Westpac 2023 Group Annual Report and Appendix 4E

ASX Release


6 November 2023

Westpac 2023 Group Annual Report and Appendix 4E

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
2023 Group Annual Report and Appendix 4E.










For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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



Level 18, 275 Kent Street
Sydney, NSW, 2000

ASX AppendiX 4e
Results for announcement to the market
1

Report for the full year ended 30 September 2023
²

Revenue from ordinary activities
3,4
($m)up10%to$21,645
Profit from ordinary activities after tax attributable to equity holders
4
($m)up26%to$ 7,1 9 5
Net profit for the year attributable to equity holders
4
($m)up26%to$ 7,1 9 5
Dividend Distributions (cents per ordinary share)
Amount per
security
Franked amount
per security
Final Dividend7272
Interim Dividend7070
Record date for determining entitlements to the final dividend10 November 2023
1. This document comprises the Westpac Group 2023 Full Year Financial Results, and is provided to the Australian Securities Exchange under
Listing Rule 4.3A.
2. This report should be read in conjunction with Westpac's 2023 reporting suite and any public announcements made in the period by the
Westpac Group in accordance with the continuous disclosure requirements of the Corporations Act 2001 and ASX Listing Rules.
3. Comprises reported interest income, interest expense and non-interest income.
4. All comparisons are with the reported results for the twelve months ended 30 September 2022.
ASX Appendix 4E

WESTPAC
2023 ANNUAL REPORT
CREATING
BETTER FUTURES
TOGETHER
50-YEAR PARTNERSHIP WITH
THE WESTPAC LIFESAVER
RESCUE HELICOPTER SERVICE

Westpac’s reporting suite
Our 2023 Annual Report is our primary
report to shareholders. Guided by the
Integrated Reporting Framework principles,
it brings together financial and non-financial
performance, strategic progress and the value
created for stakeholders over the Full Year 2023
(FY23) reporting period.
Our Annual Report forms part of our broader
2023 reporting suite, which comprises the
Group’s financial, non-financial, risk and
sustainability performance for the year. It
includes our FY23 Financial Results Presentation
and Investor Discussion Pack, Pillar 3 Report,
Corporate Governance Statement and our
inaugural Climate Report.
Our full suite is available online at
westpac.com.au/2023annualreport.

50-YEAR PARTNERSHIP WITH
THE WESTPAC LIFESAVER
RESCUE HELICOPTER SERVICE
WESTPAC
2023 ANNUAL REPORT
CREATING
BETTER FUTURES
TOGETHER
WESTPAC
2023 CLIMATE REPORT
CREATING
BETTER FUTURES
TOGETHER
PILLAR 3
REPORT
SEPTEMBER 2023
INCORPORATING THE REQUIREMENTS OF APS330
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
PRESENTATION
AND INVESTOR
DISCUSSION PACK
2023 FULL YEAR FINANCIAL RESULTS
FOR THE 12 MONTHS ENDED
30 SEPTEMBER 2023
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
2023 ANNUAL GENERAL MEETING
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
THURSDAY, 14 DECEMBER 2023
10:00 AM (BRISBANE TIME)
NOTICE OF
MEETING
CORPORATE
GOVERNANCE
STATEMENT
2023
WESTPAC BANKING CORPORATION
ABN 33 007 457 141
Annual ReportFY23 Results
Presentation and
Investor Discussion
Pack
Climate Report
Notice of MeetingPillar 3 ReportCorporate Governance
Statement
Acknowledgment of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia and recognises
their ongoing role as Traditional Owners of the land and waters of this
country, and we pay respect to Elders past and present. We extend that
respect to Westpac’s Aboriginal and Torres Strait Islander employees,
partners and stakeholders, and to the Indigenous Peoples in the other
locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tangata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders as partners and custodians of their natural ecosystems
under Te Tiriti o Waitangi.
In this Annual Report a reference to ‘Westpac’, ‘Group’, ‘Westpac Group’, ‘we’, ‘us’ and ‘our’ is to Westpac Banking Corporation ABN 33 007 457 141
and its subsidiaries unless it clearly means just Westpac Banking Corporation.
For certain information about the basis of preparing the financial information in this Annual Report see ‘Reading this report’ in Section 2.
In addition, this Annual Report contains statements that constitute ‘forward-looking statements’ within the meaning of Section 21E of the US
Securities Exchange Act of 1934. For an explanation of forward-looking statements and the risks, uncertainties and assumptions to which they are
subject, see ‘Reading this report’ in Section 2. Please consider those important disclaimers when reading the forward-looking statements in this
Annual Report.
Information contained in or accessible through the websites mentioned in this Annual Report does not form part of this report unless we specifically
state that it is incorporated by reference and forms part of this report. All references in this report to websites are inactive textual references and are
for information only.
Westpac Banking Corporation ABN 33 007 457 141
WESTPAC GROUP 2023 ANNUAL REPORT

CREATING BETTER
FUTURES TOGETHER
Contents
1 STRATEGIC REVIEW 1
2023 highlights 2
Performance overview 4
Chairman’s report 6
CEO’s report 8
About Westpac 10
Our operating environment 12
Our strategy 14
How we create value 16
Material sustainability topics 18
Value for shareholders 20
Value for customers 24
Value for our people 28
Value for the community 32
Value for the environment 36
Risk management 40
Corporate governance 48
Directors’ Report 52
Board of Directors 52
Executive team 56
Remuneration Report 66
Information on Westpac 94
Significant developments 94
2 PERFORMANCE REVIEW 97
Reading this report 98
Group performance 102
Segment reporting 130
Risk factors 145
Sustainability governance 157
Other Westpac business information 165
3 FINANCIAL STATEMENTS 167
Financial statements 167
Notes to the financial statements 174
Statutory statements 294
4 SHAREHOLDER INFORMATION 303
Shareholding information 304
Additional information 313
Glossary of abbreviations
and defined terms 320
Contact us inside back cover
1
STRATEGIC
REVIEW
PERFORMANCE
REVIEW
FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

2023
HIGHLIGHTS
1
SHAREHOLDERSCUSTOMERSOUR PEOPLE COMMUNITYENVIRONMENT
$7,195M
Net Profit, up 26%
#1
Australian banking app
2
75
Organisational Health Index
$3.4BN
Taxes paid globally, including
the bank levy and 6th largest
taxpayer in Australia
66%
Reduction in scope 1
and 2 emissions from our
2021 baseline
5
14%
Full year dividend of 142 cents
$23BN
Home loans
49%
Women in senior leadership
3

50-YEAR
Westpac Lifesaver Rescue
Helicopter Service partnership
12 NZBA EMISSION
REDUCTION TARGETS
12.38%
Common equity tier 1 capital ratio
comfortably above regulatory
minimum

$12BN
Business loans
36,146
Employees
4

$27.9M
Spent with diverse suppliers
5
7%
Reduction in exposure to the
fossil fuel energy value chain
5,7
9.0%
Total shareholder return
(-16% in FY22)

$28M
Customer deposits
$6.1BN
Paid to our people
$171M
In community investment
6
100%
Sourcing equivalent of 100%
of Australian direct electricity
demand from renewable energy
from April 2023
1 Comparisons are for the 12 months ended
30 September 2022, unless otherwise stated.
2 The Forrester Digital Experience Review:
Australian Mobile Banking Apps, Q4 2023.
3 Senior Leadership includes Executive Team,
General Managers and their direct reports
(excluding administrative or support roles).
4 Full time equivalent at September 2023.
5 Refer to the 2023 Sustainability Index and
Datasheet for more information on the
definitions.
6 Refer to the 2023 Sustainability Index and
Datasheet for more information on the
definitions. Figure includes commercial
sponsorships and foregone fee revenue.
7 Our fossil fuel energy value chain includes the
following sectors: Oil and Gas (exploration;
extraction and terminals, refining, distribution
and retail); Fuel Retailing; Thermal coal mining;
Coal Ports; and, electricity supply (generation
from fossil fuels only: Gas; Black Coal; Brown
Coal; Liquid fuel).
WESTPAC GROUP 2023 ANNUAL REPORT 2

SHAREHOLDERSCUSTOMERSOUR PEOPLE COMMUNITYENVIRONMENT
$7,195M
Net Profit, up 26%
#1
Australian banking app
2
75
Organisational Health Index
$3.4BN
Taxes paid globally, including
the bank levy and 6th largest
taxpayer in Australia
66%
Reduction in scope 1
and 2 emissions from our
2021 baseline
5
14%
Full year dividend of 142 cents
$23BN
Home loans
49%
Women in senior leadership
3

50-YEAR
Westpac Lifesaver Rescue
Helicopter Service partnership
12 NZBA EMISSION
REDUCTION TARGETS
12.38%
Common equity tier 1 capital ratio
comfortably above regulatory
minimum

$12BN
Business loans
36,146
Employees
4

$27.9M
Spent with diverse suppliers
5
7%
Reduction in exposure to the
fossil fuel energy value chain
5,7
9.0%
Total shareholder return
(-16% in FY22)

$28M
Customer deposits
$6.1BN
Paid to our people
$171M
In community investment
6
100%
Sourcing equivalent of 100%
of Australian direct electricity
demand from renewable energy
from April 2023
3
STRATEGIC
REVIEW
PERFORMANCE
REVIEW
FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

PERFORMANCE
OVERVIEW
1
The Group recorded net profit of
$7,195 million, up 26% on the prior
year. Excluding Notable Items
2
, net
profit increased 12% to $7,368 million.
Our improved financial performance reflects the benefit
of a higher net interest margin and growth in home and
business loans. This was tempered by higher provisions for
loan losses. The operating performance drove a significant
improvement in our return on tangible equity, which rose
1.09 percentage points to 11.7%
3
.
Dividends of 142 cents per share, including a final dividend
of 72 cents per share, were up 14%. The payout ratio of
68%
3
was within our sustainable payout ratio range of 65%
to 75%.
The Group’s financial position was strengthened in
anticipation of a more challenging economic and operating
environment. The CET1 capital ratio of 12.4% compares to
the target operating range of 11.0% to 11.5%.
With $4.0 billion of capital above the target operating
range and confidence in the medium-term economic
outlook, we announced a $1.5 billion on-market share
buyback to return capital to shareholders.
Liquidity coverage and net stable funding ratios of
134% and 115%, respectively, were well above regulatory
minimums.
1 Unless otherwise stated, all figures relate to the year ended
30 September 2023 with the comparative period the year ended
30 September 2022. Certain amounts, measures and ratios presented in
this Annual Report are not defined by Australian Accounting Standards
(AAS). These non-AAS measures are identified and described in the
‘Reading this report’ section of the Performance Review in the 2023
Annual Report.
2 Notable Items are discussed further in section 2.3.
3 Excluding Notable Items.
Improved financial performance
Pre-provision profit was $10,953 million, up
24% compared to the prior year. The increase in FY23
was driven by a stronger performance in the First Half
relative to the Second Half. Excluding Notable Items, pre-
provision profit increased 16% to $11,310 million reflecting
an 8% increase in operating income and 1% increase in
operating expenses.
—Net interest income increased 7% to $18,317 million. Excluding
Notable Items, net interest income increased 11%. This reflects
the expansion in net interest margin (NIM) and a 6% increase
in average interest-earning assets. Growth was driven by
owner occupied mortgages, and loans to business customers
across the commercial property, agriculture and target sectors
in institutional banking. It also included a 10% rise in liquid
assets in response to the reduction in the RBA’s Committed
Liquidity Facility (CLF).
—Group NIM was up 2 basis points to 1.95%. Excluding Notable
Items, NIM of 1.96% was 9 basis points higher. Group NIM
comprised:
• Core NIM of 1.87%, which expanded 12 basis points from
widening deposit spreads in the first half of the year and
higher return on capital balances. This was partly offset by
tighter loan spreads due to intense lending competition as
well as an increase in lower returning liquid assets;
• Treasury and Markets income of 9 basis points, down
3 basis points; and
• Notable Items, which reduced Group NIM by 1 basis point.
This compared to a contribution of 6 basis points in the
prior year.
—Non-interest income of $3,328 million was 36% higher,
mostly due to Notable Items. Excluding these items and the
impact of businesses sold, non-interest income increased 3%
to $2,988 million, due to improved markets income.
—Operating expenses of $10,692 million were 1% lower, driven
in part by Notable Items. Operating expenses excluding
Notable Items were $10,232 million, up 1%. Inflationary
pressures on wages, third-party vendor costs and higher
software expenses were largely mitigated by the benefits of
our cost reset actions.
1.95%
Group NIM,
up 2 bps on FY22
24%
Pre-provision
profit
16%
Pre-provision
profit excluding
Notable Items
1.87%
Core NIM,
up 12 bps on FY22
WESTPAC GROUP 2023 ANNUAL REPORT 4

134%
LCR, 34 ppts above
regulatory minimum
Strong balance sheet
Capital
The CET1 capital ratio rose by 109 basis points to 12.4%.
This reflects the impact of:
—Net profit adding 159 basis points;
—Benefits from APRA’s revised capital standards of
62 basis points; and
—Dividends subtracting 100 basis points.
Funding and liquidity
The September quarterly average liquidity coverage ratio
(LCR) was 134% and the net stable funding ratio (NSFR)
was 115%, both well above regulatory minimums.
The deposit to loan ratio was 82.9%. The Group raised
$35.2 billion of new long-term wholesale funding.
Resilient credit quality
Westpac is well positioned to withstand any future
deterioration in credit quality with impairment provisions
more than $1.5 billion above the expected losses of our base
case economic scenario.
—Credit impairment charges were $648 million or 9 basis
points of average loans, compared to 5 basis points of
average loans in the prior year. The charge was driven by
higher Collectively Assessed Provisions (CAP), a function
of weaker forward-looking economic inputs, a modest
rise in mortgage portfolio delinquencies and some
increased stress within WIB, Business and New Zealand
portfolios. The charge was moderated by an Individually
Assessed Provisions (IAP) benefit of $121 million.
—Credit quality was resilient, albeit experiencing some
deterioration. Stressed exposures to total committed
exposures were 1.26%, a rise of 19 basis points driven by
the mortgage and business portfolios.
—Credit Impairment provisions of $4,941 million were
up 7% due to higher CAP. Overlays were reduced by
$268 million as expected risks did not materialise or are
now reflected in modelled outcomes. The ratio of CAP
to credit RWA was 1.35%, an increase of 19 basis points
due to both higher CAP and lower RWA following the
adoption of APRA’s revised capital framework.
Investment spend
Investment spend was $1,922 million, down 3%.
—Spend on growth and productivity increased 8%,
reflecting the roll-out of our mortgage origination
platform to third-party brokers, investment in
digital capability to improve customer experience
and continued development of the corporate cash
management platform.
—Delivery of our regulatory compliance agenda remains
a priority and was a significant proportion of spend.
As we have made progress, risk and regulatory spend
decreased 9%.
CAP TO CREDIT RWA (%)
INVESTMENT SPEND (%)
Risk and regulatory Growth and productivity
STRESSED EXPOSURES AS A % OF TCE
SEP-21SEP-23
SEP-22
1.36
1.26
1.07
SEP-21SEP-23SEP-22
1.17
1.35
1.16
CET1 CAPITAL RATIO (%)
APRA basis Internationally comparable
SEP-21SEP-23SEP-22
18.7
12.4
17.6
11.3
18.2
12.3
38
62
5
STRATEGIC
REVIEW
PERFORMANCE
REVIEW
FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

CHAIRMAN’S
REPORT
The Board has made it a priority for
the Company to invest to maintain
or grow its position in key markets.
Dear fellow shareholders,
This year has seen the best financial and operating
performance by the Group since 2018. We also made
improvements in digitisation and customer service,
particularly in consumer banking. We made good progress
in consumer deposits and we stabilised the historical
erosion in our lending position.
Profit after tax was $7.2 billion in FY23, up 26% on a
statutory basis and 12% excluding Notable Items. Return
on tangible equity was solid at 11.7%
1
, well above our cost
of equity. Income was strong, up 8%
1
. However, the credit
impairment charge doubled reflecting the effect of interest
rate rises and inflation on customers.
Costs were down 1%, excluding Notable Items they were
up 1%. Our cost outcome reflects action, such as the 6%
reduction in employees
2
in the second half of the year, to
counter numerous cost pressures including wage inflation,
procurement, change to improving customer service and in
upgrading our operational risk capability.
Our capital position remains strong with a core equity
tier 1 ratio of 12.4%, well ahead of our target operating
range of 11% to 11.5%. With this result, we declared an
increased final dividend of 72 cents as well as announcing
a $1.5 billion share buyback. Our excess capital position
provided flexibility to reward shareholders with enhanced
dividends and a buyback. There is potential for future
capital management should the Group remain in an excess
capital position.
The Board has made it a priority for the Company to
invest to maintain or grow its position in key markets.
This follows a period of sustained market share loss in our
key products. Fortunately, our position is now stable and
we have reasonable prospects of sustaining or recapturing
lost ground over coming years.
1 Excluding Notable Items.
2 Full time equivalent.
Shareholders may be aware of our complex technology
systems arising from historical acquisitions that have not
been fully integrated. This complexity is probably the single
greatest barrier to further simplification and cost reduction.
In coming years, we will continue our simplification by
integrating technology to deal with complexity, cost and
service issues from past acquisitions. We expect it will
strengthen our capability to serve customers, reduce
operational risk and improve productivity. In doing so, this
will increase the long-term value of the Company.
Fortunately, the Group has the capacity to carry out
this program. Our annual investment spend has been an
average of some $2 billion over recent years, with more
than 60% directed towards risk and regulatory matters and
operational risk improvement.
Shareholders will recall the AUSTRAC matter in 2019,
the enforceable undertakings imposed by our prudential
supervisors in both Australia and New Zealand in 2020 and
various other matters relating to the Group’s regulators
over the period. Investment has been essential in reducing
risk and improving customer service, which came at a very
significant cost to the Group.
Specifically, from 2019 to 2023 Westpac spent $5.8 billion
on risk and regulatory change, excluding penalties
of $1.4 billion.
We have made good progress on these matters, and
they will require less spend from 2025 onwards, giving
us the capacity to re-direct investment to further benefit
customers and shareholders.
The Customer Outcomes and Risk Excellence (CORE)
program has been a major and important part of our
efforts. CORE has materially strengthened the Group’s risk
foundations. Once completed, we believe the program
will bring lasting value to shareholders and help restore
Westpac’s traditional strategic competitive position.
WESTPAC GROUP 2023 ANNUAL REPORT 6

I know shareholders are concerned about climate change
and believe our approach of a just and inclusive transition
to a net-zero future is appropriate for our customers. To
this effect, we are putting to shareholders at this upcoming
AGM our own advisory resolution on climate change which
we hope shareholders will support.
This is my final year as your Chairman. Reflecting on my
time here, apart from the general improvement in our
position outlined in this letter, we have radically simplified
the Group. We have sold 10 non-strategic businesses
to focus on our natural strength in consumer, business
and institutional banking in Australia and New Zealand.
Internationally, we’ve retained Fiji and Papua New Guinea
and consolidated our institutional banking and markets
locations into four centres.
Two Directors, Michael Ullmer and Tim Burroughs with
strong banking and investment banking credentials
respectively, joined the Board during the year and are
already making a strong contribution. Both are standing
for election at this year’s AGM. Mike Hawker retired from
the Board during the year. Chris Lynch is not seeking
re-election. He will complete his full term, and will retire
at the end of this year’s AGM.
I’m particularly pleased that Steven Gregg has joined the
Board as Chair-Elect to replace me. He is a seasoned Chair
with strong corporate and investment banking credentials.
Steven has aligned his directorships to ensure he has
the capacity to allocate the time necessary for a major
regulated bank and is also standing for election.
I would like to thank customers, and they can be assured
of our support for them in today’s difficult times. I also
extend my appreciation to shareholders for staying with us
through what has been an incredibly difficult and turbulent
time for the Group.
I would also like to thank the Board, the management team
and employees for their hard work and dedication during
the year.
In closing, I genuinely believe we have made progress as a
Group, that we have seen the worst, but still require further
simplification. Notwithstanding near-term uncertainties
on the economic front, and increased technology
rationalisation requiring investment, looking beyond that,
I do believe for Westpac, the best is yet to come.
Yours sincerely,
John McFarlane
CHAIRMAN, WESTPAC
WITH THIS RESULT WE DECLARED
INCREASED DIVIDENDS AS WELL
AS A SHARE BUYBACK.
142 CENTS
FULL YEAR DIVIDENDS
$1.5BN
SHARE BUYBACK
7
STRATEGIC
REVIEW
PERFORMANCE
REVIEW
FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

CEO’S
REPORT
Our strategy starts and ends with our
customers. We’re broadening access
to banking services by investing in
technology, data and digital, and
improving the customer experience
by making banking easier, simpler
and safer.
Dear shareholders,
This year we delivered an improved financial result while
navigating and supporting customers through economic
uncertainty. We also continued to redirect our strategic
focus towards growth and generating sustainable
shareholder returns.
Improved financial result
Balance sheet strength was a priority and over the year we
continued to reinforce it across capital, funding, liquidity and
credit provisioning.
Our capital position was the strongest in my 29 years with the
bank. The CET1 capital ratio of 12.4%, is above the top of our
target operating range and positions us in the top quartile of
banks globally.
With $4.0 billion of capital above the target operating range
and more confidence in the economic environment, we are
returning capital to shareholders through a $1.5 billion on-
market share buyback. This is in addition to the $5.0 billion
of capital paid to shareholders through the interim and
final dividends.
Our net profit of $7,195 million for full year 2023, was up
26% on the prior year. Excluding Notable Items, net profit
increased 12% to $7,368 million. Growth in operating income,
which was underpinned by the benefit of a higher net interest
margin and growth in home and business loans, exceeded
operating expense growth. Higher provisions for loan losses
tempered the result.
Earnings per share growth of 28% was faster than profit growth,
as last year’s buyback reduced the average share count by 2%.
The improved financial performance drove a significant increase
in return on equity, which rose 2 percentage points to 10.1%.
This in turn supported strong dividend growth with dividends
of 142 cents per share, including a final dividend of 72 cents per
share, up 14% in the year.
While the improvement in financial performance was
pleasing, we are still a higher cost bank relative to our
peers. This is a position we must reverse over time. Our risk
management programs, including our Customer Outcomes
and Risk Excellence (CORE) program, have required
sustained investment and focus and that has reduced profit.
We are determined to successfully deliver the program, to
meet expectations of regulators and customers and to ensure
the changes endure.
1 As at 30 September 2023. Completed activities finalised by Westpac. Activities may still be subject to Promontory Australia review.
Helping customers
We recognise higher interest rates and inflation are impacting
some Australians and New Zealanders and we are supporting
customers and businesses through this period.
From a credit quality perspective, we monitor our portfolio
closely and we have seen a modest increase in stress. Our
business loans portfolio is well positioned with most customers
navigating higher input costs and slowing demand. Our
mortgage portfolio, which is our largest, is demonstrating
resilience with most customers being able to respond to
economic pressures.
Some customers are doing it tough. We helped 69,000
customers and businesses through hardship over the year,
working closely to provide tailored support. We ended the
year with 13,000 customers in hardship arrangements, 69%
below the peak during COVID.
Simpler and stronger bank
Building a simpler and stronger bank has been our priority
over recent years. We have sharpened our strategic focus on
banking in Australia and New Zealand, and divested 10 non-
core businesses, including three this year.
We are strengthening our approach to risk management,
reflecting we have not always got it right. This is being
implemented through a coordinated program of work and
investment, including our multi-year CORE program.
We have now completed 94%
1
of CORE’s activities with
the remainder expected to be completed by the end of the
calendar year. Our focus over the coming year will be to
further embed the changes across the organisation and we
will continue to work closely with Promontory and APRA
as they assess the effectiveness and sustainability of the
changes we have made. Refer to page 22 for more on
CORE progress.
Creating better futures
This year we adopted a new purpose – Creating better futures
together. Framed by four pillars, it centres on customers and
aims to drive growth in our key markets and improve returns.
Refer to page 14 for more on our strategy.
We realigned our organisational structure to support this
strategic renewal. This included separating Consumer
and Business banking as well as establishing a dedicated
technology function focused on accelerating technology
simplification.
WESTPAC GROUP 2023 ANNUAL REPORT 8

Our strategy starts and ends with our customers. We’re
broadening access to banking services by investing in
technology, data and digital, and improving the customer
experience by making banking easier, simpler and safer.
Customers are increasingly adopting digital banking. Our
Westpac app, used over five million times a day, was rated
the #1 banking app by Forrester
1
. It gives customers control
of their everyday banking and now features additional
budgeting tools, carbon footprint tracking and voice search
functionality.
We’re also investing to support business customers. EFTPOS
Air, which turns your phone into a merchant terminal, is
helping businesses get paid easily while on the go and is
available on both iPhone and Android devices. Customers
can now open a business transaction account digitally in less
than 10 minutes.
We aim to reclaim our position as a leading institutional bank.
We started with the simplification of our product and service
offering which has facilitated deeper relationships with
existing customers. Our top strategic priority is uplifting our
cash management and transactional banking capability. We
see this as a critical foundation to achieving our aspiration of
being our clients’ banking partner of choice.
Home loans are our largest product. Competition was fierce
during the year and we worked hard to give customers
every reason to stay with us while attracting new customers.
We are defined by our service and have improved our
systems and processes to reduce approval times. This year
we completed the roll-out of our single mortgage platform
and extended the capability of our digital mortgage. We
expect our enhanced customer proposition to lead to an
improvement in our home lending momentum.
We continued to consolidate our branch network to improve
efficiency and now have 82 co-located branches. Customers
have access to around 6,800 ATMs fee free across Australia.
Face to face banking is also supported by our partnership
with Australia Post while we have continued to expand video
banking which allows in-home service.
These service enhancements, along with others, are critical
to retaining and attracting customers over time. Our key
customer metrics of Net Promoter Score (NPS) have
improved, but not as much as we planned. We believe the
organisational change we made this year, combined with
increasing the focus on the customer experience through
the Company, will lift service standards to the levels we
aspire to achieve.
Cyber and scams
Protecting customers and their money while ensuring the
continuity of our service is critical. We continue to build our
defences to combat the escalating threat of cybercrime
and scams.
During the year we launched a range of initiatives to detect,
disrupt and halt cybercrime. This includes alerting customers
of potential scams through payment prompts. We’ve also
introduced blocks for certain cryptocurrency payments
and use behavioural and facial biometrics when onboarding
some customers.
Fighting cybercrime requires collective action as well as
building awareness, so we’re collaborating with industry
peers, regulators and law enforcement agencies.
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q4 2023.
2 Senior Leadership includes Executive Team, General Managers and their direct reports (excluding administrative or support roles).
3 Full time equivalent at 30 September 2023.
Strengthening culture
As the face of our bank, our people shape the experience of
customers. We are investing to build their capabilities and to
strengthen our workplace and culture.
This included progressing our diversity and inclusivity
commitments. Women now make up 49% of senior
leadership roles
2
, 50% of our executive team and 54% of our
workforce. We are also growing our Indigenous workforce.
Through our new capability framework and ongoing
investment in development, we’re continuously building the
aptitude of our workforce. For example, this year over 5,000
employees completed a Data and Digital program to improve
data and digital skills.
We measure cultural change through our Voice+ survey,
which includes McKinsey’s Organisational Health Index score
(OHI). It remained steady at 75, one point below the global
top quartile score of 76. This is a pleasing outcome given the
extent of organisational change, including the 4% reduction
in employees
3
over the year as our cost reset program
continued.
On behalf of the executive team, I thank every one of our
people for their contribution and dedication to customers.
Sustainability progress
Supporting the transition to net-zero by 2050 is one way
we can help create better futures. This year, in line with our
refreshed purpose and strategic pillars, we updated our
sustainability strategy.
We are making progress towards our ambition to become a
net-zero, climate resilient bank. Consistent with our targets,
we are reducing operational emissions and the equivalent of
100% of our Australian direct electricity demand from April
2023 was sourced from renewables.
As a bank, the most significant role we can play is supporting
customers in their transition. We are progressing our Net-
Zero Banking Alliance (NZBA) commitment and now have
12 targets in place. Progress is set out in our inaugural
Climate Report.
It’s 50 years since the Westpac Lifesaver Rescue
Helicopter Service began. The iconic Westpac branded
chopper represents one of Australia’s longest corporate
community partnerships – more than 100,000 missions
have been performed – and is symbolic of our long-standing
commitment to supporting the community.
Finally, thank you to our Board and especially our Chairman,
who is retiring at the upcoming AGM. His counsel and
guidance have been constant. And most importantly,
thank you to our shareholders for their continued support
of Westpac.
Peter King
CEO
9
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INFORMATION

Westpac provides a broad range
of financial products and services
in our core markets of Australia and
New Zealand.
Westpac is Australia’s first bank and oldest company.
Established in 1817, as the Bank of New South Wales under
a charter of incorporation signed by Governor Lachlan
Macquarie, we expanded across Australia, New Zealand
and the Pacific. In 1982, we changed our name to Westpac.
In recent years, we have become a simpler bank,
sharpening our focus on banking for Australian and New
Zealand consumer, business and institutional customers.
Today, we serve 13.0 million customers and provide
products and services though our four divisions: Consumer,
Business and Wealth, Westpac Institutional Bank and
Westpac New Zealand.
1. APRA Banking Statistics, September 2023.
2. RBA Financial Aggregates, September 2023.
3. RBNZ, September 2023.
ABOUT
WESTPAC
Australia
Household deposits
1
21%
Mortgages
2
21%
Business credit
2
15%
New Zealand
Consumer lending
3
18%
Deposits
3
18%
Business lending
3
16%
Market share
WESTPAC GROUP 2023 ANNUAL REPORT 10

1 All figures are in AUD.
WESTPAC COMPRISES SIX MAJOR SEGMENTSFY23 NET PROFIT
1
Consumer
$3,052M
7%
Business
$1,628M

77%
Westpac Institutional Bank
(WIB)
$1,061M

54%
New Zealand
$887M
18%
Group Businesses
($38M)
Large
Specialist Businesses
$605M

Large
Total
$7,195M

26%
REPORTED NET PROFIT ATTRIBUTABLE TO OWNERS OF WESTPAC ($M)
20232022
% MOV’T
2023-2022
Net interest income18,31717,1617
Non-interest income3,3282,44536
Net operating income21,64519,60610
Operating expenses(10,692)(10,802)(1)
Pre-provision profit10,9538,80424
Impairment (charges)/benefits(648)(335)93
Profit before income tax expense10,3058,46922
Income tax expense(3,104)(2,770)12
Profit after income tax expense7,2015,69926
Profit attributable to non-controlling interests (NCI)(6)(5)20
Net profit attributable to owners of WBC7,1955,69426
Notable Items (post tax)(173)(874)(80)
11
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SHAREHOLDER
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OUR OPERATING
ENVIRONMENT
Operating environment
1
Australia
The economic strength evident during 2021 and 2022,
driven by post-COVID reopening and supported by
substantial policy stimulus, has given way to below trend
growth in 2023. The headwinds of high inflation and
sharply higher interest rates are being felt.
Economic growth is expected to slow from 2.7% for 2022
to a forecast 1.2% for 2023. This is well below population
growth, which has accelerated sharply and is expected to
come in at over 2% this year.
Consumer spending has been at the centre of the
downturn. Growth of 1.5% in the year to June was well
below the 2.4% increase in population. This ongoing lower
consumption growth reflects contracting real disposable
income as the rising cost of living, an increasing tax burden
and higher mortgage rates weigh on households. While
the deceleration is widespread, it is less acute in the mining
states of Western Australia and Queensland.
The housing market has proved extremely resilient this year
with prices up approximately 6% for 2023 to date and now
closing in on their 2022 peak. Annual price growth is back
in positive territory across all major capital city markets.
While housing turnover remains soft, the acceleration in
prices is supporting demand for credit via stronger new
lending activity. System housing credit growth is expected
to trough at an annual rate of approximately 4% in 2023.
For business, the slowdown in the growth of national
income has led to a deterioration in profitability for
both the mining and non-mining sectors. Businesses are
responding to the continued softening in demand and
lower profitability with more constrained investment.
Demand for business credit is therefore expected to slow
from 11.9% in 2022 to approximately 5% in 2023.
Competition in home lending, the Group’s largest customer
offer, was particularly intense in the first half of our financial
year. This led to the significant contraction in home loan
spreads leading to the Group’s conscious decision to be
disciplined on market share. Wider spreads on deposits
and earnings on capital, both a function of higher interest
rates, more than offset lending competition impacts.
1 All references are to calendar years unless otherwise stated.
Inflationary pressures were a feature of the operating
environment. There was upward pressure on employee
expenses and significant cost increases across many
third-party vendor services, in particular technology.
The Group’s cost reset productivity initiatives offset
much of the cost pressure.
Revisions to the Australian Prudential Regulation
Authority’s (APRA’s) capital framework became effective
from 1 January 2023 and included updated prudential
standards for capital adequacy and credit risk capital.
APRA’s requirement for domestic systemically important
banks (D-SIBs), including Westpac, is to maintain a core
CET1 capital ratio of 10.25%.
New Zealand
Substantive tightening in monetary policy combined with
higher inflation have led to a significant slowing in activity.
Economic growth is expected to slow from 2.4% in 2022
to 0.8% in 2023.
The Reserve Bank of New Zealand’s (RBNZ’s) strategy
of moving official interest rates relatively quickly to 5.5%
has been effective in tightening financial conditions. The
tightening has mainly been felt by leveraged households
and businesses who are increasingly paying markedly
higher financing costs. For households, a significant
proportion of past rate increases is still to hit budgets as
borrowers roll onto higher rates.
Inflation has proven to be resistant to monetary policy
tightening in the post-COVID period. Many factors have
been at play including: a tougher geopolitical environment;
ongoing frictions in global supply chains and volatility in oil
prices; and resilience among households and businesses
that built up significant buffers. In addition, aggregate
demand is being supported by stronger population growth.
Demand for credit from both the household and business
sectors has softened, given the low growth and higher
interest rate environment. System growth for housing and
business in 2023 is expected to slow to 2.3% and 3.8%
respectively. Competition has been heightened during this
period of low growth.
Westpac New Zealand completed a program of work to
meet the requirements of the RBNZ’s BS11 outsourcing
policy. The objective of the policy is to minimise the impact
on the wider economy of the failure of a large bank, or a
service provider to a large bank.
WESTPAC GROUP 2023 ANNUAL REPORT 12

Global
Global economic growth, after rebounding strongly in
2021 and 2022, has slowed as the combined impacts of
monetary policy tightening and cost-of-living pressures
have dampened demand. Notwithstanding the slowdown,
activity in many advanced economies has been more
resilient than expected, especially in the services sectors.
Globally, headline inflation has continued to decline with
energy prices remaining well below their peaks last year.
With services inflation proving to be more persistent,
core inflation has declined by far less. This has resulted in
financial markets expecting interest rates to remain higher
for longer, which in turn has put upward pressure on global
bond yields and seen the US dollar strengthen further.
Financial market volatility spiked in March following a run
on the deposit base of three regional US banks: Silvergate;
Silicon Valley; and Signature. Broader financial stability
concerns were heightened in the lead up to Credit Suisse
being taken over by UBS, an arrangement facilitated
by Swiss regulators. The prompt response from central
banks and banking regulators, along with the recognition
of generally strong banking sector capital and liquidity,
stabilised markets.
Activity in, and prospects for, the United States and China
will be key influences on the Australian and New Zealand
economies. The most critical of the headwinds faced by
the United States is the ongoing deceleration in credit
growth and tighter financial conditions and standards, the
full effect of which is yet to be seen. While we expect the
United States to avoid recession, growth is expected to
remain tepid in 2023 before slowing to 1.4% in 2024.
The economic outlook for China deteriorated during the
year, in particular conditions in the property sector which
have weighed on household consumption. More recently,
indicators suggest an emerging recovery in confidence
and spending. We expect this recovery to continue, aided
by policy support, with economic growth expected to
accelerate to approximately 5% in both 2023 and 2024.
Outlook
Australian economic growth is expected to recover only
modestly in 2024 to a below trend 1.6%. This is likely to be
associated with higher unemployment that will assist in
returning inflation towards the RBA’s target range. Demand
for credit should remain subdued with system credit
growth for home lending in the 4% to 5% range and below
2% for business lending. Many customers are likely to find
these operating conditions challenging.
The Group enters FY24 with financial strength across
capital, funding and liquidity. Provisioning levels position
the Group to withstand further deterioration in credit
quality and to support customers. Maintaining market
share in key segments is an objective. The lagged impact
of lending competition, along with modest balance sheet
growth, is expected to provide headwinds for revenue.
In addition, upward pressure on costs from inflation
will persist.
3.8%
Unemployment rate
1,2
4.6%
Inflation rate
1,2
1.2%
GDP
1,2
3.8%
Wages growth
1,2
1 Australian figures.
2 Westpac Economics calendar year forecast as at 3 November 2023..
13
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SHAREHOLDER
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OUR STRATEGY
We’re creating better futures
together
For the past 200 years, we’ve been backing people,
businesses and communities. Always adapting and
evolving, we’re inspired by our customers, their needs and
a genuine desire to create better futures.
After sustained focus over the past three years, we’re
a simpler and stronger bank. Our strategy focuses on
banking in Australia and New Zealand. We’ve divested 10
businesses, reduced our geographical footprint and are
actively strengthening our management of risk and risk
culture.
Guided by our strategic purpose – Creating better futures
together – and our ambition to be our customers’ #1 bank
and partner through life, we refreshed our strategy during
the year. Framed by four strategic pillars of Customer, Easy,
Expert and Advocate, it focuses on growing in our key
markets and improving returns.
To support our strategic refresh and to sharpen our
focus on our largest markets, we also carried out an
organisational restructure late in the year.
Customers are at the heart of what we do. We value the
whole of customer relationship and are working hard
to anticipate their needs, including through delivering
personalised experiences, offers and insights. Transaction
accounts and payments are at the centre of our customer
relationships, enabling us to build early and deeper
connections.
We’re making banking easier, more intuitive and digital.
We’re radically simplifying our bank – solving pain points,
removing manual processes, making banking safer and
automating workflows. We’re aiming to create a seamless
customer experience across our channels.
We deliver expert solutions and tools to guide customers
in making better decisions. We help them manage their
money every day as well as plan ahead by sharing our
insights. Our people work alongside our customers to
tackle some of the issues, like managing the cost of living
and transitioning to net-zero.
We advocate for positive change and speak up for what’s
right. We’re advocating for financial inclusion, action on
climate and safer digital services across our business,
industry and communities.
Key measures on the progress of our strategy will be our
return on tangible equity and market positions.
Progressing sustainability
In line with our new purpose, our material sustainability
topics and the Principles for Responsible Banking, we
have updated our sustainability strategy. Our sustainability
strategy comprises six objectives structured around our
strategic pillars. These objectives are to:
—Enhance financial inclusion and equality
—Strengthen data security and protection
—Become a net-zero, climate resilient bank
—Become a nature positive bank
—Respect and advance human rights
—Enable diversity and inclusion.
Our objectives are underpinned by a range of metrics,
actions and positions that will aim to demonstrate how
we are advancing sustainability. Reporting on these will
commence in FY24. Our refreshed sustainability strategy
aligns with the UN Sustainable Development Goals (SDGs),
which we have endorsed since 2015.
WESTPAC GROUP 2023 ANNUAL REPORT 14

OUR PURPOSE
Creating better futures together
OUR VALUES
Helpful • Ethical • Leading change • Performing • Simple
AMBITION
To be our customers’ #1 bank and partner through life
Return on tangible equity
Market position
Expert
solutions
and tools
—Comprehensive
solutions, features &
benefits
—Distinctive thought
leadership in finance
and climate
—Best people in the
industry
Customer
care at the
heart
—Responsive &
consistent service
—Support for customers
in good times & bad
—Recognition for
customers’ loyalty
Advocate
for positive
change
—Financial inclusion
& equality
—Data security &
protection
—Action on climate &
nature
Easy
to do
business with
—Simple, safe,
straightforward
banking
—Better ways to
manage finances
—Digitally-enabled
throughout
Data-informed
insights
and decisioning
Strong balance
sheet
Passionate
people who
make a
difference
Proactive risk
management
and risk culture
PILLARS
FOUNDATIONS
MEASURES
15
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SHAREHOLDER
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HOW WE CREATE VALUE
OUR PURPOSE
Creating better futures together
A STRATEGY FOR
GROWTH AND RETURN
What we do (page 10)
We provide a broad
range of financial products
and services in our core
markets of Australia and
New Zealand, including
consumer, business and
institutional banking
services.
OUR RESOURCES AND RELATIONSHIPS
Shareholders
The almost 655,000 shareholders who look
to us to deliver sustainable returns.
Customers
The 13.0 million customers we serve through
our branches and growing digital capabilities.
Our people
A capable, motivated and engaged
workforce of 36,146
1
employees seeking to
create better futures together.
Community
Mutually beneficial relationships with local
communities, suppliers and governments.
Environment
The natural resources which sustain our
business, our communities and the planet.
1 Full time equivalent, as at 30 September 2023.
WESTPAC GROUP 2023 ANNUAL REPORT 16

THE VALUE WE CREATE
1
Shareholders (page 20)
Delivering improved returns for shareholders
$5.0BN
to be returned to
shareholders via
dividends
$1.42
dividend per share
199BPS
increase in
return on equity
Customers (page 24)
Building enduring customer relationships
$773BN
in lending
$641BN
in customer
deposits
13.0M
customers
served
Our people (page 28)
Being a place where the best people want to work
75
Organisational
Health Index
$6.1BN
paid to our people
49%
women in senior
leadership
2
Community (page 32)
Being a leader in the community
$3.4BN
taxes paid globally,
including the bank
levy and 6th largest
tax payer in Australia
3
$171M
in community
investment
4
Highest
(‘Elevate’) level
Reconciliation
Action Plan
Environment (page 36)
Contributing to the net-zero transition
$2.6BN
in new lending to
climate change
solutions
5
66%
reduction in scope 1
and 2 emissions from
our 2021 baseline
12
NZBA emission
reduction targets
Customer care
at the heart
Easy to do
business with
Expert solutions
and tools
Advocate for
positive change
1 Comparisons are for the 12 months ended 30 September 2022, unless otherwise stated.
2 Senior Leadership includes Executive Team, General Managers and their direct reports (excluding administrative or support roles).
3 Based on the ATO’s Corporate Tax Transparency Report for the 2020-21 Income Year, published November 2022.
4 Refer to the 2023 Sustainability Index and Datasheet for more information on the definitions. Figure includes commercial sponsorships and foregone fee revenue.
5 Climate change solutions activities are defined in the Glossary section in our 2023 Sustainability Index and Datasheet.
17
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SHAREHOLDER
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MATERIAL
SUSTAINABILITY TOPICS
Assessing our material sustainability
topics
Each year, we identify our most material sustainability
topics to help guide our strategy and focus on the areas of
most importance to all our stakeholders.
The approach to determining our sustainability topics
is guided by various global standards, most notably
the Global Reporting Initiative (GRI) and its method
for assessing materiality. GRI defines materiality as the
significance of the impacts of our business activities on the
economy, environment and people, including impacts on
human rights.
The concept of ‘materiality’ for sustainability matters differs
from the more commonly used term of ‘materiality’ that
applies to financial statements, which in turn is determined
by Australian and international accounting standards.
The two concepts are linked to the extent that a material
sustainability issue may ultimately impact a company’s
financial results. For instance, we annually assess whether
the impacts of climate change have a ‘material’ impact on
our balance sheet or income statement.
To identify our material sustainability topics, we begin
with the risks recorded in Westpac’s integrated risk
and compliance management system and prioritise
sustainability-related risks with a higher ‘Inherent Risk
Rating’. Our risk management process, described on
page 40, explains how we assess and record risks,
including how we integrate social and environmental
aspects.
We also examine recorded incidents, external benchmarks
and frameworks, and engage with internal and external
stakeholders. We condense this work to a list of material
sustainability topics which we then validate through
discussions with senior management, our ESG and
Reputation Committee, and our Stakeholder Advisory
Council. The results are presented to the Board Audit
Committee and approved by the Board as part of our
annual financial reporting.
This year, we have aligned our Annual Report with the
Integrated Reporting Framework. As part of this process,
we determined that all our material sustainability topics
were relevant to measure value for our stakeholders and
therefore to be included in our Annual Report.
FY23 material sustainability topics
Topics that have significant positive or negative impacts on the economy, environment and people
Shareholders Customers Our people Communities Environment
– Financial
performance
– Corporate
compliance
– Data management
– Technology,
digitalisation
and AI
(page 20)
– Support vulnerable
customers
– Data privacy
– Safe and inclusive
products and
services
– Marketing and
promotion
(page 24)
– Work culture
– Employee health
and safety
– Talent attraction
and retention
– Inclusion and
diversity
(page 28)
– Supporting local
communities,
including
Indigenous peoples
– Human rights
– Sustainable and
diverse supply
chain
– Tax transparency
(page 32)
– Climate change
– Natural capital
(page 36)
Topics that are relevant to all
– Ethics and
business conduct
(page 51)
– Cybersecurity
(page 27)
– Anti-money laundering/counter-terrorism
financing
(refer performance review)
– Anti-bribery
and corruption
(page 51)
WESTPAC GROUP 2023 ANNUAL REPORT 18

We obtained independent limited and reasonable
assurance over various sustainability subject matter,
including a selection of performance data and assertions
in our 2023 Annual Report, 2023 Climate Report and in the
2023 Sustainability Index and Datasheet. Our assurance
statements are available on our website and in our 2023
Climate Report.
Other sustainability disclosures on our website include:
2023 Sustainability
Index and Datasheet
Natural Capital
Position Statement
Climate Report (including
Climate Change Position
Statement and Action
Plan)
Westpac Human Rights
Position Statement and
Action Plan
Westpac Group
Reconciliation
Action plan
Family or Domestic
Violence Position
Statement
Safer Children
Safer Communities 2022
Impact Report
Modern Slavery
Statement FY22
More detail on sustainability governance and risk
management is available in Section 2 of this Annual Report.
Sustainability approach
In pursuing our purpose, we seek to integrate sustainability
into our operations. Our refreshed sustainability strategy,
driven by our material sustainability topics, is helping guide
the way.
The implementation of our sustainability strategy is
underpinned by a variety of position statements, policies
and plans, all of which have supporting actions. For
instance, we are working to more deeply incorporate our
climate change targets and positions into our credit risk
assessment processes, and we have been integrating
human rights evaluations into supplier assessments.
This Annual Report focuses on our material sustainability
topics and how we create value for stakeholders. Our
sustainability topics are further supported by a range of
disclosures that provide more detail on our approach. Refer
to the adjacent table for our key sustainability documents.
Disclosures are based on global sustainability frameworks,
standards and initiatives, such as the Global Reporting
Initiative (GRI), the Sustainability Accounting Standards
Board (SASB), the Taskforce on Climate-related Financial
Disclosures (TCFD), the Net-Zero Banking Alliance
(NZBA), the United Nations Principles for Responsible
Banking (UNPRBs), the United Nations Guiding Principles
on Business and Human Rights (UNGPs) and the United
Nations Global Compact (UNGC).
Our Sustainability Index and Datasheet is the reporting
hub for most of our sustainability metrics. It provides a
glossary and details our alignment with key reporting
standards.
19
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SHAREHOLDER
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We are working to deliver
long-term, sustainable value
for shareholders by growing
our customer franchise,
improving productivity and
returns, reducing risk and
optimising our capital position
while maintaining a strong
balance sheet.
Key highlights
28%
EARNINGS PER SHARE
1

14%
FULL YEAR
DIVIDENDS OF
142 CENTS
$1.5BN
SHARE BUYBACK
ANNOUNCED
9.0%
TOTAL SHAREHOLDER
RETURN
1 Basic earnings per ordinary share. Compared to FY22.
CREATING
VALUE FOR
SHAREHOLDERS
20WESTPAC GROUP 2023 ANNUAL REPORT

Improving shareholder returns
To create value for our 655,000 shareholders, we aim to
deliver returns above our cost of capital.
The recovery in profitability and associated improvement
in our return on equity contributed to an increase in
shareholder returns through dividend growth. The uplift
was driven by higher net interest margin, growth in our
underlying franchise and disciplined cost management.
This year, we will return $5.0 billion to shareholders through
fully franked dividends. Dividends for the year were up
17 cents per share, or 14%. This year’s payout ratio is 69%
on a net profit basis, and 68% excluding Notable Items.
We also announced a return of capital to shareholders via
a $1.5 billion on-market share buyback.
Alongside higher dividends, our share price rose 2% over
the year, contributing to a 9% increase in total shareholder
return (TSR). The S&P ASX All Ordinaries accumulation
index rose 14% over the same period.
Boosting efficiency and productivity
Our focus on strengthening risk management has
dominated investment spend in recent years. While risk
management will remain a significant focus as we deliver
our CORE program and ensure the sustainability of
the changes we’re making, the balance is shifting more
towards growth and productivity initiatives, which support
shareholder returns.
We are investing to strengthen our service to customers
and to make banking simpler and easier.
We’re building the capability of our people, simplifying our
technology and infrastructure, increasing automation and
expanding digital capabilities. These initiatives are geared
towards lifting productivity, freeing up our people to
spend more time serving customers and most importantly,
improving the customer experience.
EARNINGS PER ORDINARY SHARE
(CENTS)
DIVIDENDS PER ORDINARY SHARE
(CENTS)
Interim Final
DIVIDENDS PER ORDINARY SHARE (cents)
FY19FY20FY21FY22FY23
31
31
70
72
142
61
64
125
94
80
174
58
60
118
CASH EARNINGS PER ORDINARY SHARE (cents)
FY19FY20FY21
FY22
FY23
160
205
197
64
149
10.1%
ROE
$17.58
Net tangible asset per
ordinary share
49%
Expense to income
69%
payout ratio
 For more on shareholder value, refer to:
Performance overview (page 4)
Chairman’s report (page 6)
CEO’s report (page 8)
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CREATING VALUE
FOR SHAREHOLDERS
STRONGER RISK MANAGEMENT
FOUNDATIONS
Disciplined and effective risk management is essential
to the strength of our bank and contributes to better
customer, employee and shareholder outcomes. Following
sustained focus and investment, our management and
culture of risk are stronger. However, we still have a
way to go.
Multi-year program of change
In 2020, we commenced our Customer Outcome and Risk
Excellence program (CORE) to address risk management
deficiencies identified by our own assessments and by
the findings of regulators. This includes the Australian
Prudential Regulation Authority’s (APRA’s) Risk
Governance Review, completed in December 2020,
which resulted in a court enforceable undertaking agreed
with APRA. In December 2019, APRA applied a $1 billion
operational risk capital add-on, which will remain until we
have completed the program to its satisfaction.
CORE is being overseen by the Board with Executive
Team accountability for delivery. Outcomes have been
incorporated into executive remuneration decisions. The
program is being independently reviewed by Promontory
Australia with its reports publicly available.
Our program comprises 19 workstreams, underpinned by
354 activities which are strengthening risk governance,
improving accountability and enhancing risk culture across
the Group.
We are making good progress, having completed 94%
of activities
1
(at 30 September 2023), with the aim to
complete them all by the end of this calendar year. In FY24,
our focus will be to demonstrate the sustainability of the
changes made through the program.
Measuring progress
We have defined how we want risk management to operate
across the Group and what we want to be known for:
1
Being a well-run business where risk is actively
managed
2
Having a simplified organisational construct with
clear accountabilities
3
Three lines of defence is understood and
embedded
4
Our people understand risks and proactively
manage them
5
Execution excellence and getting it done
We are measuring progress across a range of metrics,
including those illustrated below:
PERFORMANCE INDICATORS
Change from September 2020 to September 2023
“ People
constructively
challenge ...”
2
8PPTS
“ Jobs ... are designed to
have clear objectives and
accountabilities ...”
“ ...organisational
structure helps create
clear accountability.”
2
8PPTS
“ Clear in how
expected to
manage risks”
2
5PPTS
High-rated
issues

53%
Issues raised
by first line risk
management
11PPTS
Key controls
requiring
improvement

3PPTS
Leaders participating in our CEO-led risk culture day.
1 Completed activities finalised by Westpac. Activities may still be subject to Promontory Australia review.
2 Key employee survey results.
WESTPAC GROUP 2023 ANNUAL REPORT 22

Using AI to improve service
and productivity
AI has the potential to transform banking, improving
productivity and enhancing service – helping to shape
more personalised experiences, improving fraud and scam
prevention and improving credit assessments.
We’re using AI to improve our service, provide insights,
and keep our bank and customers safe. For instance, AI
drives our Everyday Banking chatbots which provide 24x7
support to customers. The chatbots guide customers to
a range of self-service features and can also escalate the
conversation to the right team member when required.
Red, our Westpac chatbot, resolves 75% of customer
queries without banker escalation.
AI also underpins aspects of our security surveillance to
detect suspicious patterns – we use machine learning
and behavioural biometrics to analyse patterns that help
identify fraud and scam risks.
In addition, over 1,500 engineers will be using generative
AI coding tools by the end of the year following a recent
Westpac Growth Labs experiment – refer to case study
below.
AI comes with risk and ethical considerations and no
systems are infallible. We are harnessing it responsibly and
safely, in alignment with our AI principles, values and Code
of Conduct. Some recent advancements include:
—A cross-functional Responsible AI working group to
develop AI practices.
—Adopting the Australian Government’s AI ethics
principles, designed to ensure AI is safe, secure and
reliable.
—Promoting the adoption of responsible AI within
financial services as a foundation member of the Fintech
AI Innovation Consortium, in partnership with the
University of New South Wales.
—24 technology policies updated to ensure they consider
responsible AI requirements.
—Running workshops on generative AI for our executives
and Board.
AI HELPING SOFTWARE DEVELOPERS
Our Westpac Growth Labs research and development
team explores how emerging technologies can deliver
better services, make the bank safer and improve the
lives of our customers and employees.
One research project investigated how generative
AI can boost software development productivity.
AI coding assistants offer suggestions that help
developers save time. Following an experiment
with 60 developers that found they were 46% more
productive with AI assistance, we launched AI coding
assistants across our teams. This has led to a 20%
increase in coding output for developers and is helping
junior developers build capability faster.

Stronger risk management and culture
CORE has strengthened our approach to risk
management and uplifted our risk capability, processes,
controls, frameworks and governance practices. This
helps us identify, understand and respond to risks
earlier and more effectively, and equips our people with
the necessary capabilities, tools and understanding
to effectively monitor and manage financial and non-
financial risk.
The program is also helping to create a risk culture that
is more proactive, accountable, and where it is safe to
speak up and constructively challenge. Shaping cultural
change takes time and is an ongoing focus. Our program
of targeted actions and initiatives includes:
Behaviour focus – continued focus on key behaviour
change areas when it comes to how we think about and
act on risk.
Employee training – all employees are required to
complete a program of mandatory foundational risk
management learning, as well as other training including
on our Code of Conduct and Financial Crime awareness.
Stronger leadership – senior leaders have carried
out targeted culture development to clarify required
behaviours, skills and mindsets, including participation
in CEO-led culture days. Statements of Accountability
are in place for General Managers and relevant direct
reports. CORE program objectives remain in short term
variable reward scorecards for the Executive Team and
General Managers.
Enhanced policies and protections – we refreshed our
Code of Conduct and incorporated the ‘Should We?’
Test to guide our peoples’ decision making.
Performance management – risk goals incorporated in
our performance management framework, over 90% of
our people have risk goals and everyone will have them
in FY24. An assessment of overall risk performance is
included in our performance assessments.
Enhanced tools and processes – to measure, monitor
and manage our risk culture, including:
—Risk Culture Framework – articulates the roles
and responsibilities for measuring, monitoring and
managing risk culture.
—Risk Culture Self-Assessment – an annual self-
assessment for business areas. It helps them reflect
on how they think about and act on risk, including to
identify areas for improvement.
—Risk Culture Insights Program – independent, second
line deep-dives help us better understand how people
behave and manage risk.
—Risk Culture Dashboard – a comprehensive scorecard
of risk culture metrics that is updated automatically
and is available online.
23
STRATEGIC
REVIEW
PERFORMANCE
REVIEW
FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

We are helping customers
achieve their financial goals –
from buying a home, starting a
business, to saving for the trip
of a lifetime. We’re making
banking simpler and safer for
customers by improving service,
investing in technology and
data and broadening access to
banking services.
Key highlights
13.0M
CUSTOMERS,
UP 1%
1
#
1
BANKING APP
2

21%
AUSTRALIAN MORTGAGE
MARKET SHARE
3

+2, UP 3 POINTS
CONSUMER NPS
4
. RANKED
THIRD AMONG MAJOR BANK
PEERS
1 Comparisons are for the 12 months ended 30 September 2023.
2 The Forrester Digital Experience Review: Australian Mobile Banking Apps,
Q4 2023.
3 RBA Financial Aggregates, September 2023.
4 Source: Fifth Dimension (5D) for September 2023 (2H23), 6MR. MFI customers.
CREATING
VALUE FOR
CUSTOMERS
24WESTPAC GROUP 2023 ANNUAL REPORT

Simpler, easier and safer banking
We’re making it easier for customers to do business with
us through digitisation, increased automation and by
broadening banking access.
Customers are increasingly using our website and app.
Digital transactions increased by 11%, totalling almost
700 million over the year.
Our Westpac app is fast becoming customers’ ‘bank in
the pocket’, with over 5 million daily sessions. Rated #1
banking app by Forrester
1
, it offers customers instant
access, payments, answers and approvals. We introduced
new features over the year, including additional budgeting
tools, carbon footprint tracking, ways to manage payment
subscriptions and voice search functionality.
We have also partnered with ShopBack to help Westpac
customers get more for their money. More than five
million credit and debit card customers now have access
to exclusive cashback offers via a dedicated hub in
ShopBack’s app and website. This will be available via the
Westpac app next year.
We’re backing businesses to establish and grow, including
by providing services and tools to help them get paid
faster and receive payments while on the move.
EFTPOS Air is a convenient way for mobile businesses
such as trades and market stalls to get paid seamlessly.
Available on iPhone and Android devices, it provides sales
insights and tracks customer payments.
In our institutional bank, we’re deepening relationships with
existing customers by simplifying our product and service
offer across transactional banking, financing and risk
management.
In New Zealand, we have simplified and improved
processes for blocking and replacing cards, reducing
delays for customers. Over 1,000 business users are
aboard our new WestpacOne online banking app.
Home lending is our most significant customer offer.
We are working to stabilise market share by improving
service, streamlining processes and investing in systems.
This year, we completed the roll-out of our single mortgage
platform which has made the approval process simpler
and faster. Loan applications made directly by customers
are now approved, on average, in six days while approvals
for broker-originated applications take slightly longer. Our
ongoing focus to sharpen processes is helping to improve
turnaround times.
Our digital mortgage grants faster unconditional loan
approval for eligible customers. Over $900 million in digital
settlements were made over the year.
We’ve made it easier for customers across each of our
brands to do business with us – customers can now make
cash transactions in any Westpac Group branch Australia-
wide, regardless of which brand they bank with.
This year, we opened our 82nd co-located branch –
bringing multiple branches together under one roof. We
also closed 87 branches this year. We are seeking to offset
the impact to local communities, especially in regions,
through a partnership with Australia Post which allows
customers to transact in any of its locations.
1 The Forrester Digital Experience Review: Australian Mobile Banking
Apps, Q4 2023.
2 Comparisons are for the 12 months ended 30 September 2022.
Supporting customers
through uncertainty
We support customers through life’s ups and downs.
This year was no exception. High inflation and increasing
interest rates have intensified cost-of-living pressures
for many.
This year, $70 billion of customer home loans transitioned
from fixed to variable rates, which in some cases more than
doubled loan repayments. We proactively contacted over
300,000 customers and provided competitive rates.
In New Zealand, we reached out to 88,000 customers
who were due to roll on to significantly higher rates to help
them understand their options. We also followed up with
phone calls to over 9,000 customers who we’ve identified
as most at risk of a home loan rate shock.
Our dedicated Customer and Business Assist teams in
Australia helped around 69,000 customers in financial
difficulty, up 10% on last year. Customer calls to these
teams increased to over 210,000, over the year – with an
uptick in the second half, reflecting the impact of interest
rate and cost of living pressures.
Financial hardship can be triggered by a range of
events, including illness, relationship breakdowns and
unemployment. This year, reduced income accounted
for most customer hardship applications. Businesses
which sought support mainly did so because of
overcommitments.
Hardship packages are tailored for customers and may
include short- and long-term repayment arrangements,
term extensions and varying or deferring repayments. Our
team also connects customers with free support services
and counsellors.
Regrettably, we don’t always get things right. We
uncovered process failures that led to some online hardship
assistance applications made between 2015 and 2023
not being responded to within the timeframes required
under the Credit Code, which isn’t good enough. We are
undertaking remediation and improving our processes to
reduce the risk of this happening again.
Provided customers with:
2
$547BN
HOME LOANS,
UP 4%
$218BN
BUSINESS LOANS,
UP 6%
$402BN
RETAIL DEPOSITS,
UP 11%
$236BN
BUSINESS DEPOSITS,
DOWN 4%
25
STRATEGIC
REVIEW
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FINANCIAL
STATEMENTS
SHAREHOLDER
INFORMATION

CREATING VALUE
FOR CUSTOMERS
We were there for customers impacted by floods and
Cyclone Gabrielle in New Zealand earlier this year. We
committed NZ$3 million in grants to eligible business
customers and NZ$1 million to organisations assisting
with immediate flood relief and recovery. We also offered
temporary overdrafts, discounted loans and the deferral of
loan repayments to eligible customers.
Improving through customer
feedback
We continuously gather feedback from customers
and employees to better understand the ways we can
improve our service. Customer feedback through Net
Promoter Score (NPS) and complaints channels is used to
develop solutions for customers, measure the impact of
enhancements and foster a customer-first culture across
the Group.
While consumer NPS
1
improved 3 points to +2 this year,
we continue to rank third among major bank peers. We’re
working hard to improve service by making banking easier
– including through enhancements to our app, broadening
banking access and listening to and acting on customer
feedback.
New Zealand NPS improved 1 point to +8 compared to the
average market score declining by 3 points this year. This
reflects the impact of process improvements following our
proactive engagement with more than 6,400 customers
who did not rank us highly. However, we still lag peers
and are working hard to improve by continuing to address
customer pain points, streamline processes and lift service.
Customer complaints help us to improve our service and
we’re building a culture where employees spot, log and
own complaints and resolve them at the first point. Over
the year, our average time to solve complaints improved to
three days, down from four days. And 94% of complaints
were resolved by our frontline teams at first point.
Our Customer Advocate, appointed in 2016, advises
our complaints team, recommends changes to policies,
procedures and processes arising from the complaints
made by customers and focuses on how we can best
support vulnerable customers.
Combating financial abuse
Our specialist teams are trained to support customers
experiencing vulnerability, including domestic and family
violence, financial abuse and problem gambling.
During the year we continued to embed customer safety
into product design and provided mandatory training to
over 1,000 employees involved in product and service
development.
These measures reinforce our firm stance against financial
abuse and complement other initiatives such as providing
customers with the ability to report abusive messages,
proactively blocking inappropriate language from outgoing
payments and directly contacting, and in some cases
ceasing business with, perpetrators. This action is driving
change. This calendar year, over 90% of perpetrators
discontinued abusive behaviour after receiving a
warning letter
2
.
1 Source: Fifth Dimension (5D) for September 2023 (2H23), 6MR. MFI customers.
2 Based on current reporting methodology.
Other safety measures available to customers include:
our gambling block, allowing customers to instantly block
certain gambling-related transactions; parental controls
to ensure child safety by restricting online payments; and
applying daily payment limits to accounts.
Building financial confidence
To help build financial confidence and wellbeing we
offer a range of resources to customers, employees and
the community. Interactive webinars, online learning
modules, articles and tools are available to individuals and
businesses through Westpac Master Your Money and the
Finlit program, designed for younger adults.
In New Zealand, over 10,000 people took part in Managing
Your Money workshops this year in addition to targeted
seminars held for businesses and corporate customers,
including through our partnership with key Chambers of
Commerce across the country.
We are focused on providing customers, employees and
the community with independent and equal access to our
products, services and collateral. Our Access and Inclusion
Plan outlines our initiatives for helping those with disability,
neurodiversity or chronic health conditions succeed. It
is supported by our ongoing focus on more accessible
products, services and collateral.
The Westpac App helps customers track spending, so they can see
exactly where to save money and better manage their budgets.
WESTPAC GROUP 2023 ANNUAL REPORT 26

PROTECTING CUSTOMERS AND
PREVENTING CRIME
We are committed to safe and reliable banking for
customers and have continued to ramp up efforts to keep
our systems strong to combat the escalating threat of
cybercrime.
Since 2015, we have continuously invested in our people,
processes and technology to keep customers safe. Our
specialist teams monitor for suspicious activity around
the clock, provide customer support and education,
and work closely with industry peers, regulators and law
enforcement to identify and report criminal activity.
Protecting against scams and fraud
Scams are increasing in sophistication and frequency.
While Westpac customer scam losses increased over the
year, we detected 66% of cases.
1
In an Australian banking first, we’re integrating our fraud
detection systems with our digital payment platforms to
help customers identify potential scams through real-time
payment prompts. We’re adding another layer of security
to our Westpac Verify capability, alerting customers to
potential scams by showing them a ‘scam risk rating’
when they add a new payee using digital banking. We’ve
introduced blocks for some cryptocurrency payments
to reduce scam losses and use behavioural and facial
biometrics when onboarding some customers.
Alongside solutions like dynamic CVC and payment
notifications, customers have the tools to make informed
decisions on-the-spot, with expert assistance always available
through a phone call, online chat, or one of our branches.
Of course, no systems are infallible, they are susceptible
to human error and exposed to third party risks, and threat
activity is constantly evolving.
We’re helping protect our customers from cybercrime
through ongoing awareness and education programs.
This includes IDCARE cyber resilience outreach clinics in
regional and remote communities, and providing resources
to help teachers share cyber security concepts with
students through the Schools Cyber Security Challenge.
We also share resources, checklists and expertise with
customers, such as the Cyber Response Playbook
instruction guide, which we produce in partnership with
the Australian Cyber Security Centre.
Robust governance, frameworks and controls
Our cybersecurity approach is multi-dimensional, with
strong governance and risk management at its core. Cyber
risk is overseen by the Board, monitoring incidents through
regular reporting and carrying out cyber training.
Security surveillance teams monitor systems 24x7. We
continuously test and evolve controls to prevent the loss
of data – including by using AI in payment authorisation
fraud detection. We also run regular simulation exercises
to stress test systems and processes and our dedicated
operations team supports customers impacted by
cybercrime, case-by-case.
Over the year, there were no major severity 1 information
security incidents. We also responded to, and removed,
over 1,200 phishing sites impersonating Westpac brands.
Our Privacy Statement sets out our approach to managing
customer data, which is supported via detailed privacy
and cybersecurity controls. This year, we continued to
strengthen our management of privacy risk including
simplifying our Privacy Statement and improving our ability
to assess privacy risk across the Group.
 Refer to Risk Management (page 40) for more.
Strengthening capability
Our people are integral to our cyber defences and we are
strengthening cyber awareness by investing in their skills
and capabilities. In addition to tailored role-based training,
employees carried out mandatory cyber awareness, data
protection and cyber threat training. Ongoing awareness
campaigns on phishing, data protection, device security
and password security reinforce proactive security
behaviours.
This year we opened our Western Sydney based financial
crime hub, bringing together 540 financial crime experts in
a state-of-the-art fraud prevention centre.
Growing our team of cyber experts is a priority and we
are actively promoting STEM and cyber careers, including
through STEM-focused university sponsorships, appointing
interns and graduates, our partnership with Big Day In
events and sponsoring the Australian Women in Security
network.
Collaboration is critical to countering cybercrime and we
work closely with industry, regulators, government and law
enforcement agencies including through:
—The Fraud Reporting Exchange digital platform to help
recover payments from scams.
—Participation in the Joint Cyber Security Centre,
and with interbank forums, to identify threats to the
Australian banking system.
 Refer to Employee value (page 30) for more on talent
attraction.
540
FINANCIAL CRIME
EXPERTS IN OUR NEW
FINANCIAL CRIME HUB
24X7
SECURTY SURVEILLANCE
AND MONITORING
66%
OF SCAMS DETECTED
1
1,200+
PHISHING SITES REMOVED
1 Based on the number of reported and/or identified scams in FY23.
27
STRATEGIC
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STATEMENTS
SHAREHOLDER
INFORMATION

Our people are central to
providing a leading customer
experience. We are committed
to investing in our people and
creating a workplace that is
diverse and inclusive, where
accountabilities are clear, the
right behaviours are rewarded,
and it is safe to speak up.
Key highlights
75
ORGANISATIONAL
HEALTH INDEX
$6.1BN
PAID IN SALARIES
49%
WOMEN IN
SENIOR LEADERSHIP
1
36,146
EMPLOYEES
2
1 Senior Leadership includes Executive Team, General Managers and their
direct reports (excluding administrative or support roles).
2 Refers to Full-Time Equivalent as at 30 September 2023.
CREATING
VALUE FOR
OUR PEOPLE
28WESTPAC GROUP 2023 ANNUAL REPORT

Inspiring through purpose
and culture
We continue to invest in our people to support them
to grow, achieve their goals and deliver great customer
experiences. We are building a more accountable, risk
aware and customer-focused culture guided by our
purpose, values and behaviours.
Culture starts at the top and this year we maintained our
focus on leadership capability with many of our General
Managers completing our Horizon Executive Leadership
Program, focusing on their development, strategy,
customer outcomes and performance.
Over 4,500 leaders participated in our People Leader
Culture Days, a series of CEO-led sessions to reinforce the
role of leaders in driving a positive risk culture. The Board,
CEO, Group Executives and Senior Leaders shared their
insights and facilitated sessions.
We also implemented a range of initiatives, including
through leader-led Purpose Connection sessions and a
micro-behavioural nudging ‘Skill Boost’ campaign, focusing
on constructive challenge, admitting mistakes and running
effective meetings. In addition, we continued to leverage
our 300 culture champion volunteers as role models to
drive our purpose, values and behaviours at a local level.
We measure cultural change through our Voice+ survey,
which includes McKinsey’s global ‘Organisational Health
Index’ (OHI). Outcomes for the September Voice+ survey
showed progress over the year on all five key behaviours
of: Simple, Role Clarity, Accountability, Constructive
Challenge, and Say it, do it.
Our OHI score was steady at 75 – a pleasing outcome given
the extent of organisational change over the year. Our
strongest results were around the strategic direction of the
organisation, the effectiveness of our leadership, and the
trust and care exhibited in our work environment. Results
also highlighted improvement across key risk and conduct
questions.
1 From 1 October 2023 all employees will have a risk goal in place.
Strengthening risk culture is an ongoing priority and CORE
program objectives remain in short-term variable reward
scorecards for the Executive Team and General Managers.
Our performance management framework helps
our people and leaders define performance and risk
expectations. Over 90% of employees have defined risk
goals
1
and in early FY23, based on FY22 performance,
313 employees received increased variable reward for
delivering exceptional risk outcomes.
This year our people acknowledged more than 195,000
moments where their colleagues were living our values
and behaviours via our recognition platform. In May 2023,
we incorporated active risk management and positive risk
behaviours and since then, almost 34,000 instances of
positive risk management behaviour have been recognised.
On the flipside, a rigorous process is in place to identify
and address negative risk management behaviour. We
applied 299 downward remuneration adjustments in early
FY23, based on FY22 performance, where our people
fell short of risk, compliance, or conduct expectations.
Remuneration adjustments for FY23 will be determined as
part of the annual remuneration review process.
300
Culture Champion Volunteers
4,500+
People leaders in CEO-led
Culture Days
~34,000
instances of positive risk
management behaviour recognised
CEO-led People Leader Culture Day.
29
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CREATING VALUE
FOR OUR PEOPLE
Maximising potential
We asked our people what they valued most about being
a Westpac employee. Four clear themes emerged around
‘care for our people’, ‘flexible work’, ‘skills and expertise’,
and ‘advocating for positive change’. These themes will
form part of our refreshed Employee Value Proposition
(EVP) which will shape a program of activities focused on
retaining and attracting talent over the coming year.
Care is at the heart of our people proposition and is reflected
in our initiatives, benefits and employee programs. This
year we introduced fertility leave
1
, coupled with education
initiatives to build awareness of fertility experiences, a peer
led network to provide a safe space to share experiences
and access to expert counselling support for fertility and
pregnancy loss.
Domestic and family violence leave is now uncapped for
employees who have experienced domestic or family
violence, and carers of those experiencing domestic and
family violence can access up to 10 days leave each year.
Temporary emergency accommodation support is also
available to employees who are experiencing domestic or
family violence.
Flexibility has been part of our offer for several years and
is highly valued. Our policy has been to ask our people to
spend a minimum of two to three days in the office per
week as we believe a regular cadence of on-site connection
is important to strengthen culture, innovation and business
performance.
The rate of technological, digital and global change
requires our people to develop new skills to meet the level
of expertise required by our customers. Our ‘engineers
make life better’ campaign improved talent engagement,
increasing engineering application numbers by 20%. In
FY23, we hired 252 engineers across Software, Cyber, Data
and Infrastructure.
To attract talent in new locations a second Tech hub will
open in Melbourne early next calendar year, to add to
the team of technologists at our Gold Coast site. To build
capability across the organisation, 5,000 employees
participated in a data and digital development program –
refer to case study.
We’re also building ESG capability to support customers
transitioning to net-zero. Over 470 employees completed
online learning in FY23 on topics including human rights,
climate and ESG reporting. Business Lending partnered
with the Australian Graduate School of Management on
training to build sustainable business and finance expertise.
More than 10,000 of our people are involved in one of our
10 Employee Advocacy Groups and together they work
to strengthen inclusion. These groups provide a platform
for targeted learning and development via mentoring
programs such as ‘Curious and Wise’ that partners younger
and mature employees, shadowing programs to promote
cultural diversity and summits for learning and connection,
such as Women of Westpac.
Our new Upstander initiative, supported by a range of
resources, encourages our people to speak up and act
against racism and discrimination.
1 Fertility leave introduced for all Australian-based permanent and max term employees.
Employee wellbeing and safety
We are committed to providing a safe, secure and injury
free workplace that enriches the wellbeing of our people
and prevents harm by reducing the potential for work-
related physical and mental injury and ill health.
We have refreshed our workplace mental health strategy
and implemented a range of initiatives, including piloting a
divisional-level workplace mental health risk assessment.
The assessment responds to higher expectations from
safety regulators to actively assess and manage workplace
mental health risks. Following the pilot’s success, we will be
rolling out the assessment to all divisions next year.
Employees have access to confidential counselling, mental
health and wellbeing training and resources including
guidance from our Chief Mental Health Officer as well as a
dedicated Employee Care team.
These initiatives, together with our continued focus on
prevention and early intervention, contributes to employee
physical and mental safety. This year, Lost Time Injury
Frequency Rates and Total Recordable Injury Frequency
Rates remained low at 0.1 and 1.1 compared to 0.2 and 1.0 in
FY22, respectively.
We have a zero-tolerance stance on workplace sexual
harassment supported by our No Bystander policy
which reminds our people of our obligation to speak up
and is reflected in our Code of Conduct and our Sexual
Harassment policy.
0.96%
OF AUSTRALIAN
WORKFORCE MADE UP OF
FIRST NATIONS PEOPLE
FERTILITY
LEAVE
INTRODUCED
1
10,000+
EMPLOYEE ADVOCACY
GROUP PARTICIPANTS
UPSTANDER
INITIATIVE
SPEAKING UP AND ACTING
AGAINST RACISM AND
DISCRIMINATION
WESTPAC GROUP 2023 ANNUAL REPORT 30

Strengthening diversity and inclusion
We are building a workplace that fosters diversity and
inclusion, where our people feel valued, respected and
safe. Doing so enriches our workplace and helps us reflect
and understand the customers we serve.
Our new Diversity, Equity & Inclusion Strategy, launched
this year, helps us to:
—Support people in the moments that matter to them
in both their careers and personal lives.
—Build a more inclusive and equitable society through
advocacy.
—Create a workplace where it is safe for our people
to be themselves and be celebrated through trusted
communities and allies.
We are focused on reducing our gender pay gap and
paying our people equitably. We support the Workplace
Gender Equality Agency (WGEA) advancements on
transparency of gender pay gaps and our progress will be
published in WGEA’s publicly available report in 2024.
We take action to support women to advance their careers
and work to ensure our remuneration policy and processes
that underpin pay decisions do not discriminate. Our
female to male pay gap is 5% or less for eight of nine levels
1

below Group Executive.
We support the 40:40 Vision and commit to achieving
50% (+/-2%) of Women in Senior Leadership roles –
currently at 49%. We were ranked 10th globally by Equileap
for gender equality and achieved our highest score on
the Bloomberg Gender Equality Index, primarily driven by
increased representation of women in senior roles
2
and
enhancements to parental leave.
 Further information is set out in our 2023
Sustainability Data Sheet.
1 6% at Level 3. Measured on Base Salary by organisational job level.
2 Senior Leadership includes Executive Team, General Managers and their direct reports (excluding administrative or support roles).
Our annual Inclusion and Diversity survey helps us to
shape our approach to a safe and respectful workplace.
Cultural representation remains a focus and we are
providing our people with networking, career and
leadership opportunities through partnerships with
organisations like the Asian Australian Leadership Project.
This supports career progression of individuals with
different cultural backgrounds to more senior level roles.
As set out in our Reconciliation Action Plan (RAP), we
are committed to helping First Nations people to build
meaningful careers. First Nations people currently make up
0.96% of our Australian workforce and we aim to increase
representation to 1.5% by FY25.
 Refer to Community value section (page 35) for more
on our RAP.
Diverse hiring practices help us address talent gaps and
broaden our perspectives to enhance innovation. We
are the first financial institution in Australia to obtain the
Disability Confident Recruiter accreditation. In addition,
we have improved our candidate hiring processes to
provide equitable experiences for individuals living with
an injury, illness or disability, including neuro diverse
candidates.
DATA AND DIGITAL
To prepare our workforce for challenges and opportunities in an
increasingly digital world, our new Data and Digital Capability uplift
program has helped improve key data and digital skills, mindsets and
behaviours of over 5,000 employees this year.
Co-created by over 150 experts from Westpac and Deloitte, the program
offers eight learning pathways at a foundational or intermediate
proficiency level to improve employee capabilities across 29 skills.
After completing the course, 96% of people surveyed saw the program
as immediately relevant to their work and have started pro-actively
applying their skills by using tools like PowerBI and maximising the use
of Teams.
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We create value by supporting
the economy, partnering with
community organisations,
and backing a stronger, more
inclusive society through our
philanthropic and community
programs.
Key highlights
$171M
COMMUNITY INVESTMENT
1

50-YEAR
WESTPAC LIFESAVER
RESCUE HELICOPTER
SERVICE PARTNERSHIP
HIGHEST
‘ELEVATE’ LEVEL
RECONCILIATION
ACTION PLAN
$27.9M
SPENT WITH DIVERSE
SUPPLIERS
1 Refer to the 2023 Sustainability Index and Datasheet for more
information on the definitions. Figure includes commercial sponsorships
and foregone fee revenue.
CREATING
VALUE FOR THE
COMMUNITY
Amelia Goonerage and Denzil
Furtado, Westpac Scholars,
Future Leaders.
32WESTPAC GROUP 2023 ANNUAL REPORT

Facilitating change that matters
We are determined to make a difference by backing
people and organisations who are creating better futures.
The philanthropic foundations, trusts and charitable
organisations that we support positively impact the areas
that matter to customers, communities and our people.
Westpac Foundation
1
Westpac Foundation was one of Australia’s first
philanthropic organisations to develop a grant program
to support social enterprises that aim to address social
problems while also helping under-represented and
disadvantaged communities to access jobs.
Meaningful employment is a pathway out of disadvantage.
Westpac Foundation is well on its way to achieving its
mission of supporting grant partners to create 10,000 jobs
by 2030, with 7,240 jobs created since 2015.
Westpac Scholars Trust
2
Westpac Scholars Trust is helping to transform the future
of Australia by investing in a new generation of leaders.
It funds 100 scholarships a year, valued at over $4 million
annually – supporting university students, researchers and
social entrepreneurs.
This year, Westpac Scholars Trust awarded $4.9 million to
100 scholars who are undertaking varied and meaningful
pursuits. These include, a refugee running a social enterprise
to help others gain meaningful employment in construction,
a researcher investigating plant cells to improve crop yields
in the face of climate change and food scarcity and an
environmental economist investigating the economic cost of
air pollution in Australia.
St.George, BankSA, Bank of Melbourne Foundations
3
The St.George, BankSA and Bank of Melbourne Foundations
invest in Australian charities supporting children and young
people. Their grant programs target barriers to inclusion,
ensuring children and young people experiencing a range of
challenges have opportunities to thrive. In 2023, more than
$3.2 million was awarded to 60 charities across Australia.
With the support of St.George Foundation’s Inspire Grant,
Schools Plus has expanded its Virtual STEM Academy
across Australia, with a focus on female and First Nations
students. The Virtual STEM Academy program has
transformed online learning and developed children’s skills in
problem solving, inquiry, critical thinking and curiosity. One
of its goals is to open career pathways for groups currently
underrepresented in the STEM sector.
Te Waiu O Aotearoa Trust
4
The Te Waiu O Aotearoa Trust offers scholarships to
promote, develop and provide for the education and
advancement of Māori within both the banking and finance
industry and general business in New Zealand. In 2023,
the Trust offered six student scholarships worth $5,000
each, bringing the total to 29 since the start of the program
in 2013.
Empowering employees to make an impact
We help community partners to scale and grow through
financial support and a range of support programs, including
connecting them to our network of employee volunteers who
seek to make positive change in their communities.
Our people volunteered 10,239 hours of their time this year,
contributing their professional skills to a broad range of
areas. Some also participated in programs including the
Community Ambassador, the Westpac Board Observer and
the Jawun Programs.
Driving inclusivity through diverse
suppliers
We want to help build a stronger, more inclusive society
by backing businesses that drive positive change. Through
our Supplier Inclusion and Diversity program we work with
Indigenous-owned businesses, social enterprises, Australian
Disability Enterprises, women-owned businesses and B
Corporations.
This year, we spent $27.9 million with diverse suppliers,
including $6.3 million with Indigenous-owned businesses
7
.
Since 2021, we have spent $60.1 million with diverse
suppliers against our target of $54 million, including
$16.6 million with Indigenous-owned businesses against our
target of $13 million.
POSITIVE ECONOMIC IMPACT
We play a significant role in the economy as a bank,
employer, buyer of goods and services, and in
supporting communities.
$6.1BN
PAID IN SALARIES
$5.0BN
TO BE PAID IN DIVIDENDS
$3.4BN
TAXES PAID GLOBALLY
5
$171M
COMMUNITY INVESTMENT
6
1 Westpac Foundation is administered by Westpac Community Limited
(ABN 34 086 862 795) as trustee for Westpac Community Trust
(ABN 53 265 036 982). The Westpac Community Trust is a Public
Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient.
None of Westpac Foundation, Westpac Community Trust Limited nor the
Westpac Community Trust are part of Westpac Group. Westpac provides
administrative support, skilled volunteering, donations and funding for
operational costs of Westpac Foundation.
2 Westpac Scholars Trust (ABN 35 600 251 071) is administered by Westpac
Scholars Limited (ABN 72 168 847 041) as trustee for the Westpac
Scholars Trust. Westpac Scholars Trust is a private charitable trust and
neither the Trust nor the Trustee are part of Westpac Group. Westpac
provides administrative support, skilled volunteering and funding for
operational costs of Westpac Scholars Trust.
3 St.George Foundation, BankSA Foundation and Bank of Melbourne
Foundation are all administered by St.George Foundation Limited
(ABN 46 003 790 761) as trustee for St.George Foundation Trust
(ABN 44 661 638 970), a Public Ancillary Fund endorsed by the ATO as a
Deductible Gift Recipient. While St.George Foundation Limited is a related
body corporate of Westpac Group, neither St.George Foundation, BankSA
Foundation, Bank of Melbourne Foundation nor St.George Foundation
Trust are part of Westpac Group. Westpac provides administrative
support, donations and funding for operational costs of the Foundations.
4 Te Waiu o Aotearoa Trust (NZBN: 9429043230587) is administered by
4 Westpac New Zealand representatives as trustees for the Te Waiu o
Aotearoa Trust. Te Waiu o Aotearoa Trust is a charitable trust and is not
part of the Westpac Group. Westpac New Zealand provides administrative
support and skilled volunteering for Te Waiu o Aotearoa Trust.
5 Including the bank levy.
6 Refer to the 2023 Sustainability Index and Datasheet for more information
on the definitions. Figure includes commercial sponsorships and foregone
fee revenue.
7 Refer to our 2023 Sustainability Index and Datasheet for definitions.
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CREATING VALUE
FOR THE COMMUNITY
Partnerships creating better futures
Through our National Rugby League partnership, we are helping level the playing field by providing equal financial
support for the women’s and men’s competitions. This includes pathway programs to nurture the potential of talented
young women and drive the growth of the women’s elite competition.
We also support the Little Wings program, providing free safe flight and ground transport services for seriously ill children
in rural and regional New South Wales and Queensland, and the Australian Capital Territory to hospital. This year, over
2,000 missions were carried out, helping over 5,000 children.
Committed to respecting human rights
We firmly believe in our need to respect and seek opportunities to advance internationally recognised human rights. This
sets our expectations for our people and business, including customers and suppliers.
Our Human Rights Position Statement (HRPS) and Action Plan lays out our commitments and approach on human rights,
as well as our position on child safeguarding. It reiterates our support for the UN Guiding Principles on Business and Human
Rights (UNGPs), which we are working to incorporate as the foundation of our human rights approach, and details our
areas of focus for the next three years. This includes refreshing the analysis of our salient human rights issues and risks and
reviewing the effectiveness of our grievance mechanisms and approach to remedy.
Our third Modern Slavery Statement, published in March 2023, aligns with our human rights approach, focusing on the modern
slavery risks inherent in our business. This statement complies with Australian and UK modern slavery reporting requirements.
ROLE SUMMARY OF OUR FY23 HUMAN RIGHTS RELATED ACTIONS AND PROGRESS
Financial services
provider
—Updated our risk reporting systems so that any risk or incident logged must consider if there have been
any social impacts including harm to people.
—Continued to enhance our detection of potential modern slavery and child sexual exploitation risks in
our financial crime processes and to investigate and report possible instances to regulators and law
enforcement as determined appropriate.
—Partnered with International Justice Mission (IJM) to provide an awareness raising session to our fraud
and scams assist teams on the emerging issue of forced labour in cyber scams.
Lender
—Updated our position statements for higher risk sectors such as defence, payday lending and
agribusiness.
—Enhanced our ESG risk assessment tools for institutional and business lending. This contributed
to the identification of one customer with elevated human rights risks. Customer and Transaction
Risk Escalation Committee directed further customer engagement to ensure adequate policies and
processes are in place to reduce modern slavery risk.
—We received one external human rights grievance
1
relating to a customer in the resources sector.
This was investigated and a response was provided.
—Provided ESG risk training to frontline business bankers and support teams.
Employer
—Refreshed our Group Remuneration Policy, Recruitment Policy, Health, Safety & Wellbeing
Commitment and in Australia our Diversity, Equity & Inclusion Strategy and Enterprise Agreement.
—Incorporated new employment law requirements on child and migrant employment and the availability
of complaints mechanisms into our human resources systems.
—Employee human rights concerns continue to be managed through our Speaking Up Policy,
whistleblower channels, and via our human resources and compliance teams.
Purchaser of goods
and services
—Over 700 suppliers completed our responsible sourcing questionnaire.
—Supported action with suppliers who had potential gaps in their modern slavery approaches and
resolved 95 action plans that were established.
—Strengthened the ability of Australian suppliers and their workers to speak up if things do not look right
at Westpac.
Supporter of
communities
—Commenced RAP leadership project on self-determination and deepening our understanding
of consent.
—Commenced updates to the Charitable Donations Policy and Financial Crime Risk Standard to enable a
more comprehensive due diligence process for charities and their responsible persons.
—Responded to four human rights related campaign communications in relation to Free, Prior and
Informed Consent (FPIC) and our customers.
Child safe
organisation
—Integrated our child safeguarding approach in our HRPS.
—Provided seed funding to establish the Australian Child Safeguarding Business Coalition.
—Granted over $61 million to 50+ child safeguarding organisations across Australia and the Asia Pacific
since 2020. This has helped IJM to support 106 rescues of child sexual exploitation victims in the
Philippines and Save the Children to provide training to over 3,600 Filipino children and parents.
2

 Refer to our Human Rights Position Statement for more information.
1 This grievance also applied to BT superannuation business.
2 IJM and Save the Children data is from October to June 2023.
WESTPAC GROUP 2023 ANNUAL REPORT 34

SUPPORTING RECONCILIATION
Our vision for reconciliation is an Australia where Aboriginal and Torres Strait Islander peoples have equitable economic
participation and financial wellbeing.
Our Reconciliation Action Plan (RAP) sets out our commitments and actions to achieve our vision in our roles as a lender,
employer, purchaser of goods and services, supporter of communities and as a voice within corporate Australia.
Our 2022-2025 RAP is our fifth and recognised at the highest ‘elevate’ partner level by Reconciliation Australia. We’re
making good progress on our four focus areas.
FOCUS AREAFY23 PROGRESS
Valuing culture: building
relationships based on trust and
respect; valuing cultures and
histories and recognising the
importance of self-determination.
—Commenced mandatory Indigenous cultural training for our people, 99.9% of Australian
based employees compliant with online training and 168 leaders participated in additional
three-hour cultural immersion sessions with Blackcard.
—Celebrated our 1,000th Jawun secondee.
—Appointed Elder in Residence to support Aboriginal and Torres Strait Islander employees.
Meaningful careers: investing
in Indigenous careers through
dedicated programs to recruit,
retain and develop Aboriginal and
Torres Strait Islander people.
—Increased our Aboriginal and Torres Strait Islander Australian workforce representation to
0.96% exceeding our target of 0.75% by September 2023. We are targeting 1.5% by
September 2025.
—Held our first Indigenous employee gathering, Bayala Djurali Summit in June 2023.
Better banking experiences:
making it easier for Indigenous
customers to do business with us
and improving financial inclusion
and economic participation.
—Launched our inaugural Indigenous customer strategy, to be implemented from
FY24 to FY26.
—Increased our community engagement banker footprint to improve service to remote
communities.
—Assisted over 8,000 customers through our Indigenous call centre since the launch of the
RAP in 2022.
Backing Indigenous enterprise:
helping more Aboriginal and
Torres Strait Islander Australians
to grow their businesses as
customers, suppliers and partners.
—Spent $6.3 million with 68 Indigenous businesses this year, towards our target of $8 million
by April 2025.
—Supplier capability pilot developed, aiming to make it easier for Indigenous businesses
to do business with Westpac.
50 YEARS OF KEEPING
AUSTRALIANS SAFE
This year marks our 50-year partnership with the
Westpac Lifesaver Rescue Helicopter Service. As
one of Australia’s longest corporate community
partnerships, more than 100,000 missions have
been performed.
Respect for self-determination and a deeper
understanding of free prior and informed consent
Our RAP sets out our FPIC leadership project, which
aims to further develop our understanding of FPIC, work
with stakeholders, improve our capability, and share our
learnings as widely as we can.
Throughout the year, we supported our Institutional bankers
to identify when engagement should be sought and refined
our risk assessment tools for institutional customers.
Voice to Parliament
As part of our support for the Uluru Statement from
the Heart, we stood beside our First Nations partners in
support of a Voice to Parliament. We need now to move
forward together, to focus on improving the quality of
life in Aboriginal and Torres Strait Islander communities.
We remain committed to delivering our RAP, listening
to Aboriginal and Torres Strait Islander peoples and
supporting our employees.
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Taking action on climate
change has long been on
Westpac’s agenda. As
climate science has evolved
we have stepped up on our
actions and commitments.
Key highlights
1
52%
REDUCTION IN SCOPE 1
AND 2 EMISSIONS
1ST
NATURAL CAPITAL
POSITION STATEMENT
7 NEW
NZBA EMISSION
REDUCTION TARGETS
58
SUSTAINABLE FINANCE
TRANSACTIONS
1 Refer to our 2023 Sustainability Index and Datasheet and Climate Report
Glossary for definitions.
CREATING
VALUE FOR THE
ENVIRONMENT
36WESTPAC GROUP 2023 ANNUAL REPORT

We have made progress on our climate plans this year
and our first standalone Climate Report provides a more
comprehensive view of our transition plans, and progress.
Our reporting aligns with the TCFD recommendations,
and supports our ambition to become a net-zero, climate
resilient bank, consistent with a 1.5°C aligned pathway to
net-zero by 2050.
Our climate change strategy, detailed in our Climate
Change Position Statement and Action Plan, has three
focus areas.
1. Net-zero, climate resilient operations
We are determined to reduce the climate impact of our
direct operations and work to mitigate climate-related risks
to our business. In FY23, we reduced our scope 1, 2 and 3
upstream greenhouse gas (GHG) emissions, which puts us
on track to meet the targets we set in 2021. Our medium
and longer term targets are:
—Reduce our scope 1 and 2 emissions by 64% by 2025
and 76% by 2030 from our 2021
1
baseline; and
—Reduce our scope 3 upstream emissions by 50% by
2030 from our 2021 baseline.
1,2

WESTPAC’S ESTMATED OPERATIONAL EMISSIONS
2

(tonnes of CO
2
equivalent, market-based)
Scope 1 emissions Scope 2 emissions
Scope 3 upstream emissions
FY21FY22FY23
71,738
53,981
7,851
63,377
36,734
7,297
61,044
14,489
6,559
The reduction in our scope 1 and 2 operational emissions this
year was due to an increase in renewable electricity from
additional power purchase agreements as well as reduction
in our property footprint. The reduction in our scope 3
upstream emissions was driven by increased renewables
in our supply chain. Our scope 3 location-based emissions,
which quantify our footprint before contractual renewables
sourcing, increased mainly due to increased travel and
employee commuting, reflecting further normalisation of
operations post-covid.
We reached an important milestone with the equivalent of
100% of our Australian direct electricity demand sourced
from renewables from April 2023. This achievement
was part of a multi-year plan to work with our suppliers
– including solar farms in Berri (South Australia) and
Wagga Wagga (NSW) – to not only meet our target
but to increase the share of renewable energy in the
electricity grid. These efforts are working towards our goal
of sourcing the equivalent of 100% of our global direct
electricity demand from renewable sources by 2025
3
.
1 2021 baselines for scope 1, 2 and scope 3 upstream emissions targets adjusted for COVID-19 pandemic and other impacts. Refer to our 2023 Sustainability
Index and Datasheet.
2 Refer to our 2023 Sustainability Index and Datasheet for definitions and details of included Scope 3 upstream emissions sources.
3 On track to achieve 100% renewables outcome for our direct operations. 95% of this supply is expected to be sourced from within the markets the
electricity is consumed. We will continue to identify opportunities to lift local sourcing to 100%, to include for our Fiji and PNG businesses.
While we continue to focus on reducing our direct
emissions, carbon credits and sequestration have a role
to play in reducing GHG emissions. Since 2012 we have
continued to offset our residual operational emissions to
maintain certification under the Australian Government’s
Climate Active Carbon Neutral Standard for Organisations,
and in New Zealand, Toitū net carbonzero certification.
2. Supporting customers’
transition to net-zero
The biggest contribution we can make to addressing
climate change comes from supporting customers as they
transition. This in turn helps us to reduce our financed
emissions, the emissions associated with the activities of
customers we lend to.
The estimation of our scope 3 financed emissions assesses
our share of customers’ emissions.
This year, we enhanced our financed emissions calculations
through improved modelling and higher-quality data. This
enables us to better identify where our efforts can be most
effective. We estimate financed emissions at an industry
level and this, along with our detailed methodologies, is in
our Climate Report.
In line with our NZBA commitment, we have developed
seven new emission reductions targets in three NZBA
sectors this year. We have also updated existing targets
with broader sector coverage and improved data quality. In
total, we now have 12 targets within eight of the nine NZBA
list of carbon-intensive sectors. Subject to data availability
and a valid science-based pathway, we plan to set a
target for the remaining NZBA carbon-intensive sector,
Aluminium, by July 2025.
Having set these targets, we are increasingly turning to
implementation. This includes engaging with customers
and industry bodies on transition plans, updating our credit
and risk assessments tools and developing models to help
us manage and report against our targets. At the same
time, we have updated our sector positions that outline
lending exclusions for new and renewed financing. These
are detailed in our Climate Report with updated positions
including:
—For thermal coal mining – zero lending to institutional
customers with a high portion of their revenue
(≥15%) coming directly from thermal coal mining by
30 September 2025.
—For upstream oil and gas, subject to national energy
security, no project finance or bond facilitation for the
development of new (greenfield) or expansionary oil
and gas fields, including new associated dedicated
infrastructure, unless in accordance with the International
Energy Agency Net-Zero by 2050 (2021) scenario.
—For metallurgical coal mining – no project finance for new
(greenfield) projects.
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CREATING VALUE
FOR THE ENVIRONMENT
ESTIMATED SCOPE 3 FINANCED EMISSIONS OF OUR LENDING (AUSTRALIA AND NEW ZEALAND)
Scope 1 and 2 financed emissions and Scope 3 financed emissions are our estimated share of our customers’ relevant scope 1, 2
and scope 3 emissions.
SECTOR
SCOPE 1 AND
2 FINANCED
EMISSIONS
(MtCO₂-e)
SCOPE 3 FINANCED
EMISSIONS
(MtCO₂-e)
AVERAGE DATA
QUALITY SCORE
EMISSIONS
INTENSITY FOR
IN-SCOPE LENDING
(kgCO₂-e/$)
1

Total 26.113.34.20.047
The below table summarises our NZBA targets. Refer to our Climate Report Appendix for more information.
NZBA SECTOR WESTPAC
SECTOR COVERAGE2030 TARGETREFERENCE SCENARIOFY21FY22
Power generation
Power generation
0.10 tCO
2
-e/MWh for scope 1 and 2. CSIRO/ClimateWorks
Australia Hydrogen
Superpower Scenario (2021)
Baseline: 0.26
tCO
2
-e/MWh
0.23 tCO
2
-e/
MWh
Cement
Cement production
0.57 tCO
2
-e/tonne of cement for
scope 1 and 2.
SBTi Cement Target Setting
Guidance–SDA (2022)
Baseline: 0.66
tCO
2
-e/tonne of
cement
0.66 tCO
2
-e/
tonne of cement
Oil and Gas
Upstream Oil and Gas
23% reduction in scope 1, 2 and 3
absolute financed emissions from 2021.
IEA NZE 2050 (2021)
and CSIRO/Climateworks
Australia MSEM (2021)
Baseline:
9.2 MtCO
2
-e
7.5 MtCO
2
-e
Coal
Thermal coal mining
Zero scope 1, 2 and 3 absolute financed
emissions to companies with >5% of
their revenue coming directly from
thermal coal mining.
IEA NZE 2050 (2021)Baseline:
2.5 MtCO
2
-e
1.9 MtCO
2
-e
Transport
Aviation (passenger
aircraft operators)
76.4 grams CO
2
-e/ passenger km
for scope 1.
IEA NZE 2050 (2021)Baseline
2
:
190.6 g CO
2
-e/
passenger km
156.0 g CO
2
-e/
passenger km
Iron and Steel
Steel Production
1.42 tonne CO
2
-e/tonne of steel for
scope 1 and 2.
MPP Technology Moratorium
(2021)
Not disclosed
3
Not disclosed
3
Commercial and Residential Real Estate
Commercial Real Estate
(Offices)
59% reduction in scope 1 and 2
emissions intensity (kgCO
2
-e/m
2

net lettable area) from 2022.
IEA NZE 2050 (2021)N/ABaseline:
60 kgCO
2
-e/m
2
Residential Real Estate
(Australia)
56% reduction in scope 1 and 2
emissions intensity (kgCO
2
-e/m
2
)
from 2022.
CRREM, Australia Multi-
family homes (2023)
N/ABaseline:
35 kgCO
2
-e/m
2

(as at Aug 2022)
Agriculture
Australia Beef and Sheep
9% reduction in scope 1 land
management emissions intensity
(tCO
2
-e/t Fresh Weight) from 2021.
SBTi FLAG Oceania
Beef Commodity Land
Management (2022)
Baseline: 21.73
tCO
2
-e/t Fresh
Weight (FW)
Not available
Australia Dairy
10% reduction in scope 1 land
management emissions intensity
(tCO
2
-e/tonne of Fat Protein Corrected
Milk (FPCM)) from 2021.
SBTi FLAG Oceania
Dairy Commodity Land
Management (2022)
Baseline:
1.04 tCO
2
-e/t
Fat & Protein
Corrected Milk
(FPCM)
Not available
New Zealand Beef and
Sheep
9% reduction in scope 1 land
management emissions intensity
(tCO
2
-e/t FW) from 2021.
SBTi FLAG Oceania
Beef Commodity Land
Management (2022)
Baseline: 19.4
tCO
2
-e/t Fresh
Weight (FW)
Not available
New Zealand Dairy
10% reduction in scope 1 land
management emissions intensity
(tCO
2
-e/tonne of FPCM) from 2021.
SBTi FLAG Oceania
Dairy Commodity Land
Management (2022)
Baseline:
0.83 tCO
2
-e/t
Fat & Protein
Corrected Milk
(FPCM)
Not available
Understanding customer transition plans
Customer engagement on climate-related matters is now common practice with our institutional customers. We have
specifically engaged with our top 100 emitting customers to discuss their emissions reduction initiatives along with the
challenges faced in implementing their plans. These discussions have also provided a forum to explain our targets, share our
industry experiences and understand how we can support their sustainable finance needs.
We have strengthened this engagement with a new pilot framework to assess transition plans. Drawing from international
guidance we have piloted this framework with 20 of our largest emitting companies and will use the results to refine future plans.
The framework uses five aspects for assessing transition plans: targets, strategy, capital allocation, reporting and governance.
1 Emissions intensity in kgCO₂-e/$ balance for residential real estate and kgCO₂-e/$ TCE for business, commercial and institutional lending (except Project
Finance, where intensity is kgCO₂-e/$ balance) and commercial real estate. Includes scope 3 emissions for sectors where these have been estimated. Refer
to the Glossary in our Climate Report for the definition of TCE.
2 The global aviation sector was highly impacted by the effects of the COVID-19 pandemic resulting in emissions intensities higher than the IEA NZE 2050 (2021)
pathway. Increases in activity as the sector recovers from the pandemic will improve operational efficiencies and result in some reduction in emissions intensity.
3 Steel represents a very small percentage of Westpac’s lending portfolio and a small number of customers. To protect our customers, confidentiality, we have
adopted a ‘traffic light’ system to disclose our performance against the target. Unlike other targets, we will not be disclosing our baseline or progress.
WESTPAC GROUP 2023 ANNUAL REPORT 38

Sustainable Finance
Decarbonising the economy requires material investment.
This is a significant opportunity and we are focused on
further building our expertise and supporting more
customers with sustainable finance. We supported
customers with 58 sustainable finance transactions
1
in FY23.
We also provided $6.5 billion in new lending to climate
changes solutions
1
since 2020, 86% more than the
$3.5 billion target over this period.
As demand for sustainable finance increases, it is vital
we have the systems to assess, monitor and report on
what is green, transition, sustainability or social financing.
This gives customers clarity and supports new product
development focused on positive environment and social
outcomes. We are launching our Sustainable Finance
Framework this November to help meet these needs.
We have also introduced 2030 targets for lending and
bond facilitation of $55 billion and $40 billion respectively,
aligned to the Framework. We will begin reporting on these
from FY24.
 Further details are in our Sustainable Finance
Framework, November 2023 – published on our website.

3. Collaborating for impact
Climate change can only be addressed by governments,
business, communities and economies working together.
Our third area of focus is therefore collaborating for
positive impact.
Collaboration is also critical because the effects of
climate change and the transition will be felt unevenly
across society. Our goal is to support a just and inclusive
transition that does not leave people behind. This will only
be achieved if we listen to and work together with our
stakeholders.
Examples of how we are involved in helping shape the
sustainability agenda include working with the Australian
Sustainable Finance Institute on an Australian sustainable
finance taxonomy, co-chairing the UN Environment
Programme Finance Initiative’s Banking Board, and our
membership of the steering and principals groups that
govern the NZBA.
 For more information on our governance and risk
management of climate change refer to Section 2 in
this Annual Report and our Climate Report.

NATURAL CAPITAL
The world’s natural capital is under threat as natural
resources decline and critical habitats are placed under
pressure. As with climate change, we can play a role in
helping to conserve nature and reduce natural capital loss.
This year we released our first Natural Capital Position
Statement, which defines our ambition to become a
nature positive bank. This is a first step as we build our
understanding of how nature related risks and opportunities
impact our business and customers. We have also
participated in key UN Environment Programme Finance
Initiative pilots and are a member of the Taskforce on
Nature-related Financial Disclosures (TNFD) Forum.
Our position statement is informed by the TNFD, the
Kunming-Montreal Global Biodiversity Framework and our
NZBA Agriculture targets. It also outlines our four areas
of focus: deforestation, restoration and regeneration, loss
of critical habitat and natural capital finance. This includes
working with the Australian Sustainable Finance Institute and
the Farming for the Future’s Natural Capital Advisory Group
to support its Valuing Natural Capital work.
As part of our NZBA Agriculture targets, we committed to
no deforestation, which provides for no further conversion
of natural forest
1
to agricultural land use within farm systems
from 31 December 2025. This only includes customers in
scope of our NZBA agricultural targets
2
. In line with the
TNFD’s recommended disclosure metrics for financial
institutions, we estimate that 10% of Group lending is
to sectors considered to have material nature-related
dependencies and impacts
4
.
1 For definitions, refer to the Glossary section in our 2023 Sustainability Index and Datasheet and Climate Report.
2 Applies to institutional and commercial relationship-managed Agribusiness customers with Total Committed Exposures (TCE) ≥ $1.5 million or
TCE ≥ NZ$1.0 million who are captured by dairy, beef, sheep and mixed farming ANZSIC codes. Refer to our Climate Change Position Statement and
Action Plan for more details on the NZBA Agriculture targets.
3 Reference sectors set out within Annex 1 of the TNFD Sector guidance, Additional guidance for financial institutions Version 2.0 September 2023. Refer
2023 Sustainability Index and Datasheet Glossary for further detail.
4 Represents the TCE for customers in each reference sector, excluding exposures for the committed portion of secondary market trading and underwriting
risk, as a percentage of TCE for the Group.
EXPOSURE TO TNFD REFERENCE SECTORS FOR
FINANCIAL INSTITUTIONS

TNFD REFERENCE SECTORS
3
% OF
GROUP TCE
4
Automobiles0.05
Beverages and food products
(includes agriculture)
3.27
Chemicals0.14
Construction materials0.22
Construction services (includes manufacture
of metal products)
1.87
Containers and packaging0.18
Metals and mining0.36
Oil, gas and consumable fuel0.75
Paper and forest products0.13
Personal care products0.04
Pharmaceuticals0.08
Semiconductors and semiconductor equipment0.06
Sewerage, waste collection, treatment
and disposal
0.13
Textiles, apparel and luxury goods 0.07
Transport and associated services
(including passenger airlines)
1.37
Utilities (including electric utilities, gas utilities,
independent power and renewable electricity
producers, and water utilities)
0.89
Total9.61
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Risk management is the foundation of our bank.
It underpins our strength and resilience, shapes the way
we operate and provides clear parameters for our people
to make decisions and keep customers safe.
Strengthening risk management continues to be a priority.
Through our CORE program, we are strengthening risk
governance, accountability and risk culture. Our focus
in FY24 will be to ensure the changes we have made are
sustainable and effective.
We continuously evolve our risk management approach in
response to emerging risks and changes in our operating
environment. It aligns with our values and behaviours and
supports our purpose of creating better futures together.
How we manage risk
Our Risk Management Framework outlines our approach
to managing risk across the Group, bringing together
systems, structures, policies, processes and people.
Comprising nine elements, our Framework is underpinned
by a strong risk culture and Three Lines of Defence model
with customers at the centre. These elements operate
independently and interactively to provide a complete
risk management approach and to deliver fair customer
outcomes. We regularly review each element to ensure
the Framework is operating effectively.
As part of our risk governance structure, the Board is
responsible for approving our Framework and oversees
its operation by management.
The Framework is embedded through our Risk
Management Strategy, which is supported by risk class
frameworks, policies and risk appetite statements.
It also helps us manage our material risk classes.
RISK
MANAGEMENT
40WESTPAC GROUP 2023 ANNUAL REPORT

RISK MANAGEMENT FRAMEWORK
Governance and
Management Control
Business Strategy
Risk Identification
Risk Appetite
Stress and
Scenarios Analysis
People and
Infrastructure
Control Definition and
Effectiveness
Monitoring and
Reporting
Actions and
Response
Westpac’s business plans
are shaped considering the
risks associated with its
strategic objectives
Identifying
existing and
emerging risks in
our business
from internal and
external
environments
Setting risk
appetite to
provide clarity on
the level of risk
we are prepared
to take
Performing stress tests and
scenario analysis to assess
potential impacts that
changes to
existingand
emerging risks may have
on the Group, including
on our capital
Having appropriate capability, people, data
and systems to support effective risk
management and decision making
Embedding appropriate
Frameworks, policies,
standards and controls to
manage the risks we take
Risks are
assessed
through ongoing
monitoring,
management,
reporting
and assurance
Appropriate
action plans
are
implemented
to improve
our risk
profile
Ensuring that appropriate data,
analysis and recommendations flow to
appropriate people and forums on a
timely basis to support decision making
Customers
Board approved 23 March 2023
Three Lines of Defence
Effective end-to-end risk management with clear
accountabilities results in fair customer outcomes.
Our Three Lines of Defence (3LoD) Model helps our people
to understand their role in actively managing risk.
The key principles that form part of the 3LoD Model are set
out in the diagram on the following page.
The Business, or First Line, is responsible for identifying
and owning the risks in all aspects of their activity.
The Second Line is the Risk Function, which provides
insight, oversight and challenge of first line activities. The
Third Line is Group Audit, which provides independent
assurance.
This year, implementation of the 3LoD was completed
through a range of communication and reinforcement
activities specifically focused on providing clear delineation
of roles, responsibilities and accountabilities between the
Lines, that are now commonly understood across the Bank.
As embedment continues, each Line of Defence is taking
strong ownership of risk outcomes within their roles and
all Lines of Defence are working collaboratively to drive
actions to continuously reinforce the 3LoD Model. Any
perception of ambiguity or a lack of clarity is proactively
resolved and engagement and interactions between
Lines of Defence, businesses and Divisions is consistently
improving.
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WESTPAC THREE LINES OF DEFENCE
The 3LoD work together to deliver effective risk management outcomes.
The 3LoD work together to make sound risk-based decisions through:
—strong and proactive engagement, communication, trust and collaboration 
—management information that is reliable, coherent and transparent.
There must also be alignment of activities across the 3LoD to avoid unnecessary duplication, overlap or gaps.
Third Line
Independent
Assurance
Audit Function
Independent and objective assurance: 
—Group Audit is the Third Line assurance function that provides
the Board and Senior Executive with independent and objective
evaluation of the adequacy and effectiveness of the Group’s
governance, risk management and internal controls.
Second Line
Insight, Oversight and Challenge
Risk Function
Insight, oversight and challenge of First Line activities: 
—An independent function that develops risk management frameworks,
defines guardrails, provides objective review and challenge regarding
the effectiveness of risk management within the First Line business
and executes specific risk management activities where functional
independence and/or specific risk capability is required.
—Its approach is risk-based and proportionate to First Line activities. 
First Line
Own and manage risk
All Divisions and Functions excluding
Risk and Audit Functions
Owns and manages the risks they originate:
—Proactively identifies, evaluates, owns, monitors, manages and
controls the existing and emerging risks in its business. It manages
business activities within approved risk appetite and policies.
—In managing its risk, the First Line establishes and maintains
appropriate governance structures, and controls resources and self-
assessment processes, including issue identification, recording and
escalation procedures.
Risk identification: Major risk categories
We have defined 11 major risks that impact our business. These major risks represent only the most material
risks to the Group and are not exhaustive.
Major risk categories
1
Capital
Adequacy
2
Funding &
Liquidity
Risk
3
Credit
Risk
4
Market
Risk
5
Strategic
Risk
6
Risk
Culture
7
Operational
Risk
8
Compliance
& Conduct
Risk
9
Financial
Crime Risk
10
Cyber
Risk
11
Reputational &
Sustainability
Risk
For each major risk category, the Board establishes a risk appetite, which is articulated in the Board Risk Appetite
Statement (RAS). The RAS lists the Group’s major risks and the measures and tolerances used to monitor these risks.
Most of these measures are monitored by ‘amber’ and ‘red’ tolerances which indicate when risks are close to, or over,
the Board’s approved appetite.
The following provides an explanation of our major risk categories, considerations for risk appetite and examples of areas
of focus which illustrate the operation of the Risk Management Framework.
RISK
MANAGEMENT
WESTPAC GROUP 2023 ANNUAL REPORT 42

MAJOR RISK CATEGORIES
1
Capital
Adequacy
The risk that Westpac
has an inadequate level
or composition of capital
to support its normal
business activities and
to meet its regulatory
capital requirements
under normal operating
environments or stressed
conditions.
Risk Appetite and Mitigation
We seek to maintain a strong balance
sheet including in stressed scenarios.
We evaluate capital management through
our Internal Capital Adequacy Assessment
Process, the key features of which include:
—capital management strategy
—considering economic and regulatory
requirements and stakeholder
perspectives
—stress-testing considerations
—target operating range for key capital
ratios.
Areas of focus include:
—continuous monitoring of capital
forecasts
—consideration of capital headwinds
—actively monitoring economic
outlook and credit risk arising from
serviceability requirements from higher
interest rate and inflationary pressures
—monitoring volatility in Interest Rate
Risk in the Banking Book (IRRBB)
RWA.
Example of a Risk Appetite measure
—Common equity tier 1 (CET 1) ratio
– a measure which shows a bank’s
capacity to absorb losses.
2
Funding and
Liquidity Risk
The risk that the Group
cannot meet its payment
obligations or that it does
not have the appropriate
amount, tenor and
composition of funding
and liquidity to support
our assets.
Risk Appetite and Mitigation
We seek to manage our balance sheet
such that we:
—maintain a diversified, stable and cost-
effective funding base
—can source funding as and when we
need it
—have sufficient securable assets to meet
our funding and repo requirements
—fund new lending growth with stable
funding sources.
Areas of focus include:
—executing the FY24 wholesale funding
plan to support balance sheet growth
and refinance maturing debt, including
the Term Funding Facility
—managing liquidity risk to meet
regulatory requirements and the
Group’s liquidity needs in line with
market conditions.
Examples of a Risk Appetite measure
—Net Stable Funding Ratio (NSFR).
—Liquidity Coverage Ratio (LCR).
3
Credit
Risk
The risk of financial loss
where a customer or
counterparty fails to meet
their financial obligations
to Westpac.
Risk Appetite and Mitigation
We manage credit risk using Program-
managed for high-volume homogeneous
credit risk and Transaction-managed for
individual customer and transactions
approaches. We seek to manage credit
risk by:
—setting boundaries to guide appropriate
credit risk conscious strategic choices,
including with respect to changes in
the operating environment
—a range of policies, processes, systems,
risk-delegated authorities and Board-
approved credit risk limits.
Further information on credit risk
management and provisioning is
contained in Notes 10 and 11 to the
financial statements, and in Westpac’s
Pillar 3 reports.
Areas of focus include:
—responding to heightened credit risk
from the rapid interest rate tightening
cycle, ongoing geopolitical risks,
uncertain economic environment and
continuing inflationary pressures
—climate change and the transition to
net-zero emissions
—assessing the impact of external
events on the adequacy of the overall
expected credit loss provision.
Example of a Risk Appetite measure
—Top 10 exposures to Corporates
and Non-Bank Financial
Institutions as a % of Total
Committed Exposure.
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RISK
MANAGEMENT
4
Market
Risk
The risk of an adverse
impact on the Group’s
financial performance
or financial position
resulting from changes
in market factors, such as
foreign exchange rates,
commodity prices, equity
prices, credit spreads
and interest rates. This
includes interest rate risk
in the banking book.
Risk Appetite and Mitigation
We have appetite for market risk in
approved products within our limit
framework. We manage market risk
through the measurement and monitoring
of Board-approved metrics that capture
the potential risk of adverse movements
in financial markets.
The Board has approved a risk appetite
for traded and non-traded risks via the
measurement of Value at Risk (VaR),
Stressed VaR (sVaR), Net Income at Risk
(NaR) and specific structural risk limits.
The management of market risk
is supported by the Market Risk
Management Framework and associated
policies, processes, systems and
delegated authorities.
Areas of focus include:
—upgrading/replacing market risk
systems and supporting infrastructure
—implementing regulatory change
initiatives related to market risk
prudential standards.
Example of a Risk Appetite measure
—Value at Risk (VaR, $m).
5
Strategic
Risk
The risk that the Group
makes inappropriate
strategic choices, does
not implement its
strategies successfully,
or does not respond
effectively to changes in
the environment.
Risk Appetite and Mitigation
We seek to grow our business through
well-considered strategic initiatives
aligned to the Group’s strategic priorities
and risk appetite.
We seek to manage the impact of threats
from changes in the environment, which
could significantly impact our ability to
implement our strategies.
We continually evaluate our performance
against our plans and in light of changes
in internal and external factors, and we
must respond to such factors in a timely
manner.
Areas of focus include:
—progressing our response to the Court
enforceable undertaking with APRA
and monitoring the sustainability and
effectiveness of practices delivered
through the CORE program
—accelerating our technology
simplification and transformation
agenda
—appropriate funding, resourcing and
delivery of regulatory commitments
—continuing to invest in our digital and
data journey, improving customer
experience.
Example of a Risk Appetite measure
—Actual ROE (tracking against the
Target ROE).
WESTPAC GROUP 2023 ANNUAL REPORT 44

6
Risk
Culture
The risk that our culture
does not promote and
reinforce behavioural
expectations and
structures to identify,
understand, discuss and
act on risks.
Risk Appetite and Mitigation
We promote a risk culture which supports
our purpose, strategy and values and
our ability to manage risk effectively.
We regularly assess our risk culture
and undertake initiatives to continually
improve.
Areas of focus include:
—maintaining and continuing to review
and improve our tools and processes
to support risk culture, as appropriate
—partnering with the business to
support Divisional capability uplift
across key behavioural change
areas, including a particular focus on
decision making, ownership, challenge
and reinforcement, maturing action
planning to drive behavioural change
and evolving the deep dive process
—continuing to align to the broader
organisational culture transformation
and driving Group-wide changes at
all levels.
Example of a Risk Appetite measure
—Internal survey results – % of
respondents who feel safe calling
out risks and/or concerns.
7
Operational
Risk
The risk of loss resulting
from inadequate or failed
internal processes, people
and systems or from
external events.
Risk Appetite and Mitigation
We seek to be resilient to operational
risk and minimise the risk through robust
processes and controls.
We seek to quickly and effectively
remediate material operational issues
and incidents.
Areas of focus include:
—enhancing our Operational Risk
Management Framework and practices
to strengthen risk management
—delivering greater insights and actions
to drive better risk outcomes
—rationalising the control environment,
including greater focus on prevention
and automation
—reducing open issues and incidents to
improve our control environment
—strengthening our operational
resilience, including managing risks
from third parties
—ongoing focus on the management of
data and records management risks.
Example of a Risk Appetite measure
—% of key controls assessed as
‘Unsatisfactory’.
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