FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

Indicate by check mark whether the registrant files or will fill annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g-3-2(b) under the Securities and Exchange Act of 1934. Yes o No x

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Media Release Media Release

(Commonwealth Bank Banner)

COMMONWEALTH BANK SUCCESSFULLY COMPLETES $532.4 MILLION OFF-MARKET BUY-BACK

Sydney 29 March 2004: The Commonwealth Bank announced today the successful completion of its off-market share buy-back. A total of 19,360,759 shares will be bought back at $27.50 per share, for a total cost of $532.4 million. This represents around 1.5% of the Bank’s ordinary shares on issue.

All shares tendered at or below $27.50, or as a Final Price Tender, have been accepted in full. No scale back has been applied to any of the accepted tenders.

Payment for shares bought back will either be credited to shareholders’ accounts or cheques will be posted by 5 April 2004. Shares that have been tendered into the buy-back but not bought back are expected to be released to shareholders’ holdings today.

The Bank’s Chief Executive Officer, Mr Murray said, “Shareholders who sold shares into the buy-back receive franking benefits on the deemed dividend included in the disposal price. For shareholders who retained their shares, the buy-back price represents a very efficient price for the Bank to repurchase its shares and thereby enhances earnings per share and long term shareholder value.”

The buy-back price includes a fully franked dividend of $16.50 per share.

In accordance with the draft ATO Taxation Determination related to off-market share buy-backs (TD 2004/D1), the “market value” of the shares bought back for tax purposes is $30.42 (“Tax Value”). For capital gains tax purposes an Australian resident individual or complying superannuation entity shareholder participating in the buy-back will be deemed to have disposed of each share bought back for deemed capital proceeds of $11.00 plus the amount by which the Tax Value exceeds the buy-back price. The Tax Value exceeds the buy-back price by $2.92 ($30.42 — $27.50). Accordingly, for capital gains tax purposes, the deemed disposal price for each share sold into the buy-back is $13.92 ($11.00 + $2.92).

As foreshadowed in the Buy-Back Booklet, the Bank intends to offer shareholders the opportunity to participate in a share purchase plan as well as a share sale facility through which small shareholdings can be sold. Further information on these initiatives will be sent to shareholders shortly.

ENDS

For additional information, please contact:
Bryan Fitzgerald
General Manager, Media
Group Corporate Relations
Telephone (02) 9378 2663


	Commonwealth Bank of Australia





Date: March 30, 2004	/s/ John Damien Hatton
	Name:	John Damien Hatton




	Title:	Company Secretary

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