WBC - NZ Banking Group Disclosure Statement - 31 Mar 2025

Classification: PROTECTED
ASX
Release


12 May 2025

Westpac Banking Corporation – New Zealand Banking Group Disclosure
Statement

Westpac Banking Corporation (“Westpac”) today provides the attached Westpac New
Zealand Banking Group 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' and the Chief Executive Officer, NZ Branch's statement
5
Financial statements
Income statement6Note 6 Loans13
Statement of comprehensive income6Note 7 Provision for expected credit losses
13
Balance sheet7Note 8 Deposits and other borrowings
16
Statement of changes in equity8Note 9 Debt issues
17
Statement of cash flows9Note 10 Related entities
17
Note 1 Financial statements preparation 10Note 11 Fair values of financial assets and financial liabilities
17
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 reporting
21
Note 5 Impairment charges/(benefits)13
Registered bank disclosures
i. General information23iv. Credit and market risk exposures and capital adequacy33
ii. Additional financial disclosures25v. Insurance business34
iii. Asset quality32vi. Risk management policies34
Conditions of Registration
35
Independent auditor’s review report
36
Independent assurance report
38
Contents
Westpac Banking Corporation - New Zealand Banking Group
3

Certain information contained in this Disclosure Statement is required by the Order.
In this Disclosure Statement, reference is made to:
-Overseas Bank - refers to Westpac Banking Corporation;
-Overseas Banking Group - refers to the Overseas Bank and all other entities included in the Overseas Bank's group for the purposes of
public reporting of the group financial statements in Australia;
-NZ Branch - refers to the New Zealand business (as defined in the Order) of the Overseas Bank;
-Westpac New Zealand - refers to Westpac New Zealand Limited; and
-NZ Banking Group - refers to the financial reporting group (as defined in the Order) of the Overseas Bank. Controlled entities of the NZ
Banking Group are set out in Note 23 to the financial statements included in the Disclosure Statement for the year ended 30 September
2024 and changes (if any) to the NZ Banking Group since 30 September 2024 are included in Note 10;
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
GDP
Gross domestic product
IAP
Individually assessed provisions
APRA
Australian Prudential Regulation Authority
IRB
Internal ratings-based
AT1
Additional Tier 1 capital
IRRBB
Interest rate risk in the banking book
BPR
Banking Prudential Requirement
LVR
Loan-to-value ratio
CAP
Collectively assessed provisions
NCI
Non-controlling interests
CB
Programme
Westpac New Zealand's Global Covered Bond
Programme
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards
CCCFA
Credit Contracts and Consumer Finance Act 2003
Order
Registered Bank Disclosure Statements (Overseas
Incorporated Registered Banks) Order 2014 (as
amended)
ECL
Expected credit losses
Financial
statements
Condensed consolidated interim financial
statements
PPS
Perpetual preference shares
FVIS
Fair value through income statement
Reserve Bank
Reserve Bank of New Zealand
FVOCI
Fair value through other comprehensive income
WSNZL
Westpac Securities NZ Limited
FX
Foreign exchange
Glossary of terms
4
Westpac Banking Corporation - New Zealand Banking Group

Each Director of the Overseas Bank and the Chief Executive Officer, NZ Branch, believes, after due enquiry, that, as at the date on which this
Disclosure Statement is signed, the Disclosure Statement:
(a)contains all information that is required by the Order; and
(b)is not false or misleading.
Each Director of the Overseas Bank and the Chief Executive Officer, NZ Branch, believes, after due enquiry, that, over the six months ended 31
March 2025:
(a)the Overseas Bank has complied in all material respects with each condition of registration that applied during that period; and
(b)the NZ Branch and other members of the NZ Banking Group had systems in place to monitor and control adequately the material risks of
relevant members of the NZ Banking Group, including credit risk, concentration of credit risk, interest rate risk, currency risk, equity risk,
liquidity risk and other business risks, and that those systems were being properly applied. For this purpose, a relevant member of the NZ
Banking Group means a member of the NZ Banking Group that is not a member of Westpac New Zealand's Banking Group, as defined in
Westpac New Zealand's Disclosure Statement for the six months ended 31 March 2025.
The Disclosure Statement has been signed on behalf of all of the Directors by Catherine McGrath, Chief Executive Officer, Westpac New Zealand,
and by Christopher Leuschke as Chief Executive Officer, NZ Branch.
Catherine McGrath
Christopher Leuschke
Dated this 12th day of May 2025
Directors' and the Chief Executive Officer, NZ Branch's statement
Westpac Banking Corporation - New Zealand Banking Group5

NZ 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
3,631
3,685
Other2
125
133
Total interest income
2
3,756
3,818
Interest expense2
(2,337)
(2,383)
Net interest income 1,419
1,435
Non-interest income
Net fees and commissions3
92
95
Net wealth management3
23
20
Trading3
68
33
Other3
8
(3)
Total non-interest income 191
145
Net operating income 1,610
1,580
Operating expenses4
(766)
(725)
Impairment (charges)/benefits5
(33)
(23)
Profit before income tax expense 811
832
Income tax expense
(227)
(234)
Profit after income tax expense 584
598
Net profit attributable to NCI
(10)
-
Net profit attributable to the owners of the Overseas Bank 574
598
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
NZ BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Profit after income tax expense 584
598
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
(14)
(239)
Transferred to income statement:
Cash flow hedging instruments
11
(43)
Income tax on items taken to or transferred from equity:
Investment securities
(7)
(42)
Cash flow hedging instruments
1
79
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)
17
(96)
Total comprehensive income
601
502
Attributable to:
Owners of the Overseas Bank
591
502
NCI
10
-
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
6
Westpac Banking Corporation - New Zealand Banking Group

NZ BANKING GROUP
$ millions
Note
31 Mar 25
Unaudited
30 Sep 24
Audited
Assets
Cash and balances with central banks
6,660
7,553
Collateral paid
137
244
Trading securities and financial assets measured at FVIS
5,987
5,723
Derivative financial instruments
5,161
3,643
Investment securities
8,164
7,535
Loans6,7
103,614
102,463
Other financial assets
727
1,117
Due from related entities
3,051
3,429
Property and equipment
431
449
Deferred tax assets
200
198
Intangible assets
964
987
Other assets
182
160
Total assets 135,278
133,501
Liabilities
Collateral received
1,163
198
Deposits and other borrowings8
83,026
81,539
Other financial liabilities
5,469
5,435
Derivative financial instruments
3,643
5,932
Due to related entities
4,136
3,237
Debt issues9
22,014
21,619
Current tax liabilities
22
160
Provisions
187
228
Other liabilities
333
366
Loan capital
3,308
3,093
Total liabilities 123,301
121,807
Net assets 11,977
11,694
Head office account
Branch capital
1,300
1,300
Retained profits
1,672
1,598
Total head office account 2,972
2,898
NZ Banking Group equity
Share capital
6,045
6,045
Reserves
(48)
(64)
Retained profits
2,639
2,446
Total NZ Banking Group equity 8,636
8,427
Total equity attributable to owners of the Overseas Bank 11,608
11,325
NCI
369
369
Total shareholders' equity and NCI 11,977
11,694
The above balance sheet should be read in conjunction with the accompanying notes.
Balance sheet as at 31 March 2025
Westpac Banking Corporation - New Zealand Banking Group7

NZ BANKING GROUP
NZ Branch
Head Office Account
Other Members of
the NZ Banking Group
Total equity
attributable
to the
owners of the
Overseas
BankNCI
Total
shareholders'
equity and
NCI$ millions
Branch
Capital
Retained
Profits
Share
CapitalReserve
Retained
Profits
As at 30 September 2023 (Audited)
1,300 1,472 6,045 94 1,918 10,829 - 10,829
Six months ended 31 March 2024
(Unaudited)
Profit after income tax expense - 82 - - 516 598 - 598
Net gains/(losses) from changes in fair value - - - (90) - (90) - (90)
Income tax effect - - - 25 - 25 - 25
Transferred to income statement - - - (43) - (43) - (43)
Income tax effect - - - 12 - 12 - 12
Total comprehensive income/(expense)
- 82 - (96) 516 502 - 502
Transactions with equity holders:
Dividends paid on ordinary shares (Note 10) - - - - (290) (290) - (290)
As at 31 March 2024 (Unaudited)
1,300 1,554 6,045 (2) 2,144 11,041 - 11,041
As at 30 September 2024 (Audited) 1,300 1,598 6,045 (64) 2,446 11,325 369 11,694
Six months ended 31 March 2025
(Unaudited)
Profit after income tax expense
- 74 - - 500 574 10 584
Net gains/(losses) from changes in fair value
- - - 11 - 11 - 11
Income tax effect
- - - (3) - (3) - (3)
Transferred to income statement
- - - 11 - 11 - 11
Income tax effect
- - - (3) - (3) - (3)
Remeasurement of defined benefit obligations
- - - - 1 1 - 1
Income tax effect
- - - - - - - -
Total comprehensive income/(expense) - 74 - 16 501 591 10 601
Transactions with equity holders:
Dividends paid on ordinary shares (Note 10)
- - - - (308) (308) - (308)
Dividends paid on PPS
- - - - - - (10) (10)
As at 31 March 2025 (Unaudited) 1,300 1,672 6,045 (48) 2,639 11,608 369 11,977
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
8
Westpac Banking Corporation - New Zealand Banking Group

NZ 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
3,674
3,811
Interest paid
(2,340)
(2,274)
Non-interest income received
(11)
246
Operating expenses paid
(682)
(669)
Income tax paid
(368)
(352)
Cash flows from operating activities before changes in operating assets and liabilities
273
762
Net (increase)/decrease in:
Collateral paid
107
6
Trading securities and financial assets measured at FVIS
(102)
214
Loans
(1,228)
(1,317)
Other financial assets
61
7
Due from related entities
1
4
(3)
Net increase/(decrease) in:
Collateral received
965
(116)
Deposits and other borrowings
1,446
(742)
Other financial liabilities
240
251
Due to related entities
(1)
(47)
Other liabilities
6
17
Net movement in external and related entity derivative financial instruments
1
930
(152)
Net cash provided by/(used in) operating activities 2,701
(1,120)
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)
(22)
Net cash provided by/(used in) investing activities (602)
(305)
Cash flows from financing activities
Proceeds from debt issues
2,759
3,901
Repayments of debt issues
(4,231)
(3,083)
Payments for the principal portion of lease liabilities
(32)
(21)
Maturities, repayments, buy-backs and reduction of loan capital
6
-
Dividends paid on ordinary shares10
(308)
(290)
Dividends paid on PPS
(10)
-
Net movement in due to related entities
30
598
Net cash provided by/(used in) financing activities (1,786)
1,105
Net increase/(decrease) in cash and cash equivalents 313
(320)
Cash and cash equivalents at the beginning of the period
1
8,261
12,043
Effect of exchange rate changes on cash and cash equivalents
1
103
(3)
Cash and cash equivalents at the end of the period
1
8,677
11,720
Cash and cash equivalents at the end of the period comprise:
Cash on hand
205
310
Balances with central banks
6,455
9,044
Total cash and balances with central banks 6,660
9,354
Amounts due from related entities classified as cash and cash equivalents
1
2,013
2,366
Cash and cash equivalents at the end of the period 8,677
11,720
1
Comparatives have been revised to align to the current period presentation of cash due from related entities as cash and cash equivalents, resulting in a $348
million decrease in net decrease in due from related entities, a $2,714 million increase in cash and cash equivalents at the beginning of the period, and a $2,366
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 $13 million increase in net movement in external and related entity derivative financial instruments, a $10 million increase in net
decrease in deposits and other borrowings and a corresponding $3 million decrease 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 Banking Corporation - New Zealand Banking Group9

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 Overseas Bank on 12 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 NZ 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 NZ Banking Group and its customers. Responding to this
heightened uncertainty, the NZ 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 NZ 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 NZ Banking Group.
Notes to the financial statements
10
Westpac Banking Corporation - New Zealand Banking Group

Note 2 Net interest income
NZ 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
2
2
Investment securities
140
99
Loans
3,272
3,244
Due from related entities
33
70
Total interest income calculated using the effective interest method 3,631
3,685
Other
Trading securities and financial assets measured at FVIS
125
133
Total other 125
133
Total interest income 3,756
3,818
Interest expense
Calculated using the effective interest method
Collateral received
22
13
Deposits and other borrowings
1,475
1,653
Due to related entities
29
55
Debt issues
279
185
Loan capital
95
92
Other financial liabilities
68
139
Total interest expense calculated using the effective interest method 1,968
2,137
Other
Deposits and other borrowings
46
82
Debt issues
87
43
Other interest expense
1
236
121
Total other 369
246
Total interest expense 2,337
2,383
Net interest income 1,419
1,435
1
Includes the net impact of Treasury's interest rate and liquidity management activities.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group11

Note 3 Non-interest income
NZ BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Net fees and commissions
Facility fees
25
24
Transaction fees and commissions
96
98
Other non-risk fee income
11
9
Fees and commissions income 132
131
Credit card loyalty programmes
(16)
(17)
Transaction fees and commissions related expenses
(24)
(19)
Fees and commissions expenses (40)
(36)
Net fees and commissions 92
95
Net wealth management 23
20
Trading 68
33
Other
Net ineffectiveness on qualifying hedges
(1)
(7)
Other
9
4
Total other 8
(3)
Total non-interest income 191
145
Note 4 Operating expenses
NZ BANKING GROUP
$ millions
Six Months
Ended
31 Mar 25
Unaudited
Six Months
Ended
31 Mar 24
Unaudited
Staff expenses
390
382
Lease expenses
11
11
Depreciation
59
46
Technology services and telecommunications
136
136
Purchased services
34
30
Software amortisation
67
54
Related entities - management fees
8
6
Other
1
61
60
Total operating expenses 766
725
1
'Other' includes expenses such as advertising, property related costs, postage and freight and non-lending losses.
Notes to the financial statements
12
Westpac Banking Corporation - New Zealand Banking Group

Note 5 Impairment charges/(benefits)
NZ 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 NZ Banking Group.
Note 6 Loans
NZ BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Residential mortgages
69,515
68,011
Other retail
2,576
2,563
Corporate
31,852
32,098
Other
204
293
Total gross loans 104,147
102,965
Provision for ECL on loans (refer to Note 7)
(533)
(502)
Total net loans 103,614
102,463
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 NZ 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 NZ
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 Banking Corporation - New Zealand Banking Group13

Note 7 Provision for expected credit losses (continued)
The following table reconciles the provision for ECL on loans and credit commitments for the NZ Banking Group.
NZ 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)
76 289 99 69 533
Provision for ECL on credit commitments
13 28 - 6 47
Total provision for ECL on loans and credit commitments
as at 31 March 2025
89 317 99 75 580
The following table provides further details of the provision for ECL by types of exposure and stage:
NZ 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
14
Westpac Banking Corporation - New Zealand Banking Group

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.
NZ 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 NZ 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).
NZ 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 Banking Corporation - New Zealand Banking Group15

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 NZ 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.
NZ 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 NZ 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 $4.9 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
NZ 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
16
Westpac Banking Corporation - New Zealand Banking Group

Note 9 Debt issues
NZ 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 NZ Banking Group are set out in Note 23 to the financial statements included in the Disclosure Statement for the year
ended 30 September 2024.
On 20 February 2025, Westpac New Zealand Group Limited declared and paid a cash dividend of $308 million to Westpac Overseas Holdings No.2
Pty Limited with imputation credits of $120 million attached (31 March 2024: $284 million dividend with $110 million imputation credits attached).
There were no dividends paid by BT Financial Group (NZ) Limited to Westpac Equity Holdings Pty Limited during the six months ended 31 March
2025 (31 March 2024: $6 million with $2 million imputation credits attached).
Note 11 Fair values of financial assets and financial liabilities
Fair Valuation Control Framework
The NZ 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 Overseas Banking 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 NZ Banking Group categorises all fair value instruments according to the hierarchy described below.
Valuation techniques
The NZ 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 Banking Corporation - New Zealand Banking Group17

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
Exchange traded
products
Derivative financial
instruments
Exchange traded
interest rate futures -
derivative financial
instruments
These instruments are traded in liquid, active markets
where prices are readily observable. No modelling or
assumptions are used in the valuation.
Due from related entities
Due to related entities
FX products
Derivative financial
instruments
FX spot contracts
Debt instruments
Trading securities and
financial assets measured at
FVIS
New Zealand
Government bonds
Investment securities
Other financial liabilities
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 and FX
forward contracts –
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
Other financial liabilities
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.
Notes to the financial statements
18
Westpac Banking Corporation - New Zealand Banking Group

Note 11 Fair values of financial assets and financial liabilities (continued)
InstrumentBalance sheet categoryIncludesValuation
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 NZ 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.
Balances within this category of the fair value hierarchy are not considered material to the total derivative financial instruments balances.
The following table summarises the attribution of financial instruments measured at fair value to the fair value hierarchy:
NZ 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
1,800 4,187 - 5,987
1,496 4,225 2 5,723
Derivative financial instruments
- 5,161 - 5,161
1 3,642 - 3,643
Investment securities
3,620 4,544 - 8,164
3,211 4,324 - 7,535
Due from related entities
- 1,037 - 1,037
- 2,716 - 2,716
Total financial assets measured at fair value 5,420 14,929 - 20,349
4,708 14,907 2 19,617
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
Other financial liabilities
82 612 - 694
250 211 - 461
Derivative financial instruments
- 3,642 1 3,643
1 5,930 1 5,932
Due to related entities
- 2,907 - 2,907
- 2,055 - 2,055
Debt issues at fair value
- 2,589 - 2,589
- 3,726 - 3,726
Total financial liabilities measured at fair value 82 11,826 1 11,909
251 13,785 1 14,037
Sensitivities to reasonably possible changes in non-market valuation assumptions would not have a material impact on the NZ Banking Group's
reported results (30 September 2024: no material impact).
Analysis of movements between fair value hierarchy levels
The NZ 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.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group19

Note 11 Fair values of financial assets and financial liabilities (continued)
Financial instruments not measured at fair value
The following table summarises the estimated fair value of the NZ Banking Group’s financial instruments not measured at fair value:
NZ 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
6,660 6,660
7,553 7,553
Collateral paid
137 137
244 244
Loans
103,614 103,795
102,463 102,474
Other financial assets
727 727
1,117 1,117
Due from related entities
2,014 2,014
713 713
Total financial assets not measured at fair value 113,152 113,333
112,090 112,101
Financial liabilities not measured at fair value
Collateral received
1,163 1,163
198 198
Deposits and other borrowings
80,950 81,059
79,676 79,779
Other financial liabilities
4,775 4,775
4,974 4,973
Due to related entities
1,229 1,229
1,182 1,182
Debt issues
1
19,425 19,549
17,893 17,988
Loan capital
3,308 3,409
3,093 3,208
Total financial liabilities not measured at fair value 110,850 111,184
107,016 107,328
1
The estimated fair value of debt issues includes the impact of changes in the NZ 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.
Note 12 Credit related commitments, contingent assets and contingent liabilities
NZ BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Letters of credit and guarantees
1,145
1,171
Commitments to extend credit
27,868
27,191
Total undrawn credit commitments 29,013
28,362
Contingent assets
The NZ 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 NZ 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 NZ
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 NZ 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.
Notes to the financial statements
20
Westpac Banking Corporation - New Zealand Banking Group

Note 13 Segment reporting
The NZ Banking Group operates predominantly in the Consumer Banking and Wealth, Institutional and Business Banking and Financial Markets,
International Trade and Payments 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 NZ 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 NZ Banking Group's chief operating decision-maker.
The NZ Banking Group’s operating segments are defined by the customers they serve and the services they provide. The NZ Banking Group has
identified the following main operating segments:
●Consumer Banking and Wealth provides financial services predominantly for individuals;
●Institutional and Business Banking provides a broad range of financial services for small to medium enterprise, corporate, property finance,
agricultural, institutional and government customers; and
●Financial Markets provides foreign exchange, interest rate derivatives, fixed interest and debt securities, commodities, carbon and energy
capabilities. International Trade and Payments provide international trade solutions, payments products and services to consumer,
business and institutional 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/aggregation of the results, assets and liabilities of the NZ Banking Group’s controlled entities in the
preparation of the aggregated financial statements of the NZ Banking Group; and
●results of certain business units excluded for management reporting purposes, but included within the aggregated financial statements of
the NZ Banking Group for statutory financial reporting purposes.
Notes to the financial statements
Westpac Banking Corporation - New Zealand Banking Group21

Note 13 Segment reporting (continued)
NZ BANKING GROUP
$ millions
Consumer
Banking and
Wealth
Institutional
and Business
Banking
Financial
Markets,
International
Trade and
PaymentsOther Total
Six months ended 31 March 2025 (Unaudited)
Net interest income 675 655 15 74
1,419
Net fees and commissions
Facility fees
13 9 2 1
25
Transaction fees and commissions
82 41 (1) (26)
96
Other non-risk fee income
2 6 4 (1)
11
Fees and commissions income 97 56 5 (26)
132
Fees and commissions expenses
(40) - - -
(40)
Net fees and commissions 57 56 5 (26) 92
Other non-interest income
- - 28 71 99
Total non-interest income 57 56 33 45 191
Net operating income 732 711 48 119 1,610
Operating expenses
(437) (263) (18) (48)
(766)
Impairment (charges)/benefits
(26) (7) - - (33)
Profit before income tax expense 269 441 30 71 811
Income tax expense
(75) (125) (8) (19) (227)
Profit after income tax expense 194 316 22 52 584
Net profit attributable to NCI
- - - (10) (10)
Net profit attributable to the owners of the
Overseas Bank
194 316 22 42 574
Six months ended 31 March 2024 (Unaudited) (Revised)
Net interest income
597 636 22 180 1,435
Net fees and commissions
Facility fees 12 9 2 1 24
Transaction fees and commissions 82 39 (2) (21) 98
Other non-risk fee income 2 7 5 (5) 9
Fees and commissions income
96 55 5 (25) 131
Fees and commissions expenses (36) - - - (36)
Net fees and commissions
60 55 5 (25) 95
Other non-interest income - - 43 7 50
Total non-interest income
60 55 48 (18) 145
Net operating income
657 691 70 162 1,580
Operating expenses (406) (260) (16) (43) (725)
Impairment (charges)/benefits (22) (1) - - (23)
Profit before income tax expense
229 430 54 119 832
Income tax expense
(64) (119) (15) (36) (234)
Profit after income tax expense
165 311 39 83 598
Net profit attributable to NCI
- - - - -
Net profit attributable to the owners of the
Overseas Bank
165 311 39 83 598
As at 31 March 2025 (Unaudited)
Total gross loans
63,684 39,816 443 204 104,147
Total deposits and other borrowings
47,796 33,154 - 2,076 83,026
As at 30 September 2024 (Audited)
Total gross loans 62,190 40,217 334 224 102,965
Total deposits and other borrowings 46,616 33,060 - 1,863 81,539
Notes to the financial statements
22
Westpac Banking Corporation - New Zealand Banking Group

This section contains the additional disclosures required by the Order.
i. General information
Guarantee arrangements
No material obligations of the Overseas Bank that relate to the NZ Branch are guaranteed as at the date the Directors and the Chief Executive
Officer, NZ Branch signed this Disclosure Statement.
Directors
The Directors of the Overseas Bank at the time this Disclosure Statement was signed were:
Steven Gregg, BCom – Chairman
Anthony Miller, LLB (Hons), BA – Managing Director & Chief Executive Officer
Tim Burroughs, MA (Hons), B Psy (Hons), FCA, FAICD
Nerida Caesar, BCom, MBA, GAICD
David Cohen, BA LLB, FAPI
Debra Hazelton, BA (Hons), MCom, GAICD
Andy Maguire, BA, BAI
Peter Nash, BCom, FCA, F Fin
Margaret (Margie) Seale, BA, FAICD
Michael Ullmer AO, BSc, FAICD, FCA, SF Fin
Changes to Directorate
There have been changes in the composition of the Board of Directors of the Overseas Bank since 30 September 2024, as follows:
●Nora Scheinkestel, a Non-executive Director of the Overseas Bank retired from the Board on 6 November 2024.
●Audette Exel AO, a Non-executive Director of the Overseas Bank retired from the Board on 13 December 2024.
●Peter King retired as Managing Director & Chief Executive Officer of the Overseas Bank on 15 December 2024.
●Anthony Miller succeeded Peter King as Managing Director & Chief Executive Officer of the Overseas Bank, with his appointment effective on
16 December 2024.
●Debra Hazelton was appointed as a Non-executive Director of the Overseas Bank on 4 March 2025.
●David Cohen was appointed as a Non-executive Director of the Overseas Bank on 1 April 2025.
Chief Executive Officer, NZ Branch
Christopher Leuschke, BCom
Responsible person
All the Directors named above have authorised in writing Catherine McGrath, Chief Executive Officer, Westpac New Zealand to sign this Disclosure
Statement on the Directors’ behalf in accordance with section 82 of the Banking (Prudential Supervision) Act 1989.
Auditor
KPMG
18 Viaduct Harbour Avenue
Auckland, New Zealand
Credit ratings
The Overseas 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 and the Chief Executive Officer, NZ Branch signed this Disclosure Statement:
Rating AgencyCurrent Credit RatingRating Outlook
Fitch RatingsAA-Stable
Moody's Investors Services
Aa2Stable
S&P Global RatingsAA-Stable
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group23

i. General information (continued)
Other material matters
Technology programme
Westpac New Zealand 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. Westpac New Zealand 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
Westpac New Zealand. We expect the Reserve Bank's Branch Standard will require changes to the activities the NZ Branch undertakes and as a
result, Westpac New Zealand may also make changes to the scope of activities it undertakes.
Overseas Bank and APRA enforceable undertaking on risk governance remediation, Integrated Plan and CORE program
Following completion of the Integrated Plan (IP), as committed, in December 2023 (required under the enforceable undertaking entered into with
APRA in December 2020 in relation to the Overseas Bank’s risk governance remediation), the Overseas Bank continued to focus on the
sustainability and effectiveness of the IP uplifts via a transition phase. On 31 December 2024, the Overseas Bank completed the transition phase, as
confirmed by Promontory Australia (as Independent Reviewer) in February 2025.
Reserve Bank review of capital settings for deposit takers
On 31 March 2025, the Reserve Bank announced that it intends to conduct a review of the capital settings applicable to New Zealand incorporated
deposit takers (including Westpac New Zealand). 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
●Considering the balance between going concern and gone concern capital and the role of AT1 capital.
APRA announcement to phase out Additional Tier 1 Capital as eligible bank capital
On 9 December 2024, APRA confirmed it will phase out AT1 capital instruments from the bank prudential framework. Under APRA’s proposed
approach, large internationally active banks such as the Overseas Bank will replace 1.5% AT1 capital with 1.25% Tier 2 capital and 0.25% CET1
capital which would see the total CET1 requirement, including regulatory buffers, increase from 10.25% to 10.50%.
APRA intends to finalise changes to prudential standards before the end of 2025, with the updated framework to come into effect from 1 January
2027. In addition, from this date, existing AT1 capital instruments would be eligible to be included as Tier 2 capital, until their first scheduled call
date. All existing AT1 capital instruments issued by an Australian bank would reach their first scheduled call date by 2032 at the latest.
Registered bank disclosures
Unaudited
24
Westpac Banking Corporation - New Zealand Banking Group

i. General information (continued)
Australian Transaction Reports and Analysis Centre (AUSTRAC) related class action against Overseas Bank
The Overseas Bank is defending a class action proceeding which was commenced in December 2019 in the Federal Court of Australia on behalf of
certain investors who acquired an interest in the Overseas Bank's securities between 16 December 2013 and 19 November 2019. The proceeding
involves allegations relating to market disclosure issues connected to the Overseas Bank’s monitoring of financial crime over the relevant period
and matters which were the subject of the AUSTRAC civil proceedings. The damages sought on behalf of members of the class have not yet been
specified. However, in the course of a procedural hearing in August 2022, the applicant indicated that a preliminary estimate of the losses that
may be alleged in respect of a subset of potential group members exceeded AUD$1 billion. While it remains unclear how the applicant will
ultimately formulate their estimate of alleged damages claimed on behalf of group members, it is possible that the claim may be higher (or lower)
than the amount referred to above. Given the time period and the nature of the claims alleged to be in question, along with the reduction in the
Overseas Bank's market capitalisation at the time of the commencement of the AUSTRAC civil proceedings, it is likely that any total alleged
damages (when, and if, ultimately articulated by the applicant) will be significant. The Overseas Bank continues to deny both that its disclosure
was inappropriate and, as such, that any group member has incurred damage. The matter has not yet been set down for a hearing.
Disclosure statements of the NZ Banking Group and the financial statements of the Overseas Bank and the Overseas
Banking Group
Disclosure Statements of the NZ Banking Group for the last five years are available, free of charge, at the internet address www.westpac.co.nz. A
printed copy will also be made available, free of charge, upon request.
The most recently published financial statements of the Overseas Bank and the Overseas Banking Group are for the year ended 30 September
2024 and for the six months ended 31 March 2025, respectively, and can be accessed at the internet address www.westpac.com.au.
ii. Additional financial disclosures
Additional information on balance sheet
NZ BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Interest earning and discount bearing assets
125,295
122,945
Interest and discount bearing liabilities
102,706
100,202
Total amounts due from related entities
3,051
3,429
Total amounts due to related entities
4,136
3,237
Total liabilities of the NZ Branch, net of amounts due to related entities
7,336
8,839
Total retail deposits of the NZ Branch
-
-
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group25

ii. Additional financial disclosures (continued)
Financial assets pledged as collateral
The NZ 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:
NZ BANKING GROUP
$ millions
31 Mar 25
Unaudited
30 Sep 24
Audited
Cash
137
244
Securities pledged as collateral for derivative contracts:
Investment securities
199
166
Securities pledged under repurchase agreements:
Trading securities and financial assets measured at FVIS
461
121
Residential mortgage-backed securities
1
4,058
4,039
Total amount pledged to secure liabilities (excluding CB Programme) 4,855
4,570
1
As at 31 March 2025, the NZ Banking Group has undertaken repurchase agreements with the Reserve Bank, under the Funding for Lending Programme and Term
Lending Facility, using residential mortgage-backed securities. 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 million ($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.
NZ BANKING GROUP
$ millions31 Mar 25
Financial assets
Cash and balances with central banks
6,660
Collateral paid
137
Trading securities and financial assets measured at FVIS
5,987
Derivative financial instruments
5,161
Investment securities
8,164
Loans
103,614
Other financial assets
727
Due from related entities
3,051
Total financial assets 133,501
Undrawn credit commitments
Letters of credit and guarantees
1,145
Commitments to extend credit
27,868
Total undrawn credit commitments 29,013
Total maximum credit risk exposure 162,514
Registered bank disclosures
Unaudited
26
Westpac Banking Corporation - New Zealand Banking Group

ii. Additional financial disclosures (continued)
NZ BANKING GROUP
$ millions31 Mar 25
Analysis of on-balance sheet credit exposures by geographical areas
New Zealand
123,625
Overseas
10,409
Subtotal 134,034
Provision for ECL on loans
(533)
Total on-balance sheet credit exposures 133,501
Analysis of on-balance sheet credit exposures by industry sector
Accommodation, cafes and restaurants
373
Agriculture
8,552
Construction
498
Finance and insurance
13,042
Forestry and fishing, agriculture support services
326
Government, administration and defence
16,931
Manufacturing
1,933
Mining
108
Property
9,328
Property services and business services
1,189
Services
1,866
Trade
2,564
Transport and storage
672
Utilities
2,541
Retail lending
70,883
Subtotal 130,806
Provision for ECL on loans
(533)
Due from related entities
3,051
Other financial assets
177
Total on-balance sheet credit exposures 133,501
Analysis of off-balance sheet credit exposures by geographical areas
New Zealand
28,388
Overseas
625
Total off-balance sheet credit exposures 29,013
Analysis of off-balance sheet credit exposures by industry sector
Accommodation, cafes and restaurants
79
Agriculture
729
Construction
659
Finance and insurance
2,069
Forestry and fishing, agriculture support services
112
Government, administration and defence
735
Manufacturing
1,389
Mining
120
Property
1,591
Property services and business services
525
Services
1,007
Trade
1,504
Transport and storage
428
Utilities
1,809
Retail lending
16,257
Total off-balance sheet credit exposures 29,013
ANZSIC has been used as the basis for disclosing industry sectors.
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group27

ii. Additional financial disclosures (continued)
Additional information on concentrations of funding
NZ BANKING GROUP
$ millions31 Mar 25
Funding consists of
Collateral received
1,163
Deposits and other borrowings
83,026
Other financial liabilities
1
3,712
Due to related entities
2
1,214
Debt issues
3
22,014
Loan capital
3,308
Total funding 114,437
Analysis of funding by geographical areas
3
New Zealand
88,024
Overseas
26,413
Total funding 114,437
Analysis of funding by industry sector
Accommodation, cafes and restaurants
356
Agriculture, forestry and fishing
1,665
Construction
1,926
Finance and insurance
42,086
Government, administration and defence
3,494
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 113,223
Due to related entities
2
1,214
Total funding 114,437
1
Other financial liabilities, as presented above, are in respect of securities sold under agreements to repurchase, securities sold short and interbank placements.
2
Amounts due to related entities, as presented above, are in respect of deposits and borrowings 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
28
Westpac Banking Corporation - New Zealand Banking Group

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 NZ Banking Group’s net asset position
as at 31 March 2025. The NZ 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.
NZ 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
6,455 - - - - 205 6,660
Collateral paid
137 - - - - - 137
Trading securities and financial assets measured at
FVIS
3,068 978 25 869 1,047 - 5,987
Derivative financial instruments
- - - - - 5,161 5,161
Investment securities
849 71 - 1,364 5,880 - 8,164
Loans
55,121 12,935 17,858 12,265 4,359 1,076 103,614
Other financial assets
1 - - - - 726 727
Due from related entities
2,013 - - - - 1,038 3,051
Total financial assets 67,644 13,984 17,883 14,498 11,286 8,206 133,501
Non-financial assets
1,777
Total assets 135,278
Financial liabilities
Collateral received
1,163 - - - - - 1,163
Deposits and other borrowings
48,903 11,615 8,414 1,101 965 12,028 83,026
Other financial liabilities
3,708 - - - - 1,761 5,469
Derivative financial instruments
- - - - - 3,643 3,643
Due to related entities
1,117 - - 1 67 2,951 4,136
Debt issues
2,690 109 4,285 4,402 10,777 (249) 22,014
Loan capital
- - - - 3,389 (81) 3,308
Total financial liabilities 57,581 11,724 12,699 5,504 15,198 20,053 122,759
Non-financial liabilities
542
Total liabilities 123,301
On-balance sheet interest rate repricing gap 10,063 2,260 5,184 8,994 (3,912)
Net derivative notional principals
Net interest rate contracts (notional):
Receivable/(payable)
(11,760) 1,201 10,526 (5,576) 5,609
Net interest rate repricing gap (1,697) 3,461 15,710 3,418 1,697
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group29

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 NZ 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 NZ Banking Group manages based on their contractual maturity are presented on a contractual
undiscounted basis in the following table.
NZ 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
- 1,163 - - - - 1,163
Deposits and other borrowings
43,784 6,404 11,219 20,575 2,237 - 84,219
Other financial liabilities
653 549 1,747 1,966 89 - 5,004
Derivative financial instruments:
Held for trading
2,584 - - - - - 2,584
Held for hedging purposes (net settled)
- 23 218 247 347 9 844
Held for hedging purposes (gross settled):
Cash outflow
- 1,195 1,181 6,070 10,890 2,214 21,550
Cash inflow
- (1,102) (1,106) (6,082) (10,927) (2,148) (21,365)
Due to related entities:
Non-derivative balances
1,161 - - - 68 - 1,229
Derivative financial instruments:
Held for trading
1,541 - - - - - 1,541
Held for hedging purposes (net settled)
- - 1 1 3 - 5
Held for hedging purposes (gross settled):
Cash outflow
- 352 931 3,437 12,392 - 17,112
Cash inflow
- (335) (849) (3,042) (11,355) - (15,581)
Debt issues
- 71 964 5,679 17,076 391 24,181
Loan capital
- - 19 58 294 3,617 3,988
Total undiscounted financial liabilities 49,723 8,320 14,325 28,909 21,114 4,083 126,474
Total contingent liabilities and commitments
Letters of credit and guarantees
1,145 - - - - - 1,145
Commitments to extend credit
27,868 - - - - - 27,868
Total undiscounted contingent liabilities and
commitments
29,013 - - - - - 29,013
Registered bank disclosures
Unaudited
30
Westpac Banking Corporation - New Zealand Banking Group

ii. Additional financial disclosures (continued)
Liquid assets
The following table shows the NZ 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.
NZ BANKING GROUP
$ millions31 Mar 25
Cash and balances with central banks
6,660
Interbank lending
4
Supranational securities
2,236
NZ Government securities
5,019
NZ public securities
2,739
NZ corporate securities
2,215
Available liquid assets 18,873
In addition, the NZ Banking Group has $6,859 million (30 September 2024: $8,203 million) of own originated loans that are self-securitised via
Westpac New Zealand’s internal residential mortgage-backed securitisation programme. The AAA rated internal residential mortgage-backed
securities held are eligible for repurchase agreements with the Reserve Bank under certain circumstances.
Overseas Banking Group profitability and size
Information on the Overseas Banking Group is from the most recently published financial statements of the Overseas Banking Group for the six
months ended 31 March 2025.
Profitability31 Mar 25
Profit after income tax expense for the six months ended 31 March 2025 (A$millions)
1
3,325
Profit after income tax expense for the 12 month period to 31 March 2025 as a percentage of average total assets
0.6%
1
Profit after income tax expense represents the amount before deductions for net profit attributable to non-controlling interests.
Total assets31 Mar 25
Total assets (A$ millions)
1,098,893
Percentage change in total assets over the 12 months ended 31 March 2025
4.4%
Reconciliation of mortgage-related amounts
The following table provides the NZ Banking Group’s reconciliation between any amounts disclosed in this Disclosure Statement that relate to
mortgages on residential property.
NZ BANKING GROUP
$ millions31 Mar 25
Residential mortgages - total gross loans (as disclosed in Note 6)
69,515
Reconciling items:
Unamortised deferred fees and expenses
(453)
Fair value hedge adjustments
(87)
Exposure at default for undrawn commitments and other off-balance sheet exposures
9,732
Residential mortgages by LVR (as disclosed in Additional mortgage information in Note iv. Credit and market risk
exposures and capital adequacy)
78,707
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group31

iii. Asset quality
Past due assets
NZ BANKING GROUP
$ millions31 Mar 25
Past due but not individually impaired assets
Less than 30 days past due
1,356
At least 30 days but less than 60 days past due
243
At least 60 days but less than 90 days past due
132
At least 90 days past due
435
Total past due but not individually impaired assets 2,166
Movements in components of loss allowance
Refer to Note 7 Provision for expected credit losses for the movements in components of loss allowance.
Impacts of changes in gross financial assets on loss allowances - total
Refer to Note 7 Provision for expected credit losses 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.
NZ BANKING GROUP
31 Mar 25
Unaudited
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 79,904 22,070 800 191 102,965
Transfers:
Transfers to Stage 1
7,238 (7,236) (2) - -
Transfers to Stage 2
(5,223) 5,404 (177) (4) -
Transfers to Stage 3 CAP
(42) (462) 509 (5) -
Transfers to Stage 3 IAP
- (7) (56) 63 -
Net further lending/(repayment)
(1,907) (271) (19) 11 (2,186)
New facilities originated
9,520 - - - 9,520
Facilities derecognised
(4,697) (1,281) (131) (28) (6,137)
Amounts written-off
- - (11) (4) (15)
Total gross carrying amount as at 31 March 2025 84,793 18,217 913 224 104,147
Provision for ECL as at 31 March 2025
(76) (289) (99) (69) (533)
Total net carrying amount as at 31 March 2025 84,717 17,928 814 155 103,614
Other asset quality information
NZ BANKING GROUP
$ millions31 Mar 25
Undrawn commitments with individually impaired counterparties
11
Other assets under administration
-
Registered bank disclosures
Unaudited
32
Westpac Banking Corporation - New Zealand Banking Group

iii. Asset quality (continued)
Overseas Banking Group asset quality
Information on the Overseas Banking Group is from the most recently published financial statements of the Overseas Banking Group for the six
months ended 31 March 2025.
31 Mar 25
Total non-performing exposures
1
(A$ millions)
10,483
Total non-performing exposures expressed as a percentage of total assets
1.0%
Total provision for ECL on non-performing exposures
2
(A$ millions)
1,779
Total provision for ECL on non-performing exposures expressed as a percentage of total non-performing exposures
17.0%
Total collectively assessed provision for ECL
2
(A$ millions)
4,461
1
Non-financial assets have not been acquired through the enforcement of security.
2
Total provision for ECL on non-performing exposures and total collectively assessed provision for ECL both include A$1,168 million of provision for ECL that has
been calculated collectively on groups of assets which have been determined to be non-performing, but which are not individually significant.
iv. Credit and market risk exposures and capital adequacy
Additional mortgage information
Residential mortgages by LVR as at 31 March 2025
LVRs are calculated as the current exposure divided by the NZ Banking Group’s valuation of the associated residential property at origination.
The NZ Banking Group utilises data from its loan system to obtain origination valuations. For loans originated prior to 1 January 2008, or those
originated outside of the loan system, the origination valuation is not recorded in the system and is therefore, due to system limitations, not
available for disclosure. For these loans, the NZ Banking Group utilises the earliest valuation recorded as the closest available alternative to
estimate an origination valuation.
Exposures for which no LVR is available have been included in the ‘Exceeds 90%’ category in accordance with the requirements of the Order.
NZ BANKING GROUP
31 Mar 25
LVR range ($ 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
Market risk
The NZ Banking Group’s aggregate market risk exposure is derived in accordance with BPR140 Market risk exposure and is calculated on a six-
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 NZ Banking Group’s peak end-of-day aggregate capital charge is derived in accordance with the scalar
approach as referred to in BPR140 Market risk exposure. Under this approach, the end-of-period capital charge is scaled by the ratio of peak
capital charge to end-of-period capital charge using the internal value-at-risk method.
The following table provides a summary of the NZ Banking Group’s notional capital charges by risk type as at the reporting date and the peak end-
of-day notional capital charges by risk type for the six months ended 31 March 2025:
NZ BANKING GROUP
31 Mar 25
$ millionsImplied Risk Weighted ExposureNotional Capital Charge
End-of-period
Interest rate risk
9,877 790
Currency risk
30 2
Equity risk
- -
Peak end-of-day
Interest rate risk
18,801 1,504
Currency risk
30 2
Equity risk
- -
Registered bank disclosures
Unaudited
Westpac Banking Corporation - New Zealand Banking Group33

iv.Credit and market risk exposures and capital adequacy (continued)
Overseas Banking Group and Overseas Bank capital adequacy
The following table represents the capital adequacy calculation for the Overseas Banking Group and Overseas Bank based on APRA's application of
the Basel III capital adequacy framework.
%
31 Mar 25
Unaudited
31 Mar 24
Unaudited
Overseas Banking 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
Overseas 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 ratio22.9
22.6
1
The capital ratios represent information mandated by APRA. The capital ratios of the Overseas Banking Group are publicly available in the Overseas Banking Group’s
Pillar 3 report. This information is made available to users via the Overseas Bank’s website (www.westpac.com.au).
2
Overseas Banking Group (excluding entities specifically excluded by APRA regulations) comprises the consolidation of the Overseas 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
Overseas Bank.
3
Overseas Bank (Extended Licensed Entity) comprises the Overseas Bank and its subsidiary entities that have been approved by APRA as being part of a single
Extended Licensed Entity for the purpose of measuring capital adequacy (Level 1).
Under APRA’s Prudential Standards, Australian authorised deposit-taking institutions, including the Overseas Banking Group and Overseas 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 risk weighted assets, the Overseas Banking Group and Overseas Bank is accredited by
APRA to apply advanced models. The Overseas Banking Group and Overseas Bank uses the Advanced IRB approach for credit risk, the
Standardised Measurement Approach (SMA) for operational risk and the internal model approach for IRRBB for calculating regulatory capital.
APRA has set a Total Common Equity Tier 1 (CET1) Requirement for Domestic Systemically Important Banks (D-SIBs), including the Overseas 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%.
The Overseas Bank Board has determined that the Overseas Banking Group and Overseas 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 Overseas Banking 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 Overseas Bank’s website (www.westpac.com.au).
The Overseas Banking Group (excluding entities specifically excluded by APRA regulations), and the Overseas Bank (Extended Licensed Entity as
defined by APRA), exceeded the minimum capital adequacy requirements as specified by APRA as at 31 March 2025.
v.Insurance business
The NZ Banking Group does not conduct any insurance business.
vi.Risk management policies
Refer to Note vi. 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 NZ Banking Group Disclosure Statement for the year ended 30 September 2024 for
further details on the NZ Banking Group’s risk management policies.
Registered bank disclosures
Unaudited
34
Westpac Banking Corporation - New Zealand Banking Group

Changes to Conditions of Registration
No changes to the Overseas Bank’s Conditions of Registration have occurred between the reporting date for the previous disclosure statement
and the reporting date for this disclosure statement.
Conditions of Registration
Westpac Banking Corporation - New Zealand Banking Group35

Independent Auditor’s Review Report
To the New Zealand business of Westpac Banking Corporation (the Branch)
Report on the aggregated interim disclosure statement
Conclusion
Within the aggregated interim disclosure statement we have completed a review of the accompanying
aggregated half-year financial statements and the supplementary information (excluding supplementary
information relating to Credit and Market Risk Exposures and Capital Adequacy) (the financial statements
and supplementary information) which comprise:
‒ the aggregated 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 six 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, 12 and 14 of the
Registered Bank Disclosure Statements (Overseas Incorporated Registered Banks) Order 2014
(as amended) (the Order) and is included within notes ii, iii, v and vi);
‒ the supplementary information, within notes ii, iii, v and vi of the registered bank disclosures, that is
required to be disclosed in accordance with Schedules 5, 7, 12 and 14 of the Order.
Based on our review, the accompanying aggregated half-year financial statements and supplementary
information of The New Zealand business of Westpac Banking Corporation and its financial reporting entities
(the NZ Banking Group), as defined by the Order, on pages 6 to 22 and 25 to 34, 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 Credit and Market
Risk Exposures and Capital Adequacy Requirements) that is required to be disclosed in accordance
with Schedule 5, 7, 12 and 14 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 aggregated 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
aggregated interim disclosure statement section of our report.
We are independent of the NZ 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 NZ 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 NZ Banking Group on normal terms within the ordinary course of
trading activities of the business of the NZ Banking Group. These matters have not impaired our independence
as auditor of the NZ Banking Group. The firm has no other relationship with, or interest in, the NZ 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.
36
Westpac Ban king Corporation - New Zealand Ba nking Group

Other matter
The aggregated financial statements and supplementary information of the NZ 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 13 May 2024
and 7 November 2024 respectively.
Use of this Independent Auditor’s Review Report
This report is made solely to the Branch. Our review work has been undertaken so that we might state to the Branch
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
Branch for our review work, this report, or any of the conclusions we have formed.
Responsibilities of Directors for the aggregated interim disclosure statement
The Directors on behalf of the NZ Banking Group are responsible for:
—the preparation and fair presentation of the NZ Banking Group aggregated interim disclosure statement in
accordance with NZ IAS 34 and Schedules 3, 5, 7, 12 and 14 of the Order; and
—implementing necessary internal control to enable the preparation of aggregated 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 aggregated interim disclosure statement
Our responsibility is to express a conclusion on the aggregated 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:
—aggregated half-year financial statements, taken as a whole, do not present fairly, in all material
respects, the NZ 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;
—aggregated half-year financial statements, taken as a whole, do 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, 12 and 14 of the Order.
A review of the aggregated 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
aggregated 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
12 May 2025
Westpac Ba nking Corporation - N ew Zealand Ba nking Group37

Independent Limited Assurance Report
To the New Zealand business of Westpac Banking Corporation (the Branch)
Report on the supplementary information relating to Credit and Market Risk Exposures and Capital
Adequacy 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
Credit and Market Risk Exposures and Capital Adequacy Requirements, disclosed in note iv of the registered
bank disclosures within the aggregated interim disclosure statement, is not, in all material respects disclosed in
accordance with Schedule 9 of the Registered Bank Disclosure Statements (Overseas Incorporated Registered
Banks) Order 2014 (as amended) (the Order).
Information subject to assurance
We have reviewed the supplementary information relating to Credit and Market Risk Exposures and Capital
Adequacy, as disclosed in note iv of the registered bank disclosures within the aggregated interim disclosure
statement for the period ended 31 March 2025.
Criteria
The supplementary information relating to Credit and Market Risk Exposures and Capital Adequacy
Requirements comprises the information that is required to be disclosed in accordance with Schedule 9 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 Credit and Market Risk Exposures and Capital
Adequacy 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 Credit and Market Risk Exposures and Capital
Adequacy Requirements;
— performed inquiry and analytical procedures over the Credit and Market Risk Exposures and
Capital Adequacy Requirements;
— obtained an understanding of the Branch’s compliance framework and internal control environment
over the information relating to Credit and Market Risk Exposures and Capital Adequacy
Requirements, including the Branch’s assessment of any matters of non-compliance with the Reserve
Bank of New Zealand’s Prudential Requirements; and
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— agreed the information relating to Credit and Market Risk Exposures and Capital
Adequacy Requirements, extracted from the Branch’s models, accounting records or
other supporting documentation to the aggregated 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 9 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 Credit and Market Risk
and Capital Adequacy 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 Credit and Market Risk and Capital Adequacy 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 9 of the Order will continue in the future.
Use of this assurance Report
This report is made solely for the Branch. Our assurance work has been undertaken so that we might state to
the Branch 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 Branch 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 Branch 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 Banking Corporation – New Zealand Banking Group’s responsibility for
the supplementary information relating to Credit and Market Risk Exposures and
Capital Adequacy Requirements
The Directors of the Branch are responsible for the disclosure of the supplementary information relating to
Credit and Market Risk Exposures and Capital Adequacy Requirements in accordance with Schedule 9 of the
Order, which the Directors have determined meets the needs of the Branch. 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 Credit and Market Risk
Exposures and Capital Adequacy Requirements that is free from material misstatement and non-compliance
whether due to fraud or error.
Westpac Ba nking Corporation - N ew Zealand Ba nking Group39

Our responsibility
Our responsibility is to express a conclusion to the Branch on whether anything has come to our attention that
would lead us to believe that, in all material respects the supplementary information relating to Credit and
Market Risk Exposures and Capital Adequacy and Requirements has not been disclosed in accordance with
Schedule 9 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 Branch 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 Branch on normal terms within the ordinary course of trading activities of the
business of the Branch. These matters have not impaired our independence as assurance providers of the
Branch for this engagement. The firm has no other relationship with, or interest in, the Branch.
For and on behalf of:
KPMG
Auckland
12 May 2025
40
Westpac Ban king Corporation - New Zealand Ba nking Group

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