March 21, 2008


SECURITIES & EXCHANGE COMMISSION
450 Fifth Street, NW
Washington, DC 20549

Attn.: Document Control



RE:	American Depositary Shares
evidenced by the American
Depositary Receipts each
representing Five Ordinary
Shares of National Australia
Bank Limited
(Form F6 File No. 333122516)


Ladies and Gentlemen:

Pursuant to Rule 424(b)(3) under the Securities
Act of 1933, as amended, on behalf of The Bank
of New York, as Depositary for securities
against which American Depositary Receipts are
to be issued, we attach a copy of the new
prospectus (Prospectus) reflecting in number of
ordinary shares represented by one American
Depositary Share (the Ratio).

As required by Rule 424(e), the upper right hand
corner of the Prospectus cover page has a
reference to Rule 424(b)(3) and to the file
number of the registration statement to which
the Prospectus relates.

Pursuant to Section III B of the General
Instructions to the Form F6 Registration
Statement, the Prospectus consists of the ADR
certificate with revised ratio for National
Australia Bank  Limited.

The Prospectus has been revised to reflect
the new ratio, and has been overstampted
with:

Effective March 27, 2008 the Companys
American Depositary Share (ADS) Ratio
Changed from 1:5 (One ADS
Representing Five Ordinary Shares) to
1:1 (One ADSs Representing One
Ordinary Share).

Attached to this letter is a copy of a letter from
National Australia Bank Limited Inc to The
Bank of New York requesting that the Ratio be
changed.

Please contact me with any questions or
comments at 212 8152276

Violet Pagan
Vice President
The Bank of New York Mellon  ADR Division
Encl.
CC: Paul Dudek, Esq. (Office of International
Corporate Finance)







Depositary Receipts
101 Barclay Street 22nd Floor West, New York, NY 10286