1. Markets chartpack June 2007

2. Key Australian economic news Source: BT Financial Group  The Reserve Bank of Australia (RBA) left interest rates on hold at 6.25% following its early July meeting. However, should the next round of CPI data show a significant pick-up in underlying inflation, it’s possible that the RBA could pull the trigger on another rate hike as soon as August.  March quarter GDP growth was strong at 1.6%, taking domestic growth back above its 15-year trend of 3.6% per annum.  Recent rains have added to evidence that the drought may be coming to an end, with the Australian Bureau of Agricultural and Resource Economics (ABARE) forecasting a 136% increase in winter crop production.

3.  The Australian dollar (A$) made solid gains against the US dollar over the month, reaching an 18-year high of over US$0.85 cents. At the end of June, the A$ bought: US$0.8501 (+2.7%) €0.6280 (+2.0%) ¥104.78 (+4.0%) Australian dollar Source: BT Financial Group.

4. Currency markets – A$ per US$ Source: BT Financial Group. Figures as at 30 June 2007.

5. Currency markets – A$ per Euro Source: BT Financial Group. Figures as at 30 June 2007.

6. Currency markets – A$ per Yen Source: BT Financial Group. Figures as at 30 June 2007.

7. Official world interest rates Source: BT Financial Group.  The European Central Bank and the Bank of England raised interest rates by 0.25% in June and early July respectively. The US, Japan and Australia left their benchmark rates on hold. Current rateLast movedDirection of last move Australia6.25%November 2006  US5.25%June 2006  Europe (ECB)4.00%June 2007  Japan0.50%February 2007  United Kingdom5.75%July 2007 

8. 2007 World Growth Estimates  World growth is now expected to be 3.4% in 2007, up from 3.3% last month. Growth is still expected to be 3.4% in 2008. Source: Consensus Economics Month of forecast Nov 06 Dec 06 Jan 07 Feb 07 Mar 07 Apr 07 May 07 Jun 07 Australia3.2%3.0%2.9% 3.0%3.1%3.3%3.8% US2.5%2.3%2.4%2.7%2.4%2.3%2.1% Japan2.0% 1.8%1.9%2.1%2.2% 2.3% China9.3%9.5%9.6%9.7% 10.0%10.3%10.4% Germany1.3%1.5% 1.7%2.0%2.1%2.4%2.7% UK2.4% 2.5%2.6% 2.7% World3.2% 3.3% 3.4%

9. Share market indices at 30 June 2007 Source: BT Financial Group. 1 year3 years (pa)5 years (pa) Global S&P 500 (US)18.36%9.63%8.72% Nasdaq (US Tech.)19.85%8.33%12.21% Nikkei (Japan)16.98%15.22%11.30% Hang Seng (Hong Kong)33.84%21.01%15.49% DAX (Germany)40.89%25.48%12.81% CAC (France)21.63%17.49%9.21% FTSE 100 (UK)13.28%13.97%7.25% Australia S&P/ASX 300 Accum.29.21%26.40%19.32% S&P/ASX Small Ordinaries44.43%32.17%24.88% S&P/ASX 300 Listed Prop.26.32%20.88%18.35%

10. Asset class performance Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD

11. Asset class performance Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD Note: Best performing asset class for each year is highlighted 1-year rolling returns to 30 June 2007 Date Aust. CashAust. Bonds Aust. Prop.Aust. SharesInt. BondsInt. Shares 20076.423.9926.3229.21-9.937.77 20065.763.4118.0924.022.2319.88 20055.647.7918.4026.03-1.660.06 20045.302.3317.2121.731.7119.37 20034.979.7812.17-1.61-2.46-18.53 20024.666.2115.24-4.543.14-23.50 20016.087.4213.919.1114.54-6.01 20005.586.1715.6218.4913.7323.81 19995.043.283.9615.13-2.578.17 19985.1110.889.741.6326.1942.16 19976.7716.7629.2127.169.1328.56 19967.759.453.7014.62-9.606.66 19957.1011.889.086.3921.9913.76 19944.93-1.138.1115.54-5.070.45 19935.9113.9317.508.6626.4231.95 19929.0022.0514.5913.0423.566.82

12. Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD Asset class performance

13. Long-term asset class performance Source: S&P/ASX 300 Acc Index, MSCI World ex Aust (net divs) Index in $A, S&P/ASX 300 Property Index, UBS Composite 0+ years index, Citigroup World Government Bond, Unhedged in AUD

14. Oil prices (US$ per barrel) Source: BT Financial Group. West Texas Intermediate as at 30 June 2007.  Oil prices spiked to 10-month highs above US$70 a barrel in June, largely on the back of supply concerns.

15. Disclaimer  The information in this presentation is general only and does not take into account your particular investment objectives or financial situation. Before making an investment decision you should consult a financial adviser. The information is given in good faith and has been derived from sources believed to be accurate. However, no member of the BT Financial Group gives any warranty of reliability or accuracy nor accepts any responsibility arising in any other way including for negligence. This disclaimer is subject to any contrary provisions of any applicable legislation. An investment in any fund described in this presentation is not a deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141. None of Westpac Banking Corporation or its related entities guarantee the capital value or investment performance of any fund. Unless stated otherwise, BT Financial Group is the source of all charts, performance information and other data. Past performance is not a reliable indicator of future performance.