# EDGAR Filing Document

**Accession Number:** 0000719245
**File Stem:** 0001104659-23-022956
**Filing Date:** 2023-2
**Character Count:** 22676
**Document Hash:** e5d2f1e15fa00c57a85f3f8bcbda0d7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-022956.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001104659-23-022956

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230217

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WESTPAC BANKING CORP
- **CENTRAL INDEX KEY:** 0000719245
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMMERCIAL BANKS, NEC [6029]
- **IRS NUMBER:** 986008211
- **STATE OF INCORPORATION:** C3
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10167
- **FILM NUMBER:** 23639941

**BUSINESS ADDRESS:**
- **STREET 1:** LEVEL 18, 275 KENT STREET
- **CITY:** SYDNEY
- **STATE:** C3
- **ZIP:** 2000
- **BUSINESS PHONE:** 0011-61466382161

**MAIL ADDRESS:**
- **STREET 1:** LEVEL 18, 275 KENT STREET
- **CITY:** SYDNEY
- **STATE:** C3
- **ZIP:** 2000

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 <br> UNDER THE SECURITIES EXCHANGE ACT OF 1934

**February 17, 2023**

**Commission File Number 1-10167**

<u>WESTPAC BANKING CORPORATION</u>

(Translation of registrant's name into English)

<u>275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA</u>

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

**<u>Index to Exhibits</u>**

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| **Exhibit<br> No.** | **Description** |
| &nbsp;&nbsp;&nbsp;[1](tm234486d2_ex1.htm) | [ASX Release – Westpac 1Q23 Capital, Credit Quality and Funding Update](tm234486d2_ex1.htm) |

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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 by the undersigned, thereunto duly authorized.

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|:---|:---|:---|
|  | <u>WESTPAC BANKING CORPORATION</u> | <u>WESTPAC BANKING CORPORATION</u> |
|  | (Registrant) | (Registrant) |
| Date: February 17, 2023 | By: | /s/ Yvette Adiguzel |
|  |  | Yvette Adiguzel |
|  |  | Tier One Attorney |

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## Ex-1

**Exhibit 1**

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASX Release 17 February 2023 WESTPAC 1Q23 CAPITAL, CREDIT QUALITY AND FUNDING UPDATE Following is Westpac's 1Q23 slides covering capital, credit quality and funding for the three months ended December 2022. For further information: Hayden Cooper Justin McCarthy Group Head of Media Relations General Manager, Investor Relations 0402 393 619 0422 800 321 This document has been authorised for release by Tim Hartin, Company Secretary. Level 18, 275 Kent Street Sydney, NSW, 2000 |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR THE 3 MONTHS ENDED 31 DECEMBER 2022 WESTPAC BANKING CORPORATION ABN 33 007 457 141 This document should be read in conjunction with Westpac's December 2022 Pillar 3 Report. Content principally covers and compares the 1Q23 and 2H22 quarterly average periods unless otherwise stated. All amounts are in Australian dollars. 1Q23 Capital, Credit Quality and Funding Update |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1Q23 summary. Summary • Stressed assets to TCE4 1.06%, down 1bp • Mortgage 90+ day delinquencies: - Australia 0.70%, down 5bps - New Zealand 0.24%, up 2bps • CAP5 to credit RWA 121bps, up 5bps • Impairment charge of $184m - IAP6 benefit of $107m - CAP charge of $291m Solid capital position Sound credit quality • CET11 capital ratio of 11.13% • From 1 Jan-23 CET1 capital ratio increases ~45bps under APRA's revised capital framework2 • RWA3 up $2.8bn or 0.6%, mostly from higher lending • LCR7 at 139%, up 7 ppts • NSFR8 at 122%, up 1 ppt • Deposit to loan ratio 84.0%, up 1.1 ppts 2 Westpac Group 1Q23 Capital, Credit Quality and Funding Update 1 Common equity tier 1 (CET1). 2 The CET1 increase is an estimate and may change on the final implementation of APRA's revised framework. 3 Risk weighted assets (RWA). 4 Total committed exposure (TCE). 5 Collectively assessed provisions (CAP). 6 Individually assessed provisions (IAP). 7 Liquidity coverage ratio (LCR). 8 Net stable funding ratio (NSFR). Strengthened funding and liquidity |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 0.30 11.13 0.10 ~0.45 ~11.68 (0.43) (0.03) Sep-22 FY22 dividend net of DRP RWA excl FX Other Dec-22 Asset sales Basel 3 CET1 incl asset sales and Basel 3 2 RWA details on page 4 CET1 capital ratio 11.13%. 3 Capital Westpac Group 1Q23 Capital, Credit Quality and Funding Update Level 2 CET1 capital ratio movements (%) 1Q23 earnings partly offset by higher deductions 1 Reflects announced exits relating to Superannuation and the Advance Asset Management business, 10bps (subject to divestment completion occurring). 2 Increase is an estimate and may change on the final implementation of APRA's revised framework. 3 Actual movement is $2.8bn in 1Q23, but does not add due to rounding. 4 Internationally comparable methodology aligns with the APRA study titled 'International Capital Comparison Study' dated 13 July 2015. Key capital ratios (%) Dec-21 Sep-22 Dec-22 Level 2 CET1 capital ratio 12.2 11.3 11.1 Additional Tier 1 capital ratio 2.2 2.1 2.1 Tier 1 capital ratio 14.4 13.4 13.2 Tier 2 capital ratio 4.8 5.0 4.9 Total regulatory capital ratio 19.2 18.4 18.1 Risk weighted assets (RWA)($bn)3 442 478 480 Leverage ratio 5.8 5.6 5.5 Level 1 CET1 capital ratio 12.4 11.3 11.1 Internationally comparable ratios4 Leverage ratio (internationally comparable) 6.3 6.0 5.9 CET1 capital ratio (internationally comparable) 18.0 17.6 17.4 1 |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363.9 359.8 362.1 (1.1) 4.1 (2.8) 1.6 Dec-21 Sep-22 Credit quality Lending Counterparty credit and mark-to-market risk FX translation Dec-22 1.3 0.7 442.4 477.6 1.8 1.1 (2.1) 480.4 Dec-21 Sep-22 Credit Market IRRBB Operational Other Dec-22 1 Risk weighted assets movements. 4 Risk weighted assets (RWA) ($bn) • RWA up $2.8bn or 0.6% from: - Credit RWA increased $1.8bn (4bps impact) due to loan growth partly offset by lower counterparty credit risk - Market RWA up $1.3bn (3bps impact) mainly from underlying portfolio movements - IRRBB RWA up $1.1bn (3bps impact) mainly from the underlying portfolio which impacted the repricing and yield curve risk component of the IRRBB calculation, while regulatory embedded loss was lower - Operational RWA down $2.1bn (5bps impact) due to reduced operational risk assessed under APRA's Standardised Measurement Approach2 Movement in credit risk weighted assets ($bn) IRRBB RWA ($bn) 1 Interest rate risk in the banking book (IRRBB). 2 Westpac adopted the Standardised Measurement Approach to calculate operational risk capital from Jan-22. Under the revised standard, operational risk was calculated using the FY22 audited financial statements. Capital Up $1.8bn or 0.5% Specialised lending and mortgages 12 27 43 43 44 1.28 2.60 3.63 4.05 4.04 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 3y Swap rate (%) Up $2.8bn or 0.6% Westpac Group 1Q23 Capital, Credit Quality and Funding Update Lower mark-to-market value of derivatives from FX |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 528 452 398 1,131 903 947 981 1,601 1,315 1,685 1,830 788 1,002 841 865 647 1,018 700 706 4,999 4,766 4,625 4,780 Sep-21 Dec-21 Sep-22 Dec-22 Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP Provision coverage. Forecasts used in economic scenarios3 Provisioning Total impairment provisions1 ($m) Provision coverage Sep-21 Dec-21 Sep-22 Dec-22 Provisions to credit RWA 140bps 132bps 128bps 132bps CAP to credit RWA 117bps 118bps 116bps 121bps Provisions to TCE 44bps 41bps 39bps 40bps Impaired provisions to impaired assets 54% 49% 48% 44%2 5 Westpac Group 1Q23 Capital, Credit Quality and Funding Update 1 Excludes provisions for debt securities. 2 Reduction in impaired provisions to impaired assets ratio reflects writebacks. 3 Forecast provided by Westpac Economics at 13 December 2022. 4 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting downside severity. Movement in overlays driven by exchange rate volatility Reduction in IAP mainly from write-backs Base case Downside4 Sep-22 Dec-22 2022 2022 2023 Trough / peak GDP growth 3.4% 2.6% 1.0% (6%) Unemployment 3.1% 3.2% 4.5% 11% Residential property prices (6.5%) (2.7%) (7.8%) (27%) CAP (ex overlays) higher: - Updated Westpac Economics forecast - Portfolio growth - Marginal improvement in credit quality  |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 1.55 1.0 2.0 3.0 4.0 5.0 6.0 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 30+ day delinquencies 90+ day delinquencies 1.24 0.70 0.0 1.0 2.0 3.0 4.0 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 30+ day delinquencies 90+ day delinquencies 0.17 0.26 0.19 0.13 0.12 0.48 0.80 0.68 0.51 0.52 0.55 0.85 0.49 0.43 0.42 1.20 1.91 1.36 1.07 1.06 Sep-19 Sep-20 Sep-21 Sep-22 Dec-22 Stressed exposures and delinquencies. 6 1 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes. 2 Consumer finance includes personal loans, overdrafts, credit cards and auto loans. Credit quality Australian consumer finance delinquencies2 (%) Westpac Group 1Q23 Capital, Credit Quality and Funding Update Stressed exposures as a % of TCE Australian mortgage delinquencies (%) Watchlist and substandard 90+ day past due and not impaired1 Impaired COVID-19 deferrals Small increase in 30+ day delinquencies mainly due to seasonality and cost of living pressures 30+ day delinquencies up 13bps due to seasonality and cost of living pressures and balance contraction |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian mortgage portfolio composition. 7 Westpac Group 1Q23 Capital, Credit Quality and Funding Update 1 Includes amortisation. Calculated at account level, where split loans represent more than one account. 2 Mortgage loss rates for Dec-22 balances are annualised, based on losses for the 3 months. Mortgage loss rates for September are actual losses for the 12 months ending. 3 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source: CoreLogic. Mortgage credit quality Australian mortgage portfolio Sep-21 balance Sep-22 balance Dec-22 balance Total portfolio ($bn) 455.6 467.6 470.9 Owner occupied (OO) (%) 63.7 65.8 66.2 Investment property loans (IPL) (%) 33.8 32.6 32.3 Portfolio loan/line of credit (LOC) (%) 1.9 1.6 1.5 Variable rate / Fixed rate (%) 62/38 63/37 65/35 Interest only (I/O) (%) 15.8 13.5 13.4 Proprietary channel (%) 52.8 51.8 51.6 First home buyer (%) 9.6 10.1 9.9 Mortgage insured (%) 15.8 14.7 14.5 Sep-21 Sep-22 Dec-22 Average loan size1 ($'000) 277 286 289 Customers ahead on repayments including offset account balances (%) 70 68 68 Annual mortgage loss rate2 (bps) 2 <1 <1 Fixed rate mortgage expiry schedule at 31 December 2022 ($bn) Australian housing loan-to-value ratios (LVRs) at 31 December 20223 (%) 20 15 44 12 7 1 63 15 12 7 1 0.7 0.7 0<=60 60<=70 70<=80 80<=90 90<=95 95<=100 >100 At origination Dynamic 11 18 29 56 36 21 21 9 2 2 2 2 1H23 2H23 1H24 2H24 1H25 2H25 1H26 2H26 1H27 2H27 Expired 1Q23 Yet to expire |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% 45% 11% Originated since Jul-22 Originated between Aug-19 and Jun-22 Originated before Aug-19 Analysis of minimum contractual repayment at December 2022 Dynamic LVR with no LMI >80% Of which >85% Of which >90% Repayment buffer <12months (Total: $159bn) $13.4bn $7.0bn $3.5bn Of which repayment buffer <3months (Total: $137bn) $12.1bn $6.4bn $3.2bn Australian mortgage portfolio analysis. 8 Westpac Group 1Q23 Capital, Credit Quality and Funding Update Focus on mortgages originated between Aug-19 and Jun-22 2,4 Mortgage credit quality 1 Includes all mortgage products. 2 Between Aug-19 and Jun-22, Australian mortgages were assessed using a serviceability buffer of 2.5%-3.0%. Assuming a cash rate of 3.85% (Westpac Economics peak forecast), the serviceability buffer for these mortgages is expected to be exceeded. 3 Captures accounts active in both Jun-22 and Dec-22. Increase is measured based on the actual repayment made in Jun-22 and the contractual mortgage rates at a cash rate of 3.1% assuming rates changed by an equivalent amount. Analysis assumes an IO mortgage remains an IO mortgage. 4 Excludes equity/line of credit products as there are no scheduled principal payments. 5 Analysis based on minimum repayments. Includes fixed and variable rate mortgages. Australian mortgage book by origination period at 31 Dec-22: $471 billion1 Percentage increase in variable-rate repayment following interest rate changes (accounts at 31 Dec-22) 3,4 31 18 38 4 9 25 8 25 31 12 No change >0%<20% 20%-40% 40%-60% >60% Originated before Aug-19 Originated between Aug-19 and Jun-22 Mortgages originated at lower interest rates2 Accounts >12 months ahead4,5: 32% Accounts >12 months ahead4,5: 44% |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img010.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Zealand credit quality. Business stressed exposures as a % of New Zealand business TCE1 9 Credit quality Westpac Group 1Q23 Capital, Credit Quality and Funding Update 1 Chart does not add due to rounding. 0.1 0.3 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.2 2.9 2.2 1.6 1.3 1.2 3.1 2.6 2.0 1.5 1.5 Sep-19 Sep-20 Sep-21 Sep-22 Dec-22 Watchlist & substandard 90+ day past due and not impaired Impaired 0.24 0.54 0.0 0.2 0.4 0.6 0.8 1.0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mortgage 30+ and 90+ day delinquencies (%) Unsecured Consumer 30+ and 90+ day delinquencies (%) 0.97 2.19 0.0 1.0 2.0 3.0 4.0 5.0 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Increase in delinquencies due to seasonality and higher cost of living Increase in delinquencies due to seasonality and higher cost of living |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 31 35 43 9 34 40 30 23 24 13 24 FY19 FY20 FY21 FY22 1Q23 FY23 FY24 FY25 FY26 FY27 FY28 >FY28 Covered bond Hybrid Senior/Securitisation Subordinated debt Term Funding Facility (Aus) Funding for Lending Programme (NZ) Funding and liquidity. Funding and liquidity 10 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY28 maturity bucket. Maturities exclude securitisation amortisation. 2 Excludes Funding for Lending Programme. 3 As at 12 February 2023. Key funding and liquidity measures Westpac Group 1Q23 Capital, Credit Quality and Funding Update Term debt issuance and maturity profile1 ($bn) Issuance Maturities 1Q23 term debt issuance2 by product (%) remaining 142 132 139 Dec-21 Sep-22 Dec-22 83.6 82.9 84.0 Dec-21 Sep-22 Dec-22 Customer deposits to net loans ratio (%) Quarterly average 127 121 122 Dec-21 Sep-22 Dec-22 Liquidity coverage ratio (%) Net stable funding ratio (%) Regulatory requirement 100% 86 14 Senior bonds Covered bonds • LCR elevated in advance of final CLF drop ($9.25bn) effective 1 January 2023 • Additional $9bn issued in January and February 3 2023 in senior and covered bonds • NSFR increase reflects deposit growth and long-term issuance • Strong household deposit growth over the quarter 133% ex-CLF |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For all shareholding enquiries relating to: • Address details and communication preferences • Updating bank account details, and participation in the dividend reinvestment plan Investor Relations Contact Share Registry Contact For all matters relating to Westpac's strategy, performance and results 11 Justin McCarthy General Manager Investor Relations Arthur Petratos Manager, Shareholder Services Rebecca Plackett Head of Corporate Reporting and ESG Andrea Jaehne Head of Ratings Agencies and Analysis Jacqueline Boddy Head of Debt Investor Relations Contact us investorrelations@westpac.com.au westpac@linkmarketservices.com.au westpac.com.au/investorcentre investorcentre.linkmarketservices.com.au +61 2 9178 2977 1800 804 255 Investor Relations Team. James Wibberley Manager, Investor Relations Catherine Garcia Head of Institutional Investors Westpac Group 1Q23 Capital, Credit Quality and Funding Update |

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| &nbsp;&nbsp;![GRAPHIC](tm234486d2_ex1img013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer. The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. This presentation contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data. We use words such as 'will', 'may', 'expect', 'intend', 'seek', 'would', 'should', 'could', 'continue', 'plan', 'estimate', 'anticipate', 'believe', 'probability', 'indicative', 'risk', 'aim', 'outlook', 'forecast', 'f'cast', 'f', 'assumption', 'projection', 'target', 'goal', 'guidance', 'ambition', or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management's expectations or beliefs concerning future developments and their potential effect upon us. Forward-looking statements may also be made, verbally or in writing, by members of Westpac's management or Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the section titled 'Risk factors' in our 2022 Annual Report available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation. Disclaimer 12 Westpac Group 1Q23 Capital, Credit Quality and Funding Update |

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