Westpac 1H24 Presentation and Investor Discussion Pack

ASX
Release


6 May 2024

Westpac 1H24 Presentation and Investor Discussion Pack

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac 1H24
Presentation and Investor Discussion Pack.









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

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
PRESENTATION & INVESTOR DISCUSSION PACK
FOR THE SIX MONTHS ENDED 31 MARCH 2024
2024 INTERIM
FINANCIAL
RESULTS

2Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
WESTPAC
2024 INTERIM
RESULTS INDEX
2024 Interim Results Presentation3
Investor Discussion Pack of 2024 Interim Results33
Earnings drivers35
Credit quality and provisions45
Non-credit risk management66
Capital, Funding and Liquidity73
Customer franchise 84
Sustainability89
Segment results97
Economics104
Appendix109
Contact us119
Disclaimer120

PETER KING
CHIEF EXECUTIVE OFFICER

1H24
HIGHLIGHTS
DISCIPLINED
PERFORMANCE
ENHANCED
CUSTOMER FOCUS
RETURNING
SURPLUS CAPITAL
STRENGTHENED
RISK MANAGEMENT
COMMENCED
UNITE
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack4

1H24 FINANCIAL PERFORMANCE
1H242H23 Change1H23 Change
Net profit
1
$3,342m5%(16%)
Return on tangible equity
2
10.5%44 bps(228 bps)
Excluding Notable Items
Revenue$10,816m1%(1%)
Expenses($5,395m)3%8%
Pre-provision profit$5,421m-(8%)
Impairment charges to average loans annualised9 bps2 bps(1 bp)
Net Profit$3,506m(1%)(8%)
1 Also referred to as net profit attributable to owners of WBC, net profit after tax or statutory profit. 2 The return on tangible equity calculation is described further in the 2024 Interim Financial
Results Announcement.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
5

ORDINARY DIVIDEND
6
CET1 CAPITAL RATIO (%)
11.3
12.3
12.5
Mar-22Mar-23Mar-24
•1H24 ordinary dividend 75cps
3
fully franked
−1H24 payout ratio of 74%
5
−Payout ratio range 65 – 75%
•Dividend yield 5.7%
6
, fully franked 8.2%
6
•Neutralise DRP for interim and special dividends
DIVIDENDS PER SHARE (CENTS)
61
64
70
72
75
15
1H222H221H232H231H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
SURPLUS CAPITAL RETURNED TO SHAREHOLDERS
1 Subject to market conditions. 2 As at 6-May-24. 3 Cents per share. 4 After buyback and special dividend. 5 Excluding Notable Items. 6 Based on 28-Mar-24 closing price of $26.10
Up 4%
•Increased share buyback program up to $2.5bn
1
−Buyback announced Nov-23: $1.5bn, 59% complete
2
−Buyback extension: $1bn
1
•Special dividend $0.5bn, 15cps
3
fully franked
•Pro forma CET1 capital ratio 12.06%
4
Ordinary dividendSpecial dividend
Target range 11% – 11.5%

7Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
A STRATEGY FOR GROWTH AND RETURN
PILLARS
Customer
care at
the heart
Easy
to do
business with
Expert
solutions
and tools
Advocate
for positive
change
FOUNDATIONS
Strong
balance
sheet
Proactive Risk
Management and
Risk Culture
Data-informed
insights and
decisioning
Passionate
people who
make a difference
MEASURES
Return on tangible equityMarket position
To be our customers’ #1 bank and partner through life
AMBITION
Creating better futures together
OUR PURPOSE

CUSTOMER SERVICE
8Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Refer to page 118 for definition. 2 3
rd
party channel median (50th percentile) time to unconditional approval; 1H24 compared to 2H23. 3 Mar-24 compared to Sep-23. 4 Winner of 9 KangaNews
Awards. 5 Westpac Tax Transparency Report 2023. 6 Includes accounts in hardship for Australian Consumer and Business segments. 7 Includes 23 labelled sustainable finance loans and 10 bond
issuances. Excludes NZ sustainable finance loans.
IMPROVING SERVICEENHANCING SAFETYPROVIDING SUPPORT
NPS
1
in employee
scorecards
Agreed
Scam-Safe Accord
with other Australian banks
5
th
largest taxpayer
in Australia
5

$1.7bn income tax expense
and bank levy in 1H24
Mortgage time to decision
down 4 days
to 6.0 days
2
Launched
Westpac SaferPay
Increased
lending to
$785bn
Business time to decision
down 2 days
to 7.7 days
3
$120m
stopped or recovered in
customer scam losses
in 1H24
~18k
customer hardship
packages
6
#1
Bond House
in Australia
4
32% lower
customer scam
losses compared to 1H23
33
sustainable finance
transactions in 1H24
7

9Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
CONSUMER: IMPROVING SERVICE
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q4 2023. 2 Refer to page 118 for definition. 3 Compared to Sep-23. 4 At 6-May-24. 5 1H24, based on ADI System as
published in the Monthly ADI statistics by APRA.
FOCUS ON CUSTOMER ENGAGEMENT
•#1 Leading mobile banking app
1
•Consumer NPS up 2 points to 4
2,3
•100 co-located branches
4
GROWING QUALITY DEPOSITS
•Household deposit growth, 1.1x system
5
•Enhanced proposition and loyalty rewards
•Consistent positioning in market
SUSTAINABLE GROWTH IN MORTGAGES
•Mortgage growth at 1.0x system
5
•Mortgage NPS equal first
2
•Cashbacks removed by 30-Jun-24
CONSUMER ROTE 9%

TTD (days, OO & IPL)
4
11.69.66.0
MORTGAGES: GROWTH IN LINE WITH SYSTEM
NEW OWNER OCCUPIED LENDING
0.7x
0.9x
1.1x
1 Based on ADI System as published in the Monthly ADI statistics by APRA – owner occupied housing loans to households. 2 Comparison between RBA Statistical Table F6, Lending rates; Housing
credit; New loans funded in the month; Owner-occupied; Variable-rate; Large institutions, and Westpac's submission to the RBA under the same criteria. 3 1H24 is average Oct-23 to Feb-24; FY23 is
average Oct-22 to Sep-23; and FY22 is average Oct-21 to Sep-22. 4 3
rd
party channel median (50th percentile) time to unconditional approval for the reporting period.
FY22FY231H24
•OBP roll-out commenced
•Inconsistent service
•OBP rolled out to brokers
•Improved service
•>95% of loans on OBP
•Consistent service
•Halved TTD
Lending rate
relative to peers
2,3
System growth
1,3
WBC
lower
WBC
higher
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack10

BUSINESS & WEALTH ROTE 20%
BUSINESS: SUSTAINABLE GROWTH
11
BUSINESS LENDING
•Lending up 3% in 1H24
1
•Simplified application process for SME customers
•TTD down 2 days to 7.7 in Mar-24
1
DEPOSITS
•Leading deposit franchise
•Deposits balances maintained in competitive
market
PAYMENTS
•Launched EFTPOS Flex
•New terminal points of presence up 5%
1
•HealthPoint acquisition
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Mar-24 compared to Sep-23.

INSTITUTIONAL: STRONGER CLIENT RELATIONSHIPS
12
CORPORATE & INSTITUTIONAL BANKING
•Loan growth of 10%
1
•Supported 33 sustainable finance transactions
2
•Credit quality resilient
TRANSACTION BANKING
•PayTo launched for institutional and business
customers
•WestpacOne – foundational milestone for new
cash management digitalplatform
FINANCIAL MARKETS
•Leading fixed income franchise – Australian and
NZ Bond House of the Year
3
•#1 in $A and $NZ bond league tables
4
•Westpac Live FX – volumes up 12%
5
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Compared to Mar-23. 2 Includes 23 labelled sustainable finance loans and 10 bond issuances. Excludes NZ sustainable finance loans. 3 Australia and New Zealand Bond House of the Year;
Westpac’s best results in the Kanga News Awards, winning 4 of 7 Australian house awards and 5 out of 7 NZ house awards. 4 Bloomberg – excluded self-led deals as 31 Mar-24. 5 Compared to 2H23.
WIB ROTE 14%

“The depth of change of the
organisation, both structurally and
culturally, means Westpac is now
a simpler, stronger bank.”
Promontory Report, 30-Apr-24
2
2021 – 2023
INTEGRATED PLAN
Strengthening risk governance,
improved accountability
and risk culture
2024
TRANSITION PHASE
Demonstrating
sustainability and
effectiveness of changes
2025+
CONTINUOUS UPLIFT
Evolution of risk
management practices
and risk culture
KEY STAGES
13Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
CORE: INTEGRATED PLAN COMPLETE
1
CORE: 354 ACTIVITIES DELIVERED
2021
20222023
MarJunDecSepMarJunDecSepMarJunDecSep
1 APRA Integrated Plan commitmentsdelivered through Customer Outcomes and Risk Excellence (CORE) program. 2 Independent Review of Westpac Banking Corporation’s Integrated Plan to
Remediate Risk Governance Deficiencies, Twelfth Report.
•Strengthening risk
governance, accountability
and risk culture
•Integrated Plan deemed
complete by Promontory

14Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
These objectives are ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 120.
UNITE – TECHNOLOGY SIMPLIFICATION: BUSINESS LED, TECHNOLOGY ENABLED
FOCUS ON PLANNING IN FY24
PROGRAM OBJECTIVES
FY24FY25FY26FY27FY28
CUMULATIVE INITIATIVES COMPLETION TIMELINE
For further details see the Technology Simplification Update held on 27-Mar-24
available under Events and Presentations at westpac.com.au/investorcentre
BETTER
CUSTOMER EXPERIENCE
1
INCREASED
SHAREHOLDER RETURN
3
IMPROVED
EMPLOYEE EXPERIENCE
2
14 initiatives
have commenced
External assurance
and advice
Governance
model established

MICHAEL ROWLAND
CHIEF FINANCIAL OFFICER

1H24 FINANCIAL PERFORMANCE
16
2H231H24Change
Net profit$3,194m$3,342m5%
Excluding Notable Items:
Revenue$10,671m$10,816m1%
Expenses($5,244m)($5,395m)3%
Impairment charges to average loans annualised7 bps9 bps2 bps
Net profit$3,545m$3,506m(1%)
Cost to income ratio49%50%74 bps
CET1 capital ratio12.4%12.5%17 bps
Return on tangible equity11.2%11.0%(16 bps)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack

NOTABLE ITEMS AND BUSINESSES SOLD
17Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 For further details of Notable Items refer to page 38.
Notable Items
1
($m after tax)2H231H24
Asset sales and revaluations--
Provisions for remediation, litigation, fines and penalties(176)-
Restructuring costs(140)-
Assets write-downs(87)-
Hedging items52(164)
Total Notable Items(351)(164)
Businesses sold ($m)2H231H24
Revenue--
Expenses28-
Pre-provision profit28-
Impairment charges & tax(8)-
Total businesses sold impact, after tax20-

1H24-2H23 NET PROFIT ($M)
1
18
3,823
3,545
139
6
63 -
3,506
(123)
(104)
(20)
1H232H23Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax
& NCI
Impact of
businesses
sold
1H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items. 2 Non-controlling interests.
2
Pre-provision profit up $22m
1% lower
7% lower

NET LOANS ($BN)
19
749.9
773.3
9.6
2.5
0.4
0.1
0.1
784.8
(1.1)
Mar-23Sep-23MortgagesBusinessInstitutionalNew
Zealand
(in A$)
PersonalAuto
(in run off)
Mar-24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
Chart may not add due to rounding.
Up 1%
Up 3%
Up $1.5bn
in NZ$

DEPOSIT GROWTH ($BN)
20
627.6
641.0
13.0
0.1
650.9
(0.8)
(1.9)
(0.5)
Mar-23Sep-23ConsumerBusiness
& Wealth
WIBNew Zealand
(in A$)
OtherMar-24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
Up 2%
Down $1.0bn
in NZ$
Up 2%

NET INTEREST MARGIN (%)
21
1.89
1.83
1.80
0.09
0.11
0.14
(0.02)
(0.05)
(5bps)
1.96
1.94
4bps
0bps
3bps
1.89
(4bps)
(2bps)
(1bps)
1H232H23LoansCustomer
deposits
Wholesale
funding
CapitalLiquid
assets
Treasury
& Markets
Notable
Items
1H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Core NIM and Treasury & Markets comparatives have been revised. 3 Exit refers to Core NIM for the month ended.
Core NIM
1
Treasury & MarketsNotable Items
Core NIM 3bps lower
Sep-23 Exit Core NIM 1.80%
2,3
Mar-24 Exit Core NIM 1.80%
3
2
2

NON-INTEREST INCOME
22
NON-INTEREST INCOME BY TYPE ($M)
1
827
818
842
232
225
218
409
341
365
61
75
40
140
1,669
1,459
1,465
1H232H231H24
TRADING INCOME ($M)
1
352
329
368
57
12
(3)
409
341
365
1H232H231H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items. 2 Derivative valuation adjustment.
DVA
2
Trading (ex DVA)
Other
FeesWealthTrading
Businesses sold

1H24 EXPENSES ($M)
1
23
4,988
5,244
365
28 5,395
(233)
(9)
1H232H23Ongoing
expenses
Cost reset
benefits
InvestmentsImpact of
businesses sold
1H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items.
3% increase, up 2% ex businesses sold
5% increase
Cost Reset benefits including:
•Operating model simplified
•Reduced property footprint
•Average salary and
wages growth
•Higher technology costs
•Software amort
$71m higher
•Offset by lower spend

Risk & regulatoryGrowth & productivity
24
Investment spend lower due to completion of large
programs in 2023
Growth and productivity investment
•Digital enhancements
•Development of the corporate cash
management platform
•Commencement of UNITE
Risk & regulatory
•Expansion of scam protection
•Data environment simplification
INVESTMENT SPEND ($M)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
INVESTMENT SPEND
1 Includes capitalised software, fixed assets and prepayments.
536
492
332
244
868
736
1H231H24
Investment spend1H232H231H24
Expensed33%50%56%
Capitalised
1
67%50%44%
Amortisation expense ($m)250371442
Avg amortisation period (years)4.53.53.2
Capitalisation of investment mainly reflects spend
on strategic platforms and infrastructure

25
0.20
0.12
0.11
0.12
0.41
0.32
0.39
0.46
0.09
0.23
0.22
0.24
0.62
0.43
0.54
0.54
1.32
1.10
1.26
1.36
Mar-20Mar-23Sep-23Mar-24
AUSTRALIAN MORTGAGE DELINQUENCIES (%)
1.06
1.81
0.77
0.00
1.00
2.00
3.00
4.00
Mar-20Mar-21Mar-22Mar-23Mar-24
AUSTRALIAN UNSECURED DELINQUENCIES (%)
2.86
1.45
0.00
1.50
3.00
4.50
6.00
Mar-20Mar-21Mar-22Mar-23Mar-24
STRESSED EXPOSURES AS A % OF TCE
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
CREDIT QUALITY
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
30+ day delinquencies90+ day delinquencies
90+ ex 6 months serviceability hold-out period
30+ day delinquencies90+ day delinquencies

CAP to credit RWA of 1.38%, up 3bps
Mortgage overlays reduced
CAP higher
•Increased mortgage and consumer finance
delinquencies
•Less favourable outlook for commercial property
prices and interest rates
IAP increase included a large single name in the
wholesale trade sector
26Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
IMPAIRMENT PROVISIONS $1.4BN ABOVE BASE CASE ($M)
Forecasts for
base case ECL
Base caseDownside
20242025
Trough/
peak
3
GDP growth1.6%2.5%(6%)
Unemployment4.5%4.6%11%
Residential property prices6.0%4.0%(27%)
Commercial property prices(8.0%)1.4%(32%)
382
351
461
1,011
1,061
1,231
1,980
2,405
2,478
830
692
705
720
432
260
4,923
4,941
5,135
Mar-23Sep-23Mar-24
Overlays
Stage 3 IAP
Stage 3 CAP
Stage 1 CAP
Stage 2 CAP

CREDIT IMPAIRMENT CHARGE COMPOSITION ($M)
27Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
76
121
213
(214)
(104)
(120)
218
222
211
310
19
58
390
258
362
1H232H231H241H232H231H241H232H231H241H232H231H241H232H231H24
TotalIndividually Assessed Provisions (IAP)Collectively Assessed Provisions (CAP)
New IAP
Write-backs
& recoveries
Write-offs
direct
Other movement
in CAP
$88m from
3 exposures

CAPITAL ABOVE TOP END OF TARGET OPERATING RANGE
28Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1 Capital deduction and other movements including FX translation impacts. 2 Includes on market share buyback extension of up to $1.0bn and remaining on market share buyback announced
inNov-23.
1
IRRBB: 18bps
Data refinement: 11bps
Credit quality: (8bps)
Lending: (6bps)
Share buyback: $1.7bn, (38bps)
2

Special dividend: $0.5bn, (11bps)
(CET1 Capital ratio %)
12.28
12.38
75bps
17bps
1bps12.55
12.06
(57bps)
(19bps)
(49bps)
Mar-23Sep-23Net profitDividendRWAShare
buyback
OtherMar-24Capital
return
Mar-24
Pro forma

2H24 CONSIDERATIONS
29Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
The information on this page contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks,
uncertainties and assumptions which are, in many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developments and their potential effect on Westpac.
Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not
place undue reliance on forward-looking statements and statements of expectation. Except as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this
presentation. The information in this page is subject to the information in Westpac’s ASX filings, including in its 2024 Interim Report and elsewhere in this presentation.
1 Exit refers to Core NIM for the month of Mar-24.
CREDIT QUALITY & BALANCE SHEET
•Credit quality sound, expect some
deterioration
•Retain strong balance sheet settings
EXPENSES
•Increased investment in UNITE from 2H24
•Lower software capitalisation rate
•Inflation impacts moderating
•Cost reset to continue
REVENUE
•System credit growth steady
•1H24 Core NIM 1.80%, Exit 1.80%
1
•Mortgage competition continuing, but
moderating
•Deposits mix impact stabilising,
competition risks remain
•Higher earnings on capital and hedged
deposits

PETER KING
CHIEF EXECUTIVE OFFICER

31
AUSTRALIAN ECONOMICS
1
H2 20232024F2025F
GDP
2
1.01.62.5
CPI
2
3.63.02.7
Unemployment rate
3
3.94.54.6
SOFT LANDING WITH ACTIVITY
EXPECTED TO RECOVER
•Real household incomes rising
•Tax relief from mid 2024
•Modest rise in unemployment
expected
CONSUMER SPEND 12 MONTHS TO MAR-24 (%)
4
UNEVEN IMPACTS FROM SLOWDOWN
•Disproportionate affects
depending on:
−Age
−Income
−Wealth
•Targeted budget relief
appropriate
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN ECONOMY: OUTLOOK IMPROVING
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 120.
1 Source: Westpac Economics. 2 H2 2023: Jul-23 to Dec-23 change annualised; 2024F and 2025F: Forecast annual change. 3 End of period. 4 Source: Westpac DataX, Westpac Card Activity.
12month rolling average, percentage change.
31
-8
-4
0
4
20-2455-60LowestHighest
By ageBy deposit quartile
EssentialDiscretionary

1H24
HIGHLIGHTS
DISCIPLINED
PERFORMANCE
ENHANCED
CUSTOMER FOCUS
RETURNING
SURPLUS CAPITAL
STRENGTHENED
RISK MANAGEMENT
COMMENCED
UNITE
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack32

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
INVESTOR
PRESENTATION AND
DISCUSSION PACK
© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714
FOR THE 6 MONTHS ENDED 31 MARCH 2024
HALF YEAR FINANCIAL RESULTS

CREATING BETTER FUTURES IN 1H24 – SUPPORTING OUR CUSTOMERS,
SHAREHOLDERS, EMPLOYEES, COMMUNITY AND ENVIRONMENT
34Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
OVERVIEW
1 Includes on market share buyback extension of up to $1.0bn and the $1.5bn on market share buyback announced in Nov-23. 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 31 Mar-24. 5 Scholarships awarded by Westpac Scholars Trust, a private
charitable trust. Neither the Trust nor the Trustee are part of Westpac Group. Westpac provides administrative support, skilled volunteering and funding for the operational costs of Westpac Scholars Trust. 6 Estimated from
Mar-24. 7 Refer to the FY23 Sustainability Index and Datasheet for more information on the definitions of these sectors and additional metrics.
SHAREHOLDERSCUSTOMERSOUR PEOPLECOMMUNITYENVIRONMENT
$3,342m
Net Profit, up 5%
on 2H23
13 million
Customers across the
Group
75
Organisational Health
Index, above global
median
$1.7bn
Income tax expense,
including the bank
levy in 1H24
83%
Reduction in scope
1 and 2 emissions from
our 2021 baseline
6
$5.6bn
$3.1bn dividends and
returning $2.5bn capital
via on-market share
buyback
1
#1
Mobile Banking App
2
49%
Women in senior
leadership
3
50-year
Westpac Lifesaver
Rescue Helicopter
Service partnership
12.5%
Common equity tier 1
capital ratio, comfortably
above top of operating
target range
$12bn
in new loans
35,348
Employees
4
$120m
Stopped or recovered in
customer scam losses
in 1H24
100%
Sourcing equivalent of
100% of Australian direct
electricity demand from
renewable energy
7
10.5%
Return on tangible
equity, up 44 bps
$10bn
in new customer
deposits
$2.9bn
Paid to our people
100
New scholarships
awarded in 1H24,
830+ active scholars
5
$2.5bn
Contributed in lending
to 23 labelled sustainable
finance loans
7
Net-Zero
Banking Alliance
emission Agriculture
2030 targets set
7

EARNINGS DRIVERS

3,342
3,194
351
3,525
139
6
633,506
(20)
(123)
(104)
(164)
2H23Notable
Items
Businesses
sold
2H23 ex
Notable
Items and
businesses
sold
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H24 ex
Notable
Items
Notable
Items
1H24
1H24 NET PROFIT
EARNINGS
Up 5%
Down 1% ex Notable Items and businesses sold
AIEA up 2% due to loan growth.
Core NIM down 3bps, Treasury
& Markets NIM up 3bps
Higher software amortisation
and technology expenses,
average FTE down 5%
Higher charge due
a small number
of new IAPs
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack36
NET PROFIT 2H23 – 1H24 ($M)
Hedging
items only
Provisions for
remediation,
restructuring costs,
asset write-downs
and hedging items

(178)
4,001
3,712
149
28
703,506
(111)
(64)
(389)
(164)
3,342
1H23Notable
Items
Businesses
sold
1H23 ex
Notable
Items and
businesses
sold
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
1H24 ex
Notable
Items
Notable
Items
1H24
1H24 NET PROFIT
EARNINGS
Down 16%
Down 6% ex Notable Items and businesses sold
AIEA up 3% due to loan growth.
Core NIM down 9bps,
Treasury & Markets NIM up 5bps
Lower trading income, partly
offset by higher fee income
Inflation, wage growth,
technology expenses and higher
software amortisation,
average FTE down 7%
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack37
NET PROFIT 1H23 – 1H24 ($M)
Lower CAP charge
partly offset by a small
number of new IAPs
Hedging
items only
Asset sales and
hedging items
.
.

38
Westpac uses net profit after tax to assess financial performance at both a Group and segment level
Notable Items are shown separately to clarify underlying operating performance and allocated to the following categories:
•Large items that are not reflective of the Group’s ordinary operations which may include:
−Provisions for remediation, litigation, fines and penalties
−The impact of asset sales and revaluations
−The write-down of assets (including goodwill and capitalised software)
−Restructuring costs
•Hedging items
1,2
:
−Unrealised fair value gains and losses on economic hedges that do not qualify for hedge accounting
−Net ineffectiveness on qualifying hedges
Notable Items
($m after tax)1H232H231H24
Asset sales and revaluations256--
Provisions for remediation, litigation, fines
and penalties
-(176)-
Restructuring costs-(140)-
Asset write-downs-(87)-
Hedging items(78)52(164)
Total Notable Items178(351)(164)
HEDGING ITEMS ($M)
(120)
105
243
(544)
(94)
200
185
233
(78)
52
(164)
1H192H191H202H201H212H211H222H221H232H231H24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
SINGLE MEASURE OF PERFORMANCE – NET PROFIT AFTER TAX
EARNINGS
1 Peers disclose these items as ‘cash earnings adjustments’. 2 Items unwind to zero over time.

COMPOSITION OF GROSS LOANS (% OF TOTAL)
63
12
11
1
8
4
<1
Australian mortgages
Australian business
Institutional
Australian personal
New Zealand mortgages
New Zealand business/other
Other overseas
BUSINESS AND INSTITUTIONAL LENDING ($BN)
207
218
3
0
220
(1)
(1)
Mar-23Sep-23Australian
business
New
Zealand
business
WIBPortfolio
in
run-off
Mar-24
MORTGAGES AND PERSONAL LENDING ($BN)
547
559
10
1569
(0)
Mar-23Sep-23Australian
mortgages
New
Zealand
mortgages
PersonalMar-24
AUSTRALIAN MORTGAGES ($BN)
473
486
30
7
495
(18)
(10)
Mar-23Sep-23New loans
ex
refinance
Net
refinance
Property
sales and
others
PaydownsMar-24
COMPOSITION AND MOVEMENT IN LENDING
REVENUE
1 A$. Increase in local currency was NZ$1.6 billion. 2 A$. Decrease in local currency was NZ$0.2 billion.
$789bn
Up 6%
Up 1%
2
Charts may not add due to rounding
Up 5%
Up 2%
Up 4%
Up 2%
1
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack39

294
308
321
143
141
141
114
116
115
75
74
72
3
2
1
628
641
651
Mar-23Sep-23Mar-24
ConsumerBusiness & WealthWIBNew ZealandOther
COMPOSITION OF CUSTOMER DEPOSITS (% OF TOTAL)
58
24
18
Households
Businesses
Institutional
CUSTOMER DEPOSITS BY TYPE (%)
29%
29%29%
34%
33%
34%
18%
18%
17%
9%
9%9%
11%
11%11%
Mar-23Sep-23Mar-24
Term depositsSavingsTransactionMortgage offsetNIB deposits
CUSTOMER DEPOSITS BY SEGMENT ($BN)CUSTOMER DEPOSIT MOVEMENTS ($BN)
628
641
2
7
3
651
(0)
(3)
Mar-23Sep-23Term
deposits
SavingsTran-
saction
Mortgage
offset
NIB
deposits
Mar-24
COMPOSITION AND MOVEMENT IN DEPOSITS
REVENUE
1 Australian offset deposit balances only. 2 Non-interest bearing (NIB). 3 Comparatives have been restated to reflect a reclassification of some transaction and savings deposits into non-interest
bearing deposits. 4 A$. Decrease in local currency was NZ $1.0 billion.
$651bn
Charts may not add due to rounding.
1
2
4
Up 4%
Up 2%
2
651641628
1
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack40
33

NET INTEREST MARGIN (%)
1.83
1.80
0.11
0.14
(0.05)
1.94
4bps
0bps
3bps
1.89
(4bps)
(2bps)
(1bps)
(5bps)
2H23LoansCustomer
deposits
Wholesale
funding
CapitalLiquid
assets
Treasury
& Markets
Notable
Items
1H24
Core NIMTreasury & MarketsNotable Items
AUSTRALIAN DEPOSIT BALANCES
4
BY
INTEREST RATE BANDS ($BN)
82
111
219
78
73
92
172
162
70
85
150
204
Mar-23Sep-23Mar-24
TRACTOR RATE
NET INTEREST MARGIN
REVENUE
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Core NIM and Treasury & Markets comparatives have been revised. 3 Exit refers to Core NIM for the month ended.
4 Excludes mortgage offset balances. Prior period numbers have been updated.
Composition of NIM (%)

1H232H231H24
Core NIM
2
1.891.831.80
Treasury & Markets
2
0.090.110.14
Core NIM, Treasury &
Markets
1.981.941.94
Notable Items: Hedging(0.02)0.00(0.05)
NIM1.961.941.89
Capital $55bn: 3yr hedge
Deposits $62bn: 4yr hedge
1
3.79%
2.65%
0%
1%
2%
3%
4%
5%
Mar-20Mar-21Mar-22Mar-23Mar-24
3 year swap rate (spot)
Blended tractor rate
≤25bps
26≤200bps
201≤400bps401bps+
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack41
Sep-23 Exit Core NIM 1.80%
2,3
Mar-24 Exit Core NIM 1.80%
3
2

827
818
842
409
341
365
232
225
218
61
75
40
140
1,669
1,459
1,465
1H232H231H24
FeesTradingWealth managementOtherBusinesses sold
NET FEE INCOME BY SEGMENT ($M)
827
818
14
39
842
(3)
(13)
(13)
1H232H23ConsumerBusiness
& Wealth
WIBNew
Zealand
Other1H24
TRADING AND OTHER ($M)
2
470
416
39
405
(15)
(35)
1H232H23TradingDVAOther1H24
NON-INTEREST INCOME BY TYPE ($M)
NON-INTEREST INCOME
1
REVENUE
1 Excluding Notable Items. 2 Excluding businesses sold.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
42
1,529

5,704
5,272
5,395
28
365
(9)
(460)
(233)
2H23Notable
Items
Impact of
businesses sold
2H23 ex
Notable Items
Ongoing
expenses
Cost Reset
benefits
Investments1H24
EXPENSES
EXPENSES 2H23 – 1H24 ($M)
EXPENSES
Up 2% ex Notable Items and businesses sold
Cost reset benefits including:
•Lower FTE from simpler operating model
•Reduced property footprint
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack43
Down 5%
Average salary and wages growth
and higher technology costs
Software amort up $71m
offset by lower spend

IMPAIRMENT CHARGES ($M)
76
121
213
(214)
(104)
(120)
218
222
211
310
19
58
390
258
362
1H232H231H241H232H231H241H232H231H241H232H231H241H232H231H24
44
IMPAIRMENT CHARGES AND STRESSED EXPOSURES (BPS)
9
136
-50
50
150
250
350
-20
0
20
40
60
80
100
2009201020112012201320142015201620172018201920202021202220231H24
Impairment charge to average loans annualised (lhs)Stressed exposures to TCE (rhs)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
1H24 IMPAIRMENT CHARGE OF $362M
IMPAIRMENT CHARGES
New
IAPs
Write-backs
& recoveries
Write-offs
direct
Other movements
in CAP
Individually assessedCollectively assessed
Total
$88m from
3 exposures

CREDIT QUALITY
AND PROVISIONS

5,135
3,751
7,061
Reported
probability-weighted
ECL
100%
base case ECL
100%
downside ECL
Increased
mortgage and
consumer finance
90+ day
delinquencies
Forecasts for
base case ECL
2
Base caseDownside
20242025
Trough /
peak
3
GDP growth1.6%2.5%(6%)
Unemployment4.5%4.6%11%
Residential property prices6.0%4.0%(27%)
Commercial property prices(8.0%)1.4%(32%)
832
452
382
351
461
1,131
947
1,011
1,061
1,231
1,606
1,691
1,980
2,405
2,478
791
845
830
692
705
647
700
720
432
260
5,007
4,635
4,923
4,941
5,135
Sep-21Sep-22Mar-23Sep-23Mar-24
Overlay Stage 1 CAP Stage 2 CAP
Stage 3 CAP Stage 3 IAP
EXPECTED CREDIT LOSS (ECL) ($M)
TOTAL PROVISIONS FOR EXPECTED CREDIT LOSSES
1
($M)
PROVISIONS FOR EXPECTED CREDIT LOSS
CREDIT QUALITY
1 Includes provisions for debt securities. 2 Forecast date is 22 February 2024. 3 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting
downside severity. Residential and commercial forecasts represent cumulative reduction over a two-year period.
Reduction for
risks reflected in
modelled
provisions
Increase driven
by 3 exposures
•Increase due to
less favourable
outlook for
commercial
property prices
and interest
rates
•Partial offset
from 2.5%
decrease in the
downside
scenario
weight
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack46
$1.4bn in provisions
above the base case ECL

KEY RATIOS
Mar-23Sep-23Mar-24
Provisions to gross loans (bps)656365
Impaired asset provisions
to impaired assets (%)
434347
Collectively assessed provisions
to credit RWA (bps)
133135138
PROVISIONING TO TCE (%)
EXPOSURES AS A % OF TCE
PROVISION COVER
CREDIT QUALITY
Chart does not add due to rounding.
0.67
0.72
0.82
13.16
15.75
16.33
86.17
83.53
82.85
Mar-23Sep-23Mar-24
Stage 3Stage 2Stage 1
Stage 3 – reflects
increased 90+ day
mortgage
delinquencies
Stage 1 and Stage 2 –
net shift mostly from
Institutional exposures
in response to less
favourable outlook for
commercial property
prices and interest rates
Mar-23Sep-23Mar-24
Stage 10.090.070.07
Stage 2
Non-stressed1.331.211.09
Stressed10.938.748.84
Stage 3 (non-performing)
Not impaired11.0611.4811.44
Impaired42.8143.4846.60
Total0.400.410.41
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack47

48
TOTAL COMMITTED EXPOSURE (TCE) BY RISK GRADE AT 31 MARCH 2024 ($M)
Standard and Poor’s risk grade
1
AustraliaNZ / PacificOther overseasGroup% of total
AAA to AA-
207,39724,37921,051252,827
20%
A+ to A-
42,4175,76010,62558,802
5%
BBB+ to BBB-
76,92210,6948,84796,463
8%
BB+ to BB
82,29313,89390297,088
8%
BB- to B+
51,9668,752360,721
5%
<B+
7,6272,554410,185
1%
Mortgages
559,71973,332- 633,051
51%
Other consumer products
26,9393,576- 30,515
2%
TCE
1,055,280142,94041,4321,239,652
TCE at 30 September 2023
1,040,292143,75133,5411,217,584
Exposure by region
2
(%)
85%12%3%100%
TOP 10 INSTITUTIONAL EXPOSURES TO CORPORATIONS
AND NBFIS
3
(% OF TCE)
1.2
1.1
1.1
1.2
Sep-21Sep-22Sep-23Mar-24
TOP 10 EXPOSURES TO CORPORATIONS & NBFIS
AT 31 MARCH 2024 ($M)
4
06001,2001,8002,400
BBB+
A
BBB
A-
A
A-
A-
A-
A-
AA-
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
PORTFOLIO COMPOSITION
CREDIT QUALITY
1 Risk grade equivalent. 2 Region is based on booking office. 3 NBFI is non-bank financial institutions. 4 Institutional counterparties; S&P rating or equivalent.
Clearing house
membership

0.19
0.13
0.12
0.11
0.12
0.47
0.32
0.32
0.39
0.46
0.21
0.19
0.23
0.22
0.24
0.49
0.43
0.43
0.54
0.54
1.36
1.07
1.10
1.26
1.36
Sep-21Sep-22Mar-23Sep-23Mar-24
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
MOVEMENT IN STRESS CATEGORIES (BPS)
126
1
7
2
2
136
(2)
Sep-23ImpairedNon-
performing,
90+ days
Non-
performing,
<90 days
Sub-
standard
WatchlistMar-24
NEW AND INCREASED GROSS IMPAIRED ASSETS ($M)
519
897
222
222
174
550
864
614
208
193
284
FY19FY20FY21FY22FY231H24
1H2H1H24
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY METRICS
CREDIT QUALITY
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
49
Includes 1 exposure
greater than $50m

CORPORATE AND BUSINESS STRESSED EXPOSURES BY INDUSTRY SECTOR (%)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
PropertyWholesale
&
retail trade
ManufacturingServicesAgriculture,
forestry &
fishing
Property &
business
services
UtilitiesTransport
&
storage
ConstructionAccommodation
cafes &
restaurants
Mining
Mar-23Sep-23Mar-24
EXPOSURE AND CREDIT QUALITY BY SECTOR
Sector
Finance &
Insurance
1
Property
2
Wholesale &
retail tradeManufacturingServices
3
Agriculture,
forestry &
fishing
Property &
business
servicesUtilities
Transport &
storageConstruction
4
Accomm,
cafes &
restaurantsMining
TCE ($bn)
Mar-24195.482.231.125.424.624.324.020.620.513.111.57.6
Sep-23
7
202.180.731.024.726.424.123.018.918.312.910.88.1
Stressed (%)
5,6
Mar-240.12.65.23.13.05.22.80.51.15.73.75.2
Sep-23
7
0.12.63.33.14.14.62.90.11.16.93.75.2
Impaired (%)
6
Mar-240.00.10.70.60.40.30.50.00.10.60.30.1
Sep-23
7
0.00.10.40.40.40.20.50.00.10.60.40.2
CREDIT QUALITY ACROSS SECTORS
CREDIT QUALITY
1 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. Includes assets held for liquidity portfolio. 2 Property includes both
residential and non-residential property investors and developers and excludes real estate agents. 3 Services includes education, health & community services, cultural & recreational and personal & other services.
4 Construction includes building and non-building construction, and industries serving the construction sector. 5 Includes impaired exposures. 6 Percentage of portfolio TCE. 7 Prior periods have been restated.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack50
Downgrade of
a single name
Downgrades across a small
number of customers

Mar-23
5
Sep-23
5
Mar-24
TCE ($bn)79.880.782.2
% of Group TCE6.546.636.63
Lending ($bn)61.963.465.2
Median risk grade
(S&P equivalent)
BB-BB-BB-
% of portfolio
graded as stressed
3,4
2.362.622.57
% of portfolio
impaired
4
0.080.080.07
COMMERCIAL PROPERTY PORTFOLIO COMPOSITION (TCE) (%)
30
8
48
14
Investors &
developers <$10m
Developers >$10m
Investors >$10m
Diversified property
groups and property
trusts
18
13
7
6
3
12
41
NSW & ACT
VIC
QLD
SA, NT & TAS
WA
NZ & Pacific
Institutional
•Single credit policy, supported by
industry sector concentration limits
•Maintained credit standards, with
close oversight of portfolio
•Managed by specialist relationship
teams, dedicated credit officers and
subject matter experts
•Limited risk appetite for lower grade
office buildings
•Weighted average LVR for the
Australian secured portfolio <50%
•Credit policy maximum LVR at
origination 65%
1
•81% fully secured
2
COMMERCIAL PROPERTY EXPOSURES
(% OF TCE)
6.2
6.4
6.5
6.66.6
Sep-21Sep-22Mar-23Sep-23Mar-24
COMMERCIAL PROPERTY PORTFOLIO
COMPOSITION (TCE) (%)
21
26
17
16
15
5
Office
Retail
Residential
Industrial
Corporate
Other
SECTORS IN FOCUS: COMMERCIAL PROPERTY
CREDIT QUALITY
1 Policy exception can be made under limited circumstances. 2 Fully secured is where the exposure is less than 100% of the bank extended value of the security, which is a discount of the market
value of the security. 3 Includes impaired exposures. 4 Percentage of commercial property portfolio TCE. 5 Prior periods have been restated. 6 Region is based on booking office.
Sub-sector
Borrower type
Region
6
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack51

CONSTRUCTION
Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)12.212.913.1
% of Group TCE1.001.061.05
Lending ($bn)7.57.67.6
% of portfolio
graded as stressed
1,2
6.146.855.75
% of portfolio
impaired
2
0.810.610.62
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
59
17
24
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR (TCE) (%)
21
17
8
5
5
28
16
Building
construction
Installation services
Site prep services
Structure services
Completion services
Other services
Non-building
construction
COMMERCIAL PROPERTY – OFFICE
Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)17.817.717.0
% of Group TCE1.461.451.37
Lending ($bn)15.014.914.9
Median risk grade
(S&P equivalent)
BB-BB-BB-
% of portfolio
graded as stressed
1,2
2.412.352.38
% of portfolio
impaired
2
0.120.100.14
•Office exposure has reduced to 1.4%
of Group TCE in Mar-24 from 2.1% in
Sep-20
•Weighted towards premium, A & B
grade office assets in major CBD
locations
•Specialist property relationship teams
manage all office exposures >TCE
$10m
•Tightened risk appetite settings for
lower grade office assets since start of
COVID-19
S&P EQUIVALENT RISK GRADE
4
28
42
24
2
A+ to A-
BBB+ to BBB-
BB+ to BB
BB- to B+
<B+
SECTORS IN FOCUS: COMMERCIAL PROPERTY – OFFICE
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Prior periods have been restated.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
52

Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)10.310.811.5
% of Group TCE0.840.890.93
Lending ($bn)8.99.29.8
% of portfolio
graded as stressed
1,2
4.733.703.75
% of portfolio
impaired
2
0.600.370.34
53
RETAIL TRADE
Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)12.412.812.0
% of Group TCE1.021.050.97
Lending ($bn)7.88.47.6
% of portfolio
graded as stressed
1,2
3.873.654.71
% of portfolio
impaired
2
0.820.591.22
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
46
22
32
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
52
21
27
Personal and
household
goods retailing
Motor vehicle
retailing and
services
Food retailing
ACCOMMODATION, CAFES AND
RESTAURANTS
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
82
14
4
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
38
38
20
4
Accommodation
Pubs, taverns
and bars
Cafes and
restaurants
Clubs
(hospitality)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
SECTORS IN FOCUS: ACCOMMODATION, CAFES AND RESTAURANTS; RETAIL TRADE
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Prior periods have been restated.

AGRICULTURE
Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)24.124.124.3
% of Group TCE1.971.981.96
Lending ($bn)20.420.720.7
% of portfolio graded as stressed
1,2
4.104.625.18
% of portfolio in impaired
2
0.250.180.26
MINING (INCL. OIL AND GAS)
Mar-23
3
Sep-23
3
Mar-24
TCE ($bn)8.98.17.6
% of Group TCE0.730.660.61
Lending ($bn)2.92.72.7
% of portfolio graded as stressed
1,2
2.435.205.18
% of portfolio in impaired
2
0.110.160.12
AGRICULTURE PORTFOLIO BY SUB-SECTOR (TCE) (%)
28
24
21
10
4
3
3
3
1
1
2
Dairy
Beef & sheep
Grain
Horticulture
Services to agriculture
Cotton
Viticulture
Forestry & logging
Fishing & aquaculture
Poultry
Other
MINING PORTFOLIO BY SUB-SECTOR (TCE) (%)
26
28
17
17
1
11
Oil and gas
Metal ore
Iron ore
Mining services
Coal
Other
SECTORS IN FOCUS: AGRICULTURE; MINING
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Prior periods have been restated.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
54

AUSTRALIAN CONSUMER
FINANCE PORTFOLIO
1
AUSTRALIAN CONSUMER FINANCE
90+ DELINQUENCIES (%)
0.73
2.46
3.60
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24
Credit cardsPersonal loansAuto finance
AUSTRALIAN CONSUMER
FINANCE PORTFOLIO ($BN)
1
6.5
2.3
2.2
11.0
6.5
2.2
1.6
10.3
6.5
2.2
1.2
9.9
Credit cardsPersonal loansAuto finance
(consumer)
Total consumer
finance
Mar-23Sep-23Mar-24
CREDIT CARD ACCOUNTS PAYING
MINIMUM REPAYMENT (%)
2
4.81
4.65
4.20
4.22
3.97
4.08
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24
AUSTRALIAN CONSUMER FINANCE
CREDIT QUALITY
1 Excludes margin lending. 2 Minimum repayment over at least six consecutive months. Minimum repayment defined as <=5% of each months statement cycle balance.
2
In run-off
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack55
Mar-23Sep-23Mar-24
Lending ($bn)
11.010.39.9
As a % of Group loans
1.51.31.3
30+ day delinquencies

(%)
2.982.482.86
90+ day delinquencies

(%)
1.581.321.45

Australian mortgage portfolio
Mar-23
balance
Sep-23
balance
Mar-24
balance
1H24
flow
1
Total portfolio ($bn)
472.7485.6495.251.0
Owner occupied (OO) (%)
66.467.167.867.8
Investment property loans (IPL) (%)
32.231.631.032.1
Portfolio loan/line of credit (LOC) (%)
1.41.31.20.0
Variable rate / Fixed rate (%)
67/3376/2485/1599/1
Interest only (I/O) (%)
13.312.812.315.8
Proprietary channel (%)
51.550.849.738.6
First home buyer
2
(%)
10.810.811.313.7
Mortgage insured (%)
14.213.112.66.5
Mar-23Sep-23Mar-24
1H24
flow
1
Average loan size
3
($’000)
292301309
495
Customers ahead on repayments
including offset account balances

(%)
By accounts
4
797980
By balances
4
737577
OWNER OCCUPIED / INVESTMENT PROPERTY LOANS AS A
% OF THE AUSTRALIAN MORTGAGE PORTFOLIO
49
55
56
57
58
60
64
66
67
68
45
39
40
39
39
37
34
33
33
32
Sep-15Sep-16Sep-17Sep-18Sep-19Sep-20Sep-21Sep-22Sep-23Mar-24
OOIPL
PORTFOLIO BY INTEREST RATE TYPE (% BY BALANCES)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
MORTGAGE CREDIT QUALITY
1 Flow is new mortgages settled in the 6 months ended 31 March 2024. 2 First Home Buyer % restated due to data reclassification. 3 Includes amortisation. Calculated at account level, where split
loans represent more than one account. 4 Customers ahead on repayments have been restated to reflect changes in determining account limits when calculating prepayment amounts. 5 IPL
includes Line of Credit.
5
72
62
63
76
85
99
28
38
37
24
15
1
Sep-20Sep-21Sep-22Sep-23Mar-241H24 Flow
VariableFixed
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack56

BY PRODUCT AND REPAYMENT TYPE (%)
2
10
22
3
64
1
10
21
2
65
1
10
21
2
65
0
12
21
3
64
LOCIPL-I/OIPL-P&IOO-I/OOO-P&I
Mar-23 (Portfolio)Sep-23 (Portfolio)
Mar-24 (Portfolio)1H24 Flows
DEBT-TO-INCOME >=6X AT ORIGINATION (%)
17.5
21.1
27.3
28.9
22.7
10.6
7.1
6.5
17.6
18.1
20.6
24.4
21.9
11.3
7.7
8.1
Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Dec-23
Major banks ex WestpacWestpac
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
MORTGAGE CREDIT QUALITY
Source: APRA, Westpac.
Charts may not add to 100 due to rounding
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
57
BY INSURANCE PROFILE
1
(%)
13
6
81
Insurance not required
(Low risk profile
including loans <80%
LVR)
Not insured >80% LVR
(Policy for certain
professionals and
Westpac staff)
Insured
2
(>80% LVR)
BY YEAR OF ORIGINATION (% OF TOTAL BOOK)
12
4
4
4
4
4
6
15
18
23
5
Pre-
2015
20162018202020222024
Calendar year
1 In 2H21 Westpac Lender’s Mortgage Insurance Limited was sold to Arch Capital Group. Westpac has entered into a 10-year exclusive supply agreement for Arch to provide lenders mortgage
insurance to the Group. 2 Includes loans where LMI applies to >70% LVR loans, for example, single industry towns.

25
20
36
12
7
0
22
17
42
12
6
1
64
15
12
6
1
0.5
0.6
0
10
20
30
40
50
60
70
80
90
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
1H24 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR
LOAN-TO-VALUE RATIOS (%)
SERVICEABILITY ASSESSMENT CREATES A BUFFER
FOR BORROWERS
APPLICANT GROSS INCOME BAND
(1H24 DRAWDOWNS, % BY APPROVED LIMITS)
AUSTRALIAN MORTGAGE PORTFOLIO LOAN-TO-VALUE RATIOS (LVRS)
MORTGAGE CREDIT QUALITY
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source
CoreLogic. 2 Weighted average LVR calculation considers size of outstanding balances. 3 Average LVR of new loans is on rolling 6 months.
Charts may not add to 100 due to rounding
N/A
1
3
5
7
9
20
44
12
1
2
5
6
14
53
18
<75k75k to
100k
100k to
125k
125k to
150k
150k to
200k
200k to
500k
>500k
Owner OccupiedInvestment Property
•Loans are assessed at the higher of:
−The customer rate, including any life-of -loan discounts,
plus the serviceability buffer of 3.0%; or
−The minimum assessment rate, called the “floor rate”,
currently 5.05%
•A serviceability buffer of 1.0% may be applied on an exceptions basis for
certain customers seeking to refinance their loan, subject to eligibility
criteria including LVR, bureau score and repayment amounts
•Interest only (I/O) loans: Assessed based on the residual principal and
interest (P&I) term using the applicable P&I rate, plus a 3.0% buffer
•New fixed rate loans: Assessed on the variable rate to which the loan
will revert after the fixed period, plus a buffer
Australian mortgage portfolio LVRs
Mar-23
balance
Sep-23
balance
Mar-24
balance
Weighted
averages
2
LVR at origination (%)
727271
Dynamic LVR
1
(%)
515049
LVR of new loans
3
(%)
686770
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack58

1
25
20
19
13
21
2
21
19
20
15
23
BehindOn time< 1mth< 6mths>2yrs
Mar-23Mar-24
CUSTOMERS AHEAD ON REPAYMENTS
1
(% BY ACCOUNTS) OFFSET ACCOUNT BALANCES
2
($BN)
CUSTOMERS AHEAD ON REPAYMENTS
1
(% BY BALANCES)
BUFFER TO BALANCE RATIO
3
(%)
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS
MORTGAGE CREDIT QUALITY
1 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due.
‘On time’ includes up to 30 days past due. Customers ahead on repayments have been restated to reflect changes in determining account limits when calculating prepayment amounts. 2 Includes
RAMS from Sep-20 onwards. 3 Excludes Line of Credit. The Buffer to Balance ratio has been restated to reflect changes in determining account limits when calculating prepayment amounts.
8
13
12
6
7
5
18
16
Mar-23Mar-24
41
45
Investment property loans
– (generally maintain
higher balances for tax
purposes)
Accounts opened in the
last 12 months
Structural restrictions on
repayments e.g. fixed rate
Residual – <1 month
repayment buffer
Charts may not add due to rounding
>6mths
to <2yrs
Loans ‘on time’
and <1mth ahead
18.5
19.0
19.419.419.4
Sep-20Sep-21Sep-22Sep-23Mar-24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack59
33
14
18
16
18
1
>2yrs
>6mths <2yrs
<6 mths
< 1 mth
On time
Behind
Buffer =
Current Limit - Outstanding Balance
+ Offset Balance
39
41
46
51
53
57
60
Sep-18Sep-19Sep-20Sep-21Sep-22Sep-23Mar-24

•Approx. $146bn of fixed-rate loans have
expired or refinanced onto higher rates
since 1 October 2021
•$76bn in fixed-rate loans remain
outstanding
−Average fixed period for the remaining
fixed-rate portfolio 2.9 years
•$31bn fixed rate loans expiring in 2H24,
with an average fixed rate of 3.9%
1
•Most remaining fixed rate borrowers
are well placed to manage higher
repayments
−51% also have a variable rate loan
0.7
1.1
0.3
0.5
1.8
1.9
1.0
1.1
1.5
1.8
0.9
1.1
Sep-23Mar-24Sep-23Mar-24
FixedVariableTotal
60
FIXED RATE MORTGAGE EXPIRY SCHEDULE ($BN PER MONTH)
PORTFOLIO BY INCOME BAND (%)
PORTFOLIO BY DYNAMIC LVR
3
(%)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO FIXED-RATE LOANS
MORTGAGE CREDIT QUALITY
1 On a balance weighted basis. 2 Scheduled expiry for 6 months to Mar-24 was $39bn. Actual expiry $37bn. 3 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance,
changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic.
PORTFOLIO ARREARS (%)
30+ Delinquency 90+ Delinquency
Charts may not add due to rounding
17
24
19
40
13
20
19
49
13
20
19
48
<$100k>$100k -
$150k
>$150k -
$200k
>$200k
FixedVariableTotal
0.0
1.0
2.0
3.0
4.0
5.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25
Fixed rate balances ($bn, lhs)Average fixed period (years, rhs)
64
29
5
1
0.4
64
27
6
2
0.7
64
28
6
2
0.6
0-60>60-80>80-90>90-100>100
FixedVariableTotal
Expired
2
Yet to expire
>Sep-25
192019513731211310
Fixed rate expiry for the 6mths to ($bn)

61
CREDIT POLICY AT MARCH 2024
Income
•Verified via payslips, tax returns or salary credits, with other supporting documentation such as PAYG payment summaries or
ATO Income Statements (minimum standards apply)
•Shading of at least 20% applies to less certain income sources i.e. overtime, bonuses
Credit Score
& Credit Bureau
•Bespoke application scorecards segmented by new and existing customers
•Credit and score override rates tracked and capped
•Credit bureau checks required
Expenses
•Assessed as the higher of a borrower’s HEM
1
comparable expenses or HEM plus any expenses that are not comparable to HEM
(e.g. private school fees, life insurance)
•HEM is applied by income bands, post settlement postcode location, marital status and dependants
•17 expense categories used, aligned with Melbourne Institute guidelines and LIXI standards
Serviceability assessment
For serviceability assessment, loans are assessed at the higher of:
The customer rate, including any life-of-loan discounts, plus the serviceability buffer of 3.0%, or
The minimum assessment rate, called the “floor rate”, currently 5.05%
•A serviceability buffer of 1.0% may be applied on an exceptions basis for certain customers seeking to refinance their loan, subject
to eligibility criteria
•For I/O loans, serviceability is assessed on a P&I basis over the residual term
•New fixed rate loans assessed on the variable rate to which the loan will revert after fixed period, plus a buffer
•All existing customer commitments are verified
•Review Westpac Group accounts and Comprehensive Credit Reporting (CCR) to identify customer commitments
•Limits apply to higher debt-to-income lending; >7x referred for manual credit assessment where LVR >80%
•Credit card repayments assessed at 3.8% of limit or balance whichever is higher
Genuine savings deposit
requirements
•Minimum 5% proof of genuine savings for higher LVR loans (typically LVR >90%). Any Home Owner Grants are not considered
genuine savings
Security
•LVR restrictions apply depending on location, property value and nature of security
•Restrictions on high-density apartments based in postcode defined areas, generally capital city CBD’s and properties in towns
heavily reliant on a single industry, e.g. mining, tourism
LMI
•
Mortgage insurance for higher risk loans, such as LVRs >80%. Special package policy waivers apply for certain professionals and
Westpac Group staff
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO UNDERWRITING
MORTGAGE CREDIT QUALITY
1 HEM is the Household Expenditure Measure, produced by the Melbourne Institute.

Australian mortgage portfolioMar-23Sep-23Mar-24
90+ day delinquencies (bps):
Total portfolio
1
inc. impaired mortgages7386106
Owner occupied loans6984106
Investment property loans758599
Principal & interest loans7489109
Interest only loans475468
30+ day delinquencies
total portfolio

(bps)
139154181
Mar-23Sep-23Mar-24
Customers in hardship
2

including 6mth serviceability period
(by balances, bps)
5071105
Consumer properties in possession
(number)
227210190
Impaired mortgages
(by balances, bps)
667
Mortgage losses net of insurance

($m, for 6 months ending)
11
2120
Annual mortgage loss rate
3
(bps)
0.5
0.70.8
30+ DAY AND 90+ DAY DELINQUENCIES (%)
1.06
0.77
1.81
0.0
1.0
2.0
3.0
4.0
Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24
90+ day delinquencies
90+ dpd excl. 6 months serviceability hold-out period
30+ day delinquencies
90+ DAY DELINQUENCIES BY VINTAGE (%)
0.0
1.0
2.0
3.0
4.0
06121824303642485460
FY2018FY2019FY2020FY2021
FY2022FY2023FY2024
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE
MORTGAGE CREDIT QUALITY
1 Total portfolio includes Line of Credit loans. 2 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a
relationship breakdown or natural disasters. Hardship assistance often takes the form of a reduction or deferral of repayments for a short period. 3 Mortgage loss rates for March balances are
annualised, based on losses for the 6 months. Mortgage loss rates for September are actual losses for the 12 months ending.
COVID-19
deferrals
Months on book
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack62

41
29
15
8
7
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
63
HARDSHIP
1
BALANCES BY SUPPORT SOLUTION
(% OF PORTFOLIO)
34
55
10
1
Reduced repayments (temporarily)
No repayments (temporarily)
Capping of arrears
(arrears capitalised into the principal
owed, repayments are recalculated)
Other
(may include standalone term extension
or other tailored solution)
HARDSHIP
1
BALANCES (% OF PORTFOLIO)
1.05
0.00
0.50
1.00
1.50
2.00
2.50
Mar-20Mar-21Mar-22Mar-23Mar-24
Non-COVID-19 supportCOVID-19 support.
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO PERFORMANCE
MORTGAGE CREDIT QUALITY
1 Financial hardship assistance is available to customers experiencing temporary financial difficulty, including changes in income due to illness, a relationship breakdown or natural disasters.
Hardship assistance often takes the form of a reduction or deferral of repayments for a short period. 2 Improvements in data quality have reduced solutions recorded as “other” over 1H24.
PORTFOLIO BY STATE (%)
90+ DAY DELINQUENCIES BY STATE (%)
0.0
1.0
2.0
3.0
4.0
Mar-19Mar-20Mar-21Mar-22Mar-23Mar-24
ALLNSW/ACTVIC/TAS
QLDWASA/NT
2

64
INTEREST ONLY (I/O) LENDING BY DYNAMIC LVR
1
AND
INCOME BAND (% OF TOTAL I/O LENDING)
4
1
22
10
3
35
18
6
61
29
10
<=60%60%<=80%>80%
Dynamic LVR bands (%)
<$100k
$100k – $250k
>$250k
INVESTMENT PROPERTY PORTFOLIO BY NUMBER
OF PROPERTIES PER CUSTOMER (%)
69
22
5
1
2
3
4
5
6+
SCHEDULED I/O TERM EXPIRY
2
(% OF TOTAL I/O LOANS)
17
16
15
16
19
16
0.3
0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+
Investment property lending (IPL) portfolio
Mar-23Sep-23Mar-24
Investment property loans ($bn)
151152153
Weighted
averages
LVR of IPL loans at origination (%)
717070
LVR of new IPL loans in the period

(%)
696870
Dynamic

LVR
1
of IPL loans (%)
515049
Average loan size
3
($’000)
330337343
Customers ahead on repayments
including offset accounts
4
(%)
646567
90+ day delinquencies (bps)
758599
Annualised loss rate (net of insurance claims) (bps)
0.81.51.7
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY
AND INVESTMENT PROPERTY LENDING
MORTGAGE CREDIT QUALITY
1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source CoreLogic. 2 Based on
outstanding balance. Excludes line of credit loans, I/O loans without date (including bridging loans and loans with construction purpose) and I/O loans that should have switched to P&I but for the previously announced
mortgage processing error. 3 Includes amortisation. Calculated at account level where split loans represent more than one account. 4 Customer loans ahead on payments exclude equity/line of credit products as there are
no scheduled principal payments. Customers ahead on repayments have been restated to reflect changes in determining account limits when calculating prepayment amounts.
Chart does not add due to rounding
1
I/O portfolio $60bn (12% of portfolio)
at 31 March 2024
1
2
Applicant gross income bands

65
MORTGAGE PORTFOLIO LVR
4
(% OF PORTFOLIO)
51.8%
20.5%
19.7%
5.5%
2.5%
0<=6060<=7070<=8080<=9090+
BUSINESS STRESSED EXPOSURES TO
BUSINESS TCE (%)
5
Mortgage portfolioSep-23Mar-24
Total portfolio (NZ$bn)
1
65.867.4
Owner occupied (%)
74.174.4
Investment property
loans (IPL) (%)
25.925.6
Broker introduced (%)
51.953.0
Proprietary channel (%)
48.147.0
Fixed/ variable split (%)
91/990/10
Interest only (I/O) (%)
16.516.0
Origination LVR
80–90% (%)
9.09.2
Origination LVR
>90% (%)
2.93.1
Mortgage 90+ day
delinquencies (%)
0.330.47
Mortgage 30+ day
delinquencies (%)
0.710.92
Unsecured consumer
portfolio (NZ$bn)
2
1.21.2
MORTGAGE 90+ DAY
DELINQUENCIES
3
(%)
0.47
0.0
0.2
0.4
0.6
0.8
1.0
Mar-16Mar-18Mar-20Mar-22Mar-24
UNSECURED CONSUMER 90+ DAY
DELINQUENCIES
3
(%)
0.96
0.0
1.0
2.0
3.0
Mar-16Mar-18Mar-20Mar-22Mar-24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
NEW ZEALAND MORTGAGE AND CONSUMER PORTFOLIOS
NEW ZEALAND CREDIT QUALITY
1 Mortgage portfolio indicates gross loans. 2 Unsecured consumer portfolio indicates outstanding balance. 3 In May-19 we made changes to the reporting of customers in hardship to align to the
method used by APRA. 4 LVR based on current loan property value at latest credit event. 5 Chart may not add due to rounding.
92% of mortgage portfolio has
an LVR less than 80%
0.1 0.1
0.2
0.3 0.3
0.3
1.9
2.1
2.1
2.2
2.5
2.5
Mar-23Sep-23Mar-24
Watchlist & substandard
Non-performing, not impaired
Impaired

NON-CREDIT
RISK MANAGEMENT

MEASURES OF PROGRESSTARGET STATES
CORE PROGRAM DRIVING STRONGER RISK GOVERNANCE, ACCOUNTABILITY AND RISK CULTURE
CORE
1 Employee survey. This survey is conducted annually, with next results to be reported in September 2024. 2 Number of open issues. 3 Internal rating out of 5. 4 % Gold Milestones across the Group
portfolio (excl NZ).
We are a well-run
business where risk is
actively managed
A simplified
organisational construct
with clear accountabilities
Three lines of defence
is understood and
embedded
Our people understand
risks and proactively
manage them
We’re known for
execution excellence
and getting it done
1
2
3
4
5
67%
82%
Sep-20Mar-24
Issues raised by first
line risk management
233
111
Sep-20Mar-24
High-rated issues
2
2.64
4.51
Sep-20Mar-24
Improved data quality
management
3
89%
94%
Sep-20Sep-23
“Clear in how expected
to manage risks”
1
69%
77%
Sep-20Sep-23
“People constructively
challenge...”
1
10.8%
8.0%
Sep-20Mar-24
Key controls requiring
improvement
63%
71%
Sep-20Sep-23
“Jobs...are designed to
have clear objectives
and accountabilities...”
1
“...organisational
structure
helps create clear
accountability”
1
Transformation project
milestones
4
delivered
on time
95%
79%
Sep-20Mar-24
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack67

SYSTEM SECURITY
DATA
68Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
CYBER RISK
CYBER SECURITY – A LAYERED DEFENCE
1
1 No system can be 100% effective, systems are susceptible to human error and significant third-party risks. Cyber threats are continually evolving. Information should be read in conjunction with
the Annual Report FY23 pages 27 and 47.
EMPLOYEES
Controls underpin who we hire; how we grant access;
and how we monitor system use
SUPPLIERS
Security reviews, limited access to systems and data,
and continual performance monitoring
SYSTEM SECURITY
Integrated approach to security of our systems, e.g.
design reviews, patching and secure development
CUSTOMERS
Dedicated controls to help protect customers from
fraud, including multi-factor authentication
CORE SECURITY
Core security capabilities across all systems, e.g.
malware prevention, firewalls, email security
MONITORING, INTELLIGENCE AND NETWORKS
24/7 monitoring of attacks and control weaknesses.
Threat detection supported by cyber threat
intelligence and information sharing partnerships
MONITORING, CYBER INTELLIGENCE & PEER NETWORKS

69
SCAM AND DIGITAL FRAUD DETECTION (%)
2
DYNAMIC CVC USERS
3
1H24 SNAPSHOT
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
PROTECTING CUSTOMERS FROM FRAUD AND SCAMS
1
FRAUD & SCAMS
1 Westpac’s systems and processes may not always be 100% effective and are subject to risks and other factors including those described in the section titles ‘Risk factors’ in the FY23 Annual
Report. 2 Detection rate indicates the percentage of cases Westpac triggers alerts for. 3 Monthly average.
0%
2%
4%
6%
8%
10%
12%
14%
0
5
10
15
20
25
30
Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24
Average daily users (LHS)
Usage rate of eligible transaction (RHS)
55
71
66
74
62
75
ScamFraud
FY22FY231H24
SaferPay launched helping protect
customers from scams
Launched Scam-Safe Accord
with other Australian banks
Customer scam losses 32%
lower compared to 1H23
Top scams driving customer losses: investment,
business email, remote access, romance
and buying and selling scams
>50% lower fraud vs
cards with static CVC

LAUNCHED SAFERPAY TO HELP PROTECT CUSTOMERS FROM SCAMS
70Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
FRAUD & SCAMS
Potential scam
identified using AI
Transaction checked
with customer
Suspicious
transaction blocked

FRAUD & SCAMS
BROAD SUITE OF SECURITY PROTECTION MEASURES
Westpac Verify alerts customers to
potential scams through risk
indicators when adding new
payees in digital banking
Dynamic CVC generates a new
CVC every 24 hours
>50% lower fraud vs cards with
static CVC
Cryptocurrency blocks for
payments to certain high-risk
currency exchanges
Real-time blocking of questionable
online merchants
Saved $68m for 810,000 customer
scam incidences in 1H24
Biometric onboarding reduces
identity theft, fraud and
promotes digital usage
Saved $11m in averted fraud
losses in 1H24
Advanced customer behavioural
tools combatting remote
access scams
Saved customers $11m in averted
scam losses 1H24
SaferPay launched, prompting
customers to provide more
information for high scam
risk transactions
Call-stop measures added 94,000
Westpac numbers to the ‘Do Not
Originate’ list preventing
scammers from impersonating
our phone numbers
Launched Scam-Safe Accord with
other Australian banks
Enhancing protection for customers
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack71

Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24
Number of casesNet customer loss
PREVENTION MEASURES DRIVING DOWN CUSTOMER LOSSES
INVESTED OVER $100M IN DETECTION AND PREVENTION MEASURES SINCE FY21, SAVING CUSTOMERS OVER $520M IN
FRAUD AND SCAM LOSSES
Introduction of cryptocurrency block triggered spike
following discovery and disruption of many ongoing scams
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack72
FRAUD & SCAMS
Introduction of
Westpac Verify
Introduction of
cryptocurrency blocks
‘Callstop’ initiative launched and
expanded in partnership with telcos

CAPITAL, FUNDING
AND LIQUIDITY

12.38
75
17
112.55
12.06
(57)
(19)
(49)
Sep-23Net profit2H23
dividend
RWAShare
buyback
OtherMar-24Capital
return
Mar-24
Pro forma
74
Key capital ratios (%)
Mar-
23
Sep-
23
Mar-
24
Level 2 CET1
capital ratio
12.312.412.5
Additional Tier 1
capital ratio
2.22.22.5
Tier 1 capital ratio14.514.615.0
Tier 2 capital ratio5.35.96.4
Total regulatory
capital ratio
19.820.521.4
Risk weighted assets
(RWA)

($bn)
453451444
Leverage ratio 5.55.55.5
Level 1 CET1 capital ratio12.512.612.8
Internationally comparable ratios
3
Leverage ratio
(internationally
comparable)
5.96.06.0
CET1 capital ratio
(internationally
comparable)
18.118.718.6
LEVEL 2 CET1 CAPITAL RATIO MOVEMENTS (%, BPS)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
CET1 CAPITAL RATIO 12.55%
CAPITAL, FUNDING AND LIQUIDITY
1 Capital deductions and other items including FX translation impacts. 2 Includes on market share buyback extension of up to $1.0bn and remaining on market share buyback announced in
Nov-23. 3 Internationally comparable methodology references the Australian Banking Association (ABA) study on the comparability of APRA’s new capital framework and finalised reform released
on 10 March 2023.
1
2
Share buyback: $1.7bn, (38bps)
Special dividend: $0.5bn, (11bps)
IRRBB: 18bps
Data refinement: 11bps
Credit quality: (8bps)
Lending: (6bps)

RISK WEIGHTED ASSETS
1
(RWA) ($BN)
452.9
451.4
3.0
2.2
0.0444.4
(0.3)
(4.0)
(0.8)
(0.3)
(6.5)
(0.2)
Mar-23Sep-23Credit
quality
LendingCounter-
party credit
and MTM
risk
Data
refinement
FX
translation
Market
risk
IRRBBOperational
risk
OtherMar-24
IRRBB RWA
1
($BN)
(4)
21
13
16
8
14
17
17
20
21
2
5
5
5
5
11
43
35
40
34
0.52
4.05
3.41
4.26
3.79
-4.00
-3.00
-2.00
-1.00
0.00
1.00
2.00
3.00
4.00
-10
0
10
20
30
40
50
60
Sep-21Sep-22Mar-23Sep-23Mar-24
Embedded loss/(gain)Repricing and yield curve riskOptionality and basis risk3y Swap rate (in %)
RISK WEIGHTED ASSETS
CAPITAL, FUNDING AND LIQUIDITY
1 Chart may not add due to rounding. 2 Mark to market (MTM).
2
Down $7.1 bn or 1.6%
Credit RWA flat
1
See below
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack75

REGULATORY CAPITAL CHANGES
ImplementationChangeDetails
Expected impact
on the Group’s
capital ratios
2024Additional Tier 1 Capital
•In September 2023, APRA released a discussion paper to explore options
for, and seek feedback from stakeholders on improving the effectiveness of
Additional Tier 1 capital in Australia. APRA is expected to consult further in
the first half of calendar year 2024
2025
1 Jan 2026
APS117 – IRRBB
APS116 – Market Risk
•Currently standardising aspects of the calculation of IRRBB capital to
reduce volatility over time and variation between ADIs
•APRA is yet to commence consultation on Fundamental Review of the
Trading Book
1 Jan 2024 and
1 Jan 2026
Loss Absorbing
Capacity (LAC)
•Total capital ratio requirement:
−Current 16.75%
−1 January 2026 18.25%
Current and
finalised by
1 Jul 2028
RBNZ Capital Review
•D-SIBs
1
total capital requirements increasing to 18% by 1 July 2028. Includes
Tier 1 capital requirement of 16% of which 13.5% must be CET1 capital
CAPITAL, FUNDING AND LIQUIDITY
1 Domestically systemically important bank (D-SIB).
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack76

INTERNATIONALLY COMPARABLE CAPITAL RATIO RECONCILIATION
1
APRA’s capital requirements are more conservative than those of the Basel Committee on Banking Supervision (BCBS), leading
to lower reported capital ratios by Australian banks. The following details the adjustments and how Westpac’s APRA CET1 capital
ratio aligns to an internationally comparable ratio:
CAPITAL, FUNDING AND LIQUIDITY
1 Internationally comparable methodology references the ABA study on the comparability of APRA’s new capital framework and finalised reform released on 10 March 2023. 2 Internal ratings-
based approach (IRB).
Westpac’s CET1 capital ratio (APRA basis)
12.5
Equity investments
Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s
requirements
0.0
Deferred tax assets
Balances below prescribed threshold are risk weighted, compared to a 100% CET1 deduction under APRA’s
requirements
0.6
Capitalised expenses
APRA requires these items to be deducted from CET1. The BCBS only requires exposures classified as intangible
assets under relevant accounting standards to be deducted from CET1
0.7
Interest rate risk in the
banking book (IRRBB)
APRA requires capital to be held for IRRBB. The BCBS does not have a Pillar 1 capital requirement for IRRBB
1.4
RWA scaling factorAPRA applies a scaling factor to all Advanced IRB
2
credit RWAs. The BCBS does not apply this scalar
0.9
Property financeAPRA applies an additional scaling factor to property finance RWA. The BCBS does not apply this scalar
0.3
Residential mortgages
APRA applies scaling factors to mortgage RWAs for higher risk segments such as interest only and investor
mortgages and applies a standardised risk weight to certain mortgages. The BCBS does not apply this treatment
1.9
Non-retail Loss Given
Default (LGD)
Non-retail LGD’s under the Foundation IRB (F-IRB) and Advanced IRB approaches differ from the BCBS
(0.3)
New Zealand
APRA requires New Zealand RWAs to be largely calculated in accordance with the RBNZ rules. The RBNZ rules
are more conservative than BCBS
0.6
Internationally comparable CET1 capital ratio
18.6
Internationally comparable Tier 1 capital ratio
21.8
Internationally comparable total regulatory capital ratio
30.4
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack77

China Merchants Bank
Norinchukin Bank
ICBC
China Construction Bank
BBVA
Bank of China
Rabobank
Agricultural Bank of China
Intesa Sanpaolo
Lloyds
ANZ
Westpac
, 5.95%
HSBC
Unicredit
Nordea
UBS
CBA
Danske Bank
Mitsubishi UFJ
Barclays
ING Group
NatWest
Sumitomo Mitsui
BPCE
Commerzbank
BNP Paribas
Standard Chartered
Santander
Deutsche Bank
Mizuho FG
Royal Bank of Canada
Toronto Dominion Bank
Scotiabank
Societe Generale
CIBC
Bank of Montreal
Credit Agricole SA
0%
2%
4%
6%
8%
ANZ
Danske Bank
Nordea
CBA
Westpac
, 18.55%
Norinchukin Bank
NAB
Rabobank
Unicredit
BPCE
HSBC
Morgan Stanley
ING Group
Lloyds
JPMorgan Chase
UBS
Goldman Sachs
Commerzbank
Royal Bank of Canada
Intesa Sanpaolo
Standard Chartered
Sumitomo Mitsui
Barclays
Deutsche Bank
BNP Paribas
Toronto Dominion Bank
Citigroup
NatWest
China Merchants Bank
ICBC
Societe Generale
BBVA
CIBC
China Construction Bank
Scotiabank
Bank of Montreal
Wells Fargo
SantanderCredit Agricole SA
Mizuho FG
Bank of America
Bank of China
Mitsubishi UFJ
Agricultural Bank of China
0%
5%
10%
15%
20%
COMMON EQUITY TIER 1 RATIO
1
(%)
78
LEVERAGE RATIO (%)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
WELL PLACED ON INTERNATIONALLY COMPARABLE
CAPITAL, FUNDING AND LIQUIDITY
1 Comparison group comprises listed commercial banks with assets in excess of A$700bn and which have disclosed fully implemented Basel III ratios or provided enough to estimate. Based on company reports/presentations.
Ratios are at 31 December 2023, except for China Construction Bank and ANZ which are at 30 September 2023, Bank of Montreal, Toronto Dominion Bank, Royal Bank of Canada, CIBC and Scotiabank which are at 31 January 2024,
and National Australia Bank and Westpac which are at 31 March 2024. Where accrued expected dividends have been deducted and disclosed, these have been added back for comparability. US banks are excluded from leverage
ratio analysis due to business model differences, for example from loans sold to US Government sponsored enterprises. NAB has not disclosed an internationally comparable leverage ratio since September 2017 and has therefore
been excluded.

77
23
Callable
Bullet
2.2
6.2
5.2
2.9
2.7
1.4
2.3
3.3
3.1
1.8
1.9
14.6
0.5
0.6
0.6
0.6
FY20FY21FY22FY231H242H24FY25FY26FY27FY28FY29>FY29
Westpac New Zealand Limited (WNZL)
Westpac Banking Corporation (WBC)
79
LOSS-ABSORBING CAPACITY (LAC)TIER 2 PROFILE
1,2,3
(NOTIONAL AMOUNT, A$BN)
Tier 2 and LAC requirements (%)
62
22
2
6
4
2
2
USD
AUD Domestic
AUD EMTN
EUR
NZD
JPY
SGD
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
LOSS-ABSORBING CAPACITY AND TIER 2 CAPITAL
CAPITAL, FUNDING AND LIQUIDITY
1 Includes Westpac New Zealand Limited (WNZL). WNZL Tier 2 does not count for APRA Tier 2 or LAC requirements. 2 Represents A$ equivalent notional amount using spot FX translation at date
of issue for issuance and spot FX translation at 28-Mar-24 for redemptions/maturities. Securities in callable format profiled to first call date. Securities in bullet format profiled to maturity date.
3 Any early redemption would be subject to prior written approval from APRA, which may or may not be provided.
TIER 2 CAPITAL (%)
By format
1,2,3
(notional amount)By currency
1,2
(notional amount)
WBC
WNZL
IssuanceFirst optional redemption date
3
/Maturities
•Westpac is well progressed to meet APRA’s
final LAC requirement of an additional 4.5%
of RWA by 1 January 2026
•To date this has been met through Tier 2
capital, which is now 6.42%
•The Group expects to run a buffer in Tier 2
capital above the final LAC requirement
6.4
2.02.0
3.0
4.5
5.0
6.5
Westpac
March 2024
January 2024
Requirements
January 2026
Requirements
Tier 2LAC
1

•Focus on stable funding sources
•Customer deposits provide 66% of total funding, or 71% excluding equity
•Additional 22% from stable sources of long-term wholesale and equity
65
66
66
7
8
7
0.4
0.4
0.7
10
10
10
5
4
4
6
6
6
7
66
Mar-23Sep-23Mar-24
80
NET STABLE FUNDING RATIO (%)
115
114
0.0
1.9
0.2
(0.5)
(1.3)
(1.4)
Sep-23CapitalRetail/
SME
Deposits
Wholesale
funding
Liquids
and
other
LoansTFF run-
off and
impact of
APS 112
Mar-24
CUSTOMER DEPOSITS AND NET LOANS ($BN)
628
641
651
750
773
785
83.7
82.9
82.9
Mar-23Sep-23Mar-24
FUNDING BY RESIDUAL MATURITY (%)
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
FUNDING COMPOSITION
CAPITAL, FUNDING AND LIQUIDITY
1 Includes long term wholesale funding with a residual maturity less than or equal to 1 year. 2 Equity excludes FX translation, available-for-sale securities and cash flow hedging reserves.
3 Other includes derivatives and other assets.
Charts may not add to 100 due to rounding
Wholesale offshore >1yr
Wholesale onshore <1yr
1
Wholesale onshore >1yr
Wholesale offshore <1yr
1
Securitisation
Equity
2
Customer deposits
Customer depositsNet loansCustomer deposits to net loans ratio (%)
Customer deposits
71% of total funding
excluding equity
3

•$19.8 billion in new term issuance in 1H24
−Well diversified across currencies, programs and tenors, benefiting from
constructive credit markets
−Strong AUD liquidity conditions continued in 1H24
−SEC registration remains a key advantage in US$ market access
•Well managed Group maturity profile
−Term Funding Facility drawdowns managed to support a smooth LCR profile
−Limited remaining Term Funding Facility drawdowns, expected to be refinanced
within normal funding capacity
81
TERM DEBT ISSUANCE AND MATURITY PROFILE
1
($BN)
18
12
8
31
34
31
35
43
35
20
21
33
33
27
27
13
26
FY18FY19FY20FY21FY22FY231H242H24FY25FY26FY27FY28FY29>FY29
Funding for Lending Programme (NZ)
Term Funding Facility (Aus)
Tier 2 capital
Senior/Securitisation
AT1 capital
Covered bonds
TERM FUNDING FACILITY (TFF)
MATURITIES ($BN)
2
3
3
4
27
65
Apr-24May-24Jun-24
WestpacTotal eligible banks
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
LONG TERM WHOLESALE FUNDING PROFILE
CAPITAL, FUNDING AND LIQUIDITY
1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee
Certificates of Deposit. Contractual maturity date for Additional Tier 1 capital instruments and callable Tier 2 capital instruments is the first scheduled conversion date or call date for the purposes
of this disclosure. Any early redemption would be subject to prior written approval from APRA, which may or may not be provided. Maturities exclude securitisation amortisation.
IssuanceMaturities
Source: Westpac, RBA

By program (%)
By currency (%)
82
LONG TERM WHOLESALE FUNDING BACK BOOK
1,2
(%)
53
23
17
7
Senior bonds
Covered bonds
Tier 2 capital
AT1 capital
0204060
30
41
21
2
3
3
0204060
AUD
USD
EUR
GBP
NZD
Other
INDICATIVE WHOLESALE FUNDING
COSTS (SPREAD ABOVE 3MTH BBSW)
1H24 TERM DEBT ISSUANCE
1
(%)
63
2
13
14
9
Senior bonds
Covered
bonds
RMBS
Tier 2 capital
Additional
Tier 1 capital
56
42
2
1
AUD
USD
EUR
Other
17
17
38
28
2 years
3 years
5 years
>5 years
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
LONG TERM WHOLESALE FUNDING DIVERSIFICATION
CAPITAL, FUNDING AND LIQUIDITY
1 Charts may not add due to rounding. Data excludes Term Funding Facility and Funding for Lending Program. 2 Back book data excludes Securitisation.
By program (%)
By currency (%)By tenor (%)
50
54
72
82
91
36
54
78
91
103
0
50
100
150
1 year2 year3 year4 year5 year
AUD 31-Mar-24AUD 30-Sep-23
USD 31-Mar-24USD 30-Sep-23

83
LCR ($BN)
95
182
14
29
137
182
Net cash outflowsLiquid assets
MOVEMENT IN LCR (%)
134
132
(0.7)0.4
(0.7)
(1.5)
1.3
Sep-23
Qtr
HQLARBNZ
eligible
securities
Customer
deposits
Wholesale
funding
Other
flows
Mar-24
Qtr
HIGH QUALITY LIQUID ASSETS (HQLA) (%)
46
11
33
11
Cash and balances with central banks
Balances with foreign central banks
Australian government and semi-
government bonds
Other HQLA
LCR DEPOSIT MIX (%)
33
35
15
17
Stable retail and SME deposits
Less stable retail and SME deposits
Operational deposits
Non-operational deposits
Westpac Group 2024 Interim Results Presentation & Investor Discussion Pack
LIQUIDITY COVERAGE RATIO (LCR)
CAPITAL, FUNDING AND LIQUIDITY
1 Other flows include credit and liquidity facilities, collateral outflows, inflows from customers and TFF maturities. 2 Other HQLA includes securities issued by foreign sovereigns and repo-eligible
qualifying assets in foreign jurisdictions, including RBNZ eligible securities.
Liquid assets
HQLA
1
Chart does not add to 100 due to rounding
Net cash outflows (NCOs)
Other flows
1
Wholesale funding
Customer deposits
2
$497bn$182bn
March 2024 quarterly average 132%
Chart does not add due to rounding
Chart does not add due to rounding