NO.010

MEMBERSHIP OF THE FINANCIAL SECTOR ADVISORY COUNCIL

I am pleased to announce today the appointments of Mr Barry Fitzpatrick, Group

Managing Director and Chief Executive Officer, Adelaide Bank; Mr Michael Hawker,

Chief Executive Officer, Insurance Australia Group (IAG); and Ms Linda Nicholls,

Chairman of Australian Postal Corporation and Director, Perpetual Trustees and

St George Bank, to the Financial Sector Advisory Council (FSAC).

I am also pleased to announce the reappointments of Mr Maurice Newman, Chairman,

Australian Stock Exchange; Mr Charles Curran, Chairman, Capital Investment Group;

Mr Chris Mackay, Chief Executive Officer, UBS Australia; and Mr Richard Sheppard,

Deputy Managing Director, Macquarie Bank.

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 Fitzpatrick will provide great experience to the Council as the Group Managing

Director and Chief Executive Officer of Adelaide Bank. Mr Fitzpatrick is the

longest serving chief executive officer in the Australian banking and finance

sector.

Mr Hawker brings considerable knowledge to the Council from the general insurance

industry through his capacity as Chief Executive Officer of IAG and from the

banking industry, having previously held senior positions with both Westpac

and Citibank International PLC.

Ms Nicholls brings broad experience to the Council from across the financial

sector through her current positions as Chairman of Australia Post and a director

of Perpetual Trustees and St George Bank. Ms Nicholls was also a member of the

Financial System Inquiry.

I look forward to the new and continuing members providing valuable contributions

to the future work of the Council.

I would like to thank Mr Terry Budge, former Managing Director, Bank of Western

Australia and Mr John Trowbridge, former Group Executive, General Insurance,

Suncorp-Metway, for their significant contributions to FSAC since its inception

in 1998. I greatly appreciate the time and effort that they committed to the

Council and its advice to me. Messrs Budge and Trowbridge are no longer engaged

in the areas of the financial sector for which they were appointed to FSAC and

I wish the Council to have continued representation by people currently employed

in those sectors.

I would also like to thank Mr David Kent, Executive General Manager, Axiss

Australia for his valuable contribution to the Council since his appointment

in 2003. He is moving on from Axiss Australia and, given the link between this

position and his appointment to the Council, he is stepping down from the Council.

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 Barry Fitzpatrick, Chief Executive Officer, Adelaide Bank.
• Mr Michael Hawker, Chief Executive Officer, Insurance Australia Group;
• Mr Chris Mackay, Chief Executive Officer, UBS Australia;
• Mr David Murray, Managing Director, Commonwealth Bank of Australia;
• Ms Linda Nicholls, Chairman, Australia Post;
• Mr Les Owen, Group Chief Executive, AXA Asia Pacific Holdings; and
• Mr Richard Sheppard, Deputy Managing Director, Macquarie Bank.

8 March 2005

CANBERRA

Contact: David Alexander

(02) 6277 7340