Company: WEBNF
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001104659-25-062718
Chunk: 23

Company: WESTPAC BANKING CORP
Filing Date: 2025-06-26
Form: 424B5
Chunk 23
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 a floating rate

<div align='center'>S-9</div>

TABLE OF CONTENTS

interest period is negative, its contribution to the Compounded SOFR will be less than one, resulting in a reduction to Compounded SOFR used to calculate the interest payable on the floating rate notes on the floating rate interest payment date (as defined below) for such floating rate interest period.

Limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based upon SOFR in those precedents varies. Accordingly, the specific formula for the Compounded SOFR rate used in the floating rate notes may not be widely adopted by other market participants, if at all. If the market adopts a different calculation method, trading prices of the floating rate notes may be lower than or more volatile than those of later-issued SOFR-based debt securities that have adopted a different calculation method. In addition, investors in the floating rate notes may not be able to sell the floating rate notes at all or may not be able to sell the floating rate notes at prices that will provide them with a yield comparable to similar investments that have adopted a different calculation method.

Compounded SOFR with respect to a particular floating rate interest period will only be capable of being determined near the end of the relevant floating rate interest period

The level of Compounded SOFR applicable to a particular floating rate interest period and, therefore, the amount of interest payable with respect to such floating rate interest period will be determined on the Floating Rate Interest Payment Determination Date (as defined herein) for such floating rate interest period. Because each such date is near the end of such floating rate interest period, you will not know the amount of interest payable with respect to a particular floating rate interest period until shortly prior to the related floating rate interest payment date and it may be difficult for you to reliably estimate the amount of interest that will be payable on each such floating rate interest payment date. In addition, some investors may be unwilling or unable to trade the floating rate notes without changes to their information technology systems, both of which could adversely impact the liquidity and trading price of the floating rate notes.

SOFR may be modified or discontinued and the floating rate notes may bear interest by reference to a rate other than Compounded SOFR, which could adversely affect the value of the floating rate notes

SOFR is published by the Federal Reserve Bank of New York based on data received by it from sources other than us, and we have no control over its methods of calculation, publication schedule