NO.045

APPOINTMENTS TO THE FINANCIAL SECTOR ADVISORY COUNCIL

I am pleased to announce today the appointments of Mr Charles Curran AO, Director

of QBE Insurance Group Limited and Mr Chris Mackay, Joint Chief Executive

Officer (Australia and New Zealand) and Head of Investment Banking, UBS Warburg

to the Financial Sector Advisory Council (FSAC).

I am also pleased to announce the re-appointment to the Council of Mr Maurice Newman

AC (Chairman), Mr Paul Batchelor, Mr Terry Budge, Mrs Patricia Cross,

Mr Les Hosking, Mr David Murrary, Mr Richard Sheppard and

Mr John Trowbridge.

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.

FSAC’s members have each made a valuable contribution, bringing to the Council

a wealth of knowledge and experience of the financial sector and its operations.

I look forward to their ongoing contribution to the Council and its role in

continuing the development of effective policies for the Australian financial

system.

Mr Charles Curran, Director, QBE Insurance, one of Australia’s largest general

insurance and reinsurance Groups, brings to the Council considerable knowledge

of the financial sector and its operations. Mr Curran is also the Chairman of

Capital Investment Group Pty Limited, Chairman of Perpetual Trustees Australia

Limited and International Advisor for Goldman Sachs, Inc.

Mr Chris Mackay, Joint Chief Executive Officer (Australia and New Zealand)

and Head of Investment Banking, UBS Warburg, brings to the Council considerable

knowledge of the financial sector and its operations.

I would also like to extend my appreciation to Mr Ian Macfarlane, Governor

of the Reserve Bank of Australia, who is stepping down from FSAC. During his

two year term, Mr Macfarlane has provided a valuable contribution to the Council.

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

• Mr Maurice Newman AC, Chairman of the Australian Stock Exchange;
• Mr Paul Batchelor, Managing Director and Chief Executive Officer,

  AMP Ltd;

• Mr Terry Budge, Managing Director, Bank of Western Australia Ltd;
• Mrs Patricia Cross, Non-executive Company Director, AMP Ltd;
• Mr Les Hosking, Chief Executive Officer, Axiss Australia;
• Mr David Murray, Managing Director, Commonwealth Bank of Australia;
• Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank Ltd;
• Mr John Trowbridge, Group Executive, Suncorp Metway;
• Mr Charles Curran, Director of QBE Insurance Group Limited; and
• Mr Chris Mackay, Joint Chief Executive Officer (Australia and New Zealand)

  and Head of Investment Banking, UBS Warburg.

CANBERRA

22 August 2002

Contact: Niki Savva

02 6277 7340