Westpac 1H22 Presentation and Investor Discussion Pack

ASX
Release


9 MAY 2022

Westpac 1H22 Presentation and Investor Discussion Pack

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
1H22 Presentation and Investor Discussion Pack.










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

Presentation
and Investor
Discussion Pack
2022 INTERIM FINANCIAL RESULTS
Westpac Banking Corporation
ABN 33 007 457 141
For the six months ended 31 March 2022
Cover image: Westpac employees at our portable 'Bank in a box' in Lismore, NSW, after the floods.
Financial results throughout this presentation are in Australian dollars and are based on cash
earnings unless otherwise stated. Refer page 41 for definition. Results principally cover the
1H22, 2H21 and 1H21 periods. Comparison of 1H22 versus 2H21 (unless otherwise stated).

Westpac
2022 Interim
Results Index
2022 Interim Results Presentation3
Investor Discussion Pack of 2022 Interim Results35
Overview36
Results38
Customer franchise42
Governance48
Sustainability50
Earnings drivers56
Revenue57
Expenses60
Impairment charges62
Credit quality and provisions63
Australian mortgage credit quality74
Capital, Funding and Liquidity80
Segment results91
Consumer94
Business95
Westpac Institutional Bank96
Westpac New Zealand97
Specialist Businesses101
Economics104
Appendix120
Contact us131
Disclaimer132

Peter King
Chief Executive Officer

1H22 Good progress on strategic priorities.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack4
Outcomes
Fix
Simplify
Address
outstanding issues
Streamline and
focus the business
•Lifting risk management - CORE program on track
•Resolved significant regulatory investigations
•Two more businesses sold, six sold in total
•Significant progress on digital
•Earnings higher, with core earnings up
•Cost reset delivering
•NIM lower, pressure eased over the half
Perform
Sustainable
long term returns
Priorities

1H22 Earnings snapshot.
1 Cash earnings is a measure of profit generated from ongoing operations for further detail see page 41 and 121. 2 References to notable items in this page include provisions related to estimated customer refunds, costs and litigation; write-down of
intangible items; and asset sales/revaluations.3 Return on equity is cash earnings divided by average ordinary equity.
1H212H211H22
Change
1H22–2H21
Change
1H22–1H21
Reported net profit$3,443m$2,015m$3,280m63%(5%)
Cash earnings
1
$3,537m$1,815m$3,095m71%(12%)
Cash earnings
1
basis excluding notable items
2
Core earnings$5,120m$4,338m$4,589m6%(10%)
Impairment (charge)/benefit$372m$218m($139m)LargeLarge
Cash earnings$3,819m$3,134m$3,101m(1%)(19%)
Net interest margin2.07%1.98%1.85%(13bps)(22bps)
Expenses$5,236m$5,700m$5,135m(10%)(2%)
Return on equity
3
11.01%8.67%8.75%8bps(226bps)
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack5

1H22 Segment core earnings.
1 Excluding notable items.
Core earnings excl.
notable items ($m)
2H211H22
Change
1H22–2H21
Consumer2,4952,332(7%)
Business37150436%
WIB35349239%
Westpac NZ 6406512%
Group BU57296Large
Specialist
Businesses
422314(26%)
Group Total4,3384,5896%
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack6
•Margins down, mortgage competition
•Costs down 5%
1
•Improved loan growth, margins down
•Costs down 15%
1
•Good loan growth, improved markets
•Costs down 21%
1
•Steady performance
•Treasury managed volatility well
•Business exits, lower life insurance

7
1 Completed means the activity has been finalised by Westpac. Not all complete projects have been submitted to the Independent Reviewer, Promontory Australia, for assessment. Refer to page 48 for more detail on the status of the CORE Program at
31 March 2022.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
FIX – CORE program on track after first year.
Progress on CORE activities by stage (% complete
1
)
Design
March 22Sept 21
Promontory Australia
Independent Review of Westpac Banking Corporation’s
Integrated Plan for the Court Enforceable Undertaking.
3 May 2022
99%
63%
9%
76%
40%
6%
Sept 22
Expected
Fifth Promontory report highlights
our progress, and while it
indicates the potential for
disruption following our recent
organisational changes, the
report states:
“The program nevertheless
remains on track in terms of
completing activities within the
planned timeframes. The design
stage of the program has laid
down a solid foundation from
which Westpac can address the
root causes of its
shortcomings.... However, much
remains to be done...”
Implement
Embed

Consumer – franchise progress.
8
1 Based on time from application start (for 1
st
party) or application submitted (for 3
rd
party) to unconditional approval and is the median time for applications approved within the month. 2 Main Financial Institution for Consumer customers at February
2022. Refer page 130 for details of metric provider.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
20.6
11.7
9.9
12.6
9.6
7.6
1H212H211H22
3rd party
Proprietary
Mortgage time to right (days)
1
•Reduced mortgage time to right
•New app rolled out to android users
after iOS completed in 2021
•Tripled number of deposit accounts
opened digitally
•Enhanced security, blocking suspect
transactions/threats/gambling
•Transaction deposits up 11%
•Added ~200 bankers last 12 months
•Consolidated 70 branches
•Acquired
275
290
295
169
166
163
1H212H211H22
Owner
occupied
Investor &
line of credit
Australian mortgages ($bn)
12.6%
14.5%
15.9%
16.4%
Aug-20Feb-21Aug-21Feb-22
MillennialOverall
MFI share (%)
2
Perform
Simplify

Business – returning to growth.
9Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
•New digital lending application process
•Reduced products for sale by 17
•New SME risk grade model
•Streamlined the annual review process
•Business lending return to growth
•Next generation merchant terminals
•Digitisation has given bankers an
extra day per week to spend with
customers
•Supported 6,000 small businesses
with SME government guarantee
Net movements in business lending ($bn)
(2.1)
(3.2)
0.3
2.6
2H201H212H211H22
Business lending settlements ($bn)
8.4
8.3
13.1
17.6
2H201H212H211H22
Perform
Simplify

WIB – improving returns.
10
1 Markets income excludes DVA.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
•New online FX pricing calculator
•11,000 hours of manual work saved
from reengineering processes
•Consolidating international – no direct
loan exposure in our China offices
•Loans up 9%
•Lifted sustainability capability
─39 sustainable transactions
─New carbon trading desk
363
335
340
370
148
75
2H211H222H201H21
410
25
511
34
365
404
Non-customer income
Customer income
(4.9)
(1.0)
5.8
6.1
1H212H201H222H21
Net WIB onshore lending movements ($bn)
Markets income ($m)
1
Perform
Simplify

NZ – steady progress.
11Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
•Participated in around one third of all
sustainable transactions in NZ
•KiwiSaver default provider (one of
only six providers) –37k new
customers
•Agri market share up 17bps
55
58
61
62
32
32
31
31
1
1
Sep-21
1
Sep-20Mar-22
1
Mar-21
88
91
93
94
Personal
Business
Mortgage
31
29
28
30
18
21
22
22
22
24
26
26
Mar-22Sep-20Mar-21Sep-21
71
78
74
76
Transaction
Savings
Te r m
Loans (NZ$m)
Deposits (NZ$m)
•Completed sale of Westpac Life NZ
•Products for sale down 4%
•Significant risk and regulatory projects
underway – BS11, Liquidity, risk
governance
Perform
Fix
Simplify

Fully franked interim dividend – 61 cps.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
•Medium term outlook for return and growth
•Sustainable payout ratio ~60-75% (ex notable items)
•Dividend yield 5%
1
, fully franked 7.2%
1
•Seek to neutralise DRP with no discount on DRP market price
Dividends per ordinary share (cents)
Dividend payout ratio (%)
Dividend considerations
1 Based on 31 March 2022 closing price of $24.24.
1H212H211H22
Cash earnings6012169
Cash earnings
(ex notable items)
567069
80
31
58
60
61
0
1H202H192H201H221H212H21
12

Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated.
Refer page 30 for definition. Results principally cover the 1H20, 2H19 and 1H19 periods.
Comparison of 1H20 versus 2H19 (unless otherwise stated).
Michael Rowland
Chief Financial Officer

1H22 results summary.
1 Following the exit of Life Insurance expected in 2H22 of approximately 16bps.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack14
Core earnings ex
notable items up
6% on 2H21
•Reduced costs by 10%, good progress on simplification,
headcount down over 4,000
•Revenue down 3%, lower margins, impact of
businesses sold
•Credit quality continues to improve, most metrics back
around pre-COVID levels
•Well funded – higher deposits, well timed wholesale
issuance
•CET1 capital ratio 11.3%, pro forma
1
11.5%, $5.5bn
returned to shareholders
•New CET1 operating range 11.0% – 11.5% from 1 Jan 23
Balance sheet
strong

Notable items and simplification impacts.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 Contribution of businesses sold in respective period. For detail on the contribution of business under sale agreement and presented as Held for Sale refer to Westpac’s 2022 Interim Financial Results Announcement Section 5 Note 8.
($m after tax)2H211H22
Remediation and litigation(172)(65)
Write-down of goodwill &
other assets
(965)(154)
Asset sales / revaluations(182)213
Total cash earnings impact(1,319)(6)
($m)1H212H211H22
Core earnings8815225
Cash earnings7211523
Notable itemsContribution of businesses sold
1
15
Included in businesses sold FY211H22
General Insurance‒
Lenders Mortgage Insurance‒
Vendor Finance‒
Auto Finance & novated leasing
NZ Life Insurance

1H22 Cash earnings ($m) 1H22 – 2H21.
1 NCI is non-controlling interests.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1,815
3,134
3,101
3,095
1,319
565
73
2H21Expenses2H21
notable
items
Impairment
charges
(357)
2H21 excl.
notable
items
Net interest
income
Tax & NCI
1
Non-interest
income
1H22 excl.
notable
items
1H22
notable
items
1H22
(146)
(168)
(6)
Core earnings up 6%
16
$131m reduction
from sold businesses
Up 71%
Down 1%

5.2
2.6
6.0
(2.5)
Business
0.1
Mar-21Mortgages
- Investor
1
Personal
(ex Auto)
New
Zealand
(in A$)
InstitutionalMortgages
- Owner
occupier
Sep-21
690.0
(1.7)
710.8
(1.0)
0.1
719.6
Mar-22Other
2
Auto
Lending composition ($bn).
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 Includes Line of Credit and other mortgage movements. 2 Includes provisions.
• Sale of wholesale dealer
loan book ($1.0bn)
• Auto run-off ($0.7bn)
17
Up $8.8bn or 1%
Up $1.3bn in NZ$

Australian mortgages.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Lending flows ($bn)
2
Mortgage balances ($bn)
1 Includes Line of Credit and other non owner occupied mortgages. 2 Chart may not add through due to rounding.
Stock
Sep-21
Stock
Mar-22
Flow
1H22
Interest only161416
Fixed rate384039
Investor
1
363531
Composition (% of total)
266.3
275.1
290.1
295.3
174.6
168.5
165.5
163.0
Sep-21Sep-20Mar-21Sep-21Mar-22Sep-20Mar-22Mar-21
34
458
Sep-21New lending
ex refinance
Net refinanceProperty sale
and other
PaydownMar-22
456
-
(13)
(18)
18
Investor contraction reflects:
•Continued high run-off in interest only
•Reduction in non-standard products i.e
SMSF, reverse mortgage and foreign
•Current policies and processes
Owner occupied
Investor
1

0%
1%
2%
3%
Mar-19Mar-20Mar-21Mar-22
Tractor
3 year swap rate (spot)
310
110
33
15
≤25bps26≤50bps51≤75bps76bps+
0.11
0.11
0.15
Capital & other
1.99
Liquid assets
(7bps)
1.70
1.85
4bps
1H22
(1bp)
1.98
1.88
2H21Notable items2H21 excl.
notable items
-
(15bps)
4bps
Treasury
& Markets
Loans
1.87
Customer
deposits
Funding
1bp
Margins down from low rates & intense competition.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Net interest margin (% and bps)
1 Exit margin refers to margin for the month of March-22 excluding Treasury & Markets. 2 Excludes mortgage offset balances. 3 Tractor is the blended average rate earned on hedged capital and low ratedeposits.
Exit margin 1.68%
1
Treasury & Markets impact on NIM
NIM excl. Treasury & Markets
19
Australian deposits
2
by interest rate bands ($bn)Tractor rate
3
(%)
•Capital $54bn: 3yr hedge
•Deposits $65bn: 3yr hedge

Margin drivers – ex Treasury & Markets.
1
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Lending
1H22 (15bps)
Deposits
1H22 4bps
•(4bps) fixed rate mortgages (rate and mix)
•(4bps) variable mortgages competition and front
book/back book pressure
•(3bps) business & institutionallending
•(2bps) New Zealand mortgages
•At call and term deposit repricing in 2Q22
1H22 movement detail
2H22 considerations
•Fixed rate impact dissipating, March flow ~24%
•Very competitive environment
•Business and NZ pressure reducing
20
1 The information on this page contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks, uncertainties and assumptions which are,in many
instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developmentsan d their potential effect on Westpac. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove
incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not place undue reliance on forward-looking statements and statements of expectation. Except as required by law, Westpac is not responsiblefor updating, or
obliged to update, any matter arising after the date of this presentation. The information in this page is subject to the information in Westpac’s ASX filings, including in its 2022 Interim Financial Results and elsewhere in this presentation
.
Hedged
balances
1H22 (~1bp)
•Tractor drag ~1bp in 1H22
•Lengthened capital hedge back to 3 years (from
1 year) provided benefit compared to deposits
•Tractor to be a benefit as higher rates roll through
‒Deposit tractor 60bps in 1H22
‒Capital tractor 69bps in 1H22
•Full period impact of repricing
Liquidity
1H22 (7bps)
•Liquidity build for CLF phase out•Minimal impact – liquidity build largely complete
Interest
rates
•Cash rate 10bps
•3yr swap rates increased ~200bps to 2.57%
•Rising rate environment, Westpac Economics’
forecast cash rate of 1.75% by end of CY22

Non-interest income excluding notable items.
1
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
• Insurance business exits ($125m)
• Funds income down from lower fees
following Panorama migration
• Revaluation of Life policyholder liabilities
• Increased customer demand in fixed
income and FX
• Lower DVA - wider credit spreads
$73m
• GI distribution payment $25m (one off)
• Increased card spend $19m
1 Excluding notable items. References to notable items in this page include provisions related to estimated customer refunds, payments, and asset sales/revaluations.
Net fees
1
up $30m4%Wealth & insurance
1
down $185m 29%Trading and other
1
up $9m2%
356
345
353
300
295
308
148
175
184
815
1H212H211H22
804
845
Other fees
Cards & merchants
Business & institutional
394
358
366
90
153
113
94
86
9
1H21
683
629
24
28
2H21
41
1H22
444
Other
FundsLife insurance
Divested businesses
453
262
339
18
143
75
405
1H212H211H22
471
414
Other
Trading
21

Markets & Treasury income.
1
1 Markets income includes net interest income and non-interest income but excludes derivative valuation adjustments.
Markets non-customer and Treasury income ($m)Markets customer income ($m)
Up 28% in 1H22 from stronger Treasury contribution.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
235
282
444
459
482
396
568
127
114
174
148
75
25
34
1H191H202H19
421
2H201H212H211H22
362
396
618
607
557
602
Treasury
Markets
non-customer
438
455
420
363
335
340
370
2H212H201H202H191H191H211H22
22

7,302
5,700
5,135
5,366
231
(142)
2H21Notable
items
Notable
items
Excl.
notable
items
SBDInvest
(excl. Fix)
Fix one-offOngoing
expenses
Excl.
notable
items
1H22
(170)
(1,602)
(188)
(65)
1H22 – 2H21 expenses ($m).
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Down 10% ex notable items
Down 27%
23
•Lower amortisation
following WIB write-off
•Completion of key
mortgage platform projects
•Reduction in 3
rd
party spend ($78m)
•Higher annual leave utilisation ($80m)
•Lower property costs
•Partly offset by annual salary and super increases
•Investment typically
higher in 2H of year

Progress on $8bn cost target.
1
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 This page contains 'forward-looking statements' and statements of expectation. Please refer to the disclaimer on page 132. The$8bn FY24 cost target is subject to completion of sales of specialist business by end of FY23 which will depend on final
terms with counterparties and regulatory approvals.
Expenses ($bn)
0.5
0.6
0.5
0.4
0.4
0.4
0.7
1.6
0.2
4.4
1H222H211H21
4.74.3
6.0
7.3
5.4
Notable items
Specialist businesses
Fix - one-off
WBC ongoing
24
2H22 costs expected to be 0 -2%
lower than 1H22 ex-notable items
Full period impact of reduced
headcount and office space
Seasonality in investment spend –
typically higher in second half
Small rise in Fix spending,
particularly in NZ

Select cost reset targets.
1
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 This page contains 'forward-looking statements' and statements of expectation. Please refer to the disclaimer on page 132. 2 Percentage of home loan applications through digital mortgage origination platform for 1
st
party lending (excl. RAMS). FY24
target refers to both 1
st
and 3
rd
party across Consumer and Business. 3 Refer to page 130 for definition. 4 Reduction to FY24 represents decrease on baseline. 5 Includes products for sale and not for sale across Australia and New Zealand, except for
business lending and institutional products which are for sale only. 6 Represents international locations excluding New Zealand and Westpac Pacific. 7 Corporate space represents head office and operations and excludes branches and business
banking centres.
Metric
FY20
Baseline
1H22FY24
• Sale of non-core businesses
• Completion of sales
1 under sale
agreement
1 under sale
agreement
6 completed
9 transactions
completed
• Mortgages processed on digital
origination platform
2
• Consumer sales via digital
3
• Branch transactions
4
• Number of products
5
32%
2
42%
29 million
1,191
82%
45%
22.2 million ann.
959
100%
70%
~40% less
~450
• Complete Fix spend
• Offshore locations
6
$1.1bn
8
$0.5bn
6
-
4
• Reduce third party and contractor spend
>$200m per annum
$78m$200m p.a
• Reduce head office roles and corporate
space ~ more than 20%
7
(8%)(20%)
25
Business
simplification
Organisational
simplification
Portfolio
simplification

Credit quality metrics improved.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 TCE is total committed exposure.
Stressed exposures as a % of TCE
1
Australian mortgage delinquencies (%)
Australian unsecured 90+ day delinquencies (%)
0.20
0.15
0.17
0.20
0.26
0.190.19
0.14
0.35
0.37
0.43
0.50
0.80
0.66
0.68
0.56
0.59
0.57
0.50
0.62
0.85
0.75
0.49
0.40
Mar-
17
Mar-
18
Mar-
19
Mar-
20
Sep
-21
Mar-
21
Sep
-20
1.32
Mar-
22
1.10
1.14
1.09
1.10
1.91
1.60
1.36
Watchlist & substandard
90+ day past due
and not impaired
Impaired
26
0.88
1.47
0.0
1.0
2.0
3.0
4.0
Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
90+ day delinquencies30+ day delinquencies
1.64
0.50
1.50
2.50
Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22

Impairment provisions.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
At Sep 2021At Mar 2022
Forecast period
202220222023
GDP growth7.4%5.5%2.7%
Unemployment4.0%3.8%3.9%
Residential property price
increase/(decrease)
5.0%1.6%(7.0%)
Forecasts used in base case economic scenario
5
Total impairment provisions
1
($m)Provision coverage
Sep-20Mar-21Sep-21Mar-22
Provisions to Credit
RWA
171bps159bps140bps130bps
Provisions to TCE58bps51bps44bps40bps
IAP to impaired assets41%47%54%48%
412
564
832
501
943
1,327
1,131
989
1,578
1,806
1,606
1,262
818
853
791
794
958
647
1,136
Mar-22
5,508
171
5,007
Sep-19Mar-21Sep-21
3,922
4,682
Overlay
2
Stage 3 CAP
3
Stage 1 CAP
3
Stage 2 CAP
3
Stage 3 IAP
4
27
1 Includes provisions for debt securities. 2 Overlay from Mar-20 includes New Zealand overlay. Overlay from Sep-21 shows portfoliooverlays.3 CAP is Collectively Assessed Provision. 4 IAP is Individually Assessed Provision. 5 GDP and Residential
property price growth is annual growth to December each year. Unemployment rate forecast is at year end. Forecast date is 21 February 2022.

Credit impairment charge / (benefit) composition.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Individually assessed provisions
($m).
Collectively assessed provisionsTotal
283
144
466
97
(147)
(194)
(203)
(166)
438
318
296
218
366
(640)
(777)
(10)
940
(372)
(218)
139
1H212H211H222H201H211H222H211H222H201H222H201H212H212H201H212H212H201H212H211H22
28
New IAPs
Write-backs
& recoveries
Write-offs direct
Other movement
in CAP

10.25%
0.75%
Capital – returned $5.5bn to shareholders.
•Minimal RWA impact expected from updated Basel III
standards
CET1 Capital (%, bps)
New CET1 operating range 11.0% - 11.5%
(From 1 Jan 2023)
Westpac operating range
Sep-21
12.32
Cash
earnings
Final
dividend
Buy-
back
RWAOtherDivest-
ments
Mar-22
67bps
11.33
(76bps)
(48bps)
(70bps)
15bps
13bps
• 1.00% Countercyclical buffer
• 1.00% D-SIB buffer
• 3.75% Capital conservation buffer
• 4.50% Minimum CET1
Management buffer
above CCB
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack29
11.0%
11.5%
11.49% pro forma
after sale of Life
Insurance
Mainly from $16.3bn
increase in IRRBB RWA

2H22 Considerations.
1
1 This page contains 'forward-looking statements' and statements of expectation. Please refer to the disclaimer on page 132. 2 Exit margin is net interest margin excluding Treasury and Markets for the month of March 2022.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack30
Net interest
income
•Owner occupied mortgage growth to continue; improve
investor lending performance
•Exit margin
2
excl. Ts y& Markets for March 2022 ~1.68%
•Increased economic activity to benefit
•Life divestment releases 16bps of capital but sees a
$1bn notable item
Non-interest
income
•2H22 costs (ex notable items) expected to be 0% – 2%
lower than 1H22
Expenses
•Creditmetrics expected to remain healthy
Credit quality

Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated.
Refer page 30 for definition. Results principally cover the 1H20, 2H19 and 1H19 periods.
Comparison of 1H20 versus 2H19 (unless otherwise stated).
Peter King
Chief Executive Officer

Collaborating
for impact
Improving our direct
climate performance
Helping customers
transition to net zero
Supporting the transition to a net zero economy.
32
1 Against 2016 baselines. 2Accredited by Climate Active.3 Sustainable finance transactions refers to green, social, sustainability, sustainability-linked and re-linked loans and bonds. The $36 billion represents the full amount of the transactions we
participated in, not an amount held on our balance sheet.. 4 IJGlobaland Westpac Research data. 5 Thermal coal customers defined as those generating more than 25% of revenues from thermal coal, orin the case of a stand-alone mine, more than
35% of volumes from thermal coal. 6 Taskforce on Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB), since 2017. 7 Taskforce on Nature-related Financial Disclosures (TNFD).
New or completed in 1H22
•Reporting in line with TCFD and SASB
6
•Commenced reporting financed
emissions in 2021
•Joined the Australian Industry Energy
Transitions Initiative
•Participating in the Clean Energy
Regulator’s Corporate Emissions
Reductions Transparency reporting pilot
•Joined the TNFD
7
Forum to support the
development of a nature-related financial
disclosure framework
•On track to reduce scope 1 and 2
emissions by 65% by the end of FY22
1
•On track to reduce scope 3 supply chain
emissions by 35% by 2030
1
•Targeting 100% of our electricity
consumption from renewables by 2025
•Carbon neutral
2
in Australia since 2012
•Moving vehicle fleet to hybrid / electric
•2,900+ employees trained on ESG
fundamentals
•200+ employees completed ESG
program with Monash University and
ClimateworksCentre
•39 new sustainable finance transactions
Group-wide in 1H22 with a total market
value of $36 billion
3
•Largest bank lender to greenfield
renewable energy projects in Australia for
past 5 years
4
•NZ structured 32% of sustainable finance
transactions from local borrowers in 1H22
•Engaging institutional customers on their
transition plans
•Progressing portfolio targets and
financing strategies for sectors
representing the majority of our financed
emissions to support a net zero economy
by 2050
•Exiting thermal coal mining
5
by 2030
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 Forecasts from Westpac Economics.
FY22 – Solid outlook, some economic uncertainty.
33
Australian economic forecasts
1
Dec-22Dec-23
Cash rate1.75%2.25%
GDP4.5%2.5%
Unemployment rate3.2%3.4%
Inflation5.6%2.6%
Credit growth 5.7%4.3%
Housing price forecasts(2%)(8%)
•GDP growth above average in 2022, slowing in 2023
•Unemployment to hit historic lows
•Credit growth to remain sound but moderating
•Housing prices likely to moderate

2H22 Areas of focus.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack34
Fix
Simplify
• Complete CORE program ‘implement’ activities
• Announce transactions for Super and Platforms
• Continue digital transformation
Perform
•Build on loan momentum
−Continue progress in Business/Institutional
−Improve performance in investor mortgages
•Deliver on cost reset
•Finalise climate pathways for top emitting sectors

Investor
Discussion
Pack
Fix. Simplify. Perform.

Overview

Westpac Group
Westpac Group at a glance.
37
Key statistics at 31 March 2022Key financial data for 1H22
Reported net profit after tax$3,280m
Cash earnings$3,095m
Expense to income ratio
6
53.9%
Common equity Tier 1 capital ratio (APRA basis)11.3%
Return on equity
6
8.7%
Total assets$964.7bn
Total liabilities$894.4bn
Market capitalisation
7
$85bn
Our Purpose: Helping Australians and New Zealanders succeed.
1 31 March 2022 Source: S&P Capital IQ, based in US$. 2 S&P Global Ratings, Moody’s Investors Service and Fitch Ratings respectively. All three credit rating agencies have Westpac Banking Corporation on a stable outlook. 3 APRA Banking
Statistics, March 2022. 4 RBA Financial Aggregates, March 2022. 5 RBNZ, March 2022. 6 Cash earnings basis. 7 Based on share price at 31 March 2022 of $24.24.
Overview
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Customers12.6m
Australian household deposit market share
3
21%
Australian mortgage market share
4
21%
Australian business credit market share
4
15%
New Zealand deposit market share
5
18%
New Zealand consumer lending market share
5
18%
• Australia’s first bank and oldest company founded in 1817
• Australia’s 3
rd
largest bank and 31
st
largest bank in the
world, ranked by market capitalisation
1
• Strong market share in key products
• Capital ratios are in the top quartile globally
• Credit ratings
2
AA-/ Aa3 / A+
• Supporting the transition to a net zero economy by 2050

1,815
3,134
3,101
3,095
1,319
565
73
ExpensesNon-
interest
income
2H21Add back
notable
items
Impairment
charges
2H21 ex-
notable
items
Net
interest
income
(168)
Tax
&
NCI¹
1H22 ex-
notable
items
Notable
items
1H22
(146)
(357)
(6)
1H22 cash earnings.
38
2H21
($m)
1H22
($m)
Change
1H22-
2H21
(%)
Net interest
income
8,2458,028(3)
Non-interest
income
1,9941,931(3)
Expenses(7,302)(5,366)(27)
Core earnings2,9374,59356
Impairment
benefit/(charge)
218(139)(Large)
Tax and non-
controlling
interests (NCI)
(1,340)(1,359)1
Cash earnings1,8153,09571
Add back notable
items (after tax)
1,3196(100)
Cashearnings
ex-notable items
3,1343,101(1)
Reported
net profit
2,0153,28063
Results
Cash earnings 1H22 – 2H21 ($m)
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
6% AIEA growth mostly from
liquid assets. NIM down 13bps
of which 7bps due to increase
in liquid assets
Lower income following the sale
of
businesses, lower wealth and life
insurance income, partly offset by
higher trading and fee income
Lower expenses from
simplification initiatives,
lower third party spend and
the completion of some programs
Moved from an impairment
benefit to an impairment
charge mostly due to an increase
in provision overlays
Down 1% ex-notable items
Up 71%
1 NCI is non-controlling interests.

3,537
3,819
3,101
3,095
282
101
324
1H21Net
interest
income
Add back
notable
items
Non-
interest
income
1H21 ex-
notable
items
ExpensesImpairment
charges
Tax
&
NCI¹
1H22 ex-
notable
items
Notable
items
1H22
(377)
(255)
(511)
(6)
1H22 cash earnings.
39
1H21
($m)
1H22
($m)
Change
1H22-
1H21
(%)
Net interest
income
8,4698,028(5)
Non-interest
income
2,3301,931(17)
Expenses(5,981)(5,366)(10)
Core earnings4,8184,593(5)
Impairment
benefit/(charge)
372(139)(Large)
Tax and non-
controlling
interests (NCI)
(1,653)(1,359)(18)
Cash earnings3,5373,095(12)
Add back notable
items (after tax)
2826(98)
Cashearnings
ex-notable items
3,8193,101(19)
Reported net
profit
3,4433,280(5)
Results
Cash earnings 1H22 – 1H21 ($m)
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Lower income following the
sale of businesses, lower
trading income, wealth and
insurance income, partly
offset by higher fee income
Lower expenses from
simplification initiatives, lower
third party spend, partly offset by
annual salary increases and
other CPI increases
Down 12%
Down 19% ex-notable items
7% AIEA growth mostly from liquid assets.
NIM down 22bps of which 8bps due to
increase in liquid assets. Lower loan
spreads from competition and portfolio mix
partly offset by higher deposit spreads
Moved from an impairment
benefit to an impairment charge,
mostly from an increase in
provision overlays
1 NCI is non-controlling interests.

1H22 financial snapshot.
1 All measures on a cash earnings basis. 2 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 3 Includes items classified as held for sale. 4 NSFR is reported on a spot
basis. 5 LCR is reported on a quarterly average basis. 6 Total liquid assets represent cash, interbank deposits and assets eligi ble for existing repurchase agreements with a central bank.
40
Results
1H22
Change
1H22 – 2H21
Change
1H22 – 1H21
Earnings
1
Earnings per share (cents)85.473%(12%)
Core earnings ($m)4,59356%(5%)
Cash earnings ($m)3,09571%(12%)
Return on equity(%)8.73371bps(146bps)
Dividend (cents per share)612%5%
Expense to income ratio(%)53.88(Large)(150bps)
Net interest margin(%)1.85(14bps)(24bps)
Credit quality
Impairment charge/(benefit) to average
gross loans (bps)
4(10bps)(15bps)
Impaired assets to gross loans (bps)23(7bps)(7bps)
Impaired provisions to impaired assets
(%)
48.0(6ppts)1ppt
Total provisions to credit RWA (bps)130(10bps)(29bps)
Collectively assessed provisions to credit
RWA (bps)
116(1bp)(26bps)
1H22
Change
1H22 – 2H21
Change
1H22 – 1H21
Balance sheet
Total assets ($bn)964.73%8%
Common equity Tier 1 (CET1)
capital ratio (APRA basis) (%)
11.33(99bps)(101bps)
CET1 capital ratio
(Internationally comparable
2
) (%)
17.36(81bps)(72bps)
CET1 capital ($bn)52.1(3%)(2%)
Risk weighted assets (RWA) ($bn)460.05%7%
Average interest-earning assets ($bn)872.16%7%
Loans
3
($bn)719.61%4%
Customer deposits
3
($bn)600.94%9%
Net tangible assets per share ($)17.22%4%
Funding and liquidity
Customer deposit to loan ratio (%)83.5186bps375bps
Net stable funding ratio
4
(%) (NSFR)125-2ppts
Liquidity coverage ratio
5
(%) (LCR)1378ppts13ppts
Total liquid assets
6
($bn)244.17%25%
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

8.0
8.1
6.8
2.3
5.5
3.3
8.1
8.1
6.8
2.6
5.4
3.1
FY20FY19FY21FY18FY171H22
Cash earnings and reported net profit reconciliation.
41
Reported net profit and cash earnings ($bn)
Cash earnings
1
policy
•Westpac uses a measure of performance referred to as cash earnings to assess financial
performance at both a Group and segment level
•This measure has been used in the Australian banking market for over 15 years and
management believes it is currently an effective way to assess performance for the current period
against prior periods and to compare performance across segments and across peer companies
•To calculate cash earnings, reported net profit is adjusted for:
−Material items that key decision makers at Westpac believe do not reflect our operating
performance
−Items that are not normally considered when dividends are recommended, such as the impact
of economic hedges
−Accounting reclassifications between individual line items that do not impact reported results
Reported net profit and cash earnings adjustments ($m)
1 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes non-cash itemsreflected in net profit determined in accordance with AAS (Australian Accounting Standards). The specific adjustments
outlined include both cash and non-cash items. Cash earnings is reported net profit adjusted for material items to ensure they appropriately reflect profits available to ordinary shareholders. All adjustments shown are after tax. For further details refer to
page 121.
Results
1H22
($m)
Change
1H22 - 2H21
(%)
Change
1H22 - 1H21
(%)
Cash earnings3,09571(12)
Cash EPS
(cents)
85.473(12)
Reported net
profit
3,28063(5)
Reported EPS
(cents)
90.565(4)
2H211H22
Reported net profit2,0153,280
Fair value (gain)/loss on economic hedges(184)(204)
Ineffective hedges(16)19
Cash earnings1,8153,095
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Reported profitCash earnings

10.4%
10.2%
10.5%
11.0%
5.4%
5.4%
5.2%
5.3%
15.8%
15.6%
15.7%
16.4%
2H201H212H211H22
WestpacSt.George brands
Customer franchise.
MFI share
1,2
0.7
5.0
6.2
3.0
6.1
Aug-19Feb-20Aug-20Feb-21Aug-21Feb-22
WestpacSt.George brandsPeers
42
Customer satisfaction (CSAT)
2
Net Promoter Score (NPS)
2
1 Main Financial Institution for Consumer customers. Data at February 2022. 2 Refer page 130 for details of the metric provider.3 Customer numbers related to businesses sold, held for sale or in run-off at March 2022 have been excluded from prior
periods. 4 Other includes WIB, Westpac Pacific and, Platforms, Investments and Superannuation customers.
Customer franchise
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Business
Consumer
-8.9
8.9
-18.6
-5.2
-8.3
Aug-19Feb-20Aug-20Feb-21Aug-21Feb-22
WestpacSt.George brandsPeers
11.0%
5.3%
15.0%
28.8%
11.5%
16.4%
Peer 1Peer 2Peer 3Westpac
Group
WestpacSt.George brandsPeers
7.5
7.7
7.5
7.6
Aug-19Feb-20Aug-20Feb-21Aug-21Feb-22
WestpacSt.George brandsPeers
7.3
7.7
6.9
7.3
7.2
Aug-19Feb-20Aug-20Feb-21Aug-21Feb-22
WestpacSt.George brandsPeers
Customer numbers
3
(#m)
New Zealand
10.3
10.3
10.3
1.3
1.3
1.4
1.2
1.1
1.0
12.8
12.8
12.6
Mar-21Sep-21Mar-22
Australian bankingNew ZealandOther
4
10
27
23
31
38
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
WestpacPeers
61
64
69
75
77
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
WestpacPeers
Charts may not add due to rounding

Supporting customers.
43
Customers at the centre of what we do.
1 Includes business and consumer customers as of end-April 2022. 2 As of end-April 2022. 3 In May 2021, Westpac announced a new policy that allows customers entering hardship arrangements to build a savings buffer. Westpac will work with
customers to introduce a short-term savings buffer of at least $100 per month when calculating hardship payments, freeing up some money for urgent expenses, paying off higher interest debts or saving for a rainy day.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Customer franchise
•Supported around 24,000 customers
1
through hardship
•~1,900 consumer and 395 business
customers with total loans of $403m have
been granted flood-related hardship
support
2
•647customers in hardship with a savings
buffer
3
•Established $2m fund to support flood-
affected small businesses
•12,700 customers assisted through
specialist vulnerable customer teams
•Acquisition of MoneyBrilliantwith
capability available in Westpac’s app by
end-2022
•New digital business lending process
established
•New Westpac app released to Android
device users
•Customers applied gambling stops on
over 21,000 credit and debit cards in 1H22
•Over 25,000 payments withabusive
messages stopped in 1H22
•Real-time blocking of potential scams
saving $6m for 69,000 customers since
January 2022
•Digitising 400+ manual processes by end-
2022 allowing customers to do more
online
Helping customersMigrating to digital
Insight / expertise / security

Investing in the Westpac digital experience.
44
•Introduced behavioural pattern scam and fraud prevention capabilities
1
•Dynamic CVC capability reducing rate of fraud by more than 50%
2
since 2021
•Real-time scam blocks for suspect online transactions from overseas retailers, with
69k customers saving $6m since January 2022, and continuing to scale-up
•Strengthened Electronic Verification to help detect identity fraud
•Expanded gambling stop functionality
Protect me
The Westpac app.
1 Behavioural biometrics currently available for St.George, Bank of Melbourne, and BankSA. 2 Compared to customers using static CVC. 3 QR codes available to bankers.
Customer franchise
Help manage my money
•Net financial position available on home screen
•Enhanced personalised daily payment limits in the app
•Helping customers to plan their spend with upcoming payments visibility
•Cross-account transaction search capability
•Cashflow and spend analysis tools into the app by end-2022
Improve my digital experience
•Fast sign-ins
•Tap on the mobile to activate card
•Enhanced quick balance and cardless cash capability
•Personalised messages helping customers effectively use their banking products
•Supporting customers to adopt digital services via QR codes
3
New app experience enabled for Android and iOS
• 200+ features and capabilities
• 2.5m customers using the app
• Rolling out to business customers by end-2022
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

Investing in the Westpac digital experience.
45
Improving digital sales and services
•22% increase in mobile only active customers since iOS launch
(February 2021)
•Dynamic CVC used on average by 10,000 customers per day in
March 2022
•Apply for and manage credit cards via the app, with 83% of
credit cards sold via digital in 1H22, up from 71% in 2H21
•Customers can choose which channel to use across a larger
product and service range
•2.1m digital password resets in the app in 1H22, up 10% on
2H21
Digital experience recognition
•2022 Mozo Experts Choice Awards for Excellent Banking App:
Bank of Melbourne, BankSA, and St.George
•2022 DBM Australian Financial Awards for Best Major Digital
Business Bank: Westpac
•Paris Design Awards Gold Place for new Digital Service or
Application: Westpac & Meld CX for their Viana (visual
analytics) concept
•Customer satisfaction: iOS App Store rating of 4.3 out of 5
More functionalities through the app
•More self-service opportunities for customers with capability to
better manage daily payment limits within the app, usage up
8% in 1H22 reducing calls to contact centres
•New digital onboarding experience for new to bank customers
opening deposit accounts
•Term deposit renewal instructions now available through the
app
1
•Ability to apply online for mortgages and top ups
2
, track
applications, accept offer letters and monitor settlement via the
app
•Introduction of Digital Finance Application for business lending
Developments in 2H22 and beyond
•New app experience to Westpac business customers by end-
2022
•Money management functionality available by end-2022 and
will provide customers with:
−Transaction categorisation including personal categories
−Financial education
−Spend analysis with trends
−Cash flow analysis of income and expenses
•Digitising more than 400 manual processes by end-2022
The Westpac app.
1 Capability for customers to manage their term deposit through provision of pre-maturity instructions currently available for St.George, Bank of Melbourne, and BankSA. 2 Top Ups currently available for St.George, Bank of Melbourne, and BankSA.
Customer franchise
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

Investing in the Westpac digital experience.
46
Other improvements and developments.
1 Excluding RAMS. 2 For standalone business mortgages. 3 Percentage of home loan settlements (cumulative for the reporting period) through mortgage origination platform for 1
st
party lending (excl. RAMS) and broker.
Customer franchise
Merchant support
Next generation smart terminals
•Improved experience for merchants and
their customers from
-Enhanced user accessibility
-Simple fee structure
-Fast payments and access to funds
through instant settlement
•Android-based with potential of add-on
services and apps coming later in 2022
•Smoother experience for vision impaired
customers
•Ability to add a surcharge to manage cost
of payments acceptance
•~100,000 existing terminals will be
upgraded in the next 24 months
Mortgages
•Continued roll-out of our mortgage
origination platform:
-Completed roll-out to all brands
1
in
FY21, commenced roll-out to brokers
in 1H22
-Roll-out of business mortgages
2
by
end-2022
•Continuing to improve capabilities
including digital verification using
biometrics, updated calculators, and
auto-income verification
Better support customers
•Digital Banker provides a holistic view of
customers, enabling bankers to serve
customers more efficiently, with:
−360 degree visibility of a customer
including accounts and products
across brands
−Identification and service guides for
vulnerable customers
−Better search capabilities across brand
and segment
−Ability for bankers to more easily
record complaints
•Launch of Digital Credit Assessment Tool
to provide business customers with faster
lending application outcomes
% of loans settled
via platform
3
1H212H211H22
1
st
party294264
Broker--6
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

2,133
1,399
1,352
1,270
1,153
Mar-20Sep-21Sep-20Mar-22Mar-21
267
277
298
316
334
2H201H201H212H211H22
16.5
12.5
12.9
11.7
11.1
1H212H201H202H211H22
4.34.3
3.9
3.8
3.4
2H201H201H212H211H22
5.04
5.09
5.15
5.24
5.31
Mar-20Mar-22Sep-20Mar-21Sep-21
Continued migration to digital.
47
Australian ATMs (#)
Australian branches (#)
1
Call Centre Volume (#m)
Digitally active customers (#m)Accounts with eStatements
5
1 Includes all points of presence including Advisory, Community Banking Centres and Kiosks. Kiosks have been restated in comparatives. 2 Co-located branches refers to a single branch location where more than one brand operates. 3 Over the
counter. 4 Refer to page 130 for definition 5. Numbers have been restated from prior periods as the methodology has been changedto increase the accuracy of account numbers and digital transactions. 6 Digital transactions include all payment
transactions (Transfer Funds, Pay Anyone and BPAY) within Westpac Live and Compass, excl. Corporate Online and Business Banking online.
Branch OTC
3
transactions (#m)
Digital transactions
6
(#m)Sales via digital (%)
4
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Down 14%
Down 5%Up 6%
Up 12%
Down 12%
Down 12%
Increased Westpac mobile
app self-serve capability
Customer franchise
Less physicalMore digital
At 31 March 2022
we had 10 co-located branches
2
Up 3%
Up 1%
933
931
891
851
781
Mar-20Sep-20Sep-21Mar-21Mar-22
10.5
11.2
11.9
12.3
12.7
52
55
58
60
62
Sep-21Mar-21Mar-20Sep-20Mar-22
eStatements (%)Number (#m)
37
42
41
4545
2H211H221H202H201H21
Down 9%
Down 15%Down 12%
Down 8%
flat
Up 10%
Up 7%
Up 3%

82%99%93%
Customer Outcomes and Risk Excellence (CORE) program.
48
1 At 31 March 2022. Definitions of Completed, Submitted and Closed are as following: Completed means activities have been finalised but not yet submitted to Promontory Australia for assessment. Submitted means activities have been completed and
submitted to Promontory Australia for assessment. Closed means activities have been completed and assessed by Promontory Austral ia as complete and effective.
Governance
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Delivery of CORE activities yet to be completed
0
40
80
120
160
200
240
~99% of Design
activities complete
~95% of Implement
activities targeted to
be complete
100% of Embed
activities targeted to
be complete
Design
Implement
Embed
Classification of activities and % progress
1
63%
9%
% complete
57%
8%
% submitted
41%
4%
% closed
•CORE is a three-year program of work to strengthen risk governance, improve
accountability and enhance our risk culture
•CEO and Group Executive accountability for program delivery
−performance measures in remuneration scorecards as agreed with regulators
•Quarterly independent assurance by Promontory Australia
•19 workstreams, 82 deliverables and 343 activities
−210 (61%) activities completed, 194 (57%) activities submitted, and 157
(46%) activities closed
1
−In 1H22 two deliverables and 16 activities added to program to further
strengthen accountability, end-to-end processes and data management
CY2021
CY2022
CY2023
MarJunSeptDecMarJunSeptDecMarJunSeptDec

98% of technology
investments aligned to
initiatives agreed in our
strategic roadmaps
1H22 CORE progress.
49
Governance
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
STRONGER
OVERSIGHT AND
IMPROVING EXECUTION
CULTURE AND CLEAR
ACCOUNTABILITIES
END-TO-END RISK
MANAGEMENT
EMBEDDING THREE
LINES OF DEFENCE
(3LOD)
DATA QUALITY AND
MANAGEMENT
Employees have a
greater understanding of
their accountabilitiesin the
context of end-to-end
customer processes and
across the organisation
95% of employees
have a risk goal
All senior leaders
have defined risk
accountabilities
99% completion rate for
Code of Conduct learning modules
Employee survey results
on risk culture questions
improved over last 18 months:
↑6%Constructive challenge
↑4%Safe to call out risks
and/or concerns
↑3%Role clarity
~99% of key controls
assessed in 1H22
assessed in accordance
with strengthened control
standard requirements
Proactive risk management.
Focus on root cause
analysis and emerging
risks to provide insights
to management and the Board
33% reductionin the
six-month average of
severe, very high or
high rated incidents
88% of complaints
resolvedat first point
100% of Second
Line roles hired
against target capacity
Consistent
implementation of
Control Self Assessments
by Line 1 and assurance
processes from Line 2
and Line 3
Defined First Line
capability uplift
requirementsfor
financial and non-
financial risk classes
Implemented processes
to maintain and refresh
the 3LOD target-state
models and guides
>99% of data incidents
and problems have owners,
defined action plans and due
dates that are being tracked
Improving data through the
identification of~1,700
Critical Data Elements (CDEs)
Dedicated management of a
further ~100 CDEs
(~700 CDEs currently
under management)
Consolidation of legacy
complaints systems
onto one platform
23% improvementin the Data
Quality Management rating
>97% of new
incidents owned within
8 days of recording
99% completion rate
for Risk in Change
learning modules by
change leaders and
practitioners
Tracking to plan on
delivery of key
technology roadmaps

Collaborating
for impact
Helping when
it matters most
Backing a stronger
Australia and NZ
Our commitment to sustainability.
Helping Australians and New Zealanders succeed.
Sustainability
•Sustainability disclosures in line with
TCFD
3
and SASB
3
since 2017
•Reported financed emissions in 2021
•Joined the Australian Industry Energy
Transitions Initiative
•Joined the TNFD
4
Forum to support the
development of a nature-related financial
disclosure framework
•Safer Children, Safer Communities
program –$18.4 million committed in
multi-year funding to over 50 child
safeguarding organisations since 2020
includingpartnerships with Save the
Children and International Justice Mission
•Child Safeguarding Position Statement
released in 1H22
•Westpac's fifth Reconciliation Action
Plan(RAP) to be released in 2H22
•Supported1,500+ customers with a
natural disaster relief package
•$1.3 million in payments to approx. 450
small business customers impacted by
the floods in NSW and QLD
•100,000+ people accessed our
Recovery Hub– resources to manage
financial stress
•12,000+ cases assisted by our specialist
vulnerability teams
•Partnership with Head Start Homes
extended – a not-for-profit aiming to
provide secure and stable homes to those
living in community housing
•Financial education resources offered
through our Davidson Institute
•Improved banking accessibility for 9,200+
Indigenous and remote Australians
since the beginning of FY21 through Yuri
Ingkarninthi, our Indigenous Connection
Team
•$2.8 billionin new lending to climate
change solutions(TCE)
1
•Westpac Scholars Trust awarded 100
new scholarships
2
•Westpac NZ structured 32%of
sustainable finance transactions executed
by local borrowers in 1H22
•Completed a $250 million structured
auto finance facility to fund electric
vehicles and related features such as
recharge equipment for consumer fintech
lender, Plenti
•Engaging institutional customers in
high emitting sectors on their ambitions
for climate change mitigation and their
transition plans
•Continued support for Indigenous-
owned businesses, including spend on
carbon credits from savannah fire
management projects in Arnhem Land
1 Cumulative since 2020. See 2021 Sustainability Appendix for glossary. 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 oftheWestpac Group. Westpac provides administrative support, skilled volunteering, and funding for operational costs of Westpac Scholars Trust. 3 Taskforce on
Climate-related Financial Disclosures (TCFD) and Sustainability Accounting Standards Board (SASB). 4 Taskforce on Nature-related Financial Disclosures (TNFD).
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack50

Collaborating for climate
and nature-related impact
Improving our direct
climate performance
Helping customers
transition to net zero
Taking action on climate change.
Progressing our Climate Change Position Statement and 2023 Action Plan.
Sustainability
•Working with peer organisations,
industry groups and NGOs
including:
̶Australian Industry Energy
Transitions Initiative
̶Clean Energy Regulator’s
Corporate Emissions
Reductions Transparency
reporting pilot
̶UNEP
6
FI’s Principles for
Responsible Banking
̶TNFD
7
Forum
•On track to reduce scope 1 and 2
emissions by65% by the end of FY22
1
•On track to reduce scope 3 supply
chain emissions by 35% by 2030
1
•On track to source 100% our global
electricity consumption from renewables
by 2025
•Carbon neutral
2
in Australia since 2012
•2,900+ employees trained on ESG
fundamentals. 200+ also completed a
half day ESG program with Monash
University and ClimateworksCentre
•39 new sustainable finance transactions Group-widein
1H22 with a total market value of $36 billion
3
•Largest bank lender to greenfield renewable energy
projects in Australia for the past 5 years
4
•Developing products/services to help customers
transitionto a net zero economy
•Progressing portfolio targets and financing strategies
for sectors representing the majority of our financed
emissions to support a net zero economy by 2050
•Exiting thermal coal
5
mining by 2030; on an attributable
basis, currently finance less than 0.5% of Australia’s total
thermal coal production
A transition to a net
zeroemissions economy
is required
by 2050
Economic growth and
emissions reductions are
complementary goals
Addressing climate
change creates
opportunities
Climate-related risk
is a
financial risk
Collective action,
transparencyand
disclosurematter
Our principles
1 Against 2016 baselines. 2 Accredited by Climate Active. 3 Sustainable finance transactions refers to green, social, sustainability, sustainability-linked and re-linked loans and bonds. The $36 billion represents the full value of the transactions we
participated in, not an amount held on our balance sheet. 4 IJGlobaland Westpac Research data.5 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. 6 UNEP is the United Nations Environment Programme. 7 Taskforce on Nature-related Financial Disclosures.
Climate Change Action Plan and Position Statement– westpac.com.au/sustainability
Our commitments and actions
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack51

Climate-related metrics.
1 Climate solutions definition is available in our 2021 Sustainability Appendix. TCE is Total Committed Exposure. 2 Reductionin TCE due to amortisation of a number of significant project finance facilities. 3 Exposures in Westpac Institutional Bank only,
at 30 September 2021. 4 Australia only. NEM benchmark is sourced from Australian Energy Market Operator. 5Other mining includes iron ore, metal ore, construction material, exploration and services. Lending to thermal coal mining is 36% of total coal
miningin Westpac Institutional Bank. 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.
Sustainability
9.1
9.3
10.1
10.8
10.7
Sep-18Sep-19Sep-20Sep-21Mar-22
79.0
13.2
4.3
2.8
0.7
Renewable energy
Gas
Black coal
Liquid Fuel
Brown coal
TCE
$4.4bn
52%
79%
48%
21%
RenewableNon-renewable
0.26
0.25
0.26
0.75
0.72
0.69
FY19FY20FY21
Westpac electricity generation portfolio
National electricity market (NEM) benchmark
2025 target: below 0.23tCO₂e/MWh
48.3
33.9
8.8
3.5
2.1
1.5
2.0
Green buildings
Renewable energy
Low carbon transport
Forestry
Waste
Adaptation infrastructure
Other
TCE
$10.7bn
8.0
5.2
2.3
0.5
8.4
5.5
2.4
0.5
8.4
5.4
2.4
0.6
TotalOther miningOil and gas
extraction
Coal -
thermal &
metallurgical
Mar-21Sep-21Mar-22
Lending to climate change solutions
($bn, TCE)
1,2
Electricity generation exposure
(% of TCE)
3
Mining exposure
($bn, TCE)
5
Lending to electricity generation
in Australia and New Zealand (% of total)
Emissions intensity
(tCO
2
-e/MWh)
3,4
Climate change solutions exposure
(% of TCE)
1
Increase in coal
exposure attributed to
the metallurgical coal
sub-sector
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack52
Charts does not add to 100 due to rounding

Sustainable financing solutions.
Helping customers transition to a low carbon future.
Sustainability
Supporting our customers’ transition
to net zeroSustainable finance highlights
•Joint Green Bond Coordinator and Joint Lead Manager for GPT
Wholesale Office Fund’s (GWOF) inaugural $250 million green
bond which will refinance GWOF assets that meet Climate Bonds
Initiative’s Low Carbon Buildings Criteria
•Sole Sustainability Coordinator for Genesis Energy’s NZ$100
million SLL which was the first SLL in New Zealand aligned to the
Climate Transition Finance Handbook
Green tailored deposits
Green term deposit balances up $1 billion in 1H22 to $2.1 billion
Assets supporting the green deposit pool are externally verified and
certified annually, and can include renewable energy, low carbon
transport, low carbon buildings and water infrastructure
Carbon trading and sales
Established carbon trading desk in Australia
Launched AUD spot carbon and Renewable Energy Certificates and
progressed AUD carbon forwards trading capabilities, complementing our
franchise in the NZ carbon market
•39 sustainable finance transactions Group-wide with a total market
value of $36 billion
1
−Over 70% of the transactions were loans and the majority of these
were Sustainability Linked Loans (SLLs) where pricing is linked to
the customer’s sustainability performance against targets
−Up from eight transactions in 1H21 with a total value of $5 billion
•Financing 23 projects with combined capacity to power
2.6 million homes
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack53
1 Sustainable finance transactions refers to green, social, sustainability, sustainability-linked and re-linked loans and bonds.The $36 billion represents the full value of the transactions we participated in, not an amount held on our balance sheet.

Strengthening diversity and inclusion.
Building a workforce that reflects the customers we serve through three areas of focus.
Sustainability
Targets
•Maintain 50% (+/- 2%) women in leadership
1
across Westpac; 49% at 1H22
•40:40:20
2
gender balance for Board,
Executives and General Managers by 2030
women represent: 40% Board; 36%
Executives; 42% General Mangers at 1H22
•40% female Senior Executives
3
; 41% at
1H22
•Leadership representation targets, including
50:50 gender shortlists
Focus on pay equity
•97% to 102% pay comparison between
genders across majority of levels
•>5% pay gaps between genders in same
roles with same experience is being
investigated and addressed
Recent policy changes
• Increased pay transparency
4
• Increased paid parental leave for primary and
support carers; special paid parental leave for
premature births and pregnancy loss
Group-wide survey to understand
cultural diversity of workforce
•Inclusion & Diversity survey conducted in
1H22
•Resultsto be finalised in 2H22 and used to
better understand the diversity of our people
and to inform future policy, strategy and
targets
Awareness, training and development
•300+ employees participated in leadership
shadowing program in 1H22
•1,000+ Cultural Diversity Employee Action
Group members (representing 62 cultures)
help promote awareness and advocate for
greater cultural diversity in leadership
Targeted development programs
and career pathways
•5th Reconciliation Action Plan to be
released in 2H22
•Early career engagement with Indigenous
talent through traineeships and Career
Trackers internship programs
•4,800+employees completed refreshed
cultural competency training
•‘Join our mob’ campaign launched to attract
new Indigenous employees
•900+ Employee Action Group members
working towards a shared vision of building a
workplace that understands, respects and
celebrates Indigenous employees
GENDER
EQUALITY
CULTURAL
DIVERSITY
INDIGENOUS
REPRESENTATION
1 Women in Leadership refers to women in leadership roles. It includes the CEO, Group Executives, General Managers, senior leaders with significant influence on business outcomes (direct reports to General Managers and their direct reports),
large (3+) team people leaders three levels below General Manager, and Bank and Assistant Bank Managers. 2 40:40 Vision is aninitiative led by HESTA and supported by various industry partners including some large Australian fund managers,
Chief Executive Women, the Workplace Gender Equality Agency and ACSI. Refers to 40% female, 40% male and 20% of any gender. 3Defined as a combined Executive and General Manager population. 4 Employees can disclose salaries to other
employees.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack54

Comprehensive sustainability reporting.
A suite of disclosures for more information and depth.
Sustainability
2021 Sustainability Supplement
Available at westpac.com.au/sustainability
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack55
2021 Annual Report
2021 Annual ReportFY21 Disclosure StandardsFY21 Modern Slavery Statement
Climate Change Position Statement and Action PlanHuman Rights Position Statement and Action PlanFY21 Sustainability Datasheet

Earnings drivers

550.3
580.3
600.9
9.8
6.1
5.4
0.3
Sep
-21
Mar
-21
Other
Consumer
WIB
Business
New
Zealand
Mar
-22
(1.0)
444
456
458
51
Mar
-21
Run-
off
Sep
-21
New
Lending
Mar
-22
(48)
695.0
715.4
725.5
723.8
2.9
2.6
6.0
Consumer
Sep
-21
Mar
-21
New
Zealand
Business
WIB
Other
Mar
-22
Businesses sold
and run-
off
(1.1)
Mar
-22
(0.3)
(1.7)
+NZ$1.3bn
Composition of lending and deposits.
Composition of loans
1
(% of total)
57
Gross loans ($bn)
Customer deposits ($bn)
1 Gross loans. 2 In AUD. The large difference between the NZD and AUD movement is due to a ~3% change in the exchange rate over the period; March 2022: 1.0759, September 2021: 1.0477. 3 Includes Group Businesses and Specialist Businesses,
for gross loans excluding businesses sold and from run-off.
Revenue
Australian mortgage lending
1
($bn)
Composition of deposits (% of total)
Lending up 1% and deposits grew 4% over the half.
Up 4%
Up 1%
Up 3%
Up 1%
Australian deposits ($bn)
2
3
+NZ$2.5 bn
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
64
11
10
2
1
12
Aust. mortgages
Aust. business
New Zealand
Aust. institutional
Aust. other consumer
Other overseas
23
36
41
Term deposits
Savings
Transaction
187
194
213
220
166
171
185
196
126
110
103
105
479
Sep-20
521
Mar-21Sep-21
475
501
Mar-22
Term Savings Transaction
Up 9%
Up 4%
2
3
Charts may not add due to rounding.

1.96
1.88
1.87
1.70
0.13
0.11
0.11
0.15
2.09
Wholesale
funding
Deposits
Loans
Notable Items
1H21
2H21
ex-notable
items
2H21
Capital
Liquid assets
(15bps)
Treasury &
Markets
1H22
1.99
1.85
(1bp)
1.98
4bps
1bp
(7bps)
4bps
Net interest margin.
58
Net interest margin (%)
Net interest margin by division (%)
Net interest margin (NIM) movement (%, bps)
Revenue
58
NIMNIM ex notable items
1H212H211H221H212H211H22
Consumer2.342.272.092.342.272.09
Business3.863.693.333.683.433.33
WIB1.261.241.171.261.241.17
NZ2.061.941.982.072.001.96
Excluding Treasury
& Markets and
liquid assets down 10bps
Treasury & Markets impact on NIM
NIM excl. Treasury & Markets
2.17
1.85
2.06
1.70
1H172H171H182H181H192H191H202H201H212H211H22
NIMNIM excl. Treasury & Markets
0bp
Margin ex Treasury & Markets
down 17bps
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

803
813
845
593
476
416
453
262
339
18
139
75
1,867
1,690
1,675
1H212H211H22
370
333
335
110
49
38
1H221H21
382
2H21
373
480
369
348
344
378
387
429
80
72
1H21
57
2H21
845
1H22
815
804
Non-interest income.
59
Non-interest income contributors ($m)
Net fee income ($m)
Wealth management income ($m)
Non-interest income contributorsexcluding notable items and businesses sold.
1
1 Income for Businesses sold includes General Insurance, Lenders Mortgage Insurance, NZ Life Insurance and Vendor Finance, priorfigures have been aligned to current presentation for comparability.
Revenue
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Other non-risk fee incomeNet transaction feesFacility fees
Other (incl NZ)Funds Australia
Down 10%Down 1%
Up 1%Up 4%
Down 2%Down 20%
399
223
373
54
39
-34
18
139
75
471
401
414
1H212H211H22
Down 15%Up 3%
Trading and other ($m)
TradingDVAOther
FeesOtherTradingWealth and insurance

7,302
5,700
5,135
5,366
231
Specialist
Businesses
Notable
items
(65)
2H21
Reported
2H21
ex notable
items
1H22
ex notable
items
FixOngoing
expenses
Investment
(ex Fix)
(142)
1H22
Reported
Notable
items
(1,602)
(170)
(188)
Expense movements 1H22 – 2H21 ($m)
Expenses.
60
FTE (#)
40,143
38,823
BAUSep-21FixInvestment
(ex Fix)
Mar-22Specialist
Businesses
(583)
(350)
(114)
(273)
Down 1,320 or 3%
Down $565m or 10%
Expenses
1 Details of initiatives on page 61. 2 Headcount refers to total number of people. Direct includes people employed directly by Westpac including permanent and temporary staff, and contractors. Third party includes consultants and processing services.
Ongoing expenses down from
simplification benefits
1
, lower leave
provisions, lower third party spending,
and write-down of certain assets in
2H21
Investment (ex Fix) down from lower
investment spend
1
as some projects
completed, partly offset by increased
spend on digital
Fix down from the completion of a
number of initiatives including the
initial design phase of CORE
Headcount (#)
2
Mar-21Sep-21Mar-22
Direct41,66143,44741,088
Third party17,47019,35717,442
Total59,13162,80458,530
In setting an FY24 $8bn cost target we made
certain economic and business exit assumptions:
•Inflation of 2.5% FY22-FY24
•Completion of sales of specialist businesses by
end of FY23, which will depend on final terms
with counterparties and regulatory approvals
•No material new regulatory costs/requirements
•Exchange rates: $1.09 NZD/AUD, $0.77
USD/AUD
FY24 $8bn cost target
supporting assumptions
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack

Expenses.
61Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 Refer page 48 for further detail on our progress on CORE. 2 Includes capitalised software, fixed assets and prepayments.
Expenses
218
184
160
141
152
100
144
153
622
572
859
653
1,163
2H201H212H211H22
947
992
856
FixSimplifyPerform
Investment spend ($m)2H201H212H211H22
Expensed384502720528
Capitalised
2
608354443419
Total investment spend9928561,163947
Investment spend expensed 39%59%62%56%
Investment spend mix ($m)
Total investment spending.
•Continued to eliminate and rationalise the number of fees and products
•Launched new digital mortgage application process
•Launched an automated credit assessment tool, which helps to speed-
up approval times for SME, Commercial and Private Wealth customers
•Further digitisation and automation of processes
Fix
Simplify
Perform
•Continued investment in our CORE program
1
•Updated our AML/CTF systems
•Rectification of our electronic security register for business customers
•Expanded open banking capability to all brands and products
•Regulatory change updates across our systems and processes for
DDO, anti-hawking and Basel III
•RBNZ’s requirements including BS11 and Section 95
•Completed the roll-out of Westpac mobile banking app to android users
•Increased digital self-serve options for customers
•Deployment of next generation merchant terminals

1H22 impairment charge of $139m.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack62
283
144
466
97
(147)
(194)
(203)
(166)
438
318
296
218
366
(640)
(10)
940
(372)
(218)
139
2H201H212H211H222H201H212H211H222H201H212H211H222H201H212H211H222H201H212H211H22
(777)
Impairment charges and stressed exposures (bps)
Impairment charges ($m)
New
IAPs
Write-backs &
recoveries
Write-offs
direct
Other mvmts
in CAP
Individually assessed
Collectively assessed
4bps
110bps
-100
0
100
200
300
400
-20
0
20
40
60
80
2008200920102011201220132014201520161H172H171H182H181H192H191H202H201H212H211H22
Impairment charge to average loans annualised (lhs)Stressed exposures to TCE (rhs)
Total
Impairment charges
Charge driven by higher overlays and increased weight to downside scenario.

Credit quality
and provisions

64
4,675
2,993
6,752
Reported
probability-weighted ECL
100%
base case ECL
100%
downside ECL
Mar-21Sep-21Mar-22
Provisions to gross loans (bps)797065
Impaired asset provisions to impaired assets (%)475448
Collectively assessed provisions to credit RWA (bps)142117116
412
606
611
564
832
501
943
1,051
1,561
1,327
1,131
989
1,578
2,317
2,247
1,806
1,606
1,262
818
1,019
1,032
853
791
794
171
795
708
958
647
1,136
3,922
5,788
6,159
5,508
5,007
4,682
Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
Overlay Stage 1 CAP Stage 2 CAP
Stage 3 CAP Stage 3 IAP
Provisions.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Provisions for impairments
Total impairment provisions
2
($m)
Credit quality
3
Higher overlays
from supply chain
disruption, labour
shortages,
inflation, asset
price risks and
floods
Lower provisions
across all stages
from improvement
in credit metrics
Decrease driven
by partial write-off
of Forum
exposure
Expected Credit Loss
1
(ECL) ($m)
$1.7bn in impairment provisions above
the base case economic scenario
1 Includes ECL Overlays and IAP. Excludes provisions for debt securities. 2 Includes provisions for debt securities. 3 Overlay from Mar-20 includes New Zealand overlay. Overlay from Sep-21 shows portfolio overlays.
Sound coverage; increase in overlays for uncertainties and floods.
COVID-19
Downside weight
increased to 45%
from 40%

0.26
0.190.19
0.14
0.80
0.66
0.68
0.56
0.85
0.75
0.49
0.40
5.99
5.30
6.40
7.25
92.10
93.10
92.25
91.65
Sep-20Mar-21Sep-21Mar-22
Stage 1 reduction due
to larger TCE transfer
to Stage 2 from
additional overlay
provisions
Stage 2 increase
partly driven by TCE
transfer from Stage 1
from additional overlay
provisions, partly
offset by lower
watchlist and
substandard
exposures from
upgrades and
repayments
Reduction in Stage 3
reflects improvement
in 90+ day mortgage
delinquencies and the
partial write-off of
Forum exposure
Provision cover by portfolio category.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
Exposures as a % of TCE
Fully
performing
portfolio
Watchlist &
substandard
90+ day past
due and not
impaired
Impaired
Non-stressed
but significant
increase in
credit risk
65
Sep-20Mar-21Sep-21Mar-22
Stage 1 provisions
Fully performing portfolio
Small cover as low probability of
default (PD)
0.110.100.090.10
Stage 2 provisions (includes portfolio overlays)
Non-stressed but significant
increase in credit risk
Lifetime expected loss based on
future economic conditions
3.413.292.161.92
Watchlist & substandard
Still performing but higher cover
reflects deterioration
8.259.079.8010.95
Stage 3 provisions
90+ day past due and not
impaired
In default but strong security11.9812.9110.5710.62
Impaired assets
In default. High provision cover
reflects expected recovery
41.4547.0354.4348.03
Credit quality
Provisioning to TCE (%)
Increase in portfolio overlays reflected in higher Stage 2 exposures.

1,194
997
958
708
609
607
633
1,078
477
589
440
471
450
519
550
897
864
222
614
222
2H121H132H131H142H141H152H151H162H161H172H171H182H181H192H191H202H201H212H211H22
0.62
0.58
0.44
0.27
0.20
0.22
0.15
0.14
0.17
0.26
0.19
0.14
0.41
0.35
0.31
0.26
0.25
0.33
0.34
0.39
0.48
0.80
0.68
0.56
1.45
1.24
0.85
0.71
0.54
0.65
0.56
0.55
0.55
0.85
0.49
0.40
2.48
2.17
1.60
1.24
0.99
1.20
1.05
1.08
1.20
1.91
1.36
1.10
Sep-11Sep-12Sep-13Sep-14Sep-15Sep-16Sep-17Sep-18Sep-19Sep-20Sep-21
Mar-22
Credit quality metrics improved.
66
Stressed exposures down 26bps.
1 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes. 2 Group 90+ day mortgage delinquencies, Australian 90+ day mortgage delinquencies decreased by 19bps.
3 Includes exposures that are managed on a facility by facility basis.
Credit quality
Stressed exposures as a % of TCEMovement in stress categories (bps)
New and increased gross impaired assets ($m)
3
Watchlist and
substandard
•Improvement from customer rating upgrades and
repayments, mostly institutional
90+ day past due
and not impaired
1
•Reduction driven by 17bps decrease in mortgage
90+ day delinquencies
2
Impaired
•Reduction from the partial write-off of Forum
exposure
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
136
02160
110
(0)
(8)
(18)
(5)
(12)
(1)
(8)
Mar-21
Impaired
90+ dpd not
impaired
Substandard
Watchlist
Sep-21
Impaired
90+ dpd not
impaired
Substandard
Watchlist
Mar-22
1
1

Portfolio composition.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack67
Total committed exposure (TCE) by risk grade at 31 March 2022 ($m)
1 Risk grade equivalent. 2 Exposure by booking office.
Standard and Poor’s Risk Grade
1
AustraliaNZ / PacificAsiaAmericasEuropeGroup% of Total
AAA to AA-
194,296 22,152 570 11,787 842 229,647
18%
A+ to A-
38,430 5,802 1,246 3,188 4,155 52,821
5%
BBB+ to BBB-
67,151 12,652 2,681 3,212 1,379 87,075
8%
BB+ to BB
73,947 14,305 518 200 133 89,103
8%
BB- to B+
55,892 7,832 301 238 241 64,504
6%
<B+
5,981 1,939 30 --7,950
1%
Mortgages
525,512 68,424 ---593,936
51%
Otherconsumer products
31,646 3,882 ---35,528
3%
TCE
992,855 136,988 5,346 18,625 6,750 1,160,564
TCE at 30 September 2021
959,067132,9255,97421,0926,2241,125,282
Exposure by region
2
(%)
85%12%<1%2%<1%100%
Credit quality
72
16
10
2
Housing
Business
Institutional
Other consumer
Loan composition at 31 March 2022 (% of total)
Total loans
$724bn
No direct exposure to
Russia or Ukraine

06001,2001,8002,4003,0003,600
A-
A
A+
A+
BBB
BBB
A-
A-
BBB
AA-
S&P rating or equivalent
1.1
1.0
1.0
1.1
1.0
1.2
1.0
Sep-17Sep-18Sep-19Sep-20Mar-21Sep-21Mar-22
050100150200250
Other
Mining
Accommodation, cafes
& restaurants
Construction
Utilities
Transport & storage
Property services & business
services
Manufacturing
Services
Agriculture, forestry & fishing
Wholesale & retail trade
Property
Government admin. & defence
Finance & insurance
Mar-21
Sep-21
Mar-22
Loan portfolio composition.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack68
Top 10 exposures to corporations and NBFIs
5
(% of TCE)
Top 10 exposures to corporations & NBFIs
at 31 March 2022 ($m)
Exposures at default
1
by sector ($bn)
1 Exposures at default is an estimate of the committed exposure expected to be drawn by a customer at the time of default. Excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms
providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers and excludes real estate agents. 4 Construction includes building and non-building construction, and
industries serving the construction sector. 5 NBFI is non-bank financial institutions.
2
4
Credit quality
Clearing house
membership
Includes increased
liquid assets
3

0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
2.0
Property
Accommodation, cafes
& restaurants
Wholesale &
retail trade
Agriculture, forestry &
fishing
Property &
business services
Services
Manufacturing
Construction
Transport & storage
Mining
Finance & insurance
Utilities
Mar-21Sep-21Mar-22
Credit quality improved across most sectors.
1 Services includes education, health & community services, cultural & recreational and personal & other services.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack69
Corporate and business stressed exposures by industry sector ($bn)
Credit quality
Stress to TCE by sector
SectorProperty
Accomm.,
cafes &
restaurants
Wholesale &
retail trade
Agriculture,
forestry& fishing
Property &
business
servicesServices
1
Manufacturing
Construction
Transport&
storageMining
Finance &
InsuranceUtilities
Sep-21 (%)2.212.4
3.6
4.44.04.5
3.2
5.52.31.70.20.2
Mar-22 (%)2.17.6
3.1
3.73.62.8
2.7
5.51.70.60.10.2
Decrease driven by
partial write-off of
Forum exposure
Reduction mainly due to
refinance of one exposure
in accommodation sector

23
15
8
5
17
6
26
Building
Construction
Non-Building
Construction
Site Preparation
Services
Building Structure
Services
Installation Trade
Services
Building Completion
Services
Other Construction
Services
Sectors in focus.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack70
Accommodation, cafes and restaurants
Accommodation, cafes & restaurants and Construction.
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Fully secured: Secured loan to collateral value ratio ≤ 100%, Partially secured: Secured loan to collateral value ratio > 100%, but < 150%, Unsecured: Secured loan to collateral value ratio
> 150%, or no security held.
Credit quality
Mar-21Sep-21Mar-22
Total committed exposure
(TCE) ($bn)
9.79.69.9
Lending ($bn)8.38.28.1
As a % of Group TCE0.910.850.85
% of portfoliograded as
stressed
1,2
14.5512.387.64
% of portfolio impaired
2
0.670.940.68
Portfolio security composition
3
(TCE) (%)
Portfolio by sub-sector (TCE) (%)
36
35
23
6
Accommodation
Pubs, Taverns and
Bars
Cafes and
Restaurants
Clubs (Hospitality)
74
21
5
Fully Secured
Partially Secured
Unsecured
Construction
Portfolio security composition
3
(TCE) (%)Portfolio by sub-sector (TCE) (%)
Mar-21Sep-21Mar-22
TCE ($bn)11.111.211.2
Lending ($bn)7.66.76.8
As a % of Group TCE1.041.000.96
% of portfoliograded as
stressed
1,2
6.065.515.46
% of portfolio impaired
2
1.110.860.80
59
18
23
Fully Secured
Partially Secured
Unsecured

Sectors in focus.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack71
Commercial property
Commercial property exposures % of TCE and % in stress
Commercial property portfolio composition (TCE) (%)
Commercial property.
1 Includes impaired exposures. 2 Percentage of commercial property portfolio TCE.
Credit quality
Mar-21Sep-21Mar-22
TCE ($bn)67.470.074.3
Lending ($bn)52.251.756.5
As a % of Group TCE6.286.226.40
Median risk grade (S&P equivalent)BB+BB+BB+
% of portfoliograded as stressed
1,2
2.922.162.06
% of portfolio impaired
2
0.140.210.16
0
2
4
6
8
10
12
14
16
18
20
0
2
4
6
8
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
Sep-14
Mar-15
Sep-15
Mar-16
Sep-16
Mar-17
Sep-17
Mar-18
Sep-18
Mar-19
Sep-19
Mar-20
Sep-20
Mar-21
Sep-21
Mar-22
Commercial property as % of TCE (lhs)
Commercial property % in stress (rhs)
30
19
22
12
13
4
Commercial offices
Residential
Retail
Industrial
Corporate
Other
26
10
6
1
3
9
45
NSW & ACT
VIC
QLD
SA & NT
WA
NZ & Pacific
Institutional
37
7
40
16
Investors &
developers <$10m
Developers >$10m
Investors >$10m
Diversified property
groups and property
trusts >$10m
Borrower type (%)Region (%)Sector (%)

Sectors in focus.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack72
Mining portfolio by sub-sector
(TCE) (%)
Mining (incl. oil and gas)
Australian Agriculture; Mining incl. oil and gas; Retail trade.
1 Includes impaired exposures. 2 Percentage of portfolio TCE.
Credit quality
Mar-21Sep-21Mar-22
TCE ($bn)8.08.48.4
Lending ($bn)4.43.63.4
As a % of Group TCE0.750.750.72
% of portfoliograded as
stressed
1,2
3.421.730.60
% of portfolio in impaired
2
0.250.170.14
29
33
14
10
7
7
Oil and gas
Metal ore
Mining services
Iron ore
Coal
Other
Australian Agriculture portfolio by sub-sector
(TCE) (%)
Mar-21Sep-21Mar-22
TCE ($bn)12.613.013.4
Lending ($bn)9.910.510.6
As a % of Group TCE1.171.151.16
% of portfolio graded as
stressed
1,2
4.683.301.96
% of portfolio in impaired
2
0.340.410.40
32
26
10
8
5
4
4
4
3
2
2
Grain
Beef & Sheep
Horticulture
Dairy
Cotton
Fishing & Aquaculture
Services to Agriculture
Viticulture
Other
Forestry & Logging
Poultry
Australian Agriculture
Retail trade
Mar-21Sep-21Mar-22
TCE ($bn)13.914.012.5
Lending ($bn)8.78.68.3
As a % of Group TCE1.301.241.08
% of portfoliograded as
stressed
1,2
5.483.683.69
% of portfolio impaired
2
1.821.551.42
Retail trade exposure by sub-sector
(TCE) ($bn)
6.4
4.0
3.4
6.2
4.2
3.6
5.9
2.9
3.7
Personal and
household
goods retailing
Motor vehicle
retailing and
services
Food retailing
Mar-21Sep-21Mar-22
Decrease mostly due to sale
of Auto Finance business

Australian consumer finance.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack73
Australian consumer finance portfolio
1
Australian consumer finance 90+ day delinquencies (%)
Australian consumer finance portfolio ($bn)Australian consumer finance portfolio ($bn)
1 Does not include Margin Lending. 2 Loans to customers through dealers in Specialist Businesses. These loans will be run-down over their contractual term.
Credit quality
6.8
2.8
5.4
15.0
6.0
2.4
4.8
13.2
6.4
2.4
4.0
12.8
Credit cardsPersonal loansAuto loans
(consumer)
Total consumer
finance
Mar-21Sep-21Mar-22
Higher credit card balances from spending lift; consumer auto loans in run-off.
Mar-21Sep-21Mar-22
Lending ($bn)15.013.212.8
As a % of Group loans2.01.81.8
30+ day delinquencies(%)3.583.263.06
90+ day delinquencies(%)1.921.761.64
90+ day delinquencies down 12bps over the period, reflecting 15bps improvement in
portfolio, partly offset by 3bps from contraction in portfolio
2
In run-off
1.64
0.50
1.50
2.50
Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
0
1
2
3
0
5
10
15
20
25
Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
Performing loans balance ($bn lhs)
90+ day delinquencies balance ($bn rhs)

Australian mortgage delinquencies.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack74
Improvement in delinquencies across the portfolio.
1 Financial hardship assistance is available to customers experiencing unforeseen events, including changes in income due to illness, a relationship breakdown or natural disasters. Hardship assistance often takes the form of a reduction or deferral of
repayments for a short period. Customer requesting financial hardship assistance, excluding those seeking COVID-19 related support, must provide a statement of financial position and an assessment is made regarding the customer’s eligibility.
Mortgage credit quality
Australian mortgage delinquencies (%)
Australian mortgage portfolioMar-21Sep-21Mar-22
Total portfolio 30+ day delinquencies(bps)179220147
Total portfolio 90+ day delinquencies, including
impaired mortgages(bps)
12010788
Investment property loans 90+ day delinquencies(bps) 11810989
Interest only loans 90+ day delinquencies(bps) 918266
Customers in hardship
1
including 6mth serviceability
period (by balances, bps)
11319675
Consumer properties in possession (number)180224201
Impaired mortgages (by balances, bps)665
Australian mortgage 90+ day delinquencies by State (%)
0.0
1.0
2.0
3.0
Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
NSW/ACTVIC/TASQLD
WASA/NTALL
0.88
1.47
0.0
1.0
2.0
3.0
4.0
Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22
90+ day delinquencies30+ day delinquencies
Australian mortgage hardship
1
balances
(% of portfolio)
COVID deferrals
0.75
0.0
0.5
1.0
1.5
2.0
2.5
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Non-COVID-19 supportCOVID-19 support.

Australian mortgage portfolio composition.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack
1 Flow is new mortgages settled in the 6 months ended 31 March 2022. 2 Includes amortisation. Calculated at account level, where split loans represent more than one account. 3 Loans ahead on payments exclude equity/line of credit products as there
are no scheduled principal payments. 4 Mortgage loss rates for March balances are annualised, based on losses for the 6 months. Mortgage loss rates for September are actual losses for the 12 months ending.
75
Mortgage credit quality
Australian mortgage portfolio
Mar-21
balance
Sep-21
balance
Mar-22
balance
1H22
Flow
1
Total portfolio ($bn)
443.6455.6
458.350.8
Owner occupied (OO) (%)
62.063.7
64.869.4
Investment property loans (IPL) (%)
35.233.8
33.430.5
Portfolio loan/line of credit (LOC) (%)
2.31.9
1.70.1
Variable rate / Fixed rate (%)
68/3262/38
60/4061/39
Interest only (I/O) (%)
18.215.8
14.216.4
Proprietary channel (%)
54.252.8
52.748.2
First home buyer (%)
9.49.6
9.711.7
Mortgage insured (%)
16.115.8
15.414.0
Mar-21Sep-21Mar-22
1H22
Flow
1
Average loan size
2
($’000)284277280
420
Customers ahead on repayments
including offset account balances
3
(%)
727070
Actual mortgage losses net of
insurance($m, for 6 months ending)
442728
Actual mortgage loss rate
annualised
4
(bps)
221
Australian mortgage portfolio and 1H22 flow by
product and repayment type (%)
17
21
38
48
19
17
18
213
3mths to
Jun22
Dec-22
Jun-23
Dec-23
Jun-24
Dec-24
Jun-25
Dec-25
Jun-26
Dec-26
Australian fixed rate mortgage expiry schedule
($bn, every 6 months to)
2
13
22
5
57
2
12
22
4
60
2
11
23
3
62
0
13
19
3
66
LOCIPL-I/OIPL-P&IOO-I/OOO-P&I
Mar-21 (Portfolio)
Sep-21 (Portfolio)
Mar-22 (Portfolio)
1H22 Flows
Chart does not add to 100 due to rounding.

Australian mortgage portfolio.
Westpac Group 2022 Interim Results Presentation & Investor Discussion Pack76
Australian housing loan-to-value ratios (LVRs) (%)
Equity increased for existing loans.
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset accountbalances and other loan adjustments. Property valuation source CoreLogic. 2 Weighted average LVR calculation considers
size of outstanding balances. 3 Average LVR of new loans is on rolling 6 months.
Mortgage credit quality
Australian mortgage portfolio LVRs
Mar-21
balance
Sep-21
balance
Mar-22
balance
Weighted
averages
2
LVR at origination (%)737373
Dynamic LVR
1
(%)545047
LVR of new loans
3
(%)727171
1
Serviceability assessment creates a buffer for borrowers
22
16
40
15
7
0
N/A
19
15
46
12
7
2
69
15
10
4
1
0
0
0
10
20
30
40
50
60
70
80
90
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
1H22 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR
•Loans are assessed at the higher of
−The customer rate, including any life-of-loan discounts, plus the
serviceability buffer of 3.0% (up from 2.50% in October 2021);
or
−The minimum assessment rate, called the “floor rate”, currently 5.05%
•Interest only (I/O) loans are assessed based on the residual principal and
interest (P&I) term using the applicable P&I rate
•Fixed rate loans are assessed on the variable rate to which the loan will
revert after the fixed period
7
9
11
12
20
33
8
3
5
7
7
16
46
17
<75k
75k to
100k
100k to
125k
125k to
150k
150k to
200k
200k to
500k
>500k
Owner OccupiedInvestment Property Loan
Applicant gross income band
(1H22 drawdowns, % by approved limits)
Chart does not add to 100 due to rounding.
Chart does not add to 100 due to rounding.