ANZ chief executive Mike Smith believes the bank is getting its costs under control. For some time the bank has been the subject of criticism from analysts that its cost growth is too highOperating expenses for the six months to March 2012 were A$4.1 billion - an increase of three per cent compared with costs in the previous corresponding period.Total operating income was up two per cent year-on-year. Once again, ANZ fell victim to the dreaded "negative jaws", where cost growth exceeds income growth.However, the situation does look better when comparing the latest half with the September half. Operating income was up six per cent half-on-half, while expenses were up three per cent.The bank has undertaken a lot of action on "productivity", cutting its headcount by several hundred and keeping a tight rein on investment spending.Smith said: "We have to continue to reshape our Australian and New Zealand businesses. Operational efficiency is an ongoing focus."Expenses in the March half included $74 million, which was a restructuring cost. The bank's chief financial officer, Peter Marriott, said there would be further restructuring costs in the September half, although they would be less than in the March half.Marriott said the benefits of the restructuring would start to be felt in the September half as "exits" took effect. The head of the Australian business, Phil Chronican, said expenses growth in his division in the September half would be flat or even negative.Marriott said the weight of big investment in systems was "behind us" and a simplification process in the institutional business had been completed.