Helping Queensland capitalise on its moment in the sun

ANZ’s agreement to buy Suncorp’s banking business would not only be a transformational acquisition for the bank but a vote of confidence in the future of Queensland and the state’s prospects.

Click image to zoom Tap image to zoom

ANZ wants to contribute to the economic and social prosperity of Queensland and this expansion plan will see us significantly increase our presence in one of Australia’s most important regions.

"Queensland wants the 2032 Olympic Games to be the first ‘carbon-positive’ Olympics and this will drive further investment in renewable energy, sustainable transport and emissions reduction technology.”

It will be a cornerstone investment for ANZ in a fast-growing market and we believe we have the resources and the capability to build on the success of Suncorp Bank.

Queensland contributes about 18 per cent of Australia’s gross domestic product and is the country’s second-largest exporting state. It is also Australia’s largest interstate migration destination with a population equivalent to the city of Rockhampton forecast to migrate here between now and 2025.

Moreover, in recent years, Queensland has recorded better economic growth and workforce participation than other states. ANZ Research’s Stateometer shows Queensland’s economic momentum accelerated in the three months to March with all five components (consumer, business, trade, housing and labour) performing above trend - despite the widespread flooding.

Click image to zoom Tap image to zoom

ANZ already has a proud history and strong business in Queensland. We opened our first branch in Brisbane in 1851 and since then we’ve built a great business in the state which we’re continuing to expand.

In the last 12 months we have increased the number of home lending specialists on the ground in Queensland by 30 per cent, reflecting the growth and opportunity in the region.

The state is also close to key export markets in the Asia-Pacific region. These markets are key to our Institutional business which already has a significant presence in Queensland.

This proposed acquisition will complement our Institutional business while rebalancing our investment more towards retail and business customers. Both these groups are key to ANZ’s strategy of being the bank of choice for people who want to own their home or who want to start, grow and run a business.

We expect the acquisition will increase our loans in Australia Retail and Commercial by 17 per cent to $A403 billion, our Australia housing mortgages by 17 per cent to $A326 billion, our Australia  business lending by 20 per cent to $A67 billion and Australia Retail deposits by 22 per cent to $A179 billion.

Click image to zoom Tap image to zoom

Edit text here

Now is also a particularly exciting time for the Queensland as Brisbane prepares to host the Olympic Games in 2032. The games are expected to deliver about $A18 billion of economic benefit to the nation and we see a key role for ANZ in the lead up to the event.

Moreover, our Institutional business will support Queensland’s ambition to reduce carbon emissions by 50 per cent by 2030 as well as providing as much as $A15 billion in funding for the green infrastructure Brisbane will need to support the games.

We plan to establish a dedicated team in Queensland to support the development of this infrastructure.

ANZ has also committed to make $A10 billion of lending available to support Queensland businesses over the next three years.

Olympic ambition

Queensland wants the 2032 Olympic Games to be the first ‘carbon-positive’ Olympics and this will drive further investment in renewable energy, sustainable transport, emissions reduction technology, social projects and housing.

ANZ plans to commit to $A10 billion to Queensland energy projects over the next decade, particularly those targeting bioenergy and hydrogen, to help fund the state’s clean energy transition.

This fits clearly with our strategy to be a key player in the region’s energy transition. We see a major opportunity in helping our corporate customers make the transition to net zero emissions by 2050.

We have a goal of providing $A50 billion in sustainable financing by 2025 and as of earlier this year we were about two thirds of the way towards that goal.

It will also be critical for us to continue to provide great service to Suncorp’s 1.2 million retail and commercial customers and deliver them new services and products.

We see a bright future for Queensland and for ANZ’s business here. And the addition of Suncorp Bank will help us deliver on our ambition to advance Queensland and the nation’s interests.

Jacqueline Auf der Maur is General Manager of Retail Banking, Queensland and the Northern Territory at ANZ

editor's picks

18 Jul 2022

Elliott: betting on Queensland, accelerating ANZ strategy

Andrew Cornell | Past Managing Editor, bluenotes

ANZ CEO says acquisition of Suncorp Bank is an investment in the bank’s Retail and Commercial operations, and the state of Queensland.

18 Jul 2022

Elliott: a transformational advance for ANZ

Shayne Elliott | Chief Executive Officer, ANZ

Suncorp Bank is a terrific franchise and a natural fit with ANZ, according to CEO Shayne Elliott.