6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

Commonwealth Bank of Australia
ABN 48 123 123 124
(Registrant’s Name)

Level 2
48 Martin Place
SYDNEY NSW 1155
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 þ                    Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule101(b)(1) o

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) o

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organised (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

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

Documents Furnished by the Registrant

Exhibit No.	Description
1.	Commonwealth Bank of Australian – Wealth Management Update

TABLE OF CONTENTS

EX-99.1: WEALTH MANAGEMENT UPDATE

SIGNATURES

     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.

COMMONWEALTH BANK OF AUSTRALIA
By:	/s/ John Damien Hatton
	Name:	John Damien Hatton
	Title:	Company Secretary
	Date:	25 March, 2007

INDEX TO EXHIBIT

Exhibit No.	Description
1.	Commonwealth Bank of Australian – Wealth Management Update

EX-99.1

Exhibit 1

Commonwealth Bank of Australian – Wealth Management Update

Wealth Management Update Commonwealth Bank of Australia ACN 123 123 124 Wealth Management 22 March 2007

Disclaimer

The material that follows is a presentation of general background information about the Bank’s activities current at the date of the presentation, 22 March 2007. It is information given in summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any potential investor. These should be considered, with or without professional advice when deciding if an investment is appropriate.

2 Wealth Management 22 March 2007

Agenda

Strategy and Priorities Grahame Petersen

Results Update Paul Rayson

Colonial First State Global Asset Management Warwick Negus

Colonial First State Brian Bissaker

CommInsure Simon Swanson

Panel Questions

3 Wealth Management 22 March 2007

Notes

Wealth Management 22 March 2007

Wealth Management Strategy and Priorities

Grahame Petersen Group Executive Wealth Management

4 Wealth Management 22 March 2007

Organisational structure Wealth Management CFS Global Asset Management Colonial First State CommInsure Finance & Strategy Risk Management & Compliance Human Resources Information Technology Notes Grahame Petersen Brian Bissaker

Wealth Management 22 March 2007

Business Overview CBA Wealth Management Total of 4,430 employees in 7 countries Funds Management

#1 in Retail Managed Funds #2 in Property Total $131bn FUM 860 FTE in Australia, UK

and Asia Platforms & Advice

FirstChoice fastest

growing retail platform

#5 in advice (CFP and

Financial Wisdom)

Total Retail FUA $83bn
2,060 FTE in Australia

Insurance

#1 in Life Insurance #6 in General Insurance (H&C) Total $1,060m in Gross

Written Premium

1,420 FTE in Australia

5 Wealth Management 22 March 2007

Notes

Wealth Management 22 March 2007

Our Aspirations CBA Vision To be Australia’s finest financial services organisation through excelling in customer service To Deliver Superior Investment Performance Aspiration — to exceed benchmarks, peers investment performance and our clients’ expectations over the long term. To Be #1 in Platform, Distribution and Advice Aspiration – to deliver investors and advisers great value, superior service and relevant choice. To Be The Insurer of Choice Aspiration — to provide straightforward insurance solutions to customers and intermediaries through best practice underwriting and claims management. Goal — all key funds to exceed benchmark on a rolling 3 year performance basis. Goal — to rank first for Inforce Premiums in Life Insurance and leverage the Bank to grow General Insurance. Goal — to rank first for net flows in the Plan for Life ‘Administrator’ view.

6 Wealth Management 22 March 2007

Notes Wealth Management 22 March 2007

Our Strategic Priorities

1. Attract, Grow & Retain Talent

Talent development and succession planning Cultural alignment Improve safety, turnover and absenteeism 2. Get The Basics Right Simplify the business Consolidate legacy systems Improve business processes

3. Provide Excellent Customer Service

Sales and Service program Enhance customer experience

4. Drive Growth Cross Sell to the CBA customer base
Innovation in product and service delivery

7 Wealth Management 22 March 2007

CBA vision and priorities            Notes

Group Vision To be Australia’s finest financial services organisation through excelling in customer service Group Strategic Priorities Customer Service

Group Aspirations

Our customers receive excellent service from an admired organisation Business Banking We are widely regarded as the Business Banking partner of choice Our people and customers are supported by best practice technology and processes Technology & Operational Excellence Our service is provided by a highly engaged and collaborative team Trust & Team Spirit

Wealth Management 22 March 2007

Alignment with the CBA group Group Strategic Priorities Wealth Management Strategic Priorities Customer Service Business Banking Technology & Operational Excellence Trust & Team Spirit 1. Attract, grow and retain talent 4. Growth through cross selling and innovation 3. Provide excellent Customer service 2. Get the basics right 8 Wealth Management 22 March 2007

People Measurement            Notes

Lost time injury frequency rate 2006 Annualised turnover 2006 (%)

Aspirational Benchmark Wealth Management 22 March 2007

Our Progress

Cross Sell program yielding results New fund launches and distribution expansion Continued innovation of FirstChoice

4. Drive Growth

Improved advocacy scores Over 50% of IFAs use FirstChoice 72% of funds outperforming benchmark

3. Provide Excellent Customer Service

Rationalised 9 IT systems Improved claims management Reduced application processing time

2. Get The Basics Right

Improved internal staff engagement scores LTIF rate down Turnover down

1. Attract, Grow &
Retain Talent

Wealth Management 22 March 2007

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Wealth Management Results Update Paul Rayson Chief Financial Officer Wealth Management 22 March 2007 10

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Composition of Results Asset Management Australia UK Asia Funds Management Insurance Platforms Advice Life Insurance General Insurance Advice & Non-Advice Legacy Investment Business International Financial Services New Zealand (Sovereign) Indonesia Fiji HK (sold 1H06) 11

Wealth Management 22 March 2007
Funds Management Notes

Wealth Management 22 March 2007
Funds Management NPAT up 27%

Revenue growth of 25% underpinned

by solid inflows, investment returns and
stable margins

Underlying volume expenses in line

with revenue growth

Expense growth supporting revenue

generating capability

Steady improvement in profit margins

Funds Management Underlying NPAT 1H07 vs 1H06 Funds Management – PBT Margin 12

Wealth Management 22 March 2007
FUA business mix Notes

Wealth Management 22 March 2007
FUA growth of 22%

Growth driven by solid inflows and

favourable markets

Strong growth in platform business and

internationally sourced funds

Outflows impacted by sale of

wholesale funds and volatility in short
term investments

Margins stable at 1.13%
Retail Fund market share increased

to 15.4% FUA Growth by Flow ($b) Total Retail Funds Market Share — Administrator View 13

Wealth Management 22 March 2007
Net flows Notes

Wealth Management 22 March 2007
FirstChoice Flows Remain Strong

Continued strength in net flows FUA grew 48% to $31bn FirstChoice increased platform

market share to 8.2% (Dec 05 — 7%)

Well positioned for 2H inflows

FirstChoice Funds Under Administration Balance & Market Share FUA Market Share: Plan For Life All Master Funds – Administrator View Flagship Retail Platforms: Market Share 14

Wealth Management 22 March 2007
Insurance Segment Notes

Wealth Management 22 March 2007 Insurance NPAT up 18% #¡ Total insurance segment underlying NPAT up 18% #¡ Australian underlying NPAT up 25% driven by strong growth and improved margins #¡ Operating Cost to Net Income improved from 52.6% to 51.5% #¡ Total Risk market share increased 13.7% (Dec ‘05 — 13.5%) CBA Insurance NPAT 1H07 vs 1H06 (excl HK) CommInsure NPAT 1H07 vs 1H06 18% Underlying NPAT 25% Underlying NPAT 15

Wealth Management 22 March 2007
Inforce Premium Notes

Wealth Management 22 March 2007
Strong growth and improved quality

Inforce Premium growth of 18% Major Group Risk wins Retail Risk sales impacted by delays

in new quoting tool

Early progress in GI sales
Quality of the result significantly improved

Commlnsure Inforce Growth Year Ended 31 Dec 2006 ($m) CommInsure Source of Underlying NPAT ($m) 16

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Wealth Management CFS Global Asset Management Strategy Update Warwick Negus Chief Executive Officer Colonial First State Global Asset Management Wealth Management 22 March 2007 17

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 A global business Australia Funds under management: $98bn Staff: 500 United Kingdom Funds under management: $23bn Staff: 166 Asia Funds under management $8.6bn Staff: 104 New Zealand Funds under management $1.5bn Staff: 93 Total Global Funds under management: $131bn Staff: 863 As at 28 February 2007 18

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Leading Fund Manager Funds Under Management by Asset Class as at February 2007 Funds Under Management as at September 2006 Source: Rainmaker (as at 30 Sept 06) 19

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007
Grow by leveraging strengths

Attract and retain talent to support growth
Use our competitive advantages

to differentiate

Emphasis on:

– Innovative investment solutions – Total return strategies – Diversification of asset classes 20

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 72% of funds outperforming 78% of domestic funds have outperformed benchmark on a 3 year basis Percentage of Funds Outperforming the Benchmark by Asset Class as at Februrary 2007 21

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 A global leader through innovation Existing Strategies in New Markets New Strategies with Existing teams New Teams and New Strategies 22

Wealth Management 22 March 2007 Since Inception Gross Returns — to 28 Feb 2007 0% 2% 4% 6% 8% 10% 12% 14% 16% Wholesale Infrastructure Income Fund Infrastructure and Utilities Fund Airports Fund Fund Performance Benchmark 2-Year Gross Returns — to 28 Feb 2007 0% 5% 10% 15% 20% 25% Wholesale Infrastructure Income Fund Infrastructure and Utilities Fund Airports Fund Fund Performance Benchmark Notes Infrastructure returns

Wealth Management 22 March 2007
Established player in infrastructure

Strong track record since 1994 Significant international experience Investor aligned model Scale to pursue new initiatives Dedicated transaction execution team

23

Wealth Management 22 March 2007
Notes

22 March 2007 Wealth Management Colonial First State Strategy Update Brian Bissaker Chief Executive Officer Colonial First State Wealth Management 22 March 2007 24

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007
Simple yet powerful value proposition

Great Value Superior Service Relevant Choice

25

Wealth Management 22 March 2007 Notes Platform Functionality Platform Functionality Ranking — Standard* Copyright 2006 Investment Trends Platform Report. Reprinted with permission of Investment Trends Pty Limited. Source: 2006 Platform Report, Appendix A – Overall – Standard. * Ranking and rating based on 302 criteria, excludes product/wrap functionality. Additional analysis on broader rakings can be found in the 2006 Platform Report. Top 10 out of 24 platforms shown.

Wealth Management 22 March 2007
FirstChoice delivered 50% growth

Unique mandate structure Adviser tools New funds and features

Platform Yearly Net Flow As at December 2006 Source: Plan for Life, December 2006 (Administrator View), CBA internal data $m 26

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007
Improving advice quality and capacity

Transformation of advice businesses Pipeline of new financial planners Referrals from frontline staff

27

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007
Shaping industry evolution

Investment choice Fee choice Simplicity and transparency

28

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Wealth Management CommInsure Strategy Update Simon Swanson Managing Director CommInsure 22 March 2007 29

Wealth Management 22 March 2007 Total Risk Inforce Premium Total Risk Inforce Premium Notes Source: Plan For Life, Sep 2006 CommInsure

Wealth Management 22 March 2007 Strategy focused on four priorities 30 Reduced operational risk and improve systems and processes Attract, grow and retain talent Provide excellent customer service Growth through cross-sell and innovation

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007
Getting the basics right is fundamental

Simplifying processes Rationalising legacy systems Strengthening risk management

31

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Upskilling people for changing demands The Changing Nature of Underwriting and Claims

Product complexity Increased morbidity More advanced pricing

Claims management

Wealth Management 22 March 2007
Notes

Wealth Management 22 March 2007 Cross sell program is delivering 73 new Branch Insurance Representatives Direct Banking sales increased Home Loan / Home & Contents Insurance cross sell rates up from 23% to 29% General insurance sales up 29% General Insurance Sales — BIR v Non BIR Regions July Aug Sept Oct Nov Dec Jan BIR — GI Actuals Non BIR — GI Actuals BIR Regions — Sales Trend 33

Wealth Management 22 March 2007
Notes Did you know ?

1 in 270 cars are stolen each year Someone is burgled approximately every minute There are over 10,000 house fires each year 1 in 3 will die during their working life 1 million people experience serious injuries or illness which

either require hospitalisation or prevents them from working
each year

Half of all serious accidents occur away from work
2 in 3 males and 1 in 4 females will suffer from a critical

illness between age 30 and 64

Wealth Management 22 March 2007 What’s your most important asset? 2% 5% 9% 17% 72% 87% 87% Trauma TPD Income Life Home Building Home Contents Motor Vehicle Monthly Premium $40 $11 $44 $56 $40 $36 $92 True Value ($) 34

Notes Wealth Management 22 March 2007

Simon Swanson Warwick Negus Grahame Petersen Brian Bissaker Paul Rayson Panel Questions 35 Wealth Management 22 March 2007

Wealth Management Update Wealth Management 22 March 2007 Commonwealth Bank of Australia ACN 123 123 124