The Australian Office of Financial Management (AOFM) has accepted an unconditional ex-gratia payment of $9,979,687 from the Australia and New Zealand Banking Group Limited (ANZ) on behalf of the Commonwealth.
The amount reflects the revenue earned by ANZ in their role as duration manager for the December 2034 Treasury Bond Issuance syndication held in April 2023, as identified by ANZ during legal proceedings between the Australian Securities and Investments Commission and ANZ (Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (Treasury Bonds Case) [2025] FCA 1592 (Treasury Bonds Case)).
This proposed payment was referred to in the Federal Court’s judgement in the Treasury Bonds Case and was taken into account in determining the penalties in this case.
Acceptance of the payment does not constitute a settlement of any claim, does not prejudice or limit any rights or claims the Commonwealth may have against ANZ, does not release ANZ from any existing or future liability, and does not reduce or offset any current or future debts owed by ANZ to the Commonwealth.
Acceptance of this payment will also have no impact on the AOFM’s consideration of ANZ for Joint Lead Manager or Duration Manager roles in future syndications or any other subsequent interactions between ANZ and the AOFM. In this regard, ANZ must continue to work with the AOFM to demonstrate a change in its risk culture.
These funds are being accepted by the AOFM on behalf of the Commonwealth and will be returned to the Commonwealth’s Consolidated Revenue Fund.
Media contact: AOFM Communications Team via enquiries@aofm.gov.au
