Westpac Market Update

ASX
Release


27 JULY 2022

WESTPAC MARKET UPDATE

Westpac is today conducting a market update on progress of important business
priorities that include:

• the status of the Group’s Customer Outcomes & Risk Excellence (CORE)
program;
• New climate commitments and detail on key sector financed emissions
targets; and
• our digital capabilities and plans, including a new fully digital mortgage.

Detail is in the attached presentation and on our website at
westpac.com.au/investorcentre. A webcast of the presentation will be live from 10am
and also available from this link with a replay of the event expected to be available later
in the afternoon. Other information on the website includes a methodology document on
how we set our new financed emissions targets, and a link to online demonstrations of
some of our new technologies.


Ends.



For further information:

Hayden Cooper Andrew Bowden
Group Head of Media Relations General Manager 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

27 JULY 2022
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
Market update

Session overview.
2
Westpac Market Update - July 2022
Digital first
banking
Strategic priorities,
CORE progress
Becoming a
net-zero bank
Peter King
Chief Executive Officer
Chris de Bruin
Chief Executive,
Consumer & Business Bank
Anthony Miller
Chief Executive,
Westpac Institutional Bank
Peter King
Chief Executive Officer

Momentum on our strategic priorities – two years on.
3
Westpac Market Update - July 2022
PerformFixSimplify
Address outstanding issues
•CORE program on track and
delivering change
• Major remediation programs in final
stages
• Largely addressed financial crime
issues – next phase to lift capability
Streamline and focus the
business
• Announced sales of 9 businesses (of 11)
• New operating model working well
•Significant progress on digital
Sustainable long-term returns
• Reorientating to growth
• Lifting return focus
–New 2023 capital range
–Cost reset underway
•Climate change – net zero
commitment

Customer Outcomes and Risk Excellence (CORE) program.
4
Westpac Market Update - July 2022
• CORE program in place
to address enforceable
undertaking signed
December 2020
• Aims to strengthen risk
governance,
accountability and risk
culture
• CEO and Group
Executive accountability
• Quarterly external
assurance
• Three-year program,
19 workstreams
2021
2022
2023
MarJunSepDecMarJunSepDecMarJunSepDec
100%
77%
20%
DesignImplementEmbed
~95% of
Implement
activities
targeted to
be complete
100% of
Embed
activities
targeted to
be complete
1 At 30 June 2022. Completed activities have been finalised by Westpac. Activities still may be subject to Promontory Australia review.
CORE activities progress
1

89%
93%
Sep-20Jun-22
Key employee survey results
(% score out of 100)
CORE program – measuring progress towards five target states.
5
Westpac Market Update - July 2022
High-rated issues
(No. of open issues)
Improved data quality
management
(Rating out of 5)
We are a well-run
business where risk is
actively managed
A simplified organisational
construct with clear
accountabilities
Three lines of defence
is understood and
embedded
Our people understand
risks and proactively
manage them
We’re known for
execution excellence
and getting it done
1
2
3
4
5
“Clear in how expected
to manage risks”
69%
75%
50%
55%
60%
65%
70%
75%
80%
85%
90%
Sep-20Jun-22
233
118
Sep-20Jun-22
2.64
4.22
Sep-20Jun-22
“People constructively
challenge..”
Key controls requiring
improvement
(%)
10.8%
9.9%
Sep-20Jun-22
67%
76%
50%
55%
60%
65%
70%
75%
80%
85%
90%
Sep-20Jun-22
Issues raised by first line
risk management
(Not 2nd or 3rd lines) (%)

A long history of action on climate change.
2017
Founding
member of the
United Nations
Environment
Program Finance
Initiative (UNEP)
2008
4-degrees Climate Scenario
Analysis
World’s first Green Tailored
Deposit to be certified by
internationally recognised
Climate Bonds Initiative
One of the founding banks
to launch UNEP Finance
Initiative's Principles for
Responsible Banking
1.5-degrees
Climate Scenario Analysis
Commitment to source the
equivalent of 100% of global
electricity consumption
through renewables by
2025
One of two joint-
lead arrangers to
bring the first
green bond to
Australia – for
the World Bank
2015
Commitment
to carbon
neutrality for
Australia,
extended to New
Zealand in 2019
2013
2002
1991
First bank to
join Australian
Greenhouse
Challenge
One of ten
founding
signatories
to Equator
Principles
First Australian
Bank to publish a
sustainability
report
First Australian
bank to trade
renewable energy
certificates
First Climate
Change
Position
Statement
2012
Second
Climate
Change
Position
Statement
2014
Commitment to UN
Sustainable
Development
Goals and Paris
Climate
Agreement
Third Climate
Change Position Statement &
Action Plan
Commenced reporting in line with
TCFD recommendations
2018
2019
2020
Fourth Climate
Change Position
Statement &
Action Plan
2-degrees
Climate Scenario
Analysis
2016
Joined Net-
ZeroBanking
Alliance and
set first sector
targets
1996
2003
2022
Part of the
Australian Business
Roundtable on
Climate Change
that released the
‘The Business Case
forEarly Action’
report
2006
2021
45% of global electricity
consumption from renewable
sources
Joint leader manager for first
sustainability -linked bond in
Australia
.
Westpac Market Update - July 2022
6
2010
First bank to
trade in the
New Zealand
Emissions
Trading
Scheme
Climate change elevated
to a Group wide strategic
priority

2
Our plans for becoming a net-zero bank.
7
Westpac Market Update - July 2022
1
Collaborate
for impact
Net-zero in our
operations
Supporting customers’
transition to net-zero
• Transition electricity to 100%
renewables by 2025
• Support employee emission
reductions
• Reduce supply chain
emissions
• Signed Net-Zero Banking
Alliance (NZBA) commitment
• 2030 targets to reduce our
financed emissions
• Become the transition
partner of choice
• Work with industry, NGOs
and governments on
initiatives towards net-zero
3
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. Please refer to the disclaimer at the back of this presentation.
Actions underpinning our approach to climate change.

1
Net-zero in our operations.
8
Westpac Market Update - July 2022
Reduce Scope 1 & 2
emissions by 85% by
2025 and 90% by 2030
Reduce Scope 3
supply chain
emissions by 35%
by 2030
1
Maintain carbon
neutrality
58% reduction
since 2016
20% reduction
since 2016
Carbon neutral
2
Continue to source carbon
credits to neutralise residual
emissions
1 Scope 3 supply chain emissions target to be updated in FY23 from a ‘well-below 2 degree’ trajectory to a 1.5-degree trajectory.2 Westpac Group’s Australia and New Zealand operations are certified carbon neutral under the Australian
Government’s Climate Active Standard for Organisations and the New Zealand Toitūcarbonzeroprogramme respectively. 3 GHG is greenhouse gas emissions.
TargetsProgress
0
50,000
100,000
150,000
200,000
250,000
2016
Baseline
201720182019202020212030
Target
Scope 3 supply chain GHG emissions
Scope 1 & 2 GHG emissions
Westpac Group Total GHG
3
Emissions (tCO
2
-e)
Before carbon offsets

Source equivalent of 100% of electricity from renewables by 2025.
9
Westpac Market Update - July 2022
17
38
45
100%
Signed agreement to
source equivalent of
an
additional 38%
from Flow Power from
Ararat Wind Farm in
Victoria by 2023 and
Berri Solar Farm +
Battery in South
Australia by 2024
New
agreement
Source equivalent of
45% of our global
electricity consumption
from renewable
sources through virtual
power purchase
agreement with the
BomenSolar Farm
in NSW and from
onsite solar
Current
Plans
underway
To source equivalent of
remaining 17% of
electricity from
renewable sources by
2025
Ararat Wind Farm, Victoria
Berri Solar Farm + Battery, South Australia

21.2
13.1
7.9
9.8
10.9
6.4
5.1
1.1
1
3.2
18.2
2.1
Net-zero targets based on our most emissions intensive sectors.
10
Westpac Market Update - July 2022
0.257
0.248
0.227
0.151
0.094
0.079
0.075
0.029
0.023
0.011
0.008
0.008
0.029
Manufacturing
Utilities
Mining
Agriculture
Trade
Services
Transport &...
Construction
Accomodation,...
Property
Residential Mortgages
Other
Total Portfolio
Westpac’s estimated Australian financed
emissions intensity (kgCO
2
-eper $ lent
1
)
Westpac Australian financed emissions
(% of total)
100%
Includes cement production
Includes power generation
Includes upstream oil and
gas and thermal coal mining
1 This analysis was part of our FY21 financed emissions estimate reporting process. This analysis focused on scope 1 and 2 emissions of our Australian business, institutional and residential mortgage portfolio only.
Accommodation, Cafes &
Restaurants
Transport &
Storage
2

Climate change
Anthony Miller
Chief Executive,
Westpac Institutional Bank

Principles underpinning our four new targets.
12
Westpac Market Update - July 2022
Referencedscience based scenarios from credible sources such as the International Energy
Agency (IEA) and CSIRO/ClimateWorks
Published a methodology document
1
to detail how targets were established, and
scenarios selected. This document includes the full definitions and scope of the targets
Referenced industry guidelinesand sector approaches
Set 1.5°C aligned targets where underpinning data and methodologies was sufficient
Recognise that targets are based on our best estimates using available data and methodologies.
Targets will continue to evolve with new/changing science, methodologies and technology
1 Methodology document published on our website Westpac.com.au/investorcentre.

Thermal coal mining.
13
Westpac Market Update - July 2022
Sector definition
Target
Current status
Our plans
Updated Westpac’s 2020 thermal coal mining definition
1
to align with the NZBA guidelines
for thermal coal. New definition applies to companies where >5% of their revenue is
coming directly from thermal coal mining
2
. We will assess company revenues on a three-
year rolling average
Annual reporting
Zero lending to companies with >5% of their revenue coming directly from thermal coal
mining by 2030
At March 2022 our total committed exposure was $0.22bn
Manage our portfolio to reduce our lending exposure to zero by 2030
Total committed exposure ($)
1 2020 definition of thermal coal mining was that customers generating >25% revenues from thermal coal, or in a case of a stand-alone mine, more than >35% volumes from thermal coal mining. All other coal customers or mines were deemed as
metallurgical. 2 Consistent with the NZBA guidelines, our definition of thermal coal mining includes companies where more than 5% of their revenue is coming directly from their production and sale of thermal coal. Adjacent sectors, including
mining service providers, will be covered in other targets as appropriate. Transactional banking and rehabilitation bonds areexcluded from our target. 3 NZBA guidelines refers to UNEP FI Guidelines for Climate Target Setting for Banks 2021.
Reference scenario
Commitment has been informed by the NZBA guidelines
3

Upstream oil and gas.
14
Westpac Market Update - July 2022
Companies involved in oil and gas exploration, extraction and drilling, including integrated
oil and gas companies that have upstream activities, and LNG producers
23% reduction in scope 1, 2 and 3 absolute financed emissions by 2030(relative to 2021 baseline)
Only consider directly financing greenfield oil and gas projects that are in accordance with the IEA NZE
Scenario
1
, or where necessary for national energy security
2
Will continue to provide corporate lending where the customer has a credible transition plan in place by 2025
3
At March 2022, our total committed exposure to oil and gas extraction was $2.4bn. Our exposure has
trended down over the past five years. Will update our Group 2021 financed emissions baseline in
November 2022
Expect customers to have credible transition plans in place by 2025
Work with customers to support their development of credible transition plans
Absolute financed emissions reduction (%)
1 The International Energy Agency's Net-Zero by 2050: A Roadmap for the Global Energy Sector report, 2021 (IEA NZE) scenario specifies that no new (greenfield) oil and gas fields are needed beyond those projects that have already been
committed as of 18 May 2021. 2 National energy security refers to circumstances where the Australian or New Zealand Government or regulators determine (or takes a formal public position) that supply from the asset being financed is necessary
for national energy security. 3 A credible transition plan should be developed by reference to the best available data and should include Scope 1, 2 and 3 emissions and actions the company will take to achieve greenhouse gas reductions aligned
with pathways to net-zero by 2050, or sooner, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100. 4 IEA NZE refers to the International Energy Agency’s Net Zero by 2050: A Roadmap for theGlobal Energy
Sector report 2021. 5 CSIRO/ClimateWorksAustralia Hydrogen Superpower Scenario refers to one of four multi-sectoral scenarios included in CSIRO/ClimateWorks’ Multi-sector energy modelling, Australia 2021 report.
IEA NZE
4
, complemented with CSIRO/ClimateWorksAustralia Hydrogen Superpower Scenario
5
Sector definition
Target
Current status
Our plans
Annual reporting
Reference scenario

Power generation.
15
Westpac Market Update - July 2022
Scope 1 and 2 emissions of electricity generators
1
Emissions intensity target of 0.10 tCO
2
e/MWh by 2030
(44% lower than prior target set in Nov 2020 of 0.18 tCO
2
e/MWh by 2030)
Australian electricity portfolio emissions intensity 0.26 tCO
2
e/MWh for FY21
2
Willupdate our Group 2021 emissions intensity baseline in November 2022
Currently 79% of our power generation portfolio is renewables (compares to approximately 32.5% of
Australia’s total electricity generation in 2021
3
)
Continue to grow our direct renewable financing
Work with customers to support their development of credible transition plans
Power generation sector emissions intensity (tCO
2
e/MWh)
Percent of total committed exposure to renewables
1 Includes customers with material revenue coming from power generation or >5% revenues from thermal coal electricity generation. In Australia, this applies to customers with National Greenhouse and Energy Reporting Scheme designated
generation facilities and have material revenue coming from power generation. The target excludes electricity transmission/distribution companies and Scope 3 emissions of electricity generators. 2 Australia accounts for the majority of Group
electricity emissions. 3 Clean Energy Australia Report 2022 by Clean Energy Council.
CSIRO/ClimateWorksAustralia Hydrogen Superpower Scenario
Sector definition
Target
Current status
Our plans
Annual reporting
Reference scenario

Cement production.
16
Westpac Market Update - July 2022
Companies that produce clinker in-house. The target has been set for
customers’ Scope 1 and 2 emissions in relation to the production of cement
Emissions intensity target of 0.57 tCO
2
e/tonne of cement by 2030
Australian cement industry emissions intensity
2
is 0.77 tCO
2
e/tonne cement
Will update our Group 2021 emissions intensity baseline in November 2022
Work with customers to support their development of credible transition plans
Cement production portfolio emissions intensity (tCO
2
e/tonne of cement)
SBTi Cement Target Setting Guidance –Sectoral Decarbonisation Approach (SDA)
1
Sector definition
Target
Current status
Our plans
Annual reporting
Reference scenario
1 Science Based Targets Initiative (SBTi) Cement Target Setting Guidance refers to the Cement Science Based Target Setting Guidance, Draft for public consultation, SBTi 2022. 2 This is based on the latest available information from the
Australian Cement Industry Federation's Australian Cement Report 2020.

Becoming the transition partner of choice.
17
Westpac Market Update - July 2022
Building banker capability
• ~3,000 employees completed ESG fundamentals training
• 800+ employees completed half day training in partnership
with Monash University/ClimateWorks
Mobilisingthe transition finance
• Finance for low carbon transition and new scalable
technologies
Extending our product suite
• Tailored sustainability linked loans
• Carbon trading for institutional customers
Lifting ESG risk management, data and systems
Investing in the opportunityStrong starting point
• Largest bank lender to greenfield renewable energy
projects in Australia for the past five years
• 39 new sustainable finance transactions
1
in 1H22
• First tailored green deposit. >$2bn in funds
• Expanding carbon desk – already a leader in New
Zealand
• 79% of lending to electricity generation is to renewables
• Engaged customers on their transition plans
• Launched electric and hybrid vehicle loan
1 Sustainable finance transactions refers to green, social, sustainability, sustainability-linked and re-linked loans and bonds.

Supporting customers’ transition to net-zero.
18
Westpac Market Update - July 2022
Continue to engage
with customers so
they understand
our NZBA
commitments
Facilitate the
development and
purchase of quality,
accredited offsets
after feasible
reduction activities
are exhausted
Support customers
as they develop/
evolve their climate
strategy and
credible transition
plans
Mobilise finance
for customers’
emissions
reduction activities
and technologies
Help drive Scope 3
emissions reductions by
• Supporting the
necessary
infrastructure for a low
carbon future
• Financing low carbon
technologies

Currently working with
Collaborate for climate and nature-related impact.
19
Westpac Market Update - July 2022
Addressing climate change requires collective action. We support and participate in
international, national and industry-based initiatives.
3
Australian Industry Energy
Transitions Initiative
Coordinating learning and action on net-zero
emissions supply chains
Development of a nature-related financial risk
management and disclosure framework
Principles for Responsible Banking
Clean Energy Regulator
United Nations Environment
Programme – Finance Initiative
Task Force on Nature-related
Financial Disclosure Forum
Corporate emissions reduction transparency
report. Participation in first pilot report

Digital
Chris de Bruin
Chief Executive,
Consumer & Business Banking

Our plans for transforming our business.
21
Westpac Market Update - July 2022
Anchored to safety Digital first Expanding access
• One way to do business –
across channels and between
customers/bankers
• Convenient, easy, accessible
experience
• Straight-through processes for
sales and service across all
products
• New multi-brand infrastructure –
any customer served in any
branch
• Co-locations improving access
• Bank@Post–3,500 outlets
• ‘Anywhere to anywhere’ banking
with voice, video and mobile
banker options
• Safe and secure access 24/7
• Dynamic CVC for cards
• Biometrics & AI to identify fraud
• Scam Block – real-time
blocking of potentially
questionable online merchants
• Lower fraud losses
123

Digital first.
22
Westpac Market Update - July 2022
Digital products/services
Digital tools in your pocket
One way to do business
•Digital banker, same tools/processes for
customers and bankers – across all brands
and 40+ systems
•Support via AI chat, app messaging, video
and live chat
•Straight through fully digital processes, ease
of access and compliant by design
Consumers
•Digital mortgage – unconditional approval
starting from 10 minutes
•Personal Finance Management (PFM)
•Digital card onboarding/replacement/service
Businesses
•Tap on phone merchant capability for android
•Upgrading 100,000 merchant terminals
•Digital applications and credit assessment
•Westpac app for Consumers/Businesses
•Enhanced ID and security
•200+ features in app, including;
-Smart Search
-Instant digital card
-Real-time gambling block
-Abusive language reporting/blocking
•Carbon tracker partnership with Cogo
•5m digitally active customers at Jun-22
1
•6.7m daily online sessions
2
•2.2m daily payments
2
•17,200 bankers using new platform
•89% of new-to-bank Westpac transaction
accounts are straight through processed
•Video and chatbot launched for bankers
•10% YoY increase in Westpac self serve events
•Digital mortgage, roll-out starts by end-2022
•PFM tools available from Dec-2022
•Digital finance application saving ~3 hours
per interaction
1
Initiatives
Progress
1 Based on customer being digitally active at least once within 30 days. 2 Week-day average for June 2022.

Westpac’s digital mortgage.
Fast and simple customer experience.
23
Westpac Market Update - July 2022
Data led financial
verification
Customer
biometrics
Automated full
approval decision
Key property
insights data
Digital consent/
no paper
On Westpac's One Bank Platform

Personal Financial Management.
Embedding personal financial management in Westpac app following the purchase of MoneyBrilliant.
24
Westpac Market Update - July 2022
View accounts from all
financial institutions
1
Categorise and
analyse expenses
Track expenses
and income
Customised transaction
tagging
1 Australian-based financial institutions using open banking.

Expanding access in Australia.
25
Westpac Market Update - July 2022
• Physical branches being reconfigured
• Smaller footprint, modular fit-out, run using mobile technology
• Capability to allow any Group customer to use any branch
1
• New co-located branches: reducing duplication while
maintaining coverage
• Backed by ‘anywhere to anywhere’ banking with voice, video
and mobile banker options
• Reconfiguration of branch systems underway, expected to
complete by Mar-23
• 21 co-located branches operating, reviewing opportunities
for around 100 more over the next 18 months
• Prototype designed
• Technology improvements to better connect customers from
early 2023
2
Initiatives
Progress
1 Covers Westpac and regional brands in Australia.
Digitise branchesMulti-brand

Anchored to safety.
26
Westpac Market Update - July 2022
Initiatives
Progress
Dynamic CVC
~10,000 customers using daily
Fraud ~80% lower vs cards with static CVC
Real-time blocking of
potentially questionable online
merchants
Biometric fraud detection
Push notifications on account
activity
Better customer experience, less
identity theft
Faster alerts have reduced losses
Saved ~$20m for 114,000
customers since January 2022
Launch of advanced customer
behavioural tool to combat
remote access scams
Progressive roll-out with all key platforms
monitored by end-FY22
20
40
60
80
100
Sep-15Sep-17Sep-19
Sep-21
Source: Westpac
Credit and debit card fraud losses
(indexed Sep 15 =100)
3
Advanced real-time
card fraud detection
rolled-out
Introduced
dynamic CVC

Less physical, more digital, improved NPS.
27
Westpac Market Update - July 2022
1 Digital transactions include all payment transactions (Transfer Funds, Pay Anyone and BPAY) within Westpac Live and Compass, e xcl. Corporate Online and Business Banking online. 2 Digital consumer NPS is a Net Promoter Score
measuring the net likelihood of recommendation to others of the customer’s main financial institution for retail or business banking. Using a 11-point numerical scale where 10 is ‘Extremely likely’ and 0 is ‘Extremely unlikely’, Net Promoter
Score is calculated by subtracting the percentage of Detractors (0-6) from the percentage of Promoters (9-10). The digital Net Promotor Score is calculated from responses that are internally sourced from digital active customers after a
banking session. Net Promoter ScoreSMis a trademark of Bain & Co Inc., SatmetrixSystems, Inc., and Mr Frederick Reichheld.
1H20
1H211H22
Digital transactions
1
(#m)
267
298
334
More digitalImproved NPS
2
Less physical
16.5
12.9
11.1
Branch over the counter transactions
(#m)
1H20
1H22
1H21
69
77
Jan-21Jun-22
Digital NPS
2
(mobile and online experience)

Making progress on our plans.
28
Westpac Market Update - July 2022
Creating a Digital
first bank
Good strategic
momentum. CORE
program on track
Becoming a
net-zero bank

Appendix

30
Westpac Market Update - July 2022
Further information...
For additional information, including links
to videos of our new digital features
westpac.com.au/investorcentreand
follow the links
or scan QR code for a link to the videos
on our digital features

Committing to the NZBA
1
.
31
Westpac Market Update - July 2022
Summary of NZBA commitments
What that means for us
Transitionoperational and attributable GHG emissions from lending
and investment portfolios to align with 1.5°C pathways to net-zero by
2050 or sooner
Set scenario-based intermediate targets for 2030, or sooner, for
priority GHG-intensive and GHG-emitting sectors
Prioritiseefforts where banks have, or can have, the most
significant impact
Annually publish absolute emissions and/or emissions intensity and
progress against a board reviewed transition strategy setting out
proposed actions and climate-related sectoral policies
Take a considered approach to the role of offsets to supplement
decarbonisation in line with climate science. Offsets should always
be additional and certified
•Climate neutral operations and net-zero lending portfolio
•Set net-zero lending targets using our total committed exposure
2
•2030 targets for first four sectors announced today
•Baseline for first four sectors to be released November 2022
•Develop targets for other sectors to expand the coverage of our targets
•Determined most emissions intensive sectors in 2021
•Set targets for segments in our top four highest emissions intensive
sectors
•Track financed emissions and disclose progress against 2030 targets
as part of regular reporting process
•Climate plans approved by Board
•Disclose transition plan within 12 months of setting targets
•Continue work to operationalise targets and finalise integration into
internal processes
•Review use of carbon offsets for targets as appropriate and as guidance
on the role of carbon offsets evolves
1 Details of the NZBA can be found https://www.unepfi.org/net-zero-banking/. 2 We set net-zero lending targets using our total committed exposure (TCE). TCE represents the maximum amount of credit exposure that Westpac has
committed to provide to a customer, both on and off balance sheet. For the purposes of setting net-zero targets, this TCE definition excludes secondary market trading or underwriting committed credit exposures.

Disclaimer
The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities.
The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied uponas advice to investors or potential investors, who should
consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation
may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or
reliability of the information.
All amounts are in Australian dollars unless otherwise indicated.
Unless otherwise noted, financial information in this presentation is presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to Westpac’s 2022 Interim
Financial Results (incorporating the requirements of Appendix 4D) for the six months ended 31 March 2022 available at www.westpac.com.au for details of the basis of preparation of
cash earnings.
This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking
statements are statements about matters that are not historical facts. Forward-looking statements appear in a number ofplaces in this presentation and include statements regarding our
intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditio ns, results of operations and financial condition,
including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.
We use words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’,‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’, ‘outlook’,
‘forecast’ or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to
change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control, and have been made based upon management’s expectations and beliefs
concerning future developments and their potential effect upon us. There can be no assurance that future developments will bein accordance with our expectations or that the effect of
future developments on us will be those anticipated. Actual results could differ materially from those which we expect, depending on the outcome of various factors. Factors that may
impact on the forward-looking statements made include, but are not limited to, those described in the section titled ‘Risk factors' in Westpac’s 2022 Interim Financial Results
(incorporating the requirements of Appendix 4D) for the six months ended 31 March 2022 available at www.westpac.com.au. When relying on forward-looking statements to make
decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events.Except as required by law, we assume no obligation to
update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation.
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Westpac Market Update - July 2022