National Australia Bank Limited (NABZY) 6-K Current Report of Foreign Issuer

FILE NO 1-9945

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON DC 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of November 2006

National Australia Bank Limited

ACN 004 044 937

(Registrant’s Name)

Level 24

500 Bourke Street

MELBOURNE VICTORIA 3000

AUSTRALIA

Indicate by check mark whether the registrant files or will file 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 12g3-2(b) under the Securities Exchange Act of 1934.

           Yes  o No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82

NATIONAL AUSTRALIA BANK

Template for Key Performance Measures

	Half Year to				Year to				Sep 2006
	Sep 06		Mar 06		Sep 06		Sep 05		Results
Input Schedule	$m		$m		$m		$m		Announcement
Divisional Cash Earnings
Net interest income	4,494		4,192		8,686		6,944		Page 9
Net life insurance income excluding IORE	528		936		1,464		1,526		Page 9
Investment earnings on shareholders retained profits & capital (IORE)	40		57		97		146		Page 9
Other operating income	2,479		2,502		4,981		5,890		Page 9
Net operating income	7,541		7,687		15,228		14,506		Page 9
Operating expenses	(3,714	)	(3,933	)	(7,647	)	(7,995	)	Page 9
Underlying profit	3,827		3,754		7,581		6,511		Page 9
Charge to provide for doubtful debts	(336	)	(270	)	(606	)	(534	)	Page 9
Cash earnings before tax	3,491		3,484		6,975		5,977		Page 9
Income tax expense	(747	)	(1,258	)	(2,005	)	(1,910	)	Page 9
Cash earnings before significant items, distributions and Minority Interest	2,744		2,226		4,970		4,067		Page 9
Net profit - Minority Interest	(490	)	(259	)	(749	)	(610	)	Page 9
Cash earnings before significant items and distributions	2,254		1,967		4,221		3,457		Page 9
Distributions	(127	)	(127	)	(254	)	(204	)	Page 9
Cash earnings before significant items	2,127		1,840		3,967		3,253
Significant items after tax	15		270		285		678		Page 2
Cash earnings after significant items	2,142		2,110		4,252		3,931
Adjusted for:
Net profit attributable to Minority Interest	490		259		749		610		Page 2
Distributions	127		127		254		204		Page 2
Treasury shares	(22	)	(104	)	(126	)	(143	)	Page 2
IORE discount rate variation	(6	)	—		(6	)	—		Page 2
Impairment of goodwill	5		(5	)	—		—		Page 2
Foreign exchange gains / (losses) on exchangeable capital units	22		(134	)	(112	)	—		Page 2
Net profit on sale of controlled entities	108		—		108		—		Page 2
Fair value gain on economic hedge of the proceeds on sale of controlled entities	22		—		22		—		Page 2
Net profit	2,888		2,253		5,141		4,602		Page 2
Net profit attributable to minority interest	(490	)	(259	)	(749	)	(610	)	Page 2
Net profit attributable to members of the Company	2,398		1,994		4,392		3,992		Page 2
Distributions	(127	)	(127	)	(254	)	(204	)	Page 2
Earnings attributable to ordinary shareholders	2,271		1,867		4,138		3,788		Page 2
Other Data
Average interest-earnings assets	387,262		364,120		375,691		325,482		Page 98
Average assets	475,643		451,557		463,600		430,882		Page 99
Average equity	26,855		25,177		26,016		28,806		Page 101
Average minority interest in controlled entities	100		—		50		4,281		Page 101
Average Trust Preferred Securities	975		975		975		975		Page 101
Average Trust Preferred Securities II	1,014		1,014		1,014		531		Page 101
Average National Income Securities	1,945		1,945		1,945		1,945		Page 101
Average National Capital Instruments	26		—		13		—		Page 101
Average Treasury shares	887		757		836		636
Average AIFRS impact of exchangeable capital units	563		597		577		—
Earnings per share
Basic weighted average ordinary shares (no. ‘000)	1,582,122		1,571,329		1,575,604		1,538,085		Page 92
Diluted weighted average ordinary shares (no. ‘000)	1,622,878		1,576,871		1,580,678		1,606,848		Page 92
Cash Earnings per share
Basic weighted average ordinary shares (no. ‘000)	1,606,648		1,593,176		1,599,919		1,559,118		Page 93
Diluted weighted average ordinary shares (no. ‘000)	1,647,404		1,634,420		1,643,422		1,627,881		Page 93
Ordinary shares - Fully paid (no. ‘000)	1,609,898		1,603,182		1,609,898		1,567,188		Page 95
Ordinary shares - Partly paid (no. ‘000)	390		429		390		466		Page 95
Tier 1 capital	23,404		24,311		23,404		22,779		Page 85
Total equity / net assets	27,972		26,062		27,972		31,547		Page 55
Minority interest in controlled entities	168		—		168		6,224		Page 55
National Income Securities	1,945		1,945		1,945		1,945		Page 74
Trust Preferred Securities	975		975		975		975		Page 74
Trust Preferred Securities II	1,014		1,014		1,014		1,014		Page 74
National Capital Instruments	397		—		397		—		Page 74
Distributions	127		127		254		204		Page 2
Goodwill	4,434		4,776		4,434		4,767
Interest expense on exchangeable capital units	30		31		61		106		Page 93
Average FTE	38,910		39,215		39,062		40,955		Page 90
Total significant items after tax	6		232		238		678		Page 94
Banking cost to income ratio data
Group Operating Expenses	(3,714	)	(3,933	)	(7,647	)	(7,995	)	Page 9
Wealth Management operating expenses	(315	)	(296	)	(611	)	(657	)	Page 9
Depreciation on leased assets	(60	)	(279	)	(339	)	(545	)	Page 62
Eliminations	85		87		172		233		Page 9
Group net interest income	4,494		4,192		8,686		6,944		Page 9
Wealth Management net interest income	14		(6	)	8		5		Page 9
Group other operating income	2,479		2,502		4,981		5,890		Page 9
Wealth Management other operating income	339		310		649		658		Page 9

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	Half Year to				Year to
	Sep 06		Mar 06		Sep 06		Sep 05
Output summary - ratios (1)	$m		$m		$m		$m
Earnings per share (EPS)
Basic cash earnings per ordinary share (before significant items) - cents	132.4		115.5		248.0		208.6
Cash earnings before significant items	2,127		1,840		3,967		3,253
Add: Interest expense on exchangeable capital units	30		31		61		106
Adjusted cash earnings for cash EPS calculation	2,157		1,871		4,028		3,359
Weighted average ordinary shares (no. ‘000)	1,606,648		1,593,176		1,599,919		1,559,118
Diluted weighted average ordinary shares (no. ‘000)	1,647,404		1,634,420		1,643,422		1,627,881
Diluted cash earnings per share (before significant items) - cents	130.9		114.5		245.1		206.3
Cash earnings before significant items	2,127		1,840		3,967		3,253
Add: Significant items	15		270		285		678
Adjusted cash profit after significant items	2,142		2,110		4,252		3,931
Weighted average ordinary shares (no. ‘000)	1,606,648		1,593,176		1,599,919		1,559,118
Basic cash earnings per ordinary share (after significant items) - cents	133.3		132.4		265.8		252.1
Earnings attributable to ordinary shareholders	2,271		1,867		4,138		3,788
Weighted average ordinary shares (no. ‘000)	1,582,122		1,571,329		1,575,604		1,538,085
Basic earnings per ordinary share (after significant items) - cents	143.5		118.8		262.6		246.3
Performance
Return on average equity before significant items	19.8	%	15.4	%	17.7	%	14.8	%
Earnings attributable to ordinary shareholders	2,271		1,867		4,138		3,788
Add: Significant items after tax	(6	)	(232	)	(238	)	(678	)
Adjusted earnings for ROE calculation	2,265		1,635		3,900		3,110
Average equity	26,855		25,177		26,016		28,806
Less: Average minority interest in controlled entities	(100	)	—		(50	)	(4,281	)
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)	(531	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)	(1,945	)
Less: Average National Capital Instruments	(26	)	—		(13	)	—
Adjusted average equity for ROE calculation	22,795		21,243		22,019		21,074
Cash earnings on average equity before significant items	17.5	%	16.3	%	16.9	%	15.0	%
Cash earnings before significant items	2,127		1,840		3,967		3,253
Average equity	26,855		25,177		26,016		28,806
Less: Average minority interest in controlled entities	(100	)	—		(50	)	(4,281	)
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)	(531	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)	(1,945	)
Less: Average National Capital Instruments	(26	)	—		(13	)	—
Add: Average Treasury shares	887		757		836		636
Add: Average AIFRS impact of exchangeable capital units	563		597		577		—
Adjusted average equity for cash earnings on average equity calculation	24,244		22,596		23,432		21,710
Net interest margin (NIM)	2.31	%	2.31	%	2.31	%	2.13	%
Net interest income	4,494		4,192		8,686		6,944
Average interest-earning assets	387,262		364,120		375,691		325,482
Return on average assets before significant items	0.95	%	0.73	%	0.84	%	0.72	%
Earnings attributable to ordinary shareholders	2,271		1,867		4,138		3,788
Add: significant items	(6	)	(232	)	(238	)	(678	)
Adjusted earnings for ROA calculation	2,265		1,635		3,900		3,110
Average assets	475,643		451,557		463,600		430,882
Banking cost to income ratio	51.5	%	55.6	%	53.5	%	59.2	%
Group Operating Expenses	(3,714	)	(3,933	)	(7,647	)	(7,995	)
Less: Wealth Management operating expenses	(315	)	(296	)	(611	)	(657	)
Less: Depreciation on leased assets	(60	)	(279	)	(339	)	(545	)
Less: Eliminations	85		87		172		233
Banking operating expenses	(3,424	)	(3,445	)	(6,869	)	(7,026	)
Group net interest income	4,494		4,192		8,686		6,944
Less: Wealth Management net interest income	14		(6	)	8		5
Banking net interest income	4,480		4,198		8,678		6,939
Group other operating income	2,479		2,502		4,981		5,890
Less: Wealth Management other operating income	339		310		649		658
Add: Depreciation on leased assets	60		279		339		545
Less: Eliminations	(85	)	(87	)	(172	)	(233	)
Banking other operating income	2,165		2,000		4,165		4,920
Cash earnings per average FTE	109		94		102		79
Cash earnings before significant items	2,127		1,840		3,967		3,253
Average FTE	38,910		39,215		39,062		40,955

	As at
	Sep 06		Mar 06		Sep 05
Net tangible assets (NTA) per share ($)	11.91		10.74		10.47
Total equity / net assets	27,972		26,062		31,547
Less: Minority interest in controlled entities	(168	)	—		(6,224	)
Less: Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)
Less: National Income Securities	(1,945	)	(1,945	)	(1,945	)
Less: Distributions	(254	)	(127	)	(204	)
Less: Goodwill	(4,434	)	(4,776	)	(4,767	)
Net tangible assets (NTA)	19,182		17,225		16,418
Ordinary shares - Including partly paid (no. ‘000)	1,610,288		1,603,611		1,567,654

(1) Any differences noted between the above ratios and those published in the Group’s external Results documents are solely due to rounding.

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SIGNATURE PAGE

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

	NATIONAL AUSTRALIA BANK LIMITED
	Signature:	/s/ Brendan T Case
Date: 3 November 2006	Name: Brendan T Case
	Title: Associate Company Secretary

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