ANZ 2021 Annual Report

Australia and New Zealand Banking Group Limited ABN 11 005 357 522
ANZ Centre Melbourne, Level 9A, 833 Collins Street, Docklands VIC 3008

3 November 2021

Market Announcements Office
ASX Limited
Level 4
20 Bridge Street
SYDNEY NSW 2000





ANZ 2021 Annual Report

Australia and New Zealand Banking Group Limited (ANZ) today released its 2021 Annual
Report.
It has been approved for distribution by ANZ’s Board of Directors.

Yours faithfully




Simon Pordage
Company Secretary
Australia and New Zealand Banking Group Limited

THE BANK
WE’RE BUILDING
2021 ANNUAL REPORT

2017
Established our Ethics
and Responsible
Business Committee
2018
Implemented our
Ethical Decision
Making Framework
2019
Committed to fund
and facilitate $50
billion by 2025 in
sustainable solutions
for our customers
2020
Committed to fund
and facilitate $10
billion of investment
by 2030 to deliver
more affordable,
accessible and
sustainable homes
1
2021
Reached more
than 67, 6 0 0
people through
our financial
wellbeing programs,
MoneyMinded
and Saver Plus
2
1. Refers to homes to buy and rent in Australia and New Zealand. 2. Includes individuals who have participated in more than one program (for example, people who have participated
in MoneyMinded as part of Saver Plus are counted twice as they are included in both the MoneyMinded and Saver Plus totals) in the period 1 October 2020 – 30 September 2021.
In 2017 we introduced our purpose...
Shape a world
where people and
communities thrive

$
$
$
We’re building an ANZ that improves the financial wellbeing
and sustainability of customers, focused on:
Helping people start or buy
and sustainably grow
their business.
Helping companies move
goods and capital around the
region and sustainably
grow their business.
Helping people save for, buy
and own a sustainable, liveable
and affordable home.
CONTENTS
Overview
Our 2021 r
eporting suite
2
2021 per
formance
snapshot
3
Chairman’s message 4
CEO’s message 6
What matters most 9
How we create value
About our business

10
Our strat
egy
11
Ho
w we create value
12
Our operating
environment 14
Our customers 15
Becoming a fairer and
more responsible bank
24
Our divisions
26
Our people 29
Our community 34
Improving our approach
to human rights 37
Our approach to
climate change

38
G
overnance 40
Risk management
51
Performance
overview 56
Remuneration
report 74
Directors’ report 110
Financial report 113
KPMG assurance 252
Shareholder
information 254
Glossary
263
1
ANZ 2021 Annual Report

Our 2021 reporting suite
1. Australia and New Zealand Banking Group Limited (the Company) and the entities it controlled at the year end and from time to time during the financial year (together, the Group).
2. The 2021 Annual Review is comprised of pages 1 to 72, 252 to 253 and 261 to 262 of this Annual Report and a Remuneration Overview.
INTEGRATED REPORTING
This report includes information on Australia and New Zealand
Banking Group Limited’s1 financial and non-financial performance.
In preparing pages 1 to 72, we have drawn on aspects of the
International Integrated Reporting Framework to describe how
our business model, strategy, governance and risk management
processes help us manage risks and opportunities in our operating
environment and deliver value for stakeholders. We outline our
response to external social and environmental challenges, including
how we are continuing to support our customers, employees and
the community through the COVID-19 pandemic and strengthening
our approach to climate change and human rights.
ANNUAL REPORT STRUCTURE
The required elements of the Directors’ Report, including the
Operating and Financial Review, are covered on pages 1 to 70.
Commentary on our performance overview contained on pages
56 to 71 references information reported in the Financial Report
pages 113 to 251.
The Remuneration Report pages 74 to 109 and the Financial Report
pages 113 to 251 have been audited by KPMG. KPMG also provides
limited assurance over Environment, Social and Governance (ESG)
content within this Annual Report. A copy of KPMG’s limited
assurance report over ESG content is on pages 252–253.
This report covers all ANZ operations worldwide over which,
unless otherwise stated, we had control for the financial year
1 October 2020 to 30 September 2021. Monetary amounts in this
document are reported in Australian dollars, unless otherwise stated.
ADDITIONAL INFORMATION
We produce a suite of reports to meet the needs and requirements
of a wide range of stakeholders.
Our 2021 Corporate Governance Statement discloses how we have
complied with the ASX Corporate Governance Council’s ‘Corporate
Governance Principles and Recommendations – 4th edition’ and is
available at anz.com/corporategovernance. This year is our first
reporting against the 4th edition.
Our ESG Supplement provides stakeholders with detailed ESG
disclosures, including performance against our ESG targets.
We will release our 2021 Climate-related Financial Disclosures
report prior to our Annual General Meeting.
The following documents are available at
anz.com/shareholder/centre:
•News Release
•Consolidat
ed Financial Report,
Dividend Announcement
& Appendix 4E
•Results P
resentation and
Investor Discussion Pack
•Annual R
eview2
•Principal Risks and
Uncertainties Disclosure
•APS 330 P
illar III Disclosure
We are continually seeking to improve our reporting suite and
welcome feedback on this report. Please address any questions,
comments or suggestions to investor.relations@anz.com.
DISCLAIMER & IMPORTANT NOTICE:
The material in the Annual Report contains general background information
about the Bank’s activities current as at 27 October 2021. It is information
given in summary form and does not purport to be complete. It is not
intended to be and should not be relied upon as advice to investors
or potential investors and does not take into account the investment
objectives, financial situation or needs of any particular investor. These
should be considered, with or without professional advice when deciding
if an investment is appropriate. The Annual Report may contain forward-
looking statements or opinions including statements regarding our intent,
belief or current expectations with respect to ANZ’s business operations,
market conditions, results of operations and financial condition, capital
adequacy, specific provisions and risk management practices. When used
in the Annual Report, the words ‘forecast’, ‘estimate’, ‘project’, ‘intend’,
‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘probability’, ‘risk’, ‘will’, ‘seek’, ‘would’,
‘could’, ‘should’ and similar expressions, as they relate to ANZ and its
management, are intended to identify forward-looking statements or
opinions. Those statements: are usually predictive in character; or may be
affected by inaccurate assumptions or unknown risks and uncertainties;
or may differ materially from results ultimately achieved. As such,
these statements should not be relied upon when making investment
decisions. These statements only speak as at the date of publication and
no representation is made as to their correctness on or after this date.
Forward-looking statements constitute ‘forward-looking statements’
for the purposes of the United States Private Securities Litigation Reform
Act of 1995. ANZ does not undertake any obligation to publicly release
the result of any revisions to these forward-looking statements to reflect
events or circumstances after the date hereof to reflect the occurrence of
unanticipated events.
2021 Annual Review
anz.com/annualreport
2021 ESG Supplement
anz.com/annualreport
2021 Climate-related
Financial Disclosures
anz.com/annualreport
2021 Corporate
Governance Statement
anz.com/corporategovernance
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CREATE VALUE
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INFORMATION

$6.2B
Cash profit1
81%
employee
engagement
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page 57 .
2. Figure includes forgone revenue of $106m, the
cost of providing low or fee-free accounts to a range of customers such as government benefit recipients, not-for-profit organisations, students and the elderly. International transfer fees were
waived for funds sent from Australia and New Zealand to the Pacific to support communities impacted by COVID-19.
3. Equals shareholders’ equity less preference share capital, goodwill,
software and other intangible assets divided by the number of ordinary shares.
4. APRA Level 2. 5. Measures representation at the Senior Manager, Executive and Senior Executive levels.
Includes all employees regardless of leave status but not contractors (who are included in Full Time Equivalents (FTE)).
6. In Australia and New Zealand.
218.3C
Cash earnings
per share1
35.3%
of women in leadership5
12.3%
Common equity
Tier 1 Capital4
$21.95B
funded and facilitated
in sustainable solutions
since 2019
$21.09
Net tangible
assets per share3
$1.43B
funded and facilitated to deliver more
affordable, accessible and sustainable
homes to buy and rent since 20206
2021 performance snapshot
9.9%
Cash return on equity1
142C
Dividend for
2021 per share
$
CO
2
Supported around
151,600
customers to build
a savings
habit since 2020
$139.7M
in community investment2
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Chairman’s
message
The bank has navigated a year of historic health and economic challenges
while also supporting our customers and the community.
As we reflect on the events of 2021, I don’t think many of us would
have imagined enduring months of further lockdowns this year in
Melbourne, Sydney and, most recently, Auckland.
While it has been an incredibly difficult period for many, the future
does look much brighter as we adjust to the new phase of living
with the virus. Impressive vaccination rates provide hope and if
we’ve taken anything from previous lockdowns, it has been the
resilience of our people and our customers.
From a bank perspective, we delivered a solid financial outcome.
Our full-year statutory profit was up 72% to $6.16 billion. While
improving economic conditions meant we were able to release
some of the credit reserves we put in place for expected losses,
the result also demonstrates the benefits of a diverse portfolio.
Prudent risk management over many years has resulted in
much lower than anticipated loss rates, capital buffers remain
at an historically high-level with a CET1 of 12.3%, while earnings
have returned to near where they were pre-COVID-19 and Total
Shareholder Returns have substantially improved.
The overall improved performance of the business has been
reflected in our decision to restore dividends close to what they
were before the pandemic struck and to lead the industry in
returning capital to shareholders.
In fact, on a pro-forma basis we will have approximately $6 billion of
capital above ‘unquestionably strong’ and will continue to consider
the best use of any surplus capital.
Highlights this year have included New Zealand having a strong
year and Institutional providing good returns for shareholders.
However, we did face challenges and although revenue in our
Australia Retail & Commercial business in Australia increased,
elevated demand for home loans impacted our ability to process
applications in a timely manner which resulted in a loss of
market share. There was also a delay with one of our key digital
transformation products.
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The Board has exercised its discretion to reduce the variable
remuneration as a percentage of target for relevant executives
and we are confident the systematic actions being taken by
management will address these issues.
THE BANK WE ARE BUILDING
A joint-venture announced with European-based global payments
leader Worldline to provide the most advanced payments
technology and merchant services in Australia is the latest example
of our simplification program. While we still have some non-core
assets, namely our minority investments in Asian banks, the Board
and management team are now focused primarily on growing our
core franchise.
Rapid change and disruption of traditional banking business
models are the new normal. At ANZ we are taking advantage
of these changes with the ‘Bank We Are Building’ transformation.
We will continue to focus on driving simplification and efficiency
in our core business while also making significant investments in
our digital platforms and advanced analytics capability so we can
offer compelling products and services to our customers.
Investments will also focus on new pivotal partnerships in the
emerging digital ecosystems our customers are increasingly using.
Our Chief Executive Officer Shayne Elliott discusses this work in
more detail in his update.
We are also acutely aware of the leadership role we play in relation
to climate change. While the rapid decarbonisation of the global
economy will be a significant business opportunity, there are
financial risks associated with lending to customers impacted by
climate change. We are committed to play our part in the path to
net zero by 2050 and will work with customers to assist them with
their transition.
SUPPORTING OUR COMMUNITIES
COVID-19 has reinforced the importance of community and
I’m proud of the way ANZ has supported those in need through
the pandemic.
The early days rightly prioritised supporting those who had been
most impacted by various lockdowns through loan deferrals. These
deferrals provided tens of thousands of customers with the critical
time required to manage their cashflow through this difficult period.
There was less demand for customer deferrals this year, however
equally important has been our support of the Government loan
guarantee programs in Australia and New Zealand.
We also utilised our long experience with
financial education to set up a program to
specifically help Pacific islanders, arriving
in Australia to fill labour shortages, better
understand how to manage their money.
ANZ of course has large operations in some of the countries
hardest hit by COVID-19. India, for example, a country in
which we have a deep history, was devastated by its Delta
outbreak this year.
While we worked hard to support our staff in India, we also
donated $1 million to World Vision’s India COVID-19 appeal
as well as setting aside a further $1 million to match customer
and staff donations.
We have also taken action to ensure our people across our
network are supported. Despite almost two years of remote
working, our people remain highly engaged and we were
pleased to be awarded the Number 1 position in the Australian
Financial Review’s ‘Best Place to Work’ awards within our sector.
BOARD RENEWAL
Firstly, I’d like to acknowledge our former Chairman David Gonski.
David retired from the ANZ Board in October last year having made
an enormous contribution to our bank during his seven years as
Chair. He helped build an organisation with a strong focus on
governance, accountability, culture and better customer outcomes.
There is no doubt ANZ is in much better shape as a result of his
stewardship and on behalf of all shareholders, I thank David for
his leadership.
Paula Dwyer will retire from the Board following our Annual
General Meeting (AGM) on 16 December 2021. Paula is one
of Australia’s most respected non-executive directors and we
have been incredibly fortunate to have her serve on our Board
for the past nine years, particularly in her role as Chair of the Audit
Committee. From a personal perspective, I feel privileged to have
been able to serve with her and on behalf of all shareholders thank
Paula for her dedicated service to our company and wish her well
with her future endeavours.
We are very fortunate to be welcoming Christine O’Reilly to the
Board. Christine is an outstanding company director and she
will make a significant contribution on behalf of all shareholders.
While Christine formally joins the Board on 1 November 2021,
she will stand for election as a Director at our AGM .
Finally, as a relatively new Chairman of ANZ, I would like to
thank our shareholders for their support through the year.
I also acknowledge the hard work and dedication of the 40,000
professionals working at ANZ. The pandemic has meant it has
been another challenging year but our team has again stepped
up for our customers and shareholders.
Paul D O’Sullivan | Chairman
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CEO’s message
It has been another significant year in the transformation of ANZ, particularly when
considering the impacts COVID-19 is having on our customers and colleagues.
As we approach the final months of the year, I’m sure we all hoped
the pandemic would be largely behind us. It isn’t but there are
positive signs of a more optimistic 2022.
It was five years ago we outlined our vision for the future. A future
that would see traditional banking models under significant
pressure from a range of new competitors.
Customers want the same experience in banking they can get
from online shopping or travel – convenient, safe, always on.
At the same time, society expects more from us. Investors and
regulators are rightly more sensitive to banks operating in an
ethical, environmentally sustainable and transparent manner.
Politicians are also holding the industry to greater account.
The pace of change has been faster than anticipated. Fortunately,
we had already made significant progress in readying the
organisation for the next phase of our evolution.
We’re now a much simpler and lower risk bank. We focus on the
customers for whom we can add value and we’ve delivered on
what we said we would. We are clear on who we bank and how
we will drive value for customers and shareholders.
As the Chairman mentions in his update, we’ve delivered a solid
result this year with highlights being the strong performance in
New Zealand and Institutional.
This leads to the next chapter of the
bank we are building.
It is our purpose – to shape a world
where people and communities thrive –
which directly underpins our strategy
of improving the financial wellbeing
and sustainability of our customers.
For the last couple of years we have been working on a program
we’ve internally referred to as ‘ANZx’. This is not just a set of new
products, rather it’s improving the digital capability, the digital
‘mindset’ if you like, of our entire organisation.
The first phase of this will be the launch soon of a new proposition
we are calling ANZ Plus. Initially focused on savings and deposits,
ANZ Plus has been in pilot for a few months and has been
specifically designed to help people manage their money better.
But ANZ Plus is just the very first step in what will be a multi-year
roll out of what will eventually become the cornerstone of how
our retail and small business customers bank with us in the future.
It’s a growth-oriented strategy – taking the best technology and
fintech mindset and applying it to our already strong brand and
customer base.
Above all, it will be a radically different approach focused on
growing the financial wellbeing of our customers and we will
continue to update shareholders on our progress through the year.
To help prepare for this new world we also separated our ventures
and incubator business, formerly known as ANZi, into a stand-alone
entity. This small but important change will accelerate our growth
and deliver new digital solutions for our customers.
Now known as 1835i, this independent venture business will
operate more like a start-up. We will invest where we see a path
to acquire more customers, deepen relationships with existing
customers or co-develop new propositions we couldn’t develop on
our own. ANZ will, of course, continue to fund 1835i’s investments
and oversee its governance.
An example of how digital solutions can rapidly improve our
operations was the launch this year of ANZ GoBiz. This allows
customers to plug their accounting software straight into our
systems so we can understand their financials almost instantly
and approve working capital loans much faster. We have also
digitised processes in the back-end.
It works with all the major accounting software packages – Xero,
MYOB and QuickBooks – covering about 70% of all small businesses
in Australia and effectively reduces the time it takes to get the money
in the hands of small businesses from 30 to 2 days.
We are also preparing for one of the mega-trends of the global
economy – the rapid transformation of how we produce, distribute
and consume energy.
This is one of the most exciting opportunities for ANZ and we are
well-placed to shape and support the required economic transition.
In fact, this is a major business opportunity and one in which we
already have made significant gains.
Key areas of interest for us include supporting the electrification
of the transport supply chain, commercialisation of hydrogen,
financing energy efficient buildings and assisting our customers to
establish and develop their own transition plans. As well as being
a signatory to the Net-Zero Banking Alliance, these are significant
areas of commercial opportunity that will underpin
ANZ’s business for many years to come.
As we look to our strengths, one of the highlights this year has
been the progress we have made in improving the diversity
of our workforce. In fact, this year saw the fastest improvement
in the representation of Women in Leadership which increased
to 35.3%. This is in addition to my executive team which has
40% women and our Board which has 38%.
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Shayne Elliott | Chief Executive Officer
70 years
as ANZ
This is a milestone year for us as
it marks a major anniversary since
the start of the ‘modern’ ANZ.
It was in October 1951, 70 years ago, The Bank of
Australasia joined with Union Bank of Australia and
became ANZ Bank. This was a significant incarnation of
a bank whose antecedents stretched back to Cornwall
Bank, formed in Launceston in then Van Diemen’s
Land in 1828.
In 1963 the bank was the first to ‘computerise’ and in 1970
merged with the English, Scottish and Australian Bank
(ES&A) to become Australia and New Zealand Banking
Group Limited – in what was at the time the largest
merger in Australian banking history.
While much has changed during this time, we are still the
most international of the Australian banks and I’m proud
we’ve retained a culture so focused on our customers,
no matter their size or where they are in the world.
TENACIOUS OF
PURPOSE
We know there is more to be done which is also why
we signed up to Hesta’s 40:40 initiative and I was proud
we were the only bank among the first ten signatories.
Our progress in building a talented and diverse team has
meant some of our most senior women, in particular our
former Deputy CEO Alexis George and former CFO Michelle
Jablko, have been selected for high-profile and challenging
roles outside of the organisation.
While this could easily be seen as a negative, I’m incredibly
proud we are seen as an organisation that provides people
with the opportunities they deserve. It also means we are
able to broaden the experience of other executives on the
team and, in the case of the CFO, appoint Farhan Faruqui to
the role.
Farhan is a deeply experienced global banker who played
a crucial role in the re-shaping of ANZ’s Institutional and
International business and he will make just as important
a contribution as our next CFO.
Finally, while this is a period of significant disruption, I’m
confident in our ability to continue to deliver for all of our
stakeholders. We have never been financially stronger, we
are investing for growth and we have the team with the
mindset and agility to deliver.
I would like to acknowledge our terrific team across
the world who have done an outstanding job for their
customers, our shareholders and the community. It has
been a difficult year for everyone but I continue to be
impressed with their resilience and hard work.
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This year Saver Plus reached a significant milestone.
The program has now enabled more than 50,000 lower income Australians
to save around $26 million for their education costs, with ANZ providing matching
of $21 million.
1. As at 30 June 2021. 2.2018 Saver Plus: Pathways to Wellbeing Report.
COMMUNITY STORY
50,000 people
saving for the future
Program participant Daisy from Greenacre Hill in New South Wales
says: “Saver Plus showed me how to save more money. Looking at
my needs versus wants when shopping with my kids, I realised I can
save so much more by using a list and shopping fortnightly. I’m still
using the ANZ account and making deposits every single month.”
Melinda Moore, Acting Director Community Programs at
Brotherhood of St Laurence (BSL), says the Saver Plus program
has a lasting and sometimes life-changing impact on participants.
“Research shows many participants go on to establish a lasting
savings habit that sees them achieve their financial goals and
improve their financial wellbeing,” she says.
FINANCIAL WELLBEING AFTER SAVER PLUS
2
Average financial
wellbeing score
before Saver Plus:
36
Average financial
wellbeing score
after Saver Plus:
64
Australia
average financial
wellbeing score:
59
Saver Plus is the world’s largest and longest running matched
savings and financial education program and was co-developed
by BSL and ANZ.
Further information on our financial wellbeing
programs is in our 2021 ESG Supplement available
at anz.com/annualreport.
50,840
1
Total participants since 2003
$26M
1
Amount saved
$21M
1
Amount received in
matching from ANZ
86%
Female
participants
14%
Male
participants
75%

Saving for
children’s education
17%
Saving for
own education
8%
Saving
for both
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What matters most
Through our annual materiality assessment, we engage with internal and external
stakeholders to inform our identification of ESG risks and opportunities. We seek
to identify those issues with the most potential to impact our ability to operate
successfully and create value for our shareholders and other stakeholders.
We use the assessment to inform our strategy, public ESG targets
and external reporting.
This year we obtained stakeholder views on a broad range of
ESG issues.
Overall, climate change emerged as the highest priority issue –
with stakeholders noting both the social and environmental
impacts and the influence ANZ can have by deploying capital to
finance the transition to a net zero carbon economy. Stakeholders
highlighted the risks associated with our current exposure to high
emitting sectors, but also emphasised the opportunities associated
with the strong growth in sustainable finance.
Fairness and ethical conduct continued to be seen as critical
to everything we do and key to our social license to operate.
Financial wellbeing was viewed as ‘core business’ and our efforts
in this area can improve customer experience and positively impact
the broader community. Finally, innovation and technology were
seen as essential to supporting customer experience in today’s
digital world.
Climate change: managing the business risks
and opportunities associated with climate change.
Includes the role we play in supporting our
customers to transition to a low carbon economy.
Fairness and ethical conduct: a strong corporate
culture, known for ethics, values, fairness and
transparency. Simple and understandable products
and communications (i.e. product disclosure,
including bank fees and charges) and appropriate
hardship/collections policies.
Financial wellbeing: promoting and enabling
access to safe and affordable products and services,
particularly for lower-income and vulnerable
consumers. Work with cross-sector partners to help
customers, employees and the broader community
meet current financial commitments and needs,
and improve their financial resilience.
Customer experience: delivering value and
improved customer experience through appropriate
financial products and services for all customers,
small business and personal.
Innovation and technology: keeping pace with
digital innovation to ensure we are offering our
customers reliable and convenient products and
services in a rapidly changing market.
Insights from the assessment were presented to our executive
Ethics and Responsible Business Committee and Board Ethics,
Environment, Social and Governance Committee and helped
to inform the development of our public ESG targets.
Our material ESG issues are ‘mapped’ to the
bank’s Key Material Risks on pages 54–55.
The full list of our material ESG issues, as well as the
key steps in the materiality assessment process, are
discussed in our 2021 ESG Supplement available at
anz.com/annualreport.
Detailed information on other ways in which we have engaged
with stakeholders is also included in the 2021 ESG Supplement.
$
INCREASING IMPORTANCE OF ESG IN
BUSINESS STRATEGY
The bank’s response to COVID-19 was well regarded by
external stakeholders participating in the assessment,
with several commenting there is a continuing role
for banks to support customers who find themselves
in longer-term financial difficulty. COVID-19 was seen as
accelerating the importance of ESG – with a heightened
expectation that banks incorporate ESG considerations
in their business strategy.
“Every decision made now should be
integrating these ESG risks and taking
advantage of ESG-related opportunities.”
External stakeholder
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About our business
We provide banking and financial products and services to around 8.7 million retail
and business customers, and operate across 32 markets.
Our expertise, products and services make us a bank.
Our people, purpose, values and culture make us ANZ.
OUR DIVISIONS
Australia Retail and Commercial – serves retail, commercial and
private banking customers through our branch network, business
centres, ATMs, and digital and mobile banking applications.
Institutional – serves institutional and business customers across
Australia, New Zealand, Asia, Europe and America including Papua
New Guinea and the Middle East.
New Zealand – serves retail, commercial and private banking
customers in New Zealand and is one of the largest New Zealand
companies based on profit and assets.
Pacific – provides products and services to retail and commercial
customers located in the Pacific Islands, where our history dates
back 138 years.
Technology, Services & Operations and Group Centre –
comprised of functions that support our business including Risk,
Finance, Communications and Public Affairs, Internal Audit and
Talent & Culture.
OUR PURPOSE AND VALUES
Our purpose is to shape a world where
people and communities thrive.
Launched five years ago, our purpose explains ‘why’ we exist, guides
the decisions we make each day and drives everything we do.
Our values are the foundation of ‘how’ we work – living our values
every day enables us to deliver on our strategy and purpose,
strengthen stakeholder relationships and earn the community’s
trust. All employees and contractors must comply with our Code
of Conduct, which sets out the expected standards of professional
behaviour and guides us in applying our values.
Supporting sustainable development
We are committed to the United Nations (UN) Sustainable Development
Goals (SDGs) and believe that business has an important role to play
in their achievement. Our 2022 ESG targets support 12 of the 17 SDGs.
In 2019 we became a founding signatory to the UN Principles for
Responsible Banking. Under the Principles we are required to set
at least two targets that address our most significant (potential)
positive and negative impacts, aligned with the SDGs and the Paris
Climate Agreement.
Further information on our progress towards
implementing the Principles, including targets
we have set, is in our 2021 ESG Supplement
available at anz.com/annualreport.
OUR ENVIRONMENT, SOCIAL AND GOVERNANCE
(ESG) FOCUS AREAS
We are helping to respond to complex societal issues central to our
customers and our business strategy. In particular, we are focusing
our efforts on:
Financial wellbeing – improving the financial wellbeing
of our people, customers and the community by helping
them make the most of their money throughout their lives
Environmental sustainability – supporting household, business
and financial practices that improve environmental sustainability
Housing – improving the availability of suitable and affordable
housing options for all Australians and New Zealanders
Fundamental to our approach is a commitment to fair and
responsible banking – keeping pace with the expectations of
our customers, employees and the community, behaving fairly
and responsibly and maintaining high standards of conduct.
Integrating ESG and purpose into our strategy has created an
opportunity for us to better serve our customers and generate
long-term shareholder value.
INTEGRITY
COLLABORATION
ACCOUNTABILITYRESPECTEXCELLENCE
OUR VALUES ARE
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Our strategy
To build a better bank we are bringing our purpose to life,
integrating our values and culture into our strategy.
Our strategy is to improve the financial wellbeing and sustainability of our customers. We will do this by providing excellent services,
tools and insights that engage and retain customers and positively change their behaviour.
Building the financial wellbeing and sustainability of our customers
creates a positive cycle of benefits. It directly benefits customers
and also grows shareholder returns; it leads to a strong and positive
reputation; it ultimately means it costs less to acquire customers;
and it grows loyalty, which in turn generates better returns –
delivering more capital so we can invest in building a better
bank and continue to improve the lives of our customers.
We will know we have built a better bank when:
•We suppor
t a higher share of customers in our target segments
•Our cust
omers have greater financial wellbeing over their
lifetimes, and implement more sustainable business practices
than others
•Our customers are more engaged, more loyal and avail
themselves of more of the right products and services than
those banking with peers
•We
serve our customers more efficiently than peers and our
systems are safer and more reliable
•We
attract and retain more of the people with the skills required
to reinvent banking, in line with our purpose and culture
•We generate stronger long-term financial results (in terms
of sustainable economic profits) than our peers
•Our reputation with customers, community, potential employees
and regulators is better, both absolutely and relative to (domestic)
competitors (existing and emerging)
•Our prac
tices and services provide more opportunity for the
community and we have supported and improved positive
economic development and transition.
We will achieve our strategy through…
In particular, we want to help customers:
Propositions our
customers love... with easy
to use services that evolve to
meet their changing needs.
Through better use of data
we will be able to provide
valuable insights about our
customers and how they
can improve their financial
wellbeing and sustainability
over their lifetime, enabling us
to create superior propositions.
Flexible and resilient digital
banking Platforms... powering
our customers and made
available for others to
power the industry.
Platforms underpin our
own propositions and
will increasingly underpin
those of our customers,
notably other banks or
institutional corporations.
Partnerships that
unlock new value... with
ecosystems that help
customers further improve
their financial wellbeing
and sustainability.
We recognise that no one
institution can do everything or
innovate at the pace necessary
to satisfy customers’ needs –
strong relationships with
partners is therefore vital.
Purpose and values-led
people... who drive value by
caring about our customers
and the outcomes we create.
Our people listen, learn
and adapt and do the
right thing the first time,
delivering the outcomes
that address financial and
sustainability challenges.
Save for, buy and own a
sustainable, liveable and
affordable home
Start or buy and
sustainably grow
their business
Move capital and goods around
the region and sustainably grow
their business
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...ENABLE OUR BUSINESS ACTIVITIES...
Pay dividends to
our shareholders
Provide wealth
management products
and advisory services
Collaborate with
partners to
improve financial
wellbeing and
environmental
sustainability
Pay taxes in
the countries
within which
we operate
G
O
V
E
R
N
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N
C
E
G
O
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N
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S

&

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1INT
EINE1GR
How we create value
VALUE DRIVERS
Products and services
Loans, transaction banking services, deposits
and other financial products developed for
our customers.
Finance
Access to capital through customer deposits,
debt and equity investors and wholesale
markets enables us to run our operations
and execute our strategy.
People
Engaged workforce with the skills required to
reinvent banking, in line with our purpose
and culture.
Technology, data and risk management
Flexible, digital-ready infrastructure to provide
great customer experience, with systems and
processes that are less complex, less prone to
error and more secure.
Social
Trusted relationships with our customers and
the community are essential to our brand
and reputation.
Environment
Use of natural resources and impact on the
environment, resulting from our operations
and the products and services we provide
our customers.
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SHAREHOLDER VALUE
We generate stronger long-term financial results
(in terms of sustainable economic profits) enabling
shareholders to meet their goals
•218.3
cents earnings per share2
•9.9% cash return on equity2
•Proposed final dividend per share of 72 cents and interim
dividend per share of 70 cents
•$21.09 net tangible assets per share3
•70.7% t
otal shareholder return (TSR) in 2021
•31.8%
TSR over the past 5 years
CUSTOMER VALUE
Our customers are financially better off over their lifetime and
implement more sustainable business practices than others
•$368 billion home loan por
tfolio, increase of $12 billion in 2021
(Australia and New Zealand)
•Business loan balance of $91 billion and customer deposits
of $105 billion (Australia and New Zealand)
•$12.8 billion funded and facilitated in sustainable solutions
EMPLOYEE VALUE
Our diverse teams are engaged and optimised for success
•81% employee engagement
•35.3% Women in leadership
•$
4.9 billion in employee salaries and benefits
•Over 1,275,000 hours of training provided
COMMUNITY VALUE
Our practices and services provide more opportunity for
the community and we have supported and improved
positive economic development and transition
•Invested $1.29 billion in social and sustainable housing in Australia
and NZ$150 million in New Zealand
•$2.4 billion in taxes paid to government4
•More than 67,600 people reached through our financial literacy
programs MoneyMinded and Saver Plus5
•Engaged with 100 of our largest emitting business customers
to support their low carbon transition
...CREATING VALUE FOR OUR STAKEHOLDERS1
Provide transaction
banking services
and hold deposits
Lend money to
retail, business
and institutional
customers
Help customers
mitigate and
manage
financial risks
Support customers
with trade and
capital flows
G
O
V
E
R
N
A
N
C
E
G
O
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R
N
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R
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K
S

&

O
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R

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P
P
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T
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S
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P
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R
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N
G

E
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V
I
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O
N
M
E
N
T

Shape a
world where
people and
communities
thrive
Our value creation model outlines how we deliver positive outcomes for our key stakeholders through our business activities,
and identifies the value drivers (or capitals) that we rely on to meet our strategic goals and build a better bank. Long-term
value creation is dependent on our ability to successfully manage the risks and opportunities in our operating environment.
1. All figures below relate to the period 1 October 2020 - 30 September 2021 unless
otherwise stated.
2. On a cash profit (continuing operations) basis. Excludes non-core items
included in statutory profit and discontinued operations and is provided to assist readers
in understanding the result of the ongoing business activities of the Group. For further
information on adjustments between statutory and cash profit refer to page 57 .
3. Equals
shareholders’ equity less preference share capital, goodwill, software and other intangible
assets divided by the number of ordinary shares.
4. Total taxes borne by the Group, includes
unrecovered GST/VAT, employee-related taxes an other taxes. Inclusive of discontinued
operations.
5. Includes individuals who have participated in more than one program (for
example, people who have participated in MoneyMinded as part of Saver Plus are counted
twice as they are included in both the MoneyMinded and Saver Plus totals).
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Our operating environment
The COVID-19 pandemic has fundamentally changed the external environment across the
geographies in which we operate. A summary of the key external challenges currently affecting
our business and our response to them is outlined below.
CHALLENGEOUR RESPONSE
Social and economic impacts of COVID-19
•Many customers continue to be financially impacted by
the pandemic, and need to adapt to a new environment
•Changed employment proposition due to continued stay-at-
home restrictions and employees moving to ‘blended’ models
of working where restrictions allow a return to office.
•Responding to customer circumstances, by providing financial
support and information
•Working cooperatively with government on policies to see
our customers through the COVID-19 pandemic and into a
period of growth
•Pr
oviding targeted wellbeing and safety support to employees.
Limited growth
•The economic contraction expected as a consequence of
prolonged lockdowns in New South Wales and Victoria will
impact households and many businesses. It could push
unemployment higher and cause more customers to defer
loan repayments. Further pandemic-related disruptions are
possible over the coming year across our markets of operation.
•Maintaining our f
ocus on core banking services to improve
customer outcomes, together with efficient allocation of
capital and resources.
Increased public and regulatory scrutiny
•Challenges arising from regulatory expectations and changing
community standards and expectations
•Failure to meet our ESG commitments and related social
expectations could lead to customer and community impacts
and reduced shareholder value.
•Supporting our customers, employees and the community
through the pandemic and ensuing recovery period
•Building trust by ‘doing what we say’
•Working cooperatively with regulators, government and NGOs
•Strengthening our ESG policies and processes and ensuring
we implement effectively – transparently disclosing our progress.
Increased competition
•Increased competition from digitally enabled competitors. •Deploying new and improved digital services, products and
processes to help meet customer needs for efficient and
accessible banking.
Cyber security threats
•Increased cyber-attacks, scams and attempted fraud. •Meeting customer needs for safe, secure and reliable banking
through investing in our cyber security capabilities.
Climate change
•Increasing regulatory, political and societal focus on the
transition risks associated with climate change
•Potential financial risks associated with lending to business
and retail customers impacted by climate change.
•Pr
oviding sustainable finance products and services, such as
green and sustainability-linked loans and bonds, that drive the
transition to a low carbon economy
•Strengthening our policies, processes, products and services
to manage the risks and opportunities associated with
climate change.
Globalisation and geopolitical changes
•The COVID-19 pandemic and changing geopolitical
environment has hurt global prosperity and cooperation,
threatening flows of trade, investment and people. This
may challenge supply chains and productivity across
our geographies.
•Developing new markets to leverage business opportunities
in Australia and the region as economies recover from
the pandemic.
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Our customers
We are focused on developing the best propositions, across our platforms and
in partnerships, to build the financial wellbeing of our customers. Whether those
customers are buying homes, growing small businesses or, in the case of large
businesses, trading internationally across our network, we want to help them
to succeed.
In partnership with a specialist wellbeing organisation,
Benestar, we have introduced a customer support program
providing free and confidential counselling to Australian
based customers experiencing distress – whether it be as
a result of domestic violence, mental health difficulties,
bereavement or a range of other factors. The program
includes up to five free counselling sessions with clinicians
specialising in psychological support. If a customer requires
ongoing support they may be referred to relevant
community services.
Further information on support available to
customers experiencing financial hardship or
vulnerability is in our 2021 ESG Supplement
available at anz.com/annualreport.
HIGHLIGHT
WE HAVE OFFERED A RANGE OF SUPPORT
MEASURES FOR CUSTOMERS IMPACTED BY
COVID-19 LOCKDOWNS
Home owners
•Pausing loan repayments (deferrals)
•Reducing repayments to the minimum repayment amount
•Accessing redraw and/or offset balance
•Chang
ing repayments to interest only
•Refinancing and consolidating an
y other debts
•Applying for financial assistance.
Business loans
•Pausing loan repayments (deferrals)
•Pr
oviding access to new loans and government
support schemes
•Temporar
y increases in overdraft facilities for 12 months
•Additional support for Asset Finance, Commercial Cards,
Trade and Merchants products.
SUPPORTING CUSTOMERS THROUGH THE
COVID-19 PANDEMIC
In Australia, our approach to assisting customers financially
impacted by the pandemic has been guided by our ‘Statement
of Intent’ (available at anz.com), which we developed with key
stakeholders. The Statement outlines the support measures
available and our commitment to work with customers on a
solution that is respectful, fair and appropriate. It is underpinned
by four key principles:
Protect what matters
Adapt to the changing environment
Engage with stakeholders
Prepare for the future
Financial relief measures and ongoing hardship support has been
provided for home loan and business customers affected by
continuing lockdowns (particularly in New South Wales and
Victoria), or those still recovering from earlier lockdowns.
All retail and commercial customer applications for hardship
assistance are managed by our Customer Connect team. Relief
measures have been offered after assessing each customer’s
individual needs and the suitability of hardship assistance.
Since the start of the pandemic, we have significantly increased
investment in our hardship capabilities. In 2020 we mobilised
employees across our branch network and operational teams to
meet demand from customers seeking assistance. This cross-skilling
of teams has resulted in greater flexibility across our workforce,
meaning we can better match capacity to demand as hardship
applications fluctuate in response to lockdowns. We have also
established hardship teams in New South Wales, Western Australia
and Queensland (in addition to our existing team in Victoria) to
enhance local support for our customers and bankers. In addition,
we have made it easier for customers to access support, creating
a digital hardship portal that allows customers to submit their
details (including financial information) online to the Customer
Connect team.
In New Zealand, support measures were reintroduced to help
business customers through COVID-19 disruptions in late August.
Short-term relief measures included waiving fees for contactless
debit cards, access to temporary overdrafts and removing fees for
loan restructuring.
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IMPROVING FINANCIAL WELLBEING
THROUGH SUPERIOR DIGITAL EXPERIENCES
As the COVID-19 pandemic continues,
customers are increasingly using digital
banking solutions for simple transactions,
saving time and reducing unnecessary visits
to a branch or calls to the contact centre.
Digital wallet payments have increased by more than 74% in
transaction amounts and more than 63% in transaction volumes
in 2021, compared to 2020.
In the past 12 months, only 8% of our customers in Australia have
relied solely on branches – meaning more than 90% are already
using at least one self-service channel.
Over the past two years, we have been developing features within
the ANZ App (Australia) and goMoney App (New Zealand) to help
our customers do more of their everyday banking via self-service.
In Australia, more than 3.7 million customers are now using
the ANZ App, with almost 430,000 new registrations in 2021. More
than 2.1 million customers are actively using ANZ Internet Banking
and Internet Banking for Business. New registrations for Internet
Banking for Business are up 20% compared to last year, and business
transactions have increased by 11%, indicating our business
customers are also increasingly moving towards digital self-service.
We have added features to the ANZ App to enhance our customers’
financial wellbeing. For example:
•New customers can now join ANZ and open their first savings
account through the App. More than 68,000 savings accounts
have been opened since the feature was launched in October
2020, representing almost 50% of all new Progress Saver
accounts opened.
•We ha
ve enhanced the ‘Save for a Goal’ feature, introducing two
new ‘nudges’ to kick start customers’ savings goals, informing
them when they’re falling behind their goal target and providing
ideas for how to get back on track. Customers have now set up
over 500,000 savings goals in the App.
•Cust
omers can apply a gambling block to prevent gambling
transactions on an eligible credit card.
•Cust
omers with an ANZ Smart Choice Super account can search
and consolidate their super by using the updated Australian
Taxation Office SuperMatch service in the App.
In New Zealand, almost 1.6 million customers are now using our
digital self-service channels, goMoney App and Internet Banking,
with over 97,000 new registrations in 2021. This year, more than
72,800 accounts have been opened using Internet Banking or
goMoney. In the past three months digital sales represented
49% of all new accounts opened.
New features added to the goMoney App include:
•Elig
ible new customers can join ANZ via the goMoney App,
with the majority also able to complete the identity and credit
check process within the App.
•The abilit
y to decrease credit card limits, helping customers take
control of their spending and manage their credit card. A total of
12,287 decreases have been completed this year, for a total limit
value of NZ$39.2 million.
•Pa
yments requiring more than one authoriser can now be created
and authorised in Internet Banking and goMoney, without
the need to visit a branch or contact us. Since the feature was
enabled, 128,485 payments have been authorised. This was a
key part of helping our customers with their banking while we
removed cheques as a payment method. We also ran customer
education campaigns, focused particularly on supporting
vulnerable customers. At the end of May 2021, ANZ became the
first major New Zealand bank to remove cheques as a
payment method.
Self-service banking sits within the context of a broader societal
shift – in the way people shop, interact with services – and even
interact with each other.
We want to support customers of all ages and abilities to bank
digitally with confidence and will seek to ensure our apps continue
to incorporate the latest adaptive and assistive technologies of the
major smartphone platforms.
In July 2020, we established a new Retail Customer Care team in
Australia to contact all customers older than 65 years, as well as
frequent branch users impacted by branch closures. Since then
we have contacted 105,000 customers to discuss alternative ways
to bank and the self-service options available.
“I’ve banked with ANZ since the 1980s and
the method of banking has changed so much.
I now use my iPad and iPhone to check my
accounts on internet banking regularly.”
Guy “Ted” Salmond | 95 years old
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DIGITAL TRANSFORMATION – THE KEY TO
BUILDING A BETTER BANK
A key element of our strategy is the delivery of a digital
transformation that will help us build a substantially better bank –
one that provides tools, support and insights customers need to
improve their financial wellbeing.
We are investing heavily in this transformation, prioritising
digital products; improved use of data and analytics; innovative
strategic partnerships; a refreshed brand proposition;
and human-centred design.
Our Australian business
Our transformation goals are focused on the delivery of:
•A small number of pur
pose-led propositions that
people love to use
•A mobile
-first human supported distribution model
•A simplified
, high integrity, highly automated
digital platform
•A cust
omer-centric culture and leading workplace.
Retail customers in Australia will soon see change delivered through
our new and different ANZ Plus customer proposition.
One of the first things our customers will see is a new digital
banking proposition to help people to manage their money better –
by spending less, saving more and creating healthy money habits.
ANZ Plus includes, among other things, an
intelligent mobile banking app, two new bank
accounts, and access to coaches – all designed
to help our customers improve their financial
wellbeing over time.
We are simplifying what we do, reducing the number of systems we
operate, cutting the length of customer terms and conditions, and
using the right tools and technology to build a quality, automated,
digital experience.
Our Institutional business
In our Institutional business, the digital transformation is focused
on making it simple and easy for our customers to do business
with us by providing them with a digitally connected experience.
An example is the work we have done to build a business that
allows our customers to integrate their systems with ours to
automate payments and reconciliations processes. Receivables
data has increased by 37% since 2019, helping more customers
auto-reconcile their incoming payments, enabling
funds to be deployed as quickly as possible.
Another example is our platform and payments work to
help our customers provide payments to their customers and
employees. Payments through our digital channels has grown
by 30% since 2019, powering transactions for our customers,
as well as customers of other banks where we process payments
on their behalf.
The digital transformation
is focused on making it
simple and easy for our
customers to do business
with us by providing them
with a digitally connected
experience.
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NEW PLATFORMS AND PARTNERSHIPS TO HELP
OUR BUSINESS CUSTOMERS GROW
As the economy recovers from the pandemic we have a role to
play in supporting businesses – both large and small – to grow,
and we are developing innovative solutions to help make this
happen. Earlier this year we launched our new digital lending
platform for small businesses, ANZ GoBiz.
Using agile ways of working, we established cross-functional
delivery ‘squads’ comprised of frontline bankers, technology
architects, experience designers, data engineers, credit risk and
assurance experts. Collaborating remotely, the team devised a way
to integrate external financial data to provide the instant lending
decisions our business customers were seeking. A process that
previously took more than 30 days to complete now takes around
two days, with loan applications made via a smart phone receiving
conditional approval within minutes.
Working with 300 business
owners and their accountants
and bookkeepers, we created
the ANZ GoBiz platform to
enable faster lending to our
small business customers.
Helping women start, run and grow a small business
The ANZ Business Growth Program, established in 2014,
is delivered by The Australian Centre for Business Growth,
University of South Australia.
Online courses, seminars and webinars are open to all Australian
businesses participating in the program. ANZ business banking
customers can also be selected to participate in targeted
one-day clinics and an intensive nine-month program.
Results are impressive, with companies going through the
program reporting increased revenue, profit, expansion of
employees and some also now exporting to new markets.
This year, there was a 27% uptake of women in leadership roles
participating in the one-day Business Growth CEO Clinics.
One of these women was Maria Konecsny, who co-founded
Gewürzhaus, a specialist Australian spice retailer, with her
sister Eva.
Passionate about creating a workplace and a business that
challenges “business as usual”, Maria uses care and creativity
to responsibly address sustainability at Gewürzhaus.
On her success, Maria says it was about doing things for the
right reasons from the start – “no compromise on quality,
no compromise on deeply engaging with our customers.”
CASE STUDY
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We are assisting our Institutional customers through our market-leading New Payments Platform (NPP)1 offering. The platform enables
smaller or foreign banks to participate in real time payments within Australia using our systems. Over the last few years, our Institutional
business has won 10 mandates from our Financial Institution customers. Four of these are live, with these customers now transacting on
the platform.
With respect to our entire agency and clearing offering, Institutional won 37 new mandates this year, and we expect this number to increase
as we further develop our platforms strategy.
1. The New Payments Platform is a centralised platform and open infrastructure system that facilitates fast, real-time clearing and settlements of payments between participating Australian
financial institutions.
Digitising insurance claims to be real-time, simple
and streamlined
Making an insurance claim can sometimes be a difficult and
slow process.
In partnership with global Institutional customer Chubb
Insurance, we have been working to solve this issue, developing
the first real-time Australian claims process to help make the
experience for claimants quick and simple.
Using the banking industry’s New Payments Platform (NPP)1
infrastructure and Application Program Interface (API)
connectivity – the technology enabling real-time exchange of
information between Chubb Insurance’s internal and customer
facing web-based applications – ANZ has been able to develop
this innovative solution.
Developed as part of Chubb Insurance’s wider global
transformation program to streamline its claims payment
experience, the solution improves the claims process by
automating near immediate payment once a claim is approved.
“The ability to make faster and simpler claim payments creates
a much better customer experience, particularly for people in
urgent or emergency situations,” said Gerard Sitaramayya, Chief
Financial Officer of Chubb Insurance Australia and New Zealand.
“By using the NPP, it means our customers can submit a claim
and have it paid into their nominated bank account in near
real-time, 24/7, 365 days a year,” Gerard said.
Depending on the insurance type and/or amount, customers
can use either a web-based self-service portal or raise a claim
request over the phone with a claim examiner who can approve
and process the payment in real-time.
This API solution marks a further shift in the transition from
legacy payments infrastructure, such as cheques and direct
entry with remittance-based payments, to real time payments,
reducing the risk of potential fraud, delays and complications.
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FINANCING SUSTAINABILITY THROUGH
PRODUCT INNOVATION
We continue to innovate our product suite in order to support
our customers’ sustainability and transition strategies:
Green, Sustainability, Sustainability-Linked and
Transition Loans – lending to deploy capital into
green, transition and sustainability initiatives
Green and Sustainable Infrastructure Project Finance –
greenfield project financing to support the development of
long-term sustainable infrastructure such as renewable energy
Green, Social, Sustainability, Sustainability-Linked and Transition
Bonds – distribution of capital into green, transition and
sustainability initiatives such as energy efficient buildings
Corporate finance advisory services for renewables –
provision of advice in relation to the purchase, sale and
raising of capital for renewable energy projects
Green Guarantees and Sustainable Supply Chain –
trade facilities supporting green and sustainability initiatives
Sustainability-Linked Derivatives – hedging of interest rate
and FX risks on Sustainability-Linked Bond or Sustainability
Linked Loan transactions. The same sustainability targets
of the underlying Bond or Loan are connected to the derivative,
further supporting the customer’s sustainability strategy
ANZ/Clean Energy Finance Corporation Energy Efficiency Asset
Finance program – financing to incentivise corporate and retail
customers to invest in energy efficient and renewable energy
technologies to help reduce their energy costs and carbon emissions
In addition, we are supporting customers
through our $50 billion target to help
fund and facilitate initiatives that improve
environmental sustainability, support disaster
resilience, increase access to affordable
housing and promote financial wellbeing.
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A RECORD YEAR FOR SUSTAINABLE FINANCE
The sustainable finance market represents a significant opportunity
for ANZ, as demand for sustainable finance products and services
continues to increase.
Our Sustainable Finance team is working closely with customers,
particularly our Institutional customers, to help fund their transition
to a low carbon economy.
In 2021 we saw record growth, completing 81 transactions,
in comparison to 39 transactions in 2020. These transactions,
comprising capital markets distribution and balance sheet lending,
totalled $10.5 billion compared to $6.5 billion in 2020. This business
contributes materially to ANZ’s $50 billion sustainable
solutions target.
Further information on sustainable finance is in our 2021
ESG Supplement available at anz.com/annualreport.
Executing on innovative sustainable finance deals
ANZ customer, Wesfarmers, issued the first Sustainability-Linked
Bond (SLB) in June 2021 into the Australian medium-term note
market. The sustainability-linked bond commits Wesfarmers to
key sustainability targets.
As part of the transaction, Wesfarmers has committed to obtain
all of the electricity volume requirements for its Bunnings, Kmart
Group and Officeworks retail businesses from renewable sources
by the end of 2025. The company has also committed to limit the
average emissions intensity of its ammonium nitrate production
plant to 0.25 tonne of carbon dioxide equivalent (CO2e) per tonne
produced by the end of 2025.
In May 2021, ANZ Bank New Zealand partnered with Kathmandu
Holdings Limited to establish a syndicated $100 million
Sustainability-Linked Loan (SLL) facility, the largest syndicated
SLL in the New Zealand market to date.
Kathmandu’s SLL will be measured against a reduction in
greenhouse gas emissions, B Corp certification, and improving
the transparency, wellbeing and labour conditions for workers
in its supply chain.
Kathmandu Holdings Group CFO Chris Kinraid commented:
“Sustainability is in our DNA and is a core foundation of the
Group, linking our financial arrangements to our sustainability
goals made perfect sense. It reinforces to our shareholders and
stakeholders that we are committed to sustainability across
all aspects of our Group”.
ANZ worked with both Wesfarmers and Kathmandu to structure
their deals in line with market best practice, ensuring targets set
were ambitious and material.
HIGHLIGHT
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Fund manager Kilter Rural invests in the
regeneration of rural farmland, water assets
and environmental protection.
As Kilter Rural CEO Cullen Gunn explains, “We focus on improving
Australian farmland and delivering returns while doing it. We work
with investors – mainly based in urban centres – and deliver
resources into under-capitalised rural regions.”
By 2050 it is estimated 50% more people will need to be
fed, globally. Cullen believes to achieve this, the world’s current
agricultural footprint must be stabilised and more food needs
to be produced through the regeneration of existing, often
degraded, farmland.
“Australia is in a really good position to do this. We are regenerating
already highly modified, under-utilised farmland and remediating it
for agricultural and conservation purposes,” Gunn says.
ANZ is supporting investment opportunities that achieve
commercial, environmental and social outcomes and is providing
around $5 million of working capital for Kilter Rural’s Australian
Farmlands Fund (KAFF).
Established in 2018, the KAFF has a mandate to invest in a portfolio
of irrigated farmland and water entitlements within the southern
Murray-Darling Basin.
Up to 30% of farmland will be actively reforested for biodiversity
protection and climate change mitigation outcomes. It aims to build
long-term investor value through improving the condition of natural
capital and earning payments for carbon sequestration.
To date, the fund has raised $44 million and purchased five farms
in Northern Victoria which were under-utilised and considered
unproductive in terms of financial and environmental outcomes.
CUSTOMER STORY
Sustainable investment
delivering real impact
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IMPROVING THE AVAILABILITY OF AFFORDABLE
AND SUSTAINABLE HOUSING
Throughout 2021 we have continued to support our home loan
customers experiencing financial difficulty due to the impacts
of COVID-19.
While no new COVID-19 home loan deferrals were issued after
31 January 2021, we have assisted customers experiencing ongoing
financial hardship through our existing hardship support program.
Current deferrals make up only ~1% of the total deferrals provided
up to 31 January 2021.
This year in Australia we increased
our home loan balance by $3 billion
to $278 billion to help our customers
buy and own a home.
Our home loan balance in New Zealand
grew NZ$10 billion this year to
NZ$94 billion to help our customers
buy and own a home.
We are committed to improving the availability of suitable and
affordable housing options for all Australians and New Zealanders,
and have targets to:
•Fund and facilitat
e $10 billion of investment by 2030 to deliver
more affordable, accessible and sustainable homes to buy and
rent in Australia and New Zealand
•Support more customers into healthier homes with our Health
Home Loan Package and Interest-free insulation loans in
New Zealand.
Our work spans many sub-sectors of the market, including
affordable housing, specialist disability accommodation, aged
care and homelessness. Key initiatives delivered include:
•Joint arranger of all five bond issuances for the Commonwealth’s
National Housing Finance and Investment Corporation (NHFIC)
over the last three years totaling approximately $2 billion. The
capital raised allows NHFIC to provide low cost, long-term loans
to registered community housing providers to support the
provision of more social and affordable housing.
•L
ead commercial financier of over $226 million in committed
facilities in the Specialist Disability Accommodation sector.
•L
ead financier to the Land Lease Community sector, designed
to deliver affordable seniors housing.
•A
dvocating for institutional investment in long-term rental
housing through the backing of a range of ‘build-to-hold’
and ‘build-to-rent’ projects.
Providing affordable accommodation for
essential workers
Australia has among the highest levels of home
ownership in the world, but is also ranked in the
top 10 for the highest levels of unaffordability for
home purchase and rental. The availability of suitable
and affordable housing is an issue for many in the
community, particularly as house prices have risen
sharply in the past 12 months.
Many key workers in essential industries such as health,
education, emergency services and law enforcement are
directly impacted. Due to a lack of affordable housing in
Australian metropolitan areas, many key workers are
unable to pay market rents close to their place of work,
on top of their general living expenses.
The difficulty of finding affordable housing close to
their workplaces means that many key workers have to
relocate or travel long distances to get to work. A long
commute is expensive and can also impact the ability of
these workers to participate in family and community life.
To increase the availability of affordable rental housing for
key workers, we have supported both Aware Super and
their community housing provider partners. This support
includes the provision of a $90 million funding facility to
assist in financing Aware Super’s portfolio of key worker
affordable housing. We intend to increase our funding in
this area as the portfolio grows.
The portfolio currently consists of around 235 units
across New South Wales and Victoria - a combination
of completed projects and developments still under
construction. Once developed, these properties will be
rented at a 20% discount off market rent to key workers.
Further information about housing
is in our 2021 ESG Supplement available
at anz.com/annualreport.
CASE STUDY
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Australia suffers from a chronic lack of housing
supply for people with disability.
It is estimated there is an immediate need for at least 10,000 new
Specialist Disability Accommodation (SDA) places in Australia, with
an associated cost of over $10 billion. This investment is necessary
to provide suitable alternative accommodation for younger people
in aged care and others with unmet needs.
ANZ is committed to growing the pipeline of new purpose-built
housing in the SDA sector. We are the largest commercial financer
of SDA, investing over $226 million in committed facilities. This
investment ensures the development of new SDA homes for
approximately 650 Australians - around 6.5% of required SDA places.
In 2021 we provided a $100 million loan to a portfolio of SDA, to
support Macquarie Assett Management and Summer Housing.
This loan is understood to be the largest SDA deal to date, and
will allow for the expansion of homes across New South Wales,
Queensland, Victoria and Western Australia. The transaction is
structured to allow for new SDA providers to be added as the
pipeline of homes increase.
To further increase the supply of housing for people with
disability, we are also working with SDA providers and our
existing property clients to facilitate the inclusion of SDA in
future property developments.
These initiatives will go some way to easing the acute shortage
of Australian purpose-built housing for people with disability
needs and will allow residents to achieve as much independence
as possible.
Our SDA financing contributes to our target to fund and facilitate
$10 billion of investment in affordable, accessible and sustainable
housing by 2030.
CUSTOMER STORY
Increasing suitable
housing for people
with disability
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BECOMING A FAIRER AND MORE
RESPONSIBLE BANK
Our response to the Royal Commission
We continue to act in response to the ‘spirit and letter’ of the Royal
Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry (the Royal Commission).
We provide public updates on our progress to implement the Royal
Commission recommendations to the House of Representatives
Standing Committee on Economics. Our most recent update (as
at 9 September 2021) is available at anz.com.
•41 of the Royal Commission’s 76 recommendations are assessed
as directly applicable to ANZ. Of these, we have completed
actions relevant to 11 recommendations, including the four
directed at banks for direct implementation. Work relevant
to 13 recommendations is underway. The remaining
17 recommendations require actions by government,
regulators or the ABA before we take any further steps.
•We also made 16 commitments in February 2019, taking action to
respond to a number of Commissioner Hayne’s recommendations
and comments. These commitments were made to improve
the treatment of retail customers, small businesses and farmers
in Australia.
–We have completed 12 of our 16 commitments. This year we
completed the requirements of the Financial Sector Reform Act
2021 in relation to ongoing fee arrangements (commitment 16).
–Of the four remaining commitments, three are dependent on
reforms to the Banking Executive Accountability Regime that
will be effected through the Financial Accountability Regime,
and one relates to our ongoing work on culture.
Many of the recommendations in the Royal Commission’s
final report require legislative change. We continue to engage
constructively with government, regulators and industry as
they respond to these.
Our APRA Risk Governance Self-Assessment Plan
Our Risk Governance Oversight Committee (formerly the Royal
Commission and Self-Assessment Oversight Group) monitors
progress with our Risk Governance Self-Assessment (RGSA) Plan.
The Committee is chaired by our Chief Risk Officer and provides
regular progress updates to the Executive Committee and the Board.
We have made significant progress across the five focus areas
in our RGSA Plan: Culture; Governance and Accountability;
Management of Operational Risk; Remediation; and Simplification.
For example, we have:
•Built a strong, purpose-led culture (see page 29)
•Ensur
ed accountabilities are clear and applied consequences
where there are failings, in line with our strengthened
Accountability and Consequence Framework (introduced in 2019)
•Matured our approach to risk culture and risk management
(see page 29)
•Remediat
ed customer accounts (see below)
•Simplified our business, products and processes
Our RGSA Plan is well progressed, with clear accountability for
and commitment to the remaining actions.
It is important to us that all of these actions deliver better outcomes
for our customers, our shareholders and the community, and the
changes we have made will endure.
Customer remediation
As discussed above, we are working hard to rebuild trust by
identifying our mistakes, fixing them and providing fair, consistent
and timely remediation to our customers when we fail to get it right.
Across the Group we have close to 830 people focused on the
execution of customer remediation1, both within and outside
dedicated remediation teams. Since its inception in 2018, our
Australian Retail and Commercial Responsible Banking team has
increased the number of resources committed to remediating our
customers from around 150 to around 390. In addition, 187 people
throughout the Australia Retail and Commercial business are also
focused on customer remediation activity.
1. In addition, there are ~385 staff working on APRA remediation plans and ~504 staff working on other remediation related initiatives in Australia Retail and Commercial (as at September 2021).
LINKS TO 2021 GROUP
PERFORMANCE FRAMEWORK
We have continued to demonstrate our commitment to improve
the financial wellbeing of our customers. Sound progress has
been made to deliver great outcomes across key segments,
however after a strong first half, we experienced material
challenges processing home loan application volumes in
Australia. This has resulted in our customers experiencing
longer than expected wait times for loan approval decisions
and increased volumes in our assessment backlog. While we
were able to tactically manage and improve the situation,
strengthening our policy and processes in this area remains
a high priority focus.
See section 4.5.3 of the Remuneration
Report for more details.
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Across our Australia Retail and Commercial business, we are
resolving discrepancies such as fee or interest charges identified
with over 6.5 million customer accounts. Since April 2018 we
have remediated approximately $410 million across approximately
5.3 million customer accounts.2 This includes approximately
$187 million in 2021. The team continues to focus on ways to
increase the pace of remediation.
Our Responsible Banking team in New Zealand has more than
130 dedicated remediation resources. As at 30 September 2021,
they have remediated over 216,000 customer accounts and made
payments of NZ$23 million.
Our Wealth Remediation team has completed all legacy advice-
related reviews pertaining to the ANZ Financial Planning business,
specifically inappropriate advice and fee for no service remediation.
The team has almost 125 people dedicated to remediation matters.
As at 30 September 2021, the team has remediated over 52,0003
cases for inappropriate advice and fees for no service in total and
made payments of $183.3 million. This includes the remediation
matters which are being completed for the ex-ANZ-owned aligned
dealer groups (RI Advice, Financial Services Partners, and Millennium
3) now owned by IOOF. ANZ acts as the agent for IOOF to complete
the remediation.
The Group’s customer remediation activities are regularly reviewed
by the Board. Directors are provided an overview of the status of
remediation matters; regulator engagement; repayments and
provisioning; and reviews underway to identify new matters.
Managing customer complaints
We seek to resolve complaints with empathy and fairness and are
committed to listening to, and learning from, customer feedback so
that we can improve our products and services and deliver better
customer outcomes.
During the year we have enhanced our complaints handling
capabilities in Australia, delivering a new complaints recording
and management program to around 11,000 customer facing
staff who service our Retail and Commercial customers. More than
16,000 staff completed mandatory complaints awareness training,
ensuring a consistent understanding of our approach to resolving
customer complaints.
A Complaint Governance Forum has been established to provide
oversight of the end to end complaint management program,
and complaints data and insights are regularly reported to senior
management and the Board.
Further information on customer complaints
management is in our 2021 ESG Supplement,
available at anz.com/annualreport.
Improving customer experience
One of the ways we measure the experience of our customers is
through our strategic Net Promoter Score (NPS). NPS enables us to
gauge whether we are meeting customer needs and expectations
and how we are performing relative to peers. It is measured by
asking customers how likely they are to recommend ANZ (on a
0–10 scale) and is calculated by subtracting the percentage of
detractors (those who give a score of 0–6) from the percentage
of promoters (those who give a 9 or 10).
While our NPS has improved for our retail customers in New
Zealand, it has decreased for our Retail and Commercial customers
in Australia and our commercial and agricultural customers in New
Zealand. We have failed to improve our performance relative to our
peers. Our Institutional NPS has increased in both Australia and New
Zealand compared to prior years. We are ranked a close second in
Australia and remain number one in New Zealand.
2. Inclusive of one-off adjustments relating to remediation payments made in prior reporting periods and in certain instances:
•We make a community service charity payment. As at 30 September 2021 charity payments have been made for ~850k accounts totaling ~$2.6m
•We pa
y the customer via cheque. As at 30 September 2021 cheques have been issued for ~775k accounts totaling ~$112m. A portion of the cheques remain unpresented
•We off
er certain customers access to payment via a payment portal. As at 30 September 2021 offers to access payment via payment portal have been issued for ~55k accounts totaling ~$2m.
A portion of the offers remains unclaimed
•We transf
er payments through a process for unclaimed monies (includes payments for de-registered companies). As at 30 September 2021 payments transferred via this process have been
made for ~56k accounts totaling ~$10m
3. Doesn’t include the number reviewed, only those which have been paid.
4. Roy Morgan Single Source, Australian population aged 14+, Main Financial Institution, six-month rolling average to
Sep’20 and Sep’21. Ranking based on the four major Australian banks.
5. DBM Atlas (Business). Base: Commercial (<$100 million annual turnover) Main Financial Institution customers. Six-month
average to Sep’20 and Sep’21. Ranking based on the four major Australian banks.
6. Peter Lee Associates, 2020 – 2021 Large Corporate and Institutional Relationship Banking surveys, Australia.
7. Retail Market Monitor, Camorra Research, six-month rolling average to Sep’20 and Sep’21. Ranking based on the five major New Zealand banks. 8. Business Finance Monitor, TNS Kantar
Research. Base: Commercial ($3 million – $150 million annual turnover) and Agricultural (>500K annual turnover) customers. Four-quarter rolling average to Q3’20 and Q3’21. Ranking based on the
five major New Zealand commercial/agricultural banks.
9. Peter Lee Associates Large Corporate Relationship Banking surveys, New Zealand 2020 – 2021, ranked against the Top 4 competitors.
AUSTRALIANEW ZEALAND
Retail: scored -4.3, ranked 4th4
(down from -1.3, ranked 3rd at end of 2020)
Commercial: scored -19.0, ranked 4th5
(down from -17.1, ranked 4th at end of 2020)
Institutional: scored 36, ranked 2nd6
(up from 33, ranked 1st in 2020)
Retail: scored 28.4, ranked 4th7
(up from 27.3, ranked 4th at end of 2020)
Commercial and agricultural: scored -13.1, ranked 5th8
(down from -11.1, ranked 5th at end of 2020)
Institutional: scored 33, ranked 1st9
(up from 28, ranked 1st in 2020)
NET PROMOTER SCORE
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OUR DIVISIONS
Australia Retail and Commercial
As our customers navigate the current uncertainty – and their lives
in general – we’re here, ready to help with services and strategies
to improve their financial wellbeing.
Mark Hand | Group Executive Australia Retail and Commercial Banking
OPERATING ENVIRONMENT
While COVID-19 lockdowns continue to impact business activity and
customer spending, we expect economic activity will bounce back
once the vaccine rollout is complete. Until then, we remain flexible
to help our customers navigate the uncertainty.
Our Retail customers are increasing their use of digital and mobile
banking options. Home loan activity within the economy is
particularly strong. Our Retail customers are working on their
financial wellbeing by saving more, reducing debt and reviewing
their home loans. Our Commercial customers are tackling the
uncertainty by innovating, adapting and reviewing their financial
commitments. As we head into 2022, we face considerable
challenges including a low-growth and interest rate environment
and margin pressures.
STRATEGY AND FOCUS
We are delivering on our strategy, in line with our purpose by
supporting business owners and home owners in uncertain times,
as we prepare for a digitally-enabled future. Since 2019, home loan
application volumes have doubled, particularly in the refinance
market with customers moving to fixed rates, resulting in pressure
on our application turnaround times. We have made progress on
improving turnaround times for our customers and are increasing
our focus on opportunities to automate and simplify.
For our business owners, we have identified the need to modernise
our platforms and processes to meet customer expectations for
efficient and digital service. We have commenced building the
foundations through delivering new digital propositions, including
our Online Business Lending platform, ANZ GoBiz. We continue to
explore innovative ways to support our business owners.
In preparation for a digital-enabled future, we have been
progressively reshaping our branch network and supporting
simpler customer requests digitally. This is a key part of the
bank’s transformation agenda.
Our customer remediation work is well-progressed and continues
to be well-managed and ensure our customers are treated fairly.
We have also invested in staff training and a new complaints
management system to ensure we are delivering on customer
promises and continuously improving our products and services.
Looking ahead, our vision is to be the partner of choice for home
owners and business owners and to improve their financial
wellbeing. To do this we will focus on a small number of purpose-
led propositions that serve our customers through a digital-first,
human-supported model. As we improve efficiency and reliability,
disciplined cost and margin management will remain a key focus.
PERFORMANCE HIGHLIGHTS
On balance, we have delivered a solid performance across a diverse
business while navigating some strong headwinds.
Cash profit increased 55% year on year, with growth in both lending
and customer deposits, a good margin performance and continued
cost discipline. While home loan revenue growth was in the low
double digits, second half volumes were impacted by a competitive
refinancing market, customers paying down their loans faster and
processing issues. We have been working on a range of operational
and policy changes and those actions are already having a positive
impact on processing times.
Customer deposits were up ~$18billion in the year, with Retail,
and Commercial and Private Bank deposits growing 6% and 10%
respectively. Many customers are moving their money from term
deposits to at-call so they have greater flexibility.
Commercial lending remained broadly flat year-on-year in an
environment of economic uncertainty and lower levels of business
confidence. Despite the weaker demand, lending was up 1% in our
business banking segment in the second half.
Applications for ANZ GoBiz have averaged 2,900 per-month since
launching in May 2021, providing real-time conditional approval
through an online platform, including new-to-bank customers.
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
5 7.
FINANCIAL PERFORMANCE CASH CONTINUING
1
Cash
profit ($m)
Growth (%)
55%
Growth (%)
1%
Growth (%)
53%
Growth (%)
8%
3,617341,233
2,337339,381
FY21FY21
FY20FY20
Net Loans &
Advances ($b)
Return on
Avg. RWAs (%)
2.21%252,504
1.44%234,594
FY21FY21
FY20FY20
Customer
Deposits ($b)
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FINANCIAL PERFORMANCE CASH CONTINUING
1
Cash
profit ($m)
Growth (%)
2%
Growth (%)
0%
Growth (%)
11%
Growth (%)
7%
1,887158,231
1,854157,634
FY21FY21
FY20FY20
Net Loans &
Advances ($b)
Return on
Avg. RWAs (%)
2.24%239,628
1.49%223,288
FY21FY21
FY20FY20
Customer
Deposits ($b)
OUR DIVISIONS
Institutional
This year our global banking network, insights and expertise supported companies
needing to move goods and capital around the region. We continued to deliver for both
shareholders and clients, deepening relationships with our high-quality customer base
and delivering strong returns, while building and supporting a market-leading team.
Mark Whelan | Group Executive Institutional
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
5 7.
OPERATING ENVIRONMENT
Market conditions normalised in 2021, as companies re-established
and re-configured supply chains following periods of significant
interruption in the early stages of the COVID-19 pandemic.
Customers were initially more focused on repaying facilities,
which reduced demand for credit. As customers adapted to
changing market conditions they sought opportunities to grow
their businesses, including through mergers and acquisitions.
This led to in an increase in activity for our Corporate Finance
and Corporate Advisory services across the network (particularly
in Australia), and a 4% increase in revenue.
As expected, income from our Markets businesses steadied to
$2 billion in 2021 as the market volatility experienced in 2020
normalised, and liquidity increased. Record low interest rates
continued to constrict margins for our Payments and Cash
Management products.
STRATEGY AND FOCUS
Over the past five years the Institutional business has transformed.
We have scaled back the number of customers we support, and
simplified our business significantly to ensure a better experience
for both our people and our customers. These changes positioned
the business well for the challenges and opportunities created by
the COVID-19 pandemic. We have been able to respond quickly to
shifts in customer demand and have proven to be more resilient
through the cycle.
We have stronger customer relationships, improved margins and risk
management, disciplined growth, focused cost management and
a return on equity above the cost of capital. Our network across 32
markets continued to differentiate us from domestic competitors
and drove significant activity and volumes in our home markets. It
also provided diversification for our customers at times when supply
chains faced challenges.
Our ongoing investment in digital platforms helped drive
efficiencies and improve customer experience. Payments volumes
grew by 24% while in cyber security, we have continued to reduce
fraud for our customers, down year-on-year by 17%.
PERFORMANCE HIGHLIGHTS
A focus on execution, responsible growth and risk management saw
Institutional again deliver $1.9 billion in profit at returns above the
cost of capital despite the challenging environment. The division’s
focus on productivity contributed to another year of cost reduction,
with costs falling by 4% in 2021. The division has now reduced costs
for 11 consecutive half-year periods.
Net loans and advances were flat with improved momentum in the
second half of the year (half-on-half growth 7%), while customer
deposits grew by 7%. Credit charges were negative for the year
reflecting the continued strength in the credit quality of the book.
ANZ maintained its position as the #1 Institutional bank in Australia
and New Zealand for relationship quality, as measured by a survey
of Corporate and Institutional customers by Peter Lee and
Associates, for the sixth year in a row. Customers called out ANZ’s
support for customers through the pandemic, rating the bank #1
for COVID-19 support.
Similarly, ANZ Institutional was again named #1 for Relationship
Quality in Asia, and a top five Corporate Bank for overall market
penetration in Asia by Greenwich.
Peter Lee also ranked ANZ as clear market leader in ESG and
Sustainable Finance. Globally, ANZ participated in $119 billion of
Sustainable Finance deals, up from $4 billion five years ago. Our
bankers are assisting businesses in their transition to a low carbon
economy and helping directly link their funding costs to sustainable
business goals.
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OUR DIVISIONS
New Zealand
Although the landscape we operate in has changed for many in the wake of
COVID-19, I’m proud that we continue to prioritise what’s best for our customers, our
environment, and our people. This stems from our recognition that an organisation’s
success is dependent on the success of the communities they are part of.
Antonia Watson | Chief Executive Officer New Zealand
1. On a cash profit (continuing operations) basis. Excludes non-core items included in statutory profit and discontinued operations and is provided to assist readers in understanding the result
of the ongoing business activities of the Group. For further information on adjustments between statutory and cash profit refer to page
5 7.
OPERATING ENVIRONMENT
New Zealand experienced a strong rebound in economic activity
following the 2020 COVID-19 lockdowns. Household and business
confidence surveys recovered quickly and investment had picked
up prior to the August 2021 outbreak. However, the environment
remains uncertain.
The Government’s income support measures have kept workers
employed and most businesses afloat. Provided that Aotearoa does
not see continued outbreaks, the labour market should continue to
tighten. Record house price inflation following the 2020 lockdown
has caused concern about affordability, especially for first home
buyers, although this inflation has now slowed. Consistent with
a slowing global recovery, commodity prices may have reached
their cyclical peak, which could weigh on export returns.
The Reserve Bank of New Zealand has projected rate increases over
the next two years but this outlook could change. Uncertainty
will linger as long as the threat of future lockdowns remain.
STRATEGY AND FOCUS
In line with our simplification strategy we have implemented
our new customer referral model. This aims to match customers’
personal and business banking needs with the most appropriate
banking specialist to meet their needs. We reintroduced targeted
support measures to help customers through the COVID-19
lockdowns, including waiving fees for contactless debit cards
and access to temporary overdrafts.
To help bring balance to the housing market and help New
Zealanders into homes, we voluntarily increased the deposit
required from residential property investors to 40%, lowered
the deposit required for people to buy small apartments and
introduced a discount to the floating rate on new builds.
We commenced the wind up of the Bonus Bonds Scheme by
contacting customers to pay out refunds and reserves payments.
We continued to engage industry frameworks to support the
transition to net zero, including being a founding sponsor of Toitū
Tahua, the Centre for Sustainable Finance, and playing a critical
role in developing the Sustainable Agriculture Finance Initiative.
On sustainable finance, this year we acted as a lead manager on
13 green, social or sustainable (GSS) bond transactions and one
Sustainability Linked Loan totalling over NZ$5 billion.
Our proportion of women in leadership increased to 37% and
we appointed our first Te Kaitohu Rautaki Māori (Head of Te Ao
Māori Strategy).
PERFORMANCE HIGHLIGHTS
We saw strong revenue momentum and lower credit impairment
charges driven by a credit impairment release, reflecting an
improved economic outlook. Net loans and advances grew 7%
driven by strong home lending growth of 10%, reflecting the
market’s historically low interest rates and supply constraints.
Unsurprisingly, we have seen subdued customer deposit growth
of 4% in this low rate environment.
We have maintained a leading position in core banking products
with ~30% share of mortgages, ~33% share of household deposits
(August 2021) and ~21% share of KiwiSaver (June 2021).
Our focus on improving customer experiences has seen strong
migration to our digital channels, with a reduction in over-the-
counter transactions and contact centre calls.
Our Staff Foundation distributed over NZ$1.2 million in donations
to 103 charities across New Zealand.
FINANCIAL PERFORMANCE CASH CONTINUING
1
Cash profit
(NZDm)
Growth (%)
49%
Growth (%)
7%
Growth (%)
50%
Growth (%)
4%
1,607134,537
1,079125,981
FY21FY21
FY20FY20
Net Loans &
Advances
(NZDb)
Return on
Avg. RWAs (%)
2.24%102,336
1.49%98,304
FY21FY21
FY20FY20
Customer
Deposits
(NZDb)
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Our people
COVID-19 has undoubtedly changed the way we work. In moving to our new ways
of working we have been conscious of how we can continue to build and maintain
ANZ’s culture while giving our people the opportunity to work flexibly and continue
doing their best work.
We now have many flexible working modes: workplace first, where
employees perform their work from an ANZ workplace most or all
of the time; blended, where employees spend some time in the
week in an ANZ workplace; and remote first, where employees
perform their work remotely, occasionally visiting an ANZ workplace.
The vast majority of our employees’ roles , now and in the future,
fit within the blended mode.
Coming together in our ANZ workplaces plays an important role
in how we learn and grow and helps employees who are new to
ANZ to build their networks and develop an understanding of our
culture. Enabling the majority of our people to work in a blended
way gives them the best of both worlds: the opportunity to
structure their working life in a way that provides greater flexibility
to work from home, and to be in the office for the critical, and
often intangible, benefits of developing our culture, building
social networks and learning from – and mentoring – colleagues.
CULTURE
We continue to develop and embed a culture focused on delivering
great customer outcomes, making things simpler and ‘always
learning’. This work is underpinned by our purpose and values.
This year, we finalised the design of a new culture and behaviour
framework. Developed with input from across the Group, the
framework complements our values, building on and respecting our
past, while orienting us towards the future. To deliver our purpose and
strategy, we need to: create opportunities by bringing in the best
ideas from inside and outside ANZ to create long-term value for our
customers and the bank; deliver what matters by executing well on
the things that matter most; and succeed together by engaging the
right people, listening to and challenging each other. As we head into
the new financial year, we will start to see this come to life, with a
focus on ensuring it is real and relevant to our people and reinforced
through our learning programs, people processes and systems.
We have made considerable progress in promoting the importance,
understanding and awareness of our risk culture. Our target risk
culture is founded on embedding those risk behaviours and
practices aligned to the five principles of: living the purpose; risk
management accountability; risk management execution; risk
management effectiveness; and proactive risk management. Plans
and actions are in place to further embed risk culture maturity. These
include the insights from our first risk culture survey. Refer to page 51
for further detail on the risk culture survey undertaken this year.
CULTURE REVIEWS AND ASSESSMENTS
Our Talent and Culture team delivers data-led insights – qualitative
and quantitative – that are actionable and help drive sustainable
cultural change. Multiple listening tools such as surveys, focus
groups and interviews enable the business to respond to employee
feedback on our culture.
Our Enterprise Steering Culture Group (ESCG), chaired by the CEO
and whose membership includes other members of the Executive
Committee, comes together twice a year to discuss key cultural
themes, strengths and areas for improvement. This year, the ESCG
has reinforced our ongoing commitment to employee wellbeing
and listening, as well as our learning strategy – prioritising the
reskilling and upskilling of employees in critical capabilities required
for a digital future, and building an ‘always learning’ culture. They
oversaw a significant jump in our speak up culture scores which
were a key area of focus.
Our Internal Audit (IA) culture team provides independent
assessments of our current organisational culture. The assessments
are designed to: inform Board and management by providing
insights as to how organisational culture is enabling the bank’s
purpose and strategy; support the Board in meeting community
and regulatory expectations (e.g. the Australian Prudential
Regulation Authority Prudential Standard CPS 220); identify and
focus on cultural root causes of issues; and strengthen the bank’s
overall approach to strategic delivery and risk management.
Once an assessment is complete, a report on cultural themes,
including underlying issues and related impacts, is provided to the
business. The business then develops an action plan in response to
any identified cultural challenges. The plan is monitored and an
actions effectiveness or reassessment is completed to determine
how effective it has been in shifting towards the desired culture.
In 2021, IA completed 19 culture reviews, of which nine were
reassessments. The reassessments have highlighted leadership
accountability as key to building a better bank and creating a
culture that will deliver what matters for our customers, employees
and shareholders.
In 2018 a culture review identified a business area within the
bank experiencing issues with inconsistent leadership, resulting
in a reluctance amongst team members to work effectively
together, raise issues and challenge constructively.
Following the assessment, the leadership team developed an
action plan focused on improving leadership capabilities and
engagement through focusing on aligning as a leadership
team and initiatives to embed desired leadership behaviours
(e.g. using the leadership 180 survey tool that gathers feedback
on how well a leader is demonstrating our values and
leadership behaviours) supported by development plans;
and implementing engagement plans to listen, provide
transparency and connect with staff.
Our reassessment of the business revealed a 25% increase in
staff ’s perception of leadership and a 26% increase in their
comfort to raise concerns and challenge constructively.
HIGHLIGHT
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ACCOUNTABILITY AND CONSEQUENCE
FRAMEWORK
Throughout 2021, we continued to strengthen ANZ’s Accountability
and Consequence Framework (A&CF). The Enterprise Accountability
Group (EAG), chaired by the CEO, supports the Board in monitoring
the implementation and ongoing effectiveness of ANZ’s A&CF,
being cognisant of its impact on the culture of ANZ. The EAG
reviews the most material risk, conduct and audit events,
accountability and the application of consequences, where
appropriate. See section 6 of the Remuneration Report for
more details.
CHANGES TO REMUNERATION
The introduction of a new remuneration standard by APRA
has driven a review of how we reward our executives. The new
regulatory standard does not come into effect until 1 January
2023, however a range of changes are being considered for
implementation in 2022, subject to Board approval. These changes
are designed not only to meet both the letter and spirit of APRA’s
new prudential standard, but also to maintain our strong focus on
performance and risk management, and to attract, motivate and
retain the best talent.
We have implemented the recommendations from Stephen
Sedgwick’s ‘Retail Banking Remuneration Review’ (noting the
industry wide recommendations are ongoing). This review was
focused on strengthening the alignment of retail bank incentives,
sales practices and good customer outcomes. Mr Sedgwick
completed his final review of the implementation of the
recommendations, with a report submitted to the Australian
Banking Association in June 2021. The report determined that
significant progress has been made across the industry to align
to the 2017 recommendations, with substantial investment in a
customer-centric culture, policies and practices evident across the
majority of banks. We continue to review our processes to ensure
ongoing adherence to the Sedgwick recommendations.
LINKS TO 2021 GROUP
PERFORMANCE FRAMEWORK
Our consistently strong management of people and culture
was again a highlight and reflects multiple years of purposeful
investment in building the right leadership behaviours and
enhancing our culture frameworks. Staff engagement survey
results remained strong, and following a global trend which
saw employer scores spike in 2020, ANZ’s 2021 results
expectedly returned to a steady positive trend. The wellbeing
of our people continued to be a priority, with all staff
supported to complete mental health awareness training.
Embedding of our reward and performance framework
continued, with a focus on continuous performance
management capabilities, employee recognition, and
reward arrangements for high performers in critical
talent populations.
See section 4.5.3 of the Remuneration
Report for more details.
EMPLOYEE ENGAGEMENT
In August, our overall engagement result was
81%. While this result is down five percentage
points from April 2020, it remains higher than
pre-pandemic levels (77% in 2019).
82% of employees said they felt supported
in managing their psychological wellbeing.
WELLBEING
The health and wellbeing of our people remains a priority with
the management of COVID-19 and the impacts on our employees,
contractors and visitors continuing throughout the year.
Targeted wellbeing and safety support has been provided to
employees and local leadership teams in different locations. For
example, due to the surge in COVID-19 cases in India, enhanced
support was provided to our employees including: access to
personal health insurance top-ups; unlimited free tele-consultation
medical services for employees and up to four family members;
assistance to access medical care; assistance with hospitalisation
where required; and provision of specific medical equipment at
home or in hospital.
We have formalised a Chief Medical Officer arrangement, providing
access to specialist medical advice and ongoing guidance in
managing the COVID-19 pandemic and other medical or health
challenges as they arise. We have developed a COVID-19 vaccination
position statement, supporting the rollout of vaccines as an
important step in the global response to COVID-19. We encourage
all employees who are medically eligible for COVID-19 vaccines
to be vaccinated where it is locally available and approved by
regulatory authorities. During the most recent outbreak in New
South Wales, we offered a vaccination program to employees and
their households located in Local Government Areas with high case
numbers. This has since been extended to all of Greater Sydney and
Wollongong. We have provided a total of 315 vaccinations as part
of the program, 70% of which were family members of employees.
Special paid leave has also been made available to employees who
may require time away from work due to COVID-19 impacts. This
may include recovery from COVID-19, isolation requirements and
caring responsibilities.
We recognise the impact of restricted movement and lockdowns on
mental wellbeing and are focused on empowering our employees
and leaders to support others and recognise the signs of
psychological distress in themselves. To support our employees and
leaders in their understanding of and confidence in responding to
mental health issues, a digital mental health awareness program has
been mandated for all employees. To date over 46,600 individuals
have completed this training. We have implemented Mental Health
First Aid training for our people in the United Kingdom and have
commenced the rollout of this program in New Zealand. We have
also piloted a Mental Health First Aid training course in Australia,
with planning for further rollout underway.
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We continue to provide our employees with access to digital
wellbeing resources, developed in partnership with external
specialists, including psychologists and physiotherapists, to help
them develop strategies to maintain mental, social and
physical health.
With many employees working remotely more frequently, we
provided funding for ergonomic equipment to enable employees
to be set up for optimal safety and productivity. Since the onset of
the pandemic, over 14,700 employees have accessed this funding.
Further specialist support is provided to employees requiring
tailored ergonomic assistance or other workplace adjustments
to maintain their wellbeing.
DIVERSITY AND INCLUSION
We believe our diverse workforce and
inclusive culture will improve the quality
of decision making and drive innovation,
making us a better bank for our customers
and helping us to shape a world where
people and communities thrive.
The representation of Women in Leadership increased this year to
35.3% (up from 33.4% as at September 2020), exceeding our target
of 34.4% by the end of 2021. Our progress is monitored monthly by
the CEO and the Group Execution and Performance Committee.
We are focused on growing female talent by providing female
employees with the critical skills and experiences required to move
into senior roles, delivering a number of women in leadership
training programs throughout the year.
With the departure of Alexis George and Michelle Jablko, our Key
Management Personnel has dropped from 50% to 33.3%, below
our target to maintain at least 40% women as Key Management
Personnel. Importantly, however, women hold key line roles on our
Executive Committee and the portfolio of Kathryn van der Merwe,
our Group Executive Talent & Culture, has been expanded to include
responsibility for our Service Centres, a critical part of our network
and service offering. We are also proud to have a strong alumni of
successful executive women in significant roles outside ANZ.
Our numerous employee networks continue to play an important
role in building a strong sense of community and belonging by
advocating for and supporting the diverse communities they
represent. Particularly as the COVID-19 pandemic has evolved,
the voice of our networks has ensured we are taking an inclusive
approach to supporting our people.
We have continued to develop capability across our recruitment
communities to create inclusive and accessible recruitment
processes for women, people with disability, Aboriginal and Torres
Strait Islander people, Māori and Pasifika people, people from
different cultural and religious backgrounds, and people from the
LGBTIQ+ community. Our Diversity and Inclusion Policy is available
at anz.com/corporategovernance.
This year we finalised our new Diversity and Inclusion
Strategy. It was co-created with employees from all levels
and geographies, including representatives from our
employee networks, and has been endorsed by ANZ’s
Executive Committee and the Human Resources Committee
of the Board.
We now have a vision for diversity and inclusion that is
unique and relevant to ANZ, aligning with our purpose and
business strategy, and the expectations of our customers,
suppliers and community.
We have established the following five strategic priorities:
1

Create an inclusive culture and improve the experience
of our employees who represent all dimensions
of diversity
2

Build the confidence and capability of people leaders
to lead diverse and inclusive teams
3
Improve the diversity of our leadership population
4
Strengthen and empower our employee networks
5
Improve accountability and governance
There are many dimensions of diversity, and all are important
at ANZ. Therefore, the focus on creating an inclusive culture
is our most critical strategic priority.
Our strategy will assist us to make decisions about where
we will focus our effort and resources to maximise impact.
NEW DIVERSITY AND INCLUSION STRATEGY
The representation of Women
in Leadership increased this year
to 35.3% (up from 33.4% as at
September 2020), exceeding our
target of 34.4% by the end of 2021.
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Juggling the final year of high school, two after-school jobs, a Certificate II in
Business, a school-based traineeship and a local Aboriginal school-to-work transition
program, young Indigenous Australian woman Talia Trimboli is seizing every
opportunity that comes her way.
Talia is one of 15 Aboriginal students participating in Ganbina’s
Youth Leadership Program in Shepparton, Victoria. ANZ is a financial
supporter and corporate partner of Ganbina.
The program, which identifies Aboriginal youth who have the
potential to be leaders within their community, helps them unlock
their full potential by keeping them engaged in education, training
and employment.
Talia is also undertaking a school-based traineeship with ANZ
in Shepparton. Her favourite part of the traineeship has been
developing her customer service and communications skills, as
well as the relationships she has formed with her colleagues at
the branch.
“Out of all the skills I’m learning, I enjoy developing my customer
service skills the most because I really enjoy talking to the people
who come into the bank,” says Tahlia.
CASE STUDY
Empowering Aboriginal
youth for a bright future
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INVESTING IN STRATEGIC CAPABILITIES
We use people analytics and modelling to understand the current
state of our workforce and identify potential skills shortages/gaps.
This analysis informs employee development and recruitment
programs, ensuring we continue to develop the capabilities aligned
to our strategy.
This year we launched our PeopleHub program, designed to replace
legacy human resources systems with ‘smarter’, more integrated
technology, supporting new functionality and improved processes
across the Group.
The program will strengthen our ability to ’future-proof ’ our
workforce, by providing greater visibility of the current state of
our workforce and identifying potential skills shortages and gaps.
Data and engineering continued to be an area of focus in 2021.
COVID-19 has exacerbated the scarcity of critical technology
talent, with job vacancies at historically high levels creating talent
competition across our major geographies.
We have refined our attraction, engagement and recruitment
strategies. For each of our key geographies, we have dedicated
teams focused on talent marketing and proactive sourcing of top
candidates in our strategic demand areas of data and engineering.
We are working harder to contact candidates via non-traditional
methods, for example approaching a candidate through their blog
or other social media. While first engagement is taking longer, our
time to offer has only slightly increased. In 2021, we recruited over
5,100 technology candidates, a 92% increase from 2020.
In addition to hiring new talent, we continue to build the
engineering capability of our existing workforce by implementing
targeted learning initiatives designed to develop both deep
technical skills and core ‘soft skills’. Our #TechLearningAcademy
and engineering career hubs enable our engineers to identify
their strengths and growth opportunities and provide self-guided
learning on priority capabilities. Sixteen hours of dedicated learning
time has now been scheduled for everyone in Technology.
We rolled out PluralSight, an online education provider, to more
than 1,620 people in Technology, providing our people with
opportunities to build valuable new technology skills such as
cloud computing, software development, cyber security and
machine learning.
In India, we have continued the rollout of our Digital Transformation
Academy, providing our people with a self-directed learning
platform to upskill in the latest digital transformation tools. The
program covers topics on emergent technologies like robotic
process automation, machine learning, artificial intelligence and
blockchain. To date, over 2,100 of our people have completed
the program.
Further information on employee learning and
development and our approach to diversity
and inclusion is in our 2021 ESG Supplement,
available at anz.com/annualreport.
Supporting mid-career and mature aged workers
This year, we had the opportunity to support mid-career and
mature aged workers to reignite their career, or embark on a
new career in ANZ.
In August, we announced a collaboration with the Victorian
government to pilot a Digital Jobs Program in ANZ, supporting
unemployed and underemployed Victorians to transition into
new roles.
The program involves:
•12 weeks of free training in a high-quality, industry-backed
digital course
•12 weeks in a paid digital role with a Victorian business
•Ongoing support from a mentor throughout the program.
The first placements for the program commenced in October,
and are working with leaders and mentors over the 12-week
program in our Technology, Australia Business Transformation,
Finance and Institutional teams.
“The Digital Jobs Program is giving ANZ an opportunity to
support unemployed and underemployed Victorians to move
into new roles which we expect to be in high demand both now
and in the future”, said Kathryn van der Merwe, Head of Talent &
Culture and Service Centres. “We believe that strong partnerships
like this are key to building the capability we need for the future.”
“Employees who come to us from other roles bring professional
skills and experiential diversity which can help us think differently
about solutions for our customers and staff. They are also more
likely to have the skills that position them for a faster career
trajectory than people who are just starting out in their careers.”
We also launched an initiative encouraging mature aged workers
to email their resumes directly to our Chief Executive Officer,
Shayne Elliott, to be considered for roles in ANZ. We received
close to 500 applications and have placed successful candidates
in our Legal, Talent and Culture and Australia Retail and
Commercial teams.
“What we found is that a lot of people, particularly
women who were older and for whatever reason
had moved out of the workforce, somehow felt they
weren’t worthy or capable of coming back”, said
Shayne Elliott. “So we’ve got a program to bring
people back to the workforce and it has been
enormously successful.”
CASE STUDY
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1. Our Volunteer Leave Policy, that applies to permanent, regular and fixed-term employees, provides for at least one day of paid volunteer leave each year. 2. Figure includes forgone revenue
of $106m, the cost of providing low or fee-free accounts to a range of customers such as government benefit recipients, not-for-profit organisations, students and the elderly. International
transfer fees were waived for funds sent from Australia and New Zealand to the Pacific to support communities impacted by COVID-19.
Our community
We invest significantly in the communities in which we operate and play a role in
supporting their capacity, resilience and financial wellbeing. Strong relationships
with our stakeholders and the broader community is one of our key value drivers.
SUPPORTING THE COMMUNITY THROUGH
THE COVID-19 PANDEMIC
We have continued to work closely with our community
partners to support the communities in which we live and
work during the COVID-19 pandemic.
In April 2021, in response to the devastating health crisis in
India, we donated $1 million to World Vision Australia’s India
COVID-19 Appeal to provide funding for more beds, oxygen
machines and hospital medical supplies in some of the worst
hit districts.
In addition, we launched an India COVID-19 Appeal
encouraging employees and customers to donate, with ANZ
matching donations dollar-for-dollar over two months – a
total of approximately $1.6 million was raised. FJ$60,000 was
also committed to grassroots organisations across Fiji to
support communities impacted by COVID-19.
15.5%
Around $2m was distributed to
communities through our community
grants programs, including our Staff
Foundations in Australia, New Zealand
and Fiji, and our Seeds of Renewal
grants program that provides funding
for community groups in rural and
regional Australia.
IN 2021
of our employees
volunteered1 over 54,645 hours
to community organisations
We matched employee donations,
collectively contributing $3.2m
through our workplace giving
programs. Investing a total of
$139.7m in the community2
After two years of reflection, development and consultation,
we will commence our second Stretch Reconciliation Action
Plan (RAP) in October 2021, our fifth RAP as an organisation.
Through our RAP we will partner with Aboriginal and
Torres Strait Islander organisations to create meaningful
opportunities for Aboriginal and Torres Strait Islander
peoples and businesses by:
•Improving
financial wellbeing
•Providing employment
and facilitating career
progression
•Building the capacity
of Aboriginal and Torres
Strait businesses
•Improving understanding
of Aboriginal and Torres Strait
Islander cultures within our
organisation.
We have set a target to achieve the 17 actions set out in our
RAP by the end of 2024, elevating accountability for delivery
to our Executive Committee. We have also implemented
an Aboriginal and Torres Strait Islander employee reference
group we will consult with on any matters that impact them
as ANZ employees to ensure we are listening to the voices
of First Nations employees.
RECONCILIATION ACTION PLAN
Credit: Marcus Lee
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3. Includes individuals who have participated in more than one program (for example, people who have participated in MoneyMinded as part of Saver Plus are counted twice as they are
included in both the MoneyMinded and Saver Plus totals).
OUR FINANCIAL EDUCATION PROGRAMS
Beyond providing core banking services, we can play a key role in
the community by leading thinking about the ‘drivers’ of financial
wellbeing and applying insights from our research to our financial
education programs, Saver Plus and MoneyMinded. These programs
involve close collaboration with partners from the community and
government sectors.
More than 841,900 people have been reached through these
programs since 20023.
Saver Plus: our matched savings and financial education program,
developed in partnership with the Brotherhood of St Laurence.
Participants open an ANZ savings account, set a savings goal and
make deposits regularly over 10 months while also attending
MoneyMinded financial education sessions. On reaching their goal,
savings are matched by ANZ dollar for dollar, up to $500, which
must be spent on education.
MoneyMinded: supports adults with low levels of financial
literacy and those on lower incomes build their financial
skills, knowledge and confidence. The program is delivered
by community organisations in Australia and New Zealand,
and a mix of community organisations and ANZ employees
in 15 markets across Asia and the Pacific region.
MoneyBusiness: developed in partnership with the Australian
Government in 2005, following our research which showed that
financial exclusion was a significant problem for First Nations
people, particularly those living in remote communities. Program
materials have been developed in consultation with local First
Nations communities and community workers, ensuring the
information is culturally appropriate.
COMMUNITY STORY
Pacific workers
picking financial
skills and fresh
produce
Our MoneyMinded financial education
program – designed to help adults build
budgeting, saving and money skills –
has been helping Pacific workers during
their mandatory two-week quarantine
period in Australia.
The Australian agriculture industry, particularly the fresh produce
sector, relies on seasonal interstate and overseas labour.
However, the availability of workers has been heavily impacted by
COVID-19, with lockdowns and border closures making it difficult
for backpacker and overseas work programs to operate.
Many Australian farmers have therefore been left with unharvested
crops and wasted produce.
The Australian Government’s ‘Pacific Labour Scheme’ has helped
fill regional and rural labour shortages, connecting Australian
businesses with workers from nine Pacific Islands and Timor-Leste
to help farmers harvest crops.
Arriving from the Pacific, workers are required to complete 14 days
of mandatory quarantine when they arrive in Australia, before they
can start work assisting farmers to harvest crops.
ANZ has provided MoneyMinded training and resources to
Powerpac, an approved provider of the Federal Government’s
Pacific Labour Scheme. Powerpac is delivering MoneyMinded
to arriving workers during their quarantine period.
Around 240 people have been through the first delivery of
MoneyMinded, with hundreds more expected over coming months.
Further information about our community
investment and financial education programs
is in our 2021 ESG Supplement available at
anz.com/annualreport.
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LINKS TO 2021 GROUP
PERFORMANCE FRAMEWORK
2021 has continued to be a challenging year for many. Our focus
on our purpose and values, combined with strong governance
and leadership, has enabled us to continue to help support the
communities in which we live and work during the COVID-19
pandemic. ANZ ranked #1 overall amongst major domestic peers
in the RepTrak™ corporate reputation survey and ANZ was again
the leading Australian bank as measured by the 2020 Dow Jones
Sustainability Index, ranked in the 97
th
percentile globally in the
banking sector.
See section 4.5.3 of the Remuneration
Report for more details.
CONTRIBUTION TO PUBLIC POLICY
We seek to contribute constructively to public policy formation
and understand the perspectives of our community’s elected
representatives, policymakers and regulators. We contribute to
policy formation on business, economic, social and environmental
issues affecting our customers and shareholders.
We are also a member of a number of industry associations that
contribute to public policy debate and formation.
In 2021, our key membership payments included:
Australian Banking Association $3,055,932
Business Council of Australia $93,500
New Zealand Bankers’ Association NZ $746,796
Business New Zealand NZ $46,460
Payment to the New Zealand Bankers’ Association includes our
annual fee as well as expenditure related to the trial of regional
banking hubs, contribution to an industry partnership with a
nationwide financial capability charity, the establishment of an
industry whistle-blower scheme run by the Banking Ombudsman,
and industry initiatives in response to COVID-19 and
regulatory issues.
We understand our stakeholders are interested in the position we
take on issues such as banking accessibility, problem gambling and
climate change, and our membership of industry associations that
develop policies and undertake advocacy on these issues.
We have begun a process of periodically reviewing our membership
of key associations and will publicly disclose outcomes and any
material change to our position.
Financial education goes virtual
As schools and other educational facilities moved online because
of the pandemic, so too did MoneyMinded.
Of the 64,011 participants estimated to have completed
MoneyMinded between 1 October 2020 – 30 September 2021,
more than 4,900 of those were part of the MoneyMinded Online
program, an increase from 1,700 the previous year.
In the 2020 MoneyMinded Impact Report, 81% of online
participants reported the program had a positive impact on their
financial wellbeing.
Sharon, a coach working with vulnerable families in Melbourne
as a case manager at MacKillop Family Services, completed her
MoneyMinded training with the Brotherhood of St Laurence
through virtual sessions and started using similar delivery
methods with her clients during the year. Sharon was able
to run classes in the evening which allowed her participants
to manage other commitments during the day.
While virtual program delivery has benefited many, it has also
highlighted the digital divide, with a number of people reporting
a lack of internet access or access to a suitable device, or the
confidence to use a digital medium, as a barrier to participation.
We are working with our community partners and facilitators
to find ways to adapt our programs post COVID-19, without
unintentionally excluding those who cannot easily access online
modules and virtual sessions.
“I managed to pay off a number of small but
significant debts completely since starting
MoneyMinded Online. I’m able to plan for the
future and start looking at options for home
loans and how to progress to the point when
we’re ready to purchase a house.”
MoneyMinded | participant
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Improving our approach
to human rights
This year we have significantly upgraded our Human Rights Statement
(Statement) and developed a new Grievance Mechanism (Mechanism)
for people whose human rights may have been impacted by our large
business lending customers.
We committed to these two actions in the 2020 Statement of
the Parties setting out the resolution of a complaint brought
against ANZ by Inclusive Development International and Equitable
Cambodia concerning a loan made to Phnom Penh Sugar in 2014.
Agreement was reached with the assistance of the Australian
National Contact Point.
Our Statement and Mechanism have been informed by an
external multi-stakeholder working group including civil society
organisations, academics, business representatives and customers.
Their involvement did not infer endorsement of the outcomes of
this review or other work carried out by ANZ.
The Statement outlines our respect for international
human rights standards and includes:
•No t
olerance for retaliation against individuals
or communities
•Reference to climate change and associated
human rights impacts
•Support for an open civic space and human
rights defenders
•Scenarios where domestic laws conflict
with international human rights standards
•Our process when a customer’s human rights
practices are inconsistent with our expectations.
International standards we respect include the International Labour
Organisation Declaration on Fundamental Principles and Rights at
Work, the International Bill of Human Rights and the UN Guiding
Principles on Business and Human Rights (UNGPs).
The UNGPs are the global standard for preventing and addressing
the risk of adverse human rights impacts linked to business
activities. They incorporate three pillars, including governments’
duty to protect human rights and the responsibility of businesses
to respect human rights.
Our Statement is aligned with the UNGP second pillar, including
support and respect for human rights of our employees, customers
and communities. We expect the same from everyone who works
for or with us, including business customers, suppliers and partners.
The UNGP third pillar refers to the need for victims of business-
related abuses to have access to remedy. We support access to
remedy through our new Grievance Mechanism and participation
in the Organisation for Economic Co-Operation and Development
(OECD) National Contact Point (NCP) remediation processes.1
Our new Mechanism will help encourage responsible business
conduct, including by our large business lending customers. In
establishing this Mechanism, we sought to provide a framework
through which:
•Efforts can be made to resolve complaints by affected
communities about adverse human rights impacts associated
with ANZ customers; and
•Feedback and recommendations aimed at strengthening our due
diligence processes can be provided.
The Mechanism is designed to be informal and flexible, and we are
committed to handling complaints in a way that builds confidence
in its effectiveness. As this is new we understand the need to
promote its availability, and will use any complaints submitted
as an opportunity for learning and reflection.
Implementation of the new Statement and Mechanism will
continue in 2022 through our governance, policies, staff training
and disclosures.
Engagement will again be sought with external stakeholders in
reviews of the Mechanism in 2023 and the Statement in 2024.
We will also report on complaints submitted to the Mechanism.
The Statement and the Grievance Mechanism
are available at anz.com.
Information on our approach to modern slavery is in our
2021 ESG Supplement available at anz.com/annualreport.
1. NCP is responsible for promoting the OECD Guidelines for Multinational Enterprises (an international standard on responsible business conduct) and providing conciliation services to
resolve complaints against multinational enterprises.
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We are committed to playing our part in supporting the transition
to net zero emissions by 2050.
The most important role we can play in meeting the Paris
Agreement goals is to help our customers reduce emissions and
enhance their resilience to a changing climate. We support an
orderly transition that recognises and responds to social impacts.
This aligns with our purpose to shape a world in which people and
communities thrive.
Our climate change statement outlines our approach and
commitments in support of a global transition to net zero. We
are reviewing our position. Our updated position will be released
prior to our Annual General Meeting, together with our 2021
Climate-related Financial Disclosures (our fifth report using the
recommendations of the Task Force on Climate-related Financial
Disclosures (TCFD)), available at anz.com/annualreport.
CUSTOMER ENGAGEMENT
We have engaged with 100 of our largest emitting business
customers, supporting them to establish and, where appropriate,
strengthen existing transition plans.
Customers have valued our engagement on this topic, and our
perspectives. A number of customers outside of the 100 have
sought to engage with us, seeking clarity on our expectations,
or requesting suggestions to improve their approach.
Following initial engagement, customer transition plans were
grouped into levels of maturity – advanced, developing/
intermediate, underdeveloped/starting out, and no public plans.
Within each industry our customers have different starting points.
Since this initial assessment, nine customers have sufficiently
improved their governance, strategies and targets or disclosures,
leading to an improved ranking. Many other customers have also
clearly demonstrated improvement since their initial assessment.
For example, we observed a rise in the intention to develop ‘Paris
aligned’ or ‘science-based’ targets or report under the TCFD
framework, and a similar rise in interest in engaging with ANZ
on this topic.
While we consider this to be good progress, we understand there is
still much to be done. That is why we have committed to continue
supporting these larger emitting customers to implement and,
where appropriate, strengthen their low carbon transition plans and
enhance their efforts to protect biodiversity, by end 2024. As part of
this engagement we expect that more customers will improve their
plans to a developing/intermediate, or advanced stage over the
next three years.
Our approach to climate change
Food, liquor and convenience retailer Coles is one of
Australia’s most trusted brands with an average of 20 million
customer transactions each week across its network of almost
2,500 stores and its online platforms.
In March 2021, Coles launched its Together to Zero
sustainability ambitions. A focus area is Together to zero
emissions underpinned by new targets to accelerate climate
action and reduce greenhouse gas emissions, as well as its
ambition to deliver net zero greenhouse gas emissions by
2050 and its target to have the entire Coles Group powered
by 100% renewable electricity by the end of FY25.
Having banked Coles since its demerger from Wesfarmers in
2018, we are supporting the retailer’s ambition to minimise its
environmental footprint and mitigate the environmental and
social impacts of climate change.
In late August 2021, ANZ worked as a Joint Sustainability
Coordinator on Coles’ $1.3bn sustainability-linked loans, the
first within the supermarket sector in Australia and the largest
in the local market.
Coles replaced $1.3bn of its existing bank debt facilities with
sustainability-linked loans to draw a direct link between its
sustainability performance and its cost of capital, providing
transparency and accountability as it works to achieve its
sustainability targets.
Commenting on the deal, Coles Chief Financial Officer,
Leah Weckert, said:
“Coles believes that sustainable businesses are
better businesses, and our Sustainability-Linked
Loans reflect our commitment to working with
all our stakeholders to make positive changes.
“The SLL incentive structure is linked to our
progress against company-wide sustainability
goals, with delivery of those goals delivering
improved cost of capital, therefore being an
effective tool to drive sustainability throughout
our business.”
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OUR PROGRESS ON THE TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES
Our progress to dateFocus areas – 2022/23 Beyond 2022 vision
Governance
•Board Risk Committee oversees management of
climate-related risks
•Board Ethics, Environment, Social and Governance
(EESG) Committee approves climate-related objectives,
policy and targets
•Ethics and Responsible Business Committee (executive
management) oversees our approach to environment,
social and governance (ESG) risks and opportunities,
and reviews climate-related risks
•Align with regulatory guidance on
climate-related risk governance, including
stress-testing of selected portfolios
•An enhanced
risk management
framework that
anticipates potential
climate-related
impacts, and
associated regulatory
requirements
Strategy
•ANZ’s Climate Change Statement (available at anz.com)
confirms support for the Paris Agreement goals and
transition to a net zero carbon economy
•Manag
ing the net zero carbon transition focuses on
an orderly transition that recognises and responds to
social impacts
•Par
ticipated in APRA’s climate vulnerability assessment
(CVA) to assess portfolio transition and physical risks
•Low carbon products and services within our
Institutional business focused on climate-related
opportunities
•Analysis of flood-r
elated risks for our home loan portfolio
in a major regional location of Australia and associated
test-pilot of socio-economic indicators showing financial
resilience of home loan customers with respect to
flood risk
•Extending analysis of flood-related
risks to incorporate bushfire and
other risks relating to retail customers
through the CVA
•Include climate risk reference in lending
guidance documents for relevant
industry sectors used by our front
line bankers
•ANZ business strategy
to grow in a way that
is more closely aligned
to a resilient and
sustainable economy
that supports the
Paris Agreement
goals and Sustainable
Development
Goals (SDGs)
Risk management
•Climate change risk added to Group and Institutional
Risk Appetite Statements
•Climate change identified as a Principal Risk and
Uncertainty in our UK Disclosure and Transparency
Rules (DTR) Submission
•Guidelines and training provided to over 1,000 of
our Institutional bankers on customers’ transition
plan discussions
•Enhanced financial analysis and str
onger credit approval
terms applied to agricultural property purchases in
regions of low average rainfall or measured variability
•Ne
w agribusiness customers assessed for financial
resilience and understanding of rainfall and climate
trends in their area, and water budgets considered
if irrigating
•Encouraging and supporting 100 of
our largest emitting business customers
to implement and, where appropriate,
strengthen their low carbon transition
plans and enhance their efforts to
protect biodiversity, by end 2024
•Customer engagement to identify
customer or sector-specific transition
or physical risks, focused on corporate
and Institutional customers
•Further develop an enhanced climate
risk management framework that
strengthens our governance and
anticipates potential climate-related
impacts and associated regulatory
requirements
•Further integrate
assessment of
climate-related
risks into our Group
risk management
framework
•Standard discussions
with business
customers include
climate-related risks
and opportunities
•Assessment of
customer transition
plans part of standard
lending decisions and
portfolio analysis
Metrics and targets
•Support 100 of our largest emitting business customers
to establish or strengthen low carbon transition plans
by 2021, with metrics developed to track progress
•Metr
ics to enable our progress to be tracked in reducing
‘financed emissions’, beginning with two key sectors:
large-scale commercial property and power generation.
Metrics are tailored to each sector (e.g. carbon emissions
per square metre of net lettable space for commercial
property) and disclosed every 12 months
•$50 billion target to fund and facilitate sustainable
solutions by 2025
•Tar
get to procure 100% renewable electricity for ANZ’s
operations by 2025
•Ongoing emissions r
eduction targets for ANZ energy
use aligned with the Paris Agreement goals
•Complete transition plan engagement
with high emitting customers and
consider how to integrate into our
regular customer assessments
•Implement targets to reduce metrics
for ‘financed emissions’ in key sectors
by 2030 towards a long-term net zero
goal by 2050
•Consider expanding new metrics for
measuring impact of our progress on
environmental sustainability to other
key sectors
•Continue to evolve our
reporting with leading
practices to measure
the alignment of our
lending with the Paris
Agreement goals
•Reduce ANZ’s
operational emissions
in line with the
decarbonisation
trajectory of the Paris
Agreement goals
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SHAREHOLDERS
Governance
Digital Business
and Technology
Committee
Ethics, Environment,
Social and Governance
Committee
Human
Resources
Committee
Audit
Committee
Nomination and
Board Operations
Committee
Risk
Committee
CORPORATE GOVERNANCE FRAMEWORK
1INTEGIRGEATD PITOG
ANZ’s strong governance framework
provides a solid structure for effective
and responsible decision-making
within the organisation.
The Board is responsible for the oversight of ANZ
and its sound and prudent management, with
specific duties as set out in its charter available
at anz.com/corporategovernance.
There are six principal Board Committees –
the Audit Committee, the Ethics, Environment,
Full biography details can be found on our website at anz.com/directors and on pages 46-50 of this report.
Social and Governance Committee, the Risk Committee,
the Human Resources Committee, the Digital Business and
Technology Committee and the Nomination and Board
Operations Committee.
Each Committee has its own charter setting out its roles
and responsibilities. At management level, the Group
Executive Committee comprises ANZ’s most senior
executives. There is a delegations of authority framework
that clearly outlines those matters delegated to the CEO
and other members of senior management.
For further detail on ANZ’s governance framework see
our 2021 Corporate Governance Statement available at
anz.com/corporategovernance.
BOARD OF DIRECTORS
CHIEF EXECUTIVE OFFICER
GROUP EXECUTIVE COMMITTEE
Board reserved powers and delegation of authority
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Jane Halton, AO PSM
Independent
Non-Executive Director
RT Hon Sir John Key,
GNZM AC
Independent
Non-Executive Director
Paul O’Sullivan
Chairman, Independent
Non-Executive Director
Shayne Elliott
Chief Executive Officer,
Executive Director
Ilana Atlas, AO
Independent
Non-Executive Director
Paula Dwyer
Independent
Non-Executive Director
Graeme Liebelt
Independent
Non-Executive Director
John Macfarlane
Independent
Non-Executive Director
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The number of Board, and Board Committee, meetings held during the year and each Directors’ attendance at those meetings are set out below:
Board
Risk
Committee
Audit
Committee
Human
Resources
Committee
Ethics,
Environment,
Social and
Governance
Committee
Digital
Business and
Technology
Committee
Special
Committee
of the Board
Committee
of the Board1
Nominations
and Board
Operations
Shares
Committee1
ABABABABABABABABABAB
Paul O’Sullivan
15159988554466443322
Ilana Atlas, AO
15159955553311
Paula Dwyer
1515999955442233
Shayne Elliott
1515442211
David Gonski, AC2
221111111111
Jane Halton, AO PSM
151555556633
RT Hon Sir John
Key, GNZM AC
151398556633
Graeme Liebelt
15159999554433
John Macfarlane
15159999664433
Column A Indicates the number of meetings the Director was eligible to attend as a member. Column B Indicates the number of meetings attended. The Chairman became an ex-officio
member of the Risk, Audit, Human Resources, Ethics, Environment, Social and Governance, Digital Business and Technology and Nomination and Board Operations Committees on 28 October
2020, upon David Gonski’s retirement. With respect to Committee meetings, the table above records attendance of Committee members. Any Director is entitled to attend these meetings
and from time to time Directors attend meetings of Committees of which they are not a member.
1. The meetings of the Committee of the Board and Shares Committee as referred to in the table above include those conducted by written resolution.
2. David Gonski retired as Chairman
and as a Non-Executive Director on 28 October 2020.
Directors’ meetings
“The Board has remained responsive to the continuing
disruption brought about by the COVID-19 pandemic,
allocating appropriate time throughout the year
for open and transparent discussions at Board and
Committee meetings in alignment with ANZ’s purpose,
and to facilitate greater focus on the achievement
of the Bank’s long-term strategy.”
Paul O’Sullivan | Chairman
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