Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 115

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 115
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ial assessment as a self-insurer under the Workers’ Compensation Act 1951 (Australian Capital Territory);
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●   Nil (2024: nil) based on an actuarial assessment as a self-insurer under the Return to Work Act 1986 (Northern Territory);
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●   $1 million (2024: $1 million) based on an actuarial assessment as a self-insurer under the Workers’ Compensation and Injury Management Act 1981 (Western Australia); and
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●   $2 million (2024: $2 million) based on an actuarial assessment as a self-insurer under the Workers’ Rehabilitation and Compensation Act 1988 (Tasmania).
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Appropriate provision has been made for these liabilities in the provision for annual leave and other employee benefits above.
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WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

Note 25.   Provisions, contingent liabilities, contingent assets and credit commitments (Continued)
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Provisions Litigation, non-lending losses and remediation provisions
Provisions for the financial year 2025 include estimates of:

●   Customer refunds associated with matters of potential historical misconduct;
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●   Costs of completing remediation programs; and
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●   Potential non-lending losses and costs connected with certain litigation and regulatory investigations.
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It is possible that the final outcome could be below or above the provision, if the actual outcome differs from the assumptions used in estimating the provision. Remediation processes may change over time as further facts emerge and such changes could result in a change to the final exposure.
Certain litigation and regulatory matters 
As at 30 September 2025, the Group held provisions in respect of potential non-lending losses and costs connected with certain litigation and regulatory matters, including:

●   Civil penalty proceedings commenced by ASIC against Westpac on 4 September 2023, alleging contraventions under the National Credit Code (Credit Code) and National Consumer Credit Protection Act 2009 (Cth). The proceedings relate to system and operational failures and allege that Westpac did not respond to 277 online hardship applications between 2015 and 2023 within the time-frames required under the Credit Code. Westpac self-reported the incidents to ASIC and has remediated impacted customers. ASIC also alleges that Westpac failed to do all things necessary to ensure that credit activities