NO.038

REAPPOINTMENT OF MR LES HOSKING AS CEO OF AXISS

Today I announce the reappointment of Mr Les Hosking as Chief Executive Officer

of Axiss for a further 2 years from 1 August 2002.

Axiss, formerly known as the Australian Centre for Global Finance, was

set up by the Government in August 1999 to position Australia as a global financial

services centre in the Asian time zone.

Mr Hosking has done an excellent job positioning Australia as a global financial

services centre since his appointment in October 1999, and I look forward to

working again with Mr Hosking over the coming years.

MELBOURNE

24 July 2002

Media Contact: Niki Savva (02) 6277 7340

Axiss: Matthew Gibbs, Manager, Corporate Communications

T: +61 2 8257 0580