RNS Number:1489U
National Australia Bank Ld
13 January 2004


                                                  Group Corporate Affairs



                                                   National Australia
                                                   Bank Limited
                                                   ABN 12004044937

                                                   500 Bourke Street
ASX Announcement                                   Melbourne
                                                   Victoria  3000
                                                   Australia

                                            Melbourne, Tuesday 13th January 2004



Announcement of irregular trading losses

The National has identified losses relating to unauthorised trading in foreign
exchange options. Four employees have been suspended in relation to this 
trading.

Immediate action has been taken to close out the losses and to minimise any
further losses from being incurred. The losses involved are not expected to
exceed $180 million (pre tax) and have occurred after the end of the completion
of the National's accounts for the year ended 30 September 2003.

No customers of the National have been affected by the trading activities which
generated the losses.


For further information, please contact:

Robert Hadler
Group Corporate Affairs
03 8641 35876
0404 805 675

or visit www.nabgroup.com



                      This information is provided by RNS
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