Westpac 2022 Interim Financial Results Announcement

ASX
Release


9 MAY 2022

Westpac 2022 Interim Financial Results Announcement (incorporating
requirements of Appendix 4D)

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
2022 Interim Financial Results Announcement (incorporating requirements of
Appendix 4D).










For further information:

Hayden Cooper Andrew Bowden
Group Head of Media Relations Head of Investor Relations
0402 393 619 0438 284 863


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



Level 18, 275 Kent Street
Sydney, NSW, 2000

This page has been intentionally left blank.

2022
Interim
Financial
Results
FOR THE SIX MONTHS ENDED 31 MARCH 2022
Incorporating the requirements of Appendix 4D
Westpac Banking Corporation
ABN 33 007 457 141
Cover image: 'Bank in a Box' Westpac employees at
our portable branch in Lismore, NSW, after the floods.
,11estpac GROUP

iiWESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Results Announcement to the market
ASX Appendix 4D
Results for announcement to the market
1

Report for the half year ended 31 March 2022
2
Revenue from ordinary activities
3,4
($m)down4%to$10,230
Profit from ordinary activities after tax attributable to equity holders
4
($m)down5%to$3,280
Net profit for the period attributable to equity holders
4
($m)down5%to$3,280
Dividend Distributions (cents per ordinary share)
Amount per
security
Franked amount
per security
Interim dividend6161
Record date for determining entitlements to the dividend
20 May 2022
1. This document comprises the Westpac Group 2022 Interim Financial Results, including the 2022 Interim Financial Report contained in
Section 4 and is provided to the Australian Securities Exchange under Listing Rule 4.2A.
2. This report should be read in conjunction with the 2021 Westpac Group Annual Report and any public announcements made in the
period by the Westpac Group in accordance with the continuous disclosure requirements of the Corporations Act 2001 and ASX
Listing Rules.
3. Comprises reported interest income, interest expense and non-interest income.
4. Above comparisons are to the reported results for the six months ended 31 March 2021.

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iiiWESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Results Announcement to the market
Index
1.0Group results1
1.1 Reported results1
1.2 Key financial information3
1.3 Cash earnings results4
1.4 Market share and system multiple metrics8
2.0Review of Group operations9
2.1 Performance overview13
2.2 Review of earnings17
2.3 Credit quality33
2.4 Balance sheet and funding35
2.5 Capital and dividends41
2.6 Sustainability performance47
3.0Segment Reporting52
3.1 Consumer and Business Banking53
3.1.1 Consumer54
3.1.2 Business57
3.2 Westpac Institutional Bank60
3.3 Westpac New Zealand63
3.4 Specialist Businesses67
3.5 Group Businesses71
4.02022 Interim financial report74
4.1 Directors’ report74
4.2 Consolidated income statement97
4.3 Consolidated statement of comprehensive income98
4.4 Consolidated balance sheet99
4.5 Consolidated statement of changes in equity100
4.6 Consolidated cash flow statement101
4.7 Notes to the consolidated financial statements102
4.8 Statutory statements134
5.0Cash earnings financial information137
6.0Other information148
6.1 Disclosure regarding forward-looking statements148
6.2 References to websites150
6.3 Credit ratings150
6.4 Dividend reinvestment plan150
6.5 Information on related entities150
6.6 Financial calendar and Share Registry details151
6.7 Exchange rates154
7.0Glossary155

ivWESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Results Announcement to the market
In this Interim Financial Results Announcement (Results Announcement) references to ‘Westpac’, ‘WBC’,
‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation and its controlled entities,
unless it clearly means just Westpac Banking Corporation.
All references to $ in this Results Announcement are to Australian dollars unless otherwise stated.
Financial calendar
Interim Results Announcement released 9 May 2022
Ex-dividend date for interim dividend 19 May 2022
Record date for interim dividend (Sydney) 20 May 2022
Interim dividend payable 24 June 2022
Final Results Announcement (scheduled) 7 November 2022

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1WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.0 Group results
1.1 Reported results
Net profit attributable to owners of Westpac is prepared in accordance with the requirements of Australian
Accounting Standards (AAS) and regulations applicable to Australian Authorised Deposit-taking Institutions (ADIs).
Notable items are discussed in Section 1.3.3 and Section 5, Note 9.
Half YearHalf YearHalf Year% Mov’t
1
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 8,288 8,510 8,348 (3)(1)
Net fee income 845 782 700 8 21
Net wealth management and insurance income 401 613 598 (35)(33)
Trading income 343 277 442 24 (22)
Other income 353 354 598 - (41)
Net operating income before operating expenses and impairment
charges 10,230 10,536 10,686 (3)(4)
Operating expenses(5,373)(7,314)(5,997)(27)(10)
Profit before impairment charges and income tax expense 4,857 3,222 4,689 51 4
Impairment (charges)/benefits(139) 218 372 largelarge
Profit before income tax expense 4,718 3,440 5,061 37 (7)
Income tax expense(1,434)(1,422)(1,616) 1 (11)
Net profit for the period 3,284 2,018 3,445 63 (5)
Net profit attributable to non-controlling interests (NCI)(4)(3)(2) 33 100
Net profit attributable to owners of WBC 3,280 2,015 3,443 63 (5)
Effective tax rate 30.4% 41.3% 31.9%large(154 bps)
Net profit attributable to owners of Westpac for First Half 2022 was $3,280 million, $163 million or 5% lower than
First Half 2021. Compared to Second Half 2021, net profit was $1,265 million, or 63% higher.
The $163 million decline in Net Profit compared to First Half 2021 was mostly due to a $511 million ($358 million
after tax) turnaround in impairment charges (a charge in First Half 2022 compared to a benefit in First Half 2021).
Profit before impairment charges and income tax expense was 4% higher over First Half 2021 from a 10%
reduction in expenses partly offset by 4% lower operating revenue. This result was supported by lower specific
large infrequent items (notable items) which were $276 million lower after tax. These items are discussed in
Sections 1.3.3, 2.1, and Note 14 in this report and include:
• Provisions for estimated customer refunds, payments, associated costs and litigation;
• The write-down of intangible items, including goodwill; and
• The impact of asset sales and revaluations.
The following is a summary of the movements in the major line items in Net Profit for First Half 2022 compared to
First Half 2021.
Net interest income was $60 million lower, with a 7% increase in average interest earning assets more than offset
by a 15 basis point (bps) reduction in net interest margin. The decline in net interest margin was due to:
• Lower spreads on mortgages and business lending, and a shift in our portfolio towards lower spread products
(particularly Australian mortgage fixed rate lending); and
• A significant increase in liquid assets to meet the wind-down in the committed liquidity facility. Liquid assets
have lower yields than the portfolio average; partly offset by
• Higher deposit spreads from repricing and changes in mix; and
• Unrealised gains on fair value economic hedges in First Half 2022 compared to a loss in First Half 2021.
Net interest income and net interest margins are discussed in Section 2.2.1 and Section 2.2.4.
1. Percentage movement represents an increase/(decrease) to the relevant comparative period.

2WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
Non-interest income
1
was $396 million lower compared to First Half 2021, with the movements due to:
• Lower gains from asset sales and revaluations of $300 million;
• Lower contribution from the Life insurance business of $194 million, which was impacted by unfavourable
valuations and investment losses; and
• Businesses sold saw a reduction in revenue of $63 million; partly offset by
• Lower costs of customer remediation of $156 million.
Non-interest income is discussed in Section 2.2.5.
Operating expenses were $624 million, or 10% lower compared to First Half 2021. Movements in the decline included:
• Lower costs associated with the sale of businesses of $222 million;
• A reduction in depreciation and amortisation of assets of $212 million;
• Lower provisions for remediation of $210 million;
• Lower asset write-downs of $82 million;
• Progress on our simplification program contributing to lower technology and professional services costs; these
were partly offset by
• Higher staff expenses including salary and superannuation increases and restructuring costs.
Operating expenses are discussed in Section 2.2.8.
Impairment charges were $511 million higher with a charge of $139 million in First Half 2022 compared to an
impairment benefit of $372 million in First Half 2021. Most credit quality metrics improved over First Half 2022.
The rise in the impairment charge compared to First Half 2021 reflected a lower reduction in collectively assessed
provisions. In part this reflected an increase in overlays in First Half 2022 in response to uncertainties and risks
from the current environment including the global geopolitical situation, supply chain disruptions, inflationary
pressure, expected increases in interest rates, and the recent severe floods and storms across Australia.
Impairment charges and asset quality are discussed further in Section 2.2.9, Section 2.3, and Note 10 and Note 11
of the 2022 Interim Financial Report.
The effective tax rate was 30.4% and close to Australia’s corporate tax rate of 30%. This was lower than the 31.9%
effective tax rate in First Half 2021 due to higher non-deductible items in First Half 2021. Income tax expense is
discussed in Section 2.2.10.
1. Non-interest income is comprised of net fee income, net wealth management and insurance income, trading income, and other income.

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3WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.2 Key financial information
1
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
202220212021- Sept 21- Mar 21
Shareholder value
Basic earnings per ordinary share (cents) 90.5 54.9 94.5 65 (4)
Weighted average ordinary shares (millions)
2
3,622 3,666 3,641 (1)(1)
Fully franked dividends per ordinary share (cents) 61 60 58 2 5
Dividend payout ratio
3
65.06% 109.16% 61.75%large 331 bps
Return on average ordinary equity 9.25% 5.57% 9.92% 368 bps(67 bps)
Average ordinary equity ($m) 71,073 72,108 69,583 (1) 2
Average total equity ($m) 71,130 72,157 69,634 (1) 2
Net tangible assets per ordinary share ($) 17.22 16.90 16.60 2 4
Business performance
Interest spread 1.86% 1.99% 1.97%(13 bps)(11 bps)
Benefit of net non-interest bearing assets, liabilities and equity 0.05% 0.07% 0.09%(2 bps)(4 bps)
Net interest margin 1.91% 2.06% 2.06%(15 bps)(15 bps)
Average interest earning assets ($m) 872,075 825,926 812,950 6 7
Expense to income ratio 52.52% 69.42% 56.12%large(360 bps)
Capital, funding and liquidity
Common equity Tier 1 capital ratio
- APRA Basel III 11.33% 12.32% 12.34%(99 bps)(101 bps)
- Internationally comparable 17.36% 18.17% 18.08%(81 bps)(72 bps)
Credit risk weighted assets (credit RWA) ($m) 359,673 357,295 347,127 1 4
Total risk weighted assets (RWA) ($m) 459,956 436,650 428,899 5 7
Liquidity coverage ratio (LCR)
4,5
137% 129% 124%largelarge
Net stable funding ratio (NSFR)
5
125% 125% 123% 6 bps 241 bps
Asset quality
4
Gross impaired exposures to gross loans 0.23% 0.30% 0.30%(7 bps)(7 bps)
Gross impaired exposures to equity and total provisions 2.20% 2.78% 2.67%(58 bps)(47 bps)
Gross impaired exposures provisions to gross impaired
exposures 48.03% 54.44% 47.0 3 %large 100 bps
Total committed exposures (TCE) ($bn) 1,161 1,125 1,072 3 8
Total stressed exposures as a % of TCE 1.10% 1.36% 1.60%(26 bps)(50 bps)
Total provisions to gross loans 65 bps 70 bps 79 bps(5 bps)(14 bps)
Mortgages 90+ day delinquencies 0.82% 0.99% 1.11%(17 bps)(29 bps)
Other consumer loans 90+ day delinquencies 1.62% 1.75% 1.92%(13 bps)(30 bps)
Collectively assessed provisions to credit RWA 116 bps 117 bps 142 bps(1 bps)(26 bps)
Balance sheet ($m)
Loans 719,556 709,784 688,218 1 5
Total assets
6
964,749 935,877 889,419 3 8
Deposits and other borrowings 645,606 626,955 585,401 3 10
Total liabilities 894,416 863,785 817,358 4 9
Total equity
6
70,333 72,092 72,061 (2)(2)
Wealth Management
Average Group Funds ($bn) 241.1 239.2 220.9 1 9
Life insurance in-force premiums (Australia) ($m)
7
960 951 943 1 2
1. Averages are based on a six month period.
2. Weighted average number of fully paid ordinary shares listed on the ASX for the relevant period less average Westpac shares held by
the Group (“Treasury shares”).
3. Excludes the dividend component of the off-market share buy-back in First Half 2022.
4. Liquidity coverage ratio is calculated on a quarterly average basis.
5. Includes balances presented as held for sale.
6. First Half 2021 has been restated for the change in accounting policy in relation to Software-as-a-Service. Refer to Note 1 of the 2021
Annual Report for further details.
7. Refer to Section 3.4 Life insurance key metrics for further details.

4WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.3 Cash earnings results
Throughout this Results Announcement, reporting and commentary of financial performance refer to
‘cash earnings results’, unless otherwise stated. Section 4 is prepared on a reported basis. A reconciliation of
cash earnings to reported results is set out in Section 5, Note 7.
Certain commentary throughout this Results Announcement refers to performance excluding “notable items”.
Details on notable items are discussed in Section 1.3.3 and Section 5 Note 9.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 8,028 8,245 8,469 (3)(5)
Non-interest income 1,931 1,994 2,330 (3)(17)
Net operating income 9,959 10,239 10,799 (3)(8)
Operating expenses(5,366)(7,302)(5,981)(27)(10)
Core earnings 4,593 2,937 4,818 56 (5)
Impairment (charges)/benefits(139) 218 372 largelarge
Operating profit before income tax expense 4,454 3,155 5,190 41 (14)
Income tax expense(1,355)(1,337)(1,651) 1 (18)
Net profit 3,099 1,818 3,539 70 (12)
Net profit attributable to NCI(4)(3)(2) 33 100
Cash earnings 3,095 1,815 3,537 71 (12)
Add back notable items 6 1,319 282 (100)(98)
Cash earnings excluding notable items 3,101 3,134 3,819 (1)(19)
1.3.1 Key financial information – cash earnings basis
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
202220212021- Sept 21- Mar 21
Shareholder value
Cash earnings per ordinary share (cents) 85.4 49.5 97.1 73 (12)
Economic profit/(loss) ($m)
1
699 (639) 1,407 large(50)
Weighted average ordinary shares (millions)
2
3,626 3,669 3,644 (1)-
Dividend payout ratio 69.01% 121.28% 60.16%largelarge
Cash earnings return on average ordinary equity (ROE) 8.73% 5.02% 10.19% 371 bps(146 bps)
Cash earnings return on average tangible ordinary equity (ROTE) 9.88% 5.72% 11.71%large(183 bps)
Average ordinary equity ($m) 71,073 72,108 69,583 (1) 2
Average tangible ordinary equity ($m)
3
62,825 63,241 60,552 (1) 4
Business performance
Interest spread 1.79% 1.92% 2.01%(13 bps)(22 bps)
Benefit of net non-interest bearing assets, liabilities and equity 0.06% 0.07% 0.08%(1 bps)(2 bps)
Net interest margin 1.85% 1.99% 2.09%(14 bps)(24 bps)
Average interest earning assets ($m) 872,075 825,926 812,950 6 7
Expense to income ratio 53.88% 71.32% 55.38%large(150 bps)
Full time equivalent employees (FTE) 38,823 40,143 38,747 (3)-
Revenue per FTE ($ ‘000’s) 252 259 286 (3)(12)
Effective tax rate 30.42% 42.38% 31.81%large(139 bps)
Impairment charges
4
Impairment charges/(benefits) to average loans annualised 4 bps(6 bps)(11 bps)largelarge
Net write-offs to average loans annualised 13 bps 8 bps 9 bps 5 bps 4 bps
1. Economic profit/(loss) is defined as cash earnings plus a franking benefit equivalent of 70% of the value of Australian tax expense
less a capital charge calculated at 9% of average ordinary equity.
2. Weighted average ordinary shares: represents the weighted average number of fully paid ordinary shares listed on the ASX for the
relevant period.
3. Average tangible ordinary equity is calculated as average ordinary equity less intangible assets (excluding capitalised software).
4. Includes assets and liabilities presented as held for sale.

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5WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.3.2 Cash earnings policy
In assessing financial performance, including segment reporting, we currently use an adjusted AAS measure
of performance referred to as ‘cash earnings’. Cash earnings is viewed as a measure of the level of profit that
is generated by ongoing operations and is therefore typically considered in assessing distributions, including
dividends. Cash earnings is neither a measure of cash flow nor net profit determined on a cash accounting basis,
as it includes both cash and non-cash adjustments to statutory net profit.
To determine cash earnings, three categories of adjustments are made to reported results:
• Items that key decision makers at Westpac believe do not reflect our ongoing operations;
• Items that are not typically considered when dividends are recommended, mainly economic hedging impacts; and
• Accounting reclassifications between individual line items that do not impact reported results.
A full reconciliation of reported results to cash earnings is set out in Section 5, Note 7.
Reconciliation of reported results to cash earnings and cash earnings excluding notable items
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net profit attributable to owners of WBC 3,280 2,015 3,443 63 (5)
Fair value (gain)/loss on economic hedges(204)(184) 46 11 large
Ineffective hedges 19 (16) 48 large(60)
Total cash earnings adjustment (post-tax)(185)(200) 94 (8)large
Cash earnings 3,095 1,815 3,537 71 (12)
Add back notable items 6 1,319 282 (100)(98)
Cash earnings excluding notable items 3,101 3,134 3,819 (1)(19)
Outlined below are the cash earnings adjustments to the reported result:
• Fair value (gain)/loss on economic hedges (which do not qualify for hedge accounting under AAS) comprise:
–The unrealised fair value (gain)/loss on hedges of accrual accounted term funding transactions are reversed
in deriving cash earnings as they may create a material timing difference on reported results but do not
affect the Group’s earnings over the life of the hedge; and
–The unrealised fair value (gain)/loss on foreign exchange hedges of future New Zealand earnings impacting
non-interest income is reversed in deriving cash earnings as they may create a material timing difference on
reported results but do not affect the Group’s earnings over the life of the hedge.
• Ineffective hedges: The unrealised (gain)/loss on ineffective hedges is reversed in deriving cash earnings
because the gain or loss arising from the fair value movement in these hedges reverses over time and does not
affect the Group’s profits over time;
• Accounting reclassifications between individual line items that do not impact reported results comprise:
–Operating leases: Under AAS, rental income on operating leases is presented gross of the depreciation of
the assets subject to the lease. These amounts are offset in deriving non-interest income and operating
expenses on a cash earnings basis; and
–Policyholder tax recoveries: Income and tax amounts that are grossed up to comply with the AAS covering
the Life Insurance business (policyholder tax recoveries) are reversed in deriving income and taxation
expense on a cash earnings basis.

6WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.3.3 Impact of notable items
Over recent years, a number of large infrequent items have impacted results but do not reflect ongoing
business performance. We have called these items “notable items”. Notable items can be divided into the three
categories below:
Category
Cash earnings
impact 1H22
$m
Detail
1. Provisions for estimated customer refunds
and payments, associated costs and
litigation costs
$65m
reduction
• Additional provisions for estimated customer refunds in First Half 2022
included:
–remediation for premium increases on certain life insurance products
issued by Westpac Life Insurance Services Limited (WLIS)
–additional wealth related remediation; partly offset by release of
provisions for customer remediation in Westpac New Zealand.
• Additional costs for our customer remediation program.
• Increase in prior litigation provisions following agreement with ASIC to
settle six longstanding matters.
2. The write-down of assets, including
goodwill and capitalised software
$154m
reduction
• Write-down of assets related to our superannuation business in
preparation for its exit. This included all goodwill attributable to the
business along with some capitalised software.
3. The impact of asset sales and revaluations$213m
benefit
• Gain on the sale of Westpac Life-NZ- Limited
• Gain on sale of the Group’s motor vehicle dealer finance and novated
leasing business. Partly offset by;
• Post-sale adjustments from earn-out payments associated with the sale of
the Group’s vendor finance business; and
• Other costs associated with the divestments of the Group’s businesses.
$m
Refunds,
payments,
costs, and
litigation
Write-down
of intangibles
Asset
sales and
revaluationsTotal
Half Year March 2022
Net interest income 7 - - 7
Net fee income- - - -
Net wealth management and insurance income(43)- - (43)
Trading income- - - -
Other income- - 271 271
Non-interest income(43)- 271 228
Net operating income(36)- 271 235
Staff expenses(10)- (9)(19)
Occupancy expenses- - - -
Technology expenses- (45)- (45)
Other expenses(36)(122)(9)(167)
Operating expenses(46)(167)(18)(231)
Core earnings(82)(167) 253 4
Income tax (expense)/benefit and NCI 17 13 (40)(10)
Cash earnings gain/(loss)(65)(154) 213 (6)
Further details of notable items are included in Section 5 Note 9.

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7WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.3.4 Presentation changes
In First Half 2022, we changed our reporting segments following changes announced in 2021. We have also
restated comparatives for changes in the allocations of certain revenue and expense items across segments to
align with the change in the information presented to key decision makers.
1.3.5 This Results Announcement is unaudited
PricewaterhouseCoopers has reviewed the financial statements and accompanying notes contained within
Section 4 of this Results Announcement and has issued an unmodified review report. All other sections,
including the Directors’ Report in Section 4 of the Results Announcement have not been subject to review
by PricewaterhouseCoopers. The financial information contained in this Results Announcement includes
information extracted from the reviewed financial statements together with information that has not been
reviewed. The cash earnings disclosed as part of this Results Announcement have not been separately reviewed
by PricewaterhouseCoopers.

8WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Group results
1.4 Market share and system multiple metrics
1.4.1 Market share
As atAs atAs at
31 March30 Sept31 March
202220212021
Australia
Banking system (Australian Prudential Regulation Authority (APRA))
Housing credit
1
22%22%22%
Cards21%22%22%
Household deposits21%21%21%
Business deposits18%19%19%
Financial system (Reserve Bank of Australia (RBA))
Housing credit
1
21%21%22%
Business credit15%15%15%
Retail deposits
2
20%20%20%
New Zealand (Reserve Bank of New Zealand (RBNZ))
3
Consumer lending18%18%18%
Deposits18%18%18%
Business lending16%16%17%
Australian Wealth Management
4
Platforms (includes Wrap and Corporate Super)18%18%18%
Retail (excludes Cash)17%17%17%
Corporate Super15%15%15%
1.4.2 System multiples
Half YearHalf YearHalf Year
March SeptMarch
202220212021
Australia
Banking system (APRA)
Housing credit
1
0.3 0.9 0.4
Cards
5
0.7 n/a n/a
Household deposits 0.8 0.9 0.6
Business deposits 0.9 0.7 0.2
Financial system (RBA)
Housing credit
1
0.2 1.0 0.4
Business credit
5
0.8 0.9 n/a
Retail deposits
2,5
0.8 1.0 n/a
New Zealand (RBNZ)
3
Consumer lending
6
0.7 1.0 0.9
Deposits 1.0 1.0 1.4
1. Includes securitised loans.
2. Retail deposits as measured by the RBA, financial system includes financial corporations’ deposits.
3. New Zealand comprises New Zealand banking operations.
4. Market Share Australian Wealth Management based on market share statistics from Plan for Life as at 31 December 2021
(for First Half 2022), as at 30 June 2021 (for Second Half 2021) and as at 31 December 2020 (for First Half 2021).
5. n/a indicates that system growth or Westpac growth was negative.
6. System multiple for Second Half 2021 has been restated following the re-publication of system growth data.

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9WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.0 Review of Group operations
Segment cash earnings summary
ConsumerBusiness
Consumer
and
Business
Banking
Westpac
Institutional
Bank
Westpac
New
Zealand
1

(A$)
Specialist
Businesses
Group
BusinessesGroup
Half Year March 2022 ($m)
Net interest income 4,377 1,323 5,700 481 1,041 242 564 8,028
Non-interest income 324 163 487 588 270 550 36 1,931
Net operating income 4,701 1,486 6,187 1,069 1,311 792 600 9,959
Operating expenses(2,369)(982)(3,351)(577)(534)(584)(320)(5,366)
Core earnings 2,332 504 2,836 492 777 208 280 4,593
Impairment (charges)/benefits 27 (158)(131)(58) 9 38 3 (139)
Operating profit before income
tax (expense)/benefit 2,359 346 2,705 434 786 246 283 4,454
Income tax (expense)/benefit(713)(107)(820)(128)(189)(111)(107)(1,355)
Net profit 1,646 239 1,885 306 597 135 176 3,099
Net profit attributable to NCI- - - - - (3)(1)(4)
Cash earnings 1,646 239 1,885 306 597 132 175 3,095
Add back notable items- - - - (124) 114 16 6
Cash earnings excluding
notable items 1,646 239 1,885 306 473 246 191 3,101
Half Year September 2021 ($m)
Net interest income 4,722 1,451 6,173 458 991 246 377 8,245
Non-interest income 263 174 437 626 156 790 (15) 1,994
Net operating income 4,985 1,625 6,610 1,084 1,147 1,036 362 10,239
Operating expenses(2,522)(1,165)(3,687)(1,887)(562)(738)(428)(7,302)
Core earnings 2,463 460 2,923 (803) 585 298 (66) 2,937
Impairment (charges)/benefits 82 318 400 (154)(13)(13)(2) 218
Operating profit before income
tax (expense)/benefit 2,545 778 3,323 (957) 572 285 (68) 3,155
Income tax (expense)/benefit(765)(236)(1,001) 126 (167)(235)(60)(1,337)
Net profit 1,780 542 2,322 (831) 405 50 (128) 1,818
Net profit attributable to NCI- - - - - (5) 2 (3)
Cash earnings 1,780 542 2,322 (831) 405 45 (126) 1,815
Add back notable items 29 (60)(31) 965 42 243 100 1,319
Cash earnings excluding
notable items 1,809 482 2,291 134 447 288 (26) 3,134
Mov’t Mar 22 - Sept 21 (%)
Net interest income(7)(9)(8) 5 5 (2) 50 (3)
Non-interest income 23 (6) 11 (6) 73 (30)large(3)
Net operating income (6)(9)(6)(1) 14 (24) 66 (3)
Operating expenses(6)(16)(9)(69)(5)(21)(25)(27)
Core earnings(5) 10 (3)large 33 (30)large 56
Impairment (charges)/benefits(67)largelarge(62)largelargelargelarge
Operating profit before income
tax (expense)/benefit(7)(56)(19)large 37 (14)large 41
Income tax (expense)/benefit(7)(55)(18)large 13 (53) 78 1
Net profit(8)(56)(19)large 47 170 large 70
Net profit attributable to NCI- - - - - (40)large 33
Cash earnings(8)(56)(19)large 47 193 large 71
Add back notable items(100)(100)(100)(100)large(53)(84)(100)
Cash earnings excluding
notable items(9)(50)(18) 128 6 (15)large(1)
1. Refer to Section 3.4 for the Westpac New Zealand NZ$ segment reporting.

10WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Movement in cash earnings ($m)
First Half 2022 – Second Half 2021
1,319
565
73
(168)
1H22 cash
earnings
ex notable
items
1H22
notable
items
1H22 cash
earnings
(6)
Non-
interest
income
(146)
Impairment
charges
Net Interest
income
1,815
3,134
3,095
Tax & non-
controlling
interests
(357)
Operating
expenses
2H21 cash
earnings
ex notable
items
2H21 cash
earnings
3,101
Add back
2H21
notable
items
71%
-1%
Movement in cash earnings ($m)
First Half 2022 – Second Half 2021
Core Earnings up 6%
Movement in core earnings by segment ($m)
First Half 2022 – Second Half 2021
1,401
133
139
11
239
2,937
Westpac
New
Zealand
(A$)
SBGroup
Businesses
1H22 core
earnings
ex notable
items
Business
4
1H22 core
earnings
4,593
WIB
(163)
4,589
Add back
2H21
notable
items
1H22
notable
items
2H21 core
earnings
ex notable
items
4,338
Consumer2H21 core
earnings
(108)
56%
6%
Movement in core earnings by segment ($m)
First Half 2022 – Second Half 2021

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11WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
ConsumerBusiness
Consumer
and
Business
Banking
Westpac
Institutional
Bank
Westpac
New
Zealand
1

(A$)
Specialist
Businesses
Group
BusinessesGroup
Half Year March 2022 ($m)
Net interest income 4,377 1,323 5,700 481 1,041 242 564 8,028
Non-interest income 324 163 487 588 270 550 36 1,931
Net operating income 4,701 1,486 6,187 1,069 1,311 792 600 9,959
Operating expenses(2,369)(982)(3,351)(577)(534)(584)(320)(5,366)
Core earnings 2,332 504 2,836 492 777 208 280 4,593
Impairment (charges)/benefits 27 (158)(131)(58) 9 38 3 (139)
Operating profit before income
tax (expense)/benefit 2,359 346 2,705 434 786 246 283 4,454
Income tax (expense)/benefit(713)(107)(820)(128)(189)(111)(107)(1,355)
Net profit 1,646 239 1,885 306 597 135 176 3,099
Net profit attributable to NCI- - - - - (3)(1)(4)
Cash earnings 1,646 239 1,885 306 597 132 175 3,095
Add back notable items- - - - (124) 114 16 6
Cash earnings excluding
notable items 1,646 239 1,885 306 473 246 191 3,101
Half Year March 2021 ($m)
Net interest income 4,764 1,536 6,300 467 996 248 458 8,469
Non-interest income 255 175 430 687 167 665 381 2,330
Net operating income 5,019 1,711 6,730 1,154 1,163 913 839 10,799
Operating expenses(2,376)(1,053)(3,429)(708)(500)(740)(604)(5,981)
Core earnings 2,643 658 3,301 446 663 173 235 4,818
Impairment (charges)/benefits 102 107 209 (8) 92 79 - 372
Operating profit before income
tax (expense)/benefit 2,745 765 3,510 438 755 252 235 5,190
Income tax (expense)/benefit(818)(230)(1,048)(140)(210)(138)(115)(1,651)
Net profit 1,927 535 2,462 298 545 114 120 3,539
Net profit attributable to NCI- - - - - 3 (5)(2)
Cash earnings 1,927 535 2,462 298 545 117 115 3,537
Add back notable items 76 (25) 51 26 10 297 (102) 282
Cash earnings excluding
notable items 2,003 510 2,513 324 555 414 13 3,819
Mov’t Mar 22 - Mar 21 (%)
Net interest income(8)(14)(10) 3 5 (2) 23 (5)
Non-interest income 27 (7) 13 (14) 62 (17)(91)(17)
Net operating income (6)(13)(8)(7) 13 (13)(28)(8)
Operating expenses- (7)(2)(19) 7 (21)(47)(10)
Core earnings(12)(23)(14) 10 17 20 19 (5)
Impairment (charges)/benefits(74)largelargelarge(90)(52)- large
Operating profit before income
tax (expense)/benefit(14)(55)(23)(1) 4 (2) 20 (14)
Income tax (expense)/benefit(13)(53)(22)(9)(10)(20)(7)(18)
Net profit(15)(55)(23) 3 10 18 47 (12)
Net profit attributable to NCI- - - - - large(80) 100
Cash earnings(15)(55)(23) 3 10 13 52 (12)
Add back notable items(100)(100)(100)(100)large(62)large(98)
Cash earnings excluding
notable items(18)(53)(25)(6)(15)(41)large(19)
1. Refer to Section 3.4 for the Westpac New Zealand NZ$ segment reporting.

12WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Movement in cash earnings ($m)
First Half 2022 – First Half 2021
282
101
324
(255)
Non-
interest
income
Add back
1H21
notable
items
1H22 cash
earnings
Net Interest
income
Tax & non-
controlling
interests
(511)
1H21 cash
earnings
ex notable
items
1H22 cash
earnings
ex notable
items
(6)
1H22
notable
items
1H21 cash
earnings
Operating
expenses
(377)
3,537
3,101
3,095
Impairment
charges
3,819
-12%
-19%
Movement in cash earnings ($m)
First Half 2022 – First Half 2021
Core Earnings down 10%
Movement in core earnings by segment ($m)
First Half 2022 – First Half 2021
302
9
219
4
1H22 core
earnings
ex notable
items
Add back
1H21
notable
items
(194)
SBGroup
Businesses
1H22
notable
items
1H22 core
earnings
(26)
WIBWestpac
New
Zealand
(A$)
(119)
(420)
5,120
1H21 core
earnings
ex notable
items
4,593
Consumer1H21 core
earnings
4,818
Business
4,589
-5%
-10%
Movement in core earnings by segment ($m)
First Half 2022 – First Half 2021

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13WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.1 Performance overview
Overview
We have made progress in First Half 2022 with improved cash earnings over the prior half, maintaining a sound
balance sheet and clearly delivering on our strategic priorities. We have also lived our purpose of “Helping
Australians and New Zealanders succeed” by supporting customers and communities through devastating floods
and by continuing to assist those affected by the ongoing economic impacts of COVID-19.
Cash earnings for First Half 2022 were $3,095 million, up $1,280 million on Second Half 2021. The increase was
predominantly due to lower notable items ($1,313 million lower) and lower expenses (down $565 million excluding
notable items). These benefits were partly offset by a $357 million turnaround in impairments (a charge of
$139 million in First Half 2022 compared to a benefit in Second Half 2021 of $218 million), lower operating income
(down $280 million), mainly from a decline in net interest margins, and a reduction in cash earnings following the
sale of businesses ($92 million).
Compared to the prior corresponding period, cash earnings were 12% lower, mostly due to a $511 million
turnaround in impairment charges and lower net interest margins. These declines were partly offset by lower
notable items and a decline in expenses.
The economic environment continued to improve though First Half 2022 with activity climbing, unemployment
falling to generational lows and interest rates remaining at emergency low levels. These conditions have been
supportive for our business although they have also contributed to strong competition. While conditions have
been positive, some uncertainty remains. In particular, economic activity has been adversely affected by COVID-19
lockdowns, including supply chain disruptions and labour shortages while the world is also dealing with rising
inflation and uncertainty linked to the war in Ukraine. We have no direct exposure to Ukraine and Russia although as
a major bank we are monitoring potential second order impacts, across customers, sectors and markets. In First Half
2022 we raised additional credit provision overlays, partly in response to these uncertainties.
Progress on strategic priorities
We are delivering on our purpose through three linked and interdependent strategic priorities that will make us a
simpler stronger bank. These priorities are:
(1) Fix: This priority is about addressing our shortcomings, improving our control environment and responding to
regulatory change.
(2) Simplify: In simplifying the business we are focused on three dimensions: a) portfolio simplification – the
businesses we operate, with a particular focus on banking and exiting our wealth and insurance businesses;
b) geographic simplification – where we operate, particularly Australia and New Zealand; and c) banking
simplification – how we operate, using digital to transform our operations.
(3) Perform: In a low interest rate and highly competitive banking environment, it is vital that we improve our
efficiency and effectiveness to improve shareholder returns and the sustainability of our dividends. This priority is
also about improving the customer experience.
In First Half 2022, developments under each of these priorities has included:
Fix
• Progressing our CORE (Customer Outcomes and Risk Excellence) program which was set up to materially
improve our management of financial and non-financial risks. Over First Half 2022 we submitted 73 activities
to the independent reviewer (Promontory Australia) for assessment. This sees a total of 194 activities out of
the CORE program’s 343 activities submitted. We are now into the program’s implementation phase, which is
the focus for 2022. The independent reports on the program’s progress confirm we are on track;
• Largely completed the rectification of our processes and systems designed to better manage the security
registers supporting business customer facilities;
• Further upgrades to our AML/CTF systems including to improve our ability to block transactions in certain
jurisdictions and to automate more of our threshold transaction reporting;
• Agreeing with ASIC to settle a number of outstanding regulatory matters. Refer to Significant Developments
Section 4.1 for further details;
• In New Zealand we focused on implementing regulatory change, including the RBNZ’s BS11 requirements, and
enhancing our risk governance and liquidity management; and
• Updates to systems and processes for regulatory change including new design and distribution obligations,
anti-hawking legislation, changes to Basel III risk weighted asset models and CCCFA (Credit Contracts and
Consumer Finance Act) legislation in New Zealand.
While making progress, we still have much to do before the changes we are implementing are embedded in our
business as usual. At the same time, some regulatory investigations are still underway that could result in further
litigation, fines, penalties or other regulatory action. Our Contingent liabilities disclosure in Note 14 to the Interim
Financial Statements outlines these further.
Review of Group
operations

14WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Simplify
• Under Portfolio Simplification, we completed the sale of two businesses in First Half 2022, Westpac
Life-NZ- Limited (NZ Life) and Westpac’s motor vehicle dealer finance and novated leasing businesses. This brings
to six the number of businesses exited. We entered into an agreement to sell Westpac Life Insurance Services
Limited in 2021 and expect this to settle in 2022. For further details refer Note 17 Assets and Liabilities Held for Sale.
Our remaining businesses for exit include our superannuation, platforms and investments operations, and Westpac
Pacific comprising our Papua New Guinea and Fiji businesses where we are reviewing our options.
• Geographic simplification progressed as we consolidate our presence in Asia from 5 locations to a single hub
in Singapore. We closed our branches in Mumbai and Jakarta in 2021 and are working to exit Hong Kong,
Shanghai and Beijing.
• Banking simplification:
–Reductions in the number of products and fees has contributed to a 9% decline in complaints;
–In technology, we decommissioned 4% of the applications we planned to remove and increased the number
of automated processes to 152 from 98 at 30 September 2021; and
–Launched a new digital mortgage application process, reducing approval times and making it easier for
both customers and bankers.
Perform
• Completed the roll-out of the Westpac mobile banking app to customers using android devices following
the iOS roll-out in 2021. The new app is now providing over 2.5 million customers with improved speed and
functionality of foundational banking services along with a range of new functions;
• Further shifted decision making closer to customers by changing our organisational structure to slim down our
head office and create shared services divisions for customer related activity and for corporate services;
• Deploying next generation merchant terminals with enhanced functionality and mobility for our business
customers;
• Successfully launched our Banking as a Service model on a new cloud native technology platform; and
• Reduced expenses by 10% (excluding notable items) including through:
–Reduced the number of corporate office sites by 7%;
–Consolidated 72 branches across Australia and New Zealand and reduced the ATM network by a further 8%;
–Reduced headcount by over 4,000; and
–Improving the efficiency of our supplier arrangements.
Community
Much of Eastern Australia has been affected by significant floods late in the half. We launched a $2 million flood
support fund to provide emergency grants to customers, while also offering our natural disaster relief packages.
With our Lismore branch directly impacted by the floods, we transported our “Bank in a Box” (a relocatable branch
constructed from a shipping container) to restore critical services to the region when customers needed it most.
Notable items
Notable items had a small impact on First Half 2022, reducing cash earnings by $6 million. This compared to a
$1,319 million reduction in Second Half 2021 and $282 million reduction in First Half 2021. While the net impact of
notable items in First Half 2022 was small, they had a larger effect on individual line items. The main notable items
in First Half 2022 included:
• The gain on sale of Westpac Life-NZ- Limited and the Group’s motor vehicle dealer finance and novated
leasing business;
• A write-down of goodwill and capitalised software associated with the Group’s superannuation business;
• An increase in provisions for customer refunds, repayments, associated costs and litigation penalties; and
• Other costs associated with divestments.
Details of notable items are in Section 1.3.3
Financial performance summary (First Half 2022 compared to Second Half 2021)
Cash earnings for First Half 2022 were $3,095 million, up $1,280 million on Second Half 2021. Our cash return on
equity was 8.73% while cash earnings per share were 85.4 cents per share.
The higher cash earnings were predominantly due to a $1,313 reduction in notable items. Excluding notable items,
cash earnings for First Half 2022 were $3,101 million, down $33 million or 1% on Second Half 2021. The decrease
was mostly due to a $357 million turnaround in impairment charges (a charge of $139 million in First Half 2022
compared to an impairment benefit of $218 million in Second Half 2021). Core earnings, excluding notable items,
of $4,589 million were 6% up on Second Half 2021.

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15WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Net interest income of $8,028 million was down 3% over the six months with a 14 basis point decrease in net
interest margin partly offset by a 6% increase in average interest-earning assets. Within average interest-earning
assets, average lending increased 2% over the half while average liquid assets were 22% higher. Lower margins
were due to intense competition across mortgages and business lending, and the mix impact of growing faster
in lower spread lending products. The significant increase in liquid assets also impacted margins and was due to
the wind-down in the Reserve Bank of Australia’s committed liquidity facility (“CLF” which is collateralised by
self securitised mortgages) which necessitated a significant increase in high quality liquid assets. Partly offsetting
these impacts were margin benefits from deposit repricing and a higher contribution from Treasury. Net interest
income is discussed further in Section 2.2.1.
Non-interest income of $1,931 million was down $63 million over the half. The impact of businesses sold reduced
non-interest income by $131 million while notable items added $83 million, a net reduction of $48 million.
Excluding these items, non-interest income was down $15 million. Lower wealth and insurance income from a
reduced contribution from the revaluation of life policy liabilities was the key contributor to the decline. Trading
income improved as increased market volatility in the half led to greater customer demand for fixed income and
foreign exchange products. Fee income was also higher as increased economic activity flowed through to higher
cards revenue. Non-interest income is discussed further in Section 2.2.5.
Operating expenses of $5,366 million were $1,936 million, or 27%, lower than Second Half 2021. Excluding notable
items operating expenses were $565 million, or 10%, lower. This reduction was supported by initiatives to achieve
our target $8.0 billion cost base by Full Year 2024 including organisational redesign, consolidation of our corporate
and branch networks and the completion of elements of our Fix agenda. Headcount was down by 7% as we
reduced our use of third-party service providers. Lower software amortisation and lease costs (right of use asset)
following the write-down of certain assets in Second Half 2021, along with greater use of leave provisions also
contributed to the decline. Some of the expense decline was due to timing differences, with investment spending
typically higher in the second half of each year. Operating expenses are discussed further in Section 2.2.8.
First Half 2022 recorded an impairment charge of $139 million compared to an impairment benefit of $218 million
in Second Half 2021. Relative to Second Half 2021, the rise in impairment charges was mostly due to an increase in
the downside economic scenario weight, and an increase in overlay provisions which more than offset the impact
of improving credit metrics. The additional overlays respond to increased uncertainty and risks arising from the
current geopolitical environment and the potential for losses from recent climate events (floods) that are not
captured in our modelled expected credit losses. Impairment charges are discussed further in Section 2.2.9.
Balance sheet and credit quality
The Group maintained its strong balance sheet with a common equity tier 1 (CET1) capital ratio of 11.3%, funding
and liquidity metrics are all comfortably above regulatory minimums and most credit quality metrics improved.
Net loans increased $8.8 billion, or 1%, mostly from an increase in Australian mortgages (up $2.7 billion) and
Australian business loans (up $8.3 billion). Growth in Australian mortgages was concentrated in owner-occupied
loans (up $5.2 billion), with investor and line of credit lending down $2.8 billion. Improved economic conditions
and activity supported an increase in business lending, including merger and acquisition activity and higher
utilisation of existing facilities. Lending to the agriculture and property sectors also contributed to the increase.
Net loans in New Zealand increased NZ$1.4 billion (a decrease of $1.0 billion in A$). Loans are discussed further in
Section 2.2.2.
Customer deposits increased $20.6 billion, or 4%, over the half, more than double the increase in lending, leading
to an almost 2 percentage point increase in the deposit to loan ratio to 83.5%. Increased liquidity in the financial
system supported by government and central bank stimulus measures has led to an increase in deposits in both
Australia and New Zealand. Low interest rates have also seen customers prefer to hold funds in at call accounts
rather than term deposits. In Australia, at call accounts increased $16.2 billion, or 5%, over the half, with term
deposits rising $2.1 billion, or 2%. With interest rates beginning to rise in New Zealand, we have begun to see an
increased preference for term deposits which increased NZ$1.7 billion, or 6%, while at call deposits were little
changed. Deposits are discussed further in Section 2.2.3.
Credit quality continued to improve in First Half 2022 from the success of Government stimulus measures,
stronger labour market conditions, low interest rates and the banking support provided to customers through the
major COVID-19 related disruptions.
Impaired assets to gross loans were 23 basis points at 31 March 2022 compared to 30 basis points at
30 September 2021. This was mostly due to a partial write-off and a reduction in new impaired assets, with no
new impaired assets greater than $50 million emerging during the half. Stressed exposures to total committed
exposures ended the six months at 1.10% compared to 1.36% at 30 September 2021. Delinquencies were also lower
with mortgage 90+ day delinquencies down 17 basis points to 0.82% and other consumer 90+ day delinquencies
down 13 basis points to 1.62%.

16WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Total provision balances were 6% lower over the half at $4.7 billion. Of the total, individually assessed provisions
were lower from low new IAPs and the partial write-off of one large exposure. Collectively assessed provisions
were little changed as the model outcomes from the improved conditions and outlook, were offset by an
increased weight to the downside economic scenario and higher provision overlays. Our ratio of total provisions
to credit risk weighted assets was 1.30% at 31 March 2022 down from 1.40% at 30 September 2021. Our ratio of
impaired exposure provisions to impaired exposures was 48%. Credit quality is discussed further in Section 2.3.
The Group reported a CET1 ratio of 11.3% at 31 March 2022, lower than the 12.3% reported at September 2021,
mostly due to our $3.5 billion share buy-back. Our level of capital is comfortably above regulatory requirements
and within our new preferred CET1 capital range of 11.0% to 11.5% that applies from 1 January 2023. Capital is
discussed further in Section 2.5.
Our funding and liquidity ratios remained comfortably above regulatory requirements with the average liquidity
coverage ratio (LCR) for First Half 2022 of 137% and the net stable funding ratio (NSFR) ending the half at 125%.
In First Half 2022, high quality liquid assets (HQLA) increased as we prepared for the progressive reduction in the
CLF over the 2022 calendar year. This followed the decision by APRA to wind-down the facility used by certain
Australian banks to meet their LCR requirements. During the half we also completed a $3.5 billion off-market share
buy-back. The additional funding needs of these developments were largely met by customer deposit growth of
4% which was well above growth in loans of 1%. Funding and liquidity are discussed in Section 2.4.2
Shareholders
Towards the end of the half, we completed a $3.5 billion off-market share buy-back (4.6% of shares on issue at
that time), contributing to a 1% reduction in average shares on issue in First Half 2022. Our return on equity was
8.7% up 3.7 percentage points from Second Half 2021. Most of this increase was from the improved earnings, with
a small contribution (10 basis points) from lower average equity. Earnings per share of 85.4 cents were up from
49.5 cents for Second Half 2021. Net tangible assets per ordinary share were $17.22 up 2% over the half.
Given our cash earnings increase and strong capital levels we have determined to pay a First Half 2022 dividend
of 61 cents per share. For further information on dividends refer to Capital and dividends Note 2.5.
Financial performance First Half 2022 – First Half 2021
Cash earnings of $3,095 million were down $442 million or 12% over First Half 2021. Excluding notable items,
cash earnings were $3,101 million, down $718 million, or 19%. This decrease was principally due to a $511 million
movement in impairment charges ($358 million after tax) and a $377 million decrease in net interest income.
Net interest income was 5% lower over the prior corresponding period, with net interest margin 24 basis points
lower. The decline was due to lower interest rates, loan competition and the mix impact from an increase in lower
yielding liquid assets. Average interest-earning assets increased 7% over the year, mostly from the rise in liquid
assets and a 3% increase in average lending.
Total spot lending was up $29.5 billion, or 4% over the year, with higher mortgage lending in Australia (up
$14.7 billion) and higher New Zealand lending (up NZ$3.5 billion, A$4.3 billion) and a $13.8 billion increase (up
10%) in Australian business lending. Customer deposits increased $50.5 billion, lifting the customer deposit to
loan ratio to 83.5%. Most of the deposit increase was in Australian at call and non-interest bearing accounts, which
increased $46.4 billion and $5.4 billion respectively. These increases were partly offset by lower term deposits.
Non-interest income was down $399 million, or 17% lower than the prior corresponding period. Excluding notable
items and businesses sold, non-interest income was $192 million lower, largely from the impact of yield curve
movements on the life insurance policyholder liability.
Expenses were down 10% over the prior corresponding period due principally to lower notable items. Excluding
notable items, expenses were down $101 million or 2%. The decrease (excluding notable items) was primarily
due to lower software amortisation and reduced third party spending. This was partly offset by higher employee
expenses linked to improving our management of risk.
First Half 2022 recorded an impairment charge of $139 million compared to an impairment benefit of $372 million
in First Half 2021. The impairment charge in First Half 2022 includes an increase in overlay provisions raised to
address uncertainty and risks arising from geopolitical tensions and the potential impacts of recent floods.

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17WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.2 Review of earnings
2.2.1 Net interest income
1

Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
202220212021- Sept 21- Mar 21
Net interest Income ($m)
Net interest income excluding Treasury & Markets 7,408 7,796 7,942 (5)(7)
Treasury net interest income
2
568 396 482 43 18
Markets net interest income 52 53 45 (2) 16
Net interest income 8,028 8,245 8,469 (3)(5)
Add back notable items(7)(56)(71)(88)(90)
Net interest income excluding notable items 8,021 8,189 8,398 (2)(4)
Average interest-earning assets ($m)
Loans
3
670,648 657,940 648,767 2 3
Third party liquid assets
3,4
181,932 149,416 138,245 22 32
Other interest-earning assets
3
19,495 18,570 25,938 5 (25)
Average interest-earning assets 872,075 825,926 812,950 6 7
Net interest margin (%)
Group net interest margin 1.85% 1.99% 2.09%(14 bps)(24 bps)
Group net interest margin excluding Treasury & Markets
5
1.70% 1.88% 1.96%(18 bps)(26 bps)
Excluding notable items (%)
Group net interest margin 1.85% 1.98% 2.07%(13 bps)(22 bps)
Group net interest margin excluding Treasury & Markets
5
1.70% 1.87% 1.94%(17 bps)(24 bps)
First Half 2022 – Second Half 2021
Net interest income decreased $217 million or 3% compared to Second Half 2021. Excluding notable items,
net interest income decreased $168 million against Second Half 2021. Key features include:
• Net interest income was 3% lower over the prior half with a 6% increase in average interest-earning assets
more than offset by the 14 basis point decline in net interest margin;
• The Group net interest margin excluding Treasury and Markets decreased 18 basis points. Refer to Section 2.2.4
for further details on net interest margin. Around one third of the decline in net interest margins was due to
the impact of holding more liquid assets as these assets have a lower yield than the overall portfolio; and
• Average interest-earning assets increased 6% (up $46 billion) with most of the growth ($33 billion) due to
increased holdings of liquid assets. Lending was also 2% higher due primarily to growth in mortgages and
business loans. Refer to Section 2.2.2 for detail on loan growth. Other interest-earning assets decreased
mainly due to lower collateral balances. The rise in liquid assets was principally due to the roll-off of the
Committed Liquidity Facility (CLF) which previously allowed banks to meet their liquidity requirements with
self-securitised assets as collateral. Refer to Section 2.4.2 for more details on funding and liquidity.
First Half 2022 – First Half 2021
Net interest income decreased $441 million or 5% compared to First Half 2021. Excluding notable items,
net interest income decreased $377 million against First Half 2021. Key features include:
• Net interest income was 5% lower over the prior period due to a 24 basis point decline in net interest margin.
Refer to Section 2.2.4 for further details on net interest margin;
• The Group net interest margin excluding Treasury and Markets decreased 24 basis points, with around 7 basis
points of the decline due to the increase in liquid assets; and
• Average interest-earning assets increased $59 billion or 7%, from growth in liquid assets (up $44 billion) and a
$22 billion increase in lending, primarily in owner occupied mortgages and in business lending. Other interest
earning assets decreased mainly due to lower collateral balances.
1. Refer to Section 4, Note 3 for reported results breakdown. Refer to Section 5, Note 3 for cash earnings results breakdown.
As discussed in Section 1.3, commentary is reflected on a cash earnings basis.
2. Treasury net interest income excludes capital benefit.
3. Includes assets held for sale.
4. Refer to Glossary for definition.
5 Calculated by dividing net interest income excluding Treasury and Markets by total average interest-earning assets.
Review of Group
operations

18WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.2.2 Loans
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Australia 625,464 614,770 598,663 2 4
Housing 458,278 455,604 443,557 1 3
Personal 14,128 14,737 16,458 (4)(14)
Business 156,763 148,453 142,965 6 10
Provisions(3,705)(4,024)(4,317)(8)(14)
New Zealand (A$) 87,806 88,793 83,486 (1) 5
New Zealand (NZ$) 94,471 93,032 90,923 2 4
Housing 62,166 60,849 58,297 2 7
Personal 1,201 1,231 1,409 (2)(15)
Business 31,517 31,421 31,713 - (1)
Provisions(413)(469)(496)(12)(17)
Other overseas (A$) 6,286 6,221 6,069 1 4
Total loans 719,556 709,784 688,218 1 5
Loans held for sale
1
- 1,015 1,819 (100)(100)
Total loans (including held for sale) 719,556 710,799 690,037 1 4
First Half 2022 – Second Half 2021
Total loans (including held for sale loans) increased $8.8 billion, or 1% compared to 30 September 2021. Excluding
foreign currency translation impacts, total loans increased $11.4 billion, or 2%.
Key features of total loan movements were:
• Australian housing loans increased $2.7 billion, or 1%. All of the growth was in owner occupied lending which
increased $5.2 billion or 2%, partly offset by a decline in investor lending of $1.8 billion or 1% which led to
below system mortgage growth in aggregate;
• Australian personal lending contracted $0.6 billion primarily due to run off in the Auto Finance portfolio. Auto
Finance lending has reduced over recent years and following our decision to exit the business, we are no
longer originating new lending. The decline was partly offset by higher credit card balances due to increased
activity from the easing of COVID-19 restrictions, as well as typical seasonality trends;
• Australian business lending grew $8.3 billion primarily in WIB lending from increased merger and acquisition
activity and higher utilisation of existing facilities. The Business segment grew $2.6 billion from increased
demand for working capital and investment as economic activity improved;
• New Zealand lending increased 2% in NZ$ terms from higher housing lending, partly offset by a modest
decline in personal loans. Our mortgage portfolio increased broadly in line with market with growth easing
towards the end of First Half 2022 with the introduction of new CCCFA regulations and the reintroduction of
LVR restrictions; and
• Held for sale assets reduced to zero following completion of the sale of our wholesale Auto dealer portfolio in
December 2021.
1. The sale of Westpac Pacific was terminated in Second Half 2021 and was therefore no longer classified as Held for Sale. For further
details on Held for Sale balances, refer to Section 4, Note 17.

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19WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
First Half 2022 – First Half 2021
Total loans (including held for sale loans) increased $29.5 billion, or 4% compared to 31 March 2021. Excluding
foreign currency translation impacts, total loans increased $28.3 billion, or 4%.
Key features of total loan movements were:
• Australian housing loans increased $14.7 billion. Growth was stronger in Second Half 2021 supported
by competitive pricing and improved processing times. Whilst we continued to grow in First Half 2022,
particularly in owner occupied lending, investor lending declined slowing overall growth. In aggregate, owner
occupied lending was up $20.2 billion or 7%, while investor lending was $4.1 billion or 3% lower;
• Australian personal lending decreased $2.3 billion with lower credit card and personal loan balances, continuing
the longer term trend of decline in these forms of lending, whilst the Auto Finance portfolio is in run off;
• Australian business lending was $13.8 billion higher from increased WIB lending particularly in merger and
acquisition financing and higher utilisation of existing facilities. Growth in the Business segment was across the
property, agriculture and diversified commercial sectors;
• New Zealand lending increased 4% in $NZ terms with higher housing lending partly offset by lower business
and personal lending; and
• The movement in other overseas lending was due to a decline of $1.2 billion following our decision to
consolidate our operations in Asia, offset by an increase of $1.4 billion relating to the reclassification of
Westpac Pacific which was previously recognised as held for sale in First Half 2021.
2.2.3 Deposits and other borrowings
1
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Customer deposits
Australia 521,303 501,010 475,155 4 10
At call 361,609 345,416 315,218 5 15
Term 104,865 102,775 110,470 2 (5)
Non-interest bearing 54,829 52,819 49,467 4 11
New Zealand (A$) 72,839 72,462 67,999 1 7
New Zealand (NZ$) 78,369 75,916 74,056 3 6
At call 32,480 32,848 31,608 (1) 3
Term 30,067 28,331 28,739 6 5
Non-interest bearing 15,822 14,737 13,709 7 15
Other overseas (A$) 6,730 6,845 5,095 (2) 32
Total customer deposits 600,872 580,317 548,249 4 10
Customer deposits held for sale
2
- - 2,088 - (100)
Total customer deposits (including held for sale) 600,872 580,317 550,337 4 9
Certificates of deposit 44,734 46,638 37,152 (4) 20
Australia 27,048 31,506 26,273 (14) 3
New Zealand (A$) 2,783 3,293 3,020 (15)(8)
Other overseas (A$) 14,903 11,839 7,859 26 90
Total deposits and other borrowings (including held for sale) 645,606 626,955 587,489 3 10
1. Non-interest bearing relates to instruments which do not carry a rate of interest.
2. The sale of Westpac Pacific was terminated in Second Half 2021 and was therefore no longer classified as Held for Sale. For further
details on Held for Sale balances, refer to Section 4, Note 17.

20WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
First Half 2022 – Second Half 2021
Total customer deposits increased $20.6 billion, or 4% compared to 30 September 2021. Excluding foreign
currency translation impacts, customer deposits increased $23.2 billion, or 4%. Growth in deposits has continued
to be supported by government stimulus measures (in response to COVID-19) that has injected additional funding
to the system. This has seen deposit growth consistently exceed loan growth over recent halves, contributing to a
rise in the customer deposit to loan ratio to 83.5% from 81.6% from six months earlier.
Key features of total customer deposits movements were:
• Australian deposits increased $20.3 billion with growth across transaction, savings, mortgage offset accounts
and term deposits. Growth in term products was in the institutional segment, whilst retail term deposits
continued to decline in the low interest rate environment as customers are less inclined to hold their funds in
fixed term accounts; and
• New Zealand customer deposits increased in NZ$ terms with growth in the household segment. As interest
rates have started to increase in New Zealand, we are seeing growth directed into term deposits.
First Half 2022 – First Half 2021
Total customer deposits (including held for sale deposits) increased $50.5 billion, or 9% compared to
31 March 2021. Excluding foreign currency translation impacts, customer deposits increased $49.5 billion, or 9%.
Customer deposit growth exceeded loan growth over the year with the deposit to loan ratio rising by around
4 percentage points.
Key features of total customer deposits growth were:
• In Australia, customer preference for at call products over term deposits continued with at call accounts
increasing by $46.4 billion. Non-interest bearing deposits also increased $5.4 billion from growth in mortgage
offset balances;
• New Zealand customer deposits increased in the household segment with growth spread across term and at
call products; and
• Adjusting for Westpac Pacific deposits ($2.1 billion) which were previously classified as held for sale, other
overseas deposits decreased as we continue to consolidate our operations in Asia.

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21WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.2.4 Net interest margin
Group net interest margin movement (%)
First Half 2022 – Second Half 2021
Group net interest margin movement (%) (cash
earnings)
First Half 2022 – Second Half 2021
(1bp)
Loans
1.87%
4bps
2H21 ex
Notable
items
Customer
Deposits
0.15%
1.85%
Capital
1.70%
(7bps)
Liquid
Assets
4bps
1bp
1H22Wholesale
funding
0.11%
Notable
items
0.11%
1.88%
1.99%
1.98%
(15bps)
2H21Treasury
& Markets
Group margin down 14 bps
Treasury & Markets
Group Margin ex Treasury & Markets
Excluding Treasury & Markets, Liquid Assets and
notable items down 10bps
First Half 2022 – Second Half 2021
The Group net interest margin of 1.85% decreased 14 basis points from Second Half 2021. Notable items in
First Half 2022 were a $7 million benefit compared to a $56 million benefit in Second Half 2021. Excluding notable
items, the Group net interest margin decreased 13 basis points to 1.85% with most of the decline in Australia but
New Zealand net interest margins were also down 4 basis points.
Components of the movement in net interest margin included:
• 15 basis point decrease from loans primarily due to lower spreads on new mortgage lending in Australia, from
both competition and mix impacts (higher growth in lower spread owner occupied and fixed rate lending).
While customer interest rates on fixed rate mortgages increased through the half, this did not match the rise
in funding costs (used to hedge fixed rates) over the same period. Business lending spreads were also lower
due to competition to attract and retain customers. Changes in portfolio mix from reduced balances in higher
spread personal lending also contributed to the net interest margin decline;
• 4 basis point increase from deposits primarily due to repricing and an increase in higher spread at call
balances, relative to lower spread term deposits. These improvements were partly offset by the ongoing
impact of low interest rates with a reduction in earnings on hedged deposits;
• 1 basis point increase from wholesale funding costs as the spreads on new term wholesale funding were lower
than the spreads on maturing facilities;
• 7 basis point decrease from liquid assets as we increased third-party liquid assets principally to offset the
phasing out of the CLF. This is predominantly a mix impact as liquid assets are lower yielding; and
• 4 basis point increase from a higher Treasury and Markets contribution from balance sheet
management activities.

22WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Group net interest margin movement (%)
First Half 2022 – First Half 2021
9bps
0.15%
1H21
2bps
(8bps)
1.85%
Wholesale
funding
(2bps)
CapitalCustomer
Deposits
Liquid
Assets
3bps
(26bps)
2.09%
1H21 ex
Notable
items
1.70%
1H22
1.94%
Loans
0.13%
Notable
items
2.07%
(2bps)
1.96%
0.13%
Treasury
& Markets
Group margin down 24 bps
Group net interest margin movement (%) (cash
earnings)
First Half 2022 – First Half 2021
Treasury & Markets
Group Margin ex Treasury & Markets
Excluding Treasury & Markets, Liquid Assets and
notable items down 16bps
First Half 2022 – First Half 2021
The Group net interest margin of 1.85% decreased 24 basis points from First Half 2021. Notable items were a
$7 million benefit in First Half 2022 compared to a $71 million benefit in First Half 2021. Excluding notable items,
the Group net interest margin declined 22 basis points, mostly in Australia, with New Zealand net interest margins
9 basis points lower.
Contributors to net interest margin movements included:
• 26 basis point decrease from loans due to lower spreads on new mortgage lending, competition, and increased
volumes of lower spread products. At the same time rate increases on customer fixed rate mortgages through
the half did not match increases in funding costs and so fixed rate mortgage spreads were lower. Business
and Institutional lending spreads also reduced due to competitive pricing to attract and retain customers,
while unfavourable changes in portfolio mix from reduced balances in higher spread personal lending also
contributed to the net interest margin decline;
• 9 basis point increase from deposits primarily due to portfolio repricing along with changes in the portfolio
mix toward higher spread at call products. This increase was partly offset by reductions in hedged deposit
earnings;
• 3 basis point increase from lower wholesale funding costs as Westpac’s Term Funding Facility was fully drawn
and new term wholesale funding was raised at a lower spread to maturing funding;
• 2 basis point decrease from capital and other primarily due to reduced earnings on hedged capital balances;
• 8 basis point decrease from higher holdings of third-party liquid assets in response to the phasing out of the
CLF; and
• 2 basis point increase from a higher Treasury and Markets contribution.

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23WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.2.5 Non-interest income
1

Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net fee income 845 782 700 8 21
Net wealth management and insurance income 401 611 595 (34)(33)
Trading income 339 262 453 29 (25)
Other income 346 339 582 2 (41)
Total non-interest income 1,931 1,994 2,330 (3)(17)
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Notables
Net fee income- (33)(104)(100)(100)
Net wealth management and insurance income(43)(18)(88)large(51)
Trading income- - - - -
Other income 271 196 564 large(52)
Total non-interest income - Notables 228 145 372 large(39)
Businesses sold
Net fee income- 2 1 (100)(100)
Net wealth management and insurance income 28 153 90 (82)(69)
Trading income- - - - -
Other income- 4 - (100)-
Total non-interest income - Businesses sold 28 159 91 (82)(69)
Non-interest income (Ex Notables and Businesses sold)
Net fee income 845 813 803 4 5
Net wealth management and insurance income 416 476 593 (13)(30)
Trading income 339 262 453 29 (25)
Other income 75 139 18 (46)large
Non-interest income excluding notable items and Businesses sold 1,675 1,690 1,867 (1)(10)
First Half 2022 – Second Half 2021
Non-interest income of $1,931 million decreased $63 million or 3% compared to Second Half 2021. Excluding
notable items and the impact of businesses sold, non-interest income decreased $15 million or 1% compared to
Second Half 2021.
Net fee income
Excluding notable items and the impact of businesses sold, net fee income increased $32 million or 4% due to:
• Higher credit cards income driven by increased domestic spend (up 9%) and international spend (up 21%).
Net wealth management and insurance income
Excluding notable items and the impact of businesses sold, net wealth management and insurance income
decreased $60 million or 13% due to:
• Lower life insurance income from the revaluation of life policy liabilities, due to movements in long term interest rates;
• Lower New Zealand funds management income from fee reductions as part of industry changes in default
Kiwisaver funds from December 2021.
Trading income
Trading income increased $77 million or 29% due to:
• Increased customer demand across fixed income and foreign exchange products, resulting in increased
customer markets income and non-customer income;
• Gains on derivatives ($41 million) that hedge certain customer products which is mostly offset by
corresponding losses in other income; partly offset by
• Lower contribution from derivative valuation adjustments ($73 million) due to widening counterparty credit spreads.
1. Refer to Section 4, Note 4 for reported results breakdown. Refer to Section 5, Note 4 for cash earnings results breakdown.
As discussed in Section 1.3, commentary is on a cash earnings basis.
Review of Group
operations

24WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Other income
Other income increased $7 million or 2% primarily due to higher notable items compared to Second Half 2021.
First Half 2022 included a gain on sale of the Wholesale Auto finance business ($169 million) and New Zealand
Life Insurance ($119 million), partly offset by a post-sale adjustment to earn-out payments associated with the sale
of Vendor Finance ($18 million).
Excluding notable items and the impact of businesses sold, other income decreased by $64 million or 46%, driven by:
• Fair value losses on markets related customer products ($42 million), with the risk associated with these
instruments hedged and gains reported in trading income;
• Lower revaluations of fintech investments; partly offset by
• A one-off payment related to achieving specific milestones under the General Insurance distribution
arrangement ($25 million).
First Half 2022 – First Half 2021
Non-interest income of $1,931 million decreased $399 million or 17% compared to First Half 2021. Excluding
notable items and impact of businesses sold, non-interest income decreased $192 million or 10% compared to
First Half 2021.
Net fee income
Excluding notable items and the impact of businesses sold, net fee income increased $42 million or 5% due to:
• Higher credit cards fees from increased international spend (up 36%);
• Higher mortgage fees due to increased market activity; partly offset by
• Lower net merchant revenue from higher transaction costs;
• Lower fee income due to the simplification initiatives including the removal of certain account keeping fees.
Net wealth management and insurance income
Excluding notable items and the impact of businesses sold, net wealth management and insurance income
decreased $177 million or 30% due to:
• Lower life insurance income driven by the revaluation of life policy liabilities due to movements in long term
interest rates;
• Lower wealth income driven by the continued migration of customers from legacy platforms to the lower fee
Panorama platform. This was partly offset by a 5% increase in funds under administration to $230 billion from
higher equity markets;
• Lower New Zealand funds management income from fee reductions as part of industry changes in default
Kiwisaver funds from December 2021.
Trading income
Trading income decreased $114 million or 25% due to:
• Lower contribution from derivative valuation adjustments ($86 million) due to widening counterparty credit
spreads; partly offset by
• Increased customer demand across fixed income and foreign exchange products, resulting in increased
customer markets income.
Other income
Other income decreased $236 million or 41% primarily due to lower notable items compared to First Half 2021.
First Half 2022 includes a gain on sale of the Wholesale Auto finance business ($170 million) and New Zealand Life
Insurance ($119 million), partly offset by a post-sale adjustment to earn-out payments associated with the sale of
Vendor Finance ($18 million).
Excluding notable items and the impact of businesses sold, other income increased $57 million, driven by a
one-off payment related to achieving specific milestones under the General Insurance distribution arrangement
($25 million), and higher revaluations of fintech investments.

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25WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.2.6 Group funds
As atAs at% Mov’tAs at% Mov’t
31 MarchNetOther30 SeptMar 2231 MarchMar 22
$bn2022InflowsOutflowsflowsMov’t2021Sept 212021Mar 21
Superannuation 41.8 1.9 (2.9)(1.0)(2.6) 45.4 (8) 42.3 (1)
Platforms 140.2 9.6 (9.5) 0.1 0.8 139.3 1 128.2 9
Packaged Funds 45.9 6.4 (7.4)(1.0)(0.5) 47.4 (3) 45.4 1
Total Australia funds 227.9 17.9 (19.8)(1.9)(2.3) 232.1 (2) 215.9 6
Total NZ funds (A$) 10.9 1.6 (1.5) 0.1 (0.7) 11.5 (5) 10.9 -
Total Group funds 238.8 19.5 (21.3)(1.8)(3.0) 243.6 (2) 226.8 5
Total NZ funds (NZ$) 11.7 1.8 (1.6) 0.2 (0.5) 12.0 (3) 11.9 (2)
Group funds comprises non-superannuation and superannuation regulated products provided to Australian
and New Zealand customers through advised and direct channels. This includes wealth products distributed to
Australian and New Zealand customers.
Group funds decreased by $4.8 billion (or 2%) over the First Half 2022, primarily driven by market movements.
Inflows of $19.5 billion were offset by outflows of $21.3 billion.
2.2.7 Markets related income
1
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 52 54 45 (4) 16
Non-interest income 323 355 418 (9)(23)
Total Markets income 375 409 463 (8)(19)
Customer income 370 340 335 9 10
Non-customer income 34 25 75 36 (55)
Derivatives valuation adjustments(29) 44 53 largelarge
Total Markets income 375 409 463 (8)(19)
Markets income comprises sales and risk management revenue derived from the creation, pricing and distribution
of risk management products to the Group’s consumer, business, corporate and institutional customers. Dedicated
relationship specialists provide product solutions to these customers to help manage their interest rate, foreign
exchange, commodity, credit and structured products risk exposures.
First Half 2022 – Second Half 2021
Total markets income decreased by $34 million, or 8%, compared to Second Half 2021 primarily due to lower
contribution from derivative valuation adjustments as a result of credit spread widening (First Half 2022:
$29 million loss; Second Half 2021: $44 million gain), partly offset by higher customer and non-customer income
(up $39 million).
Customer income increased 9% compared to Second Half 2021 from higher customer demand for hedging across
fixed income and foreign exchange.
Non-customer income increased $9 million compared to Second Half 2021, primarily from higher foreign exchange
and commodities trading income reflecting greater market volatility.
First Half 2022 – First Half 2021
Total markets income decreased by $88 million, or 19%, primarily due to a lower contribution from derivative
valuation adjustments (down $82 million).
Customer income increased by $35 million as a result from increased customer demand for fixed income hedging
and higher foreign exchange volumes.
Non-customer income decreased by 55%, largely from lower fixed income trading due to widening credit spreads
in First Half 2022 compared to First Half 2021 which benefited from a tightening of credit spreads.
1. Markets income includes WIB, Specialist Businesses and Westpac New Zealand markets.
Review of Group
operations

26WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Markets Value at Risk (VaR)
$mAverageHighLow
Half Year 31 March 2022 5.0 11.0 3.1
Half Year 30 September 2021 5.7 8.5 4.1
Half Year 31 March 2021 23.5 34.7 4.6
The Components of Markets VaR are as follows:
AverageHalf YearHalf YearHalf Year
MarchSeptMarch
$m202220212021
Interest rate risk 3.6 3.5 8.0
Foreign exchange risk 1.3 1.4 1.6
Equity risk- - 0.4
Commodity risk 2.1 0.9 1.5
Credit and other market risks
1
3.3 4.5 16.9
Diversification benefit(5.3)(4.6)(4.9)
Net market risk 5.0 5.7 23.5
1. Includes pre-payment risk and credit spread risk (exposures to generic credit rating bonds).

27WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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Review of Group operations
2.2.8 Operating expenses
1

Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Staff expenses(2,982)(3,263)(2,771)(9) 8
Occupancy expenses(391)(655)(543)(40)(28)
Technology expenses(1,125)(1,723)(1,405)(35)(20)
Other expenses(868)(1,661)(1,262)(48)(31)
Total operating expenses(5,366)(7,302)(5,981)(27)(10)
Excluding notables
Staff expenses(2,963)(3,055)(2,688)(3) 10
Occupancy expenses(391)(462)(461)(15)(15)
Technology expenses(1,080)(1,251)(1,227)(14)(12)
Other expenses(701)(932)(860)(25)(18)
Total operating expenses excluding notable items(5,135)(5,700)(5,236)(10)(2)
Full Time Equivalent (FTE) employees
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
Number of FTE202220212021- Sept 21- Mar 21
Permanent employees 34,637 34,975 33,607 (1) 3
Temporary employees 4,186 5,168 5,140 (19)(19)
FTE 38,823 40,143 38,747 (3)-
Average FTE
2
39,517 39,553 37,714 - 5
First Half 2022 – Second Half 2021
Operating expenses were $1,936 million (or 27%) lower compared to Second Half 2021. Excluding notable items,
operating expenses were $565 million (or 10%) lower. The decline, excluding notable items reflects the execution
of our plans to reset our cost base.
FTE were 1,320 lower over the half as we continued to implement changes in our organisational structure
progressively including the impacts from businesses sold, and from a reduction in resources required to manage
COVID-19 activities. Total headcount including third-party providers and outsourced partners declined more
significantly as a number of Fix strategic priority projects completed including the initial design phase of our
CORE program.
Staff expenses were $281 million (or 9%) lower. Excluding notable items, staff expenses were down by $92 million
(or 3%) due to:
• Impact of businesses sold;
• Higher utilisation of leave provisions; and
• These decreases were partly offset by the full period impact from the increase in the superannuation
guarantee from 1 July 2021, annual salary increases from 1 January 2022 and costs associated with our
organisational restructure.
Occupancy expenses were $264 million (or 40%) lower. Excluding notable items, occupancy expenses were
down $71 million (or 15%) from:
• Corporate site rationalisation from consolidation of two CBD sites to one in both Adelaide and Melbourne;
• Lower network costs from branch consolidation and ATM closures (70 branches consolidated and 117 ATMs
were closed in Australia, 2 branches consolidated, and 18 ATMs were closed in New Zealand); and
• Lower depreciation from the impact of property lease write-downs in Second Half 2021.
Technology expenses were $598 million (or 35%) lower. Excluding notable items, technology expenses decreased
$171 million (or 14%). Contributors to the decline were:
• Lower software amortisation following write-downs in Second Half 2021;
• Reduced investment spend, as we complete certain initiatives; and
• Lower third-party spend as we move more services in-house.
1. Refer to Section 4, Note 5 for reported results breakdown. Refer to Section 5, Note 5 for cash earnings breakdown. As discussed in
Section 1.3, commentary is on a cash earnings basis.
2. Averages are based on a six month period.
Review of Group
operations

28WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Other expenses were $793 million (or 48%) lower. Excluding notable items, other expenses decreased $231 million
(or 25%) including:
• Lower third-party spending from contract renegotiations and more disciplined use of third-party suppliers; and
• A reduction in non-lending losses due to the decline in litigation costs.
First Half 2022 – First Half 2021
Operating expenses were $615 million (or 10%) lower compared to First Half 2021. Excluding notable items,
operating expenses were $101 million (or 2%) lower.
Ongoing productivity initiatives and lower software and amortisation costs in Property and Technology are partly
offset by the addition of over 500 FTE to support our strategic priorities.
Staff expenses increased $211 million (or 8%). Excluding notable items, staff expenses were $275 million (or 10%)
higher due to:
• Additional resources to improve risk management and compliance, and support our Fix strategic priority;
• Responding to higher mortgage volumes and bringing roles back to Australia;
• The increase in the superannuation guarantee from 1 July 2021, and annual salary increases; and
• Cost associated with our organisational restructure.
Occupancy expenses were $152 million (or 28%) lower. Excluding notable items, occupancy expenses were
$70 million (or 15%) lower with the main components including:
• Corporate site rationalisation;
• Lower network distribution costs; and
• Lower depreciation from property lease write-downs in Second Half 2021.
Technology expenses were $280 million (or 20%) lower. Excluding notable items, technology expenses decreased
$147 million (or 12%) from:
• A reduction in software amortisation following asset write-downs in Second Half 2021; and
• Lower third-party spend as we move more services in-house.
Other expenses decreased $394 million (or 31%). Excluding notable items, other expenses decreased $159 million
(or 18%) mainly from lower third-party spend.

29WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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Review of Group operations
Investment spend
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Expensed 528 720 502 (27) 5
Capitalised software, fixed assets and prepayments 419 443 354 (5) 18
Total 947 1,163 856 (19) 11
Fix 653 859 572 (24) 14
Simplify 153 144 100 6 53
Perform 141 160 184 (12)(23)
Total 947 1,163 856 (19) 11
In First Half 2022 we invested $947 million across the Group, this was $216 million down on Second Half 2021,
and $91 million higher than First Half 2021. The movement in investment spending over recent half years largely
reflects the timing of projects and some seasonality (more investment in the second half of the year) rather than a
change in our investment appetite.
Most investment spending (69% in First Half 2022) was directed to our Fix strategic priorities with 16% to Simplify
and 15% to Perform. Investment under our three strategic priorities are described below.
Fix
Under the Fix strategic priority, we are improving our management of financial and non-financial risks and our risk
culture. Investment in First Half 2022 included:
• The CORE program includes a total of 82 deliverables and 343 activities. In First Half 2022 we submitted
a further 73 activities (submitted to the independent reviewer for assessment) taking the total number of
activities submitted to 194. Work undertaken included:
– Completed systems and training to establish and document risk accountabilities for senior leaders;
–We closed 82% of the high rated risk issues which were open at the beginning of Full Year 2021; and
–Updated our key risk frameworks to ensure we are managing and capturing more risks in a consistent way.
• Further updates to our AML/CTF systems including:
– Improving ability to block transactions in certain jurisdictions to enhance our sanctions controls;
– Automation of more threshold transaction reporting, with enhanced audit trails; and
–Re-engineered 31 financial crime and fraud prevention processes.
• Largely completed the rectification of our electronic security register for around 250,000 Business customers.
• Expanded our open banking capability so it is available to customers across all brands and wealth products.
• System and process updates for various regulatory changes including:
– Design and distribution obligations;
– Anti-Hawking legislation;
– Basel III - new mortgage loss given default models;
– Managing the transition away from LIBOR
1
; and
–Uplifted the quality of our critical data which materially impacts our ability to serve our customers,
effectively manage our risks and meet our regulatory obligations.
1 London inter-bank Offered Rate.
Review of Group
operations

30WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Simplify
We have increased our simplification investment in First Half 2022 over the prior half with a particular focus on
digitising more activity across Australia and New Zealand. Initiatives over the half included:
• Continue to simplify our offering by rationalising products available and eliminating fees across a number of
products.
• We have commenced the development of a new digital mortgage process that will enable the customers to
originate a mortgage with no manual intervention or paper documents. This will make it easier for customers
to apply for mortgages, aims to reduce approval times and supports compliance.
• Launched the Digital Credit Assessment Tool, which makes it easier for our SME, Commercial and Private
Wealth customers by significantly improving the assessment and decisioning processes. The tool aims to save
approximately one week of work per year for each banker and will support compliance.
• Digitised a number of processes across several products including mortgage redraw, consumer card balance
transfer with straight through processing, credit card notices of nominations, credit card product switch and
term deposits.
Perform
Launched a range of new products and digital capabilities including:
• Completed the rollout of the new mobile experience with 2.5 million customers actively using across iOS and
Android devices;
• Through the acquisition of Money Brilliant in December 2021, and when integrated into our applications, we
will continue to accelerate our data and personal financial management strategy;
• Increased self-serve options for customers including to increase daily payment limits, enabled customers to
activate new credit or debit cards by tapping their card on the back of their phone, and launched the Flex
Card, our first digitally originated credit card;
• Deployed next generation merchant terminals. The devices bring a range of new functions to Business
customers with more mobility, instant settlement, the ability send receipts and improved options for the
visually impaired. The roll-out has been accompanied with a simpler fee structure to make banking easier.
Capitalised software
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Balance as at beginning of period 1,840 2,171 2,430 (15)(24)
Total additions
1
424 392 348 8 22
Amortisation expense(283)(371)(384)(24)(26)
Impairment expense(54)(352)(133)(85)(59)
Other adjustments
2
(6)- (90)- (93)
Balance as at end of period 1,921 1,840 2,171 4 (12)
Average amortisation period (years)
3.1 2.6 3.0 0.5 years0.1 years
Capitalised software increased $81 million (or 4%) compared to 30 September 2021, and was $250 million
lower (or 12%) compared to 31 March 2021. The increase over the half was primarily due to additions exceeding
amortisation following the write-down of capitalised software in WIB in Second Half 2021.
1 Includes capitalised borrowing costs and card scheme.
2. Second Half 2021 and First Half 2021 has been restated for the accounting policy change in relation to Software-as-a-Service. Refer to
Note 1 of the 2021 Annual Report for further details.

31WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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2.2.9 Credit impairment (charges)/benefits
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Individually assessed provisions (IAPs)
New IAPs(97)(466)(144)(79)(33)
Write-backs 64 93 62 (31) 3
Recoveries 102 110 132 (7)(23)
Total IAPs, write-backs and recoveries 69 (263) 50 large 38
Collectively assessed provisions (CAPs)
Write-offs(218)(296)(318)(26)(31)
Other changes in CAPs 10 777 640 (99)(98)
Total new CAPs(208) 481 322 largelarge
Total credit impairment (charges)/benefits(139) 218 372 largelarge
First Half 2022 impairment charge was $139 million, compared to a Second Half 2021 impairment benefit of
$218 million, a $357 million turnaround.
While asset quality metrics have continued to improve and new IAPs were significantly lower than
Second Half 2021, we have considered the operating environment and increased our portfolio overlays and
changed the weights applied to our three economic scenarios. This contributed to the First Half 2022 charge.
More specifically, overlays were increased $489 million through the half to reflect the current uncertainty from
supply chain disruption, labour shortages, and inflation. This includes risks bought about by the more tense
geopolitical environment and the lingering economic impacts from COVID-19 (although some COVID-19 related
overlays were partly released). In addition, we added a new overlay for the potential impact on customers of
recent flooding in New South Wales and Queensland. While our exposure to certain flood prone areas has
declined over recent years, flooding in First Half 2022 has been more severe alongside estimated lower levels of
insurance coverage.
In reviewing our economic scenarios we have increased the weight to the downside scenario to 45% (from
40%) and decreased the weight to our base case scenario to 50% (from 55%). The increase in weighting to
the downside reflects an elevated level of uncertainty in potential credit losses driven by new geopolitical and
economic headwinds that have emerged associated with the war in Ukraine, supply chain disruptions, capacity
constraints, rising inflation and interest rates.
The following table indicates the weightings applied by the Group at 31 March 2022, 30 September 2021 and
31 March 2021:
As atAs atAs at
31 March30 Sept31 March
Economic scenario weightings (%)202220212021
Upside555
Base505555
Downside454040
Review of Group
operations

32WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
First Half 2022 – Second Half 2021
First Half 2022 impairment charge was $139 million, compared to an impairment benefit of $218 million in
Second Half 2021.
Total new CAPs was a charge of $208 million compared with a benefit of $481 million in Second Half 2021.
The charge was driven by:
• increase in downside economic scenario weight to 45% (from 40%);
• increase in portfolio overlays; partly offset by
• improvement in credit quality metrics, mostly in the mortgage portfolio; and
• lower write-offs, predominately from lower delinquencies and a reduction in our consumer unsecured
portfolios.
Total IAPs, write-backs and recoveries were a $69 million benefit, compared to a $263 million charge in
Second Half 2021. In First Half 2022 we recorded very low new IAPs ($97 million) and Second Half 2021 included
an IAP related to the Forum Finance exposure.
Write-backs and recoveries were lower in First Half 2022, predominately in New Zealand.
First Half 2022 – First Half 2021
First Half 2022 impairment charge was $139 million compared to an impairment benefit of $372 million in
First Half 2021.
Total new CAPs was a charge of $208 million compared with a benefit of $322 million in First Half 2021. The CAPs
charge was due to:
• increase in downside economic scenario weight to 45% (from 40%);
• increase in portfolio overlays;
• a moderation of forward looking economic inputs in the provisioning calculation; partly offset by
• lower write-offs, predominately from lower delinquencies and a reduction in our consumer unsecured portfolios.
Total IAPs, write-backs and recoveries was a $69 million benefit, compared to a $50 million benefit in
First Half 2021. This reflected low levels of new IAPs in both periods.
2.2.10 Income tax expense
First Half 2022 – Second Half 2021
The effective tax rate of 30.4% in First Half 2022 was significantly lower than the Second Half 2021 effective tax
rate of 42.4% mainly due to a reduction in the non-deductible goodwill impairments, and a number of insurance
divestment adjustments recognised in Second Half 2021 that are not repeated in First Half 2022. The effective tax
rate is above the Australian corporate tax rate of 30%.
First Half 2022 – First Half 2021
The effective tax rate of 30.4% in First Half 2022 was lower than the effective tax rate of 31.8% in First
Half 2021 mainly due to write-downs in Westpac Pacific recognised in First Half 2021 that are not repeated
in First Half 2022, along with the accounting gain on the sale of our NZ Life Insurance business that is
non-taxable in First Half 2022, and a release of centrally held tax provisions, also in First Half 2022.
2.2.11 Non-controlling interests
Non-controlling interests represent results of non-wholly owned subsidiaries attributable to shareholders other
than Westpac. These include profits attributable to the 10.1% shareholding in Westpac Bank-PNG-Limited and the
25% shareholding in St.George Motor Finance Limited that are not owned by Westpac.

33WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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2.3 Credit quality
Credit quality improved through First Half 2022 with most metrics back to levels experienced pre COVID-19.
Stressed exposures as a percentage of Total Committed Exposures (TCE) were 26 basis points lower at 1.10%.
This reduction comprised:
• a 9 basis point reduction in watchlist and substandard exposures, mostly from rating upgrades and refinancing
of some higher risk institutional facilities;
• a 12 basis point reduction in 90 days past due and not impaired exposures, mostly related to mortgages; and
• a 5 basis point reduction in impaired exposures, from low levels of new impaired assets and the partial
write-off of the Forum Finance exposure.
Lower impaired exposures saw the ratio of gross impaired exposures to gross loans reduced 7 basis points over
the last six months to 0.23%. The impaired portfolio was also well provisioned and at 31 March 2022, the ratio
of gross impaired provisions to gross impaired exposures was 48% (down from 54% at 30 September 2021).
This reduction was due to the partial write-off of the Forum Finance exposure during the half.
Portfolio segments
The WIB segment has seen a decrease in stress, with stressed exposures to TCE falling 24 basis points, or more
than two thirds, over the last six months to 0.11%. This was predominately driven by a reduction in impaired
exposures from the partial write-off of the Forum Finance exposure and from a reduction in watchlist exposures
from upgrades and refinancing.
The Australian business segment, comprising Australian commercial and SME customers, has seen stressed
exposures to TCE fall 72 basis points over the prior half to 4.87%. This was predominately driven by a reduction in
watchlist and substandard exposures.
Australian mortgage 90+ day delinquencies were 19 basis points lower than 30 September 2021 at 0.88%.
This improvement included a reduction in the hardship portfolio as facilities completed their serviceability period
(remained performing for 6 months after exiting hardship) and as customers successfully exited COVID-19
assistance packages.
Properties in possession at 31 March 2022 were 201, 21 lower than 30 September 2021 with less properties moving
to possession.
Realised Australian mortgage losses were $27 million for First Half 2022 compared to $28 million for Second Half 2021.
Other Australian consumer 90+ day delinquencies were 12 basis points lower compared to 30 September 2021 at
1.64%. The reduction was due to a 15 basis point decline from the underlying performance of the portfolio, partly
offset by a 3 basis point increase related to lower lending. Most of the reduction in 90+ day delinquencies was in
the credit card portfolio, from reductions in hardship.
The New Zealand business portfolio has seen improved credit quality with stressed exposures to TCE 5 basis
points lower than 30 September 2021 at 1.14%. This reduction was due to lower impaired exposures including the
partial write-off of the Forum Finance exposure.
New Zealand mortgage 90+ day delinquencies were little changed compared to 30 September 2021 at 0.30%,
but remain relatively low. New Zealand other consumer 90+ day delinquencies were 23 basis points lower than
30 September 2021 at 1.42%.
Provisions
Total provisions were $4,682 million at 31 March 2022, $325 million lower than 30 September 2021. CAPs was
relatively flat with IAPs driving the reduction.
The flat CAP outcome was due to improving credit quality offset by increased overlays and a greater weight
placed on the downside economic scenario.
The higher overlays and more conservative economic expectations reflect concerns over geopolitical and
economic headwinds that have emerged from the war in Ukraine and from the lingering economic effects of
COVID-19. These include supply chain disruptions, capacity constraints, skilled labour shortages, increased
inflation and inflationary expectations and from the prospect of higher interest rates.
Overlays were also increased for risks associated with Australian floods and storms. In aggregate, overlays
increased $489 million. We also increased the downside economic scenario weight to 45% from 40% increasing
CAPs by $184 million.
The ratio of collectively assessed provisions to credit RWA at 31 March 2022 was 1.16%, 1 basis point lower than
30 September 2021.
IAPs were $501 million at 31 March 2022, $331 million lower than 31 September 2021, mostly due to a partial
write-off of the Forum Finance exposure.

34WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.3.1 Credit quality key metrics¹
As atAs atAs at
31 March30 Sept31 March
202220212021
Stressed exposures by credit grade as a % of TCE:
Impaired 0.14% 0.19% 0.19%
90 days past due and not impaired 0.56% 0.68% 0.66%
Watchlist and substandard 0.40% 0.49% 0.75%
Total stressed exposures 1.10% 1.36% 1.60%

Gross impaired exposures to TCE for business and institutional:
Business Australia 0.60% 0.72% 0.88%
Business New Zealand 0.16% 0.20% 0.44%
Institutional 0.07% 0.16% 0.08%

Mortgage 90+ day delinquencies:
Group 0.82% 0.99% 1.11%
Australia 0.88% 1.07% 1.20%
New Zealand 0.30% 0.30% 0.33%

Other consumer loans 90+ day delinquencies:
Group 1.62% 1.75% 1.92%
Australia 1.64% 1.76% 1.92%
New Zealand 1.42% 1.65% 1.91%

Other:
Gross impaired exposures to gross loans 0.23% 0.30% 0.30%
Gross impaired exposure provisions to gross impaired exposures 48.03% 54.44% 47.0 3 %
Total provisions to gross loans 65 bps 70 bps 79 bps
Collectively assessed provisions to credit risk weighted assets 116 bps 117 bps 142 bps
Total provisions to credit risk weighted assets 130 bps 140 bps 159 bps
Impairment charges/(benefits) to average gross loans annualised
2
4 bps(6 bps)(11 bps)
Net write-offs to average gross loans annualised
2
13 bps 8 bps 9 bps
2.3.2 Movement in gross impaired exposures
1
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Balance as at beginning of period 2,142 2,071 2,779 3 (23)
New and increased - individually managed 222 614 222 (64)-
Write-offs(566)(405)(431) 40 31
Returned to performing or repaid(221)(222)(369)- (40)
Portfolio managed - new/increased/returned/repaid 89 65 (104) 37 large
Exchange rate and other adjustments(13) 19 (26)large(50)
Balance as at end of period 1,653 2,142 2,071 (23)(20)
1. Includes balances presented as held for sale.
2. Averages are based on a six month period.

35WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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2.4 Balance sheet and funding
2.4.1 Balance sheet
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Assets
Cash and balances with central banks 102,410 71,353 33,877 44 large
Collateral paid 7,374 4,232 3,917 74 88
Trading securities and financial assets measured at fair value
through income statement (FVIS) and investment securities 94,180 104,518 112,231 (10)(16)
Derivative financial instruments 18,269 19,353 22,373 (6)(18)
Loans 719,556 709,784 688,218 1 5
Life insurance assets- - 3,416 - (100)
Assets held for sale 2,700 4,188 4,359 (36)(38)
All other assets
1
20,260 22,449 21,028 (10)(4)
Total assets
1
964,749 935,877 889,419 3 8
Liabilities
Collateral received 2,170 2,368 2,504 (8)(13)
Deposits and other borrowings 645,606 626,955 585,401 3 10
Other financial liabilities 51,345 50,309 42,996 2 19
Derivative financial instruments 25,347 18,059 20,303 40 25
Debt issues 133,629 128,779 127,850 4 5
Life insurance liabilities- - 1,070 - (100)
Loan capital 29,036 29,067 26,294 - 10
Liabilities held for sale 684 837 3,049 (18)(78)
All other liabilities 6,599 7,411 7,891 (11)(16)
Total liabilities 894,416 863,785 817,358 4 9
Equity
Total equity attributable to owners of WBC
1
70,279 72,035 72,012 (2)(2)
NCI 54 57 49 (5) 10
Total equity
1
70,333 72,092 72,061 (2)(2)
1. First Half 2021 has been restated for the accounting policy change in relation to Software-as-a-Service. Refer to Note 1 of the
2021 Annual Report for further details.

36WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
First Half 2022 – Second Half 2021
Total assets increased $28.9 billion to $964.7 billion, or 3%, since September 2021 primarily driven by increased
liquid assets (cash and balances with central banks) and loans. Total liabilities increased $30.6 billion to
$894.4 billion, or 4%, since September 2021 mostly from higher deposits and derivative financial instruments.
Equity was lower mostly from the off-market buy-back completed in February 2022.
Liquid assets increased as we prepared for the progressive reduction of the CLF over the 2022 calendar year.
This followed the decision by APRA to wind-down the facility used by certain Australian banks to meet their LCR
requirement. During the half we also completed a $3.5 billion off-market share buy-back. The additional funding
needs of these developments were met by strong customer deposit growth, well above loan growth.
Key movements included:
Assets
• Cash and balances with central banks increased $31.1 billion or 44% reflecting higher liquid assets to address
the wind-down in the CLF;
• Collateral paid increased $3.1 billion or 74% reflecting higher collateralised derivative balances;
• Trading securities and other financial assets measured at fair value through income statement (FVIS) and
investment securities decreased $10.3 billion or 10% mainly due to the sale of government investment
securities;
• Derivative assets decreased $1.1 billion or 6% mainly driven by movements in interest rate and cross currency
swaps, partly offset by foreign currency forward contracts;
• Loans increased $9.8 billion or 1% (including held for sale, loans increased $8.8 billion or 1%). Refer to
Section 2.2.2 Loans for further information;
• Assets held for sale decreased $1.5 billion or 36% reflecting the settlement of the Group’s motor vehicle dealer
finance and novated leasing business and Westpac Life-NZ- Limited; and
• All other assets decreased $2.2 billion or 10% due to reductions in securities sold not delivered, and interbank
loans included in other financial assets, and deferred tax assets.
Liabilities
• Deposits and other borrowings increased $18.7 billion or 3%. Refer to Section 2.2.3 Deposits and other
borrowings for further information;
• Other financial liabilities increased $1.0 billion or 2% mainly due to securities sold under agreements to
repurchase and interbank deposits, partly offset by a decrease in securities sold short;
• Derivative liabilities increased $7.3 billion or 40% mainly driven by cross currency swaps and foreign currency
forward contracts due to volatility in exchange rates;
• Debt issues increased $4.9 billion or 4% ($9.7 billion or 8% increase excluding foreign currency impacts).
Refer to Section 2.4.2 Funding and liquidity risk management for further information;
• Liabilities held for sale decreased $0.2 billion or 18% reflecting the settlement of the Group’s motor vehicle
dealer finance and novated leasing business and Westpac Life-NZ- Limited; and
• All other liabilities decreased $0.8 billion or 11% mainly due to provision utilisation and lease liabilities included
in other liabilities.
Equity attributable to owners of Westpac Banking Corporation decreased $1.8 billion or 2% mainly attributable to
the off-market share buy-back (refer to Note 15 for the details), partly offset by retained profits.

37WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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First Half 2022 – First Half 2021
Total assets increased $75.3 billion to $964.7 billion, or 8%, since March 2021 primarily driven by increased liquid
assets (cash and balances with central banks) and loans. Total liabilities increased $77.1 billion to $894.4 billion, or
9%, since March 2021 mostly from higher deposits and derivative financial instruments. Equity was lower mostly
from the off-market buy-back completed in February 2022.
Liquid assets increased as we prepared for the progressive reduction of the CLF over the 2022 calendar year.
This followed the decision by APRA to wind-down the facility used by certain Australian banks to meet their
LCR requirement. During the half we also completed a $3.5 billion off-market share buy-back. The additional
funding needs of these developments were met by strong customer deposit growth, well above loan growth and
wholesale funding.
Key movements included:
Assets
• Cash and balances with central banks increased $68.5 billion reflecting higher liquid assets to address the
wind-down in the CLF;
• Collateral paid increased $3.5 billion or 88% reflecting higher collateralised derivative balances;
• Trading securities and other financial assets measured at FVIS and investment securities decreased $18.1 billion
or 16% mainly due to the sale of government and semi-government investment securities;
• Derivative assets decreased $4.1 billion or 18% mainly driven by movements in interest rate and cross currency
swaps, partly offset by foreign currency forward contracts;
• Loans increased $31.3 billion or 5% (including held for sale, loans increased $29.5 billion or 4%). Refer to
Section 2.2.2 Loans for further information;
• Life insurance assets decreased $3.4 billion or 100% as the balance was reclassified to assets held for sale;
• Assets held for sale as at 31 March 2022 relate to Westpac Australian Life Insurance business, while the balance
as at 31 March 2021 relates to Westpac General Insurance Limited and Westpac General Insurance Services
Limited, Westpac Vendor Finance business, Westpac Lenders Mortgage Insurance Limited and Westpac
Pacific; and
• All other assets decreased $0.8 billion or 4% due to reductions in intangible assets mainly from goodwill
impairment, property and equipment and deferred tax assets, partly offset by an increase in securities sold not
delivered included in other financial assets.
Liabilities
• Deposits and other borrowings increased $60.2 billion or 10% (including held for sale, deposits increased
$58.1 billion or 10%). Refer to Section 2.2.3 Deposits and other borrowings for further information;
• Other financial liabilities increased $8.3 billion or 19% mainly due to securities sold under agreements to
repurchase, securities sold short, securities purchased not delivered and interbank deposits;
• Derivative liabilities increased $5.0 billion or 25% mainly driven by cross currency swaps and foreign currency
forward contracts, partly offset by a decrease in interest rate swaps;
• Debt issues increased $5.8 billion or 5% ($6.0 billion or 5% increase excluding foreign currency impacts).
Refer to Section 2.4.2 Funding and liquidity risk management for further information;
• Life insurance liabilities decreased $1.1 billion or 100% as the balance was reclassified to liabilities held for sale;
• Loan capital increased $2.7 billion or 10% due to $3.8 billion net issuance of Additional Tier 1 and Tier 2
instruments, partly offset by $1.1 billion fair value hedge adjustments;
• Liabilities held for sale as at 31 March 2022 relate to Westpac Australian Life Insurance business, while the
balance as at 31 March 2021 relates to Westpac General Insurance Limited and Westpac General Insurance
Services Limited, Westpac Vendor Finance business, Westpac Lenders Mortgage Insurance Limited and
Westpac Pacific; and
• All other liabilities decreased $1.3 billion or 16% due to a decline in provisions and other liabilities primarily
relating to lease liabilities and reclassification of outstanding life insurance claims to liabilities held for sale in
Second Half 2021.
Equity attributable to owners of Westpac Banking Corporation decreased $1.7 billion or 2% mainly attributable to
the off-market share buy-back (refer to Note 15 for the details), partly offset by retained profits.

38WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
2.4.2 Funding and liquidity risk management
Liquidity risk is the risk that the Group will be unable to fund assets and meet obligations as they become due.
This risk is inherent for all banks as intermediaries between depositors and borrowers. The Group has a liquidity
risk management framework which seeks to meet our cash flow obligations under a wide range of market
conditions and scenarios, as well as meeting the requirements of the Liquidity Coverage Ratio (LCR) and
Net Stable Funding Ratio (NSFR).
The Group maintained funding and liquidity metrics comfortably above regulatory minimums throughout
First Half 2022. The Group’s March 2022 quarterly average LCR was 137% and its NSFR at 31 March 2022 was 125%,
both above the 100% regulatory minimums.
Liquidity
The Group has a number of sources of liquidity that provide a buffer against periods of liquidity stress. These
include High Quality Liquid Assets (HQLA) and the Committed Liquidity Facility (CLF), both of which are used to
meet the Group’s LCR requirements.
In September 2021, APRA announced that Authorised Deposit-taking Institutions (ADIs) subject to the LCR
should reduce their CLF usage to zero by the end of calendar year 2022, subject to financial market conditions,
as APRA and the RBA expect there will be sufficient HQLA for ADIs to meet their LCR requirements without the
need to utilise the CLF. APRA also announced that no ADI should rely on the CLF to meet the minimum 100% LCR
requirement from 1 January 2022.
The CLF will be phased out throughout 2022, with the first reduction having occurred on 1 January 2022.
Westpac’s CLF allocation at 31 March 2022 was $27.75 billion and will reduce by a further $9.25 billion on 1 May
2022.
In response to the phasing out of the CLF, Westpac increased its holdings of HQLA over the half. At 31 March 2022,
Westpac held $161.9 billion in HQLA (30 September 2021: $148.6 billion). HQLA include cash, deposits with central
banks, government and semi-government securities.
The Group also has access to non-HQLA and other assets that are eligible for re-purchase with a central bank
under certain conditions. These include private securities and self-originated AAA-rated mortgage-backed
securities.
In March 2020, the RBA announced the establishment of the Term Funding Facility (TFF). The TFF provided fixed
rate funding to eligible ADIs for a maximum of three years. The facility closed to new drawdowns on 30 June 2021,
by which time Westpac had fully drawn our total available TFF allowance of $30 billion. TFF maturities will
commence from June 2023 and the Group will manage its refinancing requirements using the full range of its
funding sources.
LCR
The LCR is designed to enhance banks’ short-term resilience, by measuring the level of HQLA, as defined, held
against its liquidity needs for a 30 calendar day period under a regulator-defined stress scenario. In addition to
HQLA, Australian ADIs including Westpac also have access to the CLF, as set out above, to meet the requirements
of the LCR.
Westpac’s average LCR for the quarter ended 31 March 2022 was 137% (Westpac’s average LCR for the quarter
ended 30 September 2021 was: 129%). The lift in the LCR compared to the quarterly average for September 2021
was mainly due to the increase in HQLA.
Westpac’s LCR excluding the CLF as at 31 March 2022 was 118%.
Westpac’s LCR also includes a 10% overlay to net cash outflows. The overlay, effective since 1 January 2021, has
been required by APRA in response to breaches of the prudential standards on liquidity. The overlay reduces
the average LCR for the quarter ended 31 March 2022 by 14 percentage points. Further details are set out in the
Significant Developments section of the 2022 Interim Financial Results.
NSFR
The NSFR is designed to encourage banks’ longer-term funding resilience. To comply, banks are required to maintain
an NSFR of at least 100% at all times. Westpac’s NSFR was 125% at 31 March 2022 (30 September 2021: 125%).
Funding
The Group monitors the composition and stability of its funding so that it remains within the Group’s funding risk
appetite. This includes compliance with both the LCR and NSFR.
Review of Group
operations

39WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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Customer deposits
Customer deposits accounted for 65.7% of the Group’s total funding (including equity) at 31 March 2022
(30 September 2021: 65.0%). During the half, customer deposits increased by $20.6 billion, fully funding
the bank’s new lending growth and lifting the Group’s customer deposit to loan ratio to 83.5% from 81.6% at
30 September 2021.
Long term wholesale funding
Long term funding with a residual maturity greater than 12 months made up 15.2% of the Group’s total funding at
31 March 2022 (30 September 2021: 15.6%).
The Group raised $21.8 billion of long term wholesale funding in the First Half of 2022, bringing forward some
planned issuance due to favourable funding conditions in First Quarter 2022. In First Half 2022, new issuance
comprised senior unsecured bonds (64%), covered bonds (17%), Tier 2 capital securities (14%) and securitisation
(5%) and was well diversified across tenors and currencies, including USD, AUD, EUR, GBP, NZD and others.
At 31 March 2022, funding from securitisation accounted for 0.5% of total funding (30 September 2021: 0.6%).
Short term wholesale funding
Wholesale funding with a residual maturity less than 12 months accounted for 11.0% of the Group’s total funding
at 31 March 2022 (30 September 2021: 10.8%). This portfolio, including long term to short term scroll
6
, had a
weighted average maturity of 144 days (30 September 2021: 138 days).
Equity
Funding from equity made up 7.6% of total funding at 31 March 2022 (30 September 2021: 8.0%), with the
decrease over the half mainly reflecting the off-market share buy-back which was completed in February 2022.
Liquidity coverage ratio
Quarter QuarterQuarter% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
High Quality Liquid Assets (HQLA)
1,3
169,346 136,525 117,759 24 44
Committed Liquidity Facility (CLF)
3
27,750 37,000 37,000 (25)(25)
Term Funding Facility (TFF)
2,3
- - 10,321 - (100)
Total LCR liquid assets 197,096 173,525 165,080 14 19
Cash outflows in a modelled 30-day APRA defined stressed scenario
Customer deposits
1
96,351 89,628 85,282 8 13
Wholesale funding 11,526 10,003 13,024 15 (12)
Other flows
4
36,412 34,447 35,281 6 3
Total 144,289 134,078 133,587 8 8
LCR
1,5
137% 129% 124%largelarge
Net stable funding ratio
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Available stable funding
1
669,655 651,216 625,185 3 7
Required stable funding 536,022 521,499 510,287 3 5
Net stable funding ratio 125% 125% 123% 6 bps 241 bps
1. Includes balances presented as held for sale.
2. Represents the Group’s average undrawn TFF allowance as per APRA guidance.
3. Refer to Glossary for definition.
4. Other flows include credit and liquidity facilities, collateral outflows and inflows from customers.
5. Calculated on a quarterly average basis.
6. Scroll represents wholesale funding with an original maturity greater than 12 months that now has a residual maturity less than
12 months.

40WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Funding by residual maturity
As at 31 March 2022As at 30 Sept 2021As at 31 March 2021
$mRatio %$mRatio %$mRatio %
Wholesale funding
Less than 6 months 59,044 6.5 54,512 6.1 45,415 5.4
6 to 12 months 15,241 1.6 15,232 1.7 11,951 1.4
Long term to short term scroll
1
26,527 2.9 26,760 3.0 27,631 3.3
Wholesale funding - residual maturity less than 12
months 100,812 11.0 96,504 10.8 84,997 10.1
Securitisation 4,968 0.5 5,000 0.6 6,687 0.8
Greater than 12 months 138,108 15.2 138,817 15.6 124,050 14.8
Wholesale funding - residual maturity greater than 12
months 143,076 15.7 143,817 16.2 130,737 15.6
Customer deposits
2
600,872 65.7 580,317 65.0 550,337 65.7
Equity
3,4
69,244 7.6 71,614 8.0 71,837 8.6
Total funding
4
914,004 100.0 892,252 100.0 837,908 100.0
Deposits to net loans ratio
As at 31 March 2022As at 30 Sept 2021As at 31 March 2021
$mRatio %$mRatio %$mRatio %
Customer deposits
2
600,872 580,317 550,337
Net customer loans
2
719,556 83.5 710,799 81.6 690,037 79.8
Funding view of the balance sheet²
$m
Total liquid
assets
Customer
deposits
Wholesale
funding
Customer
franchise
Market
inventoryTotal
As at 31 March 2022
Total assets 244,113 - - 667,250 53,386 964,749
Total liabilities- (600,872)(243,888)- (49,656)(894,416)
Total equity- - - (69,244)(1,089)(70,333)
Total 244,113 (600,872)(243,888) 598,006 2,641 -
Net loans
5
65,830 - - 653,726 - 719,556
As at 30 September 2021
Total assets 227,553 - - 658,123 50,201 935,877
Total liabilities- (580,317)(240,321)- (43,147)(863,785)
Total equity- - - (71,614)(478)(72,092)
Total 227,553 (580,317)(240,321) 586,509 6,576 -
Net loans
5
66,610 - - 644,189 - 710,799
As at 31 March 2021
Total assets
4
195,177 - - 643,492 50,750 889,419
Total liabilities- (550,337)(215,734)- (51,287)(817,358)
Total equity
4
- - - (71,837)(224)(72,061)
Total
4,5
195,177 (550,337)(215,734) 571,655 (761)-
Net loans
5
60,894 - - 629,143 - 690,037
1. Scroll represents wholesale funding with an original maturity greater than 12 months that now has a residual maturity less than
12 months.
2. Includes balances presented as held for sale.
3. Includes total share capital, share-based payment reserve and retained profits.
4. First Half 2021 has been restated for the accounting policy change in relation to Software-as-a-Service. Refer to Note 1 of the
2021 Annual Report for further details.
5. Liquid assets in net loans include internally securitised assets that are eligible for repurchase agreements with the RBA/RBNZ.

41WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
2.5 Capital and dividends
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
202220212021- Sept 21- Mar 21
Level 2 regulatory capital structure
Common equity Tier 1 (CET 1) capital after deductions ($m) 52,126 53,808 52,932 (3)(2)
Risk weighted assets (RWA) ($m) 459,956 436,650 428,899 5 7
CET 1 capital ratio 11.33% 12.32% 12.34%(99 bps)(101 bps)
Additional Tier 1 capital ratio 2.08% 2.33% 2.21%(25 bps)(13 bps)
Tier 1 capital ratio 13.41% 14.65% 14.55%(124 bps)(114 bps)
Tier 2 capital ratio 4.30% 4.21% 3.88% 9 bps 42 bps
Total regulatory capital ratio 17.71% 18.86% 18.43%(115 bps)(72 bps)
APRA leverage ratio
1
5.60% 5.99% 6.27%(39 bps)(67 bps)
Level 1 regulatory capital structure
CET 1 capital after deductions ($m) 48,684 54,314 53,313 (10)(9)
Risk weighted assets ($m) 433,643 431,422 424,656 1 2
Level 1 CET 1 capital ratio 11.23% 12.59% 12.55%(136 bps)(132 bps)
APRA announcements on capital
In First Half 2022 APRA made the following announcements relevant to their capital framework:
• On 29 November 2021, APRA released the final revised standards for APS110 Capital Adequacy, APS112 Capital
Adequacy: Standardised Approach to Credit Risk and APS113 Capital Adequacy: Internal Ratings-based
Approach to Credit Risk which will become effective from 1 January 2023. Under the revised standards, the
capital conservation buffer will be increased from 2.5% to 3.75% and a base level for the countercyclical capital
buffer of 1.0% will be introduced. As a result, the CET1 capital ratio requirement for Domestic Systemically
Important Banks (D-SIBs) will increase from 8% to 10.25% from 1 January 2023.
• On 2 December 2021, APRA announced a requirement for D-SIBs (including Westpac) to increase their
total capital requirements by 4.5 percentage points of risk weighted assets (RWA) under the current capital
adequacy framework to be met by 1 January 2026. This is a 1.5 percentage point increase on the prior
announcement on 9 July 2019. The additional total capital is expected to be met through additional Tier 2
Capital. In Westpac’s funding, this increase in total capital is likely to be offset by a decrease in long-term
wholesale funding.
• On 2 December 2021, APRA released two draft prudential standards for consultation. CPS 190 Financial
Contingency Planning will require banks (including Westpac) to develop plans for responding to financial
stress and CPS 900 Resolution Planning will require some banks (including Westpac) to prepare for resolution
with limited adverse impacts on the community and financial system, in the event of their failure. Both
standards are proposed to come into effect from 1 January 2024.
Further details of regulatory changes are set out in the Significant Developments section of the 2022 Interim
Financial Results.
Capital management strategy
Westpac evaluates its approach to capital management through an Internal Capital Adequacy Assessment
Process (ICAAP), the key features of which include:
• The development of a capital management strategy, including consideration of regulatory minimums, capital
buffers and contingency plans. The current regulatory capital minimums together with the capital conservation
buffer (CCB) are the Total CET1 Requirement. The Total CET1 Requirement for Westpac is at least 8.0%, based
on an industry minimum CET1 requirement of 4.5% plus a capital buffer of at least 3.5% applicable to D-SIBs
2,3
;
• Consideration of both regulatory and economic capital requirements and the perspectives of external
stakeholders including rating agencies as well as equity and debt investors; and
• A stress testing framework that challenges the capital measures, coverage and requirements including the
impact of adverse economic scenarios.
APRA’s final revised standards for capital, as noted above, indicated that the Total CET1 Requirement for
D-SIBs will be 10.25% from 1 January 2023. This requirement includes a CCB of 3.75% and a base level for the
countercyclical capital buffer of 1.0%. APRA also indicated
4
that it expects that D-SIBs (including Westpac) will
likely operate with CET1 above 11% under the new framework.
Given the above Westpac will seek to operate with a CET1 capital ratio of between 11.0% and 11.5% (operating
capital range) as measured under the new capital framework from 1 January 2023.
Review of Group
operations
1. Refer to Glossary for definition.
2. Noting that APRA may apply higher CET1 requirements for an individual ADI.
3. If an ADI’s CET1 ratio falls below the Total CET1 Requirement (at least 8%), they face restrictions on the distribution of earnings, such
as dividends, distribution payments on AT1 capital instruments and discretionary staff bonuses.
4. APRA Information paper, An unquestionably strong framework for bank capital, November 2021.

42WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
CET1 capital ratio movement for First Half 2022 (%, basis points)
12.32%
11.33%
67
(48)
(76)
(70)
14
1
13
Sep-21Cash earnings2H21
Dividend
Off-Market
Share Buy-
back
RWA
movement
Capital
deduction
and other
items
FX
translation
impact
DivestmentsMar-22
s2.5 Capital and dividends - ASX
Westpac’s Level 2 CET1 capital ratio was 11.33% at 31 March 2022, 99bps lower than 30 September 2021.
Key movements in the CET1 capital ratio over the half were:
• First Half 2022 cash earnings (67bps increase);
• Payment of the 2021 final dividend (48bps decrease). Shares for the 2021 final dividend DRP were purchased
on market so had no impact on capital ratios;
• A $3.5 billion off-market share buy-back in February 2022 (76bps decrease);
• An increase in RWA (70bps decrease) mostly from higher interest rate risk in the banking book (IRRBB) from
increased market volatility (44bps decrease), an increase in lending (16bps decrease) and higher operational
risk following the adoption of the standardised measurement approach in January 2022 (5bps decrease);
• Capital deductions and other capital movements (14bps increase) from lower deferred tax assets (14bps
increase), movements in fair value on economic hedges recognised in net profit (4bps increase) and
remeasurement of the defined benefit superannuation obligation (1bp increase). These were partly offset by
revaluation of debt securities in other comprehensive income (5bps decrease);
• Foreign currency impacts from the appreciation of the A$ against the US$ and NZ$ (1bp increase)
1
; and
• Divestment including Westpac Life-NZ- Limited (7bps) and Westpac’s motor vehicle dealer finance and
novated leasing business (6bps).
Westpac’s Level 1 CET1 capital ratio was 11.23% at 31 March 2022, 136 basis points lower than 30 September 2021.
In addition to the key movements outlined above, the Level 1 CET1 ratio decreased by 18bps following
implementation of the final revised standards for APS111 Capital Adequacy Measurement of Capital and APS222
Associations with Related Entities from 1 January 2022.
1. Reflecting the net impact of movements in the foreign currency translation reserve and RWA

43WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
Additional Tier 1 and Tier 2 capital movement for First Half 2022
On 20 December 2021, we redeemed approximately $0.55 billion of Westpac Capital Notes 4 (WCN 4) that
remained on issue
1
, which decreased Tier 1 capital by 12bps.
During the half, we issued US$2.25 billion (approximately A$3.2 billion) of Tier 2 capital instruments and
redeemed A$0.35 billion and JPY 8000 billion (approximately A$0.1 billion) of Tier 2 capital instruments. The net
impact was to increase the total regulatory capital ratio by 59bps.
Leverage ratio
The leverage ratio represents the amount of Tier 1 capital relative to exposure
2
. At 31 March 2022, Westpac’s
leverage ratio was 5.60%, down 39bps since 30 September 2021 due to a decrease in Tier 1 capital and higher on
balance sheet exposures.
Internationally comparable capital ratios
The APRA Basel III capital adequacy requirements are more conservative than those of the Basel Committee on
Banking Supervision (BCBS), leading to lower reported capital ratios when compared to international peers. APRA
conducted a study in July 2015 outlining its methodology for measuring international comparable capital ratios.
The table below calculates the Group’s reported capital ratios consistent with this methodology.
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
%202220212021- Sept 21- Mar 21
Internationally comparable capital ratios
CET 1 capital ratio 17.36% 18.17% 18.08%(81 bps)(72 bps)
Tier 1 capital ratio 20.23% 21.23% 20.98%(100 bps)(75 bps)
Total regulatory capital ratio 26.16% 26.61% 25.94%(45 bps) 22 bps
Leverage ratio 6.10% 6.59% 6.87%(49 bps)(77 bps)
1. On 15 September 2021, Westpac issued $1.75 billion of Additional Tier 1 capital (Westpac Capital Notes 8), of which approximately
$1.15 billion comprised reinvestment by the holder of WCN 4. The remaining $0.55 billion of WCN 4 were redeemed on
20 December 2021.
2. As defined under Attachment D of APS110: Capital Adequacy.

44WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Risk Weighted Assets (RWA)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Credit risk:
Corporate
1
69,391 68,715 66,086 1 5
Business lending
2
32,686 32,559 34,061 - (4)
Sovereign
3
2,270 2,508 2,355 (9)(4)
Bank
4
4,960 5,104 5,708 (3)(13)
Residential mortgages 146,448 145,534 133,938 1 9
Australian credit cards 3,951 4,001 4,279 (1)(8)
Other retail 7,785 8,272 9,266 (6)(16)
Small business
5
14,401 15,187 16,097 (5)(11)
Specialised lending: Property and project finance
6
58,334 55,372 55,314 5 5
Securitisation
7
6,306 5,881 5,513 7 14
Standardised 7,450 7,884 8,091 (6)(8)
Mark-to-market related credit risk 5,691 6,278 6,419 (9)(11)
Total credit risk 359,673 357,295 347,127 1 4
Market risk 9,596 6,662 9,490 44 1
Operational risk
8
57,875 55,875 54,090 4 7
Interest rate risk in the banking book (IRRBB) 27,710 11,446 11,998 142 131
Other 5,102 5,372 6,194 (5)(18)
Total risk weighted assets 459,956 436,650 428,899 5 7
Total RWA increased $23.3 billion or 5.3% over the half with most of the increase in non-credit risk RWA.
Non-credit risk RWA was $20.9 billion, higher from:
• IRRBB RWA increased from $11.4 billion to $27.7 billion over the half (up $16.3 billion or 142%). Westpac
currently invests its capital over a 3-year term. Due to the interest rate volatility observed over the half, in
particular the more recent significant increases in two and three year market swap rates, the amount of IRRBB
RWA has increased, mainly reflecting the valuation differences to capital invested over a one-year term;
• A $2.9 billion increase in market risk RWA mainly due to the introduction of an industry-wide overlay for
updates required to market risk models which require regulatory approval; and
• A $2.0 billion increase in operational risk RWA from adopting the standardised measurement approach for
calculating operational risk RWA.
The $2.4 billion increase in credit risk RWA included:
• A $5.9 billion increase from specialised lending, residential mortgages and corporate lending;
• Modelling, and methodology and overlay changes
9
, which together increased RWA by $0.7 billion partly offset by;
• Foreign currency translation impacts which reduced RWA by $1.7 billion mostly from the appreciation of the
A$ against the US$ and NZ$;
• A $1.4 billion decrease from improved credit quality metrics with lower stressed assets across business lending
and specialised lending; and
• A decrease in credit RWA associated with derivative exposures (counterparty credit risk and mark-to-market
related credit risk) of $1.1 billion.
1. Corporate – typically includes exposure where the borrower has annual turnover greater than $50 million and other business
exposures not captured under the definitions of either Business lending or Small business.
2. Business lending – includes exposures not captured elsewhere where the borrower has annual turnover less than or equal to $50 million.
3. Sovereign – includes exposures to governments themselves and other non-commercial enterprises that are owned or controlled by them.
4. Bank – includes exposures to licensed banks and their owned or controlled subsidiaries, and overseas central banks.
5. Small business – program managed business lending exposures.
6. Specialised lending – property and project finance – includes exposures to entities created to finance and/or operates specific assets
where, apart from the income received from the assets being financed, the borrower has little or no independent capacity to repay
from other activities or assets.
7. Securitisation – exposures reflect Westpac’s involvement in activities ranging from originator to investor and include the provision of
securitisation services for clients wishing to access capital markets.
8. Operational risk – the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events,
including legal risk but excluding strategic or reputational risk.
9. Modelling changes included updates to model estimates for Australian retail and mortgage PD, credit card LGD and unsecured LGD.
The impact of these changes were partially offset by a reduction in RWA overlays upon implementation of updated model estimates.

45WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
Capital adequacy
As atAs atAs at
31 March30 Sept31 March
$m202220212021
Tier 1 capital
CET 1 capital
Paid up ordinary capital 39,667 41,601 41,604
Treasury shares(708)(663)(660)
Equity based remuneration 1,824 1,753 1,731
Foreign currency translation reserve(445)(266)(519)
Accumulated other comprehensive income 183 402 507
Non-controlling interests - other 54 57 49
Retained earnings
1
28,362 28,813 29,097
Less retained earnings in life and general insurance, funds management and securitisation
entities(1,144)(1,118)(1,680)
Deferred fees 265 238 230
Total CET 1 capital 68,058 70,817 70,359
Deductions from CET 1 capital
Goodwill (excluding funds management entities)(7,935)(8,060)(8,529)
Deferred tax assets
1
(1,812)(2,429)(2,260)
Goodwill in life and general insurance, funds management and securitisation entities(209)(209)(451)
Capitalised expenditure(2,013)(1,951)(1,749)
Capitalised software
1
(1,914)(1,840)(2,049)
Investments in subsidiaries not consolidated for regulatory purposes(1,541)(2,044)(2,063)
Regulatory expected downturn loss in excess of eligible provisions(164)(225)(93)
Defined benefit superannuation fund surplus(60)(64)(69)
Equity investments(161)(163)(162)
Regulatory adjustments to fair value positions(123)(24)(1)
Other Tier 1 deductions- - (1)
Total deductions from CET 1 capital(15,932)(17,009)(17,427)
Total CET 1 capital after deductions 52,126 53,808 52,932
Additional Tier 1 capital
Basel III complying instruments 9,566 10,180 9,493
Total Additional Tier 1 capital 9,566 10,180 9,493
Deductions from Additional Tier 1 capital
Holdings of own and other financial institutions Additional Tier 1 capital instruments(25)(25)(25)
Total deductions from Additional Tier 1 capital(25)(25)(25)
Net Additional Tier 1 regulatory capital 9,541 10,155 9,468
Net Tier 1 regulatory capital 61,667 63,963 62,400
Tier 2 capital
Basel III complying instruments 20,147 18,228 16,373
Basel III transitional instruments- 487 462
Eligible general reserve for credit loss 158 51 161
Total Tier 2 capital 20,305 18,766 16,996
Deductions from Tier 2 capital
Investments in subsidiaries not consolidated for regulatory purposes(60)(140)(140)
Holdings of own and other financial institutions Tier 2 capital instruments(445)(221)(199)
Total deductions from Tier 2 capital(505)(361)(339)
Net Tier 2 regulatory capital 19,800 18,405 16,657
Total regulatory capital 81,467 82,368 79,057
Risk weighted assets 459,956 436,650 428,899
CET 1 capital ratio 11.33% 12.32% 12.34%
Additional Tier 1 capital ratio 2.08% 2.33% 2.21%
Tier 1 capital ratio 13.41% 14.65% 14.55%
Tier 2 capital ratio 4.30% 4.21% 3.88%
Total regulatory capital ratio 17.71% 18.86% 18.43%
1. First Half 2021 balances have not been restated for the changes in accounting policy in relation to Software-as-a-Service. Refer to Note
1 of the 2021 Annual Report for further details

46WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Review of Group
operations
Dividends
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
Ordinary dividend (cents per share)202220212021- Sept 21- Mar 21
Interim (fully franked) 61 - 58 - 5
Final (fully franked)- 60 - (100)-
Total ordinary dividend61 60 58 2 5
Payout ratio (reported)
1
65.06% 109.16% 61.75%large 331.00
Payout ratio (cash earnings)
1
69.01% 121.28% 60.16%largelarge
Adjusted franking credit balance ($m) 3,135 3,857 3,560 (19)(12)
Imputation credit (cents per share - NZ) 8.0 7.0 7.0 14 14
The Board has determined an interim fully franked dividend of 61 cents per share, to be paid on 24 June 2022 to
shareholders on the register at the record date of 20 May 2022. The 2022 interim dividend represents a payout
ratio on a cash earnings basis of 69.01%. In addition to being fully franked, the dividend will also carry NZ$0.08 in
New Zealand imputation credits that may be used by New Zealand tax residents.
The Board has determined to satisfy the DRP for the 2022 interim dividend by arranging for the purchase of
existing shares by a third party. The Market Price used to determine the number of shares allocated to DRP
participants will be set over the 10 trading days commencing on 25 May 2022 and will not include a discount.
Capital deduction for regulatory expected credit loss
For capital adequacy purposes APRA requires the amount of regulatory expected credit losses in excess of
eligible provisions to be deducted from CET1 capital. The table below shows the calculation of this capital
deduction.
As atAs atAs at
31 March30 Sept31 March
$m202220212021
Provisions associated with eligible portfolios
Total provisions for expected credit losses 4,682 5,007 5,508
plus provisions associated with partial write-offs 304 40 20
less ineligible provisions
2
(101)(104)(106)
Total eligible provisions 4,885 4,943 5,422
Regulatory expected downturn loss 4,947 5,168 5,419
(Excess)/shortfall in eligible provisions compared to regulatory expected downturn loss 62 225 (3)
CET 1 capital deduction for regulatory expected downturn loss in excess of eligible provisions
3
(164)(225)(93)
1. Payout ratio excludes the dividend component of completed off-market share buy-back announced on 14 February 2022.
2. Provisions associated with portfolios subject to the Basel standardised approach to credit risk are not eligible.
3. Regulatory expected loss is calculated for portfolios subject to the Basel advanced capital IRB approach to credit risk. The comparison
between regulatory expected loss and eligible provisions is performed separately for defaulted and non-defaulted exposures.

47WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
2.6 Sustainability performance
Helping Australians and New Zealanders succeed: Our Sustainability Strategy
Our 2021-2023 Sustainability Strategy is centred around three pillars:
• Helping when it matters most;
• Backing a stronger Australia; and
• Collaborating for impact.
Further information on our Sustainability Strategy is available at westpac.com.au/sustainability. This also includes
our annual sustainability performance reporting and position statements.
Helping when it matters most; Supporting customers and businesses through times of change and hardship,
and supporting financial wellbeing. During First Half 2022, we:
• Supported over 1,500 customers with a natural disaster relief package;
• Approved $1.3 million in payments to almost 450 small business customers impacted by the floods in New
South Wales and Queensland, as part of our dedicated $2 million fund;
• Provided more than 100,000 people with access to our Recovery Hub, which brings together resources to help
users manage financial stress;
• Assisted over 12,000 cases through our specialist vulnerability teams;
• Extended our partnership with Head Start Homes, a not-for-profit organisation working to provide secure and
stable homes to those living in community housing;
• Offered a variety of financial education resources, including live events, through Westpac’s Davidson Institute,
with those attending reporting a high level of confidence in being able to apply their learnings1; and
• Improved banking accessibility for more than 9,200 Indigenous and remote Australians since the beginning of FY21
through Yuri Ingkarninthi, our Indigenous Connection Team.
Backing a stronger Australia; Backing people, jobs and ideas that shape Australia’s future, and helping
Australians respond to climate change. During First Half 2022, we:
• Continued support for Indigenous-owned businesses, including spend on carbon credits from savannah fire
management projects in Arnhem Land;
• Westpac Scholars Trust2 awarded 100 new scholarships;
• Westpac Foundation’s3 job creation grants to social enterprises helped created 769 jobs for vulnerable
Australians;
• Participated in 39 transactions, with a total volume of $35.9 billion, to support Westpac Institutional Bank
customers with sustainable finance solutions4. $7.7 billion is attributable in direct lending and capital markets
distribution capability;
• Achieved $2.8 billion in new lending to climate change solutions5 (TCE) since 2020, towards our target of
$3.5 billion by 2023;
• Completed a $250m structured auto finance facility to fund electric vehicles and related features such as
recharge equipment for consumer fintech lender, Plenti; and
• Remained on track to reduce scope 1 and 2 emissions by 65% by the end of FY22 and to reduce scope 3
supply chain emissions by 35% by 2030, against 2016 baselines.
Review of Group
operations
1. Average score of 4.5/5, with 5 representing highest level of confidence.
2. 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 the
Westpac Group. Westpac provides administrative support, skilled volunteering, and funding for operational costs of Westpac Scholars
Trust.
3. 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. Jobs created through the Westpac Foundation job creation grants to social enterprises are for the six months ended
31 December 2021.
4. Sustainable finance transactions include green, social, sustainability, sustainability-linked and re-linked loans and bonds.
5. Refer to 2021 Sustainability Appendix for glossary.

48WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
Collaborating for impact; Respecting human rights, amplifying Indigenous voices and supporting the transition
to a climate resilient future. During First Half 2022, we:
• Published our 2021 Modern Slavery Statement in response to the Australian Modern Slavery Act 2018 (Cth) and
the United Kingdom’s Modern Slavery Act 2015 (UK);
• Completed a Group-wide survey of our employees to better understand the diversity of our workforce, and
their experiences of inclusion and diversity;
• Published our Child Safeguarding Position Statement as we work to embed a child safe culture within our
organisation;
• Progressed the development of financing strategies and portfolio targets to support a net zero economy by
2050;
• Engaged agribusiness customers to explore impacts of climate change on farm productivity and the role of
adaptation measures to improve climate resilience;
• Joined the Australian Industry Energy Transitions Initiative convened by Climateworks Centre and Climate-KIC
Australia to coordinate learning and action on net zero emissions supply chains;
• Joined the Taskforce on Nature-related Financial Disclosures (TNFD) Forum to support the development of a
nature-related financial disclosure framework;
• Progressed development of Westpac’s fifth Reconciliation Action Plan (RAP); and
• Partnered with The Economist Impact to publish an inaugural survey of the sustainable finance market in Asia
Pacific, which showed that the issuance of sustainable finance solutions more than doubled over the last few
years and that 91% of investors surveyed have begun to decarbonise, or have plans to decarbonise, one or
more portfolios.

49WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
2.6.1 Climate-related financial disclosures
We continue to embed consideration of climate-related risks and opportunities into our business
operations. A half-year summary of Westpac Group’s progress against the four core thematic areas from the
recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) is provided below.
Governance and oversight
The Board has oversight of the Group’s approach to and management of climate change. Our Climate Change
Position Statement and Action Plan (Climate Action Plan) is approved by the Board every three years. Updates on
progress are provided at least twice a year.
Implementation and management of the Climate Action Plan is led by Group Executives. The ESG and Reputation
Committee oversees the Climate Action Plan, ESG program and wider sustainability agenda. This Committee
meets at least four times a year and is chaired by the CEO, who has overall responsibility for our Group approach
and management of climate change. The Board Risk Committee (BRC) considers and approves Westpac’s
Sustainability Risk Management Framework (SRMF), which includes climate change risk, at least every two years.
The Group Head - Risk Frameworks, Risk Culture & ESG Risk has accountability for the SRMF.
The Climate Change Financial Risk Committee is a management sub-committee of the Group Credit Risk
Committee and focuses on identifying and managing climate-related financial risks, including the potential impact
on credit exposures from climate change-related transition and physical risks. The Committee meets at least three
times a year and is chaired by the Group Chief Credit Officer.
Divisional risk committees consider the climate change dimensions of business activities as required. The Westpac
Institutional Bank Customer Transaction and Risk Escalation Committee also considers transactions requiring
enhanced ESG due diligence, including climate change risk.
The overall environmental performance of our operations is managed by Group Property, overseen by the
General Manager – Property, Procurement and Protective Services. This includes setting strategies and tracking
initiatives to reduce our direct environmental footprint.
Strategy
Climate change response and a focus on net zero has been elevated to a company-wide strategic priority.
The Climate Action Plan identifies three areas where we are expected to direct our attention over the short,
medium and long-term:
• help customers and communities respond to climate change;
• improve the climate change performance of our operations; and
• support initiatives and policies to achieve the goals of the Paris Agreement.
The key highlights of our progress during First Half 2022 on our Climate Action Plan are:
• Participated in 39 transactions with a total volume of $35.9 billion to support Westpac Institutional Bank
customers with sustainable finance solutions1. $7.7 billion is attributable in direct lending and capital markets
distribution capability;
• Continued our analysis to develop Paris-aligned decarbonisation financing strategies and portfolio targets;
• Continued to engage customers in high emitting sectors on their ambitions for climate change mitigation and
their transition plans to align with a 1.5 degrees Celsius scenario;
• Engaged agribusiness customers to explore impacts of climate change on farm productivity and the role of
adaptation measures to improve climate resilience;
• On track to achieve 50% renewable energy sourcing for our operational electricity use by end of FY22; and
• On track to maintain carbon neutrality for our operations for FY22.
Risk management overview
Climate change risks are managed in accordance with the Group’s Risk Management Framework, which is
supported by the SRMF, Group ESG Credit Risk Policy and Board Risk Appetite Statement (RAS) and aligned with
the Three Lines of Defence model. We seek to understand the potential for climate-related transition, physical and
litigation risks that impact our business, including their possible impact on credit risk, regulatory and reporting
obligations, and our reputation.
Climate change is included in our Group Risk Taxonomy under the Credit Risk Class, and Reputational and
Sustainability Risk Class. The Group regularly reviews its approach to managing climate change risks, including
frameworks, policies, risk taxonomy and RAS measures, to assist with the integration of the criteria set out in the
Group’s Climate Action Plan.
1. Sustainable finance transactions includes green, social, sustainability, sustainability-linked and re-linked loans and bonds.

50WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Review of Group operations
The Climate Action Plan sets out specific climate-related lending criteria, which are applied at the portfolio and
customer level where appropriate. If climate-related risks associated with a transaction are not within appetite then
the application of conditions to sufficiently manage the risks will be considered, or the transaction may be declined.
Climate-related risks may be escalated to relevant divisional and Group risk committees in accordance with the SRMF.
During First Half 2022, we trained 2,985 employees on ESG fundamentals to build climate and ESG risk
management capabilities across the business. We also developed an immersive ESG training program with
Monash University and Climateworks Centre, which 209 employees, including frontline bankers, have completed
to date.
In November 2021, APRA released the Prudential Practice Guide – CPG 229 Climate Change Financial Risks.
Westpac continues to participate in APRA’s Climate Vulnerability Assessment (CVA) with four other Australian
banks. APRA is expected to publish the CVA findings in 2022. Westpac will continue to review its climate risk
management approach in alignment with CPG 229, incorporating insights from the CVA as they become available.
Scenario analysis
In line with our Climate Action Plan, we used scenario analysis to inform our identification of industries exposed
to climate-related risks over short, medium and long-term horizons
1
and physical risk analysis in our Australian
mortgage book, the summary results of which are shown in the Metrics and Targets section below. We progressed
analysis to further understand material climate-related risks: net-zero pathways for a number of high-emitting
sectors and physical risk in the Australian mortgage and agribusiness portfolios.
Net-zero pathways for high-emitting sectors
In the half year, we continued our analysis to develop Paris-aligned financing strategies and portfolio targets,
focusing on a number of sectors representing the majority of our financed emissions. This required collaboration
with customers and industry experts. Our analysis has considered the IEA’s Net Zero by 2050, A Roadmap for the
Global Energy Sector report, the UNEP FI Net Zero Banking Alliance framework and the impact on the bank and
customers, including in hard-to-abate sectors. We will continue to provide annual updates on our progress.
We continue to engage with our customers on climate change risks and opportunities as part of our efforts to
support climate adaptation and a transition towards a net zero economy. In First Half 2022, we continued to
collaborate with customers more specifically on their ambitions for climate change mitigation and their respective
transition plans to align with a 1.5 degrees Celsius scenario. We will aim to continue to provide updates on the
progress of this customer engagement.
Physical risk in the Australian mortgage book
This half year, we refreshed the physical risk analysis to assess locations in our residential portfolio
2
. The analysis
suggests that while climate change may drive an ongoing increase in annual average losses over time, Westpac’s
exposure in the Australian mortgage portfolio, to locations identified as likely to be exposed to higher physical
risks under an RCP8.5
3
scenario is around 2.7% of the current portfolio, and is projected to increase to around
3.8% by 2050. Under an RCP2.6
3
scenario, the exposure of the current portfolio is around 2.6% and 3.3% by 2050.
We understand the importance of both climate mitigation and adaptation efforts, including government planning
measures, and the benefits of climate-resilient building characteristics to reduce property damage and impacts on
customers and communities.
Physical risk in the Australian Agribusiness portfolio
We recognise the potential impact that systemic changes in climate could have on agribusiness customers. In FY21
a scenario analysis was carried out to model potential impacts of long-term changes in rainfall and weather
conditions due to climate change on farm productivity. The analysis modelled productivity under different climate
change scenarios, both with and without adaptation measures, which farmers may adopt to address their risks.
Modelling work was completed in First Half 2022, and the results show that impacts on productivity, to 2050,
are highly dependent on the extent to which farms adapt to the changing climate. Whilst for some regions the
modelling revealed significant productivity upside based on adaptation measures, for other regions adaptation
was found to be crucial to maintaining current productivity levels.
It is already common practice for our agribusiness customers to seek and adopt innovative solutions to adjust
to climate challenges and improve the resilience and long-term viability of their operations. Following from this
scenario analysis, we have started to engage with customers across Australia to discuss the results of the analysis
as well as current and emerging adaptation measures. By listening to and consulting with customers, we will
enrich the analysis with a deeper understanding of the reality experienced by agribusinesses in Australia. We will
continue to consolidate the outcomes of this engagement and look to understand how we can help customers in
their ongoing adaptation journey. We will continue to provide annual updates on our progress.
1. Further details explaining the Group’s approach to scenario analysis can be found in our 2021 Sustainability Supplement.
2. The calculation of percentage mortgage portfolio exposed to higher risk locations is based on scenario analysis assessing locations
on the portfolio as at 28 February 2022. The mortgage balances of this portfolio are at 28 February 2022. Details on our approach to
physical risk scenario analysis on the Australian mortgages portfolio can be found in the 2021 Sustainability Supplement.
3. Intergovernmental Panel on Climate Change (IPCC) Representative Concentration Pathways (RCP) represent global warming scenarios
to 2100. An RCP2.6 represents a lower warming scenario and IPCC RCP 8.5 represents a higher warming scenario.

51WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
1
3
4
5
6
7
2
Review of Group operations
Metrics
MetricsHalf Year 2022 performance
Support for climate solutions1
• New lending to climate change
solutions (TCE)
• Total lending to climate change
solutions (TCE)
• $2.8 billion (cumulative since 2020) vs. 2023 target of $3.5 billion
• $10.7 billion
Energy generation
2

• Emission intensity of electricity
generation portfolio
• Energy mix of electricity
generation exposure (Westpac
Institutional Bank only)
• 0.26 (tCO2-e/MWh) vs. 2023 target of 0.23 (tCO2-e/MWh)
• 79% renewable vs. 21% non-renewables.
Mining and coal exposure
• Lending to mining (TCE)
• Lending to coal mining
(metallurgical and thermal) (TCE)
• Lending to thermal coal mining %
of coal mining
3
• Thermal coal mining portfolio
quality thresholds
• Oil and gas extraction (TCE)
• $8.4 billion mining exposure representing 0.72% of Group TCE
• $0.6 billion lending to coal mining representing 0.05% of Group TCE
• 36% of lending to coal mining is to thermal coal mining vs. 2030 target of 0%3
• Coal quality
–Existing projects > 5,700 kCal/kg – Consistent with Climate Action Plan
4

–New projects > 6,300 kCal/kg – Consistent with Climate Action Plan
4
• $2.4 billion lending to oil and gas extraction representing 0.21% of Group TCE
Climate change portfolio
resilience – scenario analysis
Transition risk
5
• 1.1% of current Australian Business and Institutional portfolio exposed to
sectors which by 2030 may face relatively higher growth constraints under
a 1.5 degrees Celsius scenario
• 2.4% of current Australian Business and Institutional portfolio exposed to
sectors which by 2050 may face relatively higher growth constraints under
a 1.5 degrees Celsius scenario
• 0.8% of current Australian Business and Institutional portfolio exposed to
sectors which by 2030 may face relatively higher growth constraints under
a 2 degrees Celsius scenario
• 1.9% of current Australian Business and Institutional portfolio exposed to
sectors which by 2050 may face relatively higher growth constraints under
a 2 degrees Celsius scenario
Physical risk
• 3.3% of current Australian mortgage portfolio
6
which by 2050 may be
exposed to higher physical risks under a RCP2.6 scenario
• 3.8% of current Australian mortgage portfolio
6
which by 2050 may be
exposed to higher physical risks under a RCP8.5 scenario
Financed emissions – emissions
intensity estimates of top five
highest-emitting sectors7
• Manufacturing
• Utilities
• Mining
• Agriculture
• Trade
• 0.257 kgCO
2
-e per $ lent
• 0.248 kgCO
2
-e per $ lent
• 0.227 kgCO
2
-e per $ lent
• 0.151 kgCO
2
-e per $ lent
• 0.094 kgCO
2
-e per $ lent
1. Refer to 2021 Sustainability Appendix for glossary.
2. Data updated annually. Data as at 30 September 2021.
3. Thermal coal mining exposure as % of coal mining – Westpac Institutional Bank only. We continue to support our existing thermal coal
customers, managing our portfolio in line with a commitment to reduce our exposure to zero by 2030. Existing thermal coal customers include
subsidiaries of existing customers, with thermal coal customers defined as those generating more than 25% of revenues from thermal coal, or
in the case of a stand-alone mine, more than 35% of volumes from thermal coal. All other coal customers or mines are deemed as metallurgical.
4. The Climate Action Plan specifies coal quality criteria of average calorific value on a Gross As Received basis must be at least 5,700
kCal/kg for existing mines; and at least 6,300 kCal/kg Gross As Received for new mines.
5. Excludes retail, sovereign, and bank exposures. Sectors whose medium (2030) and long-term (2050) performance under a scenario
deviated by more than one standard deviation below average GDP growth, were classified as ‘may face relatively higher growth constraints’.
6. Excludes Equity Access. Please see the 2021 Sustainability Supplement for more information. Higher risk were locations where
insurance may become more expensive or unavailable.
7. Data updated annually. Data as at 30 September 2021. Financed emissions is an estimate of emissions attributable to customer loans
in our Australian business, institutional and residential mortgage portfolios (‘financed emissions’). Refer to Westpac 2021 Financed
Emissions Methodology on our website for more information.

52WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
3.0 Segment reporting
Notable items
The table below shows the impact of notable items on the segments by the relevant period. Notable items are
discussed in Section 1.3.3 and Section 5, Note 9.

$mConsumerBusiness
Consumer
and
Business
Banking
Westpac
Institutional
Bank
Westpac
New
Zealand
(A$)
Specialist
Businesses
Group
BusinessesGroup
Half Year March 2022
Net interest income- - - - 7 - - 7
Net fee income- - - - - - - -
Net wealth management
and insurance income- - - - - (43)- (43)
Trading income- - - - - - - -
Other income- - - - 119 152 - 271
Non-interest income- - - - 119 109 - 228
Operating expenses- - - - - (215)(16)(231)
Core earnings- - - - 126 (106)(16) 4
Income tax (expense)/benefit
and NCI- - - - (2)(8)- (10)
Cash earnings- - - - 124 (114)(16)(6)
Half Year Sept 2021
Net interest income 3 103 106 - (32)(18)- 56
Net fee income- - - - (7)- (26)(33)
Net wealth management
and insurance income- - - - - (4)(14)(18)
Trading income- - - - - - - -
Other income- - - - 1 202 (7) 196
Non-interest income- - - - (6) 198 (47) 145
Operating expenses(35)(14)(49)(1,156)(17)(304)(76)(1,602)
Core earnings(32) 89 57 (1,156)(55)(124)(123)(1,401)
Income tax (expense)/benefit
and NCI 3 (29)(26) 191 13 (119) 23 82
Cash earnings(29) 60 31 (965)(42)(243)(100)(1,319)
Half Year March 2021
Net interest income- 74 74 - (3)- - 71
Net fee income(3) 1 (2)- (5) 8 (105)(104)
Net wealth management
and insurance income- - - - - - (88)(88)
Trading income- - - - - - - -
Other income- - - - - (7) 571 564
Non-interest income(3) 1 (2)- (5) 1 378 372
Operating expenses(106)(40)(146)(37)(6)(336)(220)(745)
Core earnings(109) 35 (74)(37)(14)(335) 158 (302)
Income tax (expense)/benefit
and NCI 33 (10) 23 11 4 38 (56) 20
Cash earnings(76) 25 (51)(26)(10)(297) 102 (282)
Segment reporting

53WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
2
4
5
6
7
3
1
Segment reporting
3.1 Consumer and Business Banking
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 5,700 6,173 6,300 (8)(10)
Non-interest income 487 437 430 11 13
Net operating income 6,187 6,610 6,730 (6)(8)
Operating expenses(3,351)(3,687)(3,429)(9)(2)
Core earnings 2,836 2,923 3,301 (3)(14)
Impairment (charges)/benefits(131) 400 209 largelarge
Profit before income tax expense 2,705 3,323 3,510 (19)(23)
Income tax expense and non-controlling interests (NCI)(820)(1,001)(1,048)(18)(22)
Cash earnings 1,885 2,322 2,462 (19)(23)
Add back notable items- (31) 51 (100)(100)
Cash earnings excluding notable items 1,885 2,291 2,513 (18)(25)
Expense to income ratio 54.16% 55.78% 50.95%(162 bps) 321 bps
Net interest margin 2.29% 2.49% 2.59%(20 bps)(30 bps)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Customer deposits
Term deposits 75.6 76.5 85.6 (1)(12)
Other 335.3 318.5 292.1 5 15
Total customer deposits 410.9 395.0 377.7 4 9
Net loans
Mortgages 458.4 455.7 443.6 1 3
Business 82.4 79.8 79.5 3 4
Other 9.0 8.8 10.0 2 (10)
Provisions(3.2)(3.2)(3.8)- (16)
Total net loans 546.6 541.1 529.3 1 3
Deposit to loan ratio 75.16% 73.00% 71.36% 216 bps 380 bps
Total assets 561.0 555.4 544.6 1 3
TCE 660.6 653.9 642.0 1 3
Average interest earning assets
1
499.9 493.9 487.7 1 3
Average allocated equity
1
33.1 33.0 33.0 - -
Credit quality
Impairment charges/(benefits) to average loans annualised
1
0.05%(0.15%)(0.08%)largelarge
Total stressed exposures to TCE 1.49% 1.74% 2.01%(25 bps)(52 bps)
1. Averages are based on a six month period.

54WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
3.1.1 Consumer

Consumer provides a range of banking products and services, including mortgages, credit cards, personal loans,
and savings and at call deposits to customers in Australia. Products and services are provided under the Westpac,
St.George, BankSA, Bank of Melbourne, and RAMS brands.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 4,377 4,722 4,764 (7)(8)
Non-interest income 324 263 255 23 27
Net operating income 4,701 4,985 5,019 (6)(6)
Operating expenses(2,369)(2,522)(2,376)(6)-
Core earnings 2,332 2,463 2,643 (5)(12)
Impairment (charges)/benefits 27 82 102 (67)(74)
Profit before income tax expense 2,359 2,545 2,745 (7)(14)
Income tax expense and non-controlling interests (NCI)(713)(765)(818)(7)(13)
Cash earnings 1,646 1,780 1,927 (8)(15)
Add back notable items- 29 76 (100)(100)
Cash earnings excluding notable items 1,646 1,809 2,003 (9)(18)
Expense to income ratio 50.39% 50.59% 47.34%(20 bps) 305 bps
Net interest margin 2.09% 2.27% 2.34%(18 bps)(25 bps)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Customer deposits
Term deposits 50.5 50.2 55.5 1 (9)
Other 225.7 216.2 198.5 4 14
Total customer deposits 276.2 266.4 254.0 4 9
Net loans
Mortgages 458.4 455.7 443.6 1 3
Other 9.0 8.8 10.0 2 (10)
Provisions(1.7)(1.8)(2.0)(6)(15)
Total net loans 465.7 462.7 451.6 1 3
Deposit to loan ratio 59.30% 57.58% 56.25% 172 bps 305 bps
Total assets 479.9 476.9 466.8 1 3
TCE 554.0 551.8 540.0 - 3
Average interest earning assets
1
420.3 415.4 408.0 1 3
Average allocated capital
1
25.2 24.8 24.8 2 2
Credit quality
Impairment charges/(benefits) to average loans annualised
1
(0.01%)(0.04%)(0.05%) 3 bps 4 bps
Mortgage 90+ day delinquencies 0.88% 1.07% 1.20%(19 bps)(32 bps)
Other consumer loans 90+ day delinquencies 1.48% 1.60% 1.60%(12 bps)(12 bps)
Total stressed exposures to TCE 0.81% 0.98% 1.06%(17 bps)(25 bps)
1. Averages are based on a six month period.

55WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
2
4
5
6
7
3
1
Segment reporting
Financial performance
First Half 2022 – Second Half 2021
Cash earnings of $1,646 million was $134 million or 8% lower ($163 million or 9% lower excluding notable items)
mostly due to lower net interest income from an 18 basis point reduction in net interest margin and a lower
impairment benefit. These were partly offset by a reduction in expenses, and a rise in non-interest income.
There were no notable items in Consumer in First Half 2022, and minimal notable items in Second Half 2021
(mostly in expenses).
Net interest
income down
$345m, 7%
• Net loans increased $3.0 billion (or 1%) over the half. Mortgages increased $2.7 billion
with a 2% increase in owner occupied mortgages partly offset by a reduction in investor
lending. Other lending increased $0.2 billion (or 2%) mostly from credit cards as
consumers increased spending over the holiday period and following the cessation of
COVID-19 related lockdowns;
• Deposits increased $9.8 billion (or 4%), with most growth in savings and transaction
accounts (including mortgage offset accounts). Term deposits balances were little
changed over the prior half as customers elected to hold their funds at call; and
• Net interest margin was 18 basis points lower mainly from mortgage competition and
growth in lower spread products (owner occupied, fixed rate mortgage lending) while
balances in higher spread products (investor and interest only lending) declined. Funding
costs also contributed to lower margins as loan interest rate pricing did not keep pace as
the yield curve steepened. These declines were partly offset by higher deposit spreads
from both repricing and changes in deposit mix.
Non-interest
income up
$61m, 23%
• Non-interest income benefitted from a $25 million one-off payment related to achieving a
milestone under the new distribution arrangements for general insurance; and
• Excluding this, non-interest income was up $36 million (or 14%), mostly from higher card
fees consistent with increased economic activity and higher international spending.
Expenses down
$153m, 6%
• Expenses excluding notable items were down $118 million (or 5%) mostly from our
simplification initiatives including changes in our organisational structure, and reduced
network expenses as we closed 70 branches and 117 ATMs; and
• Costs for programs to improve our management of risk were also lower.
Impairment
benefit of $27m
compared to
impairment
benefit of $82m
• The lower benefit was driven by an increase in portfolio overlays related to supply chain
disruptions, labour shortages, inflation, and recent flood events in Eastern Australia; and
• Credit quality metrics improved with stressed exposures to TCE down 17 basis points to
0.81%. Mortgage 90+ day delinquencies were down 19 basis points to 0.88%, mainly due
to a reduction in the hardship portfolio as customers completed their serviceability period
as well as exiting COVID-19 assistance packages. Other consumer 90+ day delinquencies
were down 12 basis points to 1.48% driven predominately by an improvement in the
cards portfolio.

56WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
First Half 2022 – First Half 2021
Cash earnings of $1,646 million was $281 million or 15% lower mostly due to a decline in net interest income and
a lower impairment benefit. These decreases were offset by higher non-interest income and a small reduction
in expenses. Notable items reduced cash earnings by $76 million in First Half 2021 with almost all the impact
in expenses.
Net interest
income down
$387m, 8%
• Net loans were $14.1 billion (or 3%) higher compared to First Half 2021, with mortgage
growth of $14.8 billion partly offset by a $1.0 billion decline in other lending;
• Deposits increased $22.2 billion (or 9%), with all growth in savings and transaction
accounts partly offset by a reduction in term deposits; and
• Net interest margin was 25 basis points lower from mortgage competition and portfolio
mix effects including a decline in relatively higher spread investor mortgages along with
lower cards and personal loan balances. This decline was partly offset by higher deposit
spreads from mix changes (switching from term deposits to at call) and from repricing.
Non-interest
income up
$69m, 27%
• Non-interest income benefitted from a $25 million one-off payment following achieving
milestone under the new distribution arrangements for general insurance. Excluding this
item, non-interest income was up $44 million (or 17%) mainly due to:
–Higher cards fees from increased transactions and more international activity as
COVID-19 restrictions eased; and
–Higher mortgage fees from the increase in lending activity.
• Partly offset by the loss of fee income from the removal of certain account-keeping fees
and other simplification initiatives ($5 million).
Expenses down
$7m, flat
• Expenses excluding notable items increased $99 million (or 4%) mostly from:
–Higher spending on risk and compliance programs;
–Additional resources to support customers;
–Annual salary increases; and
–An increase in software amortisation as certain projects became operational.
• Partly offset by cost savings from greater use of digital channels and a reduction in the
branch and ATM network. A net 110 branches and 199 ATMs were closed over the year.
Impairment
benefit of $27m
compared to
an impairment
benefit
of $102m
• Impairment benefit was $75 million lower driven by an increase in portfolio overlays related
to supply chain disruptions, labour shortages, inflation, and recent flood events in Eastern
Australia; and
• Credit quality metrics improved with stressed exposures to TCE down 25 basis points to
0.81%. Mortgage 90+ day delinquencies were down 32 basis points to 0.88% and other
Consumer 90+ day delinquencies were down 12 basis points to 1.48% driven predominately
by an improvement in the cards portfolio.

57WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
2
4
5
6
7
3
1
Segment reporting
3.1.2 Business
Business provides banking services and products to Australian small business, Agribusiness and Commercial
businesses generally up to $200 million in exposure. The segment offers savings, transaction and lending
products including specialist services such as cash flow finance, equipment finance and property finance. Business
operates under the Westpac, St.George, BankSA, and Bank of Melbourne brands.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 1,323 1,451 1,536 (9)(14)
Non-interest income 163 174 175 (6)(7)
Net operating income 1,486 1,625 1,711 (9)(13)
Operating expenses(982)(1,165)(1,053)(16)(7)
Core earnings 504 460 658 10 (23)
Impairment (charges)/benefits(158) 318 107 largelarge
Profit before income tax expense 346 778 765 (56)(55)
Income tax expense and NCI(107)(236)(230)(55)(53)
Cash earnings 239 542 535 (56)(55)
Add back notable items- (60)(25)(100)(100)
Cash earnings excluding notable items 239 482 510 (50)(53)
Expense to income ratio 66.08% 71.69% 61.54%largelarge
Net interest margin 3.33% 3.69% 3.86%(36 bps)(53 bps)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Customer deposits
Term deposits 25.1 26.3 30.1 (5)(17)
Other 109.6 102.3 93.6 7 17
Total customer deposits 134.7 128.6 123.7 5 9
Net loans
Business 82.4 79.8 79.5 3 4
Provisions(1.5)(1.4)(1.8) 7 (17)
Total net loans 80.9 78.4 77.7 3 4
Deposit to loan ratio 166.42% 164.00% 159.22% 242 bpslarge
Total assets 81.1 78.5 77.8 3 4
TCE 106.6 102.1 102.0 4 5
Average interest earning assets
1
79.6 78.5 79.7 1 -
Average allocated capital
1
7.9 8.2 8.2 (4)(4)
Credit quality
Impairment charges/(benefits) to average loans annualised
1
0.40%(0.80%)(0.27%)largelarge
Business: impaired exposures to TCE 0.60% 0.72% 0.87%(12 bps)(27 bps)
Total stressed exposures to TCE 5.07% 5.90% 7.0 2 %(83 bps)(195 bps)
1. Averages are based on a six month period.

58WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
Financial performance
First Half 2022 – Second Half 2021
Cash earnings of $239 million was $303 million or 56% lower than Second Half 2021 ($243 million lower excluding
notable items) mostly from a $476 million turnaround in impairment charges (a benefit to a charge). There were
no notable items in First Half 2022 but excluding their impact from Second Half 2021, core earnings increased
$133 million, or 36%, from lower expenses.
Net interest
income down
$128m, 9%
• Excluding notable items, net interest income was down $25 million (or 2%);
• Net loans were $2.5 billion (or 3%) higher over the half with growth across the commercial
property and agriculture sectors;
• Deposits were up $6.1 billion (or 5%) including a $3.8 billion rise in transaction accounts
and $3.5 billion rise in savings accounts as customers elected to hold more funds at call.
Term deposits were $1.2 billion lower; and
• Net interest margin was down 36 basis points (10 basis points excluding notable items
as Second Half 2021 included a benefit of $103 million) mostly from competition for
new lending and to retain business and lower returns on hedged deposits. These
reductions were partly offset by deposit repricing and changes in the deposit mix (more
transaction balances).
Non-interest
income down
$11m, 6%
• The decrease was mostly from higher card scheme fees received in Second Half 2021 and
lower merchant fees in First Half 2022.
Expenses down
$183m, 16%
• Excluding notable items of $14 million in Second Half 2021, expenses were down
$169 million (or 15%). The decline was due to;
–Simplification of our operating structure; and
–Costs for programs to improve our management of risk were also lower.
Impairment
charge
of $158m
compared to
an impairment
benefit of
$318m
• The impairment charge was mostly due to an increase in CAP related to supply chain
disruptions, labour shortages, inflation and asset price risks; and
• Credit quality metrics improved with stressed exposures to TCE down 83 basis points to
5.07%, with significant reduction in stress in accommodation and agricultural sectors.

59WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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4
5
6
7
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Segment reporting
First Half 2022 – First Half 2021
Cash earnings of $239 million was $296 million or 55% ($271 million lower excluding notable items) mostly from a
$265 million turnaround in impairment charges (from an impairment benefit in First Half 2021). Excluding notable
items, core earnings were $119 million or 19% lower mostly from the 35 basis point (ex notable items) reduction in
net interest margin.
Net interest
income down
$213m, 14%
• Excluding notable items, net interest income was down $139 million (or 10%);
• Net loans increased $3.2 billion (or 4%) over the year with most growth in commercial
property and agriculture sectors;
• Deposits were up $11.0 billion (or 9%) with a $16.0 billion increase in at call accounts,
including a $9.1 billion rise in transaction balances, while term deposits declined $5.0 billion
as customers elected to hold more funds at call; and
• Net interest margin declined 53 basis points (35 basis points lower excluding notable
items). The decline was mostly from lower loan spreads due to competitive pricing and
lower returns on hedged deposits. This was partly offset by higher deposit spreads from
repricing and portfolio mix benefits.
Non-interest
income down
$12m, 7%
• The decline was mainly due to lower payment and merchant related fees including higher
interchange costs and some higher one-off scheme payments in First Half 2021; and
• These declines were partly offset by higher guarantee and overdraft fees.
Expenses down
$71m, 7%
• Notable items were $40 million in First Half 2021, excluding this impact, expenses were
$31 million lower driven by simplification initiatives including changes in our organisational
structure partly offset by increased risk and compliance costs and annual salary increases.
Impairment
charge
of $158m
compared to
an impairment
benefit of
$107m
• The impairment charge was mostly due to an increase in CAP related to supply chain
disruptions, labour shortages, inflation and asset price risks; and
• Credit quality metrics improved with stressed exposures to TCE down 195 basis points
to 5.07%, with a reduction in stress in the accommodation, agricultural, trade and
property sectors.

60WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
3.2 Westpac Institutional Bank (WIB)
Westpac Institutional Bank (WIB) delivers a broad range of financial products and services to corporate,
institutional and government customers operating in, or with connections to, Australia and New Zealand.
WIB operates through dedicated industry relationship and specialist product teams, with expert knowledge in
financing, transactional banking, and financial and debt capital markets. Customers are supported throughout
Australia and via branches and subsidiaries located in New Zealand, New York, London and Singapore. WIB works
with all the Group’s operating segments in the provision of markets’ related financial needs including foreign
exchange and fixed interest solutions.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 481 458 467 5 3
Non-interest income 588 626 687 (6)(14)
Net operating income 1,069 1,084 1,154 (1)(7)
Operating expenses(577)(1,887)(708)(69)(19)
Core earnings 492 (803) 446 large 10
Impairment (charges)/benefits(58)(154)(8)(62)large
Profit before income tax expense 434 (957) 438 large(1)
Income tax expense and NCI(128) 126 (140)large(9)
Cash earnings 306 (831) 298 large 3
Add back notable items- 965 26 (100)(100)
Cash earnings excluding notable items 306 134 324 128 (6)
Expense to income ratio 53.98% 174.08% 61.35%largelarge
Net interest margin 1.17% 1.24% 1.26%(7 bps)(9 bps)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Customer deposits 104.7 99.3 92.7 5 13
Net loans
Loans 74.3 68.3 63.4 9 17
Provisions(0.3)(0.6)(0.3)(50)-
Total net loans 74.0 67.7 63.1 9 17
Deposit to loan ratio 141.53% 146.64% 146.84%largelarge
Total assets 94.0 82.8 75.5 14 25
TCE 190.8 179.7 174.7 6 9
Average interest earning assets
1
82.6 73.7 74.1 12 11
Average allocated capital
1
7.7 7.5 8.1 3 (5)
Impairment charges to average loans annualised
1
0.16% 0.48% 0.03%(32 bps) 13 bps
Impaired exposures to TCE 0.14% 0.29% 0.14%(15 bps)-
Total stressed exposures to TCE 0.20% 0.64% 0.56%(44 bps)(36 bps)
Revenue contribution
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Lending and deposit revenue 710 673 642 5 11
Markets, sales and fee income 417 400 423 4 (1)
Total customer revenue 1,127 1,073 1,065 5 6
Derivative valuation adjustments (29) 44 53 largelarge
Trading revenue 34 25 75 36 (55)
Other
2
(63)(58)(39) 9 62
Total WIB revenue 1,069 1,084 1,154 (1)(7)
1. Averages are based on a six month period.
2. Includes capital benefit and the Bank Levy.

61WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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4
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6
7
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Segment reporting
Financial performance
First Half 2022 – Second Half 2021
Cash earnings of $306 million were $1,137 million higher than Second Half 2021, primarily due to the absence of
notable items. Excluding notable items in Second Half 2021, cash earnings were $172 million or 128% higher from
a 5% increase in customer revenue, lower expenses and a decline in impairment charges.
Net interest
income up
$23m, 5%
• Net loans were up 9%, or $6.3 billion with growth across the property and non-bank
financial sectors and from supporting increased merger and acquisition activity. Existing
customers also increased utilisation of their credit facilities, with loans to TCE up 1
percentage point over the half;
• Deposits were $5.4 billion, or 5% higher largely in corporate term deposits and higher yield
at call products, partly offset by lower government deposits; and
• Net interest margin declined 7 basis points. The decline was mostly due to the mix impact
from growth in market inventory. Loan and deposit spreads were little changed over
the half.
Non-interest
income down
$38m, 6%
• A significant turnaround in derivative valuation adjustments from a gain of $44 million
in Second Half 2021 compared to a loss of $29 million in First Half 2022 as counterparty
credit spreads widened, partly offset by;
• Higher markets income (up $39 million) due to higher market volatility in rates and
FX markets. These conditions resulted in more customer activity including hedging their
positions which supported a $30 million increase in customer markets income mostly
across fixed income, and a $9 million increase in non-customer markets income.
Expenses down
$1,310m, 69%
• Excluding notable items, expenses decreased $154 million, or 21% reflecting:
–Benefits from international consolidation and simplification initiatives;
–Lower risk and compliance costs as some programs were completed; and
–Lower software amortisation and property costs following the write-down of certain
assets in Second Half 2021.
Impairment
charges down
$96m, 62%
• The impairment charge was $96 million lower (Second Half 2021 included the Forum
Finance IAP). This was partly offset by higher overlays in First Half 2022; and
• Credit quality metrics improved with stressed exposures to TCE down 44 basis points to
0.20% mostly due to a reduction in watchlist and impaired exposures.

62WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
First Half 2022 – First Half 2021
Cash earnings of $306 million were $8 million or 3% higher than First Half 2021. Excluding notable items, cash
earnings were $18 million or 6% lower, primarily from a 7% decline in operating income and an increase in
impairment charges. This was partly offset by a 14% reduction in operating expenses.
Net interest
income up
$14m, 3%
• Net loans increased $10.9 billion, or 17% with growth spread across most sectors;
• Deposits were up $12.0 billion, or 13%, mostly from increased corporate term deposits
and higher yield at call products as clients sought improved returns in the low rate
environment; and
• Net interest margin was down 9 basis points driven by the impact of low interest rate and
mix impact from growth in market inventory. Improved deposit spreads were offset from a
decline in loan spreads due to competition.
Non-interest
income down
$99m, 14%
• A significant turnaround in derivative valuation adjustments from a gain of $53 million in
First Half 2021 compared to a loss of $29 million in First Half 2022 as counterparty credit
spreads widened; partly offset by;
• Excluding this impact, non-interest income was $17 million lower from:
–A $41 million decline in non-customer markets income, mostly from fixed income;
–Lower payments revenue from reduced transaction volumes and from exiting some
non-core activities;
–Partly offset by higher customer markets income ($35 million) across fixed income and
FX due to higher market volatility; and
–Increased origination and syndication activity.
Expenses down
$131m, 19%
• Excluding notable items, expenses decreased $94 million, or 14% reflecting:
–Simplification benefits, mostly from the full period benefit of international
consolidation, product and process simplification and operating model changes;
–Lower software amortisation expenses and property costs due to the write-down of
certain assets in Second Half 2021; and
–Partly offset by an increase in staff expenses.
Impairment
charges up
$50m, large
• The impairment charge was $50 million higher, driven by an increase in CAP mainly related
to supply chain disruptions, labour shortages, inflation and asset price risks; and
• Credit quality metrics improved with stressed exposures to TCE down 36 basis points to
0.20% predominately due to a reduction in watchlist exposures. Impaired exposures to
TCE were flat at 0.14%.

63WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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Segment reporting
3.3 Westpac New Zealand
Westpac New Zealand provides banking, wealth and insurance products and services for consumer, business
and institutional customers in New Zealand. Westpac conducts its business through: Westpac New Zealand
Limited, which is incorporated in New Zealand, and Westpac Banking Corporation (New Zealand Branch), which
is incorporated in Australia. Westpac New Zealand operates through a network of branches and ATMs across the
North and South Islands. Business and institutional customers are also served through relationship and specialist
product teams. New Zealand maintains its own infrastructure, including technology, operations and treasury.
All figures are in NZ$ unless noted otherwise.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
NZ$m202220212021- Sept 21- Mar 21
Net interest income 1,102 1,052 1,066 5 3
Non-interest income 287 166 179 73 60
Net operating income 1,389 1,218 1,245 14 12
Operating expenses(564)(596)(536)(5) 5
Core earnings 825 622 709 33 16
Impairment (charges)/benefits 10 (15) 99 large(90)
Profit before income tax expense 835 607 808 38 3
Income tax expense and NCI(200)(177)(225) 13 (11)
Cash earnings 635 430 583 48 9
Add back notable items(131) 44 10 largelarge
Cash earnings excluding notable items 504 474 593 6 (15)
Expense to income ratio 40.60% 48.93% 43.05%large(245 bps)
Net interest margin 1.98% 1.94% 2.06% 4 bps(8 bps)
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
NZ$bn202220212021- Sept 21- Mar 21
Customer deposits
Term deposits 30.1 28.3 28.7 6 5
Other 48.3 47.6 45.4 1 6
Total customer deposits 78.4 75.9 74.1 3 6
Net loans
Mortgages 62.2 60.9 58.4 2 7
Business 31.0 31.0 31.3 - (1)
Other 1.2 1.2 1.4 - (14)
Provisions(0.4)(0.5)(0.5)(20)(20)
Total net loans 94.0 92.6 90.6 2 4
Deposit to loan ratio 83.40% 81.97% 81.79% 143 bps 161 bps
Total assets 116.5 112.4 107.6 4 8
TCE 141.8 136.7 131.1 4 8
Third party liquid assets 19.3 15.8 14.1 22 37
Average interest earning assets
1
111.8 108.0 103.8 4 8
Average allocated capital
1
7.0 7.0 6.9 - 1
Total funds 11.7 12.0 11.9 (3)(2)
Credit quality
Impairment charges/(benefits) to average loans annualised
1
(0.02%) 0.03%(0.22%)large 20 bps
Mortgage 90+ day delinquencies 0.30% 0.30% 0.33%- (3 bps)
Other consumer loans 90+ day delinquencies 1.42% 1.65% 1.91%(23 bps)(49 bps)
Impaired exposures to TCE 0.06% 0.11% 0.13%(5 bps)(7 bps)
Total stressed exposures to TCE 1.14% 1.19% 1.56%(5 bps)(42 bps)
1. Averages are based on a six month period.

64WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
Financial performance (NZ$)
First Half 2022 – Second Half 2021
Cash earnings of $635 million were $205 million or 48% higher, largely from the gain on sale of Westpac
Life-NZ- Limited (NZ Life), $126 million, treated as a notable item in First Half 2022. Excluding notable items,
cash earnings increased $30 million, or 6%, from a reduction in expenses and an impairment benefit.
Net interest
income up
$50m, 5%
• Excluding the impact of notable items, net interest income was $10 million higher;
• Net loans increased $1.4 billion, or 2%, with most growth in mortgages;
• Deposits were up $2.5 billion, or 3%, with most of the growth in term deposits as
customers shift preference in a rising rate environment; and
• Net interest margin was 4 basis points higher (4 basis points lower excluding notable
items). Excluding notable items, the decline was due to lower spreads on new mortgages
and the impact of portfolio mix (more lower yielding products). This was partly offset by
higher deposit spreads from rising interest rates. The 22% increase in third party liquid
assets had less than 1 basis point impact on the net interest margin.
Non-interest
income up
$121m, 73%
• Excluding a $126 million gain (a notable item) on the sale of NZ Life in February
2022, non-interest income was $12 million lower. Most of the decline was due to lower
investment income following repricing of our funds including KiwiSaver funds and lower
banking fee income due to reduced activity. The loss of income following the divestment
of NZ Life was partly offset by distribution fees received.
Expenses down
$32m, 5%
• Excluding notable items, expenses were $15 million, or 3% lower mostly from the timing
of risk and compliance spending with more investment typically in the second half of
the year.
Impairment
benefit of $10m
compared to
an impairment
charge of $15m
• Asset quality has generally improved with stressed exposures to TCE down 5 basis points
and other consumer 90+ day delinquencies down 23 basis points. Mortgage 90+ day
delinquencies of 30 basis points were unchanged over the half; and
• The impairment benefit mostly reflects lower collectively assessed provisions from
improved credit quality metrics. The Second Half 2021 impairment charge was mostly
due to an IAP raised for Forum Finance.

65WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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7
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Segment reporting
First Half 2022 – First Half 2021
Cash earnings of $635 million were $52 million or 9% higher than First Half 2021, largely from the gain on sale of
NZ Life partly offset by a lower impairment benefit. Excluding notable items, cash earnings decreased $89 million,
or 15%, mostly due to higher spending on risk and compliance projects and a lower impairment benefit.
Net interest
income
up $36m, 3%
• Excluding the impact of notable items, net interest income was $26 million higher;
• Net loans increased $3.4 billion, or 4%, with $3.8 billion of mortgage growth partly offset
by $0.3 billion decrease in business loans;
• Deposits increased $4.3 billion, or 6%, fully funding loan growth and lifting the deposit to
loan ratio to 83.4%. Growth in at call accounts was mainly across households, while the
increase in term deposits was across businesses and households; and
• Net interest margin decreased 8 basis points (11 basis points lower excluding notable
items) mostly from lower lending spreads on new mortgages and portfolio mix changes.
This was partly offset by higher deposit spreads due to repricing and the impact of rising
interest rates. The 37% increase in third party liquid assets had less than 1 basis point
impact on the net interest margin.
Non-interest
income up
$108m, 60%
• Excluding notable items mostly relating to the gain on the sale of NZ Life in
February 2022, non-interest income decreased $24 million;
• Investment income was lower from the repricing of our funds including KiwiSaver funds.
Lower cards revenue also contributed to the decline;
• The loss of income following the divestment of NZ Life was partly offset by distribution
fees received; and
• First Half 2021 included a gain on sale of the Wealth Advisory business ($8 million).
Expenses up
$28m, 5%
• Excluding notable items, expenses increased $34 million, primarily due to increased
investment in technology resilience and data capability along with risk and compliance
projects including RBNZ’s BS11 Outsourcing Policy and Section 95 requirements on
liquidity and risk governance. The number of FTE increased by 299 over the year.
Impairment
benefit of $10m
compared to
impairment
benefit of $99m
• Impairment benefit in First Half 2022 was mostly due to improved credit metrics.
• Stressed exposures to TCE down 42 basis points to 1.14% due to reduction in watchlist
exposures. Mortgage 90+ day delinquencies were 3 basis points lower at 0.30%. Other
consumer 90+ day delinquencies of 1.42%, down 49 basis points over the half, with most
of the decrease due to an improvement in customers in hardship.

66WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
Segment reporting
3.3.1 Westpac New Zealand segment performance (A$ Equivalent)
Results have been translated into Australian dollars (A$) at the average exchange rates for each reporting
period, First Half 2022: $1.0593 (Second Half 2021: $1.0626; First Half 2021: $1.0698). Unless otherwise stated,
assets and liabilities have been translated at spot rates as at the end of the period, 31 March 2022: $1.0759
(30 September 2021: $1.0477; 31 March 2021: $1.0891).
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 1,041 991 996 5 5
Non-interest income 270 156 167 73 62
Net operating income 1,311 1,147 1,163 14 13
Operating expenses(534)(562)(500)(5) 7
Core earnings 777 585 663 33 17
Impairment (charges)/benefits 9 (13) 92 large(90)
Profit before income tax expense 786 572 755 37 4
Income tax expense and NCI(189)(167)(210) 13 (10)
Cash earnings 597 405 545 47 10
Add back notable items(124) 42 10 largelarge
Cash earnings excluding notable items 473 447 555 6 (15)
Expense to income ratio
1
40.60% 48.93% 43.05%large(245 bps)
Net interest margin
1
1.98% 1.94% 2.06% 4 bps(8 bps)
As atAs atAs at% Mov’t
MarchSeptMarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Customer deposits 72.8 72.5 68.0 - 7
Net loans 87.4 88.4 83.2 (1) 5
Deposit to loan ratio
1
83.40% 81.97% 81.79% 143 bps 161 bps
Total assets 108.2 107.1 98.8 1 10
TCE 131.8 130.5 120.3 1 10
Third party liquid assets 18.0 15.1 12.9 19 40
Average interest earning assets
2
105.6 101.7 97.0 4 9
Average allocated capital
2
6.6 6.6 6.5 - 2
Total funds 10.9 11.5 10.9 (5)-
1. Ratios calculated using NZ$.
2. Averages are based on a six month period and are translated at average rates.

67WESTPAC GROUP 2022 INTERIM FINANCIAL RESULTS
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Segment reporting
3.4 Specialist Businesses (SB)
Specialist Businesses comprises the operations that Westpac has decided to exit. An agreement was completed
in 2021 for the sale of Westpac Life Insurance Limited. Regulatory approvals have been obtained and this
sale is expected to finalise in 2022. Other operations yet to be sold, include investment product and services,
superannuation and retirement products as well as wealth administration platforms. It also manages Westpac
Pacific which provides a full range of banking services in Fiji and Papua New Guinea. Specialist Businesses
operates under the Westpac, St.George, BankSA, Bank of Melbourne, and BT brands.
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Net interest income 242 246 248 (2)(2)
Non-interest income 550 790 665 (30)(17)
Net operating income 792 1,036 913 (24)(13)
Operating expenses(584)(738)(740)(21)(21)
Core earnings 208 298 173 (30) 20
Impairment (charges)/benefits 38 (13) 79 large(52)
Profit before income tax expense 246 285 252 (14)(2)
Income tax expense and NCI(114)(240)(135)(53)(16)
Cash earnings 132 45 117 193 13
Add back notable items 114 243 297 (53)(62)
Cash earnings excluding notable items 246 288 414 (15)(41)
Expense to income ratio 73.74% 71.24% 81.05% 250 bpslarge
Net interest margin 3.45% 3.15% 3.06% 30 bps 39 bps
As atAs atAs at% Mov’t
31 March30 Sept31 MarchMar 22Mar 22
$bn202220212021- Sept 21- Mar 21
Deposits
1
8.4 8.7 6.7 (3) 25
Net loans
1
Loans 12.0 14.0 14.9 (14)(19)
Provisions(0.3)(0.4)(0.4)(25)(25)
Total net loans 11.7 13.6 14.5 (14)(19)
Deposit to loan ratio
1
71.29% 64.46% 46.09%largelarge
Total funds 222.9 227.4 211.7 (2) 5
TCE 15.4 18.1 19.2 (15)(20)
Average allocated capital
2
4.1 4.6 4.6 (11)(11)
Average funds
2
224.9 223.8 205.6 - 9
Credit quality
Auto Finance 90 day+ delinquencies 2.00% 1.97% 2.45% 3 bps(45 bps)
Total stressed exposures to TCE 6.98% 6.41% 7.11% 57 bps(13 bps)
Cash earnings excluding notable items
Half YearHalf YearHalf Year% Mov’t
MarchSeptMarchMar 22Mar 22
$m202220212021- Sept 21- Mar 21
Held-for-sale 34 70 132 (51)(74)
Businesses sold 5 94 54 (95)(91)
Other businesses 207 124 228 67 (9)
Total cash earnings (ex notable items) 246 288 414 (15)(41)
1. Includes assets and liabilities presented as held for sale.
2. Averages are based on a six month period.