Westpac 2024 Presentation and Investor Discussion Pack

ASX
Release


4 November 2024

Westpac 2024 Presentation and Investor Discussion Pack

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac
2024 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

PRESENTATION
2024 FULL YEAR FINANCIAL RESULTS
FOR THE 12 MONTHS ENDED 30 SEPTEMBER 2024
AND INVESTOR
DISCUSSION PACK
Westpac Banking Corporation ABN 33 007 457 141

2Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
WESTPAC
2024 FULL YEAR
RESULTS INDEX
2024 Full Year Results Presentation3
Investor Discussion Pack35
Earnings drivers37
Credit quality and provisions50
Capital, funding and liquidity71
Supporting our customers82
Sustainability93
Segment results100
Economics107
Appendix113
Contact us119
Disclaimer120

PETER KING
CHIEF EXECUTIVE OFFICER

FY24
HIGHLIGHTS
DISCIPLINED
PERFORMANCE
IMPROVING CUSTOMER
SERVICE
STRONG BALANCE SHEET,
RETURNING CAPITAL
4Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

FY24 FINANCIAL PERFORMANCE
FY23FY24FY24 - FY23 Change
Net profit
1
$7,195m$6,990m(3%)
Return on tangible equity
2
11.4%11.0%(38 bps)
Excluding Notable Items
Net Profit$7,368m$7,113m(3%)
Revenue$21,542m$21,763m1%
Net Interest Margin1.96%1.95%(1 bp)
Expenses($10,232m)($10,944m)7%
Impairment charges to average loans9 bps7 bps(2 bps)
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 Full Year Annual
Report.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
5

8.4
(5.9)
(10.7)
(0.3)
WestpacPeer 1Peer 2Peer 3
6
IMPROVING CUSTOMER EXPERIENCE
•#1 mobile banking app
1
•Best overall loyalty program
2
•NPS
3
, up 2 points to #3
4
GROWING QUALITY DEPOSITS
•MFI
3
share up 70bps to 16.8%
4

•Household deposit growth 1.1x system
5
•>80% of behavioural savings balances received
the bonus rate
SAVINGS DEPOSIT MIX
65%
80%
85%
35%
20%
15%
$103bn
$138bn
$159bn
Sep-22Sep-23Sep-24
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
CONSUMER: IMPROVING SERVICE
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024. 2 Westpac Rewards received the award for Best Overall Loyalty Program in Financial Services at the 2023/2024
Asia Pacific Loyalty Awards. 3 Refer to page 118 for definition. 4 Compared to Sep-23. 5 Based on APRA ADI statistics. 6 Up 1bp to 1.70%. 7 Includes Westpac Life and St. George Incentive Saver. 8
Includes Westpac E-saver and St.George Maxi.
Behavioural savings
7
Other savings
8
September 2022 – September 2024 ($bn)
HOUSEHOLD DEPOSIT GROWTH COMPARED TO SYSTEM
5
NIM STABILISED
6
IN 2H24
ROTE
9%

7
TIME TO DECISION BY CHANNEL (DAYS)
2
7.9
5.25.2
11.6
9.6
5.7
FY22FY23FY24FY22FY23FY24
CONSISTENT GROWTH IN MORTGAGES ($BN)
1
432
450
473
Sep-22Sep-23Sep-24
NEW OWNER OCCUPIED LENDING
RATE RELATIVE TO PEERS
FY23FY24
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
MORTGAGES: CONSISTENT GROWTH IN MORTGAGES
1 Excludes RAMS portfolio which is closed to new business. 2 12 month median (50th percentile) time to unconditional approval. 3 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. FY23 is average Oct-22 to Sep-23;
and FY24 is average Oct-23 to Aug-24.
ProprietaryThird party
WBC
lower
WBC
higher
Up 5%
1.2 x
system
Up 4%
0.9x
system
3

8
COMPETITIVE CUSTOMER PROPOSITION
•Bringing the whole bank to the client
•TTD down 5 days to 9 days over last 2 years
1
•More bankers
New transaction
accounts (#, 000s)
LENDING GROWTH IN TARGETED SECTORS (%)
15
14
11
9
Professional
services
Agriculture
Health
Business
lending
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
BUSINESS: EMERGING GROWTH
1 Time to decision, Sep-24 compared to Sep-22. 2 Loans up to $3m. 3 Development of a single business lending origination platform. 4 Refer to page 118 for definition. 5 Excludes auto finance
portfolio which is in runoff.
102.2
118.7
19.7
36.1
FY23FY24FY23FY24
New merchant points
of presence(#, 000s)
INVESTING AND SIMPLIFYING
•Faster approval for small business loans
2
•Transaction banking enhanced
•Commenced Biz Edge program
3
Up 16%Up 83%
BUSINESS NPS
4
UP 3
BUSINESS & WEALTH ROTE
20%
Professional
services
Business
lending
5
Agriculture
Health

•Strong growth in Corporate & Institutional Banking
•Leading Fixed Income Franchise in Australia & NZ
1
•Leading lender to renewable energy projects in Australia
9
INVESTING FOR THE FUTURE
SOLID PROGRESS
•More bankers
•PayTo for Billers integrated with receivables platform
•Westpac One
2
on track
INSTITUTIONAL: STRONGER CLIENT RELATIONSHIPS
1 #1 market share in bonds and semis, #1 market share in investment grade corporate bonds, =#1 market share in interest rate swaps, #1 market share in OIS, #1 market share in asset-backed
bonds – 2023 Peter Lee Associates Fixed Income Survey, ranking against all banks. 2 Corporate cash management platform. 3 Compared to Sep-23. 4 Compared to FY23. 5 Based on Sep-24 APRA
ADI statistics. 6 Bloomberg Australian Bonds League table (excluding self-led issuance), YTD as at 27 September 2024. 7 #1 most useful analysis of economy, most useful interest rate forecasts and
trend analysis, most useful written materials on strategies and recommendations – 2024 Peter Lee Associates Interest Rate Derivatives survey, ranking against all banks.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
CUSTOMER ADVOCACY SCORE
UP 5
WIB ROTE
14%
LENDING
9%
3
NIM EX MARKETS 2.10%,
4bps
4
#1 IN GOVERNMENT
DEPOSITS
5
#1 AUD BOND
LEAGUE TABLE
6
#1 ECONOMICS
& RESEARCH
7

10Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
NEW ZEALAND: SUPPORTING CUSTOMERS
1 Compared to Sep-23. 2 For business, mortgages and personal loans. 3 Compared to FY23.
CUSTOMER FOCUS
•Proactive engagement with customers needing support
•Digital acceptance rolled out
2
, turnaround times ~5 days to < 1 day
•Investment in technology resilience, incidents down 33%
3
CHALLENGING OPERATING CONDITIONS
•Low growth environment
−Mortgages up 3%
1
−Business lending up 2%
1
•Credit quality resilient
NEW ZEALAND AGRI
AND INSTO NPS #2
$4bn IN SUSTAINABLE
FARM & BUSINESS LOANS
LENDING
3%
1
NIM 2.17%,
4bps
3

SUPPORT AND SAFETY
11Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1 Includes accounts in hardship for Australian Consumer and Business segments. 2 In the 90 days to 30 Sep-24. 3 Since launch in Jun-24. 4 Figure includes commercial sponsorships and foregone
fee revenue. 5 Since launching in Mar-24. 6 Since launching in Jun-24.
ENHANCING SAFETY
SUPPORTING CUSTOMERSSUPPORTING THE COMMUNITY
~$330M
cost to provide cash services
$177M
in community investments
4
>1BN POINTS REDEEMED
through Pay with Points
3
$237M
customer scams stopped
$150M
in payments abandoned
thanks to Saferpay alerts
5
$1.7M
in customer scam losses
6

averted via Verify checks
47,500
support packages
1
>1M
customers using
money management tools
2
LAUNCHED SUSTAINABLE
UPGRADES LOAN
home and investor loans

12
PROGRAM OBJECTIVES
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
UNITE: TECHNOLOGY SIMPLIFICATION: BUSINESS LED, TECHNOLOGY ENABLED
These objectives are ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 120.
1 Organisational Health Index.
•Governance model established and operating
•Initiatives consolidated to 61 from ~85
•39 initiatives commenced; 2 complete
•Deposit processor consolidation confirmed (3 to 1)
UNITE investment:
•35-40% of total investment over FY25 to FY28
•~75% of spend to be expensed
FY24 PROGRESS
UNITE INITATIVES UNDERWAY AND PLANNED FOR FY25
5
Mar-24
39
Sep-24
c.50
FY25
BETTER
CUSTOMER
EXPERIENCE
1
NPS 
IMPROVED
EMPLOYEE
EXPERIENCE
2
OHI
1

INCREASED
SHAREHOLDER
RETURN
3
CLOSE CTI
GAP TO
PEERS

UNITE EXAMPLE: ELECTRONIC IDENTITY VERIFICATION
13
CONSOLIDATING
22 PROCESSES TO 1
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 120.
•Quicker and easier way to
complete ID checks
•Improved success rate
•Faster and easier to onboard
and serve customers
•More time for quality
customer conversations
•Initiative cost ~$25m
•Estimated savings $15m p.a.
BETTER
CUSTOMER EXPERIENCE
IMPROVED
EMPLOYEE EXPERIENCE
INCREASED
SHAREHOLDER RETURN
123
EXPECTED OUTCOMES
18 PROCESSES
COMPLETED IN 2024
BIOMETRICS
ENABLED

$5.1bn
$3.6bn
Total impairment provisionsECL base case
14
CAPITAL
8.1
9.0
12.5
Sep-09Sep-14Sep-24
CREDIT IMPAIRMENT PROVISIONS
LIQUID ASSETSFUNDING COMPOSITION
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
STRONG FINANCIAL POSITION
1 Wholesale funding with a residual maturity of less than 12 months.
Sep-24CET1 capital ratio (%)
57%
60%
67%
20%
16%
15%
15%
17%
11%
$468bn
$680bn
$1tn
Sep-09Sep-14Sep-24
$74bn
$134bn
$201bn
13%
17%
19%
Sep-09Sep-14Sep-24
Liquid assets as a % of total assets
$1.5bn above
base case
Equity
Short term
wholesale
1
Long term
wholesale
Customer
deposits

15
CAPITAL RETURNS
•CET1 capital ratio 12.5%
−Proforma 12.1%
1
, $2.7bn of capital above top end
of target range
2
•On market share buyback program:
−FY23 and 1H24
3
: $2.5bn, 23% remaining
4
−2H24 increase: $1.0bn
5
•1H24 special dividend $0.5bn, 15cps fully franked
REDUCING SHARE COUNT THROUGH BUYBACKS (#BN)
3.3
3.4
3.5
3.6
3.7
Sep-21Sep-22Sep-23Sep-24
ORDINARY DIVIDENDS
•FY24 payout ratio of 73%
6
•Payout ratio range 65 – 75%
•Dividend yield 4.8%
7
, fully franked 6.8%
7
•Neutralise DRP
ORDINARY DIVIDENDS PER SHARE (CENTS)
70
75
72
76
142
151
FY23FY24
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
CAPITAL AND DIVIDENDS
1 After remaining buyback, $1.7bn. 2 CET1 ratio target range 11.0%-11.5%. 3 $1.5bn announced in Nov-23 and $1.0bn announced in May-24. 4 As at 4-Nov-24. 5 Subject to market conditions.
6 Excluding Notable Items. 7 Based on 30-Sep-24 closing price of $31.72.
Interim dividendFinal dividend
$3.5bn
(off market)
$1.5bn
$1.0bn
$1.0bn
Up 6%
Down 6% to 30-Sep-24

MICHAEL ROWLAND
CHIEF FINANCIAL OFFICER

2H24 FINANCIAL PERFORMANCE
17
1H242H24Change
Net profit$3,342m$3,648m9%
Earnings Per Share96c105c10%
Excluding Notable Items:
Net profit$3,506m$3,607m3%
Revenue$10,816m$10,947m1%
Expenses($5,395m)($5,549m)3%
Pre-provision profit$5,421m$5,398m-
Impairment charges to average loans annualised9 bps4 bps(5 bps)
Cost to income ratio50%51%81 bps
Return on tangible equity11.0%11.4%43 bps
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

NOTABLE ITEMS
18
1 For further details of Notable Items refer to page 40.
Notable Items
1
($m after tax)1H242H24
Asset sales and revaluations--
Provisions for remediation, litigation, fines and penalties--
Restructuring costs--
Assets write-downs--
Hedging items(164)41
Total Notable Items(164)41
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

2H24-1H24 NET PROFIT ($M)
1
19
3,545
3,506
214
187
3,607
(83)
(154)
(63)
2H231H24Net interest
income
Non-interest
income
ExpensesImpairment
charges
Tax
& NCI
2H24
1 Excludes the impact of Notable Items. 2 Non-controlling interests.
2
Pre-provision profit flat
3% higher
1% lower
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

NET LOANS ($BN)
20
773.3
784.8
11.7
6.1
7.6
1.2
806.8
(0.3)
(4.4)
Sep-23Mar-24MortgagesBusinessInstitutionalNew
Zealand
(in A$)
PersonalPortfolios in
runoff
Sep-24
Chart may not add due to rounding.
1 Excluding RAMS. 2 RAMS and Auto finance.
Up 1%
Up $1.3bn
in NZ$
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1
2
Up 3%

641.0
650.9
13.2
3.7
5.0
0.8 673.6
Sep-23Mar-24ConsumerBusiness
& Wealth
WIB & TreasuryNew Zealand
(in A$)
Sep-24
DEPOSIT GROWTH ($BN)
21
Up 2%
Up $0.8bn
in NZ$
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Up 3%

NET INTEREST MARGIN (%)
22
1.83
1.80
1.83
0.11
0.14
0.13
(0.05)
0.01
1.94
1.89
-
3bps
2bps
6bps
1.97
(1bp)
(1bp)
(1bp)
2H231H24LoansDepositsWholesale
funding
Capital
& Other
Liquid
assets
Treasury
& Markets
Notable
Items
2H24
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Exit refers to Core NIM for the month ended. Sep-24 Exit Core NIM adjusted to exclude the impact of remediation provision
release. 3 Hedging items gain of $61m compared to 1H24 loss of $224m.
Core NIM
1
Treasury & MarketsNotable Items
Core NIM up 3bps
Sep-24 Exit Core NIM 1.83%
2
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
3
+4bps Replicating portfolio
-2bps Deposit mix
-1bp Term deposit spreads

NON-INTEREST INCOME
1
23
NON-INTEREST INCOME BY TYPE ($M)
818
842
830
225
218
223
341
365
351
75
40
(22)
1,459
1,465
1,382
2H231H242H24
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items.
OtherFeesWealthTrading

Higher technology
services costs and
wages and salaries
2H24 EXPENSES ($M)
1
24
5,244
5,395
465
34
46 5,549
(391)
2H231H24Ongoing
expenses
Cost reset
benefits
UNITEInvestments
(ex UNITE)
2H24
1 Excludes the impact of Notable Items.
3% increase
3% increase
Simpler operating
model
Reduced property
footprint
Seasonally higher
investment spend
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
UNITE investment
$114m, 57% expensed

25
RISK & REGULATORY
•Payments infrastructure
•Cyber capability and customer fraud and scams
protection
•CPS230 operational risk management
GROWTH AND PRODUCTIVITY
•Digital enhancements
•Development of Westpac One
1
and Biz Edge
2
UNITE: Continued planning; commenced execution
INVESTMENT SPEND ($M)
INVESTMENT SPEND
1 Corporate cash management platform. 2 Integrated business lending origination platform. 3 Includes capitalised software, fixed assets and prepayments.
1,194
1,059
728
550
147
1,922
1,756
FY23FY24
Investment spendFY23FY24
Total expensed42%56%
Capitalised
3
58%44%
Capitalised software ($m)2,7972,675
Amortisation expense ($m)621889
Avg amortisation period (years)3.63.1
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Risk &
regulatory
Growth &
productivity
UNITE
Down 9% due to completion
of large programs in 2023

26
0.11
0.12
0.16
0.39
0.46
0.47
0.22
0.24
0.23
0.54
0.54
0.59
1.26
1.36
1.45
Sep-23Mar-24Sep-24
AUSTRALIAN MORTGAGE DELINQUENCIES (%)
1.12
1.82
0.67
0.00
1.00
2.00
3.00
4.00
Sep-20Sep-21Sep-22Sep-23Sep-24
AUSTRALIAN UNSECURED DELINQUENCIES (%)
1
2.40
1.23
0.00
1.50
3.00
4.50
6.00
Sep-20Sep-21Sep-22Sep-23Sep-24
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY
1 Excludes auto finance portfolio which is in runoff.
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
30+ day delinquencies90+ day delinquencies
90+ ex RAMS & 6 mth serviceability hold-out period
30+ day delinquencies90+ day delinquencies
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

CAP to credit RWA of 1.32%, down 6bps
Overlays reduced $81m
CAP $33m lower
•Runoff of auto finance balances
•Lower cards balances
IAP increased $75m due to single names in
manufacturing and transport
27
IMPAIRMENT PROVISIONS $1.5BN ABOVE BASE CASE ($M)
Forecasts for
base case ECL
Base caseDownside
20242025
Trough/
peak
3
GDP growth1.5%2.4%(6%)
Unemployment4.3%4.6%11%
Residential property prices5.7%4.0%(27%)
Commercial property prices(11.5%)1.3%(32%)
351
461
536
1,061
1,231
1,223
2,405
2,478
2,390
692
705
768
432
260
179
4,941
5,135
5,096
Sep-23Mar-24Sep-24
Overlays
Stage 3 IAP
Stage 3 CAP
Stage 1 CAP
Stage 2 CAP
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

CREDIT IMPAIRMENT CHARGE COMPOSITION ($M)
28
121
213
210
(104)
(120)
(163)
222
211
275
19
58
(147)
258
362
175
2H231H242H242H231H242H242H231H242H242H231H242H242H231H242H24
TOTALINDIVIDUALLY ASSESSED PROVISIONS (IAP)COLLECTIVELY ASSESSED PROVISIONS (CAP)
New IAP
Write-backs
& recoveries
Write-offs
direct
Other movement
in CAP
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Overlays no
longer required
Higher Cards & Personal
Loans recoveries

12.38
12.55
83bps
1bps
18bps
12.49
12.11
(60bps)
(34bps)
(14bps)
(38bps)
Sep-23Mar-24Net profitOrdinary
dividend
RWAOp risk
overlay
reduction
Capital
return
OtherSep-24Sep-24
Pro forma
CAPITAL ABOVE TOP END OF TARGET OPERATING RANGE
29
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 and May-24.
1
IRRBB: 16bps
Market: 5bps
Credit: (19bps)
Buyback: $1.7bn
2

CET1 CAPITAL RATIO %
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Buyback: (22bps)
Special dividend: (12bps)

1H25 CONSIDERATIONS
30
•System credit growth similar to 2H24
•Mortgage competition and deposit mix shift continuing
•Replicating portfolio benefit slightly lower
Westpac Group 2024 Full Year 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 Annual Report and elsewhere in this presentation.
REVENUE
EXPENSES
•Increased investment in UNITE, ~75% expensed
•Wage growth and inflation moderating
•Technology services cost pressures ongoing
•Focus on productivity continues
CREDIT QUALITY &
BALANCE SHEET
•Credit quality sound, expect modest deterioration
•Retain strong balance sheet settings

PETER KING
CHIEF EXECUTIVE OFFICER

UNEVEN CASH FLOW CONDITIONS BY INDUSTRY
•Growing population has
supported certain industries
•Consumer led slowdown has
weighed on discretionary
sectors
-4-20246
Recreation Services
Accommodation,...
Wholesale Trade
Property &...
Manufacturing
Education
(10)
(5)
-
5
10
15
Q1Q2Q3Q4Q1Q2Q3
Change in share of business with positive cashflow, rolling 6-month average (ppts)
32
BUSINESS CASH FLOW TRENDS
•Commercial – consistent
improvement
•SME – more challenged
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
AUSTRALIAN ECONOMY: BUSINESS
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 120.
1 Source: Westpac Economics, Macrobond.
32
20232024
Income to expense (including debt servicing costs) ratio, annual % change
SME
Commercial
Education
Manufacturing
Property & Property
Services
Recreation Services
Wholesale Trade
Accommodation,
Cafes & Restaurants

Australia20232024F2025F
GDP
2
1.61.52.5
Cash rate
3
4.354.353.35
Unemployment rate
3
3.94.34.6
Total credit growth
4
4.85.75.7
Housing
4
4.25.25.4
Business
4
6.57.27.0
33Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
ECONOMY: OUTLOOK IMPROVING
1
This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 120.
1 Source: Westpac Economics 2 Through the year growth rates. 3 End of period. 4 Annual growth.
33
New Zealand20232024F2025F
GDP
2
--2.3
Cash rate
3
5.504.253.50
Unemployment rate
3
4.55.35.5
Total credit growth
4
2.23.04.2
Housing
4
3.03.75.4
Business
4
0.61.92.0

FY24
HIGHLIGHTS
DISCIPLINED
PERFORMANCE
IMPROVING CUSTOMER
SERVICE
STRONG BALANCE SHEET,
RETURNING CAPITAL
34Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

INVESTOR
DISCUSSION PACK

$6,990m
Net Profit, down 3%
on FY23
13 million
Customers across the
Group
80
Organisational Health
Index, +5 on FY23
$237m
Stopped or recovered in
customer scam losses
in FY24
86%
Reduction in scope
1 and 2 emissions from
our 2021 baseline
7
$5.7bn
To be returned to
shareholders via
dividends
#1
Mobile Banking App
1
49%
Women in senior
leadership
2
$177m
In community
investments
4
12.5%
Common equity tier 1
capital ratio, comfortably
above top of operating
target range
+$34bn
Loans
35,240
Employees
3
$37.9m
Spent with diverse
suppliers
5
100%
Sourcing equivalent of
100% of our electricity
from renewables
globally
7
11%
Return on tangible
equity, down 38 bps
+$33bn
Customer deposits
$6bn
Paid to our people
100
New scholarships
awarded in FY24,
820+ active scholars
6
$29bn
Contributed to
sustainable finance
lending in FY24
5
13
Targets set, covering all
our NZBA emission
intensive sectors
5
CREATING VALUE FOR OUR SHAREHOLDERS, CUSTOMERS, PEOPLE, COMMUNITY
AND ENVIRONMENT IN FY24
36
OVERVIEW
1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024. 2 Senior leadership includes executive team, general managers and their direct reports (excluding administrative or support roles).
3 Full time equivalent at 30 Sep-24. 4 Includes the contribution of commercial sponsorships and foregone-fee revenue. 5 Refer to the FY24 Sustainability Index and Datasheet for more information on the definitions and
additional metrics. 6 Scholarships were awarded by Westpac Scholars Trust. Westpac Group provides support to Westpac Scholars Trust. While Westpac was involved in establishing this trust, it is a non-profit organisation
that is separate to the Westpac Group. 7 Estimated from Sep-24.
SHAREHOLDERSCUSTOMERSOUR PEOPLECOMMUNITYENVIRONMENT
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

EARNINGS DRIVERS

7,195
173
7,237
502
111
707,113
6,990
(131)
(141)
(666)
(123)
FY23Notable
Items
Businesses
sold
FY23 ex
Notable
Items and
businesses sold
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
FY24 ex
Notable
Items
Notable
Items
FY24
FY24 NET PROFIT
EARNINGS
Down 3%
Down 2% ex Notable Items and businesses sold
AIEA up 3% due to loan growth.
Core NIM down 4bps, Treasury
& Markets NIM up 3bps
Higher software amortisation, technology
expenses and one-off costs, partly offset by
cost reset initiatives
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack38
NET PROFIT FY23 – FY24 ($M)
Hedging
items only
Provisions for remediation,
restructuring costs, asset
write-downs, asset sales
and hedging items
Lower Markets income from
lower FX trading, partly offset by
higher Institutional lending fees

3,342
1643,506
214
187
3,607
413,648
(83)
(154)
(63)
1H24Notable
Items
1H24 ex
Notable
Items
Net
interest
income
Non
interest
income
ExpensesImpairment
charges
Tax &
NCI
2H24 ex
Notable
Items
Notable
Items
2H24
2H24 NET PROFIT
EARNINGS
Up 9%
Up 3% ex Notable Items
AIEA up 1% due to loan growth.
Core NIM up 3bps,
Treasury & Markets NIM down 1bp
Lower Markets income from a
reduction in FX revenue and lower
Institutional lending fees following a
strong first half
Higher technology costs,
wages and salaries and
UNITE costs
39
NET PROFIT 1H24 –2H24 ($M)
Lower CAP charge from a
reduction in overlays and
lower IAP’s from an
increase in write-backs
Hedging
items only
.
.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Hedging
items only
.
.

40
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:
−The impact of asset sales and revaluations
−Provisions for remediation, litigation, fines and penalties
−Restructuring costs
−The write-down of assets (including goodwill and capitalised software)
•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
HEDGING ITEMS ($M)
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
SINGLE MEASURE OF PERFORMANCE – NET PROFIT AFTER TAX
EARNINGS
1 Peers disclose these items as ‘cash earnings adjustments’. 2 Items unwind to zero over time.
105
243
(544)
(94)
200
185
233
(78)
52
(164)
41
2H191H202H201H212H211H222H221H232H231H242H24
Notable Items
($m after tax)1H242H24FY23FY24
Asset sales and revaluations--256-
Provisions for remediation, litigation,
fines and penalties
--(176)-
Restructuring costs--(140)-
Asset write-downs--(87)-
Hedging items(164)41(26)(123)
Total Notable Items(164)41(173)(123)

58
24
18
Households
Businesses
Institutional
41
COMPOSITION OF GROSS LOANS (% OF TOTAL)COMPOSITION OF CUSTOMER DEPOSITS (% OF TOTAL)
MOVEMENT IN GROSS LOANS ($BN)MOVEMENT IN CUSTOMER DEPOSITS ($BN)
GROUP LOANS AND DEPOSITS
778
789
12
0
12
1
2
811(4)
Sep-23Mar-24HousingPersonalBusiness
and WIB
NZ (A$)Other
overseas
(A$)
Businesses
closed
Sep-24
$674bn
Up 4%
Up 3%
62
12
12
1
8
4
1
Australian mortgages
Australian business
Institutional
Australian personal
New Zealand mortgages
New Zealand business/other
Other overseas
$811bn
651
641
10
103
3674
(3)
Sep-23Mar-24Term
deposits
SavingsTran-
saction
Mortgage
offset
Non-
interest
bearing
Sep-24
Up 5%
Up 3%
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1 Only includes Australian lending. 2 A$. Increase in local currency was NZ$1.3bn. 3 Includes a contraction of $3.5bn in RAMS and $0.9bn in auto finance.
3
2
Charts may not add due to rounding
1

559
569
12
1
577
(1)
(3)
Sep-23Mar-24Australian
mortgages
New
Zealand
mortgages
PersonalRAMSSep-24
BUSINESS AND INSTITUTIONAL LENDING ($BN)
218
220
6
8
234
1
(1)
Sep-23Mar-24Australian
business
New
Zealand
business
WIBAuto
finance
Sep-24
MORTGAGES AND PERSONAL LENDING ($BN)
AUSTRALIAN MORTGAGES ($BN)
486
495
35
4
503
(19)
(9)
(3)
Sep-23Mar-24New loans
ex
refinance
Net
refinance
Property
sales and
others
PaydownsRAMSSep-24
GROWTH IN LENDING
REVENUE
1 A$. Increase in local currency was NZ$0.6 billion. 2 Closed to new business. 3 A$. Increase in local currency was NZ$0.7 billion.
Up 7%
Up 6%
3
Up 4%
Up 2%
Up 3%
Up 1%
42
AUSTRALIAN HOUSING CREDIT GROWTH (%)
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
Sep-22Mar-23Sep-23Mar-24Sep-24
Westpac (ex. RAMS)ADI System
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1
2
2
2
Charts may not add due to rounding

29%29%
29%
31%
32%
32%
19%
19%
18%
9%
9%
9%
12%
11%
11%
Sep-23Mar-24Sep-24
Term depositsSavingsTransactionMortgage offsetNIB deposits
308
321
334
141
141
144
116
115
120
74
72
73
2
1
2
641
651
674
Sep-23Mar-24Sep-24
ConsumerBusiness & WealthWIBNew ZealandOther
CUSTOMER DEPOSITS BY TYPE (%)
1
CUSTOMER DEPOSITS BY SEGMENT ($BN)
GROWTH IN DEPOSITS
REVENUE
1 Comparatives have been restated to reflect a reclassification of some savings deposits into transactions and non-interest-bearing deposits. 2 Non-interest bearing (NIB). 3 Mix of Consumer
savings accounts. Behavioural savings largely reflects Westpac Life and St. George Incentive Saver, other savings largely reflects Westpac E-saver and St.George Maxi.
2
674651641
43
AUSTRALIAN HOUSEHOLD DEPOSIT GROWTH (%)
AUSTRALIAN HOUSEHOLD SAVINGS DEPOSIT MIX (%)
3
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Charts may not add due to rounding
56
62
65
80
85
44
38
35
20
15
Sep-20Sep-21Sep-22Sep-23Sep-24
Behavioural savingsOther savings
Charts may not add due to rounding
-1.0%
0.0%
1.0%
2.0%
3.0%
Sep-22Mar-23Sep-23Mar-24Sep-24
WestpacADI System

1.80
1.83
0.14
0.13
(0.05)
1.89
3bps
2bps(1bp)
6bps
(1bp)
-
(1bp)
1H24LoansDepositsWholesale
funding
Capital &
Other
Liquid
assets
Treasury
& Markets
Notable
Items
2H24
Core NIMTreasury & MarketsNotable Items
NET INTEREST MARGIN (%)
AUSTRALIAN DEPOSIT BALANCES
5
BY INTEREST RATE
BANDS ($BN)
78
8585
252
74
77
52
306
73
77
49
331
Sep-23Mar-24Sep-24
NET INTEREST MARGIN
REVENUE
1 Net interest margin excluding Notable Items, Treasury & Markets. 2 Exit refers to Core NIM for the month ended. Sep-24 Exit Core NIM adjusted to exclude impact of remediation provision release. 3 Domestic deposit hedge
increased from $62bn to $72bn in September 2024. 4 The moving average hedge rate on equity and non-rate sensitive deposits. Spot rate represents the average rate for September 2024. 5 A$ balances and excludes
mortgage offset balances. Prior period numbers have been revised.
Composition
of NIM (%)

1H242H24FY23FY24
Core NIM1.801.831.861.82
Treasury & Markets0.140.130.100.13
Core NIM,
Treasury & Markets
1.941.961.961.95
Notable Items:
Hedging
(0.05)0.01(0.01)(0.02)
NIM1.891.971.951.93
1
≤25bps26≤200bps201≤400bps401bps+
44
Sep-24 Exit Core NIM 1.83%
2
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
REPLICATING PORTFOLIO (RP) AND EQUITY HEDGE (%)
Sep 24
balance
FY24 avg
rate
4
Spot rate
4
Investment
term
Equity hedge$55bn2.79%3.30%3 years
Domestic deposit hedge
3
$72bn2.62%3.22%4 years
0.00
1.00
2.00
3.00
4.00
5.00
Sep-20Sep-21Sep-22Sep-23Sep-24
RBA OCR
3M BBSW
Equity hedge rate
RP hedge rate
0.01
+4bps Replicating portfolio
-2bps Deposit mix
-1bp Term deposit spreads
-1bp Other
1.97

NET FEE INCOME BY SEGMENT ($M)
TOTAL MARKETS INCOME ($M)
2
NON-INTEREST INCOME BY TYPE ($M)
1
NON-INTEREST AND MARKETS INCOME
REVENUE
1 Excluding Notable Items. 2 Includes Markets net interest income.
45
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
818
842
9
7
18830
(29)
(17)
2H231H24ConsumerBusiness
& Wealth
WIBNew
Zealand
Other2H24
16
499
490
439
(29)
(35)
(3)
2H231H24Fixed
income
FX,
Commodities
and Carbon
DVAOther2H24
818
225
341
75
842
218
365
40
830
223
351
-22
FeesWealth
management
TradingOther
2H231H242H24
NON-INTEREST INCOME BY DIVISION ($M)
1
251
415
663
134
6
255
409
666
131
13
273
389
599
148
-14
ConsumerBusiness &
Wealth
WIBNZ (NZ$)Other
2H231H242H24

5,244
5,395
465
34
46 5,549
(391)
2H231H24Ongoing
expenses
Cost reset benefitsUNITEInvestments
(ex UNITE)
2H24
EXPENSES
EXPENSES 1H24 – 2H24 ($M)
1
EXPENSES
Higher technology costs and
wages and salaries
46
3% increase
3% increase
Seasonally higher
investment spend
2H24 UNITE investment
$114m, 57% expensed
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
1 Excludes the impact of Notable Items in 2H23.
Cost Reset benefits including:
•Simpler operating model
•Reduced property footprint

UNITE INITIATIVES UNDERWAY AND PLANNED FOR FY25
47Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
UNITE
This page contains ‘forward looking statements’. Please refer to the disclaimer on page 120.
1 Out of 61 initiatives.
5
Mar-24
39
Sep-24
c.50
FY25
Consolidated 18 out of 22 electronic identity
verification processes
Consolidated 2 platforms supporting financial
markets into 1 strategic platform
More than 200 Applications decommissioned
Commenced consolidation of our Australian
customer masters into one
Decommissioned 4 legacy systems across Business
Lending, Data Platforms and WIB
FY24 ACHIEVEMENTSFY25 FOCUS
Digital Banker: platform integrating banker tools
and features
Mortgage system consolidation and multiple offset
account features for all Westpac customers
Group Operations workflow simplification
Digital personal loan originations
Collections platform simplification from 7 to 1
1

UNITE GOVERNANCE & OVERSIGHT
48Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Business
TechnologyData
3-IN-A-BOX OPERATING MODEL
LINE 2 ASSURANCE
2LOD capability
bolstered by
external advisors
3rd
2nd
1st
BOARD
Director engagement and regular Board
reporting at every meeting
EXECUTIVE LEADERSHIP
Monthly risk and performance tracking
to committed outcomes
PROGRAM LEADERSHIP
A team of 30+ cross functional experts
focused on initiative delivery with external
partner providing technical advice to
support the program and Board
DIVISIONAL DELIVERY
UNITE

121
213
210
(104)
(120)
(163)
222
211
275
19
58
(147)
258
362
175
2H231H242H242H231H242H242H231H242H242H231H242H242H231H242H24
IMPAIRMENT CHARGES ($M)
49
IMPAIRMENT CHARGES AND STRESSED EXPOSURES (BPS)
7
145
-50
50
150
250
350
-20
0
20
40
60
80
100
2009201020112012201320142015201620172018201920202021202220232024
Impairment charge to average loans annualised (lhs)Stressed exposures to TCE (rhs)
IMPAIRMENT CHARGES COMPOSITION
IMPAIRMENT CHARGES
New
IAPs
Write-backs
& recoveries
Write-offs
direct
Other movements
in CAP
Individually assessedCollectively assessed
Total
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Higher Cards & Personal
Loans recoveries
Overlays no longer
required

CREDIT QUALITY
AND PROVISIONS

5,096
3,571
7,207
Reported
probability-weighted
ECL
100%
base case ECL
100%
downside ECL
Forecasts for
base case ECL
2
Base caseDownside
20242025
Trough /
peak
3
GDP growth1.5%2.4%(6%)
Unemployment4.3%4.6%11%
Residential property prices5.7%4.0%(27%)
Commercial property prices(11.5%)1.3%(32%)
452
351
461
536
947
1,061
1,231
1,223
1,691
2,405
2,478
2,390
845
692
705
768
700
432
260
179
4,635
4,941
5,135
5,096
Sep-22Sep-23Mar-24Sep-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 23 September 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.
Decrease from
partial release of
mortgage related
overlays
Driven by
manufacturing,
transport and
storage sectors
Increase due to
growth in business
and mortgage
lending
51
$1.5bn in provisions
above the base case ECL
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Decrease due to the
runoff of closed
businesses and
transfers to stage 3

KEY RATIOS
Sep-23Mar-24Sep-24
Provisions to gross loans (bps)636563
Impaired asset provisions
to impaired assets (%)
434741
Collectively assessed provisions
to credit RWA (bps)
135138132
PROVISIONING TO TCE (%)
EXPOSURES AS A % OF TCE
PROVISION COVER
CREDIT QUALITY
0.72
0.82
0.86
15.75
16.33
15.26
83.53
82.85
83.88
Sep-23Mar-24Sep-24
Stage 3Stage 2Stage 1
Sep-23Mar-24Sep-24
Stage 10.070.070.07
Stage 2
Non-stressed1.211.091.10
Stressed8.748.847.94
Stage 3 (non-performing)
Not impaired11.4811.4410.48
Impaired43.4846.6041.28
Total0.410.410.41
52Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Stage 3 – Higher
impaired balances and
90+ mortgage
delinquencies
Stage 2 – Decrease due
to the loan runoff in
closed businesses and
transfers to stage 3
Stage 1 – Lending
growth, mostly in
mortgages and business

53
TOTAL COMMITTED EXPOSURE (TCE) BY RISK GRADE AT 30 SEPTEMBER 2024 ($M)
Standard and Poor’s risk grade
1
AustraliaNZ / PacificOther overseasGroup% of total
AAA to AA-
207,96821,73012,611242,309
19%
A+ to A-
42,6637,66310,78861,114
5%
BBB+ to BBB-
81,47910,6279,301101,407
8%
BB+ to BB
88,73814,799284103,821
8%
BB- to B+
52,7968,61523061,641
5%
<B+
8,4922,4876111,040
1%
Mortgages
567,12374,074- 641,197
52%
Other consumer products
26,2613,551- 29,812
2%
TCE
1,075,520143,54633,2751,252,341
TCE at 30 September 2023
1,040,292143,75133,5411,217,584
Exposure by region
2
(%)
86%11%3%100%
TOP 10 INSTITUTIONAL EXPOSURES TO CORPORATIONS
AND NBFIS
3
(% OF TCE)
1.2
1.1
1.1
1.2
Sep-21Sep-22Sep-23Sep-24
TOP 10 EXPOSURES TO CORPORATIONS & NBFIS
AT 30 SEPTEMBER 2024 ($M)
4
06001,2001,8002,400
A
A-
A-
A
A
BBB
A-
A-
A-
AA-
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
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

0.19
0.13
0.11
0.16
0.47
0.32
0.39
0.47
0.21
0.19
0.22
0.23
0.49
0.43
0.54
0.59
1.36
1.07
1.26
1.45
Sep-21Sep-22Sep-23Sep-24
ImpairedNon-performing, 90+ days
Non-performing, <90 daysWatchlist & substandard
MOVEMENT IN STRESS BY SEGMENT (BPS)
126
11
3
3
2
145
Sep-23ConsumerBusiness &
Wealth
WIBNew
Zealand
Sep-24
NEW AND INCREASED GROSS IMPAIRED ASSETS ($M)
897
222
222
174
284
864
614
208
193
417
FY20FY21FY22FY23FY24
1H2H
STRESSED EXPOSURES AS A % OF TCE
CREDIT QUALITY METRICS
CREDIT QUALITY
54
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
PropertyWholesale
&
retail trade
ServicesManufacturingAgriculture,
forestry &
fishing
Property &
business
services
UtilitiesTransport
&
storage
ConstructionAccommodation
cafes &
restaurants
Mining
Sep-23Mar-24Sep-24
CORPORATE AND BUSINESS STRESSED EXPOSURES BY INDUSTRY SECTOR (%)
EXPOSURE AND CREDIT QUALITY BY SECTOR
Sector
Finance &
Insurance
1
Property
2
Wholesale &
retail tradeServices
3
Manufacturing
Agriculture,
forestry &
fishing
Property &
business
servicesUtilities
Transport &
storageConstruction
4
Accomm,
cafes &
restaurantsMining
TCE ($bn)
Sep-24162.885.531.825.925.425.425.223.620.713.711.77.9
Mar-24195.482.231.124.625.424.324.020.620.513.111.57.6
Stressed (%)
5,6
Sep-240.12.75.63.84.15.03.10.12.24.94.14.1
Mar-240.12.65.23.03.15.22.80.51.15.73.75.2
Impaired (%)
6
Sep-240.00.10.80.40.90.50.40.00.40.70.20.2
Mar-240.00.10.70.40.60.30.50.00.10.60.30.1
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.
55Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
Downgrades of a small
number of customers
Large single name
downgrade
Large single
name downgrade

Sep-23
5
Mar-24Sep-24
TCE ($bn)80.782.285.5
% of Group TCE6.636.636.83
Lending ($bn)63.465.268.8
Median risk grade
(S&P equivalent)
BB-BB-BB
% of portfolio graded
as stressed
3,4
2.622.572.66
% of portfolio
impaired
4
0.080.070.09
COMMERCIAL PROPERTY PORTFOLIO COMPOSITION (TCE) (%)
29
8
49
14
Investors &
developers <$10m
Developers >$10m
Investors >$10m
Diversified property
groups and property
trusts
17
13
7
7
3
8
45
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
•85% fully secured
2
COMMERCIAL PROPERTY EXPOSURES
(% OF TCE)
6.2
6.4
6.66.6
6.8
Sep-21Sep-22Sep-23Mar-24Sep-24
COMMERCIAL PROPERTY PORTFOLIO
COMPOSITION (TCE) (%)
20
25
18
17
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
56Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

CONSTRUCTION
Sep-23
3
Mar-24Sep-24
TCE ($bn)12.913.113.7
% of Group TCE1.061.051.10
Lending ($bn)7.67.68.3
% of portfolio graded
as stressed
1,2
6.855.754.93
% of portfolio
impaired
2
0.610.620.72
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
6117
22
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
23
17
9
5
5
29
12
Building
construction
Installation services
Site prep services
Structure services
Completion services
Other services
Non-building
construction
COMMERCIAL PROPERTY – OFFICE
Sep-23
3
Mar-24Sep-24
TCE ($bn)17.717.017.2
% of Group TCE1.451.371.38
Lending ($bn)14.914.915.0
Median risk grade
(S&P equivalent)
BB-BB-BB-
% of portfolio
graded as stressed
1,2
2.352.383.89
% of portfolio
impaired
2
0.100.140.28
•Office exposure has reduced to 1.4% of
Group TCE in Sep-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 >$10m TCE
•Tightened risk appetite settings for lower
grade office assets since start of COVID-19
S&P EQUIVALENT RISK GRADE
4
28
42
22
4
A+ to A-
BBB+ to BBB-
BB+ to BB
BB- to B+
<B+
SECTORS IN FOCUS: COMMERCIAL PROPERTY – OFFICE; CONSTRUCTION
CREDIT QUALITY
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Prior periods have been restated.
57
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

Sep-23
3
Mar-24Sep-24
TCE ($bn)10.811.511.7
% of Group TCE0.890.930.94
Lending ($bn)9.29.810.2
% of portfolio
graded as stressed
1,2
3.703.754.08
% of portfolio
impaired
2
0.370.340.23
58
RETAIL TRADE
Sep-23
3
Mar-24Sep-24
TCE ($bn)12.812.012.4
% of Group TCE1.050.970.99
Lending ($bn)8.47.68.5
% of portfolio
graded as stressed
1,2
3.654.716.05
% of portfolio
impaired
2
0.591.221.21
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
47
22
31
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
50
24
26
Personal and
household
goods retailing
Motor vehicle
retailing and
services
Food retailing
ACCOMMODATION, CAFES AND
RESTAURANTS
PORTFOLIO SECURITY COMPOSITION
(TCE) (%)
86
10
4
Fully secured
Partially secured
Unsecured
PORTFOLIO BY SUB-SECTOR
(TCE) (%)
37
38
20
5
Accommodation
Pubs, taverns
and bars
Cafes and
restaurants
Clubs
(hospitality)
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.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

59
AGRICULTURE
Sep-
23
3
Mar-
24
Sep-
24
TCE ($bn)24.124.325.4
% of Group TCE1.981.962.03
Lending ($bn)20.720.722.1
% of portfolio graded as
stressed
1,2
4.625.185.03
% of portfolio in impaired
2
0.180.260.48
MINING (INCL. OIL AND GAS)
Sep-
23
3
Mar-
24
Sep-
24
TCE ($bn)8.17.67.9
% of Group TCE0.660.610.63
Lending ($bn)2.72.73.0
% of portfolio graded as
stressed
1,2
5.205.184.08
% of portfolio in
impaired
2
0.160.120.17
AGRICULTURE PORTFOLIO
BY SUB-SECTOR (TCE) (%)
27
24
22
10
3
3
3
2
2
2
2
Dairy
Beef & sheep
Grain
Horticulture
Services to agriculture
Cotton
Viticulture
Forestry & logging
Fishing & aquaculture
Poultry
Other
MINING PORTFOLIO
BY SUB-SECTOR (TCE) (%)
23
29
15
18
1
14
Oil and gas
Metal ore
Iron ore
Mining
services
Coal
Other
SECTORS IN FOCUS: AGRICULTURE; MINING; MANUFACTURING
1 Includes impaired exposures. 2 Percentage of portfolio TCE. 3 Prior periods have been restated.
MANUFACTURING
Sep-
23
Mar-
24
Sep-
24
TCE ($bn)24.725.425.4
% of Group TCE2.032.052.03
Lending ($bn)12.112.112.7
% of portfolio graded as
stressed
1,2
3.113.114.11
% of portfolio in
impaired
2
0.420.570.90
MANUFACTURING PORTFOLIO
BY SUB-SECTOR (TCE) (%)
27
22
15
14
7
15
Food and beverage
Machinery and equipment
Petroleum, coal, chemical
and associated product
Metal product
Non-metallic mineral
product
Other
CREDIT QUALITY
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

6.5
2.2
8.7
6.6
2.2
8.8
6.3
2.2
8.5
Credit cardsPersonal loansTotal consumer finance
Sep-23Mar-24Sep-24
AUSTRALIAN CONSUMER
FINANCE PORTFOLIO
1
AUSTRALIAN CONSUMER FINANCE
90+ DELINQUENCIES (%)
0.73
2.70
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24
Credit cardsPersonal loans
AUSTRALIAN CONSUMER
FINANCE PORTFOLIO ($BN)
1
CREDIT CARD ACCOUNTS PAYING
MINIMUM REPAYMENT (%)
2
4.81
4.65
4.20
4.22
3.97
4.08
3.94
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24
AUSTRALIAN CONSUMER FINANCE
CREDIT QUALITY
1 Excludes margin lending and auto finance (in runoff). 2 Minimum repayment over at least six consecutive months. Minimum repayment defined as <=5% of each months statement cycle balance.
60
Sep-23Mar-24Sep-24
Lending ($bn)
8.78.88.5
As a % of Group loans
1.11.11.1
30+ day delinquencies

(%)
1.982.412.40
90+ day delinquencies

(%)
1.011.171.23
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

1
10
21
2
65
1
10
21
2
65
1
9
22
2
66
0
13
23
4
60
LOCIPL-I/OIPL-P&IOO-I/OOO-P&I
Sep-23 (Portfolio)Mar-24 (Portfolio)
Sep-24 (Portfolio)2H24 Flows
11
3
3
4
4
4
6
13
15
21
17
Pre-
2015
20162018202020222024
Australian mortgage portfolio
Sep-23
balance
Mar-24
balance
Sep-24
balance
2H24
flow
1
Total portfolio ($bn)
485.6495.2503.355.2
Owner occupied (OO) (%)
67.167.867.964.0
Investment property loans (IPL) (%)
31.631.031.136.0
Portfolio loan/line of credit (LOC) (%)
1.31.21.00.0
Variable rate / Fixed rate (%)
76/2485/1591/999/1
Interest only (I/O) (%)
12.812.311.817.9
Proprietary channel (%)
50.849.448.236.4
First home buyer (%)
10.811.311.813.3
Mortgage insured (%)
13.112.611.74.5
Sep-23Mar-24Sep-24
2H24
flow
1
Average loan size
2
($’000)
301309319
521
Customers ahead on repayments
including offset account balances

(%)
By accounts
798083
By balances
757780
BY PRODUCT AND REPAYMENT TYPE (%)
BY YEAR OF ORIGINATION (% OF TOTAL BOOK)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION
MORTGAGE CREDIT QUALITY
Charts may not add to 100 due to rounding.
1 Flow is new mortgages settled in the 6 months ended 30 September 2024. 2 Includes amortisation. Calculated at account level, where split loans represent more than one account.
61
Calendar year
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

17.5
21.1
27.3
28.9
22.7
10.6
7.1
5.8
5.9
17.6
18.1
20.6
24.4
21.9
11.3
7.7
7.9
7.0
Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Jun-24
Major banks ex WestpacWestpac
DEBT-TO-INCOME >=6X AT ORIGINATION (%)
AUSTRALIAN MORTGAGE PORTFOLIO COMPOSITION AND PERFORMANCE
MORTGAGE CREDIT QUALITY
Source: APRA, Westpac.
Charts may not add to 100 due to rounding.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
62
41
29
15
8
7
NSW/ACT
VIC/TAS
QLD
WA
SA/NT
PORTFOLIO BY STATE (%)
90+ DAY DELINQUENCIES BY STATE (%)
0.0
1.0
2.0
3.0
4.0
Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24
ALLNSW/ACTVIC/TAS
QLDWASA/NT
APPLICANT GROSS INCOME BAND
(2H24 DRAWDOWNS, % BY APPROVED LIMITS)
2
4
6
9
20
46
14
0
1
3
4
12
56
23
<75k75k to
100k
100k to
125k
125k to
150k
150k to
200k
200k to
500k
>500k
Owner OccupiedInvestment Property

25
20
36
12
7
0
22
17
41
12
7
1
66
14
12
6
1
0.4
0.6
0
10
20
30
40
50
60
70
80
90
100
0<=6060<=7070<=8080<=9090<=9595<=100>100
2H24 drawdowns LVR at origination
Portfolio LVR at origination
Portfolio dynamic LVR
LOAN-TO-VALUE RATIOS (%)
SERVICEABILITY ASSESSMENT CREATES A BUFFER
FOR BORROWERS
AUSTRALIAN MORTGAGE PORTFOLIO
LOAN-TO-VALUE RATIOS (LVRS) AND OFFSET ACCOUNTS
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. 4 Includes RAMS from Sep-20 onwards.
Charts may not add to 100 due to rounding
N/A
1
•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
Sep-23
balance
Mar-24
balance
Sep-24
balance
Weighted
averages
2
LVR at origination (%)
727171
Dynamic LVR
1
(%)
504949
LVR of new loans
3
(%)
677070
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack63
OFFSET ACCOUNT BALANCES
4
($BN)
39
41
46
51
53
57
63
Sep-18Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24

2
24
20
19
14
22
2
18
19
21
17
24
BehindOn time< 1mth< 6mths>2yrs
Sep-23Sep-24
(% by accounts)
CUSTOMERS AHEAD ON REPAYMENTS
2
BUFFER TO BALANCE RATIO
1
(%)
AUSTRALIAN MORTGAGE PORTFOLIO REPAYMENT BUFFERS
MORTGAGE CREDIT QUALITY
Charts may not add due to rounding.
1 Excludes Line of Credit.
Buffer equals the Current Limit less Outstanding Balance plus Offset Balance. 2 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. Measures of customers ahead on repayments for
September 2023 have been restated to reflect changes in determining account limits when calculating prepayment amounts.
11
14
9
4
6
4
17
15
Sep-23Sep-24
37
43
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
>6mths
to <2yrs
Loans ‘on time’ and <1mth ahead
18.5
19.0
19.419.4
19.7
Sep-20Sep-21Sep-22Sep-23Sep-24
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack64
33
15
18
16
16
1
>2yrs
>6mths <2yrs
<6 mths
< 1 mth
On time
Behind
Buffer = Current Limit – Outstanding Balance + Offset Balance
(% by balances)
CHANGES IN CUSTOMER BUFFERS
1
(%)
Owner-occupied variable rate customers change in buffer over
12 months (by balances)
0.0
20.0
40.0
60.0
Sep-20Sep-21Sep-22Sep-23Sep-24
IncreasedUnchangedDecreased

•Approx. $174bn of fixed-rate loans have expired or refinanced
since 1 October 2021
•Fixed-rate loans are now 9% of the Australian mortgage
portfolio and new flows are <1%
•Average fixed period for the remaining fixed-rate portfolio is
3.4 years
•$20bn fixed rate loans expiring in 1H25, with an average fixed
rate of approximately 2.8%
1
•Most remaining fixed rate borrowers are well placed to
manage higher repayments
−51% also have a variable rate loan
0.7
1.2
0.3
0.7
1.8
1.8
1.0
1.1
1.5
1.8
0.9
1.1
Sep-23Sep-24Sep-23Sep-24
FixedVariableTotal
65
PORTFOLIO BY INCOME BAND (%)
PORTFOLIO BY DYNAMIC LVR
3
(%)
Westpac Group 2024 Full Year 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 Sep-24 was $31bn. Actual expiry $28bn. 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 to 100 due to rounding
18
25
19
38
11
19
19
51
12
19
19
50
<$100k>$100k -
$150k
>$150k -
$200k
>$200k
FixedVariableTotal
73
23
3
1
0.3
65
27
6
2
0.7
66
26
6
2
0.6
0-60>60-80>80-90>90-100>100
FixedVariableTotal
FIXED RATE MORTGAGE EXPIRY SCHEDULE
($BN, FOR THE 6MTHS TO)

19
20
19
51
37
28
20
14
11
Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25Sep-25>Sep-25
ExpiredYet to expire
2

66
CREDIT POLICY AT SEPTEMBER 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 declared expenses or HEM
1
comparable expenses 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 interest 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% or >80% for Home Guarantee Scheme Loans).
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 Full Year 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 portfolioSep-23Mar-24Sep-24
90+ day delinquencies (bps):
Total portfolio
1
inc. impaired mortgages86106112
Owner occupied loans84106115
Investment property loans859999
Principal & interest loans89109115
Interest only loans546869
First Home Buyers99119120
30+ day delinquencies
total portfolio

(bps)
154181182
Sep-23Mar-24Sep-24
Customers in hardship
2

including 6mth serviceability period
(by balances, bps)
71105114
Consumer properties in possession
(number)
210190201
Impaired mortgages
(by balances, bps)
6710
Mortgage losses net of insurance

($m, for 6 months ending)
212023
Annual mortgage loss rate
3
(bps)0.70.80.9
30+ DAY AND 90+ DAY DELINQUENCIES (%)
0.67
1.12
1.82
0.0
1.0
2.0
3.0
4.0
Sep-19Sep-20Sep-21Sep-22Sep-23Sep-24
90+ dpd excl. 6 months serviceability hold-out period and RAMS
(closed to new customers)
90+ day delinquencies
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.
Months on book
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack67

68
HARDSHIP
1
BALANCES BY SUPPORT SOLUTION
(% FY24 NEW HARDSHIP ACCTS)
2
32
57
10
2
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)
1.14
0.00
0.50
1.00
1.50
2.00
2.50
Sep-20Sep-21Sep-22Sep-23
Sep-24
Non-COVID-19 supportCOVID-19 support.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
AUSTRALIAN MORTGAGE PORTFOLIO
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.
2 Charts may not add to 100 due to rounding. 3 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. 4 Includes loans where LMI applies to >70% LVR loans, for example, single industry towns.
TOTAL PORTFOLIO BY INSURANCE PROFILE
3
(%)
12
7
81
Insurance not required
(Low risk profile including loans
<80% LVR)
Not insured >80% LVR
(Policy for certain
professionals and Westpac staff)
Insured
4
(>80% LVR)

INTEREST ONLY (I/O) LENDING BY DYNAMIC LVR
1
AND
INCOME BAND (% OF TOTAL I/O LENDING)
3
1
21
9
3
36
20
7
60
30
10
<=60%60%<=80%>80%
Dynamic LVR bands (%)
<$100k
$100k – $250k
>$250k
INVESTMENT PROPERTY PORTFOLIO BY NUMBER
OF PROPERTIES PER CUSTOMER (%)
70
21
5
1
2
3
4
5
6+
SCHEDULED I/O TERM EXPIRY
2
(% OF TOTAL I/O LOANS)
15
17
17
16
20
14
0<1 Yr1<2 Yrs2<3 Yrs3<4 Yrs4<5 Yrs5<10 Yrs10 Yrs+
Investment property lending (IPL) portfolio
Sep-23Mar-24Sep-24
Investment property loans ($bn)
153153157
Weighted
averages
LVR of IPL loans at origination (%)
707070
LVR of new IPL loans in the period

(%)
687070
Dynamic

LVR
1
of IPL loans (%)
504948
Average loan size
3
($’000)
337343351
Customers ahead on repayments
including offset accounts
4
(%)
656770
90+ day delinquencies (bps)
859999
Annualised loss rate (net of insurance claims) (bps)
1.51.71.5
AUSTRALIAN MORTGAGE PORTFOLIO INTEREST ONLY
AND INVESTMENT PROPERTY LENDING
MORTGAGE CREDIT QUALITY
Charts may not add to 100 due to rounding. 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.
1
I/O portfolio $59bn (12% of portfolio)
at 30 September 2024
1
2
Applicant gross income bands
69Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

MORTGAGE PORTFOLIO LVR
4
(% OF PORTFOLIO)
51.2%
20.1%
20.1%
6.0%
2.6%
0<=6060<=7070<=8080<=9090+
BUSINESS STRESSED EXPOSURES TO
BUSINESS TCE (%)
5
Mortgage portfolioSep-23Sep-24
Total portfolio (NZ$bn)
1
65.868.0
Owner occupied (%)
74.174.4
Investment property
loans (IPL) (%)
25.925.6
Broker introduced (%)
51.953.8
Proprietary channel (%)
48.146.2
Fixed/ variable split (%)
91/989/11
Interest only (I/O) (%)
16.515.5
LVR 80<=90
5.06.0
Loan to Value
Ratio (LVR) >90%
2.42.6
Mortgage 90+ day
delinquencies (%)
0.330.49
Mortgage 30+ day
delinquencies (%)
0.710.96
Unsecured consumer
portfolio (NZ$bn)
2
1.21.2
MORTGAGE 90+ DAY
DELINQUENCIES
3
(%)
0.49
0.0
0.2
0.4
0.6
0.8
1.0
Sep-16Sep-18Sep-20Sep-22Sep-24
UNSECURED CONSUMER 90+ DAY
DELINQUENCIES
3
(%)
0.87
0.0
1.0
2.0
3.0
Sep-16Sep-18Sep-20Sep-22Sep-24
NEW ZEALAND CREDIT QUALITY
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.
91% of mortgage portfolio has
an LVR less than 80%
0.1
0.2 0.2
0.3
0.3
0.3
2.1
2.1
2.4
2.5
2.5
2.8
Sep-23Mar-24Sep-24
Watchlist &
substandard
Non-
performing,
not impaired
Impaired
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack70

CAPITAL, FUNDING
AND LIQUIDITY

12.55
83
19
12.49
12.11
(60)
(34)
(14)
(38)
Mar-24Net profit1H24
dividend
RWACapital
return
OtherSep-24Remaining
capital
return
Sep-24
Pro forma
72
Key capital ratios (%)
Sep-
23
Mar-
24
Sep-
24
Level 2 CET1
capital ratio
12.412.512.5
Additional Tier 1
capital ratio
2.22.52.3
Tier 1 capital ratio14.615.014.8
Tier 2 capital ratio5.96.46.6
Total regulatory
capital ratio
20.521.421.4
Risk weighted assets
(RWA)

($bn)
451444437
Leverage ratio 5.55.55.3
Level 1 CET1 capital ratio12.612.812.7
Internationally comparable ratios
3
Leverage ratio
(internationally
comparable)
6.06.05.8
CET1 capital ratio
(internationally
comparable)
18.718.618.3
LEVEL 2 CET1 CAPITAL RATIO MOVEMENTS (%, BPS)
CET1 CAPITAL RATIO 12.49%
CAPITAL, FUNDING AND LIQUIDITY
1 Capital deductions and other items including FX translation impacts. 2 Includes on market share buyback extension of up to $1bn and remaining on market share buyback announced in
Nov-23 and May-24. 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
IRRBB reduction: 16bps
Op risk overlay reduction: 18bps
Data refinement: 10bps
Credit quality: (15bps)
Lending growth: (14bps)
Share buyback completed: $1bn, (22bps)
Special dividend: $0.5bn, (12bps)
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

451.4
444.4
5.1
4.8
0.8437.4
-(3.2)
(0.5)
(1.7)
(5.6)
(6.7)
Sep-23Mar-24Credit qualityLendingCounter-
party credit
and MTM
risk
Data
refinement
FX
translation
Market
risk
IRRBBOperational
risk
OtherSep-24
RISK WEIGHTED ASSETS
1
(RWA) ($BN)
IRRBB RWA
1
($BN)
16
8
(1)
20
21
23
5
5
6
40
34
28
4.26
3.79
3.54
-4
-3
-2
-1
0
1
2
3
4
-10
0
10
20
30
40
50
60
Sep-23Mar-24Sep-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 $7bn or 1.6%
Credit RWA up $6.2bn or 1.8%
See below
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack73

REGULATORY CAPITAL CHANGES
74
ImplementationChangeDetails
Expected impact
on the Group’s
capital ratios
1 Jan 2027
(proposed)
Additional Tier 1 Capital
•In September 2024, APRA released a discussion paper outlining potential
amendments to the prudential framework and is seeking feedback
regarding the proposed removal of Additional Tier 1 capital
•Proposed changes will impact the CET1 minimum, CET1 buffers and T2
requirements
1 Oct 2025
Expected to be
2027
APS117 – IRRBB
APS116 – Market Risk
•APRA released the final APS117 in July 2024, which will come into effect on 1
October 2025. The intention is to standardise aspects of the IRRBB capital
to reduce volatility through time and variations 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
This page contains ‘forward looking statements’. Please refer to the disclaimer on page 120.
1 Domestically systemically important bank (D-SIB).
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

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
1.1
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
0.4
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
1.8
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
18.3
Internationally comparable Tier 1 capital ratio
21.3
Internationally comparable total regulatory capital ratio
29.9
75Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

China Merchants Bank
ICBC
China Construction Bank
Bank of China
Rabobank
BBVA
Agricultural Bank of China
Intesa Sanpaolo
Norinchukin Bank
ANZ
UBS
HSBC
Westpac
, 5.8%
Unicredit
CBA
Lloyds
Sumitomo Mitsui
Mitsubishi UFJ
NatWest
Danske Bank
BPCE
Barclays
Nordea
Santander
Standard Chartered
ING Group
Mizuho FG
Deutsche Bank
BNP Paribas
Commerzbank
Scotiabank
CIBC
Bank of Montreal
Royal Bank of Canada
Societe Generale
Toronto Dominion Bank
Credit Agricole SA
0%
2%
4%
6%
8%
ANZ
Danske Bank
CBA
Westpac
, 18.3%
NAB
Nordea
Unicredit
Rabobank
Goldman Sachs
BPCE
Morgan Stanley
JPMorgan Chase
HSBC
Norinchukin Bank
UBS
Commerzbank
Standard Chartered
Intesa Sanpaolo
Lloyds
ING Group
China Construction Bank
NatWest
China Merchants Bank
ICBC
Barclays
Citigroup
BBVA
BNP Paribas
Deutsche Bank
Mitsubishi UFJ
Scotiabank
CIBC
Mizuho FG
Societe Generale
Royal Bank of Canada
Bank of Montreal
Toronto Dominion Bank
Sumitomo Mitsui
Santander
Wells Fargo
Bank of China
Bank of America
Credit Agricole SA
Agricultural Bank of China
0%
5%
10%
15%
20%
COMMON EQUITY TIER 1 RATIO
1
(%)
76
LEVERAGE RATIO (%)
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 30 June 2024, except
for National Australia Bank and ANZ which are at 31 March 2024, Bank of Montreal, Toronto Dominion Bank, Royal Bank of Canada, CIBC and Scotiabank which are at 31 July 2024, and Westpac which is at 30 September 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.
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack

•Focus on stable funding sources
•Customer deposits provide 67% of total funding, or 72% excluding equity
65
66
67
7
8
7
1.4
0.4
1.0
10
10
10
5
4
4
6
6
7
6
6
4
Sep-22Sep-23Sep-24
77
NET STABLE FUNDING RATIO (%)
115
112
0.0
4.3
0.2
(0.9)
(3.8)
(2.5)
Sep-23CapitalRetail/
SME
Deposits
Wholesale
funding
Liquids
and
other
LoansTFF run-
off and
impact of
APS 112
Sep-24
CUSTOMER DEPOSITS AND NET LOANS ($BN)
613
641
674
740
773
807
82.982.9
83.5
Sep-22Sep-23Sep-24
FUNDING BY RESIDUAL MATURITY (%)
Westpac Group 2024 Full Year 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
72% of total funding
excluding equity
3

78
LCR ($BN)
95
173
9
26
130
173
Net cash outflowsHQLA
MOVEMENT IN LCR (%)
134
133
(6.6)
(0.2)
(2.0)
4.3
3.9
Sep-23
Qtr
HQLARBNZ
eligible
securities
Customer
deposits
Wholesale
funding
Other
flows
Sep-24
Qtr
HIGH QUALITY LIQUID ASSETS (HQLA) (%)
33
11
44
12
Cash and balances with central banks
Balances with foreign central banks
Australian government and semi-
government bonds
Other HQLA
LCR DEPOSIT MIX (%)
33
36
15
16
Stable retail and SME deposits
Less stable retail and SME deposits
Operational deposits
Non-operational deposits
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
LIQUIDITY COVERAGE RATIO (LCR)
CAPITAL, FUNDING AND LIQUIDITY
1 Other flows include credit and liquidity facilities, collateral outflows and inflows from customers. 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
Net cash outflows (NCOs)
Other flows
1
Wholesale funding
Customer deposits
2
$510bn$173bn
September 2024 quarterly average 133%
Chart does not add due to roundingChart does not add due to rounding

3.5
1.5
1.8
1.7
3.5
1.5
1.81.8
2.2
6.2
5.2
2.9
5.4
2.2
3.3
2.9
1.8
4.6
2.2
3.2
8.5
FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32>FY32
Additional Tier 1Tier 2
ADDITIONAL TIER 1 AND TIER 2 PROFILE
1,2
(NOTIONAL AMOUNT, A$BN)
PROPOSED CHANGES TO CAPITAL
•On 10 September 2024, APRA released a discussion paper outlining
proposed changes to the capital framework for banks
•Under APRA’s proposal to phase out the use of AT1 capital instruments,
IRB banks, including Westpac, would be required to replace the
current 1.5% of AT1 capital with 0.25% of CET1 capital and 1.25% of Tier 2
capital.
•Changes to capital requirements are proposed to come into effect from
1 Jan 2027. AT1 instruments are eligible to be included as Tier 2 capital
until their first call date, with all existing AT1 instruments to be phased
out by 2032.
•Westpac expects the replacement of AT1 securities with Tier 2 securities
over the transition period to be manageable, should the proposal be
implemented in its current form
1
10.25
10.50
12.49
1.50
2.33
6.50
7.75
6.56
18.2518.25
21.38
Current final
requirements
Proposed
requirements
Westpac as at
30 Sep 24
Tier 2
AT1
CET1
APRA PROPOSAL TO PHASE OUT AT1 CAPITAL INSTRUMENTS
CAPITAL, FUNDING AND LIQUIDITY
1 This page contains ‘forward looking statements’. Please refer to the disclaimer on page 120. 2 Represents A$ equivalent notional amount using spot FX translation at date of issue for issuance
and spot FX translation at 30 September 2024 for redemptions/maturities. Securities in bullet format profiled to maturity date. Securities in callable format profiled to first call date. Any early
redemption would be subject to prior written approval from APRA, which may or may not be provided.
IssuanceFirst optional redemption date/Maturities
TOTAL CAPITAL
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack79

80
TERM DEBT ISSUANCE AND MATURITY PROFILE
1
($BN)
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
LONG TERM WHOLESALE FUNDING PROFILE
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. 2 Charts may not add due to rounding. Data excludes
Term Funding Facility and Funding for Lending Program. 3 Excludes securitisation.
TERM DEBT ISSUANCE
1,2
(%)
49
35
7
6
3
1
AUD
USD
EUR
GBP
NZD
Other
2
15
10
6
48
19
1 year
2 years
3 years
4 years
5 years
>5 years
By program (%)
By currency (%)By tenor
3
(%)
18
12
34
31
35
43
35
42
33
34
28
29
25
28
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29>FY29
Funding for Lending Programme (NZ)
Term Funding Facility (Aus)
Tier 2 capital
Additional Tier 1 capital
Covered bond
Senior/Securitisation
IssuanceMaturities
64
12
5
13
6
Senior Bonds
Covered Bonds
Additional Tier 1
Capital
Tier 2 Capital
Securitisation
CAPITAL, FUNDING AND LIQUIDITY

6.6
2.02.0
3.0
4.5
5.0
6.5
Westpac
30 September
2024
January 2024
Requirements
January 2026
Requirements
Tier 2LAC
81
LOSS-ABSORBING CAPACITY (LAC)TIER 2 CAPITAL SECURITIES OUTSTANDING (%)
INDICATIVE WHOLESALE FUNDING
COSTS (SPREAD ABOVE 3MTH BBSW)
Westpac Group 2024 Full Year Results Presentation & Investor Discussion Pack
LONG TERM WHOLESALE FUNDING
CAPITAL, FUNDING AND LIQUIDITY
1 Includes Westpac New Zealand Limited (WNZL). WNZL Tier 2 does not count for APRA Tier 2 or LAC requirements. Represents A$ equivalent notional amount using spot FX translation at date of
issue for issuance and spot FX translation at 30 September 2024 for redemptions/maturities. Securities in bullet format profiled to maturity date. Securities in callable format profiled to first call
date. Any early redemption would be subject to prior written approval from APRA, which may or may not be provided. 2 Back book data excludes securitisation and FLP.
LONG TERM WHOLESALE FUNDING BACK BOOK (%)
57
49
69
78
86
38
57
76
90
104
0
50
100
150
1 year2 year3 year4 year5 year
AUD 30-Sep-24AUD 30-Sep-23
USD 30-Sep-24USD 30-Sep-23
79
21
Callable
Bullet
58
28
1
5
4
2
2
USD
AUD Domestic
AUD EMTN
EUR
NZD
JPY
SGD
Tier 2 outstanding by
format
1
(notional amount)
Tier 2 outstanding by currency
1
(notional amount)
By program
2
(%)
By currency
2
(%)
54
23
17
6
Senior bonds
Covered bonds
Tier 2 capital
AT1 capital
0204060
40
31
20
3
3
3
0204060
USD
AUD
EUR
GBP
NZD
Other