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 November 2006

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

"This Form 6-K is deemed to be incorporated by reference into the Offering Circular Supplement, dated August 3, 2006, relating to National Australia Bank's Rule 144A Supplemental Program under the bank's Global Medium Term Note Program".

National Australia Bank Limited ABN 12 004 044 937 (the ‘Company’)

This full year results announcement incorporates the preliminary final report and is given to the Australian Stock Exchange (ASX) under Listing Rule 4.3A

Results for announcement to the market

Dividends

Net profit attributable to members of the Company has increased 10.0% to $4,392 million for the year ended 30 September 2006.

Performance has been impacted by a range of factors including good revenue growth and cost control in the current period along with one off income as a result of reforms made to the UK defined benefit funds and profit on sale of the Custom Fleet business. The previous corresponding period was impacted by the net profit on the sale of Northern Bank Limited and National Irish Bank Limited and restructuring expenses.

The increase in revenue includes growth in interest income, partly offset by lower investment revenue and the higher profit from the sale of controlled entities in the prior corresponding period.

National Australia Bank Limited
ABN 12 004 044  937

TABLE OF CONTENTS

ASX Announcement

Friday, 3 November 2006

National Australia Bank announces $4.39 billion net profit

National Australia Bank today announced a 10% increase in net profit* from $3.992 billion to $4.392 billion for the 2006 financial year.

“All parts of the group contributed to the 21.9% increase in cash earnings before significant items from $3.25 billion to $3.97 billion. Cash earnings from on-going operations before significant items were $3.80 billion, an increase of 20.2%,” National Australia Bank Group Chief Executive Officer, John Stewart said today.

“Diluted cash earnings per share** increased 18.8% from 206.3 cents to 245.1 cents.

“This result follows two and a half years of detailed planning, hard work and careful implementation.

“We have faced the issues that confronted the National Australia Bank in 2004 and are fundamentally changing our culture and the way we run the business so that we can consistently grow shareholder value.

“Revenue momentum is good, costs have been controlled and overall asset quality remains sound with gross impaired assets to total lending declining from 0.35% to 0.30%.

“Consistent with industry experience signs are emerging of credit quality weakness in areas such as personal lending in Australia and the United Kingdom. We will work with our customers to manage through any difficulties ahead, particularly the drought in Australia.

Increased Final Dividend and Share Buy Back

Final dividend is 84 cents, an increase of 1 cent on the previous final dividend. The final dividend is franked to 90%.

“In line with our commitment to active capital management we will undertake a $500 million on-market share buy back to be completed in the first half of 2007.

“In addition, we intend to neutralise the capital impact of shares issued under the dividend reinvestment plan and various employee share plans by either buying back new shares issued on-market or purchasing shares on-market to satisfy our obligations rather than issuing new shares.  This amounts to approximately $300 million of capital in 2007.

*Net profit attributable to members of the Company. The 2006 results reflect the full adoption of Australian equivalents to International Financial Reporting Standards (AIFRS). As permitted under AIFRS, 2005 comparatives do not include adjustment for the financial instruments and life insurance AIFRS standards.

** Before significant items

Review of Operations

Key Group Performance Measures (FY 06 compared with FY 05)

·              Return on average equity before significant items increased from 14.8% to 17.7%.

·              Diluted cash earnings per share increased 18.8% from 206.3 cents to 245.1 cents.*

·              Basic earnings per share increased 6.6% from 246.3 cents to 262.6 cents.

·              Net operating income increased 4.98% from $14.51 billion to $15.23 billion.

·              Operating expenses decreased 4.4% from $8.0 billion to $7.65 billion.

·              Total lending increased by 16.8% to $346.69 billion.**

·              Net interest margin was 2.31% compared with 2.13% in 2005.***

·              Impaired assets as a percentage of total lending fell from 0.35% to 0.30%.

* Before significant items. **Total gross loans, advances & acceptances. ***Adoption of AIFRS added 7 basis points to the 2006 net interest margin.

Cash earnings by business unit before significant items (ongoing operations #)

# During 2006 the operations of Custom Fleet, MLC Asia and the UK Discretionary Investment Management business were sold. ## Includes Group Funding and Corporate Centre.

Australia region

Banking

“Banking cash earnings before significant items increased 12.7% to $2,045 million due to robust volume growth and careful margin management. In November 2005 we alerted the market to a cost bow wave associated with significant investment and compliance programs. Costs in the March and September halves of 2006 have been trending down.

“Benefits from the investment program include increasing the percentage of branches that have home loans sales capability from 15% in 2005 to 52% in 2006. Another example is a 20% reduction in credit processing time.

“NAB showed the largest percentage improvement among the major banks for customer satisfaction in the year to September 2006 (Roy Morgan Research). NAB was awarded Bank of the Year by Money Magazine, and the new brand campaign won a marketing excellence award from the Australian Marketing Institute.

“Market share gains were recorded in business lending and retail deposits. Revenue growth was 8.2% in 2006. The cost to income ratio has improved progressively from 54.3% in the September 2005 half, to 52.9% in the March 2006 half year and 49.4% in the September 2006 half year. The cost to income ratio for the 2006 full year was 51.1%.

Wealth Management

“Wealth Management cash earnings before significant items declined by 9.7% due to the adverse impacts of the transitional tax relief in the investments business and adjustments for AIFRS. If adjusted for these items in the prior year, cash earnings growth was 21.3%.

“Total funds under management and administration increased by 11.8% and annual inforce premiums were 11.7% higher. Cross sales of MLC investment products through the bank are now more than 30% of total MLC sales through planner networks. Insurance cross sales through the bank increased by 35% and are now more than 40% of total MLC retail sales.

“MLC was awarded Insurance Company of the Year 2006 for the second time in three years in the Australian and New Zealand Insurance Industry Awards and Best Life Insurance Company 2006 by Australian Banking & Finance magazine.

United Kingdom region

“These results demonstrate the United Kingdom business is delivering on its promises. The strategic agenda continues on track and is delivering sustained growth with an 11.9% increase in cash earnings before significant items for the full year.

“The percentage rise in cash earnings in local currency was even stronger at 12.8% to £229 million.

“There are now 74 Financial Solutions Centres within the UK, 36 in the South and 38 in the North. The third party distribution channel now has 450 broker relationships and £1.6 billion in mortgage advances were completed in the year. More than 16,000 new customers were introduced to the bank through this channel.

“The re-alignment of the branch network was completed 6 months ahead of schedule and has continued to show improved performance with good growth in deposits, improvement in cross sales and mortgage sales over the previous year with 20% fewer branches. The new branch teller system has been successfully rolled out across the Yorkshire Bank branches.

“The UK contact centre in Glasgow was named Best Contact Centre of the Year 2006 in the Contact Centre World awards for the European, Middle East and Africa regions.

“The cost to income ratio improved from 63.4% in 2005 to 61.1% in the 2006 year, and in the second half was 59.5%.

New Zealand region

“The 12.5% increase in cash earnings before significant items was a good result in a highly competitive banking market. In local currency cash earnings were NZ$400 million, an 18.3% increase.

“The New Zealand business reported solid growth in volume, well managed costs and careful margin management. The cost to income ratio was reduced from 56.4% in the 2005 to 51.4% in the 2006 financial year and fell to 49.0% during the second half of 2006.

“Market share improved to 16.3% in September in the hotly contested housing sector through the Bank of New Zealand’s Unbeatable home loan campaign.

“The Bank of New Zealand won the Best in Customer Service award for a contact centre in the Asia Pacific region across all industries, a first for a New Zealand call centre, and also won its category for the best customer contact centre in New Zealand against all industries for the third year in a row.

nabCapital (Formerly Institutional Markets & Services)

“The 7.1% increase in nabCapital’s cash earnings before significant items was achieved while reducing risk weighted assets by 16% in the year to September 2006. This reflects a business that is reinventing itself through a broader mix of products, an increasingly global distribution network for those products and more diversified revenue streams. The close attention to capital management has resulted in a cumulative reduction in risk weighted assets of $23 billion or 29% since the initiative commenced in January 2005.

“In an industry subject to deal flow and market volatility, nabCapital’s better than expected performance was assisted by favourable market conditions, including a positive credit environment and higher revenues from interest and exchange rate volatility.

“nabCapital commenced a three-year strategic investment plan to improve simplicity, flexibility and cost effectiveness in the business.

“In addition, it undertook a structural reorganisation to align the business to the originate-warehouse-distribute operating model. The Grocon Property Trust Australia and the Multiplex Acumen Prime Property Fund, among others, demonstrated nabCapital’s ability to originate solutions for clients, repackage (or warehouse) the risk and distribute equity product to investors. nabCapital was involved in the leveraged buyout of Myer Department Stores, while a bond issue for the GPT Group was the largest issue of its kind in Australia.”

For further information:

Disclaimer
This announcement 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”, “likely”, “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 actual results 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.

SECTION 2

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2006

SELECTED FINANCIAL DATA

1

DIVISIONAL PERFORMANCE SUMMARY

(1)          Cash earnings is a performance measure used by the management of the Group. Refer to ‘Non-GAAP financial measures’ within Section 2 - “Selected Financial Data” for a complete discussion of cash earnings.

2

GROUP KEY PERFORMANCE MEASURES

(1)          Basic earnings are defined as “Earnings attributable to ordinary shareholders”.

(2)          “Return” calculations use “Earnings attributable to ordinary shareholders”.

(3)          Calculation has been adjusted to remove the impact of treasury shares and exchangeable capital units on average equity. March 2006 has been restated to reflect this.

(4)          Refer to ‘Non-GAAP financial measures’ within Section 2 - Selected Financial Data for discussion of the cost to income ratio.

(5)          Balances as at 30 September 2006 and 31 March 2006 includes acceptances bought back by the Group (classified as Trading Securities in comparative periods).

(6)          Impaired assets consist of retail loans (excluding credit card loans and portfolio managed facilities) which are contractually past due 90 days with security insufficient to cover principal and arrears of interest revenue; non retail loans which are contractually past due 90 days and there is sufficient doubt about the ultimate collectibility of principal and interest and impaired off-balance sheet credit exposures where current circumstances indicate that losses may be incurred.

(7)          For Asset Quality disclosure purposes provision includes credit adjustment to the Group’s entire loan book (i.e. both loans recorded at amortised cost and fair value). This differs to the approach required for the statutory financial statements.

(8)          The general reserve for credit losses was established from 1 July 2006 and aligns the Group’s coverage ratios with the APRA benchmark of 0.50% of total risk weighted credit risk assets. At 30 September 2006 the reserve was $135 million.

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NON-GAAP FINANCIAL MEASURES

Cash earnings

Cash earnings is defined as follows:

Cash earnings is a key performance measure and financial target used by the Group. Dividends paid by the Company are based on after-tax cash earnings (adjusted for significant items).

Cash earnings is a key performance measure used by the investment community, as well as by those Australian peers of the Group with a similar business portfolio.

Cash earnings does not refer to, or in any way purport to represent the cash flows, funding or liquidity position of the Group. It does not refer to any amount represented on a Cash Flow Statement.

Adjustments are made between net profit and cash earnings as follows:

·                                          Minority interests – reflects the allocation of profit to minority interests in the Group, and is adjusted from net profit to reflect the amount of net profit that is attributable to ordinary shareholders

·                                          Minority interests Life Businesses – reflects the allocation of profit to controlled unit trusts of life companies

·                                          Distributions – this reflects payments to holders of National Income Securities, Trust Preferred Securities, and Trust Preferred Securities II, and is adjusted from net profit to reflect the amount of net profit that is attributable to ordinary shareholders

·                                          Revaluation gains/losses on exchangeable capital units – the Group’s exposure to foreign exchange risk is eliminated through the existence of certain conversion features that convert the ExCaps to equity at pre-determined exchange rates

·                                          Treasury shares – relates to the movement in treasury share assets (direct investments in National Australia Bank Limited) caused by the movement in the share price

·                                          Net profit/loss on sale of controlled entities – relates to profits or losses on the sale of controlled entities.

·                                          Revaluation gains/losses on economic hedge of the proceeds on sale of controlled entities – represents the fair value movement on derivatives taken out to protect against foreign exchange rate movements and relates directly to the profit/loss on sale of controlled entities.

·                                          IoRE discount rate variation – relates to the movement in Investment Earnings on Shareholders’ Retained Profits (IoRE) attributable to the variation between applying the short term and long term discount rates when calculating the IoRE. This adjustment has been made for the 30 September 2006 half only. It had an insignificant impact on the March 2006 half.

·                                          Impairment of goodwill - relates to the impairment expense recognised on the application of an annual impairment test. Financial statement users generally do not regard impairment of goodwill as being useful information in analysing investments. As it relates to an intangible asset, management believes it is prudent to isolate this amount from the underlying operating result.

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Cash earnings before significant items and Net profit before significant items

Under Australian accounting standards AASB101 “Presentation of Financial Statements” additional line items shall be presented when such presentation is relevant to an understanding of the entity’s performance. Such items are included on the face of the Income Statement when this is necessary to explain the elements of financial performance. Factors to consider include materiality and the nature and function of the components of income and expenses.

Cost to income ratio

The cost to income ratio for the Banking operations (excluding Wealth Management) is calculated as total costs (defined in table below) divided by total income (defined in table below):

The cost to income ratio calculated on this basis is a standard efficiency measure used widely across the Australian banking industry. In the above income calculation, the Group does not include net life insurance income and the pre-tax equivalent gross up of certain structured finance transactions.

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SECTION 3

RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2006

FINANCIAL REVIEW

6

GROUP PERFORMANCE HIGHLIGHTS

Reporting Structure

During 2006 the Group disposed of its Custom Fleet, MLC Asia and UK Discretionary Investment Management businesses. To assist with the interpretation of the Group’s results, cash earnings as disclosed in this section relating to the disposed operations have been excluded from the results to provide “ongoing cash earnings” of the regions affected in both the current and comparative reporting periods. In addition the results of the Irish Banks have been excluded from the UK Region comparative period to assist in the interpretation of their result.

Change of division name

From 4 October 2006 the Group’s Institutional Markets & Services division became known as nabCapital. The business has adopted a logo and visual identity for its global operations across Australia, Asia, the United Kingdom and the USA. In New Zealand, the division continues to operate under the Bank of New Zealand brand to reflect local strengths. There has been no change to the division’s reporting structure and comparative information remains unchanged.

Overview

The Group recorded cash earnings before significant items for the year ended 30 September 2006 of $3,967 million, 21.9% higher than the September 2005 year.  On an ongoing basis (adjusting for disposed entities) cash earnings before significant items for the year ended 30 September 2006 was $3,798 million, 20.2% higher than the September 2005 year.  This reflects the continued rebuilding of the Group’s businesses to deliver sustainable growth and follows two and a half years of detailed planning, hard work and careful implementation.

Half Year to 30 September 2006

On an ongoing basis cash earnings before significant items of $2,010 million increased 12.4% on the March 2006 half year result of $1,788 million. The half year result was impacted by increased volatility relating to fair value movements and hedge ineffectiveness in the Group’s banking book. Adjusting for this, the half on half growth was 7.0%.

The Group’s underlying performance for the half reflected good revenue growth and well controlled costs. Key items include:

·                                          Continued growth in lending portfolios across the Group including a half on half increase in lending balances of 7.5% to $347 billion.(1) In addition on the liabilities side, focus has been on diversification of the Group’s funding base, including growth in deposits of 7.7% to $233 billion. This growth has continued to be delivered whilst at the same time maintaining the overall Group net interest margin, remained flat at 2.31% during the half.

·                                          Operating costs increased only 0.9% during the half reflecting the impacts of restructuring and productivity improvements. There was ongoing investment into compliance projects, infrastructure and the customer facing parts of the business.

·                                          Overall asset quality metrics indicate some deterioration in specific consumer segments, but remain sound overall and within expectations for this point in the economic cycle. The charge to provide for doubtful debts increased by 24.4% over the half, reflecting the changes within the consumer segment.

The resulting diluted cash earnings before significant items per share of 130.9 cents represents an increase of 16.4 cents (14.3%) on the March 2006 half.

The final dividend has been increased to 84 cents per share and will be 90% franked. For non-resident shareholders of the Company, the unfranked portion of the dividend will be paid from the Company’s conduit foreign income account (being income derived from the company’s offshore businesses) and therefore will not be subject to Australian withholding tax.

(1)          Includes loans at cost and at fair value plus acceptances

7

Year to 30 September 2006

On an ongoing basis, cash earnings before significant items of $3,798 million increased 20.2% on the September 2005 full year result of $3,160 million. The result was impacted by increased volatility relating to fair value movements and hedge ineffectiveness in the Group’s banking book. Adjusting for this, the growth was 18.3%.

Key items include:

·                                          Total lending for the Group increased by 16.8%(2) to $347 billion with deposit volumes increasing by 9.6% to $233 billion. As well as maintaining growth in lending and deposit volumes, the Group net interest margin has increased to 2.31% from 2.13% during the year. Excluding AIFRS impacts, the net interest margin increased 11 basis points on the prior year. Good volume growth combined with margin control resulted in steady revenue growth for the banking business.

·                                          Increased focus on costs and ongoing restructuring activities saw operating expenses before significant items on an ongoing basis increase by only 1.4% for the year.

·                                          The Group continues to evaluate its business portfolio to ensure alignment with risk/reward objectives designed to achieve satisfactory returns for shareholders. During the year the Group sold a number of businesses including Custom Fleet, MLC Asia, and UK Discretionary Investment Management business.

The resulting diluted cash earnings before significant items per share of 245.1 cents represents an increase of 38.8 cents (18.8%) on the September 2005 year.

(2)          After adjusting for AIFRS reclassification of discounted NAB own bill acceptances

8

Financial Review: Divisional Cash Earnings

DIVISIONAL CASH EARNINGS

(1)                 Other includes Group Funding, Corporate Centre and elimination entries within Australia Region.

(2)                 Net life insurance income is the profit before tax of the life insurance and investment businesses of the statutory funds of the life insurance companies of the Group (excluding net interest income and investment earnings on shareholders retained profits & capital (IoRE) of the life insurance businesses net of capital funding costs).

(3)                 Operating expenses excludes the life insurance expenses incorporated within net life insurance income (Wealth Management businesses only).

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