6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

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

May 20, 2004

Commonwealth Bank of Australia-ACN 123 123 124

(Translation of registrant’s name into English)

Level 2, 48 Martin Place
SYDNEY NSW 1155
AUSTRALIA

(Address of principal executive office)

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

TABLE OF CONTENTS

MEDIA RELEASE

MEDIA RELEASE

PRESENTATION

MEDIA RELEASE

Documents Furnished By the Registrant

Exhibit No.	Document
1	Media Release — 18 May 2004
2	Media Release — 19 May 2004
3	Presentation — 19 May 2004
4	Media Release — 19 May 2004

SIGNATURES

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.

	Commonwealth Bank of Australia
Date: May 20, 2004	/s/ John Damien Hatton
	Name:	John Damien Hatton
	Title:	Company Secretary

Exhibit Index

Exhibit No.	Document
1	Media Release — 18 May 2004
2	Media Release — 19 May 2004
3	Presentation — 19 May 2004
4	Media Release — 19 May 2004

EX-99.1 2 y97686exv99w1.htm MEDIA RELEASE

Media Release Media Release

COMMONWEALTH BANK ANNOUNCES SIMPLIFIED
STRUCTURE OF BANKING BUSINESSES

Sydney 18 May 2004: The Commonwealth Bank today announced that it would be combining its Premium Financial Services (PFS) and Institutional and Business Services (IBS) divisions. By merging the two units, the Bank will be able to more effectively meet the many common needs of premium and business customers, and bring forward the application of its CommSee technology. Australia’s leading online broking service, CommSec, will also be part of the combined division. Retail Banking Services (RBS) will continue to serve the majority of the Bank’s personal customers.

By simplifying the structure of its domestic banking divisions in this way, the Bank will better utilise skills, accelerate the introduction of its new technology platform, CommSee, and introduce a common relationship approach to provide a better service experience for customers. The restructure will also enable the Bank’s Investment and Insurance Services (IIS) division to build on the good progress it has made in distributing products, including First Choice, to the Bank’s customers.

Mr David Murray, CEO of the Commonwealth Bank, said, “In our Which new Bank work on segmentation, which commenced last October, rigorous analysis and assessment of customer needs and requirements made it apparent that we should align our business and premium customer segments. Facilitated by CommSee, service will be delivered more efficiently by simplifying the structure of our domestic banking services, reducing from three business units to two.

“This will be a better model to serve our customers and a simpler way of doing it. There will be less overlap in systems, products, processes and procedures and a more efficient application of existing staff know how.”

CommSee, developed in PFS, provides a single view of a customer’s relationship with the Bank, enabling staff to identify and respond to requirements, regardless of where and when the customer may wish to access the Bank’s services. Implementation of CommSee across the entire Australian banking operation will be done progressively as additional features of the technology are developed and staff training is completed.

Mr Murray announced that Mr Michael Katz would head the combined business unit, now called Premium Business Services (PBS), effective immediately. Prior to his role as Group Executive, PFS, Mr Katz led the Institutional Banking Division, during which time he developed CommSec.

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In announcing the appointment, Mr Murray said, “Michael Katz has experience and understanding of the financial needs of premium, institutional and business customers. That experience, combined with his strong record of innovation and demonstrated skill in developing new business models, will ensure that the new business division delivers the expected customer benefits.”

Mr Murray also said that he and Mr Michael Ullmer, Group Executive IBS agreed that the restructure would be an appropriate time to announce Michael’s departure from the Bank.

Mr Ullmer said, “After seven years in the Bank, first as CFO and most recently as Group Executive IBS, I indicated that there are other opportunities I would like to pursue. The last seven years have been the most exhilarating in my career and it has been a pleasure working with David and the team.”

Mr Murray said, “Michael Ullmer has made a significant contribution to the Bank and for that we acknowledge and thank Michael and wish him well in the future.”

ENDS

For further information, please contact:

Bryan Fitzgerald
General Manager Media and Community
Telephone (02) 9378 2663

EX-99.1

MEDIA RELEASE

EX-99.2

Media Release Media Release

COMMONWEALTH BANK’S ‘WHICH NEW BANK’ PROGRESS
GATHERING MOMENTUM

19 May 2004: In a quarterly update to analysts and staff, Commonwealth Bank CEO David Murray has announced that the implementation of the ‘Which new Bank’ customer service vision is on schedule, with the Bank expected to complete all major June milestones as planned.

Strong support from Commonwealth Bank staff and a positive response from customers in the form of strengthening relationships have boosted confidence prior to commencing the implementation of the most important activities.

“As we said at the launch of this initiative, ‘Which new Bank’ is a fundamental stage in the Bank’s continuous value creation process and it requires dedication and hard work. Clearly, the efforts we are putting in have started paying off as planned, and in some cases we have exceeded initial targets. Looking ahead, we want to carry this through to 2005 and 2006. We are travelling well, but more is to be done and we are not complacent nor do we underestimate the challenges and the complexity of this work,” David Murray said.

The ‘Which new Bank’ service transformation is centred on three themes: customer service, engaged people and simple processes. Within these, 20 workstreams govern over 100 individual initiatives, covering all aspects of the Bank’s business. Over the three-year life of the program, ‘Which new Bank’s’ goal to improve customer service is expected to result in a compound annual EPS growth of greater than ten percent, compound annual productivity improvements of 4-6% , profitable market share growth across major product lines, and an increase in dividends per share each year.

The first seven months of the program have been both a design and execution period, with the capture of early opportunities already generating $188 million in benefits by the end of last month. With the design of the major initiatives now about to be finalised, the program will move into the implementation phase for these. Targets set for the period to June are all expected to be reached on schedule.

Total spend on the program to April was $387 million, with average monthly expenditure expected to accelerate in the final months of the second half of this financial year as major initiatives, such as branch refurbishment, CommSee and NetBank gather pace.

Mr Murray indicated that the achievements to date were giving the Bank considerable certainty it would exceed the committed benefits for 2004. “On the evidence of our benefit realisation so far, we also expect to realise the targets we have set out for fiscal 2005 and 2006,” he said.

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David Murray provided a brief overview of the key initiatives for the period, singling out CommSee as a good example of better processes, supported by engaged people, producing a better customer service. “The move from multiple disparate systems to a new unified service information system used by our staff, which gives a single view of customers, is assisting our people to fulfil the basic servicing needs of customers. It enables staff to provide a more proactive service, which is more relevant to customer requirements occurring at key stages in people’s lives,” he noted.

Mr Murray indicated that other initiatives will be playing an equally important role in the later stages of the program, but that the impact of the examples he provided was clear and visible. “Strength of relationship scores for Commonwealth Bank customers have improved substantially from December to March and we take that as early evidence of the positive reaction to ‘Which new Bank’. The score demonstrates the customer’s intention to grow his or her relationship with us and that is the cornerstone of market share improvements down the line. In the meantime, we are happy that generally our market shares are stable during the period’s transformation activities,” he said.

“We will complete all our major June milestones, we are likely to exceed the benefit targets for that period and we are now moving towards the implementation of the most important activities, setting the tone for our emphasis on delivering in 2005 and 2006. There remains a lot to be done but we have already made measurable progress in all key customer, people, and process areas. And that gives us extra confidence in our ability to deliver on ‘Which new Bank’,” Mr Murray concluded.

ENDS

For further information, please contact:

Bryan Fitzgerald
General Manager Media and Community
Telephone (02) 9378 2663

Media Release Media Release

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Overview of key initiatives

Service and sales management
Service and sales management initiatives have centred on regular staff meetings to explore service improvements in specific client segments and a bank-wide approach to referrals. The resulting service drive has also been reinforced through improved reporting, performance measurement, incentivisation and clearer recognition methods. Results after implementation at a national level are encouraging, with products sales per employee up by 16% and cross sales up 27% after eight weeks.

CommSee
The Bank’s CommSee service and sales solution has recorded promising feedback from 250,000 Tasmanian customers after a prototype went live in February. Both staff and customer reactions have been positive and CommSee is now expected to go national in early 2005, after further functionality and process improvements. All of the Commonwealth Bank’s customers are in line to benefit from the CommSee introduction by the end of that year.

Performance culture
The performance culture needed to support the transformation has focused on six distinct principles: providing clear and decisive leadership, empowering people and making them accountable, encouraging learning and development, promoting trust and team spirit, demonstrating discipline and excellence, and creating a challenging and innovative environment. Evidence that staff have responded well to the promotion of these principles is emerging in the form of a clear improvement in the results of the Bank’s monthly staff tracking survey.

CommWay
The introduction of the CommWay approach to continuous improvement of processes and operations in the form of five pilots and extensive staff training appears to be producing immediate results. CommWay’s initial focus on volume processing with direct customer impact outcomes has yielded a 25% improvement in cheque processing times, in turn resulting in 15% productivity improvements.

Home Loan End to End
The home loan end to end project is about the whole home loan process from approval to settlement. Substantial improvements have been made to the processing, turnaround and servicing of home loans through the Home Loan End to End project. This has led to increased customer loyalty, with faster document production and the introduction of new products encouraging the Bank’s customers to keep their home loans with the Commonwealth Bank, rather than refinancing with its competitors.

ENDS

EX-99.3

Progress Update David Murray Chief Executive Officer 19 May 2004 www.commbank.com.au

The material that follows is a presentation of general background information about the Bank's activities current at the date of the presentation, 19 May 2004. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice when deciding if an investment is appropriate. Disclaimer

Speaker's Notes Speaker's notes for this presentation are attached below each slide. To access them, you may need to save the slides in PowerPoint and view/print in "notes view."

Overview Our achievements over the past three months - on schedule Our progress - gathering momentum Our people - willing to change Our customers - strengthening their relationships with us

Which new Bank highlights We will complete all major June 2004 milestones as planned Moving from design to implementation of our most important activities We expect to deliver 2003/04 spend within planned investment 2003/04 benefits are likely to exceed targets Emphasis is now on delivering 2004/05 and 2005/06

Today's agenda Program status Drivers for success Video presentation

Service/Sales Effectiveness IT Enablers Distribution Efficiency Product Simple processes 'To excel in customer service' Customer service via Engaged people Supported by Through Reminder: There are three themes to our service transformation Performance Culture Support Process/product IT Efficiency Purchasing (4) (2) (3) (2) (1) (1) (3) (2) (2) ( ) = Number of workstreams

Reminder: Financial impact and outcomes Over the next three years we will: Redirect the normal project spend of $600m Spend an additional $620m Invest a further $260m in our branch network Over the next three years this will result in: Cash EPS growth exceeding 10% CAGR 4-6% CAGR productivity improvements Profitable market share growth across major product lines Increases in dividends per share each year Subject to current market conditions continuing

Moving from design to implementation of our most important activities Which new Bank program set up Implementation of major initiatives Ensure sustainable transformation Capture early opportunities Design of major initiatives Sep 03 Jun 04 Jun 05 Jun 06 $ 200m $ 620m $900m Planned net benefits* * Progressive pre-tax benefits within each year

Progress report on workstream activities: June 04 now locked away Done Done Done Segment Alignment Advice Implementation Service and Sales Divisional Service and Sales Infrastructure Single Service View (CommSee) Distribution Optimisation Distribution Efficiency Branch Refurbishment Product Bundling New Products and Services Performance Culture Workstream Jan-Apr 04 May-Jun 04 Jul 04-Jun 05 Jul 05-Jun 06 Process People Customer To do To do To do To do Done Done Done Done Operations Simplification Local Site Improvement Product/System Rationalistion Support Function Redesign IT Efficiency IT Sourcing Property Purchasing 3 1 4 1 2 7 4 1 - - 3 2 2 1 4 1 1 7 4 1 - - 3 2 6 6 3 - - - - 1 - - - - - - - - 3 - - - - 1 - - - - - - - - 38 36 1 1 2 3 5 3 1 - - 1 - - - - - - 3 7 1 5 4 1 - - 1 2 1 - - 1 - - 1 2 5 - - - - 1 - - - - - - 1 1 2 1 3 3 1 - - - - 28 43 20 3 3 1 4 3 1 1 1 - - 1 1 2 3 1 1 1 - -

We will complete all major June 04 milestones as planned 1. Centre for Adviser Development - launch 2. Service & Sales Management - 13,000 staff 3. Branch sales effectiveness training - over 3,000 staff 4. CommSee - Launch in Tasmania 5. Branches - refurbish 125 6. Business banking redesign - complete 7. Queue management - training 8. Enhanced FirstChoice - launch 9. Performance Culture Program - design and commence Process People Customer 10. World Class Processing principles (CommWay) - implement in retail operations 11. Home Loan End to End - new platform and branch service model 12. Support functions - redesign & commence implementation of 10 13. Wealth management systems - 17 to 11 14. IT efficiency & purchasing - commence 100% 100% 100% 100% 100% 70% 50% 60% 75% 60% 60% 55% 95% Apr 04 100% Dec 03 Jun 04 55%

People Themes April YTD ($m) Customers Processes Branch Refurbishment Total FY04 Estimate ($m) 270 280 10 560 100 660 We expect to deliver 2003/04 spend within planned investment 510 310 FY05E ($m) FY06E ($m) 220 205 0 425 85 130 95 0 225 85 2004, 2005 and 2006 estimates are as disclosed in September 2003 Which new Bank presentation 158 177 3 338 49 387

Themes April YTD ($m) FY04 Estimate ($m) Customers Processes People Total 145 55 0 200 2004 benefits are likely to exceed targets FY05E ($m) FY06E ($m) 360 260 620 0 495 405 900 0 2004, 2005 and 2006 estimates are as disclosed in September 2003 Which new Bank presentation 132 56 0 188

Today's agenda Program status Drivers for success Video presentation

We are making good progress on key customer, people and process initiatives No. 2 - Service and Sales Management No. 4 - CommSee No. 9 - Performance Culture Program No. 10 - World Class Processing Principles (CommWay) No. 11 - Home Loan End to End Process People Customer

No. 2 - Service and Sales Management Service and sales meeting each week for all staff Training is tailored for specific client segments Bank-wide approach to referrals Service and sales processes reinforced through measurement, incentives, reporting, awards and recognition

No. 2 - Service and Sales Management Results of national retail implementation Cross Sales Ratio* Product Sales per Staff Member * Cross sales ratio is a measure based on the number of additional products at the opening of a new Transaction or Savings account.

No. 4 - CommSee CommSee chosen as Bank-wide service and sales solution Prototype went live in Tasmania in February Staff and customers are positive signatures and documents imaged all customer interactions recorded leads and referrals tracked Developing a new unified front end platform Prototype will continue through 2004, with national implementation starting early 2005

0 200,000 400,000 600,000 800,000 1,000,000 Oct-03 Dec-03 Dec-04 Feb-05 National Rollout Tasmania PFS CommSec (Advisory Clients) Customers No. 4 - CommSee Rapid Implementation Schedule Customers

No. 9 - Performance Culture Program Six Fundamental Principles: Providing clear and decisive leadership Empowering people and making them accountable Encouraging learning and growing to develop our people Promoting trust and team spirit Demonstrating discipline and excellence in everything we do Creating an environment based on challenge and innovation

Source: Staff Survey May Staff are positive about Which new Bank No. 9 - Performance Culture Program 23 85 19 86 18 79 12 70 62 67 61 58

No. 10 - World Class Processing (CommWay) Developed a CBA-owned, permanent approach to continuous improvement of processes and operations Combines proven business improvement elements from Six Sigma & Lean Processing methodologies Five pilots in operation across the Bank Initial focus on volume processes with direct customer impacts Staff training an integral part of the program

No. 10 - World Class Processing (CommWay) Increase in items/staff-hour relative to baseline Source: CBA Operations Processing Centre data Day 1 cheque processing: Sydney 25% process improvement over baseline Translates to 15% productivity improvement %

No. 11 - Home Loan End to End Significant processing, turnaround and service improvements Forthcoming changes focused on back end processing Enhanced service offering through recent product changes Improvements underpinning increased customer loyalty

No. 11 - Home Loan End to End *Indexed to average of 6 months to end of October 2003. *Indexed to average of 6 months to end of October 2003.

Strength of relationship is increasing Strength of Relationship Score Time Time

Market shares are stable Home loans - holding our strong position in prime market, with small involvement in low documentation loans Deposits - holding market share and competing well with niche players Business Lending - stable market share with good underlying momentum in all segments Managed Investments - market share affected by product rationalisation

Customer intelligence Extensive review of existing research 22 additional focus groups External Intelligence Interviews with experts in 14 countries Creativity workshops on non-banking models Internal Intelligence Interviews with frontline staff Extensive syndication with PFS, RBS, IIS, IBS Close collaboration with other WnB initiatives Proposed model Segment Alignment - Strong Fact Base to Support Change

Segment Alignment - Extensive Customer Research The message is that customers: Are comfortable having differing product and service needs met through different models Want expectations on simple needs met before entrusting with complex needs Have complex needs that are mainly shaped by the stage of life Want a dedicated person who takes end to end ownership of complex needs Welcome proactive contact provided it deals with their simple and complex needs

Segment Alignment - Proposed model through the customer's eyes Simple needs Frontline staff can resolve most issues on the spot, particularly on "pain threshold" issues Bank fulfils basic service requests efficiently and with minimal errors No difference from most customers Complex needs Specialist services for specific events Easy access to specialists through variety of channels including full-service "hubs" Needs analysis at start of every event, using information already known to the Bank Proactive contact Courtesy contact routinely to check on overall satisfaction and update information Proactive sales calls with ideas that make sense

Simplified Structure CEO - David Murray Retail Banking Services Group Executive: Hugh Harley Premium Business Services Group Executive: Michael Katz Insurance & Investment Services Group Executive: Stuart Grimshaw International Financial Services Group Executive: Garry Mackrell Financial & Risk Management: Michael Cameron Group Human Resources: Les Cupper Group Legal: John O'Sullivan Group Strategic Development: Adrian Cosenza Group Technology: Bob McKinnon

Today's agenda Program status Drivers for success Video presentation

Which new Bank summary We will complete all June 04 milestones as planned Moving from design to implementation of our most important activities We expect to deliver 2003/04 spend within planned investment 2003/04 benefits are likely to exceed targets Emphasis is now on delivering 2004/05 and 2005/06

Supplementary material

Which new Bank milestones Service & Sales management - 30,000 staff 'One Team' referral process - implement Service & Sales management - 13,000 staff Branch sales effectiveness - 3,000 staff Centre for Adviser Development - launch Service models - align Advice Model - implement CommSee - Launch in Tasmania CommSee - continue implementation CommSee - complete implementation Branches - refurbish 125 Branches - refurbish 250 (total) Branches - refurbish 375 (total) Business banking redesign - complete Queue management - implement new approach Performance culture program- design and commence Enhanced FirstChoice - launch June 04 June 05 June 06 Process People Customer Home Loan End to End - new platform and branch service model World Class Processing principles - implement in retail operations Support functions - redesign and commence implementation of 10 Wealth management systems - 17 to 11 IT efficiency & purchasing - commence End to End home loans - complete World Class Processing principles - implement in 5 additional sites Support functions - redesign and commence implementation of 3 Wealth management systems - 11 to 7 Asset finance systems - 5 to 1 Support functions - complete implementation Wealth management systems - 7 to 5 Performance management and people development systems - implement CBA leadership and management learning curriculum - implement

Investments & Benefits (1) Estimated benefits are recurring and continue to grow beyond 2006. They are comprised of 50% cost savings and 50% revenue improvement. Investment Analysis ($m) 2004 2005 2006 Total 2004-06 Estimated Investment Spend Initiatives 570 425 225 1,220 Branch refresh 90 85 85 260 Total Investment Spend (pre tax) 660 510 310 1,480 Estimated Benefits (pre tax) (1) 200 620 900

Impact on Annual Profit (excluding all benefits and amortisation) ($m) Total Spend 2004 2005 2006 Total 200 Software capitalised 90 72 38 200 260 Branch refurbishment 90 85 85 260 1,020 210 Provision 0 133 77 210 1,480 810 Expensed 480 220 110 810 Total spend 660 510 310 1,480 Impact on Profit 2004 2005 2006 Provision for future years 210 - -133 - -77 Capitalised amounts - -180 - -157 - -123 Normal spend - -200 - -200 - -200 Exp. previously capitalised software 215 - - - - Before tax 705 20 - -90 After tax 500 14 - -63

Investment spend $100m+ $0-49m $50-99m Total ($m) FY04 FY05 FY06 Themes Sales and service effectiveness Product offering Distribution efficiency Customers IT enablers Product and process simplification Support Purchasing/property IT efficiency Performance culture Processes People 425 225 570 Branch refurbishment 85 85 90 $1,220m $260m

Benefit analysis Total ($m) Revenue Cost saving FY04 FY05 Themes Sales and service effectiveness Product offering Distribution efficiency Customers IT enablers Product and process simplification Support redesign Purchasing/property IT efficiency Performance culture Processes People FY06 $100m+ $0-49m $50-99m 200 620 900 $900m benefit realised in FY06

EX-99.4

Media Release Media Release

COMMONWEALTH BANK LAUNCHES SHARE PURCHASE
PLAN AND SHARE SALE FACILITY

SYDNEY, 19 May 2004: The Commonwealth Bank of Australia today announced that it will invite eligible shareholders to participate in either the Bank’s Share Purchase Plan (SPP) or Share Sale Facility (SSF).

The SPP and SSF will open on 31 May 2004 and are scheduled to close at 5:00pm (Sydney time) on 18 June 2004.

Participation in the SPP and the SSF is entirely optional.

In announcing the SPP and SSF, the Bank’s Chief Financial Officer, Michael Cameron, said “the SPP reflects the Bank’s focus on creating capital flexibility for the future”.

SHARE PURCHASE PLAN

The issue price of the SPP shares will be $31.36. This represents a 5 cents discount to the volume weighted average price of the Bank’s shares of $31.41 on 19 May 2004.

All shareholders with a registered holding on 27 May 2004 and with a registered address in either Australia or New Zealand will be offered the opportunity to purchase a parcel of 50, 100, or 150 ordinary shares of the Bank through the SPP, free of the cost of brokerage and commission.

If the total value of shares applied for under the SPP exceeds approximately $250 million, the Bank may scale back allocations.

SHARE SALE FACILITY

The SSF will be offered to the Bank’s registered holders of 150 ordinary shares or less on 27 May 2004, with a registered address in Australia, New Zealand, the United Kingdom or Fiji.

The SSF allows eligible shareholders whose investment objectives may have changed since the shares were acquired, to sell their shares free of the cost of brokerage and commission.

KEY DATES

The key dates for the SPP and SSF are outlined below. Details of the SPP and SSF are expected to be mailed to eligible shareholders by 2 June 2004.

Media Release Media Release

Event	Date
Record date	27 May 2004
SPP & SSF Offer opens	31 May 2004
SPP & SSF Offer closes (5:00pm Sydney time)	18 June 2004
Shares sold under the SSF	21 — 25 June 2004
Announcement of the SPP results	21 June 2004
Allotment of shares issued under the SPP	25 June 2004
Announcement of the SSF results	28 June 2004
Proceeds of the SSF sent to participating shareholders	5 July 2004

Commonwealth Securities Limited (CommSec) is acting as Broker in relation to the SSF.

The Bank is not providing investment advice or making a recommendation in relation to the SPP and SSF. Eligible shareholders should obtain their own professional advice before participating in either the SPP or SSF.

For general inquiries concerning either the SPP or SSF, shareholders should call 1800 022 440 or (+612) 8280 7110 if calling from outside Australia. (The Bank’s Share Registry will not provide financial, investment or taxation advice.)

ENDS

For additional information, please contact:
Paul Rea
Executive Manager, Media
Group Corporate Relations
Telephone (02) 9378 5965