ANZ Announces Pricing of Tender Offer for Any and All of Certain of Its Outstanding Notes

MELBOURNE, Australia, January 13, 2011 - Australia and New Zealand Banking Group Limited (the "Company"), one of
Australia's largest banking and financial groups, announced today the
determination of the pricing for its previously announced cash tender offer
(the "Tender Offer") to purchase any and all of its 3.20% Senior
Commonwealth Guaranteed Notes due December 15, 2011 (the "Notes").
Additional terms and conditions of the Tender Offer are set forth in the
Offer to Purchase dated December 30, 2010 (the "Offer to Purchase") and the
related Letter of Transmittal (the "Letter of Transmittal"). The offer will
expire at 5:00 p.m., New York City Time, on January 13, 2011, unless
extended (the "Expiration Date").

The Company will pay holders who validly tendered and did not validly
withdraw their Notes at or prior to the Expiration Date, the purchase price
of $1,026.59 for each $1,000 principal amount of its Notes accepted for
purchase, plus accrued and unpaid interest up to, but not including, the
settlement date.

The purchase price has been determined for the Notes by reference to the
applicable fixed spread specified for such Notes over the yield based on the
bid-side price of the applicable U.S. Treasury Security ("Reference Yield"),
as calculated by BofA Merrill Lynch, the Dealer Manager, at 11:00 a.m., New
York City time, on January 13, 2011. The formula for determining the purchase
price is set forth in Schedule A of the Offer to Purchase. The purchase
price, the applicable Reference Yield and the accrued and unpaid interest,
assuming a settlement date of January 14, 2011, is detailed in the table
below.

                                                                Reference
                                                                 Treasury
    CUSIP No.                  ISIN          Title of Notes      Security
    ---------                  ----          --------------      --------
    144A: 05252AAB7     144A: 05252AAB70     3.20% Senior      1.125% due
    Reg S: 05252BAB5    Reg S: 05252BAB53    Commonwealth      December 15,
                                             Guaranteed          2011
                                             Notes due
                                             December 15,
                                               2011 

    U.S.                                   Accrued
    Treasury     Tender                      and
    Reference    Offer       Purchase      Unpaid
    Yield        Yield        price       Interest
    -----        -----        -----        --------
    0.302%       0.302%    $1,026.59        $2.58

The settlement date for the Tender Offer is expected to be the first
business day following the Expiration Date and currently is expected to be
January 14, 2011. The Tender Offer remains subject to meeting certain
conditions, and the Company reserves the right to extend, terminate, withdraw
or amend the Tender Offer at any time subject to applicable law.

The Company has retained BofA Merrill Lynch as Dealer Manager. Global
Bondholder Services Corporation has been retained to serve as the depositary
and to serve as the information agent for the tender offer.

For additional information regarding the terms of the Tender Offer,
please contact: BofA Merrill Lynch at (888)-292-0070 (toll free) or +1-980-
388-9217 (collect).

This news release is not an offer to purchase or a solicitation of an
offer to sell any securities. The Tender Offer is being made only pursuant to
the terms of the Offer to Purchase, and the related Letter of Transmittal.

Requests for documents and questions regarding the tendering of the Notes
may be directed to Global Bondholder Services Corporation, at (866)-294-2200
(toll free).

About the Company

The Company is one of the four major banking groups headquartered in
Australia. The Company, together with its subsidiaries, provides a broad
range of banking and financial products and services to retail, small
business, corporate and institutional clients. The Company conducts its
operations primarily in Australia, New Zealand and the Asia Pacific region.
It also operates in a number of other countries including the United Kingdom
and the United States.

Additional information about the Company (including the Company's most
recent annual audited consolidated financial statements) is available on the
Company's website at www.anz.com/aus/shares/finance/disclosure.asp.

The statements in this press release which are not historical facts may
be forward-looking statements. Readers are cautioned not to place undue
reliance on forward-looking statements, which speak only as of the date that
they are made and which reflect management's current estimates, projections,
expectations or beliefs and which involve risks and uncertainties that could
cause actual results and outcomes to be materially different. Risks and
uncertainties that may affect the future results of the company include, but
are not limited to, adverse results from pending or future government
investigations, lawsuits or private actions, the competitive environment,
changes in government regulations, changing relationships with customers,
payers, suppliers and strategic partners and other factors discussed in the
Offer to Purchase.

Web site: www.anz.com

Mostyn Kau, Director Group Treasury, Tel: +44-20-3229-2013, Mostyn.Kau at anz.com