Home | Shareholder centre | Financial results | 2003 Full Year Financial Results | Detailed Financial Information |
8. Expenses
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| Ongoing Operations | ||||||||
| Interest expense | 2 | 4,992 | 4,689 | (6.5) | 9,681 | 9,003 | (7.5) | |
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| Claims expense | 445 | 513 | 13.3 | 958 | 956 | (0.2) | ||
| Change in policy liabilities | 1,768 | (250) | large | 1,518 | (1,637) | large | ||
| Policy acquisition and maintenance expense | 369 | 344 | (7.3) | 713 | 751 | 5.1 | ||
| Investment management fees | 36 | 39 | 7.7 | 75 | 86 | 12.8 | ||
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| Life insurance expenses | 6 | 2,618 | 646 | large | 3,264 | 156 | large | |
| Wealth Management other operating expenses | 396 | 383 | (3.4) | 779 | 749 | (4.0) | ||
| Investor compensation and associated costs | 16 | 11 | large | 27 | 64 | 57.8 | ||
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| Wealth Management other operating expenses (1) | 412 | 394 | (4.6) | 806 | 813 | 0.9 | ||
| Total Banking other operating expenses | ||||||||
| Personnel expenses | ||||||||
| Salaries and related on costs | 1,259 | 1,279 | 1.6 | 2,538 | 2,462 | (3.1) | ||
| Superannuation | 112 | 95 | (17.9) | 207 | 119 | (73.9) | ||
| Other | 129 | 106 | (21.7) | 235 | 256 | 8.2 | ||
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| 1,500 | 1,480 | (1.4) | 2,980 | 2,837 | (5.0) | |||
| Occupancy expenses | ||||||||
| Rental on operating leases | 126 | 131 | 3.8 | 257 | 238 | (8.0) | ||
| Depreciation and amortisation | 30 | 35 | 14.3 | 65 | 75 | 13.3 | ||
| Other | 104 | 106 | 1.9 | 210 | 210 | - | ||
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| 260 | 272 | 4.4 | 532 | 523 | (1.7) | |||
| General expenses | ||||||||
| Advertising and marketing | 77 | 84 | 8.3 | 161 | 161 | - | ||
| Non-lending losses | 42 | 23 | (82.6) | 65 | 47 | (38.3) | ||
| Communications, postage and stationery | 190 | 189 | (0.5) | 379 | 422 | 10.2 | ||
| Depreciation and amortisation | 169 | 141 | (19.9) | 310 | 288 | (7.6) | ||
| Fees and commissions | 45 | 39 | (15.4) | 84 | 89 | 5.6 | ||
| Computer equipment and software | 168 | 109 | (54.1) | 277 | 214 | (29.4) | ||
| Rental on operating leases | 33 | 28 | (17.9) | 61 | 51 | (19.6) | ||
| Professional fees | 166 | 111 | (49.5) | 277 | 215 | (28.8) | ||
| Travel | 37 | 26 | (42.3) | 63 | 41 | (53.7) | ||
| Freight and cartage | 33 | 35 | 5.7 | 68 | 59 | (15.3) | ||
| Operational (bank & bureau) charges | 42 | 46 | 8.7 | 88 | 102 | 13.7 | ||
| Other expenses | 153 | 167 | 8.4 | 320 | 283 | (13.1) | ||
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| 1,155 | 998 | (15.7) | 2,153 | 1,972 | (9.2) | |||
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| Total Banking other operating expenses | 2,915 | 2,750 | (6.0) | 5,665 | 5,332 | (6.2) | ||
| Eliminations | (59) | (58) | 1.7 | (117) | (132) | (11.4) | ||
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| Banking other operating expenses net of eliminations |
2,856 | 2,692 | (6.1) | 5,548 | 5,200 | (6.7) | ||
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| Other operating expenses | 3,268 | 3,086 | (5.9) | 6,354 | 6,013 | (5.7) | ||
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| Total operating expenses from ongoing operations | 10,878 | 8,421 | (29.2) | 19,299 | 15,172 | (27.2) | ||
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| Note | Sep 03 $m |
Mar 03 $m |
Mar 03 % |
Sep 03 $m |
Sep 02 $m |
Sep 02 % |
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| Disposed operations | ||||||||
| Interest expense | - | - | - | - | 250 | large | ||
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| HomeSide | ||||||||
| Carrying value and expenses attributable to the sale of HomeSide operating assets |
- | - | - | - | 2,322 | large | ||
| Other | - | - | - | - | 371 | large | ||
| Other disposed operations | - | - | - | - | 2 | large | ||
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| Operating expenses | - | - | - | - | 2,695 | large | ||
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| Total operating expenses from disposed operations | - | - | - | - | 2,945 | large | ||
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| Significant expenses | ||||||||
| Restructuring expenses | 13 | - | - | - | - | 580 | large | |
| Carrying value of SR Investment sold | 13 | - | - | - | - | 2,686 | large | |
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| Significant expenses | - | - | - | - | 3,266 | large | ||
| Group eliminations | - | - | - | - | (1) | large | ||
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| Total operating expenses before goodwill and charge to provide for doubtful debts |
10,878 | 8,421 | (29.2) | 19,299 | 21,382 | 9.7 | ||
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| Amortisation of goodwill | 49 | 49 | - | 98 | 101 | 3.0 | ||
| Charge to provide for doubtful debts | 10 | 311 | 322 | 3.4 | 633 | 697 | 9.2 | |
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| Total expenses | 11,238 | 8,792 | (27.8) | 20,030 | 22,180 | 9.7 | ||
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Operating expenses (before goodwill, significant expenses and charge to provide for doubtful debts) by Division
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| Ongoing operations | ||||||||
| Financial Services Australia | 1,288 | 1,214 | (6.1) | 2,502 | 2,450 | (2.1) | ||
| Financial Services Europe | 847 | 873 | 3.0 | 1,720 | 1,677 | (2.6) | ||
| Financial Services New Zealand | 241 | 252 | 4.4 | 493 | 444 | (11.0) | ||
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| Retail Banking | 2,376 | 2,339 | (1.6) | 4,715 | 4,571 | (3.2) | ||
| Corporate & Institutional Banking | 380 | 374 | (1.6) | 754 | 759 | 0.7 | ||
| Other (incl. Excess Capital, Group Funding & Corporate Centre) |
159 | 37 | large | 196 | 2 | large | ||
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| Total Banking | 2,915 | 2,750 | (6.0) | 5,665 | 5,332 | (6.2) | ||
| Wealth Management | 412 | 394 | (4.6) | 806 | 813 | 0.9 | ||
| Eliminations | (59) | (58) | 1.7 | (117) | (132) | (11.4) | ||
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| Total ongoing operations | 3,268 | 3,086 | (5.9) | 6,354 | 6,013 | (5.7) | ||
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| Disposed operations | ||||||||
| Vivid | - | - | - | - | 2 | large | ||
| HomeSide | - | - | - | - | 2,693 | large | ||
| Eliminations | - | - | - | (1) | large | |||
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| Total disposed operations | - | - | - | - | 2,694 | large | ||
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| Other operating expenses | 3,268 | 3,086 | (5.9) | 6,354 | 8,707 | 27.0 | ||
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| (1) Wealth Management other operating expenses excludes life insurance expenses. Refer to note 6 for further detail. | ||||||||