Westpac Pillar 3 Report (June 2025)

ASX RELEASE


Westpac Banking Corporation
Level 18, 275 Kent Street
Sydney, NSW, 2000



14 August 2025

Pillar 3 Report as at 30 June 2025

Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3 Report
(June 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.

JUNE 2025

Incorporating the requirements of APS 330
Westpac Banking Corporation ABN 33 007 457 141

Acknowledgement of Indigenous Peoples
Westpac acknowledges the First Peoples of Australia. We recognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
extend our respect to Westpac’s Aboriginal and Torres Strait Islander
employees, partners and stakeholders and to the Indigenous Peoples
in the other locations where we operate.
In Aotearoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
2WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
Structure of Pillar 3 Report
PILLAR 3 REPORT3
Introduction4
Key Metrics5
Group Structure8
Capital Overview10
Credit Risk Management14
Leverage Ratio15
Funding and Liquidity Risk Management16
Management's Declaration17
APPENDICES18
GLOSSARY20
DISCLOSURE REGARDING FORWARD-
LOOKING STATEMENTS
23
In this report references to ‘Westpac’, 'WBC', ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation ABN 33 007 457
141 and its subsidiaries unless it clearly means just Westpac Banking Corporation.
In this report, unless otherwise stated or the context otherwise requires, references to 'dollars', 'dollar amounts', ‘$’, ‘AUD’ or ‘A$’ are to Australian
dollars. References to ‘US$’, ‘USD’ or ‘US dollars’ are to United States dollars, references to ‘NZ$’, ‘NZD’ or ‘NZ dollars’ are to New Zealand dollars,
references to 'GBP' are to British Pound Sterling, references to 'EUR' are to European Euro, references to 'SGD' are to Singapore dollars and
references to 'JPY' are Japanese Yen.
Any discrepancies between totals and the sum of components in tables contained in this report are due to rounding.
In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s (APRA) implementation of Basel III.
Information contained in or accessible through the websites mentioned in this report does not form part of this report unless we specifically state
that it is incorporated by reference and forms part of this report. Information on those websites owned by Westpac is current as at the date of this
report. Except as required by law, we assume no obligation to revise or update those websites after the date of this report. We are not in a position
to verify information on websites owned and/or operated by third parties.
Westpac Banking Corporation ABN 33 007 457 141

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
3
PILLAR 3 REPORT
INTRODUCTION
KEY METRICS
GROUP STRUCTURE
CAPITAL OVERVIEW
CREDIT RISK MANAGEMENT
LEVERAGE RATIO
FUNDING AND LIQUIDITY RISK MANAGEMENT
MANAGEMENT'S DECLARATION

4WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
INTRODUCTION
Westpac Banking Corporation is an Authorised Deposit-taking Institution (ADI) subject to regulation by the Australian
Prudential Regulation Authority (APRA). APRA has accredited Westpac to use the Advanced Internal Ratings-Based
Approach (A-IRB) for credit risk and the Standardised Measurement Approach (SMA) for operational risk.
In accordance with Australian Prudential Standard 330 Public Disclosure (APS 330), Westpac is required to disclose
prudential information about its risk management practices. The frequency of information is provided on a quarterly,
semi-annual or annual basis in accordance with the requirements of the Basel Committee on Banking Supervision (and
as amended by APRA).
In addition to this report, the regulatory disclosures section of the Westpac website
1
contains the reporting
requirements for capital instruments under paragraph 37 of APS 330 and CCA: Main features of regulatory
capital instruments.
Capital instruments disclosures are updated when:
•A new capital instrument is issued that will form part of regulatory capital; or
•A capital instrument is redeemed, converted into Common equity tier 1 (CET1) capital, written off, or its terms and
conditions are changed.
APRA's revised APS 330 standard
APRA's revised APS 330 became effective on 1 January 2025. Under the revised standard, Australian ADIs including
Westpac, are required to comply with the Disclosure Requirements Standard issued by the Basel Committee on Banking
Supervision (BCBS), subject to certain modifications specified by APRA. The revised standard was first applicable for
Westpac’s March 2025 Pillar 3 Report.
The standard presentation format is generally prescribed. The frequency of disclosures varies, with specific items
required on a quarterly, semi-annual or annual basis.
1.
http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
5
KEY METRICS
KM1: Key metrics
1
This table shows Westpac's main regulatory ratios over the last five quarters.
$m30 June 202531 March 202531 December 202430 September 202430 June 2024
Available capital (amounts)
1Common Equity Tier 1 (CET1)54,57655,00753,57754,64854,006
2Tier 164,88665,39463,97864,84364,898
3Total capital97,41097,13697,28993,53894,264
Risk-weighted assets (amounts)
4Total risk-weighted assets (RWA)444,768449,495451,401437,430451,722
4aTotal risk-weighted assets (pre-floor)444,768449,495451,401437,430451,722
Risk-based capital ratios as a percentage
of RWA
5CET1 ratio (%)12.27%12.24%11.87%12.49%11.96%
5bCET1 ratio (%) (pre-floor ratio)12.27%12.24%11.87%12.49%11.96%
6Tier 1 ratio (%)14.59%14.55%14.17%14.82%14.37%
6bTier 1 ratio (%) (pre-floor ratio)14.59%14.55%14.17%14.82%14.37%
7Total capital ratio (%)21.90%21.61%21.55%21.38%20.87%
7bTotal capital ratio (%) (pre-floor ratio)21.90%21.61%21.55%21.38%20.87%
Additional CET1 buffer requirements as a
percentage of RWA
8Capital conservation buffer
requirement (%)
3.75%3.75%3.75%3.75%3.75%
9Countercyclical buffer requirement (%)0.84%0.84%0.84%0.84%0.84%
10Bank G-SIB and/or D-SIB additional
requirements (%)
1.00%1.00%1.00%1.00%1.00%
11Total of bank CET1 specific buffer
requirements (%)
(row 8 + row 9 + row 10)
5.59%5.59%5.59%5.59%5.59%
12CET1 available after meeting the bank’s
minimum capital requirements (%)
7.77%7.74%7.37%7.99%7.46%
Basel III Leverage ratio
13Total Basel III leverage ratio
exposure measure
1,263,8231,257,7001,252,4951,222,9501,207,100
14Basel III leverage ratio (%) (including
the impact of any applicable temporary
exemption of central bank reserves)
5.13%5.20%5.11%5.30%5.38%
Liquidity Coverage Ratio (LCR)
a
15Total high-quality liquid assets (HQLA)179,984182,824170,880172,722172,570
16Total net cash outflow134,500134,930130,767129,915133,190
17LCR ratio (%)134%135%131%133%130%
Net Stable Funding Ratio (NSFR)
18Total available stable funding775,219767,463758,481736,202736,162
19Total required stable funding681,331666,726673,583654,798651,107
20NSFR ratio (%)114%115%113%112%113%
a.LCR disclosures are based on quarterly averages.
Level 1 Capital Adequacy Ratios
30 June 202531 March 202531 December 202430 September 202430 June 2024
CET1 ratio (%)12.34%12.50%12.06%12.69%12.07%
CET1 ratio (%) (pre-floor ratio)12.34%12.50%12.06%12.69%12.07%
Tier 1 ratio (%)14.89%15.04%14.59%15.25%14.71%
Tier 1 ratio (%) (pre-floor ratio)14.89%15.04%14.59%15.25%14.71%
Total capital ratio (%)23.01%22.89%22.77%22.53%21.87%
Total capital ratio (%) (pre-floor ratio)23.01%22.89%22.77%22.53%21.87%
1.The KM1 key metrics reflects the application of expected credit loss accounting under AASB 9 Financial Instruments.

6WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
KEY METRICS
LEVEL 2 CET1 CAPITAL RATIO MOVEMENT FOR THE QUARTER ENDED 30 JUNE 2025
12.24%
43bps
(59bps)
15bps
5bps
(1bp)
12.27%
Mar-25Net profitDividendsRWA movementCapital
deductions and
other items
Capital returnJun-25
The Level 2 CET1 capital ratio was 12.27% at 30 June 2025, 3 basis points higher than 31 March 2025. Key
movements included:
•Third quarter 2025 net profit: 43 basis points increase;
•Payment of the 2025 interim ordinary dividend: 59 basis points reduction;
•Risk weighted assets (RWA) movement: 15 basis points increase due to non-credit RWA decrease partly offset by
credit RWA increase;
•Capital deductions and other items: 5 basis points increase mainly due to lower capitalised software and capitalised
expenditure balances and other reserve movements; and
•Capital return: 1 basis point reduction due to on market share buybacks.
RWA movement for the quarter ended 30 June 2025
$m30 June 202531 March 2025% Mov't
Credit risk
a,b
357,083353,2331
Market risk10,2068,47820
Interest rate risk in the banking book29,02139,263(26)
Operational risk48,45848,521-
Total444,768449,495(1)
a.Includes counterparty credit risk, credit valuation adjustment, securitisation exposures in the banking book and settlement risk.
b.Includes a $1 billion APRA RWA overlay pending rectification of the usage of a customer risk grade proxy on a small sub-set of non-
retail exposures.
Total RWA decreased by 1.1% to $444.8 billion compared to 31 March 2025 largely due to the decrease in non-
credit RWA.
Credit RWA increased by $3.9 billion. Key movements included:
•A $6.7 billion increase from higher lending primarily in Corporate;
•A $0.6 billion increase from foreign currency translation impacts from the depreciation of the AUD against the NZD,
partly offset by the appreciation of the AUD against the USD; and
•A $3.5 billion decrease from model updates, methodology and policy changes and other data refinements mainly in
RBNZ regulated entities and Other Retail.
Non-credit RWA decreased by $8.6 billion compared to 31 March 2025. Key movements included:
•IRRBB RWA: $10.2 billion decrease from:
–A $5.6 billion decrease in repricing and yield curve, basis and optionality risk in line with underlying banking book
positions; and
–A $4.6 billion decrease due to lower interest rates resulting in the regulatory embedded gain rising to $7.7 billion.
•Market RWA: $1.7 billion increase mainly from higher market risk exposures.
Tier 2 capital movement for the quarter ended 30 June 2025
Westpac issued $1.5 billion of Tier 2 capital instruments over the quarter. The impact of these transactions was an
increase in the total regulatory capital ratio of approximately 34 basis points. In addition, foreign currency revaluations
reduced Tier 2 capital mainly due to the appreciation of the AUD against the USD.

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
7
Domestic systemically important banks (D-SIBs), including Westpac, have a total capital requirement of 18.25%
from 1 January 2026. At 30 June 2025, Westpac's total regulatory capital ratio was 21.90%, well above this total
capital requirement.
Leverage ratio
The leverage ratio represents the percentage of Tier 1 capital relative to the Exposure Measure
1
. At 30 June 2025,
Westpac's leverage ratio was 5.13%, down 7 basis points from 31 March 2025. The ratio remains well above
APRA's regulatory minimum requirement of 3.5%. The decrease in the leverage ratio is mainly due to an increase
in total exposures mostly from higher lending and lower Tier 1 capital following the payment of the 2025 interim
ordinary dividend.
APRA has announced changes to banks' capital requirements with effect from 1 January 2027, as outlined in the Capital
Overview section. This includes changes to CET1, Tier 1, total capital and the leverage ratio.
Liquidity Coverage Ratio (LCR)
Westpac’s average LCR for the quarter ended 30 June 2025 was 134% (31 March 2025: 135%), well above the regulatory
minimum of 100%. The decrease in the ratio was due to lower average holding of liquid assets.
Net Stable Funding Ratio (NSFR)
Westpac had an NSFR of 114% as of 30 June 2025 (31 March 2025: 115%) and continues to be above the regulatory
minimum of 100%. The decrease in the ratio was due to a net increase in required stable funding.
1.
As defined under Attachment D of APS 110: Capital Adequacy.

8WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
GROUP STRUCTURE
APRA applies a tiered approach to measuring Westpac’s capital adequacy
1
by assessing financial strength at
three levels:
•Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as
being part of a single ‘Extended Licensed Entity’ (ELE) for the purposes of measuring capital adequacy;
•Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities
specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation; and
•Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities.
Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of Westpac’s
financial strength on a Level 2 basis
2
.
The Westpac Group
The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of
regulatory consolidation.
Accounting consolidation
3
The consolidated financial statements incorporate the assets and liabilities of all entities including structured entities
controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the ‘Group’. The effects of all
transactions between entities in the Group are eliminated on consolidation. Control exists when the parent entity
is exposed to, or has rights to, variable returns from its involvement with an entity, and has the ability to affect
those returns through its power over that entity. Subsidiaries are fully consolidated from the date on which control
commences and they are no longer consolidated from the date that control ceases.
Group entities excluded from the regulatory consolidation at Level 2
Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities, including other
controlled banking, securities and financial entities, except for those entities involved in the following business activities:
•Acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds management;
•Non-financial (commercial) operations;
•Special purpose entities to which assets have been transferred in accordance with the requirements of APS 120
Securitisation; or
•Insurance.
Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2 are deducted
from capital, with the exception of securitisation special purpose entities.
1.
APS 110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy of an ADI.
2.Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.
3.Refer to Note 29 of Westpac’s 2024 Annual Report for further details.

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
9
Subsidiary banking entities
Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated in
New Zealand and regulated by, among others, the Reserve Bank of New Zealand (RBNZ) for prudential purposes.
WNZL uses both A-IRB and Standardised methodologies for credit risk and the SMA for operational risk. Other
subsidiary banking entities in the Group include Westpac Bank PNG Limited and Westpac Europe GMBH. For the
purposes of determining Westpac’s capital adequacy, subsidiary banking entities are consolidated at Level 2.
Customer operations
Westpac is one of Australia's leading providers of banking and certain financial services, operating under multiple
brands in Australia and in New Zealand, with a small presence in Europe, North America and Asia. Westpac provides
banking products and services through its digital and online channels, supported by a branch and ATM network, contact
centres and relationship and product managers.
Restrictions and major impediments on the transfer of funds or regulatory capital within the Group
Certain subsidiary banking and trustee entities are subject to specific and local prudential regulation in their own right,
including capital adequacy requirements and investment or intra-group exposure limits. Westpac seeks to ensure that
its subsidiary entities are adequately capitalised and adhere to regulatory requirements at all times. Dividends and
capital are repatriated in line with the Group’s policy subject to subsidiary Board approval and local regulations.
Intra-group exposure limits
Exposures to related entities are managed within the prudential limits prescribed by APRA in APS 222 Associations with
Related Entities
1
. Westpac has an internal limit structure and approval process governing credit exposures to related
entities. This limit structure and approval process, combined with APRA’s prudential limits, is designed to reduce the
potential for unacceptable contagion risk.
RBNZ capital review
2
The RBNZ capital adequacy framework, which came into effect on 1 October 2021, increases on a phased basis CET1,
Tier 1 capital and total capital requirements to 13.5%, 16% and 18% of RWA respectively by 1 July 2028.
On 31 March 2025, the RBNZ announced that it intends to conduct a review of the capital settings applicable to New
Zealand incorporated deposit takers (including WNZL). RBNZ has stated the review will be conducted to allow for any
changes to be signalled prior to the capital requirement increase scheduled for 1 July 2026.
1.
For the purposes of APS 222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent ‘related entities’.
Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an individual and aggregate basis.
2.WNZL’s references to CET1, AT1 and other capital measures are subject to RBNZ's specific requirements and may not align with Australian
requirements or definitions in the Glossary.

10WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
CAPITAL OVERVIEW
Capital management strategy
Westpac's capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process (ICAAP). Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer are the
Total CET1 Requirement. The Total CET1 Requirement for D-SIBs, including Westpac, is at least 10.25%
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target CET1 operating capital range of between 11.0% and 11.5%, in normal
operating conditions.
APRA announcement to phase out Additional Tier 1 (AT1) capital as eligible bank capital
On 8 July 2025 APRA released a consultation paper on implementing the phase out of AT1 capital instruments. This
included changes to APRA's prudential and reporting frameworks resulting from the removal of AT1 capital. Under
the revisions large internationally active banks such as Westpac will replace 1.5% of AT1 capital with 1.25% of Tier 2
capital and 0.25% of CET1 capital. The total CET1 requirement, including regulatory buffers, will increase from 10.25% to
10.50%. There is no overall increase in total capital requirements for banks.
APRA has also proposed changes to the leverage ratio, which will see the leverage ratio calculation based on CET1
capital rather than Tier 1 capital. Should the changes be implemented as proposed, this will result in a reduction in the
reported leverage ratio. The minimum leverage ratio of 3.5% is proposed to remain unchanged.
APRA intends to finalise changes to the relevant prudential standards in 2025, with the updated framework coming 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.
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
11
OV1: Overview of Risk Weighted Assets (RWA)
This table presents an overview of Westpac’s RWA and minimum capital requirements by risk type and approach.
$m
RWA
Minimum capital
requirements
30 June 202531 March 202530 June 2025
1Credit risk (excluding counterparty credit risk)336,419333,09726,914
2Of which: standardised approach (SA)24,06924,5761,926
3Of which: foundation internal ratings-based (F-IRB) approach31,67031,6262,534
4Of which: supervisory slotting approach11,47711,402918
5Of which: advanced internal ratings-based (A-IRB) approach269,203265,49321,536
6Counterparty credit risk (CCR)9,3488,896748
7Of which: standardised approach for counterparty credit risk8,4758,086678
9Of which: other CCR87381070
10Credit valuation adjustment (CVA)2,7643,326221
15Settlement risk11741
16Securitisation exposures in banking book8,5417,840683
18Of which: securitisation external ratings-based approach (SEC-ERBA)3,4893,421279
19Of which: securitisation standardised approach (SEC-SA)5,0524,419404
20Market risk10,2068,478816
21Of which: standardised approach (SA)1,3641,214109
22Of which: internal model approach (IMA)8,8427,264707
AU20a
a
Interest rate risk in the banking book29,02139,2632,322
23Capital charge for switch between trading book and banking bookn/an/a
24Operational risk
b
48,45848,5213,876
25Amounts below the thresholds for deduction (subject to 250% risk weight)--
26Output floor applied72.5%72.5%
27Floor adjustment (before application of transitional cap)--
28Floor adjustment (after application of transitional cap)--
29Total (1 + 6 + 10 + 15 + 16 + 20 + AU20a + 23 + 24 + 25 + 28)444,768449,49535,581
a.Line items with designations of AU are APRA's specific amendments.
b.Includes $500 million capital overlay related to Court Enforceable Undertaking with APRA to remediate weaknesses in Westpac's culture,
governance and accountability.

12WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
CAPITAL OVERVIEW
Summary of Credit Risk
The following table provides a summary of credit risk and counterparty risks by asset classes to assist users of the
report as the information is disaggregated across a number of tables under current BCBS disclosure requirements.
EAD post CRM and post CCFRWANon-performing
$mCredit risk
Counterparty
credit riskTotalCredit risk
Counterparty
credit riskTotalExposures
ECL
Accounting
provisions
As at 30 June 2025
Subject to A-IRB approach
Corporate
a
167,1015,345172,44690,4352,26292,6972,293702
Residential Mortgages562,516-562,516117,697-117,6974,938463
SME Retail26,852-26,85216,454-16,4541,183194
Qualifying Revolving Retail14,279-14,2794,040-4,04011244
Other Retail1,966-1,9662,504-2,5046735
Subject to F-IRB approach
Large Corporate38,9533,44542,39819,3411,31220,65314885
Sovereign151,4392,918154,3572,1201262,246--
Financial Institutions26,14719,51445,66110,2095,06715,2767017
Total IRB approach989,25331,2221,020,475262,8008,767271,5678,8111,540
Specialised Lending5,6064906,0964,2683594,627--
Standardised25,9365,84631,78221,73722221,95937979
RBNZ Regulated Entities131,576-131,57647,614-47,6141,067159
Securitisation42,399-42,3998,541-8,541
Settlement risk111
Credit valuation adjustment2,764
Total credit risk1,194,77037,5581,232,329344,9609,348357,08310,2571,778
As at 31 March 2025
Subject to A-IRB approach
Corporate
a
158,5905,251163,84186,1771,94588,1222,179666
Residential Mortgages558,279-558,279116,954-116,9545,283488
SME Retail27,078-27,07816,531-16,5311,131181
Qualifying Revolving Retail13,331-13,3313,523-3,52310038
Other Retail2,999-2,9993,395-3,3958043
Subject to F-IRB approach
Large Corporate38,6913,44942,14019,1141,35720,47116882
Sovereign153,2863,662156,9482,0271462,173--
Financial Institutions27,10219,61746,71910,4854,85915,3445915
Total IRB approach979,35631,9791,011,335258,2068,307266,5139,0001,513
Specialised Lending5,6265266,1524,2113804,591--
Standardised26,6736,22832,90122,33520922,544417107
RBNZ Regulated Entities133,445-133,44548,345-48,3451,066159
Securitisation41,005-41,0057,840-7,840
Settlement risk1574
Credit valuation adjustment3,326
Total credit risk1,186,10538,7331,224,853340,9378,896353,23310,4831,779
a.To facilitate standardisation of industry presentation, the sub asset classes of Business Lending and Property Finance have been aggregated
to Corporate.

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
13
CMS1: Comparison of modelled and standardised RWA at risk level
This table provides a summary of Westpac's risk weighted assets by risk type and measurement approach, and
compares it to the output floor calculated under the standardised approach.
$m
abcd
RWA
RWA for modelled
approaches that
banks have
supervisory approval
to use
RWA for portfolios
where standardised
approaches are used
Total Actual RWA (a + b)
(ie RWA which
banks report as
current requirements)
RWA calculated using
full standardised
approach (ie used
in the base of the
output floor)
As at 30 June 2025
1Credit risk (excluding counterparty credit risk)312,35024,069336,419518,119
2Counterparty credit risk9,1262229,34819,593
3Credit valuation adjustment2,7642,7642,764
4Securitisation exposures in the banking book-8,5418,5418,541
5Market risk8,8421,36410,20610,206
AU5a
a
Interest rate risk in the banking book29,021-29,021-
6Operational risk48,45848,45848,458
7Residual RWA111111
8Total359,33985,429444,768607,692
As at 31 March 2025
1Credit risk (excluding counterparty credit risk)308,52124,576333,097512,596
2Counterparty credit risk
b
8,6872098,89623,308
3Credit valuation adjustment3,3263,3263,326
4Securitisation exposures in the banking book-7,8407,8407,840
5Market risk7,2641,2148,4788,478
AU5a
a
Interest rate risk in the banking book39,263-39,263-
6Operational risk48,52148,52148,521
7Residual RWA747474
8Total363,73585,760449,495604,143
a.Line items with designations of AU are APRA's specific amendments.
b.Comparatives have been revised following an uplift in data quality in the current period.

14WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
CR8: IRB - RWA flow statements of credit risk exposures under IRB
The following table provides details on the drivers of changes in credit RWA measured under the IRB approach for the
quarter ended
30 June 2025.
$m
Quarter ended
30 June 202531 March 2025
1RWA as at end of previous reporting period308,521309,999
2Asset size6,3712,651
3Asset quality100(238)
4Model updates(1,787)-
5Methodology and policy(382)(2,551)
6Acquisitions and disposals-(968)
7Foreign exchange movements615119
8Other
a
(1,088)(491)
9RWA as at end of reporting period312,350308,521
a.Current period movement mainly represents benefits from an uplift in data quality.

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
15
LEVERAGE RATIO
LR2: Leverage ratio common disclosure template
The table below provides a detailed breakdown of the components of the leverage ratio denominator, as well as
information on the leverage ratio and minimum requirements.
$m30 June 202531 March 2025
On-balance sheet exposures
1On-balance sheet exposures (excluding derivatives and securities financing transactions
(SFTs), but including collateral)
1,095,8461,086,105
2Gross-up for derivatives collateral provided where deducted from balance sheet assets
pursuant to the operative accounting framework
4,3243,955
3(Deductions of receivable assets for cash variation margin provided in
derivatives transactions)
(5,236)(4,883)
4(Adjustment for securities received under securities financing transactions that are
recognised as an asset)
--
5(Specific and general provisions associated with on-balance sheet exposures that are
deducted from Tier 1 capital)
--
6(Asset amounts deducted in determining Tier 1 capital and regulatory adjustments)(15,916)(15,999)
7Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of rows 1 to 6)1,079,0181,069,178
Derivative exposures
8Replacement cost associated with all derivatives transactions (where applicable net of
eligible cash variation margin, with bilateral netting and/or the specific treatment for client
cleared derivatives)
8,8439,891
9Add-on amounts for potential future exposure associated with all derivatives transactions27,27526,513
10(Exempted central counterparty (CCP) leg of client-cleared trade exposures)--
11Adjusted effective notional amount of written credit derivatives7,7044,804
12(Adjusted effective notional offsets and add-on deductions for written credit derivatives)(7,704)(4,804)
13Total derivative exposures (sum of rows 8 to 12)36,11836,404
Securities financing transaction exposures
14Gross SFT assets (with no recognition of netting), after adjustment for sale
accounting transactions
32,39339,538
15(Netted amounts of cash payables and cash receivables of gross SFT assets)--
16Counterparty credit risk exposure for SFT assets2,3011,691
17Agent transaction exposures--
18Total securities financing transaction exposures (sum of rows 14 to 17)34,69441,229
Other off-balance sheet exposures
19Off-balance sheet exposure at gross notional amount227,751223,286
20(Adjustments for conversion to credit equivalent amounts)(113,758)(112,397)
21(Specific and general provisions associated with off-balance sheet exposures deducted in
determining Tier 1 capital)
--
22Off-balance sheet items (sum of rows 19 to 21)113,993110,889
Capital and total exposures
23Tier 1 capital64,88665,394
24Total exposures (sum of rows 7, 13, 18 and 22)1,263,8231,257,700
Leverage ratio
25Leverage ratio (including the impact of any applicable temporary exemption of central
bank reserves)
5.13%5.20%
25aLeverage ratio (excluding the impact of any applicable temporary exemption of central
bank reserves)
5.13%5.20%
26National minimum leverage ratio requirement3.50%3.50%
27Applicable leverage buffers--
Disclosure of mean values
28Mean value of gross SFT assets, after adjustment for sale accounting transactions and netted
of amounts of associated cash payables and cash receivables
32,39339,538
29Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and
netted of amounts of associated cash payables and cash receivables
35,28141,088
30Total exposures (including the impact of any applicable temporary exemption of central bank
reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
1,263,8231,257,700
30aTotal exposures (excluding the impact of any applicable temporary exemption of central
bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
1,263,8231,257,700
31Basel III leverage ratio (including the impact of any applicable temporary exemption of central
bank reserves) incorporating mean values from row 28 of gross SFT assets (after adjustment
for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables)
5.13%5.20%
31aBasel III leverage ratio (excluding the impact of any applicable temporary exemption of
central bank reserves) incorporating mean values from row 28 of gross SFT assets (after
adjustment for sale accounting transactions and netted of amounts of associated cash
payables and cash receivables)
5.13%5.20%

16WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQ1: Liquidity Coverage Ratio
The Liquidity Coverage Ratio (LCR) measures a bank’s ability to meet its liquidity needs under an acute liquidity stress
scenario (prescribed by APRA), measured over a 30-day time frame. LCR is calculated as high-quality liquid assets
(HQLA) as a percentage of net cash outflows (NCO).
Average LCR is calculated as a simple average of the daily observations over the quarter. The number of data points
used is reported in the table.
Westpac’s average LCR for the quarter was 134% (31 March 2025: 135%) and continues to be above the regulatory
minimum of 100% in line with the Group’s liquidity risk tolerance.
The decrease in LCR for the quarter ended 30 June 2025 reflects a decrease in average liquid assets, mainly driven by
a higher average growth in customer loans compared to customer deposits. Average NCOs were also lower during the
quarter, mostly driven by lower wholesale funding maturities.
HQLA averaged $172.5 billion over the quarter (31 March 2025: $178.3 billion), comprising of cash and balances with
central banks, Australian government and semi-government bonds. Westpac also holds other HQLA, mainly qualifying
RBNZ securities.
Funding is sourced from retail, small business, corporate and institutional customer deposits and wholesale funding.
Westpac seeks to minimise the outflows associated with this funding by targeting customer deposits with lower LCR
outflow rates and actively manages the maturity profile of its wholesale funding portfolio.
30 June 202531 March 2025
$m
Total unweighted
value (average)
Total weighted
value (average)
Total unweighted
value (average)
Total weighted
value (average)
Liquid assets, of which:
1High-quality liquid assets (HQLA)172,460178,317
Alternative Liquid Assets (ALA)--
Reserve Bank of New Zealand (RBNZ) securities7,5244,507
Cash outflows
2Retail deposits and deposits from small business customers,
of which:
377,48432,979369,90533,091
3Stable deposits182,4299,121174,8308,742
4Less stable deposits195,05523,858195,07524,349
5Unsecured wholesale funding, of which:167,75174,418172,16277,014
6Operational deposits (all counterparties) and deposits in
networks of cooperative banks
74,58918,57378,15519,470
7Non-operational deposits (all counterparties)84,53547,21881,74345,280
8Unsecured debt8,6278,62712,26412,264
9Secured wholesale funding1,087213
10Additional requirements, of which:207,52735,908205,06835,962
11Outflows related to derivative exposures and other
collateral requirements
17,59916,79417,62716,937
12Outflows related to loss of funding on debt products9159151,6541,654
13Credit and liquidity facilities189,01318,199185,78717,371
14Other contractual funding obligations9,9876,7938,1915,613
15Other contingent funding obligations66,2435,03065,1904,894
16Total Cash Outflows156,215156,787
Cash inflows
17Secured lending (e.g. reverse repos)10,397-9,738-
18Inflows from fully performing exposures10,6475,85211,2256,030
19Other cash inflows15,86315,86315,82715,827
20Total Cash Inflows36,90721,71536,79021,857
Total
adjusted value
Total
adjusted value
21Total HQLA179,984182,824
22Total net cash outflows134,500134,930
23Liquidity Coverage Ratio (%)134%135%
Number of data points used6262

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
17
MANAGEMENT'S DECLARATION
I hereby certify that the information set out in the June 2025 Pillar 3 report has been prepared in accordance with
Westpac's disclosure policy and complies with the requirements of the Australian Prudential Standards, APS 330
Public Disclosure.
Michael Rowland
Chief Financial Officer
Sydney
13 August 2025

18WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
APPENDICES

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
19
APPENDIX I – REGULATORY CAPITAL INSTRUMENTS
The table below provides the list of Westpac's regulatory capital instruments and the amounts recognised as at
30 June 2025.
$m30 June 2025
Ordinary shares
Ordinary shares
a
36,440
Additional Tier 1 Capital included in Regulatory Capital
USD AT1 securities1,914
Westpac Capital Notes 51,690
Westpac Capital Notes 71,723
Westpac Capital Notes 81,750
Westpac Capital Notes 91,509
Westpac Capital Notes 101,750
Total Additional Tier 1 Capital Instruments10,336
Tier 2 Capital included in Regulatory Capital
USD 100 million Westpac Subordinated Notes153
JPY 20,000 million Westpac Subordinated Notes42
JPY 10,200 million Westpac Subordinated Notes22
JPY 10,000 million Westpac Subordinated Notes21
USD 1,500 million Westpac Subordinated Notes2,292
AUD 185 million Westpac Subordinated Notes185
AUD 130 million Westpac Subordinated Notes130
USD 1,000 million Westpac Subordinated Notes1,528
USD 1,250 million Westpac Subordinated Notes1,910
USD 1,000 million Westpac Subordinated Notes1,528
USD 1,500 million Westpac Subordinated Notes2,292
AUD 1,250 million Westpac Subordinated Notes1,250
EUR 1,000 million Westpac Subordinated Notes1,792
USD 1,000 million Westpac Subordinated Notes1,528
USD 1,250 million Westpac Subordinated Notes1,910
JPY 26,000 million Westpac Subordinated Notes276
USD 1,000 million Westpac Subordinated Notes1,528
SGD 450 million Westpac Subordinated Notes540
AUD 1,500 million Westpac Subordinated Notes1,500
AUD 300 million Westpac Subordinated Notes300
AUD 1,100 million Westpac Subordinated Notes1,100
AUD 1,500 million Westpac Subordinated Notes1,500
USD 750 million Westpac Subordinated Notes1,146
AUD 650 million Westpac Subordinated Notes650
AUD 600 million Westpac Subordinated Notes600
AUD 500 million Westpac Subordinated Notes500
AUD 1,000 million Westpac Subordinated Notes1,000
USD 1,500 million Westpac Subordinated Notes2,292
AUD 850 million Westpac Subordinated Notes850
AUD 400 million Westpac Subordinated Notes400
AUD 1,500 million Westpac Subordinated Notes1,500
Total Tier 2 Capital Instruments32,265
a.Net of Treasury shares

20WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
GLOSSARY

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
21
GLOSSARY
Capital AdequacyDescription
Common equity Tier 1
(CET1) capital
Comprises the highest quality components of capital that consists of paid-up share capital, retained profits and
certain reserves, less certain intangible assets, capitalised expenses and software, and investments and retained
profits in insurance and funds management subsidiaries that are not consolidated for capital adequacy purposes.
Internal Ratings-Based
approach (IRB & A-IRB)
These approaches allow banks to use internal estimates of the risks of their loans as inputs into the determination
of the amount of credit risk capital needed to support the organisation. In the Advanced IRB (A-IRB) approach,
banks must supply their own estimates for all three credit parameters – probability of default, loss given default
and exposure at default.
Leverage ratioThe leverage ratio is defined by APRA as Tier 1 capital divided by the “Exposure measure” and is expressed as a
percentage. “Exposure measure” includes on-balance sheet exposures, derivatives exposures, securities financing
transaction (SFT) exposures, and other off-balance sheet exposures.
Risk weighted
assets (RWA)
Assets (both on and off-balance sheet) are risk weighted according to each asset’s inherent potential for default
and what the likely losses would be in case of default. In the case of non-asset backed risks (i.e. market, IRRBB and
operational risk), RWA is determined by multiplying the capital requirements for those risks by 12.5.
Securities financing
transactions (SFT)
APRA defines SFTs as “transactions such as repurchase agreements, reverse repurchase agreements, and security
lending and borrowing, and margin lending transactions, where the value of the transactions depends on the
market valuation of securities and the transactions are typically subject to margin agreements.”
Tier 1The sum of CET1 and Additional Tier 1 Capital (AT1). AT1 Capital comprises high quality components of capital
that consists of certain securities not included in CET1, but which include loss absorbing characteristics. AT1
instruments convert into equity and absorb losses when certain triggers are met.
Total CapitalThe sum of Tier 1 Capital and Tier 2 Capital. Tier 2 Capital includes subordinated instruments and other
components of capital that, to varying degrees, do not meet the criteria for Tier 1 Capital, but nonetheless
contribute to the overall strength of an ADI and its capacity to absorb losses when certain triggers are met.
Funding and liquidity
Alternative Liquid
Assets (ALA)
Assets that qualify for inclusion in the numerator of the LCR in jurisdictions where there is insufficient supply
of HQLA.
High-quality liquid
assets (HQLA)
Assets which meet APRA’s criteria for inclusion as HQLA in the numerator of the LCR.
Liquidity coverage
ratio (LCR)
An APRA requirement to maintain an adequate level of unencumbered high-quality liquid assets, to meet liquidity
needs for a 30 calendar day period under an APRA-defined severe stress scenario. Absent a situation of financial
stress, the value of the LCR must not be less than 100%. LCR is calculated as the percentage ratio of stock of HQLA,
and qualifying RBNZ securities over the total net cash out-flows in a modelled 30 day defined stressed scenario.
MaturityThe maturity date used is drawn from the contractual maturity date of the customer loans.
Net cash outflows (NCO)Total expected cash outflows minus total expected cash inflows in the specified LCR stress scenario calculated in
accordance with APRA’s liquidity standard.
Net Stable Funding
Ratio (NSFR)
The NSFR is defined as the ratio of the amount of available stable funding (ASF) to the amount of required stable
funding (RSF) defined by APRA. The amount of ASF is the portion of an ADI’s capital and liabilities expected to be a
reliable source of funds over a one year time horizon. The amount of RSF is a function of the liquidity characteristics
and residual maturities of an ADI’s assets and off-balance sheet activities. ADI’s must maintain an NSFR of at
least 100%.
Credit RiskDescription
Credit valuation
adjustment (CVA) risk
The risk of mark-to-market losses related to deterioration in the credit quality of a derivative counterparty also
referred to as credit valuation adjustment (CVA) risk.
DefaultRefer to Non-Performing Exposures definition.
Expected credit loss (ECL)Expected credit losses are a probability-weighted estimate of the cash shortfalls expected to result from defaults
over the relevant time frame. They are determined by evaluating a range of possible outcomes and taking into
account the time value of money, past events, current conditions and forecasts of future economic conditions.
Exposure at default (EAD)EAD is calculated at facility level and includes outstandings as well as the proportion of committed undrawn that is
expected to be drawn in the event of a future default.
Non-Performing exposuresCredit default exposures, the initial recognition of which under APS 220 occurs where either one, or both, of the
following has happened:
•Westpac considers that the borrower is unlikely to pay its credit obligations to Westpac in full, and without
recourse to actions such as realising available security;
•the borrower is 90 days or more past-due on a credit obligation to Westpac.

22WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
GLOSSARY
OtherDescription
AASBAustralian Accounting Standards Board
ADIAuthorised deposit-taking institutions are corporations that are authorised under the Banking Act 1959 to carry on
banking business in Australia.
A-IRBAdvanced Internal Ratings-Based Approach
APRAAustralian Prudential Regulation Authority
APSAustralian Prudential Standard
ASFAvailable Stable Funding
BCBSBasel Committee on Banking Supervision
CCFCredit Conversion Factor
CCPCentral counterparty
CCRCounterparty Credit Risk
CRMCredit Risk Mitigation
D-SIBDomestic Systemically Important Bank
ELExpected Losses
ELEAn extended licensed entity (ELE) comprises an ADI and any subsidiaries of the ADI that have been approved by
APRA as being part of a single ‘stand-alone’ entity.
ERBAExternal Rating Based Approach
F-IRBFoundation Internal Ratings-Based Approach
G-SIBGlobal Systemically Important Bank
ICAAPInternal Capital Adequacy Assessment Process
IMAInternal Model Approach
IRRBBInterest Rate Risk in the Banking Book
RBNZReserve Bank of New Zealand
RSFRequired Stable Funding
SAStandardised Approach
SEC-ERBASecuritisation External Ratings-based Approach
SEC-SASecuritisation Standardised Approach
SMAStandardised Measurement Approach
SMESmall and Medium Sized Enterprise
WNZLWestpac New Zealand Limited

PILLAR 3 REPORTAPPENDICESGLOSSARY
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTS
23
DISCLOSURE
REGARDING
FORWARD-
LOOKING
STATEMENTS

24WESTPAC GROUP JUNE 2025 PILLAR 3 REPORT
DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS
The information contained in this report contains statements that constitute “forward-looking statements” within the
meaning of section 21E of the U.S. Securities Exchange Act of 1934.
Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a
number of places in this report and include statements regarding Westpac’s current intent, belief or expectations
with respect to its business and operations, macro and micro economic and market conditions, results of operations
and financial condition and performance, capital adequacy and liquidity and risk management, including, without
limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and
performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments,
targets, projections and metrics, and other estimated and proxy data.
Words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’,
‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target,’ goal’,
‘guidance’, 'objective', ‘ambition’ or other similar words, are used to identify forward-looking statements. These
statements reflect Westpac’s current views on future events and are subject to change, certain known and unknown
risks, uncertainties and assumptions and other factors which are, in many instances, beyond Westpac’s control (and the
control of Westpac’s officers, employees, agents, and advisors), and have been made based on management’s and/or
the Board's current expectations or beliefs concerning future developments and their potential effect upon Westpac.
Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board
in connection with this report. Such statements are subject to the same limitations, uncertainties, assumptions and
disclaimers set out in this report.
There can be no assurance that future developments or performance will align with Westpac’s expectations or that
the effect of future developments on Westpac will be those anticipated. Actual results could differ materially from
those Westpac expects or which are expressed or implied in forward-looking statements, depending on various factors
including, but not limited to, those described in the section titled ‘Risk factors’ in Westpac’s 2025 Interim Financial
Results Announcement. When relying on forward-looking statements to make decisions with respect to Westpac,
investors and others relying on information in this report should carefully consider such factors and other uncertainties
and events.
Except as required by law, Westpac assumes no obligation to revise or update any forward-looking statements in this
report, whether from new information, future events, conditions or otherwise, after the date of this report.

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