Commonwealth Bank of Australia : Pricing Supplement dated 18 October 2016

18 October 2016

The Programme Circular referred to below (as completed by this Pricing Supplement) has been prepared on the basis that any offer of Notes in any Member State of the European Economic Area (each, a "Relevant Member State") which has implemented Directive 2003/71/EC as amended (which includes the amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in that Relevant Member State) (the "Prospectus Directive") will be made pursuant to an exemption under the Prospectus Directive, as implemented in that Relevant Member State, from the requirement to publish a prospectus for offers of the Notes. Accordingly any person making or intending to make an offer in that Relevant Member State of the Notes may only do so in circumstances in which no obligation arises for the Issuer or any Dealer to publish a prospectus pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive, in each case, in relation to such offer. Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in circumstances in which an obligation arises for the Issuer or any Dealer to publish or supplement a prospectus for such offer.

This document constitutes the Pricing Supplement relating to the issue of Notes described herein. Terms used herein shall be deemed to be defined as such for the purposes of the Conditions set forth in the Programme Circular dated 30 September 2016 for the issue of Notes under the Programme for which no prospectus is required to be published under the Prospectus Directive (the "Programme Circular"). This Pricing Supplement contains the final terms of the Notes described herein and must be read in conjunction with the Programme Circular.

Full information on the Issuer and the offer of the Notes is only available on the basis of the combination of this Pricing Supplement and the Programme Circular. The Programme Circular is available for viewing during normal business hours at the registered and head office of the Issuer at Ground Floor, Tower 1, 201 Sussex Street, Sydney, NSW, Australia, 2000 and copies may be obtained from the Principal Paying Agent at Winchester House, 1 Great Winchester Street, London EC2N 2DB, England.

1. Issuer: Commonwealth Bank of Australia

2. (i) Series of which Notes are to be

   treated as forming part:

   6121

3. Tranche Number: 1

4. Specified Currency or Currencies: United States dollars ( "U.S.$")

5. Aggregate Nominal Amount:

   (i) Series: U.S.$750,000,000

   (ii) Tranche: U.S.$750,000,000

6. Issue Price of Tranche: 99.808 per cent. of the Aggregate Nominal Amount

7. (i) Specified Denominations: U.S.$200,000 and integral multiples of U.S.$1,000 in

   excess thereof

8. Calculation Amount: U.S.$1,000

9. (i) Issue Date: 20 October 2016

10. 8.	(ii) Interest Commencement Date: Maturity Date:	Issue Date Interest Payment Date falling in or nearest to October
    2026
    9.	Interest Basis:	3.375 per cent. Fixed Rate in respect of each Interest Period comprised in the period from and including the Interest Commencement Date to but excluding the Interest Payment Date falling on 20 October 2021 and Floating Rate in respect of each Interest Period comprised in the period from and including the Interest Payment Date falling on 20 October 2021 to but excluding the Maturity Date (further particulars specified below)
    10.	Redemption/Payment Basis:	Outstanding Principal Amount of the relevant Note(s) calculated at the relevant date of redemption
    11.	Change of Interest Basis Redemption/Payment Basis:	or	Applicable - see paragraphs 15 and 17 below
    12.	Put/Call Options:	Issuer Call (further particulars specified below)
    13.	Status of the Notes:	Subordinated
    14.	Method of distribution:	Syndicated

    PROVISIONS RELATING TO INTEREST (IF ANY) PAYABLE
11. Fixed Rate Note Provisions Applicable from and including the Interest

    Commencement Date to but excluding the Interest Payment Date falling on 20 October 2021

12. Rate of Interest: 3.375 per cent. per annum payable semi-annually in arrear

13. (A) Interest Payment Date(s): 20 April and 20 October in each year from and

    including 20 April 2017 up to and including 20

    October 2021

    (B) Interest Periods: Unadjusted

14. Fixed Coupon Amount(s)

    for Unsubordinated Notes in definitive form (and in relation to Unsubordinated Notes in global form see Conditions):

    Not Applicable

15. Business Day Convention: Not Applicable

16. Additional Business Centre(s): Not Applicable

17. Broken Amount(s) for Unsubordinated Notes in definitive form (and in relation to Unsubordinated Notes in global form see Conditions):

    Not Applicable

    (vii)	Day Count Fraction:	30/360, unadjusted
    (viii)	Determination Date(s):	Not Applicable

18. Other terms relating to the method of calculating interest for Fixed Rate

    Notes: None

19. Fixed Reset Note Provisions: Not Applicable
20. Floating Rate Note Provisions: Applicable from and including the Interest Payment

    Date falling on 20 October 2021 to but excluding the Maturity Date

21. Specified Period(s)/Specified Interest Payment Date(s):

    20 January, 20 April, 20 July and 20 October in each year from and including 20 January 2022 up to and including the Maturity Date

22. Business Day Convention: Modified Following Business Day Convention

23. Additional Business Centre(s): Sydney

24. Manner in which the Rate of Interest and Interest Amount are to be determined:

25. Party responsible for calculating the Rate of Interest and Interest Amount (if not the Principal Paying Agent):

26. Screen Rate Determination:

    Screen Rate Determination

    Not Applicable

    • Reference Rate: 3 month U.S.$ LIBOR

    • Interest Determination Date(s): Second London business day prior to the start of each

      Interest Period

    • Relevant Screen Page: Reuters LIBOR01

27. ISDA Determination: Not Applicable

28. Margin(s): +2.094 per cent. per annum

29. Minimum Rate of Interest: NotApplicable

30. Maximum Rate of Interest: NotApplicable

31. Day Count Fraction: Actual/360

    (See Condition 5)

32. Fall back provisions, rounding provisions and any other terms relating to the method of calculating interest on Floating Rate Notes, if different from those set out in the

    Conditions: Not Applicable

33. Zero Coupon Note Provisions Not Applicable
34. Index Linked Note Provisions Not Applicable
35. Dual Currency Note Provisions Not Applicable PROVISIONS RELATING TO REDEMPTION

36. Issuer Call: Applicable

    (i)	Optional Redemption Date(s):	Each Interest Payment Date from and including the
    Interest Payment Date falling on 20 October 2021 to
    (ii)	Optional Redemption Amount	and	but excluding the Maturity Date Outstanding Principal Amount of the relevant Note(s)

    method, if any, of calculation of such amount(s):

37. If redeemable in part:

38. Minimum Redemption

    calculated at the relevant date of redemption (for Subordinated Notes)

    Amount: Not Applicable

39. Higher Redemption

    Amount: Not Applicable

40. Notice period: Not less than 30 nor more than 60 calendar days prior to the relevant Optional Redemption Date

41. Investor Put: Not Applicable

42. Final Redemption Amount: Outstanding Principal Amount of the relevant Note(s)

    calculated at the relevant date of redemption

43. Early Redemption Amount payable on redemption for taxation or regulatory reasons or on event of default and/or the method of calculating the same (if required or if different from that set out in Condition 6(h)):

44. Outstanding Principal Amount of the relevant Note(s) calculated at the relevant date of redemption

    GENERAL PROVISIONS APPLICABLE TO THE NOTES

    25.	Form of Notes:	Registered Notes: Registered Global Note registered in the name of a nominee for a common depositary for Euroclear and Clearstream, Luxembourg
    26.	Payment Business Day Convention	Following Business Day Convention
    27.	Additional Financial Centre(s) or other special provisions relating to Payment Dates:	London and Sydney
    28.	Talons for future Coupons or Receipts to be attached to Definitive Notes (and dates on which such Talons mature):	No
    29.	Details relating to Instalment Notes: amount of each instalment, date on which each payment is to be made:	Not Applicable
    30.	Other final terms:	Not Applicable

    DISTRIBUTION

45. If syndicated, names of Managers: Commonwealth Bank of Australia

    Goldman Sachs International

    Morgan Stanley & Co. International plc

46. If non-syndicated, name of relevant Dealer: Not Applicable

47. Whether TEFRA D rules applicable or

    TEFRA rules not applicable: TEFRA not applicable

48. Additional selling restrictions: Not Applicable

    PROVISIONS APPLICABLE TO SUBORDINATED NOTES

49. Substitution: Full Successor

50. Exchange Number: Outstanding Principal Amount x Exchange Date Cross Rate

P x VWAP