NO.082

I am pleased to announce a new appointment to the Financial Sector Advisory Council

(FSAC) – Mr Paul Batchelor, Chief Executive Officer of AMP Limited.

FSAC 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 Batchelor brings to the Council his considerable knowledge of the financial

sector and its operations and will provide particular skills and insights drawn from his

experience at AMP Limited and before that, as Group Chief Financial Officer and Group

Executive, Australasia & Pacific at Colonial.

This appointment takes effect from the next meeting of Council scheduled for early next

year.

I would also like to extend, on behalf of the Government, my appreciation to Mr

Geoff Tomlinson for his valuable contribution to Council since its establishment.

Mr Tomlinson has stepped down from the Council following his departure from National

Mutual Holdings Ltd.

With the new appointment, the full membership of FSAC will be:

• Mr Maurice Newman, Chairman of Deutsche Bank and the ASX (Chairman);
• Mr Paul Batchelor, Chief Executive Officer, AMP Limited;
• Mr Terry Budge, Managing Director, Bank of Western Australia;
• Mrs Patricia Cross, Director, Suncorp-Metway Ltd;
• Mr Les Hosking, Chief Executive, Sydney Futures Exchange;
• Mr Ian Macfarlane, Governor, Reserve Bank of Australia;
• Mr David Murray, Managing Director, Commonwealth Bank of Australia;
• Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank; and
• Mr John Trowbridge, Executive Chairman, Trowbridge Consulting.

CANBERRA 30 November 1999