National Australia Bank Limited (NAUBF) 6-K Current report (foreign)

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 May 2007

National Australia Bank Limited

ACN 004 044 937

(Registrant’s Name)

Level 35

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						Mar 07
Input Schedule	Mar 07 $m		Sep 06 $m		Mar 06 $m		Results Announcement
Divisional Cash Earnings
Net interest income	4,783		4,494		4,192		Page 7
Net life insurance income including IoRE	1,233		568		993		Page 7
Other operating income	2,258		2,479		2,502		Page 7
Net operating income	8,274		7,541		7,687		Page 7
Operating expenses	(3,643	)	(3,714	)	(3,933	)	Page 7
Underlying profit	4,631		3,827		3,754		Page 7
Charge to provide for doubtful debts	(390	)	(336	)	(270	)	Page 7
Cash earnings before tax	4,241		3,491		3,484		Page 7
Income tax expense	(1,243	)	(747	)	(1,258	)	Page 7
Cash earnings before distributions and minority interest	2,998		2,744		2,226		Page 7
Distributions	(137	)	(127	)	(127	)	Page 7
Net profit - Minority Interest	(665	)	(490	)	(259	)	Page 7
Cash earnings	2,196		2,127		1,840
IoRE (after tax)	(22	)	(30	)	(42	)	Page 7
Cash earnings before IoRE	2,174		2,097		1,798
Adjusted for non cash earnings items:
Significant items after tax	—		15		270		Page 2
Net profit attributable to Minority Interest	665		490		259		Page 2
Distributions	137		127		127		Page 2
IoRE (after tax)	22		30		42		Page 2
Treasury shares	(92	)	(22	)	(104	)	Page 2
IoRE discount rate variation after tax	(22	)	(6	)	—		Page 2
Impairment of goodwill	—		5		(5	)	Page 2
Revaluation gains / (losses) on exchangeable capital units	(83	)	22		(134	)	Page 2
Net profit on sale of controlled entities	—		108		—		Page 2
Fair value gain on economic hedge of the proceeds on sale of controlled entities	—		22		—		Page 2
Net profit	2,801		2,888		2,253		Page 2
Net profit attributable to minority interest	(665	)	(490	)	(259	)	Page 2
Net profit attributable to members of the Company	2,136		2,398		1,994		Page 2
Distributions	(137	)	(127	)	(127	)	Page 2
Earnings attributable to ordinary shareholders	1,999		2,271		1,867		Page 2

Other Data
Average interest-earnings assets	412,221		387,262		364,120		Page 95
Average assets	499,150		475,643		451,557		Page 96
Average equity	28,374		26,855		25,177		Page 98
Average minority interest in controlled entities	252		100		—		Page 98
Average Trust Preferred Securities	975		975		975		Page 98
Average Trust Preferred Securities II	1,014		1,014		1,014		Page 98
Average National Income Securities	1,945		1,945		1,945		Page 98
Average National Capital Instruments	397		26		—		Page 98
Average Treasury shares	1,036		887		757
Average AIFRS impact of exchangeable capital units	360		563		597
Earnings per share
Basic weighted average ordinary shares (no. ‘000)	1,596,323		1,582,122		1,571,329		Page 91
Diluted weighted average ordinary shares (no. ‘000)	1,603,801		1,622,878		1,576,871		Page 91
Cash Earnings per share
Basic weighted average ordinary shares (no. ‘000)	1,622,864		1,606,648		1,593,176		Page 92
Diluted weighted average ordinary shares (no. ‘000)	1,648,086		1,647,404		1,634,420		Page 92
Ordinary shares - Fully paid (no. ‘000)	1,631,457		1,609,898		1,603,182		Page 94
Ordinary shares - Partly paid (no. ‘000)	343		390		429		Page 94
Tier 1 capital	24,226		23,404		24,311		Page 86
Total equity / net assets	29,567		27,972		26,062		Page 56
Minority interest in controlled entities	331		168		—		Page 56
National Income Securities	(1,945	)	(1,945	)	(1,945	)	Page 74
Trust Preferred Securities	(975	)	(975	)	(975	)	Page 74
Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)	Page 74
National Capital Instruments	(397	)	(397	)	0		Page 74
Intangible Assets	5,268		5,203		5,429		Page 56
Interest expense on exchangeable capital units	9		30		31		Page 92
Average FTE	38,873		38,910		39,215		Page 89
Total significant items after tax	—		6		232		Page 93
Banking cost to income ratio data
Group Operating Expenses	(3,643	)	(3,714	)	(3,933	)	Page 7
Wealth Management operating expenses	(297	)	(315	)	(296	)	Page 7
Depreciation on leased assets	(27	)	(60	)	(279	)	Page 63
Eliminations	58		85		87		Page 7
Group net interest income	4,783		4,494		4,192		Page 7
Wealth Management net interest income	(6	)	14		(6	)	Page 7
Group other operating income	2,258		2,479		2,502		Page 7
Wealth Management other operating income	362		339		310		Page 7

	Half Year to
Output summary - ratios (1)	Mar 07 $m		Sep 06 $m		Mar 06 $m
Earnings per share (EPS)
Basic cash earnings per ordinary share - cents	135.3		132.4		115.5
Cash earnings	2,196		2,127		1,840
Add: Interest expense on exchangeable capital units	9		30		31
Adjusted cash earnings for cash EPS calculation	2,205		2,157		1,871
Weighted average ordinary shares (no. ‘000)	1,622,864		1,606,648		1,593,176
Diluted weighted average ordinary shares (no. ‘000)	1,648,086		1,647,404		1,634,420
Diluted cash earnings per share - cents	133.8		130.9		114.5
Earnings attributable to ordinary shareholders	1,999		2,271		1,867
Weighted average ordinary shares (no. ‘000)	1,596,323		1,582,122		1,571,329
Basic earnings per ordinary share - cents	125.2		143.5		118.8
Performance
Return on average equity before significant items	16.9	%	19.8	%	15.4	%
Earnings attributable to ordinary shareholders	1,999		2,271		1,867
Add: Significant items after tax	—		(6	)	(232	)
Adjusted earnings for ROE calculation	1,999		2,265		1,635
Average equity	28,374		26,855		25,177
Less: Average minority interest in controlled entities	(252	)	(100	)	—
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)
Less: Average National Capital Instruments	(397	)	(26	)	—
Adjusted average equity for ROE calculation	23,790		22,795		21,243
Cash earnings on average equity	17.5	%	17.5	%	16.3	%
Cash earnings	2,196		2,127		1,840
Average equity	28,374		26,855		25,177
Less: Average minority interest in controlled entities	(252	)	(100	)	—
Less: Average Trust Preferred Securities	(975	)	(975	)	(975	)
Less: Average Trust Preferred Securities II	(1,014	)	(1,014	)	(1,014	)
Less: Average National Income Securities	(1,945	)	(1,945	)	(1,945	)
Less: Average National Capital Instruments	(397	)	(26	)	—
Add: Average Treasury shares	1,036		887		757
Add: Average AIFRS impact of exchangeable capital units	360		563		597
Adjusted average equity for cash earnings on average equity calculation	25,186		24,244		22,596
Net interest margin (NIM)	2.33	%	2.31	%	2.31	%
Net interest income	4,783		4,494		4,192
Average interest-earning assets	412,221		387,262		364,120
Return on average assets	0.80	%	0.95	%	0.83	%
Return on average assets before significant items	0.80	%	0.95	%	0.73	%
Earnings attributable to ordinary shareholders	1,999		2,271		1,867
Add: significant items	—		(6	)	(232	)
Adjusted earnings for ROA calculation	1,999		2,265		1,635
Average assets	499,150		475,643		451,557
Cash earnings on average assets	0.88	%	0.89	%	0.82	%
Cash earnings before significant items	2,196		2,127		1,840
Average assets	499,150		475,643		451,557
Banking cost to income ratio	50.3	%	51.5	%	55.6	%
Group Operating Expenses	(3,643	)	(3,714	)	(3,933	)
Less: Wealth Management operating expenses	(297	)	(315	)	(296	)
Less: Depreciation on leased assets	(27	)	(60	)	(279	)
Less: Eliminations	58		85		87
Banking operating expenses	(3,377	)	(3,424	)	(3,445	)
Group net interest income	4,783		4,494		4,192
Less: Wealth Management net interest income	(6	)	14		(6	)
Banking net interest income	4,789		4,480		4,198
Group other operating income	2,258		2,479		2,502
Less: Wealth Management other operating income	362		339		310
Add: Depreciation on leased assets	27		60		279
Less: Eliminations	(58	)	(85	)	(87	)
Banking other operating income	1,927		2,165		2,000
Cash earnings per average FTE	113		109		94
Cash earnings	2,196		2,127		1,840
Average FTE	38,873		38,910		39,215

	As at
	Mar 07		Sep 06		Mar 06
Net tangible assets (NTA) per share ($)	12.03		11.35		10.41
Total equity / net assets	29,567		27,972		26,062
Less: Minority interest in controlled entities	(331	)	(168	)	—
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: National Capital Instruments	(397	)	(397	)	—
Less: Intangible Assets	(5,268	)	(5,203	)	(5,429	)
Net tangible assets (NTA)	19,637		18,270		16,699
Ordinary shares - Including partly paid (no. ‘000)	1,631,800		1,610,288		1,603,611

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

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: 10 May 2007	Name:	Brendan T Case
	Title:	Company Secretary