Australian Housing Dynamics and Affordability

ROYAL COMMISSION OUR APPROACH, OUR RESPONSE WE ARE RESPONDING TO THE 'SPIRIT AND THE LETTER' OF THE ROYAL COMMISSION. Initial response • • • • Committed in February 2019 to sixteen actions that we can take now including: • removing overdrawn and dishonour fees on our Pensioner Advantage account • improving our service to Indigenous customers in remote communities by setting up a dedicated phone service and giving them easier options to prove their identity • publishing principles to help family farming customers in financial distress ⚫ publishing principles on acting as a model litigant in disputes with our customers • implementing pay reforms that replace individual-based bonuses for most of our employees with an incentive based on the overall performance of the Group Reviewed individual cases highlighted at the Commission and taken action where appropriate to resolve the matters Reported to Government that we have made significant progress on the RC recommendations directed at banks, concerning distressed agricultural loans, remuneration of front line staff, the Sedgwick Review and changing culture and governance Lessons from our experience Identified eight lessons from our misconduct and failures to meet community standards and expectations to inform our response to the 'spirit and letter' of the Royal Commission Now identifying measures that will allow us to be confident that these lessons have been acted on Governance - aligned to the APRA self-assessment • Established a Royal Commission and Self-Assessment Oversight Group to oversee an integrated response to the Royal Commission and Self- Assessment. The Oversight Group is chaired by the Deputy Chief Executive Officer and includes the Group Chief Risk Officer Constructive engagement with reform Engaging constructively with Government and its agencies as they implement the recommendations directed at them • Government has indicated that majority of its reforms will be consulted on and introduced into Parliament by the end of 2020 ANZ 100

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