EXHIBIT 13.3



                     SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                  FORM 6-K

                     SECURITIES AND EXCHANGE COMMISSION
                           Washington D.C. 20549

                          Report of Foreign Issuer
                    Pursuant to Rule 13a-16 or 15d-16 of
                    the Securities Exchange Act of 1934

For the Coupon Period ending January 19, 1999

               Westpac Securitisation Management Pty Limited
               ---------------------------------------------
              (Translation of registrant's name into English)

           Level 4, 60 Martin Place, Sydney, NSW 2000, Australia
           -----------------------------------------------------
                  (Address of principal executive offices

     Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.

                 Form 20-F  __X__       Form 40-F  _______

     Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.

                     Yes  ______           No   __X__

     If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-___________.




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<PAGE>


<TABLE>
<CAPTION>

                                            NOTEHOLDERS REPORT - SERIES 1998-1G WST TRUST

    <S>                                                     <C>                       <C>                     <C>
    Date of Report - Determination Date                         13-Jan-99

    Housing Loan Collection Period                              10-Oct-98                    to                        09-Jan-99
                                                               (inclusive)                                            (inclusive)

    Days in Collection Period                                       92

    Coupon Period                                               19-Oct-98                    to                        19-Jan-99
                                                               (inclusive)                                            (exclusive)

    Days in Coupon Period                                           92

    3-month BBSW at beginning of coupon period                   4.7100%                3-month USD-                   5.34328%
                                                                                           LIBOR

    Foreign Exchange Rate                                     0.62354525564

    Available Income                                              33,575,259.97
    Total Available Funds                                         33,575,259.97
    Accrued Interest Adjustment                                            0.00
    Redraws Made This Period                                      17,280,867.08
    Redraw Shortfall                                                       0.00
    Redraw Facility Draw                                                   0.00
    RFS Issued This Period                                                 0.00
    Trust Expenses                                                 1,449,812.11
    Total Payments                                                29,970,848.51
    Payment Shortfall                                                      0.00
    Principal Draw This Period                                             0.00
    Total Principal Draws Outstanding                                      0.00
    Gross Principal Collections                                  140,890,518.14
    Principal Collections                                        123,609,651.06
    Excess Available Income                                        3,604,411.46
    Excess Collections Distribution                                1,421,494.23
    Liquidity Shortfall                                                    0.00
    Liquidity Net Draw / (Repayment) this period                           0.00
    Remaining Liquidity Shortfall                                          0.00
    Liquidation Loss                                                       0.00
    Principal Charge Offs                                                  0.00
    Prepayment Benefit Shortfall                                           0.00
    Average Daily Balance for Qtr                              1,958,396,238.21
    Subordinated Percentage                                             2.5186%
    Initial Subordinated Percentage                                     2.3000%
    Average Quarterly Percentage                                        0.0000%

                   Reuters Information                      Principal/100,000          Coupon/100,000

                                Class A          0.00                5,614.9349               1,257.0934
                                Class B          0.00                    0.0000               1,433.2271

    Stated Amount - AUD Equivalent                              Percentage            Forex Percentage        Chargeoffs

                    Class A          1,851,310,076.79                 97.48140%                  1.00000
                  Class B               51,800,570.54                  2.51860%
                                   RFS           0.00                                            0.00000

                 TOTAL               1,903,110,647.33                100.00000%               100.00000%


    Stated Amount - USD                                                                 Bond Factor
                    Class A          1,154,375,615.09                                          0.8409526           0.00
                  Class B               32,300,000.00                                          1.0000000           0.00
                  RFS                            0.00                                                              0.00

                TOTAL                1,186,675,615.09                                          0.8446090           0.00

</TABLE>

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<PAGE>

<TABLE>
<CAPTION>

                                                 Series 1998-1G WST Trust
                                                  DELINQUENCY STATISTICS

                                    Collection Period Ended:                    09-Jan-99

---------------------------------------------------------------------------------------------------------------------------
                             Number             Current Balance           Instalment          % by             % by
                            of Loans            Outstanding $A            Amount $A           Number           Balance
---------------------------------------------------------------------------------------------------------------------------
    <S>                         <C>                     <C>                    <C>                <C>               <C>
    Current                     17,826                  1,782,992,186          13,885,788          93.42%            93.69%

    1-29 Days                    1,122                    106,473,055             903,447           5.88%             5.59%

    30-59 Days                      97                      9,956,559              73,997           0.51%             0.52%

    60-89 Days                      21                      2,407,709              16,866           0.11%             0.13%

    90-119 Days                     12                      1,122,960               8,429           0.06%             0.06%

    120-149 Days                     1                         53,220                 380           0.01%             0.00%

    150-179 Days                     1                        104,959                 860           0.01%             0.01%

    180+ Days                                                                                       0.00%             0.00%
---------------------------------------------------------------------------------------------------------------------------
    Total                       19,080                  1,903,110,647          14,889,767         100.00%           100.00%
---------------------------------------------------------------------------------------------------------------------------

</TABLE>


                                                 $A

    Scheduled Principal                      13,432,800.79
    Unscheduled Principal                   107,993,933.04
                                            --------------
    Principal Collections                   121,426,733.83
                                            --------------


    Fixed Interest Rate Housing Loan          353,763,041
    Variable Rate Housing Loans             1,549,347,606
                                            -------------
                                            1,903,110,647
                                            -------------



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<PAGE>





                                 SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of
    1934, the registrant has duly caused this report to be signed on its
    behalf, as Trust Manager for the Series 1998-1G WST Trust, by the
    undersigned, thereunto duly authorized.



                              Westpac Securitisation Management Pty Limited,
                              as Trust Manager for the Series 1998-1G WST Trust,
                              -------------------------------------------------
                              (Registrant)



Dated: January ___, 1999         By:     /s/ Lewis E. Love
                                    -------------------------------
                                Name:       Lewis E. Love
                                Title:      Secretary






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