Report on Activity-Based Budgeting Implementation at ANZ Banking Group

This report delves into the application of activity-based budgeting within the ANZ Banking Group. It explores the transition from traditional budgeting methods to activity-based budgeting, highlighting its impact on cost management and decision-making processes. The report emphasizes the benefits of this budgeting approach, such as improved resource allocation and enhanced financial performance, particularly in a competitive banking environment. The analysis draws from the bank's annual reports and related literature, providing a comprehensive overview of the practical implementation and strategic advantages of activity-based budgeting for the ANZ Banking Group, including details on the services provided by the bank and how the budgeting helps them in cost cutting. The report also touches upon the benefits it brings to the employees and customers of the bank.

Running head: MANAGEMENT ACCOUNTING
MANAGEMENT ACCOUNTING
Name of the Student
Name of the University
Author Note

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MANAGEMENT ACCOUNTING
Reflective Journal
This report is based on the activity based budgeting which I have prepared, and the
organization that I opted for is ANZ banking group. All the activities gathered here are
described precisely and the information related to ANZ banking group is provided completely
and elaborately. In the coming part, I have mentioned the difference between activity-based
and traditional budgeting, and hence the development which the ANZ banking group has
gotten from this implementation of planning and control has explained elaborately.
The report that I have presented, has all the information which is related to the activity
based budgeting. Having taken help from various references I have jotted this information
about the ANZ banking group, and showcased the implementation of the activity based
budgeting through their organizational activities (Ohemeng 2016). The services that I have
seen they provide are about investment services and stock broking. The methodology that I
came across for budgeting which ANZ banking group has done based on the activity. Using
this method, as it is based on the present accounting period all the old records and the budgets
is of no use anymore. Through this method of budgeting, it helps in the cut down of the
expense which is very helpful for the ANZ banking group and henceforth it also helps in the
cost cutting during the time of operation that helps in earning more profit (de and Rodrigues
2016). I have come across another vital objective which will be helpful in decision making
for any other organization or banking sector and it does help the organization to put the
resources in place (Kamber, Nodari and Wong 2016). All the decision making process which
is being done by the higher management help the employees and lower management people
also get benefitted through this.

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MANAGEMENT ACCOUNTING
There are several aspects which I have observed in the banking sector, I personally
feel the ANZ banking group has opted activity based budgeting over the traditional
budgeting. After doing the research on the banking industry of Australia, it is seen that the
level of competition is way higher than it is expected, so it is important for ANZ banking
group to carry on with the records that is based on the resources (Read 2018). Therefore, it
does help the ANZ banking group that also help in improving the services which will help in
providing the consumers and the customers are also satisfied with the services that the bank
provides.
While preparing the report, there was no issues that were faced in collecting the data,
has been found the form the annual report of the ANZ banking group and since it is one of
the leading organizations came across various articles which were very helpful for me in this
completion of this report on implementation of the activity budget budgeting. The above
information that is provided are true to my belief since it has been taken from the annual
report and trusted websites of ANZ banking group.

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References
de Campos, C.M.P. and Rodrigues, L.L., 2016. Budgeting Techniques: Incremental
Based, Performance Based, Activity Based, Zero Based, and Priority Based. Global
Encyclopedia of Public Administration, Public Policy, and Governance, pp.1-10.
Kamber, G., Nodari, G. and Wong, B., 2016. Reserve Bank of New Zealand Analytical
Notes.
Ohemeng, F.L.K., 2016. 5 Reforming the Ghanaian Budget System from Activity-based
Budgeting to Performance-based Budgeting: Eureka, or another Reform Illusion?. Public
Budgeting in African Nations: Fiscal Analysis in Development Management, p.114.
Read, G., 2018. ANZ remuneration report receives a first strike, 34% voteagainst.