reserve
Bank of New Zealand, the US Federal Reserve, the UK Prudential Regulation Authority, the Monetary Authority of Singapore, the Hong Kong Monetary
Authority and the China Banking and Insurance Regulatory Commission. They may impose minimum capital levels on operations in their individual
jurisdictions.
ANZ Bank Group
1
The following table provides details of ANZ Bank Group\u2019s capital adequacy ratios at 30 September:
Consolidated
2024 2023
$m $m
Qualifying capital
Tier 1
Shareholders' equity and non-controlling interests
68,760 69,085
Prudential adjustments to shareholders' equity
(721) (396)
Gross Common Equity Tier 1 capital
68,039 68,689
Deductions (13,570) (10,895)
Common Equity Tier 1 capital
54,469 57,794
Additional Tier 1 capital
2
8,207 8,232
Tier 1 capital
62,676 66,026
Tier 2 capital
3
29,189 24,959
Total qualifying capital
91,865 90,985
Capital adequacy ratios (Level 2)
Common Equity Tier 1 12.2% 13.3%
Tier 1
14.0% 15.2%
Tier 2
6.5% 5.8%
Total capital ratio
20.6% 21.0%
Risk weighted assets
446,582 433,327
1.
This information is not within the scope of the external audit of the Group Financial Report by the Group\u2019s external auditor, KPMG. The information presented in this table is a regulatory requirement
disclosed in Part A of ARF 110 Capital Adequacy which will be subject to audit in accordance with Prudential Standard APS 310 Audit and Related Matters.
2.
This includes Additional Tier 1 capital of $8,207 million (2023: $8,232 million) (refer to Note 16 Debt issuances) including a regulatory adjustments and deductions of -$70 million (2023: nil)
3.
This includes Tier 2 capital of $28,584 million (2023: 23,707 million) (refer to Note 16 Debt issuances), a general reserve for impairment of financial assets of $1,711 million (2023: $1,776 million) and
regulatory adjustments and deductions of -$1,107 million (2023: -$524 million)
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25. Controlled entities
The ultimate parent of the Group is ANZ Group Holdings Limited
Incorporated in
Australia
Nature of Business
Banking
The Group holds 100% of the voting interests in all controlled entities, unless noted otherwise.
The material controlled entities of the Group are:
Australia and New Zealand Banking Group Ltd Australia Banking
SBGH Limited Australia Banking
ANZ Bank (Vietnam) Limited
1
Vietnam Banking
ANZ Funds Pty Ltd Australia Holding Company
ANZ Bank (Kiribati) Limited
1
(75% ownership) Kiribati Banking
ANZ Bank (Samoa) Limited
1
Samoa Banking
ANZ Bank (Vanuatu) Limited
2
Vanuatu Banking
ANZ Holdings (New Zealand) Limited
1
New Zealand Holding Company
ANZ Bank New Zealand Limited
1
New Zealand Banking
ANZ Investment Services (New Zealand) Limited
1
New Zealand Funds Management
ANZ New Zealand (Int\u2019l) Limited
1
New Zealand Finance
ANZ New Zealand Investments Holdings Limited
1
New Zealand Holding Company
ANZ New Zealand Investments Limited
1
New Zealand Funds Management
ANZNZ Covered Bond Trust
1,3
New Zealand Finance
ANZ International Private Limited
1
Singapore HoldingCompany
ANZcover Insurance Private Ltd
1
Singapore Captive-Insurance
ANZ Lenders Mortgage Insurance Pty Ltd Australia Mortgage Insurance
ANZ Residential Covered Bond Trust
3
Australia Finance
Australia and New Zealand Bank (China) Company Limited
1
China Banking
Australia and New Zealand Banking Group (PNG) Limited
1
Papua New Guinea Banking
Citizens Bancorp Guam Holding Company
ANZ Guam Inc Guam Banking
Institutional Securitisation Services Limited Australia Securitisation Manager
PT Bank ANZ Indonesia
1
(99% ownership) Indonesia Banking
1.
Audited by overseas KPMG firms \u2014 either as part of the Group audit, or for standalone financial statements as required.
2.
Audited by Law Partners.
3.
Not owned by the Group. Control exists as the Group retains substantially all the risks and rewards of the operations.
Changes to material controlled entities
On 31 July 2024, the Group acquired 100% of the shares in SBGH Limited, the immediate holding company of Suncorp Bank. Refer to Note 34 Suncorp
Bank acquisition for further details.
Citizens Bancorp and ANZ Guam Inc have ceased business as at 30 September 2024.
Significant restrictions
Controlled entities that are subject to prudential regulation may be required to maintain minimum capital or other regulatory requirements which may, from
time to time, limit the entity\u2019s ability to transfer assets, pay dividends or make other capital distributions to the parent entity or to other entities in the Group.
The Group manages such restrictions within our risk management framework, as outlined in Note 17 Financial risk management and our capital
management strategy, as outlined in Note 24 Capital management.
As at 30 September 2024, restrictions on the ability of an entity within the Group to transfer assets, pay dividends or make other capital distributions to
other entities in the Group were not material to the liquidity or capital management of the Group.
Recognition and measurement
The Group\u2019s subsidiaries are those entities it controls through:
\u2022 being exposed to, or having rights to, variable returns from the entity; and
\u2022 being able to affect those returns through its power over the entity.
The Group assesses whether it has power over those entities by examining the Group\u2019s existing rights to direct the relevant activities of the
entity.
If the Group sells or acquires subsidiaries during the year, it includes their operating results in the Group results to the date of disposal or from
the date of acquisition. When the Group\u2019s control ceases, it derecognises the assets and liabilities of the subsidiary, any related non-controlling
interest and other components of equity.
If the Group\u2019s ownership interest in a subsidiary changes in a way that does not result in a loss of control, then the Group accounts for that as
a transaction with equity holders in their capacity as equity holders.
All transactions between Group entities are eliminated on consolidation.
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26. Investment in associates
Significant associates of the Group are:
Ordinary share
interest
Carrying amount $m
Name of entity Principal activity
2024 2023 2024 2023
AMMB Holdings Berhad (AmBank)
1
Banking and insurance 0% 22% - 881
PT Bank Pan Indonesia (PT Panin) Consumer and business bank 39% 39% 1,415 1,440
Total carrying value of associates
2
1,415 2,321
1.
The Group fully disposed its interest in AmBank in 2024.
2.
Includes the impact of foreign currency translation recognised in the foreign currency translation reserve.
Financial information on significant associates
Set out below is the summarised financial information of each associate that is significant to the Group. The summarised financial information is based on
the associates\u2019 IFRS financial information and may require the use of unaudited financial information as each associate has a different financial year to the
Group (PT Panin 31 December, AmBank 31 March).
AMMB Holdings
Berhad
1
PT Bank Pan
Indonesia
Principal place of business and country of incorporation Malaysia Indonesia
2024 2023 2024 2023
$m $m $m $m
Summarised results
Operating income - 1,517 1,062 1,273
Profit/(Loss) for the year
- 545 218 372
Other comprehensive income/(loss) - 87 (41) 24
Total comprehensive income/(loss)
- 632 177 396
Less: Total comprehensive (income)/loss attributable to non\u2013controlling
interests
- (8) (19) (69)
Total comprehensive income/(loss) attributable to owners of associate
- 624 158 327
Summarised financial position
Total assets
2
- 62,057 20,616 20,498
Total liabilities
2
- 58,015 16,078 16,928
Total net assets
2
- 4,042 4,538 3,570
Less: Non-controlling interests of associate - (301) (353) (348)
Net assets attributable to owners of associate
- 3,741 4,185 3,222
Reconciliation to carrying amount of Group's interest in associate
3
Carrying amount at the beginning of the year 881 790 1,440 1,318
Investment
- - - -
Group's share of total comprehensive income/(loss)
69 138 42 138
Dividends received from associate
(14) (42) - -
Foreign currency translation reserve adjustments
(21) (5) (67) (16)
Partial disposal of investment
(668) - - -
Loss on partial disposal of investment
(21) - - -
Foreign currency translation reserve reclassified to profit or loss
(5) - - -
Less: Carrying value reclassified as Investment securities
(221) - - -
Carrying amount at the end of the year - 881 1,415 1,440
Market value of Group's investment in associate
4
- 875 1,448 1,167
1.
On 6 March 2024, the Group partially disposed of its interest in AmBank, reducing its investment by $668 million and its ordinary share interest from 22% to 5%. Following the decrease in ownership, the
Group ceased equity accounting for AmBank and reclassified the investment as Investment securities at fair value through other comprehensive income. On 31 May 2024, the Group disposed of its
remaining 5% interest in AmBank.
2.
Includes market value adjustments (including goodwill) the Group made at the time of acquisition (and adjustments for any differences in accounting policies).
3.
For AmBank this includes movements up to cessation of equity accounting.
4.
Market value is based on a price per share at reporting date and does not include any adjustments for the size of our holding.
Impairment assessment
The Group assesses the carrying value of its associates investments for impairment indicators. The impairment assessment of non-lending assets
identified that one of the Group\u2019s associated investments PT Panin had indicators of impairment as a result of its carrying value exceeding its fair value less
costs of disposal (FVLCD) at times throughout the year. No impairment was recognised as its carrying value was supported by its FVLCD at 30 September
2024.
Recognition and measurement
An associate is an entity for which the Group has significant influence over its operating and financial policies but which it does not control. The
Group accounts for associates using the equity method. Its investments in associates are carried at cost plus the post-acquisition share of
changes in the associate\u2019s net assets less accumulated impairments. Dividends the Group receives from associates are recognised as a
reduction in the carrying amount of the investment. The Group includes goodwill recognised by the associate in the carrying amount of the
investment. It does not individually test the goodwill incorporated in the associates carrying amount for impairment.
At least at each reporting date, the Group reviews investments in associates for any indication of impairment. If an indication of impairment
exists, then the Group determines the recoverable amount of the associate using the higher of:
\u2022 the associate\u2019s fair value less cost of disposal; and
\u2022 its value-in-use (VIU).
We use a discounted cash flow methodology, and when applicable, other methodologies (such as capitalisation of earnings methodology), to
determine the recoverable amount when determining a VIU.
Key judgements and estimates
Investments in associates and joint ventures are assessed at each reporting date and tested for impairment when there is an indication that
the investment may be impaired. In addition, the Group is required to assess at each reporting date whether the recoverable amount of the
Group\u2019s investment has increased to such a level as to support the reversal of any prior period impairments.
184
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27. Structured entities
A Structured Entity (SE) is an entity that has been designed such that voting or similar rights are not the dominant factor in determining who controls the
entity. SEs are generally established with restrictions on their ongoing activities in order to achieve narrow and well defined objectives.
SEs are classified as subsidiaries and consolidated when control exists. If the Group does not control a SE, then it is not consolidated. This note provides
information on both consolidated and unconsolidated SEs.
The Group\u2019s involvement with SEs is as follows:
Type Details
Securitisation The Group establishes SEs to securitise customer loans and advances that it has originated, in order to diversify
sources of funding for liquidity management. Securitisation programs include customer loans and advances
assigned to bankruptcy remote SEs to provide either security for obligations payable on notes issued by the SEs
to external investors or create assets held by the Group eligible for repurchase agreements with applicable central
banks.
The Group retains control over these SEs and therefore they are consolidated. Refer to Note 28 Transfers of
financial assets for further details.
The Group also establishes SEs on behalf of customers to securitise their loans or receivables. The Group may
manage these securitisation vehicles or provide liquidity or other support. Additionally, the Group may acquire
interests in securitisation vehicles set up by third parties through holding securities issued by such entities. In
limited circumstances where control exists, the Group consolidates the SE.
Covered bond issuances Certain loans and advances have been assigned to bankruptcy remote SEs to provide security for issuances of
debt securities by the Group. The Group retains control over these SEs and therefore they are consolidated. Refer
to Note 28 Transfers of financial assets for further details.
Structured finance arrangements The Group is involved with SEs established:
\u2022 in connection with structured lending transactions to facilitate debt syndication and/or to ring-fence collateral;
and
\u2022 to own assets that are leased to customers in structured leasing transactions.
The Group may manage the SE, hold minor amounts of the SE\u2019s capital, or provide risk management products
(derivatives) to the SE. In most instances, the Group does not control these SEs. In limited circumstances where
control exists, the Group consolidates the SE.
Funds management activities The Group is the scheme manager for a number of Managed Investment Schemes (MIS) in New Zealand. These
MIS are financed through the issue of units to investors and the Group considers them to be SEs. The Group\u2019s
interests in these MIS are limited to receiving fees for services or providing risk management products
(derivatives). These interests do not create significant exposures that would allow the Group to control the funds.
Therefore, these MIS are not consolidated.
Consolidated structured entities
Financial or other support provided to consolidated structured entities
The Group provides financial support to consolidated SEs as outlined below.
Securitisation and covered bond
issuances
The Group provides lending facilities, derivatives and commitments to these SEs and/or holds debt instruments
they have issued.
Structured finance arrangements The assets held by these SEs are normally pledged as collateral for financing provided. Certain consolidated SEs
are financed entirely by the Group while others are financed by syndicated loan facilities in which the Group is a
participant. The financing provided by the Group includes lending facilities where the Group\u2019s exposure is limited to
the amount of the loan and any undrawn amount. Additionally, the Group has provided Letters of Support to these
consolidated SEs confirming that the Group will not demand repayment of the financing provided for the ensuing
12 month period.
The Group did not provide any non-contractual support to consolidated SEs during the year (2023: nil). Other than as disclosed above, the Group does
not have any current intention to provide financial or other support to consolidated SEs.
Unconsolidated structured entities
Group\u2019s interest in unconsolidated structured entities
An \u2018interest\u2019 in an unconsolidated SE is any form of contractual or non-contractual involvement with a SE that exposes the Group to variability of returns
from the performance of that SE. These interests include, but are not limited to: holdings of debt or equity securities; derivatives that pass-on risks specific
to the performance of the SE, lending, loan commitments, financial guarantees, and fees from funds management activities.
For the purpose of disclosing interests in unconsolidated SEs:
\u2022
no disclosure is made if the Group\u2019s involvement is not more than a passive interest - for example: when the Group\u2019s involvement constitutes a typical
customer-supplier relationship. On this basis, exposures to unconsolidated SEs that arise from lending, trading and investing activities are not
considered disclosable interests - unless the design of the structured entity allows the Group to participate in decisions about the relevant activities
(being those that significantly affect the entity\u2019s returns).
\u2022
\u2018interests\u2019 do not include derivatives intended to expose the Group to market-risk (rather than performance risk specific to the SE) or derivatives
through which the Group creates, rather than absorbs, variability of the unconsolidated SE (such as purchase of credit protection under a credit default
swap).
The table below sets out the Group\u2019s interests in unconsolidated SEs together with the maximum exposure to loss that could arise from
those interests:
Securitisation Structured finance Total
2024 2023 2024 2023 2024 2023
$m $m $m $m $m $m
On-balance sheet interests
Investment securities 1,819 2,070 - - 1,819 2,070
Gross loans and advances
11,447 10,367 23 24 11,470 10,391
Total on-balance sheet
13,266 12,437 23 24 13,289 12,461
Off-balance sheet interests
Commitments (facilities undrawn) 2,279 3,270 - - 2,279 3,270
Guarantees
50 50 - - 50 50
Total off-balance sheet
2,329 3,320 - - 2,329 3,320
Maximum exposure to loss 15,595 15,757 23 24 15,618 15,781
In addition to the interests above, the Group earned funds management fees from unconsolidated investment funds of $184 million
(2023: $177 million) during the year.
The Group\u2019s maximum exposure to loss represents the maximum amount of loss that the Group could incur as a result of its involvement with
unconsolidated SEs if loss events were to take place - regardless of the probability of occurrence. This does not in any way represent the actual losses
expected to be incurred. Furthermore, the maximum exposure to loss is stated gross of the effects of hedging and collateral arrangements entered into to
mitigate the Group\u2019s exposure to loss.
The maximum exposure to loss has been determined as:
x the carrying amount of Investment securities measured at amortised cost; and
x the carrying amount plus the undrawn amount of any committed loans and advances.
The size of unconsolidated SEs is indicated by total assets which vary by SE with the largest single SE having a value of approximately $4.7 billion.
The Group did not provide any non-contractual support to unconsolidated SEs during the year (2023: nil) nor does it have any current intention to provide
financial or other support to unconsolidated SEs.
Sponsored unconsolidated structured entities
The Group may also sponsor unconsolidated SEs in which it has no disclosable interest.
For the purposes of this disclosure, the Group considers itself the \u2018sponsor\u2019 of an unconsolidated SE if it is the primary party involved in the design and
establishment of that SE and:
\u2022 the Group is the major user of that SE; or
\u2022 the Group\u2019s name appears in the name of that SE, or on its products; or
\u2022 the Group provides implicit or explicit guarantees of that SE\u2019s performance.
The Group has sponsored the ANZ PIE Fund in New Zealand, which invests only in deposits with ANZ Bank New Zealand. The Group does not provide any
implicit or explicit guarantees of the capital value or performance of investments in the ANZ PIE Fund. There was no income received from, nor assets
transferred to, this entity during the year.
Key judgements and estimates
Significant judgement is required in assessing whether the Group has control over Structured Entities. Judgement is required to determine the
existence of:
\u2022 power over the relevant activities (being those that significantly affect the entity\u2019s returns); and
\u2022 exposure to variable returns of the entity.
", "dimensions": { "concept": "anz:DisclosureOfStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfTransfersOfFinancialAssetsExplanatory_D443223419_CY": { "value": "
28. Transfers of financial assets
In the normal course of business the Group enters into transactions where it transfers financial assets directly to third parties or to SEs. These transfers
may result in the Group fully, or partially, derecognising those financial assets - depending on the Group\u2019s exposure to the risks and rewards or control
over the transferred assets. If the Group retains substantially all of the risk and rewards of a transferred asset, the transfer does not qualify for
derecognition and the asset remains on the Group\u2019s Balance Sheet in its entirety.
Securitisations
Net loans and advances include residential mortgages securitised under the Group\u2019s securitisation programs which are assigned to bankruptcy remote
SEs to provide security for obligations payable on the notes issued by the SEs. The holders of the issued notes have full recourse to the pool of residential
mortgages which have been securitised and the Group cannot otherwise pledge or dispose of the transferred assets.
In some instances, the Group is also the holder of the securitised notes issued by the SEs. In addition, the Group is entitled to any residual income of the
SEs and sometimes enters into derivatives with the SEs. The Group retains the risks and rewards of the residential mortgages and continues to recognise
the mortgages as financial assets.
The Group is exposed to variable returns from its involvement with these securitisation SEs and has the ability to affect those returns through its power
over the SEs activities. The SEs are therefore consolidated by the Group.
Covered bonds
The Group operates various global covered bond programs to raise funding in its primary markets. Net loans and advances include residential mortgages
assigned to bankruptcy remote SEs associated with these covered bond programs. In respect of each program, a covered bond guarantor has
guaranteed payments of interest and principal pursuant to a guarantee which is secured over its assets, including these residential mortgages.
Substantially all of the assets of each covered bond guarantor consist of that covered bond guarantor\u2019s equitable interests in mortgage loans secured by
residential real estate.
The covered bond holders have dual recourse to the issuer and the cover pool of assets. The issuer cannot otherwise pledge or dispose of the
transferred assets, however, subject to legal arrangements it may repurchase and substitute assets as long as the required cover is maintained.
The Group is required to maintain the cover pool at a level sufficient to cover the bond obligations. In addition, the Group is entitled to any residual income
of the covered bond SEs (after all payments to the covered bond holders and external parties) and enters into derivatives with the SEs. The Group retains
the majority of the risks and rewards of the residential mortgages and continues to recognise the mortgages as financial assets.
The Group is exposed to variable returns from its involvement with the covered bond SEs and has the ability to affect those returns through its power over
the SEs activities. The SEs are therefore consolidated by the Group. The covered bonds issued externally are included within debt issuances.
Repurchase agreements
When the Group sells securities subject to repurchase agreements under which we retain substantially all the risks and rewards of ownership, then those
assets do not qualify for derecognition. An associated liability is recognised for the consideration received from the counterparty.
Structured finance arrangements
The Group arranges funding for certain customer transactions through structured leasing. These transactions are recognised on Group\u2019s Balance Sheet
as lease receivables or loans. At times, other financial institutions participate in the funding of these arrangements. This participation involves a
proportionate transfer of the rights to the assets recognised by the Group. The participating banks have limited recourse to the leased assets and related
proceeds. Where the Group continues to be exposed to some of the risks of the transferred assets through a derivative or other continuing involvement,
the Group does not derecognise the lease receivable or loan. Instead, the Group recognises an associated liability representing its obligations to the
participating financial institutions.
The tables below set out the balance of assets transferred that do not qualify for derecognition, along with the associated liabilities.
Securitisations
1,2
Covered bonds
Repurchase
agreements
Structured finance
arrangements
2024 2023 2024 2023 2024 2023 2024 2023
Consolidated
$m $m $m $m $m $m $m $m
Current carrying amount of assets transferred
3,730 886 34,235 31,188 45,709 47,552 15 27
Carrying amount of associated liabilities 3,640 880 18,931 18,223 44,315 44,454 15 27
Securitisations
1,2
Covered bonds
Repurchase
agreements
Structured finance
arrangements
2024 2023 2024 2023 2024 2023 2024 2023
The Company
$m $m $m $m $m $m $m $m
Current carrying amount of assets transferred
714 886 21,027 21,017 41,384 42,002 - -
Carrying amount of associated liabilities 714 886 21,027 21,017 41,006 40,080 - -
1.
Does not include transfers to internal structured entities where there are no external investors.
2.
The securitisation noteholders have recourse only to the pool of residential mortgages which have been securitised. The carrying value of securitised assets and the associated liabilities approximates their
fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransfersOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:JHE42UYNWWTJB8YTTU19", "period": "2023-10-01T00:00:00/2024-10-01T00:00:00" } }, "fact_ifrs-full_DisclosureOfDefinedContributionPlansExplanatory_D1640946621_CY": { "value": "
29. Superannuation and post employment benefit obligations
Set out below is a summary of amounts recognised in the Balance Sheet in respect of the defined benefit superannuation schemes:
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Defined benefit obligation and scheme assets
Present value of funded defined benefit obligation (998) (959) (873) (839)
Fair value of scheme assets
1,150 1,131 1,003 991
Net defined benefit asset
152 172 130 152
As represented in the Balance Sheet
Net liabilities arising from defined benefit obligations included in Payables and
other liabilities
(4) (4) (4) (4)
Net assets arising from defined benefit obligations included in Other assets
156 176 134 156
Net defined benefit asset
152 172 130 152
Weighted average duration of the benefit payments reflected in the defined
benefit obligation (years)
11.3 11.4 10.9 10.9
As at the most recent reporting dates of the schemes, the aggregate surplus of net market value of assets over the value of accrued benefits on a
funding basis was $71 million (2023: $53 million surplus). In 2024, the Group made defined benefit contributions totaling $2 million (2023: $2 million). It
expects to make contributions of approximately $2 million next financial year.
Governance of the schemes and funding of the defined benefit sections
The main defined benefit superannuation schemes in which the Group participates operate under trust law and are managed and administered on behalf
of the members in accordance with the terms of the relevant trust deed and rules and all relevant legislation. These schemes have corporate trustees,
which are wholly owned subsidiaries of the Group. The trustees are the legal owners of the assets, which are held separately from the assets of the
Group, and are responsible for setting investment policy and agreeing funding requirements with the employer through the triennial actuarial valuation
process.
The Group has defined benefit arrangements in Australia, Japan, New Zealand, Philippines, Taiwan and United Kingdom. The defined benefit section of the
ANZ Australian Staff Superannuation Scheme, the ANZ UK Staff Pension Scheme and the ANZ National Retirement Scheme in New Zealand are the three
largest plans. They have been closed to new members since 1987, 2004 and 1991 respectively. None of the schemes had a material deficit, or surplus,
at the last funding valuation. The Group has no present liability under any of the schemes\u2019 trust deeds to fund a deficit (measured on a funding basis). A
contingent liability of the Group may arise if any of the schemes were wound up.
On 24 June 2024, the trustees of the ANZ UK Staff Pension Scheme (Scheme) executed a AUD 455 million bulk annuity insurance policy. The insurance
policy was purchased using the existing assets of the Scheme. The transaction secured an insurance asset that fully matches pension liabilities of the
Scheme and is therefore measured at an amount that matches the insured scheme liabilities. The Group retains ultimate responsibility for the benefits
provided to the Scheme members. In accordance with AASB 119 Employee Benefits, the impact of this transaction was to record a remeasurement loss
of AUD 15 million in other comprehensive income.
Recognition and measurement
Defined benefit superannuation schemes
The Group operates a small number of defined benefit schemes. Independent actuaries calculate the liability and expenses related to
providing benefits to employees under each defined benefit scheme. They use the Projected Unit Credit Method to value the liabilities. The
balance sheet includes:
\u2022 a defined benefit liability if the obligation is greater than the fair value of the schemes assets; and
\u2022 an asset (capped to its recoverable amount) if the fair value of the assets is greater than the obligation.
In each reporting period, the movements in the net defined benefit liability are recognised as follows:
\u2022 the net movement relating to the current period\u2019s service cost, net interest on the defined benefit liability, past service costs and other costs
(such as the effects of any curtailments and settlements) as operating expenses;
\u2022 remeasurements of the net defined benefit liability (which comprise actuarial gains and losses and return on scheme assets, excluding
interest income included in net interest) directly in retained earnings through other comprehensive income; and
\u2022 contributions of the Group directly against the net defined benefit position.
Defined contribution superannuation schemes
The Group operates a number of defined contribution schemes. It also contributes (according to local law, in the various countries in which it
operates) to Government and other plans that have the characteristics of defined contribution plans. The Group\u2019s contributions to these
schemes are recognised as personnel expenses when they are incurred
.
Key judgements and estimates
The main assumptions we use in valuing defined benefit obligations are listed in the table below. A change to any assumptions, or applying
different assumptions, could have an effect on the Statement of Other Comprehensive Income and Balance Sheet
.
Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2024
$m
2023
$m
Consolidated
2024 2023
Discount rate (% p.a.) 1.5-5.35
1.15-5.6 0.5% increase (45) (43)
Future salary increases (% p.a.) 2.0-3.7
2.0-3.5
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.) 2.3-3.3/2.8
2.9-3.4/2.8 0.5% increase 36 34
Life expectancy at age 60 for current pensioners1 year increase
34 33
\u2013 Males (years) 26.3-28.4
26.3-28.3
\u2013 Females (years) 29.3-30.3
29.2-30.2
Sensitivity analysis
change in significant
assumptions
Increase/(decrease) in
defined benefit obligation
2024
$m
2023
$m
The Company
2024 2023
Discount rate (% p.a.) 5.0-5.35
5.5-5.6 0.5% increase (39) (38)
Future salary increases (% p.a.) 3.5
3.5
Future pension indexation
In payment (% p.a.)/In deferment (% p.a.) 2.6-3.3/2.8
2.9-3.3/2.8 0.5% increase
30
29
Life expectancy at age 60 for current pensioners 1 year increase
30
29
\u2013 Males (years) 26.3-28.4
26.3-28.3
\u2013 Females (years) 29.3-30.3
29.2-30.2
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30. Employee share and option plans
The Group operates a number of employee share and option schemes under the ANZ Employee Share Acquisition Plan and the ANZ Share Option Plan
which are operated by the Company. These are Group share-based payment arrangements under which shares in ANZGHL (ANZ shares) are allocated or
granted to employees of the Group.
ANZ Employee Share Acquisition Plan
ANZ Employee Share Acquisition Plan schemes that operated during 2024 and 2023 were the Deferred Share Plan and the Variable Pay to Shares (VPS)
Offer. The ANZ Incentive Plan (ANZIP) (the variable remuneration plan operating across the Group) has Short Term Variable Remuneration or Variable
Remuneration delivered under the Deferred Share Plan or ANZ Share Option Plan for eligible employees.
Deferred Share Plan
i) ANZ Incentive Plan (ANZIP) \u2013 Short Term Variable Remuneration (STVR) and Variable Remuneration (VR) \u2013 deferred shares
Award Type
STVR (deferred shares) STVR/VR historical (deferred
shares)
VR (deferred shares) VR historical (deferred
shares)
Eligibility
Chief Executive Officer (CEO), Group Executive Committee
(ExCo) and Group General Manager Internal Audit (GGM IA)
1
.
All other employees (excluding select roles in the United
Kingdom (UK)/China/Hong Kong (HK)
2
).
Financial Year (FY)
of grant
2023 and 2022 Performance
and Remuneration Review
(PRR): granted in FY24 &
FY23
Historical grants: on foot
during FY24 & FY23
Grants from 1 Oct 2023:
granted in FY24
2023 and 2022 PRR:
granted in FY24 & FY23
Historical grants: on foot
during FY24 & FY23
Grant approach 50% of the CEO, ExCo and
GGM IA\u2019s Short Term Variable
Remuneration (STVR)
deferred as shares.
50% of the CEO\u2019s STVR, 25%
of ExCo\u2019s Variable
Remuneration (VR) (except for
the Chief Risk Officer (CRO)),
and 33% of the CRO and
GGM IA\u2019s VR, deferred as
shares.
If VR is at or exceeds AUD
125,000, then 40% of total
VR amount is deferred as
shares.
If VR is at or exceeds AUD
100,000, then 60% of total
VR amount is deferred as
shares.
Conditions
Deferred over years two and three, where year 1 includes the
performance period (i.e., 1 October to 30 September). Granted
in late November.
Deferred over a minimum of
four years (including the
performance period), vesting
no faster than on a pro-rata
basis and only after two
years (i.e., 33% year two,
33% year three, 34% year
four).
Deferred over years two,
three and four, where year 1
includes the performance
period. Granted in late
November.
Allocation value Deferred shares granted
based on the Volume
Weighted Average Price
(VWAP) of ANZ shares traded
on the ASX in the five trading
days leading up to and
including 1 October.
Deferred shares granted based on the VWAP of ANZ shares traded on the ASX in the five
trading days leading up to and including the date of grant.
1.
All ANZGHL/ANZBGL Financial Accountability Regime (FAR) Accountable Executives.
2.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level Material Risk Takers (MRTs), in line with local regulatory requirements.
i
i) Exceptional circumstances
Remuneration
forgone
In exceptional circumstances, we grant deferred shares to certain employees when they start with the Group to
compensate them for remuneration they have forgone from their previous employer. The vesting period generally
aligns with the remaining vesting period of the remuneration they have forgone, and therefore varies between grants.
Retention We may grant deferred shares to high performing employees who are regarded as a significant retention risk to the
Group.
iii) Further information
Cessation
Unless the Board
1
decides otherwise, employees forfeit their unvested deferred shares if they resign, are terminated on
notice, or are dismissed for serious misconduct. The deferred shares may be held in trust beyond the deferral period.
Dividends
Dividends are reinvested in the Dividend Reinvestment Plan.
Instrument
Deferred share rights may be granted instead of deferred shares in some countries as locally appropriate (see deferred
share rights Section).
Expensing value (fair
value)
We expense the fair value of deferred shares on a straight-line basis over the relevant vesting period and we recognise
the expense as a share-based compensation expense with a corresponding increase in equity. Deferred shares are
expensed based on the one-day VWAP at the date of grant.
2024 and 2023 grants
During the 2024 year, we granted 2,863,800 deferred shares (2023: 2,244,181) with a weighted average allocation
value of $24.45 (2023: $24.37).
Downward adjustment
Deferred shares remain at risk and the Board has the discretion to adjust the number of deferred shares downwards,
including to zero at any time before the vesting date (malus), and limited to select employees
2
, recovery post vesting
(i.e., clawback). The Group\u2019s downward adjustment provisions are detailed in Section 4.5 of the 2024 Remuneration
Report.
Board discretion was exercised to apply malus to 4,138 deferred shares in 2024 (2023: nil).
1.
References to \u2018the Board\u2019 throughout this note means the Boards of ANZGHL and ANZBGL.
2.
Clawback applies to the CEO, ExCo and GGM IA (for awards granted in the 2023 and 2024 financial years), and to select senior employees in jurisdictions where clawback regulations apply.
Variable Pay to Shares (VPS) Offer
Eligibility, grant
approach and
conditions
VPS provides employees in Australia the opportunity to receive up to $1,000 worth of ANZ shares with concessional
tax treatment (where criteria are met). All ANZ shares are held by a custodian or nominee appointed by the Trustee on
the Trustee\u2019s behalf and are restricted for 3 years. During this time employees benefit from dividend payments which
are reinvested through the Dividend Reinvestment Plan (DRP) and have voting entitlements. After the restriction period
has been reached the shares can sold or transferred.
Allocation value
Granted based on the VWAP of ANZ shares traded on the ASX in the five trading days leading up to and including the
date of grant.
Expensing value
(fair value)
Expensed based on the one-day VWAP at the date of grant.
2024 grants
During the 2024 year, we granted 51,619 shares on 22 November 2023 (2023: 55,600) at an issue price of $24.20
(2023: $24.46).
Expensing of the ANZ Employee Share Acquisition Plan
Expensing value
(fair value)
The fair value of shares we granted during 2024 under the Deferred Share Plan and VPS Offer, measured as at the
date of grant of the shares, is $71.4 million (2023: $56.5 million) based on 2,915,419 shares
(2023: 2,299,781) with a weighted average VWAP of $24.48 (2023: $24.57).
ANZ Share Option Plan
Allocation
We may grant selected employees options/rights which entitle them to acquire fully paid ordinary ANZ shares at a
fixed price at the time the options/rights vest. Voting and dividend rights will be attached to the ordinary shares
allocated on exercise of the options/rights.
Each option/right entitles the holder to one ordinary share subject to the terms and conditions imposed on grant.
Exercise price of options, determined in accordance with the rules of the plan, is generally based on the VWAP of the
shares traded on the ASX in the week leading up to and including the date of grant. For rights, the exercise price is nil.
Rules
Prior to the exercise of the option/right, if ANZ changes its share capital due to a bonus share issue, pro-rata new
share issue or reorganisation, the following adjustments are required:
\u2022 Issue of bonus shares - When the holder exercises their option, they are also entitled to be issued the number of
bonus shares they would have been entitled to had they held the underlying shares at the time of the bonus issue;
\u2022 Pro-rata share offer - We will adjust the exercise price of the option in the manner set out in the ASX Listing Rules;
and
\u2022 Reorganisation - In respect of rights, if there is a bonus issue or reorganisation of ANZ\u2019s share capital, then the
Board may adjust the number of rights or the number of underlying shares so that there is no advantage or
disadvantage to the holder.
Holders otherwise have no other entitlements to participate:
\u2022 in any new issue of ANZ securities before they exercise their options/rights; or
\u2022 in a share issue of a body corporate other than ANZ (such as a subsidiary).
Any portion of the award which vests may, at the Boards discretion, be satisfied by a cash equivalent payment rather
than shares.
Expensing value
(fair value)
We expense the fair value of options/rights on a straight-line basis over the relevant vesting period and we recognise
the expense as a share-based compensation expense with a corresponding increase in equity. Factors considered in
determining the fair value include: the market performance conditions, share price volatility, life of the instrument,
dividend yield, and share price at grant date.
Satisfying vesting
Any portion of the award of options/rights (that have met the applicable time and performance conditions) may be
satisfied by a cash equivalent payment rather than shares at Board discretion.
In financial year 2024, all deferred share rights were satisfied through a share allocation, other than 95,968 deferred
share rights (2023: 70,231) for which a cash payment was made.
100% of the performance rights (PR) granted in late 2019 (2019 PR award) were lapsed, as the performance hurdles
were not met when tested in November 2023 \u2013 the end of the performance period. There were no PR due to vest in
financial year 2023, as a result of a change in the performance period from three years to four years.
Cessation
The provisions that apply if the employee\u2019s employment ends are in Section 8.2.3 of the 2024 Remuneration Report.
Downward adjustment
As per Deferred Share Plan.
Option plans that operated during 2024 and 2023
i) Long Term Variable Remuneration (LTVR) and Variable Remuneration (VR) - restricted rights (RR), performance rights (PR), and deferred share
rights (DSR)
Award Type LTVR (RR & PR) LTVR / VR historical (PR) ANZIP VR (DSR) ANZIP historical VR (DSR)
Eligibility CEO, ExCo and GGM IA
1
CEO and ExCo
1
All other employees (excluding select roles in the
UK/China/HK
2
) in countries where DSR may be granted
instead of deferred shares
FY of grant 2023 and 2022 PRR: granted
in FY24 & FY23
Historical grants: on foot during
FY24 & FY23
Grants from 1 Oct
2023: granted in FY24
2023 and 2022 PRR:
granted in FY24 & FY23
Historical grants: on foot
during FY24 & FY23
Grant approach 50% of the CEO and ExCo\u2019s
(except for the CRO) LTVR was
received as RR and 50% as PR.
100% of the CRO and GGM
IA\u2019s LTVR was received as RR.
100% of the CEO\u2019s LTVR and
50% of ExCo\u2019s VR (except for
the CRO who received 50% VR
as DSR instead) was received
as PR.
If VR is at or exceeds
AUD 125,000, then
40% of total VR amount
is deferred.
If VR is at or exceeds AUD
100,000, then 60% of total
VR amount is deferred.
Conditions RR and PR provide a right to
acquire one ordinary ANZ share
at nil cost \u2013 subject to time and
performance conditions.
Awarded subject to:
\u2022 RR: pre grant assessment
(risk-based measures)
\u2022 RR and PR: shareholder
approval at Annual General
Meeting (AGM) for CEO
award
Performance condition tested
at end of four-year
performance period:
\u2022 RR: pre vest assessment
(risk-based measures)
\u2022 PR: relative and absolute
Total Shareholder Return
(TSR) hurdles
Deferral period
3
= four-year
performance period
(commencing 1 October) +
holding period (which
commences the day after end
of performance period and
finishes on the 4
th
, 5
th
or 6
th
anniversary of grants (CEO only
for year 6)).
Further details provided in
Section 9.1 of the 2024
Remuneration Report.
Awarded at the end of the year
subject to shareholder
approval at AGM for CEO
award.
PR performance condition
tested (relative and absolute
TSR hurdles) at the end of
four-year performance period.
The four-year performance
period commenced on 22
November to 21 November
four years later.
The deferral period is four
years.
Further details are provided in
Section 5.2.3a of the 2021
Remuneration Report.
DSR provide a right to
acquire one ordinary
ANZ share at nil cost
after a specified vesting
period.
Deferred over a
minimum of four years
(including the
performance period),
vesting no faster than
on a pro-rata basis and
only after two years (i.e.,
33% year two, 33%
year three, 34% year
four).
DSR provide a right to
acquire one ordinary ANZ
share at nil cost after a
specified vesting period.
Deferred over years two,
three and four, where year 1
includes the performance
period.
Allocation value Face value of ANZ shares traded on the ASX in the five trading
days leading up to and including 1 October (beginning of the
financial year).
The fair value at the date of grant is used to determine
the number of DSR to be allocated and is also used for
expensing purposes. The fair value is adjusted for the
absence of dividends during the vesting period.
1.
All ANZGHL/ANZBGL FAR Accountable Executives.
2.
Specific deferral arrangements also exist under ANZIP for roles defined as specific country level MRTs, in line with local regulatory requirements.
3.
A 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 equivalents accrue over the full deferral period for RR, and only during the holding period for PR.
Award Type LTVR (RR & PR) LTVR / VR historical (PR) ANZIP VR (DSR) ANZIP historical VR (DSR)
Allocation timing LTVR awarded around late November/December (subject to
shareholder approval for CEO).
Granted in late November.
Start of FY End of FY
2024 grants During 2024, we granted
376,821 RR and 313,156 PR
(2023: 393,419 RR and
325,880 PR).
During 2024, we granted 3,588,912 DSR (no
performance hurdles)
(2023: 2,386,278).
Downward
adjustment
Board discretion was not exercised to apply malus or clawback
to any RR or PR in 2024 (2023: nil PR).
Board discretion was not exercised to apply malus or
clawback to any deferred share rights in 2024
(2023: nil).
ii) Exceptional circumstances
Remuneration forgone
As per Deferred Share Plan in countries where DSR may be granted instead of deferred shares.
Retention
Options, deferred share rights, restricted rights and performance rights on issue
As at 7 November 2024, there were 487 holders of 6,177,236 DSR on issue, 11 holders of 739,812 RR on issue and 11 holders of 1,427,926 PR on
issue.
Options/rights movements
This table shows the options/rights over unissued ANZ shares and their related weighted average (WA) exercise prices as at the beginning and end of
2024 and the movements during 2024:
Opening
balance
1 Oct 2023 Granted Forfeited
1
Expired Exercised
Closing
balance
30 Sep 2024
Number of options/rights
6,719,516 4,278,889 (632,985) 0 (2,014,320) 8,351,100
WA exercise price
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00
WA closing share price $27.34
WA remaining contractual life 1.8 years
WA exercise price of all exercisable
options/rights outstanding
$0.00
Outstanding exercisable options/rights 118,965
This table shows the options/rights over unissued ANZ shares and their related weighted average exercise prices as at the beginning and end of 2023
and the movements during 2023:
Opening
balance
1 Oct 2022 Granted Forfeited
1
Expired Exercised
Closing
balance
30 Sep 2023
Number of options/rights 6,209,040 3,105,577 (428,483) 0 (2,166,618) 6,719,516
WA exercise price $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
WA closing share price
$24.30
WA remaining contractual life 1.9 years
WA exercise price of all exercisable
options/rights outstanding
$0.00
Outstanding exercisable options/rights 124,377
1.
Refers to any circumstance where equity can be forfeited (for example on cessation, downward adjustment or performance conditions not met).
All of the shares issued as a result of the exercise of options/rights during 2024 and 2023, were issued at a nil exercise price.
As at the date of the signing of the Directors\u2019 Report on 7 November 2024:
\u2022 no options/rights over ordinary shares have been granted since the end of 2024; and
\u2022 6,126 shares issued as a result of the exercise of options/rights since the end of 2024, all with a nil exercise price.
Fair value assumptions
When determining the fair value, we apply the standard market techniques for valuation, including Monte Carlo and/or Black Scholes pricing models. We
do so in accordance with the requirements of AASB 2 Share-based Payments. The models take into account early exercise of vested equity, non-
transferability and internal/external performance hurdles (if any).
The table below shows the significant assumptions we used as inputs into our fair value calculation of instruments granted during the period. We present
the values as weighted averages, but the specific values we use for each allocation are the ones we use for the fair value calculation.
2024
2023
Deferred
share
rights
Restricted
rights
Performance
rights
Deferred
share
rights
Restricted
rights
Performance
rights
Exercise price ($) 0.00 0.00 0.00 0.00 0.00 0.00
Share closing price at grant date ($) 24.38 24.66 24.60 24.67 24.54 24.51
Expected volatility of ANZ share price (%)
1
19.98 20.0 20.0 20.0 20.0 20.0
Equity term (years) 2.1 6.6 6.6 2.1 6.6 6.6
Vesting period (years) 2.0 4.6 4.6 2.0 4.6 4.6
Expected life (years) 2.0 4.6 4.6 2.0 4.6 4.6
Expected dividend yield (%) 6.5 6.5 6.5 6.25 6.25 6.25
Risk free interest rate (%) 4.18 4.03 4.05 3.20 3.36 3.36
Fair value ($) 21.44 10.32 18.44 21.81 18.61 9.85
1.
Expected volatility represents a measure of the amount by which ANZ\u2019s share price is expected to fluctuate over the life of the rights. The measure of volatility used in the model is the annualised standard
deviation of the continuously compounded rates of return on the historical share price over a defined period of time preceding the date of grant. This historical average annualised volatility is then used to
estimate a reasonable expected volatility over the expected life of the rights.
Satisfying equity awards
All shares underpinning equity awards may be purchased on market, reallocated or be newly issued shares, or a combination.
The equity we purchased on market during the 2024 financial year (either under the ANZ Employee Share Acquisition Plan and the ANZ Share Option
Plan, or to satisfy options or rights) for all employees amounted to 5,211,778 shares at an average price of $24.17 per share (2023: 816,023 shares at
an average price of $24.35 per share).
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31. Related party disclosures
Key Management Personnel compensation
Key Management Personnel (KMP) are Directors of ANZBGL (whether executive directors or otherwise), and those personnel with a key responsibility for
the strategic direction and management of the Group (i.e., members of the Group Executive Committee (ExCo)) who have Financial Accountability Regime
(FAR) accountability and who report to the CEO. KMP compensation included within total personnel expenses in Note 4 Operating expenses is as follows:
Consolidated
2024 2023
1
$'000 $'000
Short-term benefits
20,017 21,072
Post-employment benefits 572 483
Other long-term benefits
280 212
Termination benefits
- 31
Share-based payments
11,199 8,303
Total
32,068 30,101
1.
Includes former disclosed KMP until the end of their employment.
Key Management Personnel loan transactions
Loans made to KMP are made 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, including the term of the loan, security required and the interest rate. No amounts have been written off during the
period, or individual provisions raised in respect of these balances. Details of the terms and conditions of lending products can be found on anz.com. The
aggregate balance of loans (including credit card balances) made, guaranteed or secured, and undrawn facilities to KMP including their related parties,
were as follows:
Consolidated The Company
2024 2023 2024 2023
$'000 $'000 $'000 $'000
Loans advanced
1
23,447 30,555 13,211 20,150
Undrawn facilities
1
2,319 1,685 1,995 1,373
Interest charged
2
1,078 1,346 778 523
1.
Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who
departed in the prior year.
2.
Interest charged is for all KMP\u2019s during the period.
Key Management Personnel holdings of ANZ securities
KMP, including their related parties, held the Company\u2019s subordinated debt and shares, share rights and options over shares in ANZGHL directly, indirectly
or beneficially as shown below
:
Consolidated
2024 2023
Number Number
Shares, options and rights
1
3,613,895 3,410,800
Subordinated debt
1
20,180 21,140
1.
Balances are as at balance date (for KMP in office at balance date) or at the date of cessation of former KMP. Comparative balances have been adjusted for balances relating to new KMP, or KMP who
departed in the prior year.
Other transactions of Key Management Personnel and their related parties
The aggregate of deposits of KMP and their related parties with the Group were $44 million (2023: $41 million) and with the Company were $30 million
(2023: $27 million).
Other transactions with KMP and their related parties include amounts paid to the Group in respect of investment management service fees, brokerage
and 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 no more favourable than those given to other employees or
customers. Gifts were provided to KMP, including on their retirement, amounting to $7,005 during the year (2023: $2,476).
Associates
We disclose significant associates in Note 26 Investments in associates. During the course of the financial year, transactions conducted with all associates
were on terms equivalent to those made on an arm\u2019s length basis.
Consolidated The Company
2024 2023 2024 2023
$'000 $'000 $'000 $'000
Amounts receivable from associates
19 13 - -
Amounts payable to associates 1,064 990 - -
Interest revenue from associates
- 9,391 - 7,860
Interest expense to associates
76 353 - 307
Other revenue from associates
- 5,816 - 5,816
Other expenses paid to associates
2,933 3,088 - 704
Dividend income from associates
13,771 42,316 - -
Undrawn facilities
1
919 931 - -
1.
Comparatives have been amended to include unutilised limits from revolving credit facilities.
There have been no material guarantees given or received. No amounts receivable from associates have been written-off during the period, nor individual
provisions raised in respect of these balances.
Subsidiaries
We disclose material controlled entities in Note 25 Controlled entities. During the financial year, subsidiaries conducted transactions with each other and
with associates on terms equivalent to those on an arm\u2019s length basis. As at 30 September 2024, we consider all outstanding amounts on these
transactions to be fully collectible.
Other intragroup transactions include providing management and administrative services, staff training, data processing facilities, transfer of tax losses,
and the leasing of premises and equipment. The Company also issued letters of comfort and guarantees in respect of certain subsidiaries in the normal
course of business.
Related Entities
Transactions with related entities include leasing arrangements, funding activities, deposits and tax funding arrangements.
These transactions are conducted on terms equivalent to those on an arm\u2019s length basis. As at 30 September 2024, we consider all outstanding amounts
on these transactions to be fully recoverable.
The following balances with related ANZ Group entities were outstanding at 30 September:
2024
$m
2023
$m
Amounts due from ultimate controlling entity
36 85
Amounts due from other related entities
755 696
Amounts due to ultimate controlling entity
10 1
Amount due to parent entity
47 -
Amounts due to other related entities
315 270
Deposits from ultimate controlling entity
1,258 183
Deposits from other related entities
165 111
Undrawn facilities for other related entities 105 31
The following transactions occurred with related ANZ Group entities:
2024
$m
2023
$m
Dividend paid to parent entity
5,267 4,387
Capital return to parent entity
2,039 -
Interest paid to ultimate controlling entity
28 6
Interest paid to other related entities
45 26
Other expenses paid to other related entities
7 -
Interest received from other related entities
64 42
Other revenue received from other related entities
34 18
In addition, ANZBGL has right-of-use assets of $536 million (2023: $689 million) and lease liabilities of $672 million (2023: $815 million) with ANZ Group
Services Pty Ltd at 30 September 2024. For the year ended 30 September 2024, the associated depreciation on the right-of-use assets was $43 million
(2023: $36 million) and interest paid on the lease liabilities was $29 million (2023: $15 million) (the interest paid on lease liabilities has been included in the
table above within interest paid to other related entities).
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32. Commitments, contingent liabilities and contingent assets
Credit related commitments and contingencies
Consolidated The Company
2024 2023 2024 2023
$m $m $m $m
Contract amount of:
Undrawn facilities 249,988 240,711 204,782 206,405
Guarantees and letters of credit
22,509 23,556 19,515 20,816
Performance related contingencies
26,501 26,615 25,944 25,891
Total
298,998 290,882 250,241 253,112
Undrawn facilities
The majority of undrawn facilities are subject to customers maintaining specific credit and other requirements or conditions. Many of these facilities are
expected to be only partially used, and others may never be used at all. As such, the total of the nominal principal amounts is not necessarily
representative of future liquidity risks or future cash requirements. Based on the earliest date on which the Group may be required to pay, the full amount
of undrawn facilities for the Group mature within 12 months.
Guarantees, letters of credit and performance related contingencies
Guarantees, letters of credit and performance related contingencies relate to transactions that the Group has entered into as principal.
Letters of credit involve the Group issuing letters of credit guaranteeing payment in favour of an exporter. They are secured against an underlying
shipment of goods or backed by a confirmatory letter of credit from another bank.
Performance-related contingencies are liabilities that oblige the Group to make payments to a third party if the customer fails to fulfil its non-monetary
obligations under the contract.
To reflect the risks associated with these transactions, we apply the same credit origination, portfolio management and collateral requirements that we
apply to loans. The contract amount represents the maximum potential amount that we could lose if the counterparty fails to meet its financial obligations.
As the facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. Based on the earliest date
on which the Group may be required to pay, the full amount of guarantees and letters of credit and performance-related contingencies for the Group
mature within 12 months.
Other contingent liabilities
There are outstanding court proceedings, claims and possible claims for and against the Group. Where relevant, expert legal advice has been obtained
and, in the light of such advice, provisions (refer to Note 22 Other provisions) and/or disclosures as deemed appropriate have been made. In some
instances we have not disclosed the estimated financial impact of the individual items either because it is not practicable to do so or because such
disclosure may prejudice the interests of the Group.
A description of contingent liabilities and contingent assets as at 30 September 2024 is set out below.
Regulatory and customer exposures
The Group regularly engages with its domestic and international regulators and other statutory and supervisory bodies. The nature of these regulatory
interactions can be wide ranging and include regulatory investigations, surveillance and reviews, reportable situations, formal and informal inquiries and
regulatory supervisory activities in Australia and globally. The Group also receives notices and requests for information from its regulators and other bodies
from time to time as part of both industry-wide and Group-specific reviews and makes disclosures to its regulators at its own instigation.
There has been a recent increase in the number of matters on which the Group has engaged with its regulators. Recent interactions relate to matters
including:
\u2022 markets transactions and data reporting;
\u2022 anti-money laundering and counter-terrorism financing obligations, processes and procedures; and
\u2022 non-financial risk management practices including customer service processes relating to complaints, hardship and deceased estates, compliance
with mandatory reporting obligations, the application of interest and fees on certain products and the financial accountability regime.
The possible exposures associated with the Group\u2019s regulatory interactions may include civil enforcement actions, criminal proceedings, fines and
penalties, imposition of capital or liquidity requirements, customer remediation, the requirement to conduct independent reviews, sanctions or the exercise
of other regulatory powers.
There may also be exposures to customers, third parties and shareholders which are additional to any regulatory exposures. These could include class
actions or claims for compensation or other remedies.
The outcomes and total costs associated with these possible regulatory, customer and other exposures remain uncertain.
South African rate action
In February 2017, the South African Competition Commission commenced proceedings against local and international banks including the Company
alleging breaches of the cartel provisions of the South African Competition Act in respect of trading in the South African rand. The potential civil penalty or
other financial impact is uncertain.
Esanda dealer car loan litigation
In August 2020, a class action was brought against the Company alleging unfair conduct, misleading or deceptive conduct and equitable mistake in
relation to the use of flex commissions in dealer arranged Esanda car loans. An agreement to settle the claim was reached in October 2024. The
Company will pay $85 million in settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without admission of
liability and remains subject to court approval.
Onepath superannuation litigation
In December 2020, a class action was brought against OnePath Custodians, OnePath Life and the Company alleging that OnePath Custodians breached
its obligations under superannuation legislation, and its duties as trustee, in respect of superannuation investments and fees. The claim also alleges that
the Company was involved in some of OnePath Custodians\u2019 investment breaches. An agreement to settle the claim was reached in October 2024. The
Company will contribute $14 million to the settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without
admission of liability and remains subject to court approval.
New Zealand loan information litigation
In September 2021, a representative proceeding was brought against ANZ Bank New Zealand Limited, alleging breaches of disclosure requirements
under consumer credit legislation in respect of variation letters sent to certain loan customers. ANZ Bank New Zealand Limited is defending the allegations.
Credit cards litigation
In November 2021, a class action was brought against the Company alleging that certain interest terms in credit card contracts were unfair contract
terms and that it was unconscionable for the Company to rely on them. An agreement to settle the claim was reached in March 2024. The Company will
pay $57.5 million in settlement, which is covered by existing provisions held at 30 September 2024. The settlement is without admission of liability and
remains subject to court approval.
Security recovery actions
Various claims have been made or are anticipated, arising from security recovery actions taken to resolve impaired assets. These claims will be defended.
Warranties, indemnities and performance management fees
The Group has provided warranties, indemnities and other commitments in favour of the seller/purchaser and other persons in connection with various
acquisitions/disposals of businesses and assets and other transactions, covering a range of matters and risks. It is exposed to claims under those
warranties, indemnities and commitments, some of which are currently active. The outcomes and total costs associated with these exposures remain
uncertain.
The Group has entered an arrangement to pay performance management fees to external fund managers in the event predetermined performance
criteria are satisfied in relation to certain Group investments. The satisfaction of the performance criteria and associated performance management fee
remains uncertain.
Clearing and settlement obligations
Certain group companies have a commitment to comply with rules governing various clearing and settlement arrangements which could result in a credit
risk exposure and loss if another member institution fails to settle its payment clearing activities. The Group\u2019s potential exposure arising from these
arrangements is unquantifiable in advance.
Certain group companies hold memberships of central clearing houses, including ASX Clear (Futures), London Clearing House (LCH) SwapClear, Korea
Exchange (KRX), Hong Kong Exchange (HKEX), the Clearing Corporation of India, Taiwan Futures Exchange and the Shanghai Clearing House. These
memberships allow the relevant group company to centrally clear derivative instruments in line with cross-border regulatory requirements. Common to all
of these memberships is the requirement for the relevant group company to make default fund contributions. In the event of a default by another
member, the relevant group company could potentially be required to commit additional default fund contributions which are unquantifiable in advance.
Parent entity guarantees
Certain group companies have issued letters of comfort and guarantees in respect of certain subsidiaries in the normal course of business. Under these
letters and guarantees, the issuing entity undertakes to ensure that those subsidiaries continue to meet their financial obligations, subject to certain
conditions including that the subsidiary remains a controlled entity.
Sale of Grindlays business
On 31 July 2000, the Company completed the sale to Standard Chartered Bank (SCB) of ANZ Grindlays Bank Limited (Grindlays) and certain other
businesses. The Company provided warranties and indemnities relating to those businesses.
The indemnified matters include civil penalty proceedings and criminal prosecutions brought by Indian authorities against Grindlays and certain of its
officers, in relation to certain transactions conducted in 1991 that are alleged to have breached the Foreign Exchange Regulation Act, 1973. Civil penalties
were imposed in 2007 which are the subject of ongoing appeals.
Contingent assets
National Housing Bank
The Company is pursuing recovery of the proceeds of certain disputed cheques which were credited to the account of a former Grindlays customer in
the early 1990s.
The disputed cheques were drawn on the National Housing Bank (NHB) in India. Proceedings between Grindlays and NHB concerning the proceeds of the
cheques were resolved in early 2002.
Recovery is now being pursued from the estate of the Grindlays customer who received the cheque proceeds. Any amounts recovered are to be shared
between the Company and NHB.
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33. Auditor fees
Consolidated The Company
2024 2023 2024 2023
$\u2019000 $\u2019000 $\u2019000 $\u2019000
KPMG Australia
Audit or review of financial reports 11,016 9,567 10,486 9,134
Audit-related services
1
4,597 3,882 4,528 3,808
Non-audit services
2
27 10 27 10
Total
3
15,640 13,459 15,041 12,952
Overseas related practices of KPMG Australia
Audit or review of financial reports 5,930 6,157 2,058 1,994
Audit-related services
1
2,191 1,933 809 911
Non-audit services
2
153 95 - -
Total
8,274 8,185 2,867 2,905
Total auditor fees
4
23,914 21,644 17,908 15,857
1.
Group audit-related services comprise prudential and regulatory services of $4.16 million (2023: $4.11 million), comfort letters $0.72 million (2023: $0.57 million) and other services $1.91 million
(2023: $1.14 million). Company audit-related services comprise prudential and regulatory services of $3.76 million (2023: $3.69 million), comfort letters $0.68 million (2023: $0.53 million) and other
services $0.90 million (2023: $0.50 million).
2.
The nature of non-audit services for the Group includes methodology, procedural, operational and administrative reviews. Further details are provided in the Directors\u2019 Report.
3.
Inclusive of goods and services tax.
4.
Total auditor fees do not include fees paid to other audit firms where KPMG is in joint audit arrangement or not the auditor amounting to $0.80 million (2023: $0.55 million) for the Group. Total fees paid to
other audit firms where KPMG is in a joint audit arrangement or not the auditor amounting to $0.56 million (2023: $0.45 million) for the Company.
Under Group policy, KPMG Australia or any of its related practices are allowed to provide assurance and other audit-related services that, while outside the
scope of the statutory audit, are consistent with the role of an external auditor. These include prudential and regulatory reviews requested by regulators
such as APRA. Any other services that are not audit or audit-related services are non-audit services. Group policy allows certain non-audit services to be
provided where the service would not contravene auditor independence requirements. KPMG Australia or any of its related practices may not provide
services that are perceived to be in conflict with the role of the external auditor or breach auditor independence. These include consulting advice and
subcontracting 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.
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34.
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\u2019s retail and commercial businesses while also improving the geographic balance of its business in Australia.
Assets acquired and liabilities assumed as at acquisition date are disclosed on a provisional basis, with goodwill of $1,402 million recognised and allocated
to the Suncorp Bank division, pending completion of the final consideration payable, and the purchase price allocation (PPA).
Provisional goodwill is attributable to the assembled workforce and expected synergies arising from the economies of scale from the integration and
consolidation of platforms and funding benefits. It will not be deductible for tax purposes.
The provisional balances are pending the completion of the PPA exercise that commenced following completion on 31 July 2024 but remains in progress
at the date of this report. At 30 September 2024, the most significant adjustments have been the elimination of the pre-acquisition allowance for ECL,
capitalised brokerage and other origination costs, and related deferred tax balances. The PPA exercise will identify the acquired tangible and intangible
assets and assumed liabilities and measure their acquisition-date values. The Group expects that on completion of the PPA in the 2025 financial year, the
acquired assets (including loans and advances and intangible assets) and assumed liabilities (including deposits and debt issuances) will be restated to
their acquisition-date values with a corresponding adjustment to goodwill.
2024
Assets acquired and liabilities assumed as at acquisition date (provisional)
$m
Assets
Cash and cash equivalents 1,333
Collateral paid
80
Trading assets
2,307
Derivative financial instruments
310
Investment securities
9,920
Gross loans and advances
69,745
Deferred tax assets
48
Intangible assets
103
Other assets
431
Total assets
84,277
Liabilities
Collateral received 48
Deposits and other borrowings
62,438
Derivative financial instruments
279
Payables and other liabilities
731
Provisions
89
Debt issuances
15,847
Total liabilities
79,432
Net assets acquired 4,845
Cash consideration paid
1,2
6,247
Provisional value of goodwill
1,402
1.
Subject to final completion activities.
2.
The cash consideration of $6.2 billion includes payment for Suncorp Bank\u2019s Tier 2 notes ($606 million) and Capital Notes ($564 million).
Included in the Consolidated Income Statement and Statement of Comprehensive Income since 31 July 2024 is operating income of $257 million and net
loss after tax of $122 million in respect of the acquired business. Had Suncorp Bank been acquired on 1 October 2023, the operating income and profit
after tax of the combined Group for the twelve months ended 30 September 2024 was estimated to be ~$21,600 million and ~$6,900 million
respectively.
The Group incurred acquisition-related costs of $21 million (2023: $12 million) on legal fees and due diligence costs, recognised in Other operating
expenses in the Income Statement.
Recognition and measurement
Business combinations are accounted for using the acquisition method of accounting. The cost of acquisition is measured at the fair value
of the transferred consideration, including where relevant, any contingent consideration. Acquisition-related costs are expensed when
incurred. Identifiable assets and liabilities, along with contingent consideration, are valued at their fair values on the acquisition date.
Goodwill is calculated as the excess of the consideration over the net of identifiable assets and liabilities. The acquired business operations
are included in our financial statements from the acquisition date.
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35. 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.
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