Staff reductions misreported

20 May 2003

In the Bank’s Strategy Presentation this morning, CEO, David Murray reviewed progress being made on simplifying the Bank’s processes and systems in order to improve efficiency.  At last year’s Annual Results, the Bank announced that, as these changes were implemented over 2002-03, it expected that this would result in the loss of approximately 1600 positions.

Mr Murray today confirmed that these reductions are on track.  Unfortunately, the media misunderstood that he was referring to reductions that have been occurring over this financial year and have reported these as additional staff cuts.