Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 142

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 142
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        (10)          (10)
Total defined benefit expense                      14          16          12          13            16
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Defined benefit balances recognised​

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​                                                                    Consolidated    ​          Parent Entity
$m                                                            2025           2024         2025           2024
Benefit obligation as at end of year                         2,282          2,218        2,238          2,169
Fair value of plan assets as at end of year                  2,525          2,424        2,481          2,380
Net surplus/(deficit)                                          243            206          243            211
Defined benefit surplus included in other assets               247            215          247            215
Defined benefit deficit included in other liabilities          (4)            (9)          (4)            (4)
Net surplus/(deficit)                                          243            206          243            211
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The average duration of the defined benefit obligation is 12 years (2024: 12 years).
Significant assumptions​

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​                                                            2025                                         ​                                     2024
Consolidated and Parent Entity                                    Australian funds       Overseas funds       Australian funds        Overseas funds
Discount rate                                                                 5.4%            4.2%-5.7%   ​               5.6%             4.3%-5.0%
Salary increases                                                              3.4%            3.0%-4.0%   ​               3.5%             3.0%-3.9%
Inflation rate (pensioners received inflationary increase)                    2.4%            2.0%-3.1%   ​               2.5%             2.0%-3.2%
Life expectancy of a 60-year-old male                        32.1                             27.7-27.9   ​               31.9             27.6-27.8
Life expectancy of a 60-year-old female                      ​                34.6            29.5-29.8   ​               34.5                  29.6
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