NO.094

APPOINTMENTS TO THE FINANCIAL SECTOR ADVISORY COUNCIL

I am pleased to announce the appointments of Mr David Kent, Executive General

Manager, Axiss Australia and Mr Les Owen, Group Chief Executive, AXA Asia-Pacific

Holdings to the Financial Sector Advisory Council (FSAC). I am also pleased

to announce the re-appointment of Mr David Murray, Managing Director, Commonwealth

Bank of Australia.

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 Kent, brings to the Council an international perspective of the Australian

financial sector in his capacity as the new Executive General Manager of Axiss

Australia and from his previous experience as a Senior Commissioner at the

Australian Trade Commission (Austrade).

Mr Owen, brings to the Council considerable knowledge of the finance sector,

particularly the life insurance industry, having held a number of senior positions

in large UK life assurance companies prior to his current position.

I look forward to Mr Murray’s continued valuable contribution to the

advice of the Council.

I would also like to extend my appreciation to Mr Paul Batchelor, former

Managing Director and Chief Executive Officer of AMP, Mr Les Hosking, former

Chief Executive Officer of Axiss Australia, and Mrs Patricia Cross, Chairman

of Qantas Superannuation, who have all stepped down from FSAC (in December

2002, June 2003 and September 2003 respectively). During their terms, Mr Batchelor,

Mr Hosking and Mrs Cross provided valuable contributions to the Council.

CANBERRA

6 November 2003

Contact: David Alexander

(02) 6277 7340