NO.099

MEMBERSHIP OF THE FINANCIAL SECTOR ADVISORY COUNCIL

I am pleased to announce today the appointments of Mr Jeremy Duffield, Managing Director, Vanguard Investments Australia, Mrs Gail Kelly, Chief Executive Officer, St George Bank, and Mr Alastair Walton, Vice-Chairman and Managing Director, Goldman Sachs JBWere to the Financial Sector Advisory Council (FSAC).

I am also pleased to announce the reappointment of Mr Les Owen, Group Chief Executive, AXA Asia Pacific Holdings.

The Council is a non-statutory body established in March 1998. It brings together a range of financial market participants to provide advice to the Government on policies to facilitate the growth of a strong and competitive financial sector. Members are appointed for two years in a personal capacity subject to their continued direct involvement in the financial sector.

Mr Duffield brings considerable knowledge to the Council from the superannuation and funds management industries through his capacity as Managing Director, Vanguard Investments Australia, and his Deputy Chairmanship of the Investment and Financial Services Association .

Mrs Kelly brings broad knowledge to the Council from the banking sector through her current position as Chief Executive of St George Bank, and has previously held senior positions within the Commonwealth Bank.

Mr Walton brings extensive experience to the Council from the investment banking and wealth management industries through his capacity as Vice-Chairman and Managing Director of Goldman Sachs JBWere.

I look forward to the new and continuing members providing valuable contributions to the future work of the Council.

I would also like to thank Mr David Murray, former Managing Director of the Commonwealth Bank of Australia, for his significant contributions to FSAC since his appointment in August 1999. I greatly appreciate the time and effort that Mr Murray has committed to the Council and its advice to me. Mr Murray is taking up a very significant position as Chairman of the Board of Guardian of the Future Fund.

Following these appointments, the full membership of FSAC will be:

• Chairman Mr Maurice Newman AC, Chairman of the Australian Stock Exchange;
• Mr Charles Curran AO, Director, QBE Insurance Group;
• Mr Jeremy Duffield, Managing Director, Vanguard Investments Australia;
• Mr Barry Fitzpatrick, Chief Executive Officer, Adelaide Bank;
• Mr Michael Hawker, Chief Executive Officer, Insurance Australia Group;
• Mrs Gail Kelly, Chief Executive Officer, St George Bank;
• Mr Chris Mackay, Chairman, UBS Australia;
• Ms Linda Nicholls, Chairman, Australia Post;
• Mr Les Owen, Group Chief Executive, AXA Asia Pacific Holdings;
• Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank; and
• Mr Alastair Walton, Vice-Chairman and Managing Director, Goldman Sachs JBWere.

MELBOURNE

15 November 2005

Contact: Amanda Kennedy

03 9650 0244