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 August 2005

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.

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.

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

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.

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Melbourne, 29 August 2005

Institutional Markets & Services Briefing

National Australia Bank’s Executive General Manager, Institutional Markets & Services (IMS), Mr John Hooper, will this week update the investment community and media on the strategic focus and key initiatives for the IMS division.

Attached is a copy of the presentation that will be the basis for discussions with the investment community.  A copy is also available at www.nabgroup.com.

“We are making good progress but we are in year one of a two to three year turnaround,” he said.

Mr Hooper said the key issues for IMS are to:

•     simplify the business;

•     deliver sustainable revenue growth;

•     create the right environment for our people to excel; and

•     embed ownership of effective risk practices within Institutional Markets & Services

Mr Hooper reiterated the guidance provided at the half year results announcement that IMS is expecting flat half on half earnings for the year to 30 September 2005, and potentially lower earnings in 2006 as capital is released from the business.

For further information contact:

Or visit www.nabgroup.com

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August 2005

Institutional Markets & Services

Overview and Update

John Hooper

Executive General Manager

[LOGO]

Overview of the IMS Business

Note:  *In Australia, Corporate Lending is to the Top 500 Corporates with an annual turnover greater than $350M

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The issues IMS faced can be grouped into four core themes

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IMS focus was on risk capital at the expense of actual capital

^2001 and 2002 not comparable to 2003 and 2004. These are indicative numbers adjusted to reflect current operating model

Note:  Operating Expenses exclude Bⅅ Net Profit After Tax is before significantitems and after Outside Equity Interests; *Full Time Equivalent Employees

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c.70% of IMS contribution is from Australia and NZ with less than 50% of the capital deployed

Regional profit contribution and capital usage
as at 30 Sep 2004

[CHART]

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c.60% of IMS revenue comes from Australia and NZ

FI = Financial Institutions

CL = Corporate Lending

Note:  Corporate Lending income, expenses and NPAT are booked in IMS as the product provider of the Corporate Lending product; Corporate Lending relationship management in Australia resides within the Australian region

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The issues IMS faced can be grouped into four core themes

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IMS is creating a competitive growth platform

•      Focus on key segments across core markets – Australia, New Zealand and UK

•      Consolidation of Asian footprint – hub in Hong Kong, exiting IMS activity in Singapore, Seoul, Tokyo and Malaysia

•      Exit non-core businesses in the US – Energy and Utilities and Real Estate

•      Reduction of low yielding risk weighted assets – majority from UK, Asia and US

[GRAPHIC]

Flat half on half earnings with potentially lower earnings in
2006 as the business is rebased

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IMS is also addressing the challenging external environment

Note:  *ROE is Return on Equity

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IMS ongoing focus is to address key issues

•      Simplify the operations of the business

•      Deliver sustainable revenue growth

•      Create the right environment for people to excel

•      Embed ownership of effective risk practices

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IMS - Simplify Operations

Priorities

•      Rationalise geographic footprint

•      Review competitive position of all products and market segments

Progress to Date

•      Released $250M ACE* capital as at 31 March 2005 but still work in progress

•      Consolidation of Asian footprint on track – centralisation of IMS business into Hong Kong

•      Repositioned corporate banking in the UK to focus on core large client relationships and Middle Market

•      Reorganised Markets Division realigning global product lines into more effective business groupings

•      Consolidated regional technology centres – transition from a dual-hub infrastructure model into a global support hub

Note:  *ACE is Adjusted Common Equity

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IMS - Revenue

Priorities

•      Focus on key segments across core markets

•      Improve returns from client relationships

•      New product introduction

•      Focus on originate – warehouse – distribute operating model

Progress to Date

•      Re-opened FX desk

•      Expanded product range including Leveraged Finance, Mezzanine Debt and Asset Finance

•      Ongoing development of investor product for distribution channels

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IMS has experienced some early successes

No. 1 in Project Finance

Mandated Arranger of Australasian
Project Finance Loans
First Half 2005

Only Australian Bank in Global Top 10;
Mandated Arranger of Global Project
Finance Loans

No. 1 in Loan Syndications

Australia Loans

1 Jan 2005 – 30 June 2005

Source:  Project Finance results from Dealogic Project Finance Review, July 2005; Loan Syndications results from Thomson Financial, Second Quarter 2005

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IMS - People

Priorities

•      Stabilise management

•      Drive cultural change and awareness

•      Clear role definition and accountability

•      Linking of performance and reward

Progress to Date

•      New IMS Management team in place

•      Compliance and behavioural ‘gateways’ embedded into people assessments

•      Organisational Culture Inventory for IMS Group Critical Roles – positive shifts

•      Established new incentive compensation scheme and performance measures

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IMS - Risk

Priorities

•      Focus on APRA/ASIC and undertakings given to global regulators

•      Shift from reactive to proactive risk management

•      Integration of all aspects of Risk Management into the business

Progress to Date

•      Completed all IMS specific ASIC Enforceable Undertaking work, closer focus and effort on support of regulatory needs of business

•      Team focused on proactive management of Regulatory Compliance issues, including APRA remediation

•      Risk function embedded within the IMS business

•      Transformation of compliance behaviour evident, e.g. reduction in limit breaches

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IMS - Summary

•      Rebasing our business

•      Addressing fundamentals - simplification, revenue, people and risk

•      Expecting flat half on half earnings in line with half year announcement

•      Potentially lower earnings in 2006 as the business is rebased – c. $50M reduction

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Disclaimer

This document is a presentation of general background information about the Group’s activities current at the date of the presentation, 29^th August 2005.  It is information in a summary form and does not purport to be complete.  It is not intended to be relied upon as advice to investors or potential investors anddoes 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.

This document contains certain “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934 and the US Private Securities Litigation Reform Act of 1995.  The words “anticipate”, “believe”, “expect”, “project”, “estimate”, “intend”, “should”, “could”, “may”, “target”, “plan” and other similar expressions are intended to identify forward-looking statements.  Indications of and guidance on future earnings and financial position and performance are also forward-looking statements.  Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements.  There can be no assurance that actual outcomes will not differ materially from these statements.  For further information relating to the identification of forward-looking statements and important factors that could cause actualresults to differ materially from those projected in such statements, see “Presentation of Information - Forward-Looking Statements” and “Risk Factors” in the Group’s Annual Report on Form 20-F filed with the US Securities & Exchange Commission.

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