WNZL Disclosure Statement - 31 March 2025

Classification: PROTECTED
ASX
Release


5 May 2025

Westpac New Zealand Limited Disclosure Statement

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac New
Zealand Limited Disclosure Statement for the six months ended 31 March 2025.










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

This page has been intentionally left blank

Glossary of terms
4
Directors’ statement
5
Financial statements
Income statement6Note 6 Loans13
Statement of comprehensive income6Note 7 Provision for expected credit losses13
Balance sheet7Note 8 Deposits and other borrowings16
Statement of changes in equity8Note 9 Debt issues17
Statement of cash flows9Note 10 Related entities17
Note 1 Financial statements preparation 10Note 11 Fair values of financial assets and financial liabilities17
Note 2 Net interest income11
Note 12 Credit related commitments, contingent assets and
contingent liabilities
20
Note 3 Non-interest income 12
Note 4 Operating expenses12Note 13 Segment reporting20
Note 5 Impairment charges/(benefits)13
Registered bank disclosures
i. General information22
v. Concentration of credit exposures to individual
counterparties
44
ii. Additional financial disclosures23
iii. Asset quality28vi. Insurance business45
iv. Capital adequacy and regulatory liquidity ratios32vii. Risk management policies45
Conditions of Registration
45
Independent auditor’s review report
46
Independent assurance report
48
Contents
Westpac New Zealand Limited3

Certain information contained in this Disclosure Statement is required by the Order.
In this Disclosure Statement, reference is made to:
-Westpac New Zealand Limited (otherwise referred to as the ‘Bank’)
-Westpac New Zealand Limited and its controlled entities (otherwise referred to as the ‘Banking Group’);
-Westpac Banking Corporation (otherwise referred to as the ‘Ultimate Parent Bank’);
-Ultimate Parent Bank and its controlled entities (otherwise referred to as the ‘Ultimate Parent Bank Group’); and
-New Zealand Branch of the Ultimate Parent Bank (otherwise referred to as the ‘NZ Branch’).
Words and phrases not defined in this Disclosure Statement, but defined by the Order, have the meaning given by the Order when used in this
Disclosure Statement.
The Disclosure Statement also uses the following terms as defined below.
ANZSIC
Australian and New Zealand Standard Industrial
Classification
Internal PPS
Perpetual preference shares issued to the NZ
Branch
APRA
Australian Prudential Regulation Authority
IRB
Internal ratings-based
AT1
Additional Tier 1 capital
LGD
Loss given default
BPR
Banking Prudential Requirement
LVR
Loan-to-value ratio
CAP
Collectively assessed provisions
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards
CB
Programme
The Bank's Global Covered Bond Programme
Order
Registered Bank Disclosure Statements (New
Zealand Incorporated Registered Banks) Order
2014 (as amended)
CCCFA
Credit Contracts and Consumer Finance Act 2003
EAD
Exposure at default
ECL
Expected credit losses
PD
Probability of default
Financial
statements
Condensed consolidated interim financial
statements
PPS
Perpetual preference shares
Reserve Bank
Reserve Bank of New Zealand
FVIS
Fair value through income statement
RMBS
Residential mortgage-backed securities
FX
Foreign exchange
RWAs
Risk weighted assets/risk weighted exposures
GDP
Gross domestic product
SPV
Special purpose vehicle
IAP
Individually assessed provisions
WSNZL
Westpac Securities NZ Limited
Glossary of terms
4Westpac New Zealand Limited

Each Director of the Bank believes, after due enquiry, that, as at the date on which this Disclosure Statement is signed, the Disclosure Statement:
(a)contains all the information that is required by the Order; and
(b)is not false or misleading.
Each Director of the Bank believes, after due enquiry, that over the six months ended 31 March 2025:
(a)the Bank has complied in all material respects with each condition of registration that applied during that period;
(b)credit exposures to connected persons were not contrary to the interests of the Banking Group; and
(c)the Bank had systems in place to monitor and control adequately the Banking Group’s material risks, including credit risk, concentration of
credit risk, interest rate risk, currency risk, equity risk, liquidity risk, operational risk and other business risks, and that those systems were
being properly applied.
This Disclosure Statement has been signed by all the Directors:
Philippa GreenwoodCatherine McGrath
Debra BirchDavid Green
Robert HamiltonDavid Havercroft
Ian Samuel KnowlesChristine Parker
Michael Rowland
Dated this 4th day of May 2025
Directors’ statement
Westpac New Zealand Limited5

THE BANKING GROUP
$ millions
Note
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Interest income:
Calculated using the effective interest method2
3,588
3,603
Other2
57
73
Total interest income
2
3,645
3,676
Interest expense2
(2,218)
(2,292)
Net interest income 1,427
1,384
Non-interest income
Net fees and commissions3
115
116
Other3
6
(1)
Total non-interest income 121
115
Net operating income 1,548
1,499
Operating expenses4
(730)
(694)
Impairment (charges)/benefits5
(33)
(23)
Profit before income tax expense 785
782
Income tax expense
(220)
(220)
Profit after income tax expense 565
562
The above income statement should be read in conjunction with the accompanying notes.
Statement of comprehensive income for the six months ended 31 March 2025
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Profit after income tax expense 565
562
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Gains/(losses) recognised in equity on:
Investment securities
25
149
Cash flow hedging instruments
(12)
(232)
Transferred to income statement:
Cash flow hedging instruments
(4)
(54)
Income tax on items taken to or transferred from equity:
Investment securities
(7)
(42)
Cash flow hedging instruments
4
80
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation recognised in equity (net of tax)
1
-
Net other comprehensive income/(expense) (net of tax)
7
(99)
Total comprehensive income
572
463
The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Income statement for the six months ended 31 March 2025
6Westpac New Zealand Limited

THE BANKING GROUP
$ millions
Note
31 Mar 25
Unaudited
30 Sep 24
Audited
Assets
Cash and balances with central banks
6,524
7,456
Collateral paid
18
76
Trading securities and financial assets measured at FVIS
2,781
2,372
Derivative financial instruments
859
225
Investment securities
8,164
7,535
Loans6,7
103,185
102,150
Other financial assets
403
461
Due from related entities
1,473
1,189
Property and equipment
431
449
Deferred tax assets
192
187
Intangible assets
916
939
Other assets
180
157
Total assets 125,126
123,196
Liabilities
Collateral received
721
156
Deposits and other borrowings8
83,026
81,539
Other financial liabilities
4,229
4,257
Derivative financial instruments
85
199
Due to related entities
1,690
2,070
Debt issues9
22,014
21,619
Current tax liabilities
54
188
Provisions
180
217
Other liabilities
332
364
Loan capital
1,715
1,710
Total liabilities 114,046
112,319
Net assets 11,080
10,877
Shareholders' equity
Ordinary share capital
7,300
7,300
PPS
1,369
1,369
Reserves
(56)
(62)
Retained profits
2,467
2,270
Total shareholders' equity 11,080
10,877
The above balance sheet should be read in conjunction with the accompanying notes.
Balance sheet as at 31 March 2025
Westpac New Zealand Limited7

THE BANKING GROUP
Reserves
$ millionsNote
Ordinary
Share
Capital PPS
Investment
Securities
Reserve
Cash Flow
Hedge
Reserve
Retained
Profits
Total
Shareholders'
Equity
As at 30 September 2023 (Audited)
7,300 - (287) 377 1,754 9,144
Six months ended 31 March 2024 (Unaudited)
Profit after income tax expense - - - - 562 562
Net gains/(losses) from changes in fair value - - 149 (232) - (83)
Income tax effect - - (42) 65 - 23
Transferred to income statement - - - (54) - (54)
Income tax effect - - - 15 - 15
Total comprehensive income/(expense)
- - 107 (206) 562 463
Transactions with equity holders:
PPS issued (net of issue costs) - 1,000 - - - 1,000
Dividends paid on ordinary shares10 - - - - (314) (314)
Dividends paid on PPS - - - - (17) (17)
Supplementary dividends paid on PPS - - - - (3) (3)
Tax credit on supplementary dividends - - - - 3 3
As at 31 March 2024 (Unaudited)
7,300 1,000 (180) 171 1,985 10,276
As at 30 September 2024 (Audited) 7,300 1,369 (115) 53 2,270 10,877
Six months ended 31 March 2025 (Unaudited)
Profit after income tax expense
- - - - 565 565
Net gains/(losses) from changes in fair value
- - 25 (12) - 13
Income tax effect
- - (7) 3 - (4)
Transferred to income statement
- - - (4) - (4)
Income tax effect
- - - 1 - 1
Remeasurement of defined benefit obligations
- - - - 1 1
Income tax effect
- - - - - -
Total comprehensive income/(expense) - - 18 (12) 566 572
Transactions with equity holders:
Dividends paid on ordinary shares10
- - - - (328) (328)
Dividends paid on PPS
- - - - (41) (41)
Supplementary dividends paid on PPS
- - - - (5) (5)
Tax credit on supplementary dividends
- - - - 5 5
As at 31 March 2025 (Unaudited) 7,300 1,369 (97) 41 2,467 11,080
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Statement of changes in equity for the six months ended 31 March 2025
8Westpac New Zealand Limited

THE BANKING GROUP
$ millions
Note
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Cash flows from operating activities
Interest received
3,571
3,664
Interest paid
(2,252)
(2,172)
Non-interest income received
87
132
Operating expenses paid
(639)
(633)
Income tax paid
(357)
(323)
Cash flows from operating activities before changes in operating assets and liabilities
410
668
Net (increase)/decrease in:
Collateral paid
58
8
Trading securities and financial assets measured at FVIS
(410)
336
Loans
(1,119)
(1,384)
Other financial assets
60
7
Due from related entities
1
12
540
Other assets
-
1
Net increase/(decrease) in:
Collateral received
565
26
Deposits and other borrowings
1
1,446
(742)
Other financial liabilities
4
39
Due to related entities
(66)
272
Other liabilities
7
16
Net movement in external and related entity derivative financial instruments
386
353
Net cash provided by/(used in) operating activities 1,353
140
Cash flows from investing activities
Proceeds from investment securities
10
358
Purchase of investment securities
(522)
(591)
Purchase of intangible assets
(44)
(50)
Purchase of property and equipment
(46)
(21)
Net cash provided by/(used in) investing activities (602)
(304)
Cash flows from financing activities
Proceeds from debt issues
2,759
3,901
Repayments of debt issues
(4,256)
(3,083)
Payments for the principal portion of lease liabilities
(32)
(21)
Dividends paid on ordinary shares10
(328)
(314)
Dividends paid on PPS
(46)
(20)
Net movement in due to related entities
22
15
Net cash provided by/(used in) financing activities (1,881)
478
Net increase/(decrease) in cash and cash equivalents (1,130)
314
Cash and cash equivalents at the beginning of the period
1
8,243
9,772
Effect of exchange rate changes on cash and cash equivalents
1
44
10
Cash and cash equivalents at the end of the period
1
7,157
10,096
Cash and cash equivalents at the end of the period comprise:
Cash on hand
185
213
Balances with central banks
6,339
9,044
Total cash and balances with central banks 6,524
9,257
Amounts due from related entities classified as cash and cash equivalents
1
629
839
Cash and cash equivalents at the end of the period 7,157
10,096
1
Comparatives have been revised to align to the current period presentation of cash held with related entities as cash and cash equivalents, resulting in a $300
million increase in net decrease in due from related entities, a $539 million increase in cash and cash equivalents at the beginning of the period, and a $839 million
increase in cash and cash equivalents at the end of the period. Comparatives have also been revised to present the impact of foreign exchange on cash and cash
equivalents, resulting in a $10 million increase in net decrease in deposits and other borrowings and a corresponding increase in effect of exchange rate changes on
cash and cash equivalents.
The above statement of cash flows should be read in conjunction with the accompanying notes.
Statement of cash flows for the six months ended 31 March 2025
Westpac New Zealand Limited9

Note 1 Financial statements preparation
These financial statements have been prepared in accordance with the Order and Generally Accepted Accounting Practice, as appropriate for for-
profit entities, and the New Zealand equivalent to International Accounting Standard 34 Interim Financial Reporting. They also comply with
International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. These financial
statements do not include all the notes of the type normally included in annual financial statements. Accordingly, they should be read in
conjunction with the annual financial statements included in the Disclosure Statement for the year ended 30 September 2024.
The financial statements were authorised for issue by the Board of Directors of the Bank on 4 May 2025.
Accounting policies
The accounting policies adopted in the preparation of these financial statements are consistent with those in the annual financial statements for
the year ended 30 September 2024. The going concern concept has been applied.
All amounts in these financial statements are presented in New Zealand dollars and have been rounded to the nearest million dollars unless
otherwise stated.
Comparative information has been revised where appropriate to enhance comparability. Where there has been a material restatement of
comparative information, the nature of, and the reason for, the restatement is disclosed in these financial statements.
Critical accounting assumptions and estimates
In preparing these financial statements, the application of the Banking Group’s accounting policies requires the use of judgement, assumptions
and estimates.
The areas of judgement, estimates and assumptions in these financial statements, including the key sources of estimation uncertainty, are
consistent with those in the Disclosure Statement for the year ended 30 September 2024 with the exception of the below.
Geopolitical developments in the lead up to and following 31 March 2025, including in relation to international trade and tariff policies, have led to
heightened uncertainty as to future economic forecasts and potential impact on the Banking Group and its customers. Responding to this
heightened uncertainty, the Banking Group has increased the weighting of the downside scenario used in the estimate of ECL from 42.5% to 45%.
Notwithstanding this change, estimates of ECL are subject to a higher than usual level of uncertainty. Further details on specific judgements in
relation to the calculation of the provision for ECL, including overlays, are included in Note 7.
Amendments to Accounting Standards effective this period
No new accounting standards have been adopted by the Banking Group for the six months ended 31 March 2025. There have been no
amendments to existing accounting standards that have had a material impact on the Banking Group.
Notes to the financial statements
10Westpac New Zealand Limited

Note 2 Net interest income
THE BANKING GROUP
$ millions

Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Interest income
Calculated using the effective interest method
Cash and balances with central banks
184
270
Collateral paid
-
1
Investment securities
140
99
Loans
3,259
3,230
Due from related entities
5
3
Total interest income calculated using the effective interest method 3,588
3,603
Other
Trading securities and financial assets measured at FVIS
57
69
Due from related entities
-
4
Total other 57
73
Total interest income 3,645
3,676
Interest expense
Calculated using the effective interest method
Collateral received
13
9
Deposits and other borrowings
1,475
1,653
Due to related entities
16
23
Debt issues
279
185
Loan capital
61
86
Other financial liabilities
69
137
Total interest expense calculated using the effective interest method 1,913
2,093
Other
Deposits and other borrowings
46
82
Due to related entities
9
10
Debt issues
87
43
Other interest expense
1
163
64
Total other 305
199
Total interest expense 2,218
2,292
Net interest income 1,427
1,384
1
Includes the net impact of Treasury's interest rate and liquidity management activities.
Notes to the financial statements
Westpac New Zealand Limited11

Note 3 Non-interest income
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Net fees and commissions
Facility fees
23
22
Transaction fees and commissions
122
122
Other non-risk fee income
10
8
Fees and commissions income 155
152
Credit card loyalty programmes
(16)
(17)
Transaction fees and commissions related expenses
(24)
(19)
Fees and commissions expenses (40)
(36)
Net fees and commissions 115
116
Other
Net ineffectiveness on qualifying hedges
(1)
(9)
Other
7
8
Total other 6
(1)
Total non-interest income 121
115
Note 4 Operating expenses
THE BANKING GROUP
$ millions

Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Staff expenses
372
370
Lease expenses
10
10
Depreciation
59
46
Technology services and telecommunications
135
130
Purchased services
26
24
Software amortisation
67
54
Related entities - management fees
5
2
Other
1
56
58
Total operating expenses 730
694
1
'Other' includes expenses such as advertising, property related costs, postage and freight and non-lending losses.
Notes to the financial statements
12Westpac New Zealand Limited

Note 5 Impairment charges/(benefits)
THE BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Provisions raised/(released):
Performing
5
(24)
Non-performing
24
41
Bad debts written off/(recovered) directly to the income statement
4
6
Impairment charges/(benefits) 33
23
of which relates to:
Loans and credit commitments
33
23
Impairment charges/(benefits) 33
23
Impairment charges/(benefits) on all other financial assets are not material to the Banking Group.
Note 6 Loans
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Residential mortgages
69,525
68,028
Other retail
2,576
2,563
Corporate
31,409
31,764
Other
204
293
Total gross loans 103,714
102,648
Provision for ECL on loans (refer to Note 7)
(529)
(498)
Total net loans 103,185
102,150
As at 31 March 2025, $7,546 million of residential mortgages, accrued interest (representing accrued interest on the outstanding residential
mortgages) and cash (representing collections of principal and interest from the underlying residential mortgages) were used by the Banking
Group to secure the obligations of WSNZL under the CB Programme (30 September 2024: $7,545 million). In addition, $4,058 million of residential
mortgages and accrued interest have been pledged as collateral as part of the repurchase agreements with the Reserve Bank, under the Funding
for Lending Programme and Term Lending Facility (30 September 2024: $4,039 million). These pledged assets were not derecognised from the
Banking Group's balance sheet in accordance with the accounting policies outlined in Note 1 Financial statements preparation included in the
Disclosure Statement for the year ended 30 September 2024. As at 31 March 2025, the New Zealand dollar equivalent of bonds issued by WSNZL
under the CB Programme was $4,750 million (30 September 2024: $4,353 million) and the cash value of the repurchase agreements with the
Reserve Bank was $3,014 million (30 September 2024: $3,023 million).
Note 7 Provision for expected credit losses
Loans and credit commitments
Movements in components of loss allowance
The reconciliation of the provision for ECL for loans and credit commitments has been determined by an aggregation of monthly movements over
the period. The key line items in the reconciliation represent the following:
●“Transfers between stages” lines represent transfers between Stage 1, Stage 2 and Stage 3 prior to remeasurement of the provision for ECL.
●“New facilities originated” line represents new accounts originated during the period.
●“Facilities derecognised” line represents loans derecognised due to final repayments during the period.
●“Other charges/(credits) to the income statement” line represents the impact on the provision for ECL due to changes in credit quality
during the period (including transfers between stages), changes in portfolio overlays, changes in key economic assumptions and partial
repayments and additional drawdowns on existing facilities over the period.
●Amounts written off represent a reduction in the provision for ECL as a result of derecognition of exposures where there is no reasonable
expectation of full recovery.
Notes to the financial statements
Westpac New Zealand Limited13

Note 7 Provision for expected credit losses (continued)
The following table reconciles the provision for ECL on loans and credit commitments for the Banking Group.
THE BANKING GROUP
31 Mar 25
Unaudited
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3 Stage 3
$ millions
CAP CAP CAP IAP
Provision for ECL on loans and credit commitments as at
30 September 2024
76 325 82 72 555
Transfers to Stage 1
76 (75) (1) - -
Transfers to Stage 2
(8) 34 (26) - -
Transfers to Stage 3 CAP
- (31) 32 (1) -
Transfers to Stage 3 IAP
- - (9) 9 -
Reversals of previously recognised impairment charges
- - - (21) (21)
New facilities originated
13 - - - 13
Facilities derecognised
(5) (18) (21) - (44)
Changes in CAP due to amounts written off
- - (11) - (11)
Other charges/(credits) to the income statement
(63) 82 53 20 92
Total charges/(credits) to the income statement for ECL 13 (8) 17 7 29
Amounts written off from IAP
- - - (4) (4)
Total provision for ECL on loans and credit commitments
as at 31 March 2025
89 317 99 75 580
Presented as:
Provision for ECL on loans (refer to Note 6)
75 287 98 69 529
Provision for ECL on credit commitments
1
14 30 1 6 51
Total provision for ECL on loans and credit commitments
as at 31 March 2025
89 317 99 75 580
1
Includes provision for ECL on related entity credit commitments of $5 million classified as Due to Related Entities in the Balance Sheet.
The following table provides further details of the provision for ECL by types of exposure and stage:
THE BANKING GROUP
31 Mar 25
Unaudited
30 Sep 24
Audited
Performing Non-performing
PerformingNon-performing
Stage 1 Stage 2 Stage 3 Stage 3
Stage 1Stage 2Stage 3Stage 3
$ millions
CAP CAP CAP IAP Total
CAPCAPCAPIAPTotal
Provision for ECL on loans and
credit commitments
Residential mortgages
41 158 58 27 284
33 159 49 21 262
Other retail
13 37 12 3 65
12 37 11 4 64
Corporate
35 122 29 45 231
31 129 22 47 229
Total provision for ECL on loans
and credit commitments
89 317 99 75 580
76 325 82 72 555
Notes to the financial statements
14Westpac New Zealand Limited

Note 7 Provision for expected credit losses (continued)
Impact of overlays on the provision for ECL on loans and credit commitments
The following table attributes the provision for ECL on loans and credit commitments between modelled ECL and portfolio overlays.
Portfolio overlays are used to capture areas of potential risks and uncertainties that are not captured in the underlying modelled ECL. These risks
may result in under or overestimation of the modelled provision for ECL.
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Modelled provision for ECL on loans and credit commitments (a)
613
588
Overlays (b)
(33)
(33)
Total provision for ECL on loans and credit commitments 580
555
Details of changes related to forward-looking economic inputs and portfolio overlays, based on reasonable and supportable information up to the
date of this disclosure statement, are provided below.
(a) Modelled provision for ECL on loans and credit commitments
The modelled provision for ECL on loans and credit commitments is a probability weighted estimate based on three scenarios which together
represent the Banking Group’s view of the forward-looking distribution of potential loss outcomes. The changes in provisions as a result of
changes in modelled ECL are reflected through the “Other charges/(credits) to the income statement” line in the “Movements in components of
loss allowance” table. Overlays are used to capture potential risks and uncertainties that are not captured in the underlying modelled ECL. These
risks may result in under or overestimation of the modelled provision for ECL.
The base case scenario uses the latest Westpac Economics forecast. Certain data points from this forecast are shown below:
Key economic assumptions for base case
scenario
31 Mar 25
Unaudited
30 Sep 24
Audited
Annual GDP
Forecast growth ofForecast growth of
2.5% for calendar year 2025 and
0.1% for calendar year 2024 and
3.0% for calendar year 2026.
2.0% for calendar year 2025.
Residential property pricesForecast annual price appreciation of
Forecast annual price appreciation of
+7.2% for calendar year 2025 and
+0.7% for calendar year 2024 and
+5.1% for calendar year 2026.
+6.4% for calendar year 2025.
Cash rate
Forecast cash rate ofForecast cash rate of
3.25% at December 2025 and4.75% at December 2024 and
3.75% at December 2026.3.75% at December 2025.
Unemployment rate
Forecast rate ofForecast rate of
5.3% at December 2025 and5.3% at December 2024 and
4.6% at December 2026.5.6% at December 2025.
The downside scenario is an economic downturn scenario with ECL higher than the base case. This scenario assumes a recession with a
combination of negative GDP growth, declines in residential property prices and an increase in the unemployment rate, which simultaneously
impact ECL across all portfolios from the reporting date. The assumptions used in this scenario and relativities to the base case will be monitored
having regard to the emerging economic conditions and updated where necessary. The upside scenario represents a modest economic
improvement to the base case.
The following sensitivity table shows the reported provision for ECL on loans and credit commitments based on the probability weighted scenarios
and what the provision for ECL on loans and credit commitments would be assuming a 100% weighting is applied to the base case scenario and to
the downside scenario (with all other assumptions held constant).
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Reported probability-weighted ECL
580
555
100% base case ECL
332
341
100% downside ECL
889
850
Notes to the financial statements
Westpac New Zealand Limited15

Note 7 Provision for expected credit losses (continued)
If 1% of the stage 1 gross exposure from loans and credit commitments (calculated on a 12 month ECL) were transferred to stage 2 (calculated on a
lifetime ECL) the provision for ECL on loans and credit commitments would increase by $17 million (30 September 2024: $14 million) based on
applying the average provision coverage ratios by stage to the movement in the gross exposure by stage.
The following table discloses the macroeconomic scenario weightings applied by the Banking Group as at 31 March 2025 and 30 September 2024.
In March 2025, the downside scenario weighting was increased by 2.5% and the base case scenario weighting decreased by the same value,
reflecting greater uncertainty in international trading relations and geopolitical instability.
THE BANKING GROUP
Macroeconomic scenario weightings (%)
31 Mar 25
Unaudited
30 Sep 24
Audited
Upside
5.0
5.0
Base
50.0
52.5
Downside
45.0
42.5
(b) Portfolio overlays
Portfolio overlays are used to address areas of risk, including significant uncertainties that are not captured in the underlying modelled ECL. These
risks may result in under or overestimation of the modelled provision for ECL. Determination of portfolio overlays requires expert judgement and is
thoroughly documented and subject to comprehensive internal governance and oversight. Portfolio overlays are continually reassessed and if the
risk is judged to have changed (increased or decreased), or is subsequently captured in the modelled ECL, the portfolio overlays will be released
or remeasured.
The Banking Group’s total portfolio overlays as at 31 March 2025 were $(33) million (30 September 2024: $(33) million), held on the provision for
ECL for residential mortgages to adjust for observed conservatism in the modelled outcome identified through model monitoring.
Impact of changes in gross carrying amount on the provision for ECL
●Stage 1 gross carrying amount had a net increase of $4.8 billion (30 September 2024: increased by $3.5 billion), primarily driven by new
lending, and underlying portfolio movement from residential mortgages and corporate lending during the period, partially offset by
repayments. The Stage 1 ECL increase is primarily driven by underlying portfolio movements and new lending with an increase in downside
scenario weightings.
●Stage 2 gross carrying amount decreased by $3.9 billion (30 September 2024: decreased by $0.9 billion), primarily driven by repayments,
and underlying portfolio movement from residential mortgages and corporate lending. The Stage 2 ECL decrease is driven by underlying
portfolio movements, partially offset by the increase in downside scenario weightings from residential mortgages and corporate lending.
●Stage 3 gross carrying amount increased by $0.1 billion (30 September 2024: increased by $0.2 billion), driven by increases in 90 days past
due exposures from the residential mortgages lending and customer downgrades in corporate lending, partially offset by repayments and
releases due to write-offs from the other retail lending. The Stage 3 ECL increases are in line with the increase in Stage 3 exposures.
Refer to Note iii. Asset quality of the Registered bank disclosures for further details.
Note 8 Deposits and other borrowings
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Certificates of deposit
2,076
1,863
Non-interest bearing, repayable at call
12,028
11,196
Other interest bearing:
At call
30,086
29,028
Term
38,836
39,452
Total deposits and other borrowings 83,026
81,539
Deposits at fair value
2,076
1,863
Deposits at amortised cost
80,950
79,676
Total deposits and other borrowings 83,026
81,539
Notes to the financial statements
16Westpac New Zealand Limited

Note 9 Debt issues
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Short-term debt
Commercial paper
2,589
3,726
Total short-term debt 2,589
3,726
Long-term debt
Non-domestic medium-term notes
11,198
9,795
Covered bonds
4,692
4,310
Domestic medium-term notes
3,535
3,788
Total long-term debt 19,425
17,893
Total debt issues 22,014
21,619
Debt issues at fair value
2,589
3,726
Debt issues at amortised cost
19,425
17,893
Total debt issues 22,014
21,619
Note 10 Related entities
Controlled entities of the Bank are set out in Note 23 to the financial statements included in the Disclosure Statement for the year ended 30
September 2024.
On 19 February 2025, the Bank declared and paid a cash dividend of $328 million to its immediate parent company, Westpac New Zealand Group
Limited, with imputation credits of $128 million attached (31 March 2024: $314 million dividend with $122 million imputation credits attached).
On 23 December 2024 and 21 March 2025, the Bank paid quarterly AT1 PPS distributions on the Internal PPS of $19 million (including
supplementary dividends of $3 million) and $17 million (including supplementary dividends of $3 million) to the NZ Branch, with imputation credits
of $3 million and $3 million, respectively (31 March 2024: $20 million distribution (including supplementary dividends of $3 million) with $4 million
imputation credits attached).
Note 11 Fair values of financial assets and financial liabilities
Fair Valuation Control Framework
The Banking Group uses a Fair Valuation Control Framework where the fair value is either determined or validated by a function independent of the
transaction. This framework formalises the policies and procedures used to achieve compliance with relevant accounting, industry and regulatory
standards. The framework includes specific controls relating to:
●the revaluation of financial instruments;
●independent price verification;
●fair value adjustments; and
●financial reporting.
A key element of the framework is the Revaluation Committee, comprising senior valuation specialists from within the Ultimate Parent Bank Group.
The Revaluation Committee reviews the application of the agreed policies and procedures to assess that a fair value measurement basis has been
applied.
The method of determining fair value differs depending on the information available.
Fair value hierarchy
A financial instrument’s categorisation within the valuation hierarchy is based on the lowest level input that is significant to the fair value
measurement.
The Banking Group categorises all fair value instruments according to the hierarchy described below.
Valuation techniques
The Banking Group applies market accepted valuation techniques in determining the fair valuation of over-the-counter derivatives. This includes
credit valuation adjustments and funding valuation adjustments, which incorporate credit risk and funding costs and benefits that arise in relation
to uncollateralised derivative positions, respectively.
The specific valuation techniques, the observability of the inputs used in valuation models and the subsequent classification for each significant
product category are outlined as follows:
Notes to the financial statements
Westpac New Zealand Limited17

Note 11 Fair values of financial assets and financial liabilities (continued)
Financial instruments measured at fair value
Level 1 instruments
The fair value of financial instruments traded in active markets is based on recent unadjusted quoted prices. These prices are based on actual
arm’s length basis transactions.
The valuations of Level 1 instruments require little or no management judgement.
InstrumentBalance sheet categoryIncludesValuation
Debt instruments
Trading securities and financial
assets measured at FVIS
New Zealand
Government bonds
These instruments are traded in liquid, active markets where
prices are readily observable. No modelling or assumptions
are used in the valuation.
Investment securities
Level 2 instruments
The fair value for financial instruments that are not actively traded is determined using valuation techniques which maximise the use of observable
market prices. Valuation techniques include:
●the use of market standard discounting methodologies;
●option pricing models; and
●other valuation techniques widely used and accepted by market participants.
InstrumentBalance sheet categoryIncludesValuation
Interest rate
products
Derivative financial
instruments
Due from related entities
Due to related entities
Interest rate swaps, forwards
and options – derivative
financial instruments
Industry standard valuation models are used to calculate
the expected future value of payments by product, which
is discounted back to a present value. The model’s
interest rate inputs are benchmark interest rates and
active broker quoted interest rates in the swap, bond and
futures markets. Interest rate volatilities are sourced from
brokers and consensus data providers. If consensus
prices are not available, these are classified as Level 3
instruments.
FX products
Derivative financial
instruments
Due from related entities
Due to related entities
FX swaps – derivative
financial instruments
Derived from market observable inputs or consensus
pricing providers using industry standard models. If
consensus prices are not available, these are classified as
Level 3 instruments.
Non-asset backed
debt instruments
Trading securities and financial
assets measured at FVIS
Investment securities
Due from related entities
Due to related entities
Local authority and NZ
public securities, other bank
issued certificates of deposit,
commercial paper, other
government securities, off-
shore securities and
corporate bonds
Repurchase agreements and
reverse repurchase
agreements over non-asset
backed debt securities
Valued using observable market prices which are sourced
from independent pricing services, broker quotes or
inter-dealer prices. If prices are not available from these
sources, these are classified as Level 3 instruments.
Deposits and other
borrowings at fair
value
Deposits and other borrowingsCertificates of deposit
Discounted cash flow using market rates offered for
deposits of similar remaining maturities.
Debt issues at fair
value
Debt issuesCommercial paper
Discounted cash flows, using a discount rate which
reflects the terms of the instrument and the timing of
cash flows adjusted for market observable changes in the
Banking Group’s implied creditworthiness.
Level 3 instruments
Financial instruments valued where at least one input that could have a significant effect on the instrument’s valuation is not based on observable
market data due to illiquidity or complexity of the product.
As at 31 March 2025, the Banking Group has no financial instruments valued under this category (30 September 2024: nil).
Notes to the financial statements
18Westpac New Zealand Limited

Note 11 Fair values of financial assets and financial liabilities (continued)
The following table summarises the attribution of financial instruments measured at fair value to the fair value hierarchy:
THE BANKING GROUP
31 Mar 25
Unaudited
30 Sep 24
Audited
$ millionsLevel 1Level 2Level 3Total
Level 1Level 2Level 3Total
Financial assets measured at fair value on a
recurring basis
Trading securities and financial assets measured at FVIS
944 1,837 - 2,781
469 1,903 - 2,372
Derivative financial instruments
- 859 - 859
- 225 - 225
Investment securities
3,620 4,544 - 8,164
3,211 4,324 - 7,535
Due from related entities
- 828 - 828
- 374 - 374
Total financial assets measured at fair value 4,564 8,068 - 12,632
3,680 6,826 - 10,506
Financial liabilities measured at fair value on a
recurring basis
Deposits and other borrowings at fair value
- 2,076 - 2,076
- 1,863 - 1,863
Derivative financial instruments
- 85 - 85
- 199 - 199
Due to related entities
- 652 - 652
- 1,059 - 1,059
Debt issues at fair value
- 2,589 - 2,589
- 3,726 - 3,726
Total financial liabilities measured at fair value - 5,402 - 5,402
- 6,847 - 6,847
Analysis of movements between fair value hierarchy levels
The Banking Group considers transfers between levels, if any, to have occurred at the end of the reporting period. During the period, there were
no material transfers between levels of the fair value hierarchy.
Financial instruments not measured at fair value
The following table summarises the estimated fair value of the Banking Group’s financial instruments not measured at fair value:
THE BANKING GROUP
31 Mar 25
Unaudited
30 Sep 24
Audited
$ millions
Carrying
AmountFair Value
Carrying
AmountFair Value
Financial assets not measured at fair value
Cash and balances with central banks
6,524 6,524
7,456 7,456
Collateral paid
18 18
76 76
Loans
103,185 103,363
102,150 102,158
Other financial assets
403 403
461 461
Due from related entities
645
645
815 815
Total financial assets not measured at fair value 110,775 110,953
110,958 110,966
Financial liabilities not measured at fair value
Collateral received
721 721
156 156
Deposits and other borrowings
80,950 81,059
79,676 79,779
Other financial liabilities
4,229 4,229
4,257 4,257
Due to related entities
1,038
1,038
1,011 1,011
Debt issues
1
19,425 19,549
17,893 17,988
Loan capital
1
1,715
1,792
1,710 1,758
Total financial liabilities not measured at fair value 108,078 108,388
104,703 104,949
1
The estimated fair value of debt issues and loan capital includes the impact of changes in the Banking Group's credit spreads since origination.
A detailed description of how fair value is derived for financial instruments not measured at fair value is disclosed in Note 25 of the financial
statements included in the Disclosure Statement for the year ended 30 September 2024.
Notes to the financial statements
Westpac New Zealand Limited19

Note 12 Credit related commitments, contingent assets and contingent liabilities
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Letters of credit and guarantees
1,734
1,631
Commitments to extend credit
27,591
26,901
Total undrawn credit commitments 29,325
28,532
Contingent assets
The Banking Group enters into various arrangements with customers that constitute contingent assets. If a specified contingent event occurs,
these commitments will be called upon and recognised on the balance sheet as loans.
Contingent liabilities
The Banking Group has contingent risks and liabilities arising from the conduct of its business, including: actual and potential disputes, claims and
legal proceedings; investigations, inquiries and reviews (formal and informal) carried out by regulatory authorities (including into the Banking
Group's processes for some products relating to the requirements of the CCCFA); and internal investigations and reviews.
The scope of reviews (internal and external), investigations and inquiries, including those relating to the requirements of the CCCFA, can be wide-
ranging and can result in litigation (including class action proceedings and enforcement proceedings), fines and penalties, customer remediation
and/or other sanctions and reputational damage.
All potential claims and other liabilities are assessed on a case-by-case basis. A provision will be recognised where the Banking Group has
conducted an assessment which determines the likelihood of loss as probable and where its potential loss can be reliably estimated. A contingent
liability exists in respect of actual or potential claims where the likely loss is not assessed as probable, where the law is uncertain or, in rare
circumstances, where the outflow of resources cannot be reliably estimated.
Note 13 Segment reporting
The Banking Group’s segment reporting incorporates Consumer Banking and Wealth and Institutional and Business Banking sectors within New
Zealand. On this basis, no geographical segment reporting is provided.
The operating segment results have been presented on a management reporting basis and consequently internal charges and transfer pricing
adjustments have been reflected in the performance of each operating segment. Intersegment pricing is determined on a cost recovery basis.
The Banking Group does not rely on any single major customer for its revenue base.
Segment comparative information for the six months ended 31 March 2024 has been revised to align to the current period's basis for reporting,
and is consistent with the information provided internally to the Banking Group's chief operating decision-maker.
The Banking Group’s operating segments are defined by the customers they serve and the services they provide. The Banking Group has identified
the following main operating segments:
●Consumer Banking and Wealth provides financial services predominantly for individuals; and
●Institutional and Business Banking provides a broad range of financial services for small to medium enterprise, corporate, property finance,
agricultural, institutional and government customers.
Other primarily represents:
●business units that do not meet the definition of a reportable operating segment under NZ IFRS 8 Operating Segments;
●elimination entries on consolidation of the results, assets and liabilities of the Banking Group’s controlled entities in the preparation of the
consolidated financial statements of the Banking Group; and
●results of certain business units excluded for management reporting purposes, but included within the consolidated financial statements of
the Banking Group for statutory financial reporting purposes.
Notes to the financial statements
20Westpac New Zealand Limited

Note 13 Segment reporting (continued)
THE BANKING GROUP
$ millions
Consumer
Banking and
Wealth
Institutional
and Business
BankingOther Total
Six months ended 31 March 2025 (Unaudited)
Net interest income 675 655 97
1,427
Net fees and commissions
Facility fees
13 9 1
23
Transaction fees and commissions
82 41 (1)
122
Other non-risk fee income
2 6 2
10
Fees and commissions income 97 56 2
155
Fees and commissions expenses
(40) - -
(40)
Net fees and commissions 57 56 2 115
Other non-interest income
- - 6 6
Total non-interest income 57 56 8 121
Net operating income 732 711 105 1,548
Operating expenses
(437) (263) (30)
(730)
Impairment (charges)/benefits
(26) (7) - (33)
Profit before income tax expense 269 441 75 785
Income tax expense
(75) (125) (20) (220)
Profit after income tax expense 194 316 55 565
Six months ended 31 March 2024 (Unaudited) (Revised)
Net interest income
597 636 151 1,384
Net fees and commissions
Facility fees 12 9 1 22
Transaction fees and commissions 82 39 1 122
Other non-risk fee income 2 7 (1) 8
Fees and commissions income
96 55 1 152
Fees and commissions expenses (36) - - (36)
Net fees and commissions
60 55 1 116
Other non-interest income - - (1) (1)
Total non-interest income
60 55 - 115
Net operating income
657 691 151 1,499
Operating expenses (406) (260) (28) (694)
Impairment (charges)/benefits (22) (1) - (23)
Profit before income tax expense
229 430 123 782
Income tax expense (64) (119) (37) (220)
Profit after income tax expense
165 311 86 562
As at 31 March 2025 (Unaudited)
Total gross loans
63,684 39,816 214 103,714
Total deposits and other borrowings
47,796 33,154 2,076 83,026
As at 30 September 2024 (Audited)
Total gross loans 62,190 40,217 241 102,648
Total deposits and other borrowings
46,616 33,060 1,863 81,539
Notes to the financial statements
Westpac New Zealand Limited21

This section contains the additional disclosures required by the Order.
i. General information
Guarantee arrangements
No material obligations of the Bank are guaranteed as at the date the Directors signed this Disclosure Statement.
Neither Westpac New Zealand Group Limited nor the Ultimate Parent Bank guarantees any of the obligations of the Bank or any member of the
Banking Group.
Changes to the Board of Directors
There has been no change to the Board of Directors of the Bank since 30 September 2024.
Auditor
KPMG
18 Viaduct Harbour Avenue
Auckland, New Zealand
Pending proceedings or arbitration
No pending legal proceedings or arbitration concerning any member of the Banking Group is expected to have a material adverse effect on the
Bank or the Banking Group.
Credit ratings
The Bank has the following credit ratings with respect to its long-term senior unsecured obligations, including obligations payable in New Zealand
in New Zealand dollars, as at the date the Directors signed this Disclosure Statement:
Rating AgencyCurrent Credit RatingRating Outlook
Fitch RatingsA+Stable
Moody's Investors ServicesA1
Stable
S&P Global RatingsAA-Stable
Other material matters
Technology programme
The Bank has committed to the Reserve Bank, APRA and Financial Markets Authority to address various technology issues. Material progress has
been made in addressing these technology issues including improving system resilience. The Bank is undertaking further work to meet its
expectations and those of the regulators.
Reserve Bank review of overseas bank branches
On 21 August 2024, the Reserve Bank released the proposed Branch Standard under the Deposit Takers Act 2023 which will implement decisions
made as part of the review of its policy for branches of overseas banks. The proposed Branch Standard will require that overseas bank branches
only conduct business with wholesale clients; the total size of an overseas bank's branch cannot exceed NZ$15 billion in total assets; and dual-
operating branches (such as the NZ Branch) only conduct business with “large” corporate and institutional clients.
It is proposed that “large” means those with consolidated annual turnover of over NZ$50 million, total assets of over NZ$75 million or total assets
under management of over NZ$1 billion (for funds management entities only). The implementation date is expected to be in July 2028.
The NZ Branch currently provides financial markets, trade finance and international payment products and services to customers referred by the
Bank. We expect the Reserve Bank’s Branch Standard will require changes to the activities the NZ Branch undertakes and as a result, the Bank may
also make changes to the scope of activities it undertakes.
Reserve Bank review of capital settings for deposit takers
On 31 March 2025, the Reserve Bank announced it intends to conduct a review of the capital settings for deposit takers. The planned Prudential
Capital Buffer increase of 1% will proceed on 1 July 2025, with the review to be conducted to allow for any changes to be signalled prior to the next
capital requirement increase scheduled for 1 July 2026. The review will include:
●An assessment of how New Zealand's capital settings compare internationally;
●A reassessment of the appropriate risk appetite for capital settings in New Zealand;
●Reviewing the degree of proportionality in the framework and considering changes; and
●Considering the balance between going concern and gone concern capital and the role of AT1 capital.
Registered bank disclosures
Unaudited
22Westpac New Zealand Limited

ii. Additional financial disclosures
Additional information on balance sheet
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Interest earning and discount bearing assets
120,027
119,170
Interest and discount bearing liabilities
99,922
98,358
Total amounts due from related entities
1,473
1,189
Total amounts due to related entities
1,690
2,070
Financial assets pledged as collateral
The Banking Group is required to provide collateral to other financial institutions, as part of standard terms, to secure liabilities. In addition to
assets supporting the CB Programme disclosed in Note 6, the carrying value of these financial assets pledged as collateral is:
THE BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Cash
18
76
Securities pledged as collateral for derivative contracts:
Investment securities
199
166
Securities pledged under repurchase agreements:
Trading securities and financial assets measured at FVIS
1
214
-
Investment securities
2
-
273
Residential mortgage-backed securities
3
4,058
4,039
Total amount pledged to secure liabilities (excluding CB Programme) 4,489
4,554
1
As at 31 March 2025, $214 million of trading securities were pledged as collateral to the NZ Branch, which is recorded within due to related entities on the balance
sheet (30 September 2024: nil).
2
As at 31 March 2025, nil investment securities were pledged as collateral to the NZ Branch, which is recorded within due to related entities on the balance sheet (30
September 2024: $273 million).
3
As at 31 March 2025, the Banking Group has undertaken repurchase agreements with the Reserve Bank, under the Funding for Lending Programme and Term
Lending Facility, using RMBS. For the Funding for Lending Programme, the repurchase cash amount at 31 March 2025 is $2,981 million (30 September 2024: $2,981
million), which is recorded within other financial liabilities on the balance sheet, with underlying securities to the value of $4,019 million provided under the
arrangement (30 September 2024: $3,989 million). For the Term Lending Facility, the repurchase cash amount at 31 March 2025 is $33 million (30 September 2024:
$42 million), which is recorded within other financial liabilities on the balance sheet, with underlying securities to the value of $39 million provided under the
arrangement (30 September 2024: $50 million).
Additional information on concentrations of credit risk
The maximum exposure to credit risk (excluding collateral received) is represented by the carrying amount of on-balance sheet financial assets
and undrawn credit commitments as set out in the following table.
THE BANKING GROUP
$ millions31 Mar 25
Financial assets
Cash and balances with central banks
6,524
Collateral paid
18
Trading securities and financial assets measured at FVIS
2,781
Derivative financial instruments
859
Investment securities
8,164
Loans
103,185
Other financial assets
403
Due from related entities
1,473
Total financial assets 123,407
Undrawn credit commitments
Letters of credit and guarantees
1,734
Commitments to extend credit
27,591
Total undrawn credit commitments 29,325
Total maximum credit risk exposure 152,732
Registered bank disclosures
Unaudited
Westpac New Zealand Limited23

ii. Additional financial disclosures (continued)
THE BANKING GROUP
$ millions31 Mar 25
Analysis of on-balance sheet credit exposures by geographical areas
New Zealand
119,077
Overseas
4,859
Subtotal 123,936
Provision for ECL on loans
(529)
Total on-balance sheet credit exposures 123,407
Analysis of on-balance sheet credit exposures by industry sector
Accommodation, cafes and restaurants
371
Agriculture
8,512
Construction
491
Finance and insurance
7,947
Forestry and fishing, agriculture support services
325
Government, administration and defence
14,597
Manufacturing
1,758
Mining
108
Property
9,237
Property services and business services
1,150
Services
1,808
Trade
2,165
Transport and storage
614
Utilities
2,329
Retail lending
70,880
Subtotal 122,292
Provision for ECL on loans
(529)
Due from related entities
1,473
Other financial assets
171
Total on-balance sheet credit exposures 123,407
Analysis of off-balance sheet credit exposures by geographical areas
New Zealand
28,700
Overseas
625
Total off-balance sheet credit exposures 29,325
Analysis of off-balance sheet credit exposures by industry sector
Accommodation, cafes and restaurants
78
Agriculture
734
Construction
618
Finance and insurance
2,063
Forestry and fishing, agriculture support services
111
Government, administration and defence
738
Manufacturing
1,458
Mining
120
Property
1,599
Property services and business services
534
Services
1,016
Trade
1,868
Transport and storage
413
Utilities
1,717
Retail lending
16,258
Total off-balance sheet credit exposures 29,325
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
24Westpac New Zealand Limited

ii. Additional financial disclosures (continued)
Additional information on concentrations of funding
THE BANKING GROUP
$ millions31 Mar 25
Funding consists of
Collateral received
721
Deposits and other borrowings
83,026
Other financial liabilities
1
3,014
Due to related entities
2
1,225
Debt issues
3
22,014
Loan capital
1,715
Total funding 111,715
Analysis of funding by geographical areas
3
New Zealand
88,556
Overseas
23,159
Total funding 111,715
Analysis of funding by industry sector
Accommodation, cafes and restaurants
356
Agriculture, forestry and fishing
1,665
Construction
1,926
Finance and insurance
39,393
Government, administration and defence
3,454
Manufacturing
1,657
Mining
37
Property services and business services
6,993
Services
5,459
Trade
1,580
Transport and storage
933
Utilities
812
Households
42,226
Other
4
3,999
Subtotal 110,490
Due to related entities
2
1,225
Total funding 111,715
1
Other financial liabilities, as presented above, are in respect of repurchase agreements and interbank placements.
2
Amounts due to related entities, as presented above, are in respect of deposits and borrowings and repurchase agreements, and exclude amounts which relate to
derivative financial instruments and other liabilities.
3
The geographic region used for debt issues is based on the nature of the debt programmes. The nature of the debt programmes is used as a proxy for the location
of the original purchaser.
4
Includes deposits from non-residents.
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited25

ii. Additional financial disclosures (continued)
Additional information on interest rate sensitivity
The following table presents a breakdown of the earlier of the contractual repricing or maturity dates of the Banking Group’s net asset position as
at 31 March 2025. The Banking Group uses this contractual repricing information as a base, which is then altered to take account of customer
behaviour, to manage its interest rate risk.
THE BANKING GROUP
31 Mar 25
$ millions
Up to 3
Months
Over 3
Months
and Up to
6 Months
Over 6
Months
and Up to
1 Year
Over 1
Year and
Up to 2
Years
Over 2
Years
Non-
interest
BearingTotal
Financial assets
Cash and balances with central banks
6,339 - - - - 185 6,524
Collateral paid
18 - - - - - 18
Trading securities and financial assets measured at
FVIS
1,919 342 23 381 116 - 2,781
Derivative financial instruments
- - - - - 859 859
Investment securities
849 71 - 1,364 5,880 - 8,164
Loans
54,814 12,806 17,852 12,265 4,359 1,089 103,185
Other financial assets
- - - - - 403 403
Due from related entities
629 - - - - 844 1,473
Total financial assets 64,568 13,219 17,875 14,010 10,355 3,380 123,407
Non-financial assets
1,719
Total assets 125,126
Financial liabilities
Collateral received
721 - - - - - 721
Deposits and other borrowings
48,903 11,615 8,414 1,101 965 12,028 83,026
Other financial liabilities
3,014 - - - - 1,215 4,229
Derivative financial instruments
- - - - - 85 85
Due to related entities
1,151 - 1 7 67 464 1,690
Debt issues
2,690 109 4,285 4,402 10,777 (249) 22,014
Loan capital
500 - - - 1,200 15 1,715
Total financial liabilities 56,979 11,724 12,700 5,510 13,009 13,558 113,480
Non-financial liabilities
566
Total liabilities 114,046
On-balance sheet interest rate repricing gap 7,589 1,495 5,175 8,500 (2,654)
Net derivative notional principals
Net interest rate contracts (notional):
Receivable/(payable)
6,765 (3,139) (4,690) (3,468) 4,532
Net interest rate repricing gap 14,354 (1,644) 485 5,032 1,878
Registered bank disclosures
Unaudited
26Westpac New Zealand Limited

ii. Additional financial disclosures (continued)
Additional information on liquidity risk
Contractual maturity of financial liabilities
The following table presents cash flows associated with financial liabilities, payable at the balance sheet date, by remaining contractual maturity.
The amounts disclosed in the table are the future contractual undiscounted cash flows, whereas the Banking Group manages inherent liquidity risk
based on expected cash flows.
Cash flows associated with these financial liabilities include both principal payments as well as fixed or variable interest payments incorporated
into the relevant coupon period. Principal payments reflect the earliest contractual maturity date. Derivative financial instruments designated in
hedge accounting relationships and used as economic hedges are expected to be held for their remaining contractual lives, and reflect gross cash
flows over the remaining contractual term.
Derivatives held for trading (excluding economic hedges) and certain liabilities classified in “Other financial liabilities” which are measured at FVIS
are not managed for liquidity purposes on the basis of their contractual maturity, and accordingly these liabilities are presented in the up to 1
month column. Only the liabilities that the Banking Group manages based on their contractual maturity are presented on a contractual
undiscounted basis in the following table.
THE BANKING GROUP
31 Mar 25
$ millions
On
Demand
Up to 1
Month
Over 1
Month
and Up to
3 Months
Over 3
Months
and Up to
1 Year
Over 1 and
Up to 5
Years
Over 5
YearsTotal
Financial liabilities
Collateral received
- 723 - - - - 723
Deposits and other borrowings
43,784 6,404 11,219 20,575 2,237 - 84,219
Other financial liabilities
123 80 1,513 1,966 89 - 3,771
Derivative financial instruments:
Held for hedging purposes (gross settled):
Cash outflow
- 7 61 146 685 162 1,061
Cash inflow
- (6) (31) (153) (624) (162) (976)
Due to related entities:
Non-derivative balances
927 204 35 - 75 - 1,241
Derivative financial instruments:
Held for hedging purposes (gross settled):
Cash outflow
- 765 355 1,924 492 - 3,536
Cash inflow
- (693) (268) (1,741) (380) - (3,082)
Debt issues
- 71 964 5,679 17,076 391 24,181
Loan capital
- - 19 58 294 1,928 2,299
Total undiscounted financial liabilities 44,834 7,555 13,867 28,454 19,944 2,319 116,973
Total contingent liabilities and commitments
Letters of credit and guarantees
1,734 - - - - - 1,734
Commitments to extend credit
27,591 - - - - - 27,591
Total undiscounted contingent liabilities and
commitments
29,325 - - - - - 29,325
Registered bank disclosures
Unaudited
Westpac New Zealand Limited27

ii. Additional financial disclosures (continued)
Liquid assets
The following table shows the Banking Group’s qualifying liquid assets held for the purpose of managing liquidity risk. These assets are eligible for
repurchase agreements with the Reserve Bank and are held in cash, government, local government and highly rated investment grade securities.
The level of liquid asset holdings is reviewed frequently and is consistent with regulatory, balance sheet and market condition requirements.
THE BANKING GROUP
$ millions31 Mar 25
Cash and balances with central banks
6,524
Supranational securities
2,236
NZ Government securities
4,380
NZ public securities
2,722
NZ corporate securities
1,421
Total on-balance sheet liquid assets 17,283
In addition, the Banking Group has $6,859 million (30 September 2024: $8,203 million) of own originated loans that are self-securitised via the
Bank’s internal residential mortgage-backed securitisation programme. The AAA rated internal RMBS held are eligible for repurchase agreements
with the Reserve Bank under certain circumstances.
Reconciliation of mortgage-related amounts
The following table provides the Banking Group’s reconciliation between any amounts disclosed in this Disclosure Statement that relate to
mortgages on residential property.
THE BANKING GROUP
$ millions31 Mar 25
Residential mortgages - total gross loans (as disclosed in Note 6 and Note iii. Asset quality of the Registered
bank disclosures)
69,525
Reconciling items:
Unamortised deferred fees and expenses
(453)
Fair value hedge adjustments
(97)
EAD for undrawn commitments and other off-balance sheet exposures
9,732
Residential mortgages by LVR (as disclosed in Additional mortgage information in Note iv. Capital adequacy and
regulatory liquidity ratios of the Registered bank disclosures)
78,707
Accrued interest receivable
117
Partial write-offs
3
Residential mortgages - EAD (as disclosed in Credit risk exposures by asset class in Note iv. Capital adequacy
and regulatory liquidity ratios of the Registered bank disclosures)
78,827
iii. Asset quality
Past due assets
THE BANKING GROUP
31 Mar 25
$ millions
Residential
MortgagesOther RetailCorporateTotal
Past due but not individually impaired assets
Less than 30 days past due
1,147 72 137 1,356
At least 30 days but less than 60 days past due
219 12 12 243
At least 60 days but less than 90 days past due
126 6 - 132
At least 90 days past due
309 22 104 435
Total past due but not individually impaired assets 1,801 112 253 2,166
Registered bank disclosures
Unaudited
28Westpac New Zealand Limited

iii. Asset quality (continued)
Movements in components of loss allowance
Refer to Note 7 for movements in the components for loss allowance on loans and credit commitments for total exposure. The provision for ECL
on loans and credit commitments can be further disaggregated into the following types of credit exposures:
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3 Stage 3
$ millions CAP CAP CAP IAP
Residential mortgages
Provision for ECL as at 30 September 2024 33 159 49 21 262
Transfers to Stage 1
43 (43) - - -
Transfers to Stage 2
(3) 24 (21) - -
Transfers to Stage 3 CAP
- (11) 12 (1) -
Transfers to Stage 3 IAP
- - (9) 9 -
Reversals of previously recognised impairment charges
- - - (9) (9)
New facilities originated
6 - - - 6
Facilities derecognised
(2) (9) (15) - (26)
Changes in CAP due to amounts written off
- - - - -
Other charges/(credits) to the income statement
(36) 38 42 7 51
Total charges/(credits) to the income statement for ECL 8 (1) 9 6 22
Amounts written off from IAP
- - - - -
Total provision for ECL on loans and credit commitments
as at 31 March 2025
41 158 58 27 284
Other retail
Provision for ECL as at 30 September 2024 12 37 11 4 64
Transfers to Stage 1
24 (23) (1) - -
Transfers to Stage 2
(3) 5 (2) - -
Transfers to Stage 3 CAP
- (6) 6 - -
Transfers to Stage 3 IAP
- - - - -
Reversals of previously recognised impairment charges
- - - - -
New facilities originated
3 - - - 3
Facilities derecognised
(1) (4) (1) - (6)
Changes in CAP due to amounts written off
- - (11) - (11)
Other charges/(credits) to the income statement
(22) 28 10 - 16
Total charges/(credits) to the income statement for ECL 1 - 1 - 2
Amounts written off from IAP
- - - (1) (1)
Total provision for ECL on loans and credit commitments
as at 31 March 2025
13 37 12 3 65
Corporate
Provision for ECL as at 30 September 2024 31 129 22 47 229
Transfers to Stage 1
9 (9) - - -
Transfers to Stage 2
(2) 5 (3) - -
Transfers to Stage 3 CAP
- (14) 14 - -
Transfers to Stage 3 IAP
- - - - -
Reversals of previously recognised impairment charges
- - - (12) (12)
New facilities originated
4 - - - 4
Facilities derecognised
(2) (5) (5) - (12)
Changes in CAP due to amounts written off
- - - - -
Other charges/(credits) to the income statement
(5) 16 1 13 25
Total charges/(credits) to the income statement for ECL 4 (7) 7 1 5
Amounts written off from IAP
- - - (3) (3)
Total provision for ECL on loans and credit commitments
as at 31 March 2025
35 122 29 45 231
The above movements in components of loss allowance table does not include ‘Other’ credit exposures on the basis that the provision for ECL is
nil.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited29

iii. Asset quality (continued)
Impacts of changes in gross financial assets on loss allowances - total
Refer to Note 7 for the impacts of changes in gross financial assets on loss allowances. The following table explains how changes in gross carrying
amounts of loans during the period have contributed to changes in the provision for ECL on loans.
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3Stage 3
$ millions
CAP CAP CAP IAP
Total gross carrying amount as at 30 September 2024 79,638 22,021 799 190 102,648
Transfers:
Transfers to Stage 1
7,237 (7,235) (2) - -
Transfers to Stage 2
(5,213) 5,394 (177) (4) -
Transfers to Stage 3 CAP
(43) (458) 506 (5) -
Transfers to Stage 3 IAP
- (7) (56) 63 -
Net further lending/(repayment)
(2,020) (273) (18) 11 (2,300)
New facilities originated
9,503 - - - 9,503
Facilities derecognised
(4,682) (1,281) (131) (28) (6,122)
Amounts written off
- - (11) (4) (15)
Total gross carrying amount as at 31 March 2025 84,420 18,161 910 223 103,714
Provision for ECL as at 31 March 2025
(75) (287) (98) (69) (529)
Total net carrying amount as at 31 March 2025 84,345 17,874 812 154 103,185
Registered bank disclosures
Unaudited
30Westpac New Zealand Limited

iii. Asset quality (continued)
Impacts of changes in gross financial assets on loss allowances – by types of credit exposure
The gross carrying amounts of loans can be further disaggregated into the following types of credit exposures:
THE BANKING GROUP
Performing Non-performing
Total
Stage 1 Stage 2 Stage 3Stage 3
$ millions
CAP CAP CAP IAP
Residential mortgages
Total gross carrying amount as at 30 September 2024 53,255 14,064 630 79 68,028
Transfers:
Transfers to Stage 1
5,030 (5,030) - - -
Transfers to Stage 2
(3,538) 3,695 (153) (4) -
Transfers to Stage 3 CAP
(32) (351) 388 (5) -
Transfers to Stage 3 IAP
- (7) (53) 60 -
Net further lending/(repayment)
(1,491) (276) (15) (8) (1,790)
New facilities originated
6,977 - - - 6,977
Facilities derecognised
(2,721) (863) (95) (11) (3,690)
Amounts written off
- - - - -
Total gross carrying amount as at 31 March 2025 57,480 11,232 702 111 69,525
Provision for ECL as at 31 March 2025
(37) (148) (58) (27) (270)
Total net carrying amount as at 31 March 2025 57,443 11,084 644 84 69,255
Other retail
Total gross carrying amount as at 30 September 2024 1,839 667 52 5 2,563
Transfers:
Transfers to Stage 1
461 (459) (2) - -
Transfers to Stage 2
(422) 429 (7) - -
Transfers to Stage 3 CAP
(8) (33) 41 - -
Transfers to Stage 3 IAP
- - (3) 3 -
Net further lending/(repayment)
(93) 29 (2) - (66)
New facilities originated
268 - - - 268
Facilities derecognised
(114) (51) (12) - (177)
Amounts written off
- - (11) (1) (12)
Total gross carrying amount as at 31 March 2025 1,931 582 56 7 2,576
Provision for ECL as at 31 March 2025
(10) (31) (12) (3) (56)
Total net carrying amount as at 31 March 2025 1,921 551 44 4 2,520
Corporate
Total gross carrying amount as at 30 September 2024 24,321 7,220 117 106 31,764
Transfers:
Transfers to Stage 1
1,746 (1,746) - - -
Transfers to Stage 2
(1,253) 1,270 (17) - -
Transfers to Stage 3 CAP
(3) (74) 77 - -
Transfers to Stage 3 IAP
- - - - -
Net further lending/(repayment)
(402) 44 (1) 19 (340)
New facilities originated
2,187 - - - 2,187
Facilities derecognised
(1,791) (367) (24) (17) (2,199)
Amounts written off
- - - (3) (3)
Total gross carrying amount as at 31 March 2025 24,805 6,347 152 105 31,409
Provision for ECL as at 31 March 2025
(28) (108) (28) (39) (203)
Total net carrying amount as at 31 March 2025 24,777 6,239 124 66 31,206
The above gross carrying amount table does not include 'Other' credit exposures (refer to Note 6) on the basis that the provision for ECL is nil.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited31

iii. Asset quality (continued)
Other asset quality information
THE BANKING GROUP
31 Mar 25
$ millions
Residential
MortgagesOther RetailCorporateOtherTotal
Undrawn commitments with individually impaired counterparties
- - 11 - 11
Other assets under administration
- - - - -
iv. Capital adequacy and regulatory liquidity ratios
The information regarding capital adequacy contained in this note has been derived in accordance with the Bank’s Conditions of Registration
which relate to capital adequacy and the Reserve Bank BPRs.
The Banking Group maintains an actively managed capital base to cover risks inherent in the business. The adequacy of the Banking Group’s
capital is monitored using, among other measures, the rules and ratios established by the Basel Committee on Banking Supervision and adopted
by the Reserve Bank in supervising the Banking Group.
The Banking Group’s capital summary as at 31 March 2025
THE BANKING GROUP
$ millions31 Mar 25
Tier 1 capital
Common Equity Tier 1 capital
Paid-up ordinary shares issued by the Bank plus related share premium
7,300
Retained earnings (net of appropriations)
2,467
Accumulated other comprehensive income and other disclosed reserves
1
(56)
Less deductions from Common Equity Tier 1 capital
Goodwill
(477)
Other intangible assets
2
(458)
Cash flow hedge reserve
(41)
Deferred tax asset deduction
(192)
Expected loss excess over eligible allowance
(43)
Total Common Equity Tier 1 capital 8,500
Additional Tier 1 capital
Additional Tier 1 loan capital
3
500
PPS
4
1,375
Total Additional Tier 1 capital 1,875
Total Tier 1 capital 10,375
Tier 2 capital
Tier 2 capital instruments
3
1,200
Revaluation reserves
-
Eligible impairment allowance in excess of expected loss
-
Total Tier 2 capital 1,200
Total capital 11,575
1
Accumulated other comprehensive income and other disclosed reserves consist of investment securities and cash flow hedge reserve as disclosed as reserves on
the balance sheet.
2
Includes capitalised transaction costs on PPS, loan capital and debt issues.
3
Classified as a liability under Generally Accepted Accounting Practice and excludes capitalised transaction costs. Additional Tier 1 loan capital and Tier 2 capital
instruments are itemised on page 34 and 35. Further details on convertibility for Additional Tier 1 loan capital are noted in the 'Conversion' section.
4
Classified as equity under Generally Accepted Accounting Practice and excludes transaction costs. AT1 PPS are itemised on page 33.
Registered bank disclosures
Unaudited
32Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Capital structure
Ordinary shares
In accordance with BPR110 Capital definitions, ordinary share capital is classified as Common Equity Tier 1 capital.
The ordinary shares have no par value. Subject to the constitution of the Bank, each ordinary share of the Bank carries the right to one vote on a
poll at meetings of shareholders, the right to an equal share in dividends authorised by the Board and the right to an equal share in the distribution
of the surplus assets of the Bank in the event of liquidation.
AT1 Perpetual preference shares (AT1 PPS)
On 21 December 2023, the Bank issued two classes of AT1 PPS to the NZ Branch, totalling $1,000 million ('Internal PPS').
On 13 September 2024, the Bank issued $375 million of AT1 PPS, which are quoted on the NZX Debt Market ('Quoted PPS').
The AT1 PPS qualify as AT1 under the Reserve Bank’s capital adequacy framework. The AT1 PPS are classified as equity instruments as there is no
contractual obligation for the Banking Group to either deliver cash or another financial instrument or to exchange financial instruments on a
potentially unfavourable basis.
A summary of the key terms and features of each class of AT1 PPS is provided below:
$Issue dateCounterpartyAT1 PPS distribution rateOptional redemption date
Internal PPS
NZ$500
million
21 December
2023
NZ BranchNZ 3 month bank bill rate + 3.9723% p.a.
21 December 2028 and each quarterly
scheduled distribution payment date after
that date
NZ$500
million
21 December
2023
NZ BranchNZ 3 month bank bill rate + 4.0219% p.a.
21 December 2029 and each quarterly
scheduled distribution payment date after
that date
Quoted PPS
NZ$375
million
13 September
2024
External
Fixed at 7.10% p.a. until 13 September 2029
(when it resets to a floating rate equal to the NZ
3 month bank bill rate + 3.50% p.a.)
13 September 2029 and each quarterly
scheduled distribution payment date after
that date
Ranking and rights in liquidation
The AT1 PPS were issued by the Bank and, in a liquidation of the Bank, rank equally amongst themselves and the Bank’s AT1 notes, are
subordinated to the claims of depositors and other creditors of the Bank (including holders of Tier 2 loan capital), and rank ahead of the Bank’s
ordinary shares. The AT1 PPS do not carry any voting rights.
AT1 PPS distributions payable
Quarterly AT1 PPS distributions are payable at the absolute discretion of the Bank. In addition, AT1 PPS distributions will only be paid if the Bank is
solvent on the payment date and remains solvent immediately after such payment is made and the payment will not result in a breach of the
Bank’s conditions of registration as at the time of the payment.
AT1 PPS distributions are non-cumulative. In respect of a class of AT1 PPS, if an AT1 PPS distribution is not paid in full, the Bank may not determine
or pay any dividends on its ordinary shares or undertake a discretionary buy-back or capital reduction of the Bank’s ordinary shares until a
subsequent AT1 PPS distribution is paid in full on that class (except in limited circumstances).
Redemption
The Bank may elect to redeem all or some of each class of the Internal PPS, or all of the Quoted PPS, on a related optional redemption date, or at
any time for certain tax or regulatory reasons. Redemption is subject to certain conditions, including the Reserve Bank’s prior written approval and
the Bank remaining solvent immediately after the redemption. Holders have no right to require redemption.
Conversion
The AT1 PPS have no conversion or exchange options and no non-viability triggers.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited33

iv. Capital adequacy and regulatory liquidity ratios (continued)
Additional Tier 1 loan capital (AT1 notes)
A summary of the key terms and features of the AT1 notes is provided below:
$Issue dateCounterpartyInterest rateOptional redemption date
NZ$500 million notes22 September 2017NZ Branch
NZ 90 day bank bill
rate + 3.9594% p.a.
21 September 2027 and every fifth
anniversary thereafter
Ranking and rights in liquidation
The AT1 notes were issued by the Bank and, in a liquidation of the Bank, rank equally amongst themselves and the Bank's AT1 PPS, are
subordinated to the claims of depositors and senior or less subordinated creditors of the Bank, and rank ahead of the Bank’s ordinary shares.
Transitional phase-out schedule
In accordance with BPR110 Capital definitions, the Bank’s AT1 notes are subject to a transitional phase-out from 1 January 2022 until 1 July 2028,
with the maximum eligible amount declining by 12.5% each year. The base amount was fixed at the total nominal amount of the Bank’s AT1 notes
outstanding as at 30 September 2021, being NZ$1,500 million. The total value able to be recognised as AT1 is set out in BPR110 Capital definitions,
with the lower of the outstanding amount or 50% of the base amount able to be recognised between 1 January 2025 and 31 December 2025 in line
with the phase-out schedule. On 21 December 2023, the Bank exercised its option, for regulatory reasons, to redeem $1,000 million of the AT1
notes for their face value, as approved by the Reserve Bank. As at 31 March 2025, the remaining outstanding amount of $500 million is fully
recognised as AT1 in accordance with the transitional phase-out schedule.
Interest payable
Quarterly interest payments on the AT1 notes are payable at the absolute discretion of the Bank and will only be paid if the payment conditions are
satisfied, including that the interest payment will not result in the Bank becoming insolvent immediately following the interest payment; not result
in a breach of the Reserve Bank's BPRs; and the payment date not falling on the date of a capital trigger event or non-viability trigger event.
Interest payments are non-cumulative. If interest is not paid in full, the Bank may not determine or pay any dividends on its ordinary shares or
undertake a discretionary buy back or capital reduction of the Bank’s ordinary shares (except in limited circumstances).
Redemption
The Bank may elect to redeem all or some of the AT1 notes for their face value on 21 September 2027 and every fifth anniversary thereafter, subject
to the Reserve Bank’s prior written approval. Early redemption of all or some of the AT1 notes for certain tax or regulatory reasons is permitted
subject to the Reserve Bank’s prior written approval.
Conversion
If a capital trigger event or non-viability trigger event occurs, the Bank must convert some or all of the AT1 notes into a variable number of ordinary
shares issued by the Bank (calculated with reference to the net assets of the Bank and the total number of ordinary shares on issue at the
conversion date) that is sufficient, in the case of a capital trigger event, to return the Bank’s Common Equity Tier 1 capital ratio to above 5.125% as
determined by the Bank in consultation with the Reserve Bank; or, in the case of a non-viability trigger event, to satisfy the direction of the Reserve
Bank or the decision of the statutory manager of the Bank. A capital trigger event occurs when the Bank determines, or the Reserve Bank notifies in
writing that it believes, the Bank’s Common Equity Tier 1 capital ratio is equal to or less than 5.125%. A non-viability trigger event occurs when the
Reserve Bank or the statutory manager (appointed pursuant to section 117 of the Banking (Prudential Supervision) Act 1989) directs the Bank to
convert or write off all or some of its AT1 notes.
If conversion of the AT1 notes does not occur within five business days of a capital trigger event or a non-viability trigger event, holders’ rights in
relation to the AT1 notes will be immediately and irrevocably terminated.
The Bank is able to elect to convert all the AT1 notes for certain tax or regulatory reasons (or in certain other circumstances).
Registered bank disclosures
Unaudited
34Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Tier 2 loan capital
A summary of the key terms and features of the subordinated notes is provided below:
$Issue dateInterest rateMaturity dateOptional redemption date
NZ$600 million
notes
16 September 2022Fixed at 6.19% until 16 September
2027. Resets on 16 September 2027
to a floating rate: NZ 3 month bank
bill rate + 2.10% p.a.
16 September 203216 September 2027 and every quarterly
interest payment date thereafter
NZ$600 million
notes
14 August 2023Fixed at 6.73% until 14 February
2029. Resets on 14 February 2029 to
a floating rate: NZ 3 month bank bill
rate + 2.00% p.a.
14 February 203414 February 2029 and every quarterly
interest payment date thereafter
Ranking and rights in liquidation
The subordinated notes were issued by the Bank and, in a liquidation of the Bank, the 2022 and 2023 subordinated notes rank equally with each
other and amongst themselves, are subordinated to the claims of depositors and senior or less subordinated creditors of the Bank, and rank
ahead of the AT1 notes, AT1 PPS and the Bank's ordinary shares.
Common features of subordinated notes
Interest payable
Quarterly interest payments on the subordinated notes are subject to the Bank being solvent at the time of, and immediately following, the
interest payment.
Early redemption
The Bank may elect to redeem all or some of the 2022 or 2023 subordinated notes for their face value together with accrued interest (if any) on an
optional redemption date for the series specified above, subject to the Reserve Bank’s prior written approval. Early redemption of all of the 2022
or 2023 subordinated notes for certain tax or regulatory reasons is permitted on an interest payment date subject to the Reserve Bank’s prior
written approval.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited35

iv. Capital adequacy and regulatory liquidity ratios (continued)
Credit risk subject to the IRB approach
Credit risk exposures by asset class
The Banking Group’s credit risk exposures by asset class as at 31 March 2025
Weighted
Average PDEAD
Exposure-
weighted
LGD
Exposure-
weighted
Risk WeightRWA
1
Exposure-weighted PD Grade (%)%$ millions%%$ millions
Residential mortgages
Up to and including 0.10
- - - - -
Over 0.10 up to and including 0.50
0.47 34,874 14 11 4,783
Over 0.50 up to and including 1.0
0.70 27,637 22 23 7,750
Over 1.0 up to and including 2.5
1.53 14,570 24 48 8,469
Over 2.5 up to and including 10.0
3.78 929 26 90 1,002
Over 10.0 up to and including 99.99
- - - - -
Default
100.00 817 22 159 1,563
Total 1.82 78,827 19 25 23,567
Other retail
Up to and including 0.10
0.05 731 46 7 60
Over 0.10 up to and including 0.50
0.26 1,737 40 18 367
Over 0.50 up to and including 1.0
0.79 806 40 35 340
Over 1.0 up to and including 2.5
1.81 829 53 65 646
Over 2.5 up to and including 10.0
5.05 476 61 91 516
Over 10.0 up to and including 99.99
19.03 67 66 135 108
Default
100.00 69 42 260 215
Total 2.80 4,715 46 40 2,252
Corporate
Up to and including 0.04
0.03 6,648 47 19 1,485
Over 0.04 up to and including 0.10
0.07 3,268 47 24 927
Over 0.10 up to and including 0.40
0.22 7,730 37 35 3,279
Over 0.40 up to and including 3.0
1.20 15,035 33 64 11,530
Over 3.0 up to and including 10.0
4.78 686 30 91 749
Over 10.0 up to and including 99.99
24.34 1,258 36 174 2,626
Default
100.00 326 42 72 282
Total 2.48 34,951 38 50 20,878
Total credit risk exposures subject to the IRB approach 118,493 46,697
1
RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview.
Registered bank disclosures
Unaudited
36Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
The following table summarises the Banking Group’s credit risk exposures by asset class arising from undrawn commitments and other off-
balance sheet contingent liabilities and counterparty credit risk on derivatives and securities financing transactions. These amounts are included
in the previous tables.
THE BANKING GROUP
31 Mar 25
Undrawn commitments and
other off-balance sheet
contingent liabilities
1
Counterparty credit risk on
derivatives and securities
financing transactions
$ millionsValueEADValueEAD
Residential mortgages
13,593 9,732 - -
Other retail
3,400 2,118 - -
Corporate
9,362 9,329 2,996 102
Total 26,355 21,179 2,996 102
1
Certain balances which are part of the guarantee with the NZ Branch are not included as off-balance sheet contingent liabilities, reflecting their treatment in RWAs
calculations as components of on-balance sheet or counterparty credit risk exposure.
Additional mortgage information
Residential mortgages by LVR as at 31 March 2025
LVRs are calculated as the current exposure divided by the Banking Group’s valuation of the associated residential property at origination.
The Banking Group utilises data from its loan system to obtain origination valuations. For loans originated prior to 1 January 2008, or those
originated outside of the loan system, the origination valuation is not recorded in the system and is therefore, due to system limitations, not
available for disclosure. For these loans, the Banking Group utilises the earliest valuation recorded as the closest available alternative to estimate
an origination valuation.
Exposures for which no LVR is available have been included in the ‘Exceeds 90%’ category in accordance with the requirements of the Order.
THE BANKING GROUP
31 Mar 25
LVR range ($ millions)
Does not
exceed 60%
Exceeds 60%
and not 70%
Exceeds 70%
and not 80%
Exceeds 80%
and not 90%Exceeds 90%Total
On-balance sheet exposures
31,509 14,530 16,084 4,938 1,914 68,975
Undrawn commitments and other off-balance
sheet exposures
7,646 1,058 748 117 163 9,732
Value of exposures 39,155 15,588 16,832 5,055 2,077 78,707
Registered bank disclosures
Unaudited
Westpac New Zealand Limited37

iv. Capital adequacy and regulatory liquidity ratios (continued)
Specialised lending subject to the slotting approach
The Banking Group’s specialised lending: Project and property finance credit risk exposures as at 31 March 2025
Total
Exposures
After Credit
Risk Mitigation
(EAD)Risk Weight RWA
1
On-balance sheet exposures subject to the slotting approach$ millions%$ millions
Supervisory slotting grade
Strong
4,506 70 3,785
Good
2,593 90 2,801
Satisfactory
263 115 363
Weak
83 250 248
Default
3 - -
EAD
Average Risk
WeightRWA
1
Off-balance sheet exposures subject to the slotting approach$ millions%$ millions
Undrawn commitments and other off-balance sheet exposures
1,506 79 1,434
Total specialised lending exposures subject to the slotting approach 8,954 - 8,631
1
RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview.
Standardised equivalents of IRB risk weighted assets
The following table shows the standardised equivalent RWAs of the IRB RWAs for each IRB exposure class, as used in the floor calculation.
THE BANKING GROUP
31 Mar 25
$ millions
Exposure
Under the IRB
ApproachIRB RWA
1
Equivalent
Exposure
Under the
Standardised
Approach
Standardised
Equivalents of
RWA
IRB Exposure Class
Residential mortgages
78,827 23,567 75,610 29,279
Other retail
4,715 2,252 2,696 2,474
Corporate
34,951 20,878 29,772 28,287
Specialised lending subject to the slotting approach
8,954 8,631 8,137 7,966
Total
127,447 55,328 116,215 68,006
1
IRB RWAs includes a scalar of 1.2 as required by BPR130 Credit risk RWAs overview.
Registered bank disclosures
Unaudited
38Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Credit risk exposures subject to the standardised approach
The Banking Group’s credit risk exposures subject to the standardised approach as at 31 March 2025
Total Exposure
After Credit
Risk MitigationRisk WeightRWA
1
On-balance sheet exposures by separate risk weight$ millions%$ millions
Cash and gold bullion
185 0 -
Sovereigns and central banks
10,879 0 -
- 20 -
- 50 -
- 100 -
- 150 -
Multilateral development banks and other international organisations
1,969 0 -
95 20 19
- 50 -
- 100 -
- 150 -
Public sector entities
2,039 20 408
- 50 -
- 100 -
- 150 -
Banks
625 20 125
832 50 416
12 100 12
- 150 -
Total Exposure
After Credit
Risk Mitigation
Average Risk
WeightRWA
1
Other on-balance sheet exposures by average risk weight
2
$ millions%$ millions
Past due assets
- 150 -
Other assets
3
1,492 65 976
Total Exposure
Or Principal
Amount
Average Credit
Conversion
Factor
Credit
Equivalent
Amount
Average Risk
WeightRWA
1
Off-balance sheet exposures
2
$ millions%$ millions%$ millions
Total off-balance sheet exposures subject to the
standardised approach
881 42.22 372 25 94
Counterparty credit risk for counterparties
subject to the standardised approach
Total Exposure
Or Principal
Amount
Credit
Equivalent
Amount
Average Risk
WeightRWA
1
$ millions$ millions%$ millions
Foreign exchange contracts
20,232 1,011 20 202
Interest rate contracts
60,900 219 20 44
Other
2
4,037 1,072 - -
Credit Valuation Adjustment capital charge
4
N/AN/AN/A 473
Registered bank disclosures
Unaudited
Westpac New Zealand Limited39

iv. Capital adequacy and regulatory liquidity ratios (continued)
Total ExposureRisk WeightRWA
1
Equity exposures
2
$ millions%$ millions
Equity holdings (not deducted from capital) not included in NZX50 or overseas
equivalent
3 400 13
Total credit risk exposures subject to the standardised approach
20,805 2,782
1
RWAs includes a scalar of 1.0 as required by BPR130 Credit risk RWAs overview.
2
The Banking Group has no exposures to be disclosed under the following categories: Undrawn commitments to the Business Growth Fund; Other corporate or
residential mortgage on-balance sheet exposures subject to the standardised approach; exposures arising from trades settled on qualifying central counterparties
other than as a client of a clearing member where the exposures are risk weighted as exposures to the clearing member; Equity holdings in the Business Growth
Fund; Equity holdings (not deducted from capital) included in the NZX 50 or overseas equivalent index.
3
Relate to property and equipment, other assets and related parties.
4
The Credit Valuation Adjustment (CVA) capital charge is $38 million and the implied risk weighted exposure for CVA is $473 million.
Credit risk mitigation
The Banking Group uses a variety of techniques to reduce the credit risk arising from its lending activities (refer to Note 13.5 to the financial
statements included in the Disclosure Statement for the year ended 30 September 2024 for further details). This includes the Banking Group
establishing that it has direct, irrevocable and unconditional recourse to collateral and other credit enhancements through obtaining legally
enforceable documentation.
Portfolios subject to the standardised approach
The following table shows the value of exposures in portfolios subject to the standardised approach which are covered by eligible financial
collateral as at 31 March 2025.
THE BANKING GROUP
31 Mar 25
$ millions
Total value of exposures covered by eligible
financial collateral (after haircutting)
Sovereign
-
Bank
708
Corporate (including specialised lending)
-
Residential mortgages
-
Other
-
Total for portfolios subject to the standardised approach 708
All portfolios
The Banking Group includes the effect of credit risk mitigation through eligible guarantees within the calculation applied to LGD. Due to system
limitations, the value of the guarantee is not always separately recorded, and therefore, neither the total value of exposures covered by
guarantees, nor a close alternative, is available for disclosure under Clause 7 of Schedule 11 to the Order. The Banking Group does not apply any
credit risk mitigation from credit derivatives as at 31 March 2025.
Impact of the Standardised Floor on Total Credit Risk RWAs
BPR130 Credit risk RWAs overview requires IRB Banks to calculate total credit risk RWAs as the sum of:
●The greater of:
-1.2 x total RWAs subject to the IRB treatment (as shown in the tables in the sections Credit risk subject to the IRB approach and
Specialised lending subject to the slotting approach on pages 36 and 38 respectively); and
-0.85 x total Standardised Equivalent RWAs for each credit risk exposure subject to the IRB treatment (commonly referred to as the
standardised floor); and
●1.0 x total RWAs subject to the Standardised treatment.
The following table shows the output from these calculations, and the resulting total credit risk RWAs used in the calculation of the Bank and the
Banking Group’s total capital requirements and capital ratios as at 31 March 2025.
Registered bank disclosures
Unaudited
40Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
THE BANKING GROUP
31 Mar 25
RWA
$ millions
Calculated for
compliance purposes
Recalculated using the
standardised approach
Total IRB and supervisory slotting exposures
1
55,328 68,006
Standardised floor at 85% of standardised equivalents
N/A 57,805
IRB and slotting RWAs with floor applied
57,805 N/A
RWAs for standardised exposures
2
2,782 N/A
Total credit risk RWAs 60,587 N/A
1
A scalar of 1.2 is applied when calculating the IRB RWAs for compliance purposes.
2
A scalar of 1.0 is applied when calculating RWAs for standardised exposures.
Operational risk
Operational risk capital requirement
The following table sets out the Banking Group’s implied risk-weighted exposures under the Standardised Approach for operational risk capital in
accordance with BPR150 Standardised operational risk.
THE BANKING GROUP
31 Mar 25
$ millions
Implied Risk Weighted
Exposure
Total Operational Risk
Capital Requirement
Standardised Approach
Operational risk
7,990 639
Whilst the Bank has transitioned to the Standardised Approach for calculating Operational Risk capital in line with BPR150 Standardised
operational risk, it continues to comply with the qualitative requirements set out in section B1 of BPR151 Advanced Measurement Approach
operational risk.
Market risk
The Banking Group’s aggregate market risk exposure is derived in accordance with BPR140 Market risk exposure and is calculated on a monthly
basis. The end-of-period aggregate market risk exposure is calculated from the period end balance sheet information.
For each category of market risk, the Banking Group’s peak end-of-day aggregate capital charge is derived by determining the maximum over the
six months ended 31 March 2025 of the aggregate capital charge for that category of market risk derived in accordance with BPR140 Market risk
exposure.
The following table provides a summary of the Banking Group’s capital charges by risk type as at the reporting date and the peak end-of-day
capital charges by risk type for the six months ended 31 March 2025:
THE BANKING GROUP
31 Mar 25
$ millions
Implied Risk Weighted
Exposure
Aggregate Capital
Charge
End-of-period
Interest rate risk
2,083 167
Foreign currency risk
- -
Equity risk
- -
Peak end-of-day
Interest rate risk
7,291 583
Foreign currency risk
- -
Equity risk
- -
Registered bank disclosures
Unaudited
Westpac New Zealand Limited41

iv. Capital adequacy and regulatory liquidity ratios (continued)
Total capital requirements
Banking Group Pillar 1 Total Capital Requirement
THE BANKING GROUP
31 Mar 25
$ millions
Total Exposure After
Credit Risk Mitigation
Risk Weighted Exposure
or Implied Risk
Weighted Exposure
Total Capital
Requirement
1
Total credit risk
137,020 60,587 5,453
Operational risk
N/A 7,990 719
Market risk
N/A 2,083 187
Total 137,020 70,660 6,359
1
Calculated based on 9.0% Reserve Bank minimum total capital ratio requirement effective from 1 July 2024.
Capital ratios
The following table is disclosed under the Reserve Bank’s Basel III framework in accordance with Clauses 15 and 16 of Schedule 11 to the Order and
represents the capital adequacy calculation based on the Reserve Bank BPRs.
For the purpose of calculating the capital adequacy ratios for the Bank on a solo basis, non-SPV subsidiaries are consolidated within the Bank if
they are either funded exclusively and wholly owned by the Bank, or if there is a full, unconditional and irrevocable cross guarantee between the
non-SPV subsidiary and the Bank. An SPV must be consolidated with the Bank if it is either a covered bond SPV or an internal RMBS SPV.
THE BANKING GROUPTHE BANK
%
Reserve Bank
Minimum
Ratios
1
31 Mar 25
31 Mar 24
31 Mar 25
31 Mar 24
2
Common Equity Tier 1 capital ratio 4.5
12.0
11.4
12.0
11.4
Tier 1 capital ratio 7.0
14.7
13.5
14.7
13.5
Total capital ratio 9.0
16.4
15.2
16.4
15.2
Buffer Trigger
Ratio
Prudential capital buffer ratio
4.5 7.4
6.9
N/A
N/A
1
The minimum Tier 1 capital ratio and total capital ratio increased from 6.0% to 7.0% and from 8.0% to 9.0% respectively on 1 July 2024.
2
The comparative amount for total Common Equity Tier 1 capital ratio has been restated to reflect a correction which increases this ratio from 11.3% to 11.4%.
Capital for other material risks
The Banking Group’s internal capital adequacy assessment process identifies, reviews and measures additional material risks that must be
captured within the Banking Group’s capital adequacy assessment process. The additional material risks considered are those not captured by
Pillar 1 regulatory capital requirements and include compliance and conduct risk, liquidity and funding risk, reputational and sustainability risk,
financial crime risk, other assets risk, strategic risk and cyber risk. The internal capital adequacy assessment process also takes account of future
strategic objectives, stress testing and regulatory developments.
The Banking Group’s internal capital allocation for ‘other material risks’ is $315 million as at 31 March 2025 (31 March 2024: $289 million).
Standardised equivalent capital ratios
The following table is disclosed in accordance with Clause 17B of Schedule 11 to the Order. The Banking Group’s standardised equivalent capital
ratios are for disclosure purposes and do not form part of the Bank's Conditions of Registration. Refer to the Capital ratios section above for the
Banking Group’s capital adequacy ratios for compliance purposes.
The RWAs and capital amounts have been calculated in line with the Reserve Bank BPR standardised requirements. The capital amount has been
recalculated to exclude any capital adjustments related to the expected loss provisions that only apply under the IRB approach. The credit risk
RWAs of these exposures have been recalculated under the requirements of BPR131 Standardised credit risk RWAs. The credit risk RWAs that are
currently calculated using the standardised methodology, market risk RWAs, and operational risk RWAs remain unchanged.
THE BANKING GROUP
31 Mar 25
CET1 capitalTier 1 capitalTotal capital
Standardised equivalent capital amount ($ millions)
8,543 10,418 11,618
Standardised equivalent total RWAs ($ millions)
80,860 80,860 80,860
Ratio (%)
10.6 12.9 14.4
Registered bank disclosures
Unaudited
42Westpac New Zealand Limited

iv. Capital adequacy and regulatory liquidity ratios (continued)
Historical comparison with standardised capital ratios and risk weights
The following table discloses total capital ratios and average risk weights under the IRB and standardised approaches for comparative purpose, as
at 31 March 2025 and full-year reporting dates on or after 30 June 2024:
THE BANKING GROUP
%31 Mar 2530 Sep 24
IRB Approach
Total capital ratio
1
16.4 16.2
Actual average risk weight for all modelled credit risk exposures
2
43.4 43.4
Standardised Approach
Total capital ratio
3
14.4 14.2
Average risk weight for all modelled credit risk exposures
4
58.5 59.5
1
This represents the proportion of eligible capital the Banking Group holds against its total RWAs as calculated under its Conditions of Registration.
2
This represents the ratio of the total RWAs for all exposures that are subject to the IRB modelling approach or the supervisory slotting approach (including any
applicable scalar) to the total EAD for the modelled exposure classes.
3
This represents the proportion of the standardised equivalent of eligible capital the Banking Group holds against its total RWAs as calculated under the Reserve
Bank standardised approach.
4
This represents the ratio of the total RWAs for all exposures that are subject to the IRB modelling approach or the supervisory slotting approach, recalculated using
the standardised approach, to the total on-balance sheet and credit equivalent amounts for these exposures.
Ultimate Parent Bank Group and Ultimate Parent Bank capital adequacy
The following table represents the capital adequacy calculation for the Ultimate Parent Bank Group and Ultimate Parent Bank based on APRA’s
application of the Basel III capital adequacy framework.
31 Mar 25
Unaudited
31 Mar 24
Unaudited
%
Ultimate Parent Bank Group (excluding entities specifically excluded by APRA)
1,2
Common Equity Tier 1 capital ratio
12.2
12.5
Additional Tier 1 capital ratio
2.3
2.5
Tier 1 capital ratio
14.5
15.0
Tier 2 capital ratio
7.1
6.4
Total regulatory capital ratio
21.6
21.4
Ultimate Parent Bank (Extended Licensed Entity)
1,3
Common Equity Tier 1 capital ratio
12.5
12.8
Additional Tier 1 capital ratio
2.5
2.7
Tier 1 capital ratio
15.0
15.5
Tier 2 capital ratio
7.9
7.1
Total regulatory capital ratios 22.9
22.6
1
The capital ratios represent information mandated by APRA. The capital ratios of the Ultimate Parent Bank Group are publicly available in the Ultimate Parent Bank
Group’s Pillar 3 report. This information is made available to users via the Ultimate Parent Bank’s website (www.westpac.com.au).
2
Ultimate Parent Bank Group (excluding entities specifically excluded by APRA regulations) comprises the consolidation of the Ultimate Parent Bank and its
subsidiary entities except for those entities specifically excluded by APRA regulations for the purposes of measuring capital adequacy (Level 2). The head of the Level
2 group is the Ultimate Parent Bank.
3
Ultimate Parent Bank (Extended Licensed Entity) comprises the Ultimate Parent Bank and its subsidiary entities that have been approved by APRA as being part of a
single Extended Licensed Entity for the purposes of measuring capital adequacy (Level 1).
Under APRA’s Prudential Standards, Australian authorised deposit-taking institutions, including the Ultimate Parent Bank Group and the Ultimate
Parent Bank, are required to maintain minimum ratios of capital to risk weighted assets, as determined by APRA, which are at least equal to those
specified under the Basel III capital framework. For the calculation of RWAs, the Ultimate Parent Bank Group and Ultimate Parent Bank is
accredited by APRA to apply advanced models. The Ultimate Parent Bank Group and Ultimate Parent Bank uses the Advanced IRB approach for
credit risk, the Standardised Measurement Approach (SMA) for operational risk and the internal model approach for interest rate risk in the
banking book for calculating regulatory capital.
APRA has set a Total Common Equity Tier 1 (CET1) Requirement for Domestic Systemically Important Banks (D-SIBs), including the Ultimate Parent
Bank of at least 10.25% (noting that APRA may apply higher CET1 requirements for an individual bank). This requirement includes a capital
conservation buffer of 4.75% applicable to D-SIBs and a base level for the countercyclical capital buffer of 1.0% for Australian exposures which
APRA may vary between 0% and 3.5%. From 1 January 2027, the Total CET1 Requirement will increase to 10.50%.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited43

iv. Capital adequacy and regulatory liquidity ratios (continued)
The Ultimate Parent Bank Board has determined that the Ultimate Parent Bank Group and Ultimate Parent Bank will target a CET1 operating capital
range of between 11.0% and 11.5%, in normal operating conditions.
APRA’s prudential standards are generally consistent with the International Regulatory Framework for Banks, also known as Basel III, issued by the
Basel Committee on Banking Supervision, except where APRA has exercised certain discretions.
The Ultimate Parent Bank Group is required to disclose additional detailed information on its risk management practices and capital adequacy on
a quarterly basis. This information is made available to users via the Ultimate Parent Bank’s website (www.westpac.com.au).
The Ultimate Parent Bank Group (excluding entities specifically excluded by APRA regulations) and Ultimate Parent Bank (Extended Licensed Entity
as defined by APRA) exceeded the minimum capital adequacy requirements as specified by APRA as at 31 March 2025.
Regulatory liquidity ratios
The Bank calculates liquidity ratios in accordance with the Reserve Bank document 'Liquidity Policy'. Ratios are calculated daily and are part of the
Bank’s management of liquidity risk. Quarterly average ratios are produced in line with the Reserve Bank rules and guidance.
THE BANKING GROUP
%31 Mar 25
31 Dec 24
Average for the three months ended
One-week mismatch ratio
10.1
10.1
One-month mismatch ratio
9.5
10.1
Core funding ratio
86.8
87.3
v. Concentration of credit exposures to individual counterparties
The following credit exposures are based on actual credit exposures to individual counterparties and groups of closely related counterparties.
The number of individual non-bank counterparties to which the Banking Group has an aggregate credit exposure or peak end-of-day aggregate
credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital:
THE BANKING GROUP
Exposure as at
31 March 2025
1
Peak end-of-day
exposure over
six months to 31
March 2025
Exposures to non-bank counterparties
2
With a long-term credit rating of A- or A3 or above, or its equivalent
Exceeds 10% and not 15%
2 1
Exceeds 15% and not 20%
- 1
1
There are no bank counterparties with an aggregate credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital. There are no
non-bank counterparties with an aggregate credit exposure that equals or exceeds 10% of the Banking Group’s Common Equity Tier 1 capital and with a long-term
credit rating of less than A- or A3, or its equivalent, or unrated.
2
A counterparty is a non-bank counterparty if it is a non-bank that is not a member of a group of closely related counterparties or it is a group of closely related
counterparties of which a bank is not the parent.
The peak end-of-day aggregate credit exposure to each individual counterparty (which are not members of a group of closely related
counterparties) or a group of closely related counterparties has been calculated by determining the maximum end-of-day aggregate amount of
actual credit exposure over the six-month period ending 31 March 2025, and then dividing that amount by the Banking Group’s Common Equity
Tier 1 capital as a t 31 March 2025.
Credit exposures to individual counterparties (not being members of a group of closely related counterparties) and to groups of closely related
counterparties exclude exposures to connected persons, to the central government or central banks of any country with a long-term credit rating
of A- or A3 or above, or its equivalent, or to any supranational or quasi-sovereign agency with a long-term credit rating of A- or A3 or above, or its
equivalent. These calculations relate only to exposures held in the financial records of the Banking Group and were calculated net of individually
assessed provisions.
Registered bank disclosures
Unaudited
44Westpac New Zealand Limited

vi. Insurance business
The Banking Group does not conduct any insurance business.
vii. Risk management policies
Refer to Note viii. Risk management policies of the Registered bank disclosures, Note 13 Credit risk management and Note 32 Risk management,
funding and liquidity risk and market risk included in the Banking Group Disclosure Statement for the year ended 30 September 2024 for further
details on the Banking Group's risk management policies.
Conditions of Registration
Changes to Conditions of Registration
No changes to the Bank’s Conditions of Registration have occurred between the reporting date for the previous disclosure statement and the
reporting date for this disclosure statement.
Registered bank disclosures
Unaudited
Westpac New Zealand Limited45

Independent Auditor’s Review Report
To the shareholder of Westpac New Zealand Limited (the Bank)
Report on the consolidated interim disclosure statement
Conclusion
Within the consolidated interim disclosure statement we have completed a review of the accompanying
consolidated half-year financial statements and the supplementary information (excluding supplementary
information relating to Capital Adequacy and Liquidity Requirements) (the financial statements and
supplementary information) which comprise:
‒ the consolidated half-year financial statements comprised of:
- the balance sheet as at 31 March 2025;
- the income statement, statements of comprehensive income, changes in equity and cash
flows for the 6 month period then ended; and
- notes, including material accounting policy information and other explanatory information
(excluding the information disclosed in accordance with Schedules 5, 7, 13, 16 and 18 of the
Registered Bank Disclosure Statements (New Zealand Incorporated Registered Banks)
Order 2014 (as amended) (the Order) and is included within notes ii, iii, v, vi and vii);
‒ the supplementary information, within notes ii, iii, v, vi and vii of the registered bank disclosures,
that is required to be disclosed in accordance with Schedules 5, 7, 13, 16 and 18 of the Order.
Based on our review, the accompanying consolidated half-year financial statements and supplementary
information of Westpac New Zealand Limited and its controlled entities (the Banking Group) on pages 6 to 21,
23 to 32 and 44 to 45, nothing has come to our attention that causes us to believe that:
‒ the half-year financial statements have not been prepared, in all material respects, with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34); and
‒ the supplementary information (excluding supplementary information relating to Capital Adequacy
and Regulatory Liquidity Requirements) that is required to be disclosed in accordance with
Schedules 5, 7, 13, 16 and 18 of the Order:
- does not present fairly, in all material respects, the matters to which it relates;
- is not disclosed, in all material respects, in accordance with those schedules; and
- has not been prepared, in all material respects, in accordance with any condition of registration
relating to disclosure requirements, imposed under section 74(4)(c) of the Banking (Prudential
Supervision) Act 1989.
Basis for conclusion
We conducted our review of the consolidated interim disclosure statement in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibilities are further described in the Auditor's Responsibilities for the Review of the
consolidated interim disclosure statement section of our report.
We are independent of the Banking Group in accordance with the relevant ethical requirements in New Zealand
relating to the audit of the annual disclosure statement and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements.
Our firm has provided other services to the Banking Group in relation to review of regulatory compliance, climate
report limited assurance, and agreed upon procedures. Subject to certain restrictions, partners and employees of
our firm may also deal with the Banking Group on normal terms within the ordinary course of trading activities of
the business of the Banking Group. These matters have not impaired our independence as auditor of the
Banking Group. The firm has no other relationship with, or interest in, the Banking Group.
© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited,
a private English company limited by guarantee. All rights reserved.
46Westpac New Zealand Limited

Other matter
The consolidated financial statements and supplementary information of the Banking Group, for the period ended 31
March 2024 were reviewed, and for the year ended 30 September 2024 were audited by another auditor who
expressed unmodified opinion on the financial statements and supplementary information on 5 May 2024 and 3
November 2024 respectively.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholder of Westpac New Zealand Limited. Our review work has been
undertaken so that we might state to the shareholder of Westpac New Zealand Limited those matters we are
required to state to them in the Independent Auditor’s Review Report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone other than the shareholder of
Westpac New Zealand Limited for our review work, this report, or any of the conclusions we have formed.
Responsibilities of Directors for the consolidated interim disclosure statement
The Directors on behalf of the Banking Group are responsible for:
—the preparation and fair presentation of the Banking Group consolidated interim disclosure statement in
accordance with NZ IAS 34 and Schedules 3, 5, 7, 13, 16 and 18 of the Order; and
—implementing necessary internal control to enable the preparation of consolidated interim disclosure
statement that is fairly presented and free from material misstatement, whether due to fraud or error.
Auditor's responsibilities for the review of the consolidated interim disclosure statement
Our responsibility is to express a conclusion on the consolidated interim disclosure statement based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the:
—consolidated half-year financial statements, taken as a whole, does not present fairly, in all material
respects, the Banking Group’s financial position as at 31 March 2025 and its financial performance and
cash flows for the 6 month period ended on that date;
—consolidated half-year financial statements, taken as a whole, does not, in all material respects, comply
with NZ IAS 34; and
—the supplementary information does not, fairly state, in all material respects, the matters to which it
relates in accordance with Schedules 5, 7, 13, 16 and 18 of the Order.
A review of the consolidated interim disclosure statement in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. The auditor performs procedures, consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in
accordance with International Standards on Auditing (New Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on the consolidated
interim disclosure statement.
The engagement partner on the review resulting in this independent auditor’s review report is Sonia Isaac.
For and on behalf of:
KPMG
Auckland
4 May 2025
Westpac New Zealand Limited47

Independent Limited Assurance Report
To the shareholder of Westpac New Zealand Limited (the Bank)
Report on the supplementary information relating to Capital Adequacy and Regulatory Liquidity
Requirements
Conclusion
Our limited assurance conclusion has been formed on the basis of the matters outlined in this report:
Based on our limited assurance engagement, which is not a reasonable assurance engagement or audit,
nothing has come to our attention that would lead us to believe that the supplementary information relating to
Capital Adequacy and Regulatory Liquidity Requirements, disclosed in note iv of the registered bank
disclosures within the consolidated interim disclosure statement, is not, in all material respects disclosed in
accordance with Schedule 11 of the Registered Bank Disclosure Statements (New Zealand Incorporated
Registered Banks) Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the supplementary information relating to Capital Adequacy and Regulatory Liquidity
Requirements, as disclosed in note iv of the registered bank disclosures within the consolidated interim
disclosure statement for the period ended 31 March 2025.
Criteria
The supplementary information relating to Capital Adequacy and Regulatory Liquidity Requirements comprises
the information that is required to be disclosed in accordance with Schedule 11 of the Order.
Standards we followed
We conducted our limited assurance engagement in accordance with Standard on Assurance Engagements
3100 (Revised) Compliance Engagements (SAE 3100 (Revised)) issued by the New Zealand Auditing and
Assurance Standards Board (Standard). We believe that the evidence we have obtained is sufficient and
appropriate to provide a basis for our limited conclusion. In accordance with the Standard, we have:
—used our professional judgement to plan and perform the engagement to obtain limited assurance that
the supplementary information relating to Capital Adequacy and Regulatory Liquidity Requirements,
are free from material misstatement and non-compliance, whether due to fraud or error;
—considered relevant internal controls when designing our assurance procedures, however we do
not express a conclusion on the effectiveness of these controls; and
—ensured that the engagement team possesses the appropriate knowledge, skills and
professional competencies;
—obtained an understanding of the process, models, data and internal controls implemented over
the preparation of the information relating to Capital Adequacy and Regulatory Liquidity
Requirements;
—performed inquiry and analytical procedures over the Capital Adequacy and Regulatory
Liquidity Requirements;
—obtained an understanding of the Bank’s compliance framework and internal control environment
over the information relating to Capital Adequacy and Regulatory Liquidity Requirements, including
the Bank’s assessment of any matters of non-compliance with the Reserve Bank of New Zealand’s
Prudential Requirements; and
© 2025 KPMG, a New Zealand Partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International
Limited, a private English company limited by guarantee. All rights reserved.
48Westpac New Zealand Limited

—agreed the information relating to Capital Adequacy and Regulatory Liquidity Requirements,
extracted from the Bank’s models, accounting records or other supporting documentation to the
consolidated interim disclosure statement
How to interpret limited assurance and material misstatement and non-compliance
In a limited assurance engagement, the assurance practitioner performs procedures, primarily consisting of
discussion and enquiries of management and others within the entity, as appropriate, and observation and
walk-throughs, and evaluates the evidence obtained. The procedures selected depend on our judgement,
including identifying areas where the risk of material misstatement and non-compliance with Schedule 11 of
the Order.
The procedures performed in a limited assurance engagement vary in nature and timing from and are less in
extent than for a reasonable assurance engagement. Consequently, the level of assurance obtained in a
limited assurance engagement is substantially lower than the assurance that would have been obtained had a
reasonable assurance engagement been performed.
Misstatements, including omissions, within the supplementary information relating to Capital Adequacy and
Regulatory Liquidity Requirements and non-compliance are considered material if, individually or in aggregate,
could reasonably be expected to influence the relevant decisions of the intended users taken on the basis of
the supplementary information relating to Capital Adequacy and Regulatory Liquidity Requirements.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure it is
possible that fraud, error or non-compliance with compliance requirements may occur and not be detected.
A limited assurance engagement for the six month period ended 31 March 2025 does not provide assurance on
whether compliance with Schedule 11 of the Order will continue in the future.
Use of this assurance Report
This report is made solely for the Bank’s shareholder. Our assurance work has been undertaken so that we might
state to the shareholder those matters we are required to state to them in the assurance report and for no other
purpose.
Our report should not be regarded as suitable to be used or relied on by anyone other than the Bank and
its shareholder for any purpose or in any context. Any other person who obtains access to our report or a
copy thereof and chooses to rely on our report (or any part thereof) will do so at its own risk.
To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or
any of their respective members or employees accept or assume any responsibility and deny all liability to
anyone other than the Bank for our work, for this independent assurance report, and/or for the opinions or
conclusions we have reached.
Our conclusion is not modified in respect of this matter.
Westpac New Zealand Limited’s responsibility for the supplementary information relating to
Capital Adequacy and Regulatory Liquidity Requirements
The Directors of the Bank are responsible for the disclosure of the supplementary information relating to
Capital Adequacy and Regulatory Liquidity Requirements in accordance with Schedule 11 of the Order, which
the Directors have determined meets the needs of the Bank. This responsibility includes such internal control
as the Directors determine is necessary to enable compliance and to monitor ongoing compliance and to
enable the disclosure of the supplementary information relating to Capital Adequacy and Regulatory Liquidity
Requirements that is free from material misstatement and non-compliance whether due to fraud or error.
Westpac New Zealand Limited49

Our responsibility
Our responsibility is to express a conclusion to the Bank on whether anything has come to our attention that
would lead us to believe that, in all material respects the supplementary information relating to Capital
Adequacy and Regulatory Liquidity Requirements has not been disclosed in accordance with Schedule 11 of
the Order for the six month period ended 31 March 2025.
Our independence and quality management
We have complied with the independence and other ethical requirements of Professional and Ethical Standard
1 International Code of Ethics for Assurance Practitioners (including International Independence Standards)
(New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards Board, which is
founded on fundamental principles of integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or
Reviews of Financial Statements, or Other Assurance or Related Services Engagements (PES 3), which requires
the firm to design, implement and operate a system of quality control including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Our firm has also provided other services to the Bank in relation to review of regulatory compliance, climate
report limited assurance and agreed upon procedures. Subject to certain restrictions, partners and employees
of our firm may also deal with the Bank on normal terms within the ordinary course of trading activities of the
business of the Bank. These matters have not impaired our independence as assurance providers of the Bank
for this engagement. The firm has no other relationship with, or interest in, the Bank.
For and on behalf of:
KPMG
Auckland
4 May 2025
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