I just got this rec for ANZ on my email from Oz and it reads
"Currency
TheNew Zealand division of the Australia and New Zealand Banking Group Limited(ANZ) accounted for 14% of the group’s profit in FY13, required 11% of thegroup’s capital at 30/9/13 and produced an average return on NTA (RoNTA) of 23%compared to a company average of 19%. So an increase in the NZ$ relative to theA$ is good for RoNTA, good for profits and good for the absolute amount ofcapital that the company has."