Exhibit 99.1

	NoteholdersReport Crusade Global Trust No.2 of 2004 Coupon Period Ending 19 August 2005

Pool Summary		31-Jul-05 AUD

Outstanding Balance - Variable Rate Housing Loans		1,505,757,557
Outstanding Balance - Fixed Rate Loans		350,760,455
Total Outstanding Balance		1,856,518,011
Number of Loans		10,263
Weighted Average Current LVR		62.43%
Average Loan Size		180,894
Weighted Average Seasoning		27 mths
Weighted Average Term to Maturity		297 mths


Principal Collections		AUD

Scheduled Principal Payments		10,169,706.33
Unscheduled Principal Payments		95,618,034.14
Redraws		7,783,637.09

Principal Collections		98,004,103.38


Total Available Principal		AUD

Principal Collections		98,004,103.38
Principal Charge Offs		0.00
Principal Draws		0.00
Payback of Principal Draws		737,466.49
Total Available Principal		98,741,569.87

Principal Distributed		98,741,569.87
Principal Retained		0.00

Outstanding Balance of Principal Draws		1,024,254.06

Total Available Funds		AUD

Available Income		33,223,987.66
Payback of Principal Draw		(737,466.49)
Liquidity Draw		0.00

Total Available Funds		32,486,521.17


Redraw & Liquidity Facilities		AUD

Redraw Shortfall		0.00
Redraw Carryover Charge Offs		0.00

CPR

		May-05	Jun-05	Jul-05
	1 mth CPR	14.55%	18.47%	16.17%

Arrears

*Also included in the 90+ days category

Crusade Management Global Trust No. 2 of 2004 8-K