The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Victor German - Macquarie Research - Analyst
: Victor German from Macquarie. I'll borrow Jonathan's way of asking questions and follow up in his question first.
Question: Victor German - Macquarie Research - Analyst
: That 4 basis point decline in deposits, it's only -- I mean we've obviously seen a reduction in cash rate, but it occurred halfway through the period,
and we know that with every incremental increase in -- or reduction in interest rates, the impact on deposit book is higher. I'm just wondering,
how do we reconcile your guidance for next half with respect to deposits, with respect to this issue? Because mortgage repricing will presumably
give you about 3 basis points benefit. So even on net basis, I'd just be interested in your reconciliation.
Question: Victor German - Macquarie Research - Analyst
: But presumably, that October rate cut would have a reasonable impact. I'm just wondering, should that 4 basis points be bigger in the first half?
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OCTOBER 30, 2019 / 11:00PM, ANZ.AX - Full Year 2019 Australia and New Zealand Banking Group Ltd Earnings
Presentation
Question: Victor German - Macquarie Research - Analyst
: And I just don't want to disappoint you with not asking a question on cost. So you've got a target of $8 billion, which is a medium-term target, but
in the short term, you're talking about some headwinds for the cost base. When we're talking about medium term, and I don't want to suddenly
just draw you into specific dates, but I mean is it reasonable for us to expect at least for the next 3 years with all -- everything that you know, the
sort of keeping cost kind of at broadly similar level to today would be the most kind of reasonable outcome?
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