Markets chartpack June 2007

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.

 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$ (+2.7%) € (+2.0%) ¥ (+4.0%) Australian dollar Source: BT Financial Group.

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

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

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

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 

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 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%

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%

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

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

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

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

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

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