5

                     UNITED STATES
          SECURITIES AND EXCHANGE COMMISSION
                Washington, D.C. 20549

                       FORM 10-K


(Mark One)

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended  June 30, 2001

                          or

[   ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from
_________________ to ______________________


Commission file number  333 -46945

     Westpac Securitisation Management Pty Limited
        In its capacity as trust manager of the
              Series 1998-1G WST Trust
       Australian Business Number 73 081 709 211
     (Exact name of registrant as specified in its
                       charter)


               New South Wales, Australia
   (State or other jurisdiction of  incorporation or
                     organization)


98-0181944
----------------
(I.R.S. Employer Identification No.)


Level 25, 60 Martin Place,Sydney, NSW 2000,Australia
(Address of principal executive offices)  (Zip Code)


                    +612 9284 8816
Registrant's telephone number, including area code


Securities registered pursuant to Section 12(b) of
the Act:
none

Securities registered pursuant to section 12(g) of
the Act:
none

Indicate by check mark whether the registrant (1)
has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to
file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

 Yes   X     No

The information required for some items in Form 10-K
is "not applicable" to the Trust or the Trust
Manager.  As used in this Annual Report files on
Form 10-K, "not applicable" or "Not Applicable"
means that the response to the referenced item is
omitted in reliance on the procedures outlined in
the numerous no-action letters issued by the
Commission's Staff  with respect to substantially
similar certificates and trusts that file annual
reports on Form 10-K.

Table of Contents

Part I

 - Item 1. Business
 - Item 2. Properties
 - Item 3. Legal Proceedings
 - Item 4. Submission of Matters to a Vote of
Security Holders

Part II

 - Item 5. Market for Registrant's Common Equity
and Related Stockholder Matters
 - Item 6. Selected Financial Data
 - Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operation
 - Item 7A. Quantitative and Qualitative Disclosures
About Market Risk
 - Item 8. Financial Statements and Supplementary
Data
 - Item 9. Changes in and Disagreements With
Accountants on Accounting and Financial Disclosure

Part III

 - Item 10. Directors and Executive Officers of the
Registrant
 - Item 11. Executive Compensation
 - Item 12. Security Ownership of Certain Beneficial
Owners and Management
 - Item 13. Certain Relationships and Related
Transactions

Part IV

 - Item 14. Exhibits, Financial Statement Schedules,
and Reports on Form 8-K


PART I

Item 1. Business.
This Annual Report on Form 10-K relates to the
Series 1998-1G WST Trust (the "Trust") and the Class
A and Class B Mortgage Backed Floating Rates Notes,
Series 1998-1G (the "Notes") issued pursuant to the
Note Trust Deed dated as of June 10, 1998, between
Westpac Securities Administration Limited, as
Trustee (the "Issuer Trustee"); Westpac
Securitisation Management Pty Limited (the "Trust
Manager") as trust manager; and Citibank, London
Office, as Principal Paying Agent.  Capitalised
terms used in this Form 10-K and not defined have
the same meanings ascribed to such terms in the
Prospectus for the above-referenced Notes.
The only business of the Trust is the collection
and distribution of payments on the residential
mortgage loans in the manner described in the
Registration Statement on Form S-11 (File No.
333-46945) (the "Registration Statement").
Accordingly, there is no relevant information to
report in response to Item 101 of Regulation S-K.

Item 2. Properties
The Registrant and the Trust do not have any
physical properties. Accordingly, this item is not
applicable.

Item 3. Legal Proceedings.
The Trust Manager knows of no material legal
proceedings involving any Trust, the Trust Manager,
the Servicer or the Issuer Trustee which were
pending as of June 30, 2001, or as of the date of
this report.

Item 4. Submission of Matters to a Vote of Security
Holders
No votes or consents of Noteholders were solicited
during the fiscal year for any purpose.

PART II

Item 5. Market for Registrant's Common Equity and
Related Stockholder Matters
The Notes are not traded on any nationally
recognised exchange in the United States.  The Notes
are listed and exchanged on the London Stock
Exchange. Since the Trust pays no dividends with
respect to the Notes, the information required by
Item 201 of Regulation S-K regarding dividends is
inapplicable to the Trust. See Exhibit 99.1 for
information with respect to distributions to
Noteholders.

Item 6. Selected Financial Data.
The regular quarterly Noteholders Reports, which is
required to be included with each quarterly
distribution of the Trusts assets to Noteholders,
sets forth for the prior quarter, as well as
cumulatively, all of the relevant financial
information required by the Note Trust Deed to be
reported to Noteholders.The Noteholders Reports for
the Payment Dates in October, 2000, January, 2001,
April, 2001 and July, 2001 are incorporated herein
by reference and aggregated totals for the fiscal
year are incorporated herein as Exhibit No. 99.1.
The foregoing presents all relevant financial
information relating to the Trust.  Because of the
limited business activity of the Trust, the
Selected Financial Data specified in Item 301 of
Regulation S-K would not provide any meaningful
additional information.

Item 7. Management's Discussion and Analysis of
Financial Condition and Results of Operation
Because of the limited business activity of the
Trust, the presentation of Managements Discussion
and Analysis of Financial Condition and Results of
Operations, as otherwise required by Item 303 of
Regulation S-K, would not be meaningful.  All
relevant information is contained in the Noteholders
Reports (filed under Current Reports on Form 8-K)
as described above.

Item 7A. Quantitative and Qualitative Disclosures
About Market Risk
Currency Exchange Control Risk
Interest and principal payments to holders of Notes
are paid in United States dollars ("U.S. dollars").
However payments on the Housing Loans are received
by the Issuer Trustee, in Australian dollars, in
Australia (the "Collections").  Pursuant to certain
swap agreements (the "Swap Agreements") the Issuer
Trustee is required to pay a portion of the
Collections to certain swap counterpartys (the
"Currency Swap Providers") who in turn pays ("Swap
Currency Exchange"), at the direction of the Issuer
Trustee, U.S. dollars to the Noteholders, (the
"Currency Swap").  It is possible that in the future
Australia may impose exchange controls that affect
the availability of Australian dollar payments for
making payments under the Currency Swap. The holders
of the Notes will bear the risk of the imposition of
foreign exchange controls by the Australian
government that impact upon the Issuer Trustee's
ability to exchange the Collections for U.S.
dollars.  The Issuer Trustee has no control over
such risk, which will generally be affected by
economic and political events in Australia.  If the
Issuer Trustee does not pay some or all of the
amount in Australian dollars which it is required to
pay the Currency Swap Provider under the Currency
Swap, the Currency Swap Provider is only required to
pay the U.S. dollar equivalent of the amounts it
actually receives.  In such event, it is unlikely
that the Trust would have sufficient U.S. dollars to
make the payments due on the Notes.

Under temporary Australian foreign exchange controls,
which may change in the future, payments by an
Australian resident to, or on behalf of the following
payees may only be made with Reserve Bank of Australia
approval:

-  the Government of Iraq or its agencies or nationals;
-  the authorities of the Federal Republic of
 Yugoslavia (Serbia and Montenegro) or its agencies,
 who are not residents of Australia;
-  the Government of Libya or any public authority or
 controlled entity of the Government of Libya,
 including any commercial, industrial or public
 utility undertaking owned or controlled by the
 Government of Libya or by a public authority of
 Libya;
-  the Taliban (also known as the Islamic Emirate of
 Afghanistan) or any undertaking owned or controlled,
 directly or indirectly, by the Taliban; or
-  the National Union for Total Independence of Angola
 as an organization, senior officials of UNITA or
 adult members of the immediate families of senior
 officials of UNITA.

Currency Exchange Risk.
Interest and principal on the Notes is payable in
U.S. dollars and the Trust's primary source for
funding its payments on the Notes is its Collections
on the Housing Loans, which will be sourced in
Australian dollars.  If the Currency Swap Provider
were to fail to perform under the Currency Swap or
were to be discharged from such performance because
of a default thereunder by the Trust, the Trust
might have to exchange its Australian dollars for
U.S. dollars at an exchange rate that is less
favourable to the Trust than when the currency swap
was entered into and might therefore not have
sufficient U.S. dollars to make timely payments on
the Notes, even though the delinquency and loss
experience on the Housing Loans may be acceptable.

Item 8. Financial Statements and Supplementary Data
As discussed above, furnishing the financial
information required by Item 8 of Form 10-K would
not add any relevant information to that provided
by the foregoing statements.  Because the Notes are
essentially "pass-through" securities, the Trust
will have "income" only in the limited sense of
collecting payments on the residential mortgage loans.
The only material items of "expense" for the Trust
will be the amounts paid as servicing compensation
and potentially certain payments relating to any credit
enhancement facilities. The Noteholders Reports (filed
under Current Reports on Form 8-K) provide complete
information on the amounts of the "income" and
"expenses" of the Trust.

Item 9. Changes in and Disagreements With Accountants
on Accounting and Financial Disclosure
none.

PART III

Item 10. Directors and Executive Officers of the Registrant
Since the Trust will not have any directors or executive
officers, this item is not applicable.

Item 11. Executive Compensation
Since the Trust will not have any directors or executive
officers, this item is not applicable.

Item 12. Security Ownership of Certain Beneficial Owners and
Management
All of the Class A Noteholders maintained their security
positions with the Depository Trust Company.  While some of
the Noteholders security positions in the Trust may exceed
5% of the outstanding amount of the Notes, such Notes do not
constitute voting securities within the meaning of Item 403
of Regulation S-K.

Item 13. Certain Relationships and Related Transactions
The Registrant received Trust Manager Fee payments from the
Trust in accordance with the terms of the Master Trust Deed
and the Series Notice.

PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K
	(a) (1) and (2):
Incorporated herein as Exhibit 99.1 are the aggregate totals
of the Noteholders Reports to the Trust for the fiscal
year ended June 30, 2001.  Copies of the Custodial Services
Audit Report and Officers Certificate of Compliance are
attached hereto and are incorporated herein by reference as
Exhibit No. 99.2 and Exhibit No. 99.3, respectively.
	(a) (3)  EXHIBITS
Designation	Description	             Method of Filing
Exhibit 99.1	Aggregate Totals for Fiscal Year        99.1
Exhibit 99.2	Custodial Services Audit Report	        99.2
Exhibit 99.3	Officers Certificate of Compliance	99.3

        (b) On October 31, 2000, January 23, 2001, April 20,
2001 and July 24, 2001 reports on form 8-K were filed by the
company during the preceding fiscal year in order to provide
the statements for quarterly distributions to the
noteholders. No other reports on form 8-K have been filed
during the last fiscal year covered by this report.

Documents incorporated by reference
Form 8-K for the October 19, 2000 Payment Date
Form 8-K for the January 19, 2001 Payment Date
Form 8-K for the April 19, 2001 Payment Date
Form 8-K for the July 19, 2001 Payment Date

Exhibit 99.1

        AGGREGATE TOTALS FOR THE FISCAL YEAR

     NOTEHOLDERS REPORT - SERIES 1998-1G WST TRUST


Date of Report - Determination Date     13-Jul-01

Housing Loan Collection Period          10-Jul-00 to 09-Jul-01
                                      (inclusive)   (inclusive)
Days in Collection Period        365

Coupon Period                           19-Jul-00 to 19-Jul-01
                                      (inclusive)   (exclusive)
Days in Coupon Period            365

3 month BBSW (average)        5.8108%
3 month USD-LIBOR (average)   6.0192%

Foreign Exchange Rate         0.6235

					  AUD

Available Income                   83,429,716
Total Available Funds              83,429,716
Accrued Interest Adjustment                 0
Redraws Made This Period           94,348,570
Redraw Shortfall                            0
Redraw Facility Draw                        0
RFS Issued This Period                      0
Trust Expenses                      3,158,461
Total Payments                     72,826,210
Payment Shortfall                           0
Principal Draw This Period                  0
Total Principal Draws Outstanding           0
Gross Principal Collections       426,201,066
Principal Collections             338,054,254
Excess Available Income            10,603,508
Excess Collections Distribution    10,582,487
Liquidity Shortfall                         0
Liquidity Net Draw / (Repayment)            0
Remaining Liquidity Shortfall               0
Liquidation Loss                            0
Principal Charge Offs                  21,021
Prepayment Benefit Shortfalls          22,576
Avg Daily Bal for the year      1,030,273,180
Subordinated Percentage                5.2769%
Initial Subordinated Percentage        2.3000%
Average Yearly Percentage              0.3808%


Stated Amount - AUD Equivalent      Percentage      Forex %
Class A         816,440,374.02      94.72309%       1.00000
Class B          47,154,147.36       5.27691%
RFS                       0.00       0.00000
TOTAL           863,594,521.38     100.00000%     100.00000

Stated Amount - USD                     Bond Factor
Class A               509,087,521.73    0.3708658      0.00
Class B                29,402,744.87    0.9103017      0.00
RFS                             0.00    0.00
TOTAL                 538,490,266.60


                                        $A

Scheduled principal                 33,803,318
Unscheduled principal              304,250,936
                               ----------------
Principal Collections              338,054,254
                               ----------------


Fixed Interest Rate Housing Loan   149,233,853
Variable Rate Housing Loans        714,360,668
                             -----------------
                                   863,594,521
                             -----------------

Exhibit 99.2


           PRICEWATEHOUSECOOOPERS LETTERHEAD


Westpac Securities Administration Limited
4th Floor, Endeavour House
50 Pitt Street
SYDNEY, NSW 2000
Attention: Mr Robert Hamilton

The Mortgage Company Pty Limited
25 Pierson Street
LOCKLEYS SA 5032
Attention: Mr Mike Dilworth


Dear Sirs

Scope

We have audited the control procedures of The Mortgage
Company Pty Limited (the "Servicer") in relation to its
role as custodian as at 16 February 2001 in order to
express an opinion about their effectiveness based upon
the requirements of Clause 3.3 of the Westpac
Securitisation Trusts ("WST") Servicing Agreement
(the " Agreement").

The control procedures operating in relation to the
Series 1998-1 G WST Trust were audited as part of the
overall custody audit of the WST Securitisation Program.

Unless otherwise defined, terms and phrases have the
same definition as those appearing in the WST Transaction
Documents.

The criteria required by Schedule 2 of the Agreement
are that:

1.   the custodial duties and responsibilities of the
     Servicer, as outlined in Section 3 of the Agreement,
     are met;

2.   the Relevant Documents are capable of identification,
     segregated by reference to the relevant Portfolio of
     Receivables and from other mortgage title documents
     held by the Servicer;

3.   the Relevant Documents may not be removed or tampered
     with except with appropriate authorisation; and

4.   an appropriate tracking system is in place such that
     the location of the Relevant Documents can be detected
     at any time.

The Servicer, under the delegation of the Trustee, is
responsible for maintaining an effective internal control
structure for the custodial operations of Series 1998-1 G WST
Trust. We have conducted an independent audit of the control
procedures in order to express an opinion on them to the
Trustee and the Servicer.

Our audit of the control procedures has been conducted in
accordance with Australian Auditing Standard AUS 810 "Special
Purpose Reports on the Effectiveness of Control Procedures"
and accordingly included such tests and procedures as we
considered necessary in the circumstances. These procedures
have been undertaken to form an opinion whether in all material
respects, the control procedures in relation to the Servicer's
role as custodian were adequately designed so as to achieve
the criteria referred to above, and were operating effectively
at the time of our audit.

This report has been prepared for distribution to the Trustee
and the Servicer for the purpose of monitoring the Servicer's
custodial role. We disclaim any assumption of responsibility
for any reliance on this report to any person other than those
mentioned, or for any purpose other than that for which it was
prepared.

Inherent Limitations

Because of the inherent limitations of any internal control
structure it is possible that errors or irregularities may
occur and not be detected. Further, the internal control
structure, within which the control procedures that we
have audited operate, has not been audited and no opinion
is expressed as to its effectiveness.

An audit is not designed to detect all weaknesses in control
procedures as it is not performed continuously throughout
the period and the tests performed are on a sample basis.

Any projection of the evaluation of control procedures to
future periods is subject to the risk that the procedures
may become inadequate because of changes in conditions,
or that the degree of compliance with them may deteriorate.

The audit opinion expressed in this report has been formed
on the above basis.

Audit Opinion

In our opinion the Servicer maintained, in all material
respects, effective control procedures in relation to the
custodial operations of the WST Securitisation Program,
which includes Series 1998-1G WST Trust, as at 16 February
2001 based on the criteria referred to above.


  /s/   PricewaterhouseCoopers
--------------------------------------
PricewaterhouseCoopers
Chartered Accountants

  /s/   MJ Codling
-----------------------

Partner
 Sydney, 27 February 2001

Exhibit 99.3

     WESTPAC SECURITISATION MANAGEMENT PTY LIMITED
          OFFICER'S CERTIFICATE OF COMPLIANCE

           The   undersigned  officer   of   Westpac
Securitisation  Management Pty  Limited,  a  company
organized  under  the  laws  of  New  South   Wales,
Australia ("WSM"), hereby certifies on behalf of WSM
and  on  his  own behalf for purposes of the  Series
1998-1G  WST  Trust Class A and  Class  B   Mortgage
Backed   Floating  Rate  Notes  (collectively,   the
"Notes"), as follows:

   1.    I am a duly appointed, qualified and acting
         Director of WSM;

   2.    I am duly authorized to execute and deliver
         this Officer's Certificate  on  behalf of WSM;
         and

   3.    To  the best of my knowledge,  the Issuer
         Trustee has complied with all conditions  and
         covenants under the Transaction Documents,
         for the Series 1998-1G  WST Trust issue  of
         Notes for the period between July 1, 2000 and
         June 30, 2001.

          Capitalized  terms used  and  not  defined
herein  shall  have the meanings  assigned  to  such
terms  in the Note Trust Deed related to the  above-
referenced issue of Notes.

          IN  WITNESS WHEREOF, I have signed my name
as of  September 18, 2001



                                  /s/ Andrew Smith
                                   ----------------
                                 By:   Andrew Smith

                                            Director
                   Westpac Securitisation Management
                                        Pty  Limited


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d)
of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly
authorized.

(Registrant) Westpac Securitisation Manangement
Pty Limited
____________________________________________________


By /s/ Peter Walden - Director
____________________________________________________
September 18, 2001



Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the
registrant and in the capacities and on the dates
indicated.


By /s/ Andrew Smith - Director
____________________________________________________
September 18, 2001



By /s/ Phil Chronican - Director
____________________________________________________
September 18, 2001