Misleading media report on Assets Under Management

17 October 2002

There was an incorrect assertion in the media today that there had been a drop of $12 billion in the Bank’s wholesale assets under management. This assertion failed to acknowledge that for the Assirt Total Assets Under Management Report, the Bank changed from reporting Colonial First State and Commonwealth Bank/Colonial separately to reporting as a consolidated group. The re-classification of various funds from one category to another resulted in funds previously treated as wholesale funds from the Colonial First State point of view now being treated as retail funds from the Commonwealth Bank point of view.

The media assertion was based on a comparison between the Assirt figures for March and June 2002. These figures are not comparable because of the change to the Bank’s reporting outlined above.