Westpac 2021 Group Annual Report

ASX Release


1 November 2021

Westpac 2021 Group Annual Report

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
2021 Group Annual Report.










For further information:

David Lording Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0419 683 411 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.



Level 18, 275 Kent Street
Sydney, NSW, 2000

WESTPAC
2021 ANNUAL REPORT
Simpler,
stronger
bank

About this report
Westpac’s 2021 Annual Report is our primary statutory and regulatory
reporting disclosure. It comprises information about our activities,
strategy, and financial and non-financial results over the reporting period.
Cover story
Westpac Strathpine branch
manager, Rachel, helping a
customer. Read about how she
supported a customer who was
a victim of a scam on page 25.
Westpac Banking Corporation ABN 33 007 457 141
In this Annual Report a reference to ‘Westpac’, ‘Group’, ‘Westpac Group’, ‘we’, ‘us’ and ‘our’ is to Westpac Banking Corporation ABN 33 007 457
141 and its subsidiaries unless it clearly means just Westpac Banking Corporation. All figures in this Annual Report are for the 12 months ended
30 September 2021 unless otherwise indicated. All comparisons are against results for the 12 months ended 30 September 2020 unless otherwise
indicated. All dollar amounts are in Australian dollars unless otherwise indicated. For certain information about the basis of preparing the financial
information in this Annual Report see ‘Reading this report’ in Section 2. In addition, this Annual Report contains statements that constitute ‘forward-
looking statements’ within the meaning of Section 21E of the US Securities Exchange Act of 1934. For an explanation of forward-looking statements
and the risks, uncertainties and assumptions to which they are subject, see ‘Reading this report’ in Section 2. Information contained in or accessible
through the websites mentioned in this Annual Report does not form part of this report unless we specifically state that it is incorporated by
reference and forms part of this report. All references in this report to websites are inactive textual references and are for information only.

2021 has been a year of
progress for Westpac.
We reset our purpose and strategy last year and are delivering on our plans.
Our major program to strengthen our management of risk and culture is well
underway and we’ve simplified our business through asset sales and consolidations.
While there is still more to do to restore value and the trust you have placed in us,
these changes are making us a simpler, stronger bank.
1 STRATEGIC REVIEW 01
Strategic Review 01
About Westpac 02
2021 Year in review 04
Performance review 06
Chairman’s report 08
Chief Executive Officer’s report 10
External environment 12
Our strategy 14
Our strategic priorities 16
Fix 16
Simplify 20
Perform 24
Corporate Governance 33
Directors’ Report 36
Board of Directors 37
Executive team 40
Remuneration Report
50
Information on Westpac
7
744
Significant developments
74
2 GROUP PERFORMANCE
8
811
8822
8844
9966
1111
22
RReeaaddiinngg tthhiiss rreeppoorrtt
Review of Group operations
Divisional performance
Risk and risk management
Other Westpac business
information
1
1
3333
3 FINANCIAL STATEMENTS
1
13377
Financial statements
1
13388
Notes to the financial statements
1
1
4444
Statutory statements
2
266
55
4 SHAREHOLDER INFORMATION
2
27755
227766
2288
33
Shareholding information
Additional information
Glossary of abbreviations
and defined terms
Contact us
2
288
44
inside back cover
WESTPAC’S ANNUAL REPORTING SUITE
Our annual reporting suite brings together the Group’s financial, non-financial, risk and sustainability
performance for the year. It includes our Annual Report, Financial Results Announcement, Presentation and
Investor Discussion Pack, Pillar 3 Report, Sustainability Supplement, and our Corporate Governance Statement.
Access the full suite online at westpac.com.au/2021annualreport.
Key information
Annual
Report
Corporate
Governance
Statement
Pillar 3
Report
FY21 Results
Announcement
Sustainability
Supplement
Operational performance
Strategy
Risk
Governance
Climate action
Sustainability
People and community
Financial performance
Shareholder information
Case study
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
1WESTPAC GROUP 2021 ANNUAL REPORT

About Westpac
Founded in 1817, Westpac is Australia’s first bank and oldest
company. We were established as the Bank of NSW in Sydney
before expanding across Australia and New Zealand over the
next century.
Over that time, we continued our expansion,
acquiring several banks and growing our network
across the region. In 1982 we changed our name
to Westpac.
In 2008 we completed a merger with St.George
Bank, acquiring the brands of St.George and
BankSA and we relaunched the Bank of Melbourne
brand in 2011.
In 2021, after resetting our purpose and strategy,
we began to simplify our operations to refocus
on banking in Australia and New Zealand.
This year we exited several businesses, closed
some international operations and are working
to simplify our banking business through our
lines of business operating model. Further
simplification is expected in the year ahead.
Today we are one of the four major banks in
Australia and one of the five major banks in
New Zealand – supporting over 13.9 million
customers.
We have branches, affiliates and controlled entities
throughout Australia, New Zealand, Asia and in the
Pacific region, and maintain branches and offices
in some of the key financial centres around the
world.
WESTPAC COMPRISES SIX MAJOR DIVISIONS
Consumer
Serving consumers in Australia with a range of
banking products under the brands of Westpac,
St.George, BankSA, Bank of Melbourne and RAMS.
Business
Serving the needs of small to medium businesses
and commercial and agribusiness customers across
Australia. This division also includes Private Wealth,
supporting the needs of high-net-worth individuals.
Westpac Institutional Bank (WIB)
Delivering a broad range of financial services to
commercial, corporate, institutional, and government
customers operating in, and with connections to,
Australia and New Zealand.
New Zealand
Delivering banking, wealth and insurance services to
consumer, business and institutional customers across
New Zealand.
Group Businesses
Comprising our head office and Australian corporate
and support functions including treasury, technology,
operations, property services, strategy, finance, risk,
compliance, legal, human resources, and customer
and corporate relations.
Specialist Businesses
Bringing together the Group’s non-core businesses
that we ultimately plan to divest. These include
superannuation, wealth platforms and investments,
Auto finance, along with our operations in Fiji
and Papua New Guinea. For part of the year, the
division included our Vendor Finance and Australian
insurance operations (General and Lenders Mortgage
Insurance) which were sold during the year. The sale
of Life Insurance and Auto finance is expected to be
completed in 2022.
2WESTPAC GROUP 2021 ANNUAL REPORT

Australia
Household deposits
2
21%
Mortgages
3
21%
Business credit
3
15%
Customers
4
12.6m
New Zealand
Consumer lending
5
18%
Deposits
5
18%
Business lending
5
16%
Customers 1.3m
$3,081m
$1,789m
($670m)
$950m
(A$ EQUIVALENT)
$9m
$193m
MARKET SHARE DATABRANDSFY21 CASH EARNINGS
1
1 See cash earnings definition on page 6 of this Report.
2 APRA Banking Statistics, September 2021.
3 RBA Financial Aggregates, September 2021.
4 Includes customers outside Australia and New Zealand.
5 RBNZ, September 2021.
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
3WESTPAC GROUP 2021 ANNUAL REPORT

2021
Year in
review
Overview
It has been another challenging year as
COVID-19, and its associated lockdowns,
continued to create uncertainty for economies
and customers.
The pandemic’s human impact has been tragic,
however the Australian and New Zealand
economies have been much more resilient than
originally expected. The combined support of
governments, regulators and the banking sector
helped to insulate these economies from the worst
of the financial impacts.
Westpac continued to help customers – individuals
and businesses – through the uncertainty with a
range of targeted financial support. We remained
open and available to customers in many branches
and processing centres, while supporting over half
of our people to work from home.
2021 has also been a year of progress for
Westpac. Our major program to strengthen our
management of risk and culture is well underway,
we’ve simplified our business and performance
has improved.
We have faced some setbacks. As we have worked
to improve our management of risk, new issues
have emerged. In addition, we have looked to
accelerate the pace of change in line with both our
own and regulator expectations. We have adjusted
our plans and are meeting the milestones we have
set ourselves – although we recognise there is still
much to do.
Our Fix, Simplify and Perform strategic priorities
are helping to frame what we do and provide
clarity for our people. As part of Fix we are
addressing our shortcomings, and dealing with risk
and legacy issues, under Simplify we are focusing
on banking in Australia and New Zealand and
making things easier for customers and our people
while Perform is our program to lift underlying
performance and returns.
HIGHS
Entered into an enforceable
undertaking with APRA,
after the regulator required
a more comprehensive risk
and culture program
Weaknesses in risk
management and culture
highlighted by Reserve
Bank of New Zealand
LOWS
Fix
CORE program
1

to strengthen risk
management and risk culture
121 of 327
activities undertaken
2
Addressed all items in
AUSTRAC’s Statement
of Claim
Substantially completed two
major advice remediation
programs. Over
$1bn paid or
offered to approximately
1 million customers
>30%
Increase in financial crime
specialists since 2019
Reduced average time
to resolve complaints to
5.4 days
from 6.5 days
84%
of complaints resolved
at first point
Remediation required
in our management
of liquidity
Additional legal cases
and investigations
by ASIC
Potential external fraud
relating to a portfolio
of equipment leases
1 Customer Outcomes and Risk Excellence.
2 Activities undertaken and submitted to independent reviewer, Promontory Australia.
4WESTPAC GROUP 2021 ANNUAL REPORT

4
non-core
businesses sold
3
3
non-core businesses
announced for sale
3
Reduced correspondent
banking group
relationships by
286
Closed
2
international offices –
a further 3 to be finalised
by the end of 2022
calendar year
Helped over
17,200
customers manage
through COVID-19
loan deferrals
4
Organisational
Health Index
74from 70
over the year
Restored growth in
Australian mortgages
Plan to reduce cost
base to
$8bn by FY24
Panorama over
$100bn
in funds under
management
284
products closed
Embedded lines of
businesses operating
model
Brought
>1,000
jobs back to Australia
Proposed sale of
Westpac Pacific was
not granted regulatory
approval
Lagged peers in
mortgage processing
via brokers
4th
Consumer NPS remains
at the bottom of the
peer group
Significant increase in
costs in FY21 related to
Fix priority spend
Significant
write-offs in our
institutional
business and
non-core assets
PerformSimplify
Multi-day BT
Panorama platform
outage disrupted
many customers
Strong common equity
tier 1 capital ratio
12.3%
$1.9bn
in new lending to
climate change
solutions
5
Women in leadership
6
50%
Largest bank lender to
greenfield renewable
energy projects in
Australia for past
7

5 years
New 5 minute digital
process to set up
deposit accounts
3 See page 21 of this Report for full list.
4 During 2021 COVID-19 lock-down, from July to September 2021.
5 ‘Climate change solutions’ definition can be found in 2021 Sustainability Appendix – Glossary available online.
6 The proportion of women in leadership roles across the Group. It includes the CEO, Group Executives, General Managers, senior leaders with
significant influence on business outcomes (direct reports to General Managers and their direct reports), large (3+) team people leaders
three levels below General Manager, and Bank and Assistant Bank Managers. Senior Executive refers to the proportion of women in the
combined Group Executives and General Manager populations.
7 IJGlobal and Westpac Research data.
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
5WESTPAC GROUP 2021 ANNUAL REPORT

FY21 performance overview
In FY21, we recorded a net profit attributable to the
owners of Westpac of $5,458 million, an increase of
138% on FY20.
The higher net profit was principally due to lower notable
items and from released impairment provisions raised
in 2020 as COVID-19’s financial impact was much lower
than expected.
Notable items are larger infrequent items that we remove
when assessing underlying earnings. In FY21 notable
items were $1.6 billion, mostly related to the write-down
of intangible items (goodwill and capitalised software)
as detailed in section 3 of this Report. In FY20, notable
items were $2.6 billion including costs associated with the
AUSTRAC matter.
In FY21 there was a $3.8 billion turnaround in impairment
charges as FY20 included a significant impairment charge
reflecting the expected losses linked to the impacts of
COVID-19. In FY21 we recorded an impairment benefit as
the impact of COVID-19 has been much less than originally
expected and some impairment provisions were reversed.
Cash earnings
The table below is on a ‘Reported’ earnings basis, however
in assessing performance, we use ‘cash earnings’ – a
measure of profit determined by adjusting reported
earnings by three factors:
1.Material items that do not reflect ongoing performance.
2. Items that may not be considered when determining
dividends including the amortisation of intangible items,
treasury shares or economic hedging impacts.
3. Accounting classifications between individual
items
that do not impact reported results.
Cash earnings excluding notable items was up 33%
(see cash earnings chart on opposite page) mostly
from the turnaround in impairment charges.
Net interest income was lower, down 2%, on a cash
earnings basis. While lending improved through the year,
average interest earning assets were relatively flat and net
interest margins were 4 basis points lower from historically
low interest rates and strong competition, particularly in
mortgages.
Non-interest income was higher from an improvement
in insurance earnings while expenses were higher as we
employed more people to support our strategic priorities,
particularly Fix.
Asset quality improved over the year with stressed assets
as a percentage of total committed exposures falling
to 1.36%, from 1.91%. This ratio is still higher than pre-
COVID-19 levels. Other indicators of asset quality have also
improved including mortgage 90+ day delinquencies and
total impaired assets.
Westpac had an income tax expense of $3.0 billion for
Full Year 2021, with an effective tax rate of 36%. Including
the Bank Levy our adjusted effective tax rate was 40%.
Together, higher earnings, the 2020 final dividend being
underwritten, and the exit of non-core businesses, have
further strengthened the Group’s capital base with our
common equity tier 1 ratio of 12.3%, comfortably above
APRA’s unquestionably strong benchmark of 10.5%.
FULL YEAR
SEPT 2021
FULL YEAR
SEPT 2020
% MOV’T
SEPT 21
–SEPT 20
Net interest income16,85816,696
1
Non interest income4,3643,48725
Net operating income21,22220,183
5
Operating expenses(13,311)(12,739)4
Net profit before impairment charges and income tax7,9117,444
6
Impairment (charges)/benefits590(3,178)large
Profit before income tax8,5014,266
99
Income tax expense(3,038)(1,974)54
Net profit for the period5,4632,292
138
Profit attributable to non-controlling interests (NCI)(5)(2)150
Net profit attributable to owners of WBC5,4582,290
138
Total cash earnings adjustments (post tax)(106)318
large
Cash earnings5,3522,608
105
Add back notable items (after tax)1,6012,619(39)
Cash earnings excluding notable items6,9535,227
33
REPORTED NET PROFIT ATTRIBUTABLE TO OWNERS OF WESTPAC ($m)
Reported earnings
6WESTPAC GROUP 2021 ANNUAL REPORT

16.50
11.13
15.85
10.67
STRONG BALANCE SHEET (%)
Common equity tier 1 capital ratio
Reported Internationally comparable
Sept 19Sept 20Sept 21
12.32
18.17
2.082.042.12
NET INTEREST MARGIN (%)
Cash earnings basis
FY19FY20FY21
GROSS LENDING ($bn)
Sept 19Sept 20
441449
148152
82
78
1710
17
456
148
89
6
15
21
Sept 21
Australian
housing
Australian
business
Australian
personal
New
Zealand
Other
overseas
CASH EARNINGS FY20-FY21 ($m)
FY20Add back
notable
items
FY20
ex-notable
items
FY21
ex-notable
items
Notable
items
Net
interest
income
Non-
interest
income
ExpensesImpairment
charges
Tax
& NCI
FY21
5,227
(775)
(642)
4
3,768
(629)
6,953
(1,601)
5,352
2,608
2,619
Up 33% ex-notable items
Up 105%
2,608
2,290
5,352
5,458
6,849
6,784
WESTPAC MEASURES OF PROFIT ($m)
Reported profit Cash earnings
FY19FY20FY21
CONTRIBUTION OF NET OPERATING INCOME BY DIVISION
(%
)
Consumer
Business
Westpac NZ (in A$)
WIB
Specialist Businesses
Group Businesses
42
22
10
11
9
6
(3,178)
590
(794)
IMPAIRMENT (CHARGES)/BENEFIT ($m)
FY19FY20FY21
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
7WESTPAC GROUP 2021 ANNUAL REPORT

Dear fellow shareholders,
It has been a privilege to complete my first full year
as your Chairman. I am genuinely pleased at the
progress the Company is making in its transformation
and value creation, but equally disappointed at
current and historical issues that persist as we pursue
this journey.
Pleasingly, our earnings have recovered, our capital
position is strong, and our share price has improved.
Accordingly, we have been able to determine a higher
dividend of 60 cents for the second half, and 118 cents
for the year.
Our efforts to strengthen the balance sheet and exit
non-core businesses have created surplus capital and
enabled us to announce an off-market share buy-back
of up to $3.5 billion. The buy-back will make us more
capital-efficient while retaining sufficient capital for
growth and unplanned events.
Reported profit was materially higher in FY21, up
138%. The better result was principally due to lower
impairments and notable items. FY20 included
provisions for the AUSTRAC civil penalty, large
customer remediation-related provisions and write-
downs linked to business exits as well as large credit
impairment provisions as the COVID-19 pandemic
emerged.
Through the year we restored growth in mortgages
although we suffered margin attrition, as well as higher
temporary costs to implement the Fix, Simplify and
Perform priorities. Our main concern is the possibility
of further margin attrition should interest rates remain
low and competition remain intense. However, we
remain committed to maintaining our market position,
whilst securing a significantly reduced cost base with
our $8 billion target for 2024.
Shareholders will also recall that on my appointment as
Chair and Peter King’s as CEO last year, we announced
a comprehensive program to transform Westpac into a
simpler, more agile accountable organisation, building
on our strong domestic banking franchises in Australia
and New Zealand.
We announced plans for the exit of businesses that
were inconsistent with that focus. This program is
being executed well and is ahead of schedule. This is
radically simplifying the bank and allows for increased
management focus on our traditional core businesses.
To deliver our agenda, there is no substitute for a
strong management team. Peter King has consolidated
his position as CEO and has grown in the role. He
has overseen a significant change in the senior
management team as well as in the executives
reporting to them. I believe we now have the right
management team for the future.
The team is genuinely making progress including
moving from a heavily centralised model to a
decentralised one that is closer to customers and
where decision making is faster.
Unfortunately, with all transformation programs, as
we turn over stones, more issues reveal themselves.
We faced several issues, particularly, but not
exclusively, risk related, that continue to detract from
our reputation and performance, while also absorbing
considerable management attention, time, and
remediation cost. These issues are not acceptable for
a company of our quality and heritage.
For example, this year we entered into an enforceable
undertaking with our regulator to lift our risk
governance, while the Reserve Bank of New Zealand
has required us to remediate similar weaknesses
in our New Zealand operations. Other regulatory
investigations are also underway that highlight the
inadequacy of our past risk practices. Disappointingly,
we also uncovered a significant potential external fraud
relating to a portfolio of equipment leases and we are
investigating how that happened, and strengthening
our corresponding processes and controls. Drawing a
line under these matters is a major priority for us and
we are working towards a future where the news is
predominantly good rather than mixed.
Chairman’s
report
8WESTPAC GROUP 2021 ANNUAL REPORT

1 IJGlobal and Westpac Research data.
The challenges created by COVID-19 remained during
the year, and our teams continued to manage both its
health and economic impacts. The Board and I have
been proud of the way management has led and our
people have responded. We kept our doors open to
help customers in need and provided comprehensive
support packages. These efforts have contributed to
Australia and New Zealand’s economic resilience and
demonstrate that our purpose – helping Australians
and New Zealanders succeed – is reflected in our
actions.
While uncertainty remains around the pandemic’s
lasting impact, the rise in vaccination rates towards the
end of the year has been cause for optimism about the
path forward to economic recovery.
Operating sustainably has long been a part of
Westpac’s culture and aligns with our purpose
although expectations from the community, customers,
shareholders and regulators have been increasing
rapidly. We built on our plans during the year with the
Board approving a detailed environmental, social and
governance plan to deepen the integration of these
areas into the business.
On the topic of climate change, we are carefully
balancing our responsibility to move to a net
zero economy, while supporting customers and
the economy as they transition to a low carbon
environment. In 2021 we provided $1.9 billion in new
lending to climate change solutions and retained our
position as largest bank lender to greenfield renewable
energy projects in Australia for the past five years.
1
Diversity also remains a focus and this year we joined
the investor-led ‘40:40 Vision’ initiative to achieve
40:40:20 gender balance by 2030 for the Executive
Team. As part of this commitment we set clear interim
targets of 30% female representation by 2023 and
35% by 2027 and are tracking ahead of these targets
with an expected 36% female representation by
December this year. We have also reinforced our target
of 50% Women in Leadership – an objective we have
consistently achieved for the last 5 years.
Balancing the skills and diversity of the Board has also
been a priority. We have also agreed the target of
40:40:20 gender balance for Board members, and by
the end of calendar 2021 our female representation is
expected to be 40%.
During the year, there were changes to the Board.
Alison Deans stepped down at last year’s Annual
General Meeting (AGM), Steven Harker retired in
October, and Craig Dunn retires at this year’s meeting
in December. I would like to thank them all for their
dedication and service to the Company.
Two new Directors have joined us since last year’s
AGM, Nora Scheinkestel and Audette Exel. Both are
contributing well to the Board and committees.
Nora is an experienced company director and currently
serves on several major Australian boards. She has
experience across a range of public, private and
government entities as well as the not-for-profit sector.
Nora was an Associate Professor at the Melbourne
Business School and has been a member of the
Takeovers Panel.
Audette brings senior banking experience as Managing
Director of Bermuda Commercial Bank and as a non-
executive Director at Suncorp. She is the founder and
CEO of Adara Group and was formerly Chair of the
Bermuda Stock Exchange and a board member of the
Bermuda Monetary Authority.
I would like to thank my colleagues on the Board
and the management team for their commitment to
Westpac’s success and for their effective participation
in incredibly difficult circumstances due to COVID-19.
I also thank our employees for continuing to serve
customers both face-to-face and remotely.
Turning to the future, we are reshaping Westpac to
be a bolder, different company for our customers and
other stakeholders. We are embracing digital ways
of dealing with customers, which we expect to have
future economic benefits.
Our current view is that the Australian and New
Zealand economies will continue to do well over
the next few years, but this is partly dependent on
COVID-19 which is likely to be with us for some time,
in various forms.
At the same time, we expect that margins will
continue to be under competitive pressure. At some
point however, it is inevitable that interest rates will
rise, which would create a more favourable banking
environment.
For Westpac, we are working to lift returns as we
simplify our business, harness improved performance
from the new management team, dispose of non-core
businesses and improve capital and expense efficiency.
Together they should augur well for shareholders and
customers over the next few years.
Yours sincerely,
John McFarlane
Chairman
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
9WESTPAC GROUP 2021 ANNUAL REPORT

Dear shareholders,
2021 has been both a challenging and significant year
for Westpac, as we progress to become a simpler,
stronger bank.
Managing through the uncertainties of COVID-19 has
been a dominant feature of the last two years and our
decisions have been focused on supporting customers
whilst keeping our people safe and adapting the
way we work. During the year we improved financial
returns, continued to reshape our Company, and
maintained a strong balance sheet.
Much of our effort has been directed to strengthening
our foundations – particularly in the areas of risk
management and financial crime – as part of our
Fix strategic priority. We have made significant
progress and are now increasingly shifting our focus
to simplifying Westpac and improving financial
performance and shareholder returns.
Managing the impacts of COVID-19
COVID-19, and associated lockdowns, has disrupted
life for many of us. With the support of governments,
regulators and the banking sector, the economies
of Australia and New Zealand have proved resilient,
although the effects on individual customers have
been varied and, in some instances, devastating.
We have worked hard to support businesses and
consumers through this uncertainty. Since the onset
of the pandemic, we have provided approximately
160,000 mortgage deferrals and processed over
200,000 requests for early release of superannuation.
For businesses, we have granted over 35,000
loan deferrals, provided more than $564 million in
government guaranteed business loans and waived
certain fees.
Keeping our people safe has also been a priority.
We have introduced additional protections for those
working in branches and operational sites whilst
enabling over 20,000 employees to work from home.
We were also one of the first companies to set up
workplace-based vaccination hubs for employees
and their families and have been trialling rapid
antigen testing.
Transforming Westpac
In 2020, we announced a major change in our strategy
to focus on banking in Australia and New Zealand
and become a simpler, stronger bank. This included
a new purpose and strategic priorities, establishing a
‘lines of business’ operating model, and commencing
a program to improve our management of risk and
our culture.
Our focus in 2021 has been on implementing these
changes and embedding them in everything we do.
Our strategic priorities of Fix, Simplify and Perform
are providing clarity for the Company and we explain
these in more detail in this Annual Report.
There is much to do, but we have a clear plan and
are making progress.
Having the right executive team to lead our
transformation is critical, and over the year we
welcomed Scott Collary as our Chief Operating Officer,
Anthony Miller to run our Institutional Bank, while
Chris de Bruin is now responsible for our Consumer
and Business divisions. In 2022 we will also welcome
Shannon Finch as our Group General Counsel and
Catherine McGrath as our new CEO for Westpac
New Zealand. This will see 73% of Group Executives
new to the bank or new to the Group Executive team
since December 2019 when I commenced in the
CEO role, and I am very pleased with the calibre and
external experience I have in this team.
A key plank of our plan is the simplification of the
Westpac business portfolio. Having completed the
sale of four businesses, we have a further three sales
due for completion by the end of the 2022 calendar
year. We have also reduced our international footprint,
closing our Mumbai and Jakarta offices. Three more
international offices are expected to close by the
end of the 2022 calendar year.
Central to our plans is the digitisation of our business.
In 2021 we launched a new mobile banking app, made
better use of intelligent technologies, and improved
the stability of our infrastructure. This has been
particularly important in making banking easier and
more accessible for customers who have been in
lockdown for much of the year.
CEO’s
report
10WESTPAC GROUP 2021 ANNUAL REPORT

Looking ahead, our digitisation roadmap will help us
develop single product solutions for all our brands
supported by a common infrastructure. We now
have a new mortgage origination process with plans
underway across our other lines of business as part of
a multi-year program of work.
Our simplification program also includes consolidating
products and streamlining our processes. We retired
more than 200 products through the year and began
to optimise end-to-end processes through our lines
of business.
Our management of risk and risk culture has been
a weakness, and this was reinforced by APRA’s
review of our risk governance in late 2020. We are
addressing this through our Customer Outcomes and
Risk Excellence (CORE) program. The program has
oversight of over 300 activities which aim to improve
how risks are captured and managed, provide clarity
on risk ownership and accountability, lift the quality of
our data, and enhance oversight. We are one year into
this program, and it will remain a priority for the next
few years.
Strengthening our financial crime approach has also
been an imperative. Through the year we rebuilt our
processes, systems and practices and closed out all the
matters referenced in AUSTRAC’s statement of claim.
As with the CORE program, the end goal is to embed
financial crime risk management into everything we do.
These changes and initiatives require significant
investment, particularly in the early stages. We are
balancing this with an ambitious plan to reduce
expenses to meet our $8 billion cost target by 2024
(compared with $13.3 billion in FY21). Part of this
reduction will be from the exit of businesses, but we will
also improve efficiency by streamlining our head office
to reflect our more simplified and focused business.
We are also dealing with a range of regulatory matters,
mostly historical, and expect these to reduce next year.
Alongside these changes we are stepping up our
actions on climate change. Reflecting the increased
urgency for all our stakeholders, we have elevated
our management of climate change to a key priority.
This has been backed with Board-approved initiatives
that will strengthen our actions, accelerate our
understanding, and clarify our plans to support the
transition to a net zero emissions economy by 2050.
The success of our change program relies on our
people, and I could not be prouder of the way they
have stepped up to the COVID-19 related challenges
and embraced our transformation.
This was reflected this quarter with our OHI
(Organisational Health Index) score of 74, up 4 points
from our September 2020 baseline of 70. The OHI
is part of our culture measurement approach which
monitors our progress against our desired culture.
Performance
Full Year cash earnings increased 105% to $5.3 billion.
As the Chairman indicated, the result was due to
lower notable items and a turnaround in impairment
provisioning. The lower notable items was due to lower
write downs and lower provisioning for remediation
and litigation and reflected some large items in Full
Year 2020.
Cash earnings excluding notable items were
$7.0 billion, 33% higher this year, mostly due to the
turnaround in impairment charges. In FY20 impairment
charges were high (at $3.2 billion) as we expected a
large increase in stress linked to COVID-19. In FY21
there was an impairment benefit as some of the
increase in provisions was no longer required.
Excluding notable items, core earnings (net profit
before impairment charges and tax) were down 12%
from lower income and higher expenses. Operating
income was impacted by low interest rates, heightened
competition, and a change in the mix of mortgages
to lower spread fixed rate products. Higher expenses
were primarily due to increased resourcing for our
Fix priority.
Outlook
The economic environment remains difficult to predict.
To date, the Australian and New Zealand economies
have managed through COVID-19 well, however there
is still much uncertainty, particularly as economic
stimulus measures unwind.
For Westpac, lending demand is expected to be
sound as the economy rebounds, although net interest
margins will remain under pressure from low interest
rates and competition. Expenses are expected to be
lower as we simplify our business and work towards
our $8 billion cost target by 2024. Our asset sales will
improve our capital position however they will also
reduce earnings.
Reflecting the strength of our capital position, we
announced an off-market buy-back of up to $3.5 billion
that will reduce our share count and which is expected
to support our return metrics in the future.
It’s a privilege to lead Westpac through this defining
time and I thank our 40,000 people, management
team and Board for their commitment and passion.
I am especially grateful to shareholders for your
ongoing support and confidence as we steer the
business onto the path of improved performance.
Yours sincerely,
Peter King
CEO
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
11WESTPAC GROUP 2021 ANNUAL REPORT

This year has again been framed by the impact of
COVID-19. The economic impact of the pandemic, while
significant, has been much less than originally feared
in 2020. This reflects government stimulus measures
including payments to workers and businesses and very
low interest rates. The banking sector has also played
its part through repayment deferrals, fee waivers and
helping customers move to contactless banking.
At the time of writing, several states are emerging
from lockdown as vaccination rates have reached
target levels. While the final impact of these lockdowns
remains uncertain, it is expected that the economy will
rebound relatively quickly.
In Australia and New Zealand, banks have recovered
from the low returns of 2020. This was mostly because
the material increases in credit impairment provisions
in 2020 proved to be conservative (2021 saw relatively
low levels of customer stress) and so provisions have
been released. In addition, low interest rates have
supported increased demand for housing and higher
house prices – this in turn has contributed to higher
system credit growth.
The regulatory environment continues to bring
strong scrutiny for financial services companies and
the increasing engagement of investors and global
regulators on environmental, social and governance
issues will see a greater focus on this important area,
particularly on climate change.
Competition
Banking across Australia and New Zealand has
remained highly competitive across price, engagement
and innovation.
Low interest rates and significant market liquidity have
been the major contributors as relatively easy access
to funding has supported price-based competition for
lending across both banks and non-banks.
Digital innovation has also continued to redefine the
competitive landscape. The delivery of services and the
infrastructure used to facilitate finance and transactions
is evolving rapidly beyond the services typically
supplied by banks.
This has led to several new entrants over recent years
across home loans, business lending, buy now pay later,
personal finance and transaction services. At the same
time, some existing competitors have diverted more
resources to key sectors, particularly home lending.
An active lending broker market and new technologies
have also contributed to competition, allowing
consumers and businesses to easily compare offers
and to apply for lending faster.
Outlook
Uncertainty remains around the outlook for 2022 as
Australia and New Zealand emerge from lockdown and
government stimulus measures unwind.
That said, as the path out of previous lockdowns has
been relatively fast there is some confidence that the
economy will rebound relatively quickly and the level of
stress for both consumers and businesses is unlikely to
be a major concern.
We expect the lockdowns in Australia’s most populous
regions will continue to unwind through November and
December with most of the domestic economy to open
in the 2022 new year.
Progress with international borders is expected to be
gradual and Australia will experience challenges in
attracting back students and workers.
Given these circumstances we expect GDP growth in
Australia of 8.3% in the year to September 2022. This
reflects the strong rebound in activity following the
severe 4% GDP contraction expected in the September
quarter of 2021 when both Sydney and Melbourne were
in lockdown.
We expect the level of Australian GDP will return to its
pre-delta path by the second half of 2022 although the
losses in activity in the September 2021 quarter will not
be fully recouped.
Recovery prospects are however likely to be tempered
by shortages of skilled and unskilled labour (created by
border closures) along with supply chain disruptions.
Unemployment has been remarkably resilient through
2021, partly reflecting falls in the participation rate as
discouraged workers exited the workforce.
Despite a sharp contraction in employment following
the lockdowns in the September 2021 quarter, the
unemployment rate is expected to hold around 5%
and decline through 2022 as labour shortages persist,
despite moves to reopen international borders.
Australian house prices have risen 21% in 2021 despite
the ongoing pandemic. Low interest rates, a price
competitive financial system, and supply shortages
are driving the market. This momentum is expected
to be sustained into 2022 although APRA has already
introduced policies to slow growth and further actions
are expected in the new year.
2021 was another challenging year as we navigated a resurgence in
COVID-19, managed through lock downs and very low interest rates
and saw asset prices rise.
External environment
12WESTPAC GROUP 2021 ANNUAL REPORT

Credit growth for the Australian financial system was
5.3% for the year to September 2021 with growth
concentrated in mortgages as consumers responded
to low interest rates. In the year to September 2022,
total financial system credit is expected to grow by
6.2%. Housing credit growth is likely to reach 8.4%
while business credit growth will hold around 3%.
Personal credit, which has been in decline for some
years, is expected to fall further in 2022 as consumers
remain cautious on debt and use alternative sources of
financial credit.
Very low interest rates will continue to weigh on
banks and place pressure on net interest margins. The
Reserve Bank of Australia (RBA) has indicated that
the cash rate will not be increased until its objectives
of full employment and inflation sustained around
2.5% are achieved. While the RBA does not expect this
until 2024, Westpac is looking to early 2023 given the
positive outlook for the unemployment rate and the
likely emergence of some inflationary pressure.
The Reserve Bank of New Zealand (RBNZ) recently
increased the overnight cash rate by 0.25% to 0.5%
recognising emerging inflationary forces and a
tight labour market. We expect there will be further
increases in 2021 and 2022.
In 2022, the banking sector will increase its wholesale
funding activities given completion of the RBA’s Term
Funding Facility (TFF) and the withdrawal of the
Committed Liquidity Facility (CLF) by the end of 2022.
The CLF allowed banks to utilise internal securitisation
to meet their liquidity requirements. These
requirements will now need to be met by additional
purchases of high quality liquid assets.
Westpac outlook
In Full Year 2022, Westpac is looking to grow lending
broadly in line with its major bank peers, leveraging
the momentum built up over the last year. The level
of growth will depend on the scale of the economic
recovery in Australia and New Zealand, measures put
in place by regulators to slow mortgage lending, and
Westpac’s own performance.
Net interest margins are expected to reduce further
in the year ahead given very low interest rates, strong
competition for loans and deposits and the return to
more normal levels of term wholesale funding.
Revenue and costs (particularly non-interest income) in
Full Year 2022 will also be impacted by the completion
of sales of businesses. Over the past year we announced,
and completed, the sale of four businesses, while a
further three sales have been announced but have yet
to complete. We are also working on the sale of other
businesses in the Specialist Businesses division and
further sales may be announced in the year ahead.
In May 2021 we announced a target cost base of $8 billion
by 2024. This is an ambitious target, and we will begin to
see the impact on our costs of simplification initiatives
designed to meet this goal. This includes the further
exit of businesses, completion of activities to fix our risk
management shortcomings, business simplification and
digitisation of processes.
In the past year, we devoted significant time and
resources to improving the management of risk and
addressing legacy issues. While we have made major
inroads, costs related to this activity will likely continue
in the period ahead. In particular, some litigation and
regulatory investigations are ongoing and further costs
or fines may emerge.
In Full Year 2021, impairment charges were a benefit,
reflecting sound asset quality and the release of
provisions built up in Full Year 2020 as we prepared for
an expected rise in COVID-19 related stress. In Full Year
2022, impairment charges will likely increase with any rise
dependent on a variety of factors including the speed of
the recovery and the potential for ongoing government
support. Regardless, the Group’s provision levels are
adequate, and we are well placed to respond to any
potential increase in stress.
Having materially increased capital ratios over recent
years, we have surplus capital and have announced an
off-market buy-back. This buy-back is expected to utilise
a portion of our surplus capital and franking credits and
reduce the share count. This should help to improve the
Group’s return on equity and earnings per share while
ensuring we retain sufficient capital for growth and
uncertainties in the period ahead.
In 2022 we expect to devote additional resources to our
Simplify and Perform strategic priorities. This will include
further business sales, digitising more processes and
continuing to streamline our operations.
With a sharper focus on banking in our core markets of
Australia and New Zealand, a strong balance sheet and a
highly committed team, we are well placed to see these
plans through and improve the strength of our franchise.
3 FINANCIAL STATEMENTS
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13WESTPAC GROUP 2021 ANNUAL REPORT

Our strategy supports our purpose, harnesses our strengths and refocuses
where change is required. Delivery is well underway and we are making
progress for all our stakeholders.
Our strategic priorities: Fix, Simplify and Perform, recognise our need to address
our shortcomings, reshape the business to concentrate on our core businesses
and markets, while lifting service and creating a stronger performance ethic.
This will help us to become a simpler, stronger bank.
Fix
Address outstanding issues
— Risk management
— Risk culture
— Customer remediation & pain points
— IT complexity
Simplify
Streamline and focus
the business
— Exit non-core businesses and
consolidate international
— Reduce products, simplify
customer offers
— Lines of Business operating model
— Transform using digital and data to
enhance the customer experience
Complaints driving change
Our new complaints
system is helping us resolve
customer complaints faster
and ensures they don't fall
through the cracks.
See page 19 for
more information.
Digital home loan process
Making it easier for
customers with a new
digital home loan
application process.
See page 23 for
more information.
Our values
Our five values (or HELPS)
–guide the way and help us
achieve our purpose.
HELPFUL
Passionate about
providing a great
customer experience
ETHICAL
Trusted to do
the right thing
Our strategy
14WESTPAC GROUP 2021 ANNUAL REPORT

Perform
Sustainable long-term returns
— Customer service – market leading
— Growth in key markets
— Reset cost base
— Enhance returns, optimise capital
— Strong balance sheet
— Climate change – focus on net zero
Our purpose
Helping Australians and
New Zealanders succeed.
Our focus
Banking for Australian and
New Zealand consumers, businesses
and institutional customers.
Foiling scammers
Protecting customers
from scams through
updated transaction
monitoring, training and
customer education.
See page 25 for
more information.
Stakeholder outcomes
$6.0bn paid
to employees
$580bn in
customer deposits
50% Women in
Leadership roles
$710bn in lending
1
$8.0bn total supply
chain spend
$1.6m spent towards
Indigenous-owned
businesses
Suppliers
149.4 cents
2

earnings per share
118 cents dividends
per share
Shareholders
$4.6bn mortgage
deferrals
$3.4bn paid globally in various
taxes and the Bank Levy
The economy
$10.9bn lending
to climate change
solutions
Climate Change Position
Statement and 2023 Action
Plan
Environment
$144m in community
investment
$12.1m towards Safer
Children, Safer Communities
program
Communities
Employees
Customers
1 Includes held for sale.
2 146.3 cents on a cash earnings basis.
LEADING CHANGE
Determined to make it
better and be better
PERFORMING
Accountable to
get it done
SIMPLE
Inspired to keep it
simple and easy
3 FINANCIAL STATEMENTS
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1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
15WESTPAC GROUP 2021 ANNUAL REPORT

Fix
Fix is focused on addressing our
shortcomings, improving our
management of risk and culture,
reducing customer pain points and
completing historical customer
remediation.
97%
EMPLOYEES COMPLETED
RISK LEARNING MODULES
600
STATEMENTS OF
ACCOUNTABILITY HELD
BY SENIOR LEADERS
1
63%
REDUCTION IN HIGH RATED
ISSUES THAT WERE OPEN
AT THE START OF FY21
~600
IMPROVED CRITICAL
DATA ELEMENTS
Enhanced risk
dashboards
SIMPLER AND
STANDARDISED
REPORTING TO EXECUTIVE
TEAM AND BOARD
3 lines of defence
MODEL IMPLEMENTED
ACROSS RISK CLASSES
AND DIVISIONS
1 Statements of Accountability (SoA) outline the accountabilities and outcomes that leaders are required to deliver in their individual
roles. The SoA provides clarity on delegations and authorities.
16WESTPAC GROUP 2021 ANNUAL REPORT

Our CORE program
Our CORE program is central to improving our
management of risk and building a strong culture.
To become a simpler, stronger bank we are rectifying
our shortcomings at their source – and our Customer
Outcomes and Risk Excellence (CORE) program is
leading the change.
The CORE program was first established in 2020 and
expanded in 2021 to address the issues identified
by our own assessments and the findings of our
regulators. This includes the Australian Prudential
Regulation Authority’s (APRA) Risk Governance
Review, completed in December 2020, which resulted
in a court enforceable undertaking agreed with APRA.
The CORE program is a significant piece of work
comprising 19 workstreams, underpinned by
80 deliverables and 327 activities. Each activity
progresses through the three stages of ‘Design,
Implement and Embed’. 80% of the Design activities
are now complete with 95% expected to be reached
by the end of the calendar year. At 30 September
2021, 121 of the 327 activities had been undertaken
and submitted to the independent reviewer.
More than a set of activities, the CORE program is
focused on achieving sustained improvement in our
risk management effectiveness, and real outcomes
including:
—A strong culture where accountability is clear
—Effective end-to-end risk management resulting
in better customer outcomes
—A three lines of defence model where everyone
is clear on their accountabilities and understands
their role in identifying and managing risk
—Better insights, underpinned by high quality data
—Stronger risk oversight and better execution.
The quarterly reports of the CORE program’s
independent reviewer, Promontory Australia, are
being provided to APRA and released publicly every
six months.
Strengthening our management
of risk and risk culture through
our CORE program.
A stronger risk culture
Creating a strong risk culture is an important objective
of the CORE program. Our people must more
proactively identify and manage risks, and work in
an environment where they feel safe to speak up. We
have updated our Code of Conduct, strengthened
our whistleblower protections, and amended our
performance management framework and recruitment
approach. We are building the right workforce based on
their values and behaviours.
Transforming these values and behaviours into a
stronger culture must start at the top. Our senior
leaders are expected to be role models in their attitudes
and actions if we are to deliver genuine change. While it
is early in the program, we are seeing improved results
in our employee surveys and our leaders’ actions.
CHANGE STARTS AT THE TOP
Culture change initiatives for our most senior
leaders have included:
—Refreshed Code of Conduct and
incorporated new behaviours in our
performance management framework.
The roll-out of our Code of Conduct has
been driven by our leaders
—Statements of Accountability for the Group’s
top 600 leaders
—Leadership Culture Development training
program for 500 of our most senior
leaders to clarify the mindsets, skills
and behaviours required
—Leadership dashboards incorporate new
behaviours and are more transparent.
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
17WESTPAC GROUP 2021 ANNUAL REPORT

Rebuilding our management of financial
crime risk
Over the past 18 months, we have rebuilt our approach
to financial crime. This program has been extensive,
including elevating the Financial Crime, Compliance &
Conduct function, with the Group Executive reporting
directly to the CEO, and increasing the number
of financial crime specialists by around one-third
since 2019.
The rebuild has included upgrades to our technology,
dedicating more resources to controls and transaction
monitoring, and new training to increase the
understanding of financial crime risk throughout
the Group.
This transformation is part of a significant multi-year
program of work aimed at improving Westpac’s
management of financial crime risk, including
addressing issues highlighted in the civil proceedings
commenced by AUSTRAC against Westpac on
20 November 2019 in relation to alleged contraventions
of the Anti-Money Laundering and Counter-Terrorism
Financing Act 2006. These civil proceedings were
settled in 2020.
Our program has now addressed all the matters
referenced in AUSTRAC’s Statement of Claim and
remediated over 350 issues.
These activities have materially improved our ability
to detect and report potential financial crime. On the
back of these steps, we are working to embed our
new financial crime approach in everything we do.
Fix
OUR ‘SHOULD WE?’ TEST
This year we incorporated the ‘Should We?’ test
into our Code of Conduct to help our people
make decisions and encourage them to speak up.
After ensuring an issue complies with law
and regulation as well as Westpac’s policies,
processes, and guidance, we encourage our
people to ask these ‘Should We?’ questions:
—Am I sure it helps us to fulfil our purpose,
values and behaviours?
—Am I sure it helps us achieve each of our
Code of Conduct outcomes?
—Are we doing the right thing for our
customers, communities as well as
shareholders now and in the long term?
—Would I feel comfortable if I had to tell
my manager or my family or friends?
40,000+
HOURS OF FINANCIAL CRIME AWARENESS TRAINING
DELIVERED IN FY21
60
TRANSACTION MONITORING RULES UPDATED
OR NEWLY IMPLEMENTED
UPGRADED TRANSACTION SCREENING SOFTWARE
AND SETTINGS TO BETTER DETECT REPORTABLE
CUSTOMER ACTIVITY
18WESTPAC GROUP 2021 ANNUAL REPORT

Improving the way we identify,
manage and resolve complaints.
Putting things right for customers
We get things wrong from time-to-time and when
we do, we want to put it right. We are carrying out
remediation programs to resolve historical issues.
We put things right for approximately one million
customers by paying or offering more than $1 billion in
compensation in 2021, and have paid over $1.5 billion
across all programs to date. We have substantially
completed payments associated with the two largest
financial advice programs.
Resolving customer pain points
A significant component of our Fix agenda has
been to remove obstacles standing in the way of
great customer experiences. We are removing these
customer pain points by improving our management
and mitigation of complaints.
We continue to embed a culture where frontline
teams own and resolve complaints for customers at
first point. Our new digital complaints management
system guides bankers on resolutions to create
more consistent outcomes, our Artificial Intelligence
complaints bot assists bankers to solve complaints in
the moment and automated system controls ensure
compliance. In addition, we’ve made the complaints
process more accessible for customers with new tools
and resources, such as Easy English Guides and Auslan
translation videos. These changes are contributing to:
—Reduced average time to resolve complaints
to 5.4 days in Full Year 2021, from 6.5 days in
Full Year 2020
—84% of complaints are resolved at first point
—Addressing the top three complaint pain points,
implementing 113 improvement initiatives
—Through driving our culture of encouraging
complaints and improving logging behaviour,
total number of complaints increased 33% over
the year.
Resolving complaints faster is contributing to a better
customer experience and is reinforcing a culture where
employees own and act upon complaints faster.
COMPLAINTS DRIVING CHANGE
Our new digital complaints management
system allows employees to manage and own
every complaint – improving the experience
for customers. By analysing the system’s data,
we identified over 400 improvements to our
products, services, and processes to reduce
customer pain points and fix issues before they
impact others.
For example, an out-of-service 1300 number was
mistakenly included in a customer letter. After
a customer called to complain about the error
and it was logged, our complaints team fixed the
issue before the same letter was sent to a further
13,000 customers.
One new system supports faster complaint
resolution and ensures customer complaints
do not fall through the cracks.
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
19WESTPAC GROUP 2021 ANNUAL REPORT

Simplify
Simplify is about returning to
our core business of banking
in Australia and New Zealand,
exiting non-core businesses and
consolidating our international
footprint. It also includes making
banking easier for customers by
rationalising our products and
simplifying processes via digital.
284
PRODUCTS CLOSED
BROUGHT
>1,000
JOBS BACK TO AUSTRALIA
20WESTPAC GROUP 2021 ANNUAL REPORT

A simpler bank
To become a simpler bank, we are exiting non-core
businesses and consolidating our international footprint.
In 2020, we established our Specialist Businesses
division to bring together the businesses we plan to
exit. This year, we completed four business sales and
exited two investments in Zip Co. and Coinbase Inc. In
addition, we have announced the sale of three more
businesses and expect to complete these sales by the
end of the 2022 calendar year.
In December 2020, we also announced the sale of
our Westpac Pacific business, however following the
decision by Papua New Guinea’s Independent Consumer
and Competition Commission to deny authorisation
for the proposed acquisition, the parties agreed to
terminate the relevant sale agreements. We will continue
to operate our Fiji and PNG operations and support our
Pacific customers while considering other options.
Together, the businesses sold have added around 34
basis points to the Group’s common equity tier 1 capital
ratio, while businesses scheduled for sale are expected
to add a further 29 basis points once completed.
During the year, we began the consolidation of our
international presence by closing offices in Mumbai and
Jakarta. We are currently underway with the closure of
our Beijing, Shanghai and Hong Kong offices, which we
expect to complete by the end of the 2022 calendar
year. We will support customers in Asia from our
Singapore office.
Our major institutional offices outside of Australia and
New Zealand include Singapore, London and New York
and we are in the process of opening a Frankfurt office
to support customer relationships in Europe.
Embedding our new operating model
Last year we introduced our Lines of Business operating
model, restructuring our business along major customer
offerings. This model creates better end-to-end
responsibility for product lines and is allowing us to
simplify processes.
Our focus through the year was to embed the model
across our Australian businesses. This included
delegating more responsibility to each line of business
and continuing to map and refine end-to-end processes.
For example, in our mortgage line of business, we have
made over 70 changes to simplify processes and speed
up approval times for customers.
Implementation of the lines of business operating model
is underway in New Zealand.
Returning to our core business of
banking in Australia and New Zealand
and simplifying everything we do.
OUR LINES OF BUSINESSES
Consumer Business
Institutional
Specialist BusinessesNew Zealand
Status of Implementation:
Consumer & Small Business
Customer Engagement
Mortgages
Consumer Finance
Cash & Transactional
Banking
Business Lending
Financial Markets
Global Transaction
Services
Corporate and
Institutional Banking
Insurance
Specialist Finance
Platforms, Investment
and Operations
Super
Treasury
Consumer Banking
and Wealth
Corporate and
Institutional Banking
Commercial
Relationships
Private
Wealth
CompleteFinalising interfacesScoping support interfaces
Businesses/investments soldCompleted
Zip Co. Ltd.
Oct 2020
Coinbase Inc.
May 2021
General Insurance
Jul 2021
Vendor Finance
Jul 2021
Westpac LMI
Aug 2021
Westpac NZ Wealth Advisory
Dec 2020
Announced sale
Completion expected
Motor Vehicle Finance
First half of 2022
Westpac NZ Life Insurance
First half of 2022
Westpac Life Insurance
Second half of 2022
PROGRESS ON PORTFOLIO SIMPLIFICATION
3 FINANCIAL STATEMENTS
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4 SHAREHOLDER INFORMATION
21WESTPAC GROUP 2021 ANNUAL REPORT

Simplify
Migrating more activity to digital means making it
available to customers when they choose to bank.
It’s a faster, easier, and more intuitive digital customer
experience. It is also simpler for customers and the
bank.
Our technology roadmap sets out our pathway to
transform our technology to a modern single multi-
brand environment, from the multiple systems we
currently operate. Key steps in this change include
reducing the number of products and services we offer
and streamlining our processes. Fewer products and
clearer processes help to optimise the change required.
Harnessing digital to make things simpler
COVID-19 has accelerated society’s move to digital
and customer trends over the year reflect this. From
online shopping to banking, since September 2020
the number of digitally active customers rose to
5.24 million and digital transactions increased to
316 million, up 3% and 14% respectively.
Given more banking can be completed online – and
due to lockdowns – we are seeing fewer physical
transactions and services. Over the year, ATM
transactions were down 15% and over-the-counter
transactions in branches and call centre volumes fell
7% and 11% respectively. The use of cash and cheques
has also declined.
TRANSFORMING TECHNOLOGY UNDERPINNED
BY FOUR PRINCIPLES:
End-to-end, insight-led digital
experiences – designed for both
customers and employees.
Simplified and digitised processes
designed to be instant.
Modular technology – designed to
easily evolve.
Digital to
the core
Automation
Built to
change
Evergreen
technology
Systems built with embedded
continuous currency. Designed to be
secure, enduring and available.
Create leading
digital experiences
—Completed roll-out of new Mobile Banking app for Westpac
—New insights engine to provide right time and personalised
insights to customers
Seeking to build
world-class data
platforms
—Moved our data platform to the latest cloud technology
—Open banking enabled for our major brands
Create flexible
platforms focusing on:
1.Mortgages
2.Business lending
3.Transaction services
4.Payments
—Completed the roll-out of customer service hub – new mortgage
origination platform for all major brands
—New, simple, cloud-based Banking as a Service (BaaS) savings
and transaction products based on the 10X platform
Flexible bank
platforms
Data
Digital
DIGITAL FOCUS AREAS AND 2021 PROGRESS
22WESTPAC GROUP 2021 ANNUAL REPORT

NEW DIGITAL HOME LOAN EXPERIENCE
Our end-to-end digital mortgage application
process is making it easier and faster for customers
to apply for a home loan and to track its progress
along the way. Launched in December 2020, the
new process is paperless, allowing documents to
be uploaded and once approved, loan offers can
be accepted online. Customers can also request
help along the way with customers and bankers
all having access to the same information. Moving
to digital is freeing up our people to spend more
valuable time with customers. Westpac Home
Finance Manager, Rebecca, received a home loan
application late one Friday afternoon. Instead of
preparing paperwork in the branch, the customer
completed the digital application over the weekend
and met with Rebecca on the following Monday
morning – the same day the loan was approved.
PRODUCT SIMPLIFICATION FOR SELECT PRODUCT LINES
1
– FY21 VS FY20
Sep 20Sep 21
339
329
161
68
109
47
Cash & Transactional
Banking
2
MortgagesConsumer Finance
221
195
New Zealand
1 Includes both products for sale and products not for sale.
2 Includes cash management.
We continued to strengthen our technology,
simplifying and increasing reliability. In 2021,
developments included:
—Launched a state-of-the-art integrated command
centre helping us to more quickly identify and
respond to issues
—Upgraded branch network, improving bandwidth
by ten-times, reducing operating costs by 50%
and increasing transaction speed
—Decommissioned 116 applications to simplify our
technology
—Two thirds of infrastructure services (networks,
servers, workplace technology) have shifted to
evergreen models.
Stability of our infrastructure has also improved with a
reduction in major technology incidents from 51 to 31
over the year, while delivering and executing 19% more
changes.
Fewer, simpler products
Creating an easier and more streamlined experience for
customers is a vital aspect of our simplification agenda.
Over many years we became complex with too many
products, too many manual process variations, and
an excessive number of fees. This complexity added
risk, increased cost, and made it difficult for both our
employees and customers.
To better serve customers, we are working to simplify
fees and processes. Over the year we removed
284 products and associated fees across consumer
and business banking.
The chart below illustrates the reduction over the
year in select products. In addition, in WIB we exited
or restricted 286 correspondent banking group
relationships. In our Specialist Businesses division, we
migrated over $56 billion in funds from the BT Wrap
platform to BT Panorama and completed the migration
of Advance Retirement Suite members to BT Super,
which resulted in 3,070 accounts and $209 million
in funds management transferred.
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
23WESTPAC GROUP 2021 ANNUAL REPORT

Perform
Perform is growing our
customer franchise through
great service, sharpening our
focus on returns, and resetting
the cost base. A strong balance
sheet and engaged workforce
forms the foundations of our
performance. We are also
focused on responding to
climate change and building the
pathway to support a net zero
emissions economy by 2050.
$4.6bn
HOME LOAN DEFERRALS
WITH 10,500 CUSTOMERS
SUPPORTED
$135m
BUSINESS DEFERRALS
WITH 2,600 BUSINESSES
SUPPORTED
327
INTEREST FREE
TEMPORARY OVERDRAFTS
TO SMALL BUSINESS
CUSTOMERS
209
BUSINESS COVID-19
GRANTS AT A TOTAL
VALUE OF $627,000
Supporting customers
1
1 During 2021 COVID-19 lock down, from July to September 2021.
24WESTPAC GROUP 2021 ANNUAL REPORT

Committed to helping
Our purpose – helping Australians and New Zealanders
succeed – guides what we do. It was reaffirmed
over the year as we continued to support customers
through the challenges posed by the pandemic.
COVID-19 has impacted customers in a variety of
ways. For individuals and businesses in difficulty, we
provided targeted support. This included repayment
deferrals, fee waivers and special loans or overdrafts
for business.
Our people have remained resilient and dedicated
in the face of uncertainty. They have overcome
disruptions to their own working arrangements
and remained focused on supporting customers. In
addition, our people have also helped customers with
contactless banking, to better manage their finances
and protected them from scams.
Our people have embraced the changes underway
across the Company, as reflected this quarter by the
lift in our Organisational Health Index score (OHI) up
4 points to 74 from our September 2020 baseline
of 70.
Strong employee commitment and engagement
are the foundation for improved service and this
improvement positions us well for the period ahead.
Our people have worked hard to
support customers through another
challenging year.
14
VACCINATION HUBS
1,430
RAPID ANTIGEN TESTS
ADMINISTERED
3,140
PARTICIPANTS IN
VACCINATION PROGRAM
+20k
EMPLOYEES WORKED
FROM HOME
Supporting employees
PROTECTING CUSTOMERS FROM SCAMS
In the past year, the number of scams reported
by customers doubled. From cons based on
investments, buying and selling, and email
compromise – scams are becoming more
sophisticated and can be devastating for victims.
Through our transaction monitoring, training
and customer education, we’re helping to
protect customers from scams.
In our Westpac Strathpine branch in Queensland,
Branch Manager, Rachel, has seen first-hand the
impact of scams. She recently helped a customer
who was the victim of a telecommunications
scam.
"Ray*” came to the branch and was very
distressed. We sat down and he explained what
had happened. I contacted our Scams Assist
team who had thankfully blocked his account
after detecting unusual activity," said Rachel.
The scammer claimed he was calling from
Ray’s internet provider and gained access to
his computer and online banking. Over $3,500
was transferred from Ray’s account triggering
several fees.
Rachel worked with our specialist Scams team to
halt the transfers, recover his funds, and reverse
the fees. She also took Ray through a checklist to
help him spot future scammers.
“Recovering Ray’s funds was an incredible relief
and as a token of his appreciation, he donated
some of the money to the Westpac Foundation,”
said Rachel.
“Helping customers through times like these is
the most rewarding part of my job”.
*Customer’s name has been changed
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
25WESTPAC GROUP 2021 ANNUAL REPORT

Perform
A better experience for customers
Our customer satisfaction rankings have been
challenged by the need to address our shortcomings
and the impacts of the pandemic.
Our primary measure of customer satisfaction is
the Net Promoter Score
1,2
(NPS) and while our score
improved over the year to -3.3 from -6.9, our rank
for Westpac remains at the lower end of peers.
Encouragingly, the trend has been improving and
our St.George brand scores are ahead of the major
banks but further improvement is required. Our
scores partially reflect lower service levels, as we
were not able to increase resourcing fast enough to
meet increased COVID-19 related demands. They also
reflect negative sentiment around branch closures
and regulatory actions on historical matters.
To help improve service, we have boosted our front-
line teams, and brought back over 1,000 roles to
Australia in key contact and processing roles. As part
of our Fix and Simplify agendas, we are addressing the
root causes of service issues. This includes working
to resolve customer complaints faster, simplify key
processes and improve the customer experience
through digital.
#3
Business Banking
NPS ranking
1,3

#5
New Zealand
Consumer and
Business Banking
NPS rankings
4,5
1 Net Promoter Score measures the net likelihood of recommendation to others of the customer’s main financial institution for retail or
business banking. Net Promoter Score
SM
is a trademark of Bain & Co Inc., Satmetrix Systems, Inc., and Mr Frederick Reichheld. Using a
11 point numerical scale where 10 is ‘Extremely likely’ and 0 is ‘Extremely unlikely’, Net Promoter Score is calculated by subtracting the
percentage of Detractors (0-6) from the percentage of Promoters (9-10).
2 Source: DBM Consultants Consumer Atlas, August 2020 and August 2021, 6MMA. MFI customers.
3 Source: DBM Consultants Business Atlas, 6 months to August 2021. MFI customers, all businesses.
4 Source: 3 month rolling Retail Market Monitor data (survey conducted by Camorra Research). Respondents are asked about likelihood
to recommend their main bank to family and friends on a scale of 1 (extremely unlikely) to 10 (extremely likely). Net Promoter Score is
represents % of Promoters (recommend score of 9 or 10) minus % of Detractors (recommend score of 1 to 6).
5 Source: 6 month rolling Business Finance Monitor data (survey conducted by Kantar TNS among businesses with an annual turnover
of $5 to $150 million). Respondents are asked about likelihood to recommend their main business bank to business colleagues and
associates on a scale of 1 (extremely unlikely) to 10 (extremely likely). Net Promoter Score is represents % of Promoters (recommend
score of 9 or 10) minus % of Detractors (recommend score of 1 to 6).
Improving service is a priority.
SUPPORTING VULNERABLE CUSTOMERS
We have specialist teams that support customers
through tough times – like divorce and losing a
loved one – and through domestic and family
violence, elder abuse and scams. Over the
year, 33,400 cases were escalated through
our specialist vulnerability teams. Over 81,000
applications for financial assistance packages
were approved for customers experiencing
financial hardship.
Some initiatives include:
—Piloting a savings buffer of at least $100 a
month to help mortgage customers who
seek hardship support when they are in
financial difficulty. Financial Counselling
Australia welcomed the initiative, which has
now been included in the Australian Banking
Association’s financial difficulty guidelines.
—Stopping threatening and abusive messages
attached to payments. A bank account is no
place for abuse, and over 700 warnings and
suspensions have been issued to customers
who sent abuse via digital banking.
—Introducing in-app functionality for our
customers to block gambling transactions on
eligible credit and debit cards across all brands.
The block has been applied to over 30,000
cards.
26WESTPAC GROUP 2021 ANNUAL REPORT

Restoring growth in our core businesses
Restoring mortgage and business lending growth
was a major focus this year and we are building
momentum in both areas.
We reached our target to grow mortgages in line with
the major banks in the second half of the year. Through
the year we employed more mortgage bankers,
addressed key processing bottlenecks, and ensured
our pricing was responsive to the competitive pressure
in the market.
A key element of this turnaround has been the
establishment of our Mortgage line of business.
With clearer end-to-end accountability for key
processes, this business has been able to make faster
and more targeted decisions to support growth.
Growth in total Australian business lending across
the industry was 4.6% for the year to September 2021
compared to 1.9% over the prior year.
We are making progress in business lending. In
Australia, business and institutional lending was up
1% over the year and was 4% higher over the last
six months.
While momentum has improved, additional
opportunities remain. This includes further process
improvements and directing more of our people from
programs designed to resolve issues to front-line
customer roles.
Strong balance sheet and improved
capital efficiency
In banking, strong financial foundations across capital,
liquidity and funding are paramount. We ended this
financial year with a common equity tier 1 capital
ratio of 12.3%, which was comfortably above APRA’s
unquestionably strong benchmark of 10.5%. We had
$9 billion in capital above this benchmark. This
strength has supported the determination of a 60 cent
per share dividend and enabled us to announce an
off-market buy-back of up to $3.5 billion.
The buy-back will help us to optimise our capital base
for the more focused business we are becoming,
helping to improve per share metrics and future returns.
Cost reset
Digitisation and low interest rates are changing
the banking industry and its returns. To remain
competitive, we need to reduce costs. In May 2021, we
set a cost target of $8 billion in expenses by 2024. This
is an ambitious target given costs in 2021 were more
than $13 billion.
Part of the cost reduction will be putting behind us
significant remediation expenses and business write-
downs. Costs will also be lower as we exit businesses.
The final gains to reach our target are expected to flow
from simplifying our operations and reconfiguring our
head office to reflect our more focused business.
Elevating climate change action
Westpac has focused on climate change for many
years. This year, we made a significant addition to our
strategic priorities – elevating climate change as part
of our Perform priority. Its importance to investors,
customers and society more broadly has accelerated,
and it was therefore appropriate to recognise in our
major priorities. This includes explaining how we are
supporting the transition to a net zero economy.
Climate forms part of our broader environmental,
social and governance agenda, and we recognise that
managing climate-related risks and opportunities is
vital to the long-term sustainability of our Company.
We were the first Australian bank to release a
climate change position statement in 2008. In 2015
we supported the Paris Agreement and in 2017 we
committed to managing our business in line with the
Paris Agreement and the need to transition to a net
zero emissions economy by 2050.
AUSTRALIAN GROSS MORTGAGE MOVEMENT ($bn)
(3.5)
1H202H201H212H21
(4.7)
2.6
12.0
xx
AUSTRALIAN GROSS MORTGAGE MOVEMENT ($bn)
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
27WESTPAC GROUP 2021 ANNUAL REPORT

Climate change is one of the most
significant issues that will impact the
long-term prosperity of the global
economy and our way of life.
We are committed to managing our business in alignment
with the Paris Agreement and the need to transition to a
net zero emissions economy by 2050.
As a major financial institution, we recognise that we have
an important role to play in supporting customers and
communities in transition, through providing products
and services.
This year, we continued to deliver on our Climate Change
Position Statement and 2023 Action Plan (Climate
Action Plan) while recognising the significant increase
in the importance of climate change to our business
and stakeholders. This includes:
—Helping customers and communities respond to
climate change
—$15 billion target in new lending to climate change
solutions by 2030
1
—Aiming to reduce our exposure to thermal coal
mining to zero by 2030
—Financing of electricity generation sector to support
Paris-aligned transition pathways to a net zero
emissions economy by 2050
—Sourcing equivalent of 100% of Westpac’s electricity
consumption through renewable energy sources
by 2025.
Below is a summary of major developments this year,
and further detail can be found in the Climate Change section
of our 2021 Sustainability Supplement.
Developments on governance and oversight
of sustainability matters
—Established a CEO-led Group ESG and Reputation
Committee that will oversee our Climate Action Plan
and wider ESG agenda. The Committee meets at least
four times a year
—During the year the Board:
• attended a workshop led by industry experts on climate
change risks, and related Directors’ responsibilities
• reviewed our Climate Action Plan progress as part of its
six-monthly sustainability strategy update
• endorsed extra resources to support our Climate
Action Plan.
Climate
change
1 Over time period 2020 to 2030.
2 IJGlobal and Westpac Research data.
3 Includes Westpac Group operations in Australia, New Zealand, United Kingdom and Pacific. 2021 is the first year Westpac is reporting market based emissions to account
for renewable energy investment. The base year of our Scope 1 & 2 and Scope 3 Supply Chain GHG reduction targets is calculated applying the location-based accounting
method. Historic location-based data is used as a proxy for a market-based method, as electricity supplier emission factors or residual emission factors for some
international operations are not available.
IN NEW LENDING TO CLIMATE
CHANGE SOLUTIONS
Strategy
Progress on our Climate Action Plan and how we are
helping our customers transition, included:
$1.9bn
LARGEST BANK LENDER TO GREENFIELD
RENEWABLE ENERGY PROJECTS
IN AUSTRALIA FOR PAST FIVE YEARS
2
ELEVATED CLIMATE CHANGE RESPONSE
TO A COMPANY-WIDE STRATEGIC
PRIORITY
CONTINUED TO DEVELOP PARIS-
ALIGNED FINANCING STRATEGIES AND
PORTFOLIO TARGETS FOR SECTORS
REPRESENTING THE MAJORITY OF OUR
FINANCED EMISSIONS, WITH A FOCUS
DURING THE YEAR ON OIL AND GAS,
METALS AND MINING SECTORS
PARTICIPATED IN A RANGE OF INDUSTRY
FORUMS INCLUDING THE UNITED
NATIONS ENVIRONMENT PROGRAMME
FINANCE INITIATIVE PRINCIPLES FOR
RESPONSIBLE BANKING AND THE
AUSTRALIAN SUSTAINABLE FINANCE
INITIATIVE
REDUCED SCOPE 1 & 2 EMISSIONS
3

BY 58% AGAINST A 2016 BASE YEAR
AND 43% AGAINST 2020
ADVANCED WORK TO UNDERSTAND
HOW BEST TO SUPPORT AGRIBUSINESS
CUSTOMERS TO MANAGE CLIMATE RISK
28WESTPAC GROUP 2021 ANNUAL REPORT

Developments on Risk Management
—Continued to embed sustainability and climate risk
management in the Group’s Risk Management Framework,
and aligned with the Three Lines of Defence model
—Worked to manage transition and physical risks across
key loan portfolios – overseen by the Climate Change
Financial Risk Committee
—Continued to support our existing thermal coal mining
customers, managing our portfolio in line with a
commitment to reduce our exposure to zero by 2030
—Continued to participate in APRA’s Climate Vulnerability
Assessment
—Continued to build our understanding of physical risk in
agribusiness and residential mortgage portfolios.
Metrics and targets
Further detail on climate metrics and targets is in
our Sustainability Supplement.
Looking ahead
In 2022, we will continue developing Paris-aligned financing
strategies and portfolio targets, particularly for sectors
representing the majority of our financed emissions. We
will work with customers and industry experts. The analysis
will consider a range of factors, including the IPCC Sixth
Assessment Report, the IEA’s Net Zero by 2050, A Roadmap
for the Global Energy Sector Report, as well as the impact on
the bank and customers, including in hard-to-abate sectors.
BUILDING OUR UNDERSTANDING OF TRANSITION CLIMATE RISKS
We seek to engage customers, particularly those in the most emissions intensive and climate-vulnerable
sectors, to develop financing strategies to support their response to climate change impacts. We seek to
provide our business customers
1
with a range of innovative sustainable finance structures including green
deposits, green bonds and sustainability-linked loans.
This year, we undertook further analysis to understand our Scope 3 financed emissions, which estimates that:
—manufacturing, utilities and mining are the sectors
2
with the highest emissions intensity per dollar lent
—the majority of our lending is to relatively low-emissions intensity sectors such as property and residential
mortgages.
ENERGY SECTOR VALUE CHAIN
Lending to the energy sector value chain
3
can be described
in the categories below. Overall, we saw a decrease in
exposures to non-renewable energy sectors and an increase
in exposures to renewable energy over the year.
1 Customers from our Institutional, Corporate and Commercial segments.
2 Manufacturing includes primary metal production and petroleum refining. Utilities includes electricity generation. Mining includes coal, oil and gas extraction.
3 All figures are Total Committed Exposures (TCE) at 30 September 2021 for WIB only.
4 For oil and gas extraction customers with LNG terminal operations, the exposures to LNG terminals is reported in the Transport category.
5 Coal exposures within diversified miners are apportioned by the percentage EBITDA contribution of coal in their latest annual financial statements. Thermal coal exposures
in diversified miners is immaterial.
6 Australia and New Zealand only. Customers with operations across several sectors are attributed across those activities based on business segment contribution.
7 Other mining includes iron ore, metal ore, construction material, exploration and services.
8 Thermal coal mining is 43% of coal mining exposure (WIB only).
LENDING TO ELECTRICITY GENERATION AUS & NZ (%)
LENDING TO ELECTRICITY GENERATION
AUSTRALIA AND NEW ZEALAND
(%)
0.5
RENEWABLENON-RENEWABLE
0
10
20
30
40
50
60
70
80
90
100
20212020201920182017201620152014201320122011
The share of renewables in our lending to the electricity sector
has increased to 79%.
Total mining is 0.75% of Group TCE, lending to coal mining is
0.05% and lending to oil and gas extraction is 0.21% of Group TCE.
COAL MINING –THERMAL
AND METALLURGICAL
8
OIL AND GAS
EXTRACTION
OTHER MINING
7
TOTAL
9.7
10.7
10.5
9.0
8.4
5.3
5.4
6.1
5.5
5.7
3.8
3.9
3.6
2.4
2.8
0.6
1.4
0.8
0.5
0.5
MININGEXPOSURE
($bn)
20172018201920202021
MINING EXPOSURE ($bn)
Oil and Gas
Extraction
4
FY21 $1.84bn
FY20 $2.22bn
Exploration
FY21 $0.33bn
FY20 $0.56bn
Coal
Metallurgical coal
FY21 $0.29bn
FY20 $0.21bn
Metallurgical
coal in diversified
miners
5

FY21 $0.02bn
FY20 $0.03bn
Thermal coal
FY21 $0.22bn
FY20 $0.30bn
Uranium
FY21 $0.08bn
FY20 $0.03bn
LNG Terminal
FY21 $0.52bn
FY20 $0.57bn
Coal
Rail
FY21 $0.30bn
FY20 $0.28bn
Port
FY21 $0.32bn
FY20 $0.44bn
Gas
FY21 $0.58bn
FY20 $0.67bn
Black coal
FY21 $0.19bn
FY20 $0.27bn
Brown coal
FY21 $0.03bn
FY20 $0.03bn
Liquid fuel
FY21 $0.12bn
FY20 $0.12bn
Hydro
FY21 $1.26bn
FY20 $1.30bn
Other
renewables
FY21 $2.23bn
FY20 $1.89bn
Electricity
and Gas
Networks
FY21 $3.80bn
FY20 $4.53bn
Retailers
FY21 $1.01bn
FY20 $0.77bn
Oil and Gas
FY21 $2.10bn
FY20 $1.32bn
Mining and
extraction
Oil and gas
refining
FY21 $0.58bn
FY20 $2.02bn
Electricity
generation
6
Transport
Distribution
and retail
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
29WESTPAC GROUP 2021 ANNUAL REPORT

Human
rights
We are committed to respecting human
rights through our business and activities,
including as a financial services provider,
purchaser of goods and services,
employer, and supporter of communities.
Our third Human Rights Position Statement and 2023
Action Plan (Human Rights Action Plan) sets out the
principles that guide our approach.
Our Human Rights Action Plan commits to 19 actions that
are underpinned by a commitment to respect human
rights as set out in the UN Guiding Principles on Business
and Human Rights. Under these actions we review our
salient human rights issues annually to help prevent,
mitigate and account for any adverse human rights
impacts, and to inform our areas of focus.
This year’s review highlighted the need to continue
supporting customers and employees through the
impacts of COVID-19, as well as focusing on rights
of Aboriginal and Torres Strait Islander peoples,
privacy, workplace diversity and discrimination, human
rights grievance mechanisms, and modern slavery.
Actions included:
—Improved our management of privacy risks by
enhancing our policies, processes and systems, and
through updated training to lift the understanding of
our employees of the requirements and risks
—Launched our Access and Inclusion Plan 2021-2024
to set out our actions for enhancing inclusion and
accessibility practices
—Expanded our mental health support for employees
in responding to the pandemic with a new mental
health plan
—Updated our Responsible Sourcing Program to
strengthen management and monitoring processes,
to address ESG risks in our supply chain and take
action to raise awareness in our supply chain of
Speaking Up channels
—Conducted training with natural resources teams
on Indigenous consent
—Published our fifth Modern Slavery Statement,
and the first under the requirements of the
Modern Slavery Act 2018 (Cth).
For further information on our salient human rights
issues and specific management actions, please see
our Sustainability Supplement.
TAKING ACTION ON MODERN SLAVERY
We published our first statement under the Modern
Slavery Act 2018 (Cth) in March 2021. This statement
was also in accordance with the Modern Slavery
Act 2015 (UK). This was recognised by the Monash
University Centre for Financial Studies as among
the strongest for disclosure quality amongst the
S&P/ASX 100.
Modern slavery is a challenge that no one
organisation can solve alone. Cross industry
collaboration through sharing of information and
resources can help to drive effective change and
reduce instances of modern slavery across industries.
As part of our Safer Children, Safer Communities
program, this year we partnered with the
International Centre for Missing and Exploited
Children (ICMEC). ICMEC’s work focuses on the
development of capability and technology tools
across and within jurisdictions, working with diverse
stakeholders across the area of child protection
law enforcement and regulatory partners, private
industry, the education community, primary
healthcare and the medical profession and civil
society partners.
Our partnership, which builds on scoping and
discovery work conducted in FY20, aims to drive
cross-industry data and knowledge sharing to better
detect, monitor, report and prevent the use of the
Australian payments platforms being used to process
payments that relate to Child Sexual Exploitation
(CSE). Modern slavery includes the worst forms
of child labour, including the commercial sexual
exploitation of children. The three-year $25 million
data-sharing and innovation grant, managed by
ICMEC, will be used to design, build, deploy and
maintain a platform and analytic tools to aggregate
insights and data from multiple industry participants
to help identify perpetrators of Online Sexual
Exploitation of Children (OSEC).
This is one way that we may provide for or cooperate
in remedy. Access to ‘remedy’ is one of the key
principles guiding our approach and commitment
to respecting human rights. Our Human Rights
Action Plan notes that remedy may take many forms,
depending on how we identify our role in causing or
contributing to human rights harm.
30WESTPAC GROUP 2021 ANNUAL REPORT

Supporting
local
communities
Westpac Foundation
1
awarded $1.95 million in
job creation grants to social enterprises and $1
million in grants to 100 local organisations helping
Australians become job-ready through education,
training and employment opportunities.
As one of the region’s largest
companies and providers of capital, we
believe it is important we use our scale
and reach to create positive impact
across Australia and New Zealand.
This includes providing support in times of emergency
and natural disasters and positively contributing to
complex social and economic issues where we can
have an impact.
Backing diverse business and social enterprise
Through our supplier inclusion and diversity program
we support a variety of suppliers including Aboriginal
and Torres Strait Islander businesses, social enterprises,
Australian Disability Enterprises, women-led businesses
and businesses with a B-corps certification. Despite
some large contracts coming to an end and COVID-19
restrictions impacting some activities, in FY21 we spent
$11.6 million with diverse suppliers.
Backing communities through our foundations
Westpac supports a number of foundations to support
local communities. This includes:
—Westpac Foundation
1
: supporting social enterprises
and community organisations that create jobs,
training and education pathways for Australia’s most
under-represented
—St.George Foundation
2
: providing grants to eligible
Australian charities and community organisations
to help improve the lives of children experiencing
disadvantage
—BankSA Foundation
3
: supporting small, local
charities helping to create a brighter future for South
Australians and Northern Territorians experiencing
disadvantage
—Bank of Melbourne Foundation
4
: supporting local
charities and programs that deliver sustainable
benefits to Victorians experiencing disadvantage.
Tomorrow’s leaders
Established to mark Westpac’s 200th anniversary in
2017, this year Westpac Scholars Trust
5
awarded its
500th scholarship. The Trust, together with some of
the nation’s leading universities, has now provided
$31 million in scholarships to invest in individuals with
leadership potential in areas important to Australia’s
growth and prosperity – technology and innovation,
Australia-Asia ties, and positive social change.
500+
WESTPAC SCHOLARS AWARDED IN FIRST FIVE YEARS
1 Westpac Foundation is administered by Westpac Community Limited (ABN 34 086 862 795) as trustee for Westpac Community Trust
(ABN 53 265 036 982). The Westpac Community Trust is a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient.
None of Westpac Foundation, Westpac Community Trust Limited nor the Westpac Community Trust are part of Westpac Group.
Westpac provides administrative support, skilled volunteering, donations and funding for operational costs of Westpac Foundation.
2 St.George Foundation is administered by St.George Foundation Limited (ABN 46 003 790 761) as trustee for St George Foundation Trust
(ABN 44 661 638 970), a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient. While St George Foundation Limited
is a related body corporate of Westpac Group, neither St.George Foundation nor St George Foundation Trust are part of Westpac Group.
Westpac provides administrative support, donations and funding for operational costs of the Foundation.
3 BankSA Foundation is part of St.George Foundation and is administered by St.George Foundation Limited (ABN 46 003 790 761) as
trustee for St George Foundation Trust (ABN 44 661 638 970), a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient.
While St George Foundation Limited is a related body corporate of Westpac Group, neither BankSA Foundation, St.George Foundation nor
St George Foundation Trust are part of Westpac Group. Westpac provides administrative support, donations and funding for operational
costs of the Foundation.
4 Bank of Melbourne Foundation is part of St.George Foundation and is administered by St.George Foundation Limited (ABN 46 003 790
761) as trustee for St George Foundation Trust (ABN 44 661 638 970), a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift
Recipient. While St George Foundation Limited is a related body corporate of Westpac Group, neither Bank of Melbourne Foundation,
St.George Foundation nor St George Foundation Trust are part of Westpac Group. Westpac provides administrative support, donations
and funding for operational costs of the Foundation.
5 Westpac Scholars Trust (ABN 35 600 251 071) is administered by Westpac Scholars Limited (ABN 72 168 847 041) as trustee for the
Westpac Scholars Trust. Westpac Scholars Trust is a private charitable trust and neither the Trust nor the Trustee are part of Westpac
Group. Westpac provides administrative support, skilled volunteering, and funding for operational costs of Westpac Scholars Trust.
Su from Green Connect, a social and environmental enterprise in
Illawarra region, NSW
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
31WESTPAC GROUP 2021 ANNUAL REPORT

Safer Children, Safer Communities
The Safer Children, Safer Communities program
involves a series of actions and investments in Australia
and across Asia-Pacific over three years to help make
a meaningful impact on child safety and protection.
The program was a commitment in our Response
Plan to the AUSTRAC proceedings.
Now in its second year, progress includes:
—$12.1 million invested in the overall work program,
of which $9.2 million was committed over three
years to 26 organisations in Australia through
our grants program
—Finalised a $25 million grant for cross-industry data
sharing projects with the International Centre for
Missing and Exploited Children (ICMEC)
—Continued our partnership with International Justice
Mission (IJM) who supported 33 police operations,
141 victim rescues and 36 suspect arrests in the
Philippines
—Supported Save the Children’s ‘Protect Children –
Philippines’ project to deliver training sessions to
687 young people and parents on issues relating to
online exploitation in the first six months of 2021.
Sustainability Supplement
In December 2020, we updated our Sustainability Strategy outlining our
sustainability priorities for the next three years. These priorities are centred
around how we can best serve our customers, communities and nation, and
contribute to solving global challenges.
More on our sustainability approach
Our Annual Report covers our most material sustainability topics in our strategic update. Our
2021 Sustainability Supplement provides additional detail on our sustainability approach,
sustainability materiality assessment, progress against our 2023 Sustainability Strategy priorities,
and additional climate change and human rights disclosures.
Sustainability metrics and glossary can be found in our 2021 Sustainability Datasheet, and our
mapping to sustainability benchmarks and indices as well as performance scorecards can be
found in our 2021 Sustainability Appendix.
Skilled volunteering and employee giving
Volunteering and supporting charities is an important
part of our company culture, and an opportunity for
our people to contribute to creating positive social
impact. More than 530 employees participated in our
volunteering programs to share their skills and time on
causes important to them.
Supporting local communities
$144m
IN COMMUNITY
INVESTMENT
96%
EMPLOYEE VOLUNTEERS
FOUND THE EXPERIENCE
REWARDING
$2.1m
DONATED TO MORE THAN 770 CHARITIES
THROUGH OUR MATCHING GIFTS PROGRAM
950+
WESTPAC EMPLOYEES HAVE COMPLETED A JAWUN
SKILLED VOLUNTEERING SECONDMENT WITH AN
INDIGENOUS COMMUNITY ORGANISATION SINCE 2001
Helping when it
matters most
Backing a
stronger Australia
Collaborating
for impact
32WESTPAC GROUP 2021 ANNUAL REPORT

Corporate
Governance
Our approach to Corporate Governance
Corporate governance is the framework of systems,
policies, and processes by which we operate, make
decisions, and hold people to account. Our framework
establishes the roles and responsibilities of Westpac’s
Board, management team, employees and suppliers.
It also establishes the systems, policies, and processes
for monitoring and evaluating Board and management
performance and the practices for corporate reporting,
disclosure, remuneration, risk management and
engagement of security holders.
Our approach to corporate governance is based on
a set of values and behaviours that underpin our
day-to-day activities and are designed to promote
transparency, fair dealing, and the protection of
stakeholder interests, including our customers, our
shareholders, our employees and our community.
It includes aspiring to the highest standards of
corporate governance, which we see as fundamental to
the sustainability of our business and our performance.
While our frameworks and policies are critical elements
of corporate governance, the outcomes achieved are
also directly influenced by decisions made by our
people. Providing context and guidance to assist our
people with their decisions has been a significant focus
for Westpac in 2021. We have continued to embed our
purpose – Helping Australians and New Zealanders
succeed’ – as well as our supporting values and
behaviours.
WESTPAC’S BOARD AND BOARD COMMITTEE STRUCTURE
Board
Independent Assurance and AdviceChief Executive Officer
External
Auditors
Group
Audit
Independent
Assurance and
External Advice
Group Executives
Board Committees
Nominations
& Governance
RemunerationAuditRiskTechnology
Legal, Regulatory
& Compliance
Sub-Committee
Provide relevant periodic assurances
and reports (as appropriate)
Provide assurance
on the remuneration
disclosures in the
Remuneration Report
Provide assurance on
risk components of
the annual report and
interim/annual financial
results announcements
Delegation
Assurance,
Oversight through
Reporting
Accountability
Accountability
Delegation
Delegation
Board Committees will refer matters to the Board or other Board Committee where appropriate.
Specific reporting
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
33WESTPAC GROUP 2021 ANNUAL REPORT

Board areas of focus in FY21
This year the Board (including with assistance from
its Board Committees) has focused on overseeing:
—The delivery of key priorities under our Fix, Simplify
and Perform strategic priorities;
—Westpac’s response to the COVID-19 pandemic,
including measures taken to support our
customers and our people;
—The development and implementation of the
expanded CORE program to uplift outcomes for
customers and our governance of financial and
non-financial risk;
—Ongoing work to improve Westpac’s management
of financial crime risk following the AUSTRAC
proceedings;
—The implementation and performance of the Lines
of Business operating model, which was introduced
in 2020 to clarify responsibilities and accountability
for end-to-end performance;
—The simplification of our business and operations
through the exit of non-core businesses and the
consolidation of our international locations;
—The program of work to reset the bank’s cost base
to $8 billion by FY24;
—The renewal of the Board and Executive team, with
three Directors and three members of the Executive
team commencing this year; and
—Approving the Group’s 2023 Sustainability Strategy.
Board skills
Westpac’s Board of Directors brings together a broad
range of financial and other skills, knowledge, and
experience necessary to guide the business of the
Group. The Board uses a skills matrix to illustrate
the key skills and experience the Board seeks in its
collective membership and the number of Directors
with each skill and experience.
1 At 30 September 2021.
Corporate Governance
Board diversity
1
During the year, the Board Nominations & Governance
Committee approved an objective to have a gender
mix of 40:40:20; 40% women, 40% men and 20%
of any gender on the Board. At 30 September 2021,
33% of the Group’s Board were women.
In addition Westpac joined the investor-led ‘40:40
Vision’ initiative with a target of at least 40% women
on the Executive team by 2030.
Board tenure
1
The average Board tenure is 2.8 years. The
length of service of each Director is in Section 1
of the Directors’ Report.
CORPORATE GOVERNANCE STATEMENT
Westpac’s 2021 Corporate
Governance Statement
describes our corporate
governance framework,
policies and practices
at 31 October 2021. The
Statement is available – along
with Board and Committee
Charters, principles and
policies – on our website at
westpac.com.au/corpgov.
NUMBER OF FEMALE DIRECTORS
ON THE BOARD (4 OUT OF 12)
Note as at 30 September 2021
33%
AVERAGE BOARD TENURE
Note as at 30 September 2021
2.8 yrs
0-3 years 66% 3-6 years 17%6-9 years 17%
34WESTPAC GROUP 2021 ANNUAL REPORT

Skills and experienceDescriptionNumber of directors
Strategic
and
commercial
acumen
An ability to define strategic objectives,
constructively question business plans and
implement strategy using commercial judgement
Financial
services
experience
Experience working in, or advising, the banking
and financial services industry (including wealth
management), with strong knowledge of its
economic drivers and global business perspectives
Financial
acumen
Highly proficient in accounting or related financial
management and reporting for businesses of
significant size
Risk
Experience in anticipating, recognising and
managing risks, including regulatory, financial
and non-financial risks, and monitoring risk
management frameworks and controls
Technology
Experience in developing or overseeing the
application of technology in large complex
businesses, with particular reference to innovation
and the Group’s digital transformation strategic
priority
Governance
Commitment to, and knowledge of, governance,
environmental and social issues, with particular
reference to the legal, compliance, regulatory and
voluntary frameworks applicable to listed entities
and highly regulated industries
People,
culture and
conduct
Experience in people matters including workplace
cultures, morale, management development,
succession and remuneration, with particular
reference to the Group’s talent retention and
development initiatives and the ability to consider
and respond to matters relating to inclusion and
diversity
Executive
leadership
Being appointed as CEO or a similar senior
leadership role in a large complex organisation, and
having experience in that position in managing the
business through periods of significant change
Listed
company
experience
Held two or more Non-Executive Directorships on
Australian or international listed companies
International
Senior leadership experience involving
responsibility for operations across borders, and
exposure to a range of political, cultural, regulatory
and business environments in that position
Customer
focus
Experience in developing and overseeing the
embedding of a strong customer-focused culture in
large complex organisations, and a demonstrable
commitment to achieving customer outcomes
9/12
9/12
9/12
10/12
11/12
12/12
9/12
11/12
10/12
10/12
12/12
FIGURE 1 – BOARD SKILLS, EXPERIENCE AND ATTRIBUTES AS AT 30 SEPTEMBER 2021
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
35WESTPAC GROUP 2021 ANNUAL REPORT

Includes Board and Executive Team biographies, report on the
business, Directors’ interests, environmental and human rights
disclosures, political engagement, Directors’ meetings and
Remuneration Report.
Our Directors present their report together with the financial statements
of the Group for the financial year ended 30 September 2021.
Directors
The names of the persons who have been Directors, or appointed as
Directors, during the period since 1 October 2020 and up to the date of
this report are: John McFarlane, Peter King, Nerida Caesar, Catriona Alison
Deans (Alison Deans) (appointed as a Director on 1 April 2014 and retired
as a Director on 11 December 2020), Craig Dunn, Audette Exel AO (Director
from 1 September 2021), Steven Harker (appointed as a Director on 1 March
2019 and retired as a Director on 26 October 2021), Michael Hawker AM
(Director from 1 December 2020), Christopher Lynch, Peter Marriott, Peter
Nash, Nora Scheinkestel (Director from 1 March 2021), and Margaret Seale.
Particulars of the skills, experience, expertise and responsibilities of the
Directors at the date of this report, including all directorships of other listed
companies held by a Director at any time in the three years immediately
before 30 September 2021, and the period for which each directorship has
been held, are set out in the following pages.
Board Committee Member Key
Chairman of each committee is
noted with a red icon.
Board Nominations & Governance
Board Risk
Board Technology
Board Legal, Regulatory and
Compliance
Board Remuneration
Board Audit
Directors’
report
36WESTPAC GROUP 2021 ANNUAL REPORT

Craig Dunn
BCom, FCA
Age: 58
Independent Non-
Executive Director
Appointed: Director since
June 2015.
Experience: Craig has more
than 20 years’ experience in
financial services, including
as CEO of AMP Limited. He
was formerly a director of
Financial Literacy Australia
Limited, and a Board
member of the Australian
Japanese Business
Cooperation Committee,
Jobs for New South Wales,
and the New South Wales
Government’s Financial
Services Knowledge Hub.
Craig was Chairman of
Stone and Chalk Limited
and of the Investment
and Financial Services
Association (now the
Financial Services Council).
He was also a member
of the Financial Services
Advisory Committee, the
Australian Financial Centre
Forum, the Consumer and
Financial Literacy Taskforce
and a Panel member of the
Australian Government’s
Financial System Inquiry.
Directorships of listed
entities over the past three
years: Telstra Corporation
Limited (since April 2016).
Other principal
directorships and interests:
Director of Lion Pty Limited
and Lion Global Craft
Beverages Pty Limited.
Chairman of The Australian
Ballet, Chairman of the
International Standards
Technical Committee on
Blockchain and Distributed
Ledger Technologies (ISO/
TC 307), and consultant to
King & Wood Mallesons.
Board Committees:
John M
c
Farlane
MA, MBA
Age: 74
Chairman and Independent
Non-Executive Director
Appointed: Director
since February 2020 and
Chairman since April 2020.
Experience: John is a senior
figure in global banking and
financial services and has
46 years of experience in
the sector. He was formerly
Chairman of Barclays plc,
Aviva plc and FirstGroup
plc, and Chairman of The
City UK. He was also a
Non-Executive Director of
Westfield Group/Westfield
Corporation, The Royal
Bank of Scotland Group,
Capital Radio plc and was
a council member of The
London Stock Exchange.
John served as Chief
Executive Officer of
Australia and New Zealand
Banking Group Limited
from 1997 to 2007, and as
Group Executive Director
at Standard Chartered. He
also held senior positions
at Citicorp including as
Managing Director of
Citicorp Investment Bank
Ltd and Head of Citicorp
and Citibank in the UK and
Ireland. He began his career
at Ford Motor Co.
Directorships of listed
entities over the past three
years: Unibail-Rodamco-
Westfield SE (since June
2018) and Barclays plc
(January 2015 to May 2019).
Other principal
directorships and interests:
Director of Old Oak
Holdings Ltd.
Board Committees:
Managing Director and
Chief Executive Officer
Appointed: Director since
December 2019.
Experience: Peter was
appointed Westpac Group
Chief Executive Officer in
April 2020. Peter previously
held this role on an acting
basis between December
2019 and March 2020.
Since joining the Westpac
Group in 1994, Peter also
held senior finance roles
including Chief Financial
Officer with responsibility
for Westpac’s Finance,
Tax, Treasury and Investor
Relations functions. Prior
to this, he was Deputy
Chief Financial Officer for
three years. He has also
held senior positions across
the Group including in
Group Finance, Business
and Consumer Banking,
Business and Technology
Services, Treasury and
Financial Markets. Peter
commenced his career at
Deloitte Touche Tohmatsu.
He has a Bachelor of
Economics from Sydney
University and completed
the Advanced Management
Programme at INSEAD. He
is a Fellow of the Institute of
Chartered Accountants.
Directorships of listed
entities over the past three
years: Nil.
Other principal
directorships and interests:
Director of the Australian
Banking Association
Incorporated, Institute
of International Finance
and The Financial Markets
Foundation for Children.
Board Committees:
Nil.
Independent Non-
Executive Director
Appointed: Director since
September 2017.
Experience: Nerida has
over 34 years of broad
ranging commercial and
business management
experience, with particular
depth in technology-led
businesses. Nerida was
Group Managing Director
and Chief Executive Officer,
Australia and New Zealand,
of Equifax (formerly the
ASX-listed Veda Group
Limited) and was also a
former director of Genome.
One Pty Ltd and Stone
and Chalk Limited. Before
joining Equifax, Nerida held
several senior management
roles at Telstra, including
Group Managing Director,
Enterprise and Government
and Group Managing
Director, Wholesale. Nerida
also held several Executive
and senior management
positions with IBM within
Australia and internationally,
including as Vice President
of IBM’s Intel Server Division
for the Asia Pacific region.
Directorships of listed
entities over the past three
years: Nil.
Other principal
directorships and interests:
Chair of Workplace Giving
Australia Limited, Director
of CreditorWatch and Spark
Investment Holdco Pty Ltd.
Advisor to startups in the
technology sector.
Board Committees:
Peter King
BEc, FCA
Age: 51
Nerida Caesar
BCom, MBA, GAICD
Age: 57
Board of Directors
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
37WESTPAC GROUP 2021 ANNUAL REPORT

Peter Marriott
BEc (Hons.), FCA
Age: 64
Independent Non-
Executive Director
Appointed: Director since
June 2013.
Experience: Peter has over
40 years’ experience in
senior management roles
in the finance industry,
encompassing international
banking, finance and
auditing. He joined Australia
and New Zealand Banking
Group Limited (ANZ)
in 1993 and was Chief
Financial Officer from July
1997 to May 2012. Prior to
his career at ANZ, Peter was
a banking and finance, audit
and consulting partner at
KPMG Peat Marwick. Peter
was formerly a Director of
ANZ National Bank Limited
in New Zealand and various
ANZ subsidiaries.
Directorships of listed
entities over the past three
years: ASX Limited (since
July 2009).
Other principal
directorships and interests:
Director of ASX Clearing
Corporation Limited, ASX
Settlement Corporation
Limited and Austraclear
Limited. Member of Monash
University Council and
Chairman of the Monash
University Council’s
Resources and Finance
Committee.
Board Committees:
Audette Exel AO
BA, LLB (Hons)
Age: 58
Independent Non-Executive
Director
Appointed: Director since
September 2021.
Experience: Audette
has more than 35 years’
experience in the global
financial services markets
as a senior executive, a non-
executive director and as a
social entrepreneur. Audette
was formerly the Managing
Director of BSX-listed
Bermuda Commercial Bank
(1993–1996), Chair of the
Bermuda Stock Exchange
(1995–1996) and a Director
and Chair of the Investment
Committee of the Bermuda
Monetary Authority (1999–
2005). She was a Director
and Chair of the Investment
Committee of Steamship
Mutual (1999–2017). She
began her career as a lawyer
specialising in international
finance. Audette is the
founder and Chair of the
Adara Group, a pioneering
social enterprise which exists
to support people living in
extreme poverty, and is the
Chief Executive Officer of its
corporate advice businesses.
She is the recipient of
numerous awards, including
an honorary Order of
Australia for service to
humanity.
Directorships of listed
entities over the past three
years: Suncorp Group
Limited (June 2012 to
September 2020).
Other principal directorships
and interests: Founder and
Chair of Adara Development
Australia, Adara
Development USA, Adara
Development Bermuda,
Adara Development UK and
Adara Development Uganda.
CEO and Director of Adara
Advisors Pty Limited and
Adara Partners (Australia)
Pty Limited.
Board Committees:
Independent Non-
Executive Director
Appointed: Director since
December 2020.
Experience: Michael has
substantial experience,
with over 35 years' in the
financial services industry,
including as Chief Executive
Officer and Managing
Director of Insurance
Australia Group from 2001
to 2008. Prior to this, he
held senior positions at
Westpac, and with Citibank
in Australia and Europe.
Michael was a Director of
Macquarie Bank Limited and
Macquarie Group Limited,
and a Director of Aviva plc.
Michael was also President
of the Insurance Council of
Australia, Chairman of the
Australian Financial Markets
Association, a Board
member of the Geneva
Association and a member
of the Financial Sector
Advisory Council.
Directorships of listed
entities over the past three
years: Washington H. Soul
Pattinson and Company
Ltd (since October 2012),
Macquarie Group Limited
(March 2010 – September
2020), Macquarie Bank
Limited (March 2010 –
September 2020), Aviva
plc (January 2010 – March
2019).
Other principal
directorships and interests:
Director of BUPA Global
Board UK, Deputy Chairman
of BUPA ANZ Group,
and a Non-Executive
Director of the Museum of
Contemporary Art Australia.
Board Committees:
Independent Non-Executive
Director
Appointed: Director since
September 2020.
Experience: Chris has
significant experience in
mineral resources and
infrastructure, having spent
over 30 years working in
these fields globally. Chris
was formerly the Global
Chief Financial Officer of
Rio Tinto Group, based in
London, and an Executive
Director. Prior to this, he was
a Non-Executive Director
of Rio Tinto Group. Chris
was the Chief Executive
Officer of Transurban Group,
an international toll road
developer and manager with
interests in Australia and
North America from 2008
to 2012. His executive career
also included seven years at
BHP Billiton where he was
Chief Financial Officer and
then Executive Director and
Group President - Carbon
Steel Materials. Chris spent
20 years with Alcoa Inc.
where he held a number of
executive positions, including
Vice-President and Chief
Information Officer based in
Pittsburgh, USA and Chief
Financial Officer of Alcoa
Europe in Switzerland. He
was also managing director
of KAAL Australia Limited,
a joint venture company
formed by Alcoa and Kobe
Steel. Chris was formerly
a Commissioner of the
Australian Football League
from 2008 until 2014.
Directorships of listed
entities over the past
three years: Nil.
Other principal directorships
and interests: Director of
Business for Millennium
Development Ltd, Chairman
of the National Water Grid
Authority Advisory Board.
Board Committees:
Michael Hawker AM
BSc, FAICD, SF Fin, FAIM,
FIoD
Age: 62
Chris Lynch
BCom, MBA, FCPA
Age: 68
Board of Directors
38WESTPAC GROUP 2021 ANNUAL REPORT

Peter Nash
BCom, FCA, F Fin
Age: 59
Independent Non-
Executive Director
Appointed: Director since
March 2018.
Experience: Peter was
formerly a Senior Partner
with KPMG, having been
admitted to the Australian
partnership in 1993. He
served as the National
Chairman of KPMG Australia
and served on KPMG’s
Global and Regional Boards.
His previous positions with
KPMG included Regional
Head of Audit for Asia
Pacific, National Managing
Partner for Audit in Australia
and head of KPMG Financial
Services. Peter has worked
in geographically diverse
and complex operating
environments providing
advice on a range of topics
including business strategy,
risk management, internal
controls, business processes
and regulatory change. He
has also provided financial
and commercial advice to
many State and Federal
Government businesses.
Peter is a former member
of the Business Council of
Australia and its Economic
and Regulatory Committee.
Directorships of listed
entities over the past three
years: Johns Lyng Group
Limited (Chairman since
October 2017), Mirvac
Group (since November
2018) and ASX Limited
(since June 2019).
Other principal
directorships and interests:
Director of Golf Victoria
Limited and General Sir
John Monash Foundation.
Board member of the Koorie
Heritage Trust.
Board Committees:
Independent Non-
Executive Director
Appointed: Director since
March 2021.
Experience: Nora is an
experienced company
director with a background
as a senior banking
executive in international
and project financing.
Nora has served as Chair
and Director in a range
of companies across
various industry sectors
and in the public, private
and government arena.
Previously, Nora was a
director of a number of
other major ASX-listed
companies, an Associate
Professor at the Melbourne
Business School at
Melbourne University and
was formerly a member
of the Takeovers Panel. In
2003, Nora was awarded
a centenary medal for
services to Australian
society in business
leadership.
Directorships of listed
entities over the past three
years: Telstra Corporation
Limited (since August
2010), AusNet Services Ltd
(since November 2016),
Brambles Limited (since
June 2020), Atlas Arteria
Limited (August 2014 to
November 2020), Atlas
Arteria International Limited
(April 2015 to November
2020) and OceanaGold
Corporation (April 2018 to
December 2019).
Other principal
directorships and interests:
Nil.
Board Committees:
Independent Non-
Executive Director
Appointed: Director since
March 2019.
Experience: Margie is an
experienced company
director and has served on
the boards of companies
across a range of industries.
She previously worked
in senior executive roles
in Australia and overseas
including in the consumer
goods, health and global
publishing sectors, and
sales and marketing, and in
the successful transition of
traditional business models
to digital environments.
Immediately prior to her
non-executive career,
Margie was Managing
Director of Random House
ANZ and President, Asia
Development for Random
House Inc. She was a
Director and then Chair of
Penguin Random House
Australia Pty Limited,
and a Director of Ramsay
Health Care Limited, Bank
of Queensland Limited and
the Australian Publishers’
Association. She also
served on the boards of
Chief Executive Women,
the Powerhouse Museum
and the Sydney Writers
Festival. She has been
on the Advisory Board of
J P Morgan ANZ, and the
Advisory Board for the
Australian Public Service
Commission Centre for
Learning and Leadership.
Directorships of listed
entities over the past three
years: Telstra Corporation
Limited (May 2012 to
October 2021) and Scentre
Group Limited (since
February 2016).
Other principal
directorships and interests:
Nil.
Board Committees:
Nora Scheinkestel
LLB (Hons), PhD, FAICD
Age: 61
Margaret (Margie) Seale
BA, FAICD
Age: 61
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
39WESTPAC GROUP 2021 ANNUAL REPORT

Group General Counsel
& Enterprise Executive
Rebecca is responsible for
leading Westpac’s legal
function globally, as well as
leading the CEO’s office.
Rebecca joined Westpac
in 2002 and has held a
variety of other senior
leadership roles including
General Manager, Human
Resources for St.George
Bank and General Manager,
St.George Private Clients.
Rebecca began her
career at Blake Dawson
Waldron (now Ashurst)
before joining the US firm
Skadden Arps where she
worked in both New York
and London. Rebecca then
moved into an in-house
role in investment banking
at Goldman Sachs in
London before returning
to Australia and joining
Westpac.
Rebecca is a member of
Chief Executive Women.
Managing Director and
Chief Executive Officer,
Westpac Group
Peter was appointed
Westpac Group Chief
Executive Officer in April
2020, after holding the role
on an acting basis between
December 2019 and March
2020.
In his 25 years at Westpac,
Peter has held senior
finance roles including
Chief Financial Officer
with responsibility for
Westpac’s Finance, Group
Audit, Tax, Treasury
and Investor Relations
functions. Prior to this he
was Deputy Chief Financial
Officer for three years and
worked in senior positions
across the Group including
in Group Finance, Business
and Consumer Banking,
Business and Technology
Services, Treasury and
Financial Markets.
Peter commenced his
career at Deloitte Touche
Tohmatsu. He has a
Bachelor of Economics
from Sydney University and
completed the Advanced
Management Programme
at INSEAD.
He is a Fellow of the
Institute of Chartered
Accountants.
Chief Operating Officer
Scott joined Westpac
in November 2020 as
Chief Operating Officer
and leads our corporate
services, operations and
technology functions.
Scott has over 30 years’
global banking experience,
with a breadth of expertise
across technology,
operations, risk mitigation
and commercial
functions. Before joining
Westpac, Scott was Chief
Information & Operations
Officer for North America
Consumer Businesses
at Bank of Montreal,
Canada. Prior to that,
Scott held senior executive
positions at a number of
multinational financial
institutions including ANZ,
Citibank, Fifth Third Bank
and Bank of America.
Scott holds a Bachelor’s
Degree from the University
of Maryland in the
United States.
Chief Executive, Consumer
& Business Banking
Chris de Bruin joined
Westpac Group as Chief
Executive, Consumer, in
February 2021 and became
Chief Executive, Consumer
& Business Banking in
March 2021.
With nearly 25 years in the
financial services sector
globally, Chris’ experience
spans retail banking,
consumer product
portfolios, fintech and
digital banking.
He spent 13 years at
Standard Chartered Bank,
where he held a variety
of roles across Asia and
the Middle East, including
as Global Head of Retail
Products and Digital
Banking. Before joining
Westpac, Chris was Chief
Executive Officer of
Deem Finance, one of the
largest non-bank financial
institutions in the Middle
East. Prior to that, Chris
was President of Canadian
fintech Zafin and had been
an Associate Principal at
McKinsey & Company.
Chris was educated in
South Africa and holds an
MBA from the University of
Cape Town, and a Bachelor
of Science (Honours) from
Stellenbosch University.
Peter King
BEc, FCA
Age: 51
Scott Collary
BA, Humanities
Age: 57
Chris de Bruin
MBA, B.Sc. (Hons)
Age: 58
Rebecca Lim
B Econ, LLB (Hons)
Age: 49
Executive team
40WESTPAC GROUP 2021 ANNUAL REPORT

Chief Executive,
Westpac Institutional
Bank
Anthony joined Westpac
Group as Chief Executive,
Westpac Institutional Bank
in October 2020. He has
responsibility for Westpac’s
global relationships with
corporate, institutional
and government clients,
as well as all products
across financial and capital
markets, transactional
banking, structured finance
and working capital
payments.
In addition, Anthony
has responsibility for
Westpac’s offices and
branches in Asia, London
and New York. Before
joining Westpac Group,
Anthony was CEO of
Australia & New Zealand
and Co-Head of Investment
Bank, Asia Pacific at
Deutsche Bank from 2017.
Prior to Deutsche Bank,
Anthony was a partner
at Goldman Sachs based
in Hong Kong within
the investment banking
division and previously
held a number of roles at
Goldman Sachs in Australia
and New Zealand having
joined the organisation
in 2001. Before joining
Goldman Sachs, Anthony
worked at Credit Suisse.
Anthony holds a Bachelor
of Law (Honours) from
Queensland University
of Technology, and
Bachelor of Arts (Japanese
Language, Modern Asian
Studies) from Griffith
University.
Group Executive,
Customer & Corporate
Relations
Carolyn was appointed
as Westpac’s Group
Executive, Customer and
Corporate Relations in
2018 and is responsible
for customer advocacy,
corporate affairs and
sustainability. The division
brings together customer
complaints, customer
remediation and the
customer advocate,
alongside corporate
affairs, government
relations, communications,
sustainability and
community.
Carolyn has more than
20 years’ experience in
corporate affairs, mainly
in the financial services
industry. This year Carolyn
also became responsible
for the Group’s COVID
response.
Carolyn joined Westpac
in 2013, as General
Manager, Corporate
Affairs and Sustainability.
Prior to joining Westpac,
Carolyn spent 13 years
at Insurance Australia
Group in various positions,
including Group General
Manager, Corporate Affairs
and Investor Relations.
She began her career
in consulting and has
extensive in-house and
consulting experience in
financial services. Carolyn
has a Bachelor of Arts
from The University of
Queensland, a Bachelor of
Business from Queensland
University of Technology,
and a Graduate Diploma
of Applied Finance and
Investment from the
Securities Institute of
Australia.
Group Executive,
Human Resources
Christine was appointed to
Westpac Group’s Executive
Team in October 2011. As
Group Executive, Human
Resources, Christine leads
the HR function for the
Group, responsible for
strengthening our service
oriented and inclusive
culture, attracting and
retaining the best talent,
developing and helping our
workforce to grow skills for
the future, rewarding and
recognising our people and
ensuring their health and
wellbeing. Christine has
responsibility for the office
of the Banking Executive
Accountability Regime
(BEAR) and also supports
the CEO and Board on
culture and conduct. Since
joining Westpac in 2007,
Christine has held a variety
of senior leadership roles
including Group General
Manager, Human Resources
and General Manager,
Human Resources for
Westpac New Zealand
Limited. Before joining
Westpac, Christine held
senior HR roles in a number
of high-profile organisations
and across a range of
industries, including Carter
Holt Harvey and Restaurant
Brands New Zealand.
Christine initially trained
as an Accountant and
continued her professional
development with a range of
post graduate qualifications
in HR Management,
Leadership and Quality
Management. Christine
is currently Chair of the
St.George Foundation,
Director of Orygen Youth
Mental Health Foundation,
and was previously a
Director of Women’s
Community Shelters and
member of the Veterans’
Employment Industry
Advisory Committee.
Acting Chief Executive
Officer, Westpac
New Zealand Limited
Simon has been Acting
Chief Executive Officer
of Westpac New Zealand
since June 2021. Prior to
his appointment as Acting
CEO he was General
Manager of Institutional &
Business Banking, and he
has also held the positions
of General Manager of
Consumer Banking &
Wealth, and General
Manager of Business Bank,
Private Bank, Wealth &
Insurance.
Prior to his banking career,
Simon spent 12 years as
a New Zealand Member
of Parliament. Between
2008-2011 he served
as Minister of Justice,
Minister of Commerce
and Minister of State-
Owned Enterprises. Simon
attended Wellington’s
Victoria University where
he obtained degrees in
both Law and Politics.
He has completed the
Advanced Management
Programme at Harvard
Business School, as well
as programmes at the
Australian Graduate
School of Management
and Melbourne Business
School.
Anthony Miller
LLB (Hons), BA
Age: 51
Carolyn McCann
BBus (Com), BA,
GradDipAppFin, GAICD
Age: 49
Christine Parker
BGDipBus (HRM)
Age: 61
Simon Power
BA, LLB, MA (Dist.)
Age: 52
3 FINANCIAL STATEMENTS
2 GROUP PERFORMANCE
1 STRATEGIC REPORT
4 SHAREHOLDER INFORMATION
41WESTPAC GROUP 2021 ANNUAL REPORT

Group Executive,
Financial Crime,
Compliance & Conduct
Les was appointed Group
Executive, Financial
Crime, Compliance
and Conduct in June
2020. In this role, Les is
responsible for overseeing
and strengthening
the governance and
management of these risks.
Les has over 25 years’
executive experience
across transformation and
program delivery, risk and
governance, operations
and line management.
Joining Westpac in 2008,
Les has held a variety
of senior roles including
Chief Operating Officer,
Consumer Division and
Chief Risk Officer, BT
Financial Group. Prior to
Westpac, Les was Group
Executive for External
Funds at Investa Property
Group and Chief Executive
for Gaming at TAB Limited.
Les commenced his career
as a solicitor at the legal
firm Freehills.
Les holds a Bachelor of
Commerce and a Bachelor
of Laws with Honours,
both from University of
Queensland.
Chief Financial Officer
Michael joined Westpac
Group as Chief Financial
Officer in September
2020. He is responsible
for Westpac’s Finance,
Investor Relations, Tax and
Treasury functions.
Before joining Westpac,
Michael was a Partner in
Management Consulting
at KPMG. Before that he
held a number of senior
executive positions at ANZ
from 1999 to 2013. This
included CFO Institutional
Banking, CFO Wealth,
CFO New Zealand,
CFO Personal Financial
Services, and business
leadership roles as CEO
Pacific, Managing Director
Mortgages and General
Manager, Transformation.
Michael commenced his
career at KPMG, where he
was promoted to become a
Tax Partner in 1993.
Michael holds a Bachelor
of Commerce, University of
Melbourne and a Graduate
Diploma of Taxation Law,
Monash University. He is a
Fellow of the Institute of
Chartered Accountants in
Australia and New Zealand.
Chief Risk Officer
David was appointed Chief
Risk Officer in October
2018, with responsibility for
risk management across
the Group.
Prior to this, David was
the Chief Risk Officer for
Royal Bank of Scotland
(RBS) from 2013, having
joined in 2010 as the
Deputy Chief Risk Officer.
David has also previously
held other senior roles at
both retail and investment
banks in the UK, USA,
Hong Kong and Australia,
including serving as Chief
Risk Officer at ANZ and
Chief Credit Officer at
Credit Suisse Financial
Products. David has a
Bachelor of Business in
Banking and Finance from
Monash University and is
a Board member of the
International Financial Risk
Institute.
Chief Executive,
Specialist Businesses
& Group Strategy
Jason was appointed
Chief Executive, Specialist
Businesses in May 2020.
He is responsible for Group
Strategy, Corporate &
Business Development
and the Strategic Reviews
and potential divestments
of the Group’s Specialist
Businesses. Specialist
Businesses support
customers with wealth
needs including Insurance,
Superannuation and
Platforms and Investments,
as well as Auto Finance
and Pacific banking.
Most recently, Jason was
Chief Executive Officer
NewCo, CBA, where
he was appointed to
lead the demerger of
its wealth management
and mortgage broking
businesses. Prior to that, he
was Chief Executive Officer
& Managing Director,
SocietyOne, an early
financial services disrupter
and consumer finance
marketplace lender.
Jason was previously
with the Westpac Group
for more than 20 years,
holding a number of senior
positions including Group
Executive, Westpac Retail
& Business Banking, and a
range of senior executive
positions in BT Financial
Group. Jason holds a
Bachelor of Commerce
(Marketing & Finance)
from the University of New
South Wales and Graduate
Diploma in Applied Finance
and Investment from the
Securities Institute of
Australia.
Les Vance
BCom, LLB (Hons)
Age: 51
Michael Rowland
B.Comm, FCA
Age: 60
David Stephen
BBus
Age: 57
Jason Yetton
B.Comm (Finance & Mktg),
GradDipAppFin
Age: 50
Executive team
42WESTPAC GROUP 2021 ANNUAL REPORT