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                                                                  EXHIBIT 4(c).3

                  WESTPAC GENERAL MANAGEMENT SHARE OPTION PLAN

                                      RULES

1.   APPLICATION

     These Rules shall apply to Options issued by Westpac pursuant to the Plan.

2.   DEFINITIONS

     In these Rules unless the context otherwise requires:

     AWARD means, in relation to a Participant for a Performance Period, the
     number of Options which the Directors in their discretion determine to
     grant to that Participant pursuant to the Plan;

     ASX means Australian Stock Exchange Limited or any successor body;

     WESTPAC means Westpac Banking Corporation;

     BASE NUMBER means the number of such Shares or other securities comprised
     in an Option, as applicable, as adjusted for any preceding Capital Event;

     BONUS SECURITY means a security in the capital of Westpac which a holder of
     securities in the capital of Westpac is entitled to be issued under any
     bonus issue by way of capitalisation of profits or any other way;

     BUSINESS DAY has the meaning given in the Listing Rules;

     CAPITAL EVENT means any of the following:

     (a)  any event affecting the number or type of securities in the capital of
          a body corporate on issue, including a subdivision, consolidation,
          redemption or further issues of securities whether by way of rights
          issues, bonus issues or otherwise; and

     (b)  any other event which the Directors in their discretion reasonably
          consider should be a Capital Event;

     CHANGE IN CONTROL means:

     (a)  a person becomes entitled (as understood under the Corporations Law as
          in force as at the date of adoption of this Plan) to at least 35% of
          the voting shares of Westpac on issue pursuant to a takeover bid for
          all of the voting shares of Westpac which is or becomes unconditional;

     (b)  a scheme of arrangement or other merger proposal in relation to
          Westpac becomes binding on the holders of all of the voting shares of
          Westpac and by reason of such scheme or proposal a person becomes
          entitled (as understood under the Corporations Law as in force as at
          the date of adoption of this Plan) to 35% of the voting shares of
          Westpac; or

     (c)  a person becomes the beneficial owner of at least 35% of the voting
          shares of Westpac on issue other than pursuant to paragraph (a) or
          (b);

     CLOSELY-HELD SUBSIDIARY has the meaning given in section 243M(3) of the
     Corporations Law as in force at the date of adoption of this Plan;

     DIRECTORS means the directors of Westpac from time to time or a majority of
     them;

     EXECUTIVE means a senior employee of Westpac or one of its Closely-held
     Subsidiaries (other than a non-executive Director) who is a member of the
     group of employees whom the Directors determine from time to time are to be
     eligible for nomination under the Plan;

     EXERCISE NOTICE means a written notice in a form acceptable to Westpac
     given by a Participant to the Directors requesting delivery of Shares and
     any other securities comprising an Option to the Participant in accordance
     with an Award previously made to that Participant pursuant to the Plan;

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     EXERCISE PRICE means the amount payable on the exercise of one Option in
     respect of each underlying Share calculated as follows:

     (a)  by attributing the Last Sale Price to the Shares;

     (b)  by attributing to each Bonus Security notionally added to the Option
          after the grant of the Award a price of zero; and

     (c)  by attributing to each Rights Issue Security notionally added to the
          Option after the grant of the Award a price equal to the full amount
          payable by a subscriber to take up one right in respect of the Rights
          Issue Security,

     and by making any further adjustments, including in respect of the Shares,
     in the event of any Capital Event (as determined in accordance with Rule
     8.2 or 8.9);

     LAST EXERCISE DATE means, in respect of an Option which has not lapsed, the
     earlier of the following:

     (a)  the date 10 years after the date of grant of the Option;

     (b)  the date 12 months after the day on which the Participant ceases to be
          employed by Westpac or any subsidiary of Westpac by reason of:

          (i)     ill health, injury, disability or death;

          (ii)    retirement; or

          (iii)   their employing company, which was a Closely-held Subsidiary
                  of Westpac at the date of grant of the Award, ceasing to be a
                  subsidiary of Westpac; and

     (c)  the date determined by the Directors where the Participant ceases to
          be employed by Westpac or any subsidiary of Westpac (other than as set
          out in paragraph (b)), if so determined by the Directors;

     LAST SALE PRICE means the average closing price quoted by ASX of the Shares
     during the five (5) Business Days on which Shares were traded preceding the
     commencement of the Performance Period;

     LISTING RULES means the official listing rules of ASX as amended from time
     to time;

     MAXIMUM TSR RANKING means the TSR Ranking equal to 75% or such other
     percentage as determined by the Directors at the time of determination of
     the Performance Requirements;

     MID-RANGE TSR RANKING means the TSR Ranking equal to 50% or such other
     percentage as determined by the Directors at the time of determination of
     the Performance Requirements;

     MINIMUM TSR RANKING means the TSR Ranking equal to 25% or such other
     percentage as determined by the Directors at the time of determination of
     the Performance Requirements;

     OPTION means a right, exercisable by a Participant, to subscribe for or
     acquire one Share, unless adjusted for any Capital Event as follows:

     (a)  in the event of a subdivision, by multiplying the Base Number by the
          Reconstruction Factor;

     (b)  in the event of a consolidation, by dividing the Base Number by the
          Reconstruction Factor;

     (c)  in the event of a bonus issue, by adding to the Option that number of
          Bonus Securities which the Participant would have been entitled to
          receive if, on the record date for the determination of Bonus Security
          entitlements, the Participant had held the relevant Shares or other
          securities equal to the Base Number;

     (d)  in the event of a rights issue, by adding to the Option that number of
          Rights Issue Securities for which the Participant would have been
          entitled to subscribe if, on the record date for the determination of
          Rights Issue Securities, the Participant had held the relevant Shares
          or other securities equal to the Base Number; and

     (e)  in the event of any other Capital Event, by such appropriate
          adjustment as determined by the Directors in accordance with Rule 8.2
          or 8.9;

     PARTICIPANT means each employee who receives and accepts an invitation
     under Rule 5.2;

     PEER GROUP means the 50 bodies corporate other than Westpac comprised in
     the ASX All Industrials Index and which have the highest market
     capitalisation recorded by ASX at the commencement of the

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                                                                          PAGE 3

     Performance Period provided that if during the Performance Period any of
     those bodies corporate cease to comprise that index for any reason the Peer
     Group will consist of the remainder of those bodies corporate, or such
     other bodies corporate and in such number as the Directors determine should
     comprise the Peer Group;

     PERFORMANCE REQUIREMENTS means the requirement(s) determined by the
     Directors from time to time for assessing the performance of Westpac and
     which shall be based in whole or in part on the provisions of Rule 6.2;

     PERFORMANCE PERIOD means, subject to Rules 8.3, 8.7 and 11.2, a period of
     three full years, or such other length of time as the Directors in their
     discretion determine, commencing on the date of issue of an invitation
     under Rule 5.2;

     PLAN means the Westpac General Management Share Option Plan established and
     operated in accordance with these Rules;

     RECONSTRUCTION FACTOR means the number of the relevant securities on issue
     after the Capital Event divided by the number of such securities on issue
     before the Capital Event;

     RIGHTS ISSUE SECURITIES means fully paid securities in the capital of
     Westpac in respect of which a holder of securities in the capital of
     Westpac is given a right by Westpac to subscribe pro rata according to
     their holding;

     RULES means the rules of the Plan as set out in this document as amended
     from time to time;

     SHARES means fully paid ordinary shares in the capital of Westpac;

     TSR means, in respect of a body corporate, the total shareholder return
     (including dividends) of the body corporate being the amount calculated on
     the following basis.

     STEP 1 - Calculate the average daily closing price quoted by ASX of an
     ordinary share of the body corporate over the three months immediately
     preceding the end of the Performance Period.

     STEP 2 - Add the amount calculated in Step 1 and any cash distribution
     under a return of capital of the body corporate to the ordinary
     shareholders generally during the Performance Period.

     STEP 3 - Calculate the average daily closing price quoted by ASX of an
     ordinary share of the same body corporate over the three months immediately
     preceding the start of the Performance Period.

     STEP 4 - Divide the result from Step 2 by the result from Step 3.

     STEP 5 - Divide the amount of each dividend paid on an ordinary share of
     the same body corporate during the Performance Period by the closing price
     quoted by ASX of the ordinary share of the same body corporate on the date
     of payment of the respective dividend. Each of these amounts is a dividend
     yield. Add each of the dividend yields for a Performance Period together.

     STEP 6 - Add together one (1) and the result from Step 5.

     STEP 7 - Multiply the result from Step 4 with the result from Step 6.

     STEP 8 - Subtract one (1) from the result from Step 7. This amount is the
     TSR for that body corporate,

     subject to the right of the Directors to make adjustments as they think
     necessary for any Capital Event of the body corporate during the
     Performance Period; and

     TSR RANKING means the percentage ranking of Westpac or a body corporate
     amongst the group comprising the Peer Group and Westpac, ranked in
     ascending order according to their TSRs.

3.   INTERPRETATION

     In these Rules, the following rules of interpretation apply, unless the
     context requires otherwise:

     (a)  words denoting the singular shall include the plural and vice versa;

     (b)  words denoting the masculine gender shall include the feminine gender;

     (c)  a reference to a person includes the legal personal representatives,
          successors and permitted assigns of that person;

     (d)  a reference to a RULE is to a rule of this Plan;

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                                                                          PAGE 4

     (e)  a reference to NUMBER shall include fractions;

     (f)  where the time for doing any act, matter or thing under these Rules
          falls on a day which is not a Business Day, it shall be done on the
          next succeeding Business Day; and

     (g)  words which are not defined in these Rules shall have the meaning
          given in the Corporations Law as amended.

4.   HEADINGS

     Headings are for ease of reference only and shall not affect the
     interpretation of these Rules.

5.   PARTICIPATION

5.1  Subject to Rules 5.3 and 20.2, the Directors may nominate any Executive to
     participate in the Plan in relation to a Performance Period.

5.2  The Executives nominated under Rule 5.1 will be invited by the Directors to
     participate in the Plan in relation to a Performance Period. The date of
     issue of the invitation shall be determined by the Directors. The
     invitation will set out the Performance Requirements as determined under
     Rule 6. An acceptance of an invitation by an Executive must be notified to
     the Directors in writing.

5.3  An Executive who resides or is domiciled in a country other than Australia
     may not participate under Rule 5.2 unless:

     (a)  the Directors have determined that they should participate; and

     (b)  neither the laws of Australia nor the country of residence or domicile
          or any other matter or thing, in the opinion of the Directors, makes
          their participation illegal or impracticable.

5.4  The Directors may nominate under Rule 5.1 an Executive who becomes an
     employee of Westpac or one of its Closely-held Subsidiaries before the end
     of the first year of a Performance Period to participate in the Plan in
     respect of that Performance Period.

6.   DETERMINATION OF PERFORMANCE REQUIREMENTS

6.1  Before the commencement of each Performance Period the Directors will in
     their discretion determine the Performance Requirements applicable to that
     Performance Period.

6.2  For the purposes of Rule 6.1, the Directors, unless they determine
     otherwise, shall establish performance requirements on the following basis:

     (a)  where the TSR Ranking of Westpac is less than the Minimum TSR Ranking,
          the number of Options which shall become exercisable under Rule 8.1(b)
          shall be zero;

     (b)  where the TSR Ranking of Westpac is equal to the Minimum TSR Ranking,
          the number of Options which shall become exercisable under Rule 8.1(b)
          shall be the number equal to 25% of the Options comprising the Award;

     (c)  where the TSR Ranking of Westpac is equal to or greater than the
          Maximum TSR Ranking, the number of Options which shall become
          exercisable under Rule 8.1(b) shall be the number equal to 100% of the
          Options comprising the Award;

     (d)  where the TSR Ranking of Westpac is greater than the Minimum TSR
          Ranking and less than the Maximum TSR Ranking, the number of Options
          which shall become exercisable under Rule 8.1(b):

          (i)     shall increase on a straight line basis from the percentage of
                  Options comprising the Award set out in paragraph (b) to 50%
                  of the Options comprising the Award where the TSR Ranking of
                  Westpac is less than or equal to the Mid-Range TSR Ranking;
                  and

          (ii)    shall, where the TSR Ranking of Westpac is greater than the
                  Mid-Range TSR Ranking, further increase on a straight line
                  basis to 100% of the number of Options comprising the Award as
                  contemplated in paragraph (c).

6.3  The Directors may declare one or more Performance Periods in any year.

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                                                                          PAGE 5

7.   AWARDS OF OPTIONS

7.1  At the commencement of each Performance Period the Directors will allot to
     each Participant their Award.

7.2  The allotment of an Award to a Participant under Rule 7.1 does not confer
     on the Participant any right or interest in or any right to subscribe for
     any Shares or any other securities comprising the Award until the end of
     the Performance Period.

8.   AWARD

8.1  At the end of each Performance Period the Directors will:

     (a)  determine whether and, if so, the extent to which the Performance
          Requirements applicable to that Performance Period have been met; and

     (b)  subject to Rules 8.2, 8.3, 8.4, 8.5, 8.7 and 19, determine the number
          of the Options granted to each Participant under an Award which are to
          be exercisable, but only to the extent to which the Performance
          Requirements have been met for that Performance Period, with the
          remainder to lapse.

8.2  When the Directors in relation to any Performance Period:

     (a)  apply the Performance Requirements;

     (b)  determine the number of Shares and other securities (if any) which
          comprise an Option; and

     (c)  determine the Exercise Price of the Option,

     the Directors must have regard to any Capital Event which has occurred
     during the Performance Period and ensure that the Capital Event is taken
     into account in applying the Performance Requirements, in determining the
     number of Shares and other securities which comprise an Option and in
     determining the Exercise Price, in a manner which is fair and equitable to
     the Participants and which is consistent with the relevant provisions of
     the Listing Rules.

8.3  After making a determination under Rule 8.1(b), the Directors will offer,
     in accordance with Rule 8.4, each of the Participants the option to extend
     the Performance Period by one year and, if an offer is accepted in writing
     within 30 days, the provisions of Rule 8.1 will be reapplied 12 months
     later in respect of that Participant by reference to the longer period.
     This offer will be repeated 12 months later to any Participant who elected
     to extend the Performance Period in the previous year.

8.4  Following the determination made by the Directors under Rule 8.1 the
     Directors shall inform each Participant:

     (a)  as to whether or not the Performance Requirements have been met;

     (b)  of the number of Options they are entitled to exercise, if any;

     (c)  of the Exercise Price of an Option;

     (d)  of the number of Shares and any other securities which comprise an
          Option;

     (e)  of their extension right under Rule 8.3,

     and, if applicable as determined by the Directors, may inform each
     Participant:

     (f)  of the time or times at which each Participant may elect to exercise
          their Options;

     (g)  of the availability, if any, of any loan facility available to each
          Participant in respect of the exercise of their Options.

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8.5  The determination of the Directors under Rule 8.1(b) shall become final and
     binding 30 days after a notice under Rule 8.4 is issued, unless a
     Participant exercises his or her right under Rule 8.3 before such time in
     which event that determination is of no effect.

8.6  In this Plan:

     (a)  all calculations shall be done to not less than 3 decimal places;

     (b)  no rounding shall occur in respect of calculating the number of
          Options exercisable by each Participant until the Directors make a
          determination under Rule 8.1 and any such rounding shall be rounded
          up, if the resulting fraction (if any) is a value of 0.5 or more, and
          shall be rounded down, if the resulting fraction (if any) is a value
          of less than 0.5;

     (c)  no rounding shall occur in respect of calculating the Exercise Price
          until a Participant lodges an Exercise Notice and any such rounding:

          (i)     shall be calculated only in respect of the aggregate number of
                  Options exercised; and

          (ii)    shall be rounded up to the nearest cent, if the resulting
                  fraction (if any) is a value of $0.005 or more, and shall be
                  rounded down to the nearest cent, if the resulting fraction
                  (if any) is a value of less than $0.005; and

     (d)  no rounding shall occur in respect of calculating the number of Shares
          or other securities comprising an Option until a Participant lodges an
          Exercise Notice and any such rounding:

          (i)     shall be calculated only in respect of the aggregate number of
                  Options exercised; and

          (ii)    shall be rounded up, if the resulting fraction (if any) is a
                  value of 0.5 or more, and shall be rounded down, if the
                  resulting fraction (if any) is a value of less than 0.5.

8.7  If:

     (a)  a Change in Control occurs, the end of a Performance Period may be
          brought forward to a date determined by the Directors; or

     (b)  there is publicly announced a merger proposal (whether by takeover
          bid, scheme of arrangement or otherwise) in relation to Westpac which
          the Directors believe may lead to a Change in Control, the Directors
          may in their sole discretion bring forward the end of a Performance
          Period to a date determined by the Directors,

     and the Directors may in their discretion vary or waive the Performance
     Requirements in determining the number of Options granted to each
     Participant under an Award which are to be exercisable.

8.8  Any Options allotted under the Plan may not be assigned, disposed, pledged
     or otherwise be held subject to a security or third party interest.

8.9  If a Capital Event occurs after the end of a Performance Period and before
     the lodgment of an Exercise Notice the Directors shall determine in respect
     of each Option:

     (a)  the number of Shares and other securities (if any) which comprise the
          Option; and

     (b)  the Exercise Price of the Option,

     by taking into account the Capital Event in a manner which is fair and
     equitable to the Participants and which is consistent with the relevant
     provisions of the Listing Rules and the Directors may inform each
     Participant of these decisions or shall otherwise inform each Participant
     on request.

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9.   EXERCISE AND LAPSE OF OPTIONS

9.1  A Participant may exercise their Options received under the Plan in whole
     or in part (in parcels of 1000 Options), subject to Rules 8.4(f) and 9.6,
     by giving an Exercise Notice to the Directors at any time after the end of
     a Performance Period and before the Last Exercise Date.

9.2  An Exercise Notice shall be accompanied by a cheque in favour of Westpac
     for an amount equal to the aggregate Exercise Price of the Options being
     exercised unless Westpac has, in its discretion, made alternative funding
     arrangements with the Participant pursuant to Rule 8.4(g).

9.3  If the amount provided by a Participant is greater than the aggregate
     Exercise Price of the Options being exercised, Westpac shall promptly
     refund an amount equal to the excess. If the amount provided by a
     Participant is less than the aggregate Exercise Price of the Options being
     exercised, the Exercise Notice shall not be treated as duly completed until
     Westpac receives an amount equal to the difference.

9.4  Within 30 days of the receipt of a duly completed Exercise Notice, the
     Directors shall cause the Shares or other securities comprising an Option
     to be issued to or acquired on the stock market of ASX in the name of the
     Participant in the number to which the Options the subject of the Exercise
     Notice relate.

9.5  Any Shares or other securities issued on the exercise of an Option shall,
     for as long as required by Westpac's constituent legislation or Deed of
     Settlement, be issued paid up or credited as paid up in an amount not less
     than the par value of Shares or such security.

9.6  Options comprising an Award shall lapse on the earlier of:

     (a)  the date of lapse under Rule 11.1;

     (b)  the date that a determination of lapse under Rule 8.1(b) is final and
          binding under Rule 8.5;

     (c)  5.00 pm (Sydney time) on the Last Exercise Date; and

     (d)  the date on which a Participant ceases to be employed by Westpac or
          any subsidiary of Westpac by reason of:

          (i)     dismissal for fraud, misconduct or poor performance; or

          (ii)    resignation, unless otherwise determined by the Directors.

10.  DIVIDENDS AND LISTING

     (a)  The Shares and any other security comprising an Option, from the date
          of allotment of the Share or security, shall rank equally with all
          other existing Shares or securities, as applicable.

     (b)  When Shares or other securities become presently liable to become
          registered in the name of a Participant, Westpac shall apply as soon
          as possible for official quotation of those Shares or other securities
          on each stock exchange on which Shares or such securities are listed,
          unless Westpac has already made such application by such time.

11.  EXECUTIVES LEAVING WESTPAC BEFORE THE END OF A PERFORMANCE PERIOD

11.1 Subject to Rule 11.2, if a Participant ceases to be employed by Westpac or
     any subsidiary of Westpac during a Performance Period, all Options allotted
     in respect of that Performance Period shall lapse on the last day of such
     employment, unless the Directors in their discretion decide otherwise.

11.2 If a Participant ceases to be employed by Westpac or any subsidiary of
     Westpac during a Performance Period by reason of:

     (a)  ill health, injury, disability or death;

     (b)  retirement;

     (c)  their employing company, which was a Closely-held Subsidiary of
          Westpac at the date of grant of the Award, ceasing to be a subsidiary
          of Westpac; or

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                                                                          PAGE 8

     (d)  any other reason which the Directors in their discretion determine,

     the Directors may deem the Performance Period in respect of the Participant
     to be at an end at a date they deem appropriate. The Directors will then
     determine the number of Options that will be exercisable and that will
     lapse taking into account, to the extent they deem appropriate, the extent
     to which the Performance Requirements have been met for that Performance
     Period and, at their discretion, the portion of the Performance Period that
     has elapsed.

12.  RIGHTS OF EMPLOYEES

     The Plan shall not form part of any contract of employment between Westpac
     or any subsidiary of Westpac and any of their respective employees and
     shall not confer directly or indirectly on any employee any legal or
     equitable right whatsoever (other than rights as shareholders of Westpac
     under any Shares or other securities received under the Plan) against
     Westpac.

13.  POWERS OF THE DIRECTORS

     The Plan shall be administered by the Directors who shall have power to:

     (a)  determine appropriate procedures for administration of the Plan
          consistent with the provisions of these Rules;

     (b)  resolve conclusively all questions of fact or interpretation and all
          calculations arising in connection with the Plan;

     (c)  delegate to any one or more persons (including, but not restricted to
          a committee of Directors) for such period and on such conditions as
          they may determine the exercise of any of their powers or discretions
          arising under the Plan; and

     (d)  subject to Rule 16, change or add to these Rules.

14.  COSTS

     Westpac will pay all expenses, costs and charges in relation to the
     establishment and operation of the Plan, including all costs incurred in or
     associated with an issue of Options or an issue or purchase of Shares or
     other securities for the purposes of the Plan.

15.  NOTICES

     Any notice, instruction or direction given under these Rules:

     (a)  is validly given if it is handed to the person concerned, faxed to the
          person concerned at the fax number last notified by that person or
          posted by ordinary prepaid post to the last known address of the
          person concerned;

     (b)  must be signed by the sender or a person duly authorised by the
          sender;

     (c)  will be taken to have been given:

          (i)     in the case of personal delivery, when personally received;

          (ii)    in the case of a posted letter, on the third Business Day
                  after posting; or

          (iii)   in the case of a fax, on production of a transmission report
                  by the machine from which the fax was sent which indicates
                  that the fax was sent in its entirety to the fax number of the
                  recipient,

     unless it is personally received or faxed after 5.00 pm on a day, in which
     case it shall be deemed to be received or faxed on the next succeeding
     Business Day.

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                                                                          PAGE 9

16.  RESTRICTIONS ON ALTERATIONS TO PLAN

16.1 Subject to the Listing Rules, the Directors may by resolution vary any of
     these Rules at any time.

16.2 If a variation under Rule 16.1 reduces the rights of Participants the
     Directors must obtain the written consent of at least three-quarters of the
     Participants.

17.  COMMENCEMENT, TERMINATION AND SUSPENSION OF THE PLAN

17.1 Subject to obtaining the approval of shareholders of Westpac, the Plan will
     commence on a date determined by the Directors.

17.2 The Directors may terminate or suspend the operation of the Plan at any
     time.

18.  TAXATION

     Neither Westpac nor any of its subsidiaries or any of their respective
     Directors, officers, employees, representatives or agents accept any
     responsibility or assume any liability for any taxation liabilities
     incurred by or imposed on any Participant as a consequence of participating
     in the Plan.

19.  LIMITATIONS ON NUMBER OF OPTIONS ISSUED

     The total number of Shares the subject of Awards shall not exceed the
     maximum permitted under any class order of the Australian Securities and
     Investments Commission providing relief from the prospectus regime of the
     Corporations Law to ensure compliance with such class order.

20.  CONNECTION WITH OTHER PLANS

20.1 Subject to Rule 20.2, participation in the Plan does not affect, and is not
     affected by, participation in any other incentive or other plan or scheme
     operated by Westpac unless the terms of that other plan or scheme provide
     otherwise.

20.2 A person who receives an offer of shares or options under the Senior
     Officers' Share Purchase Scheme in a particular financial year of Westpac
     shall not be eligible to receive an Award under this Plan in that same
     financial year.

21.  GENERAL

     The Rules are to apply subject to the Corporations Law (to the extent
     applicable to Westpac), the Listing Rules (subject to any waiver(s) granted
     by ASX) and Westpac's Deed of Settlement as amended from time to time.

22.  GOVERNING LAW

     The terms and conditions of this Plan shall be governed by and construed in
     accordance with the laws for the time being in force in the State of New
     South Wales, Australia.<Page>

                                                                  EXHIBIT 4(c).4

                 WESTPAC EMPLOYEE SHARE PLAN (WESP) - STAGE ONE

                     REGULATIONS AND RULES FOR PARTICIPATION

STAGE ONE: REGULATIONS

OVERVIEW

Westpac Banking Corporation ('WESTPAC') is to sponsor the creation of Employee
Share Plan Pty Limited ('ESL') to provide employees of Westpac and its
subsidiaries and directors of Westpac ('OFFICERS') with remuneration related
benefits under the Westpac Employee Share Plan ('WESP') (previously referred to
as Westpac Employee Share Scheme ('WESS')).

For the purposes of current taxation law, offers to Officers to participate in
WESP will operate in two stages:

-  Stage One (as offered up to 30 June 1996) is designed to operate under the
   income tax provisions of Section 26AAC of the Income Tax Assessment Act 1936,
   as amended ('ITAA'). Stage One (as offered from 17 December 1998) is designed
   to operate under the provisions of Division 13A of ITAA.

-  Stage Two will operate from 1 July 1996 and is designed to operate under the
   provisions of Division 13A of ITAA.

WESP will have the potential to create wealth without attracting fringe benefits
tax and neither superannuation lump sum limits nor preservation rules will
apply.

WESP has been designed to encourage employee commitment and share the success of
the organisation with employees.

Participation in WESP by non-executive directors of Westpac will be limited to
Salary Sacrifice Offers.

The board of ESL may consist of up to five directors. Ultimate control of ESL
will rest with its board including day to day management functions in relation
to ESL. The operation of WESP will be controlled by a Committee appointed by
Westpac.

The WESP will operate in accordance with the provisions and principles contained
in these regulations. The content of corporate documents, offering circulars and
other documents through which WESP is carried into effect shall not be
inconsistent with these regulations.

These regulations must not be altered except in accordance with listing rules of
Australian Stock Exchange Limited from time to time in force which regulate the
alteration of the terms and conditions under which employee incentive schemes
operate. These regulations were amended under a waiver by the Australian Stock
Exchange (ASX) from Listing Rule 3W dated 16 November 1995 and from Listing Rule
7.38 (formerly 3W) dated 30 September 1997. WESP was reintroduced (in amended
form) pursuant to shareholder approval on 17 December 1998. These regulations
were amended pursuant to a waiver by the Australian Stock Exchange (ASX) from
Listing Rule 7.38 dated 23 March 2000, and pursuant to shareholder approval on
15 December 2000.

SHARE PURCHASES

WESP involves ESL purchasing Westpac shares for participating Officers in
accordance with the Rules for Participation established by Westpac from time to
time.

Participation in Egalitarian Profit Share Offer, Individual Recognition Offers
and Salary Sacrifice Offers will be available to all employees:

-  who are full-time or part-time employees of Westpac or a Westpac subsidiary;

-  whose performance as employees is judged satisfactory or better in periodic
   performance reviews; and

-  who are located in jurisdictions where it is legally practicable to offer
   participation.

Participation in Salary Sacrifice Offers will be available to all non-executive
directors of Westpac.

All payments by Westpac to ESL to fund the acquisition of Westpac shares for
participating Officers will be paid by Westpac, along with the issue price paid
up or credited as paid up in respect of any Westpac shares issued under WESP, as
part of remuneration arrangements and are to come within remuneration budgets
established by Westpac from time to time.

For Officers whose shares are being funded from their remuneration package,
contributions of up to 20% of total remuneration may be made or up to such other
percentage as Westpac may determine from time to time.

INVESTMENT CHOICE - WESTPAC SHARES

ESL will use moneys paid to it in purchasing Westpac ordinary shares on the
stock market or procuring Westpac to issue Westpac ordinary shares.

ESL will not acquire Westpac shares beyond 10% of Westpac's total issued
ordinary capital.

FEES AND EXPENSES

Fees and expenses of WESP will be paid by ESL except to such extent (if any) as
Westpac determines from time to time.

RESTRICTIONS ON HOLDING SHARES

No sale or withdrawal of Westpac shares can be made in the first year of the
relevant participating Officer holding that share, other than on account of
hardship as determined by Westpac.

Officers may thereafter request a sale or withdrawal of their shares. ESL has a
discretion whether to approve any sale or withdrawal request in full, in part,
or not at all. In exercising its discretion, ESL will take into account the
terms of the offer of participation at the time each offer was made.

Officers who leave employment with Westpac or a Westpac subsidiary, or in the
case of non-executive directors leave their directorship with Westpac, may
continue to hold their shares under WESP for up to 12 months from the date of
departure.

Officers who retire may continue to hold their shares under WESP for up to 5
years after the date of retirement.

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                                                                          PAGE 2

TAXATION SUMMARY

Benefits under Stage One of WESP (as offered up to 30 June 1996) are taxable as
income in the year that Westpac shares are sold by participating Officers or
shares are withdrawn and are no longer held by Participating Officers subject to
these WESP Regulations, and Rules for Participation.

Benefits under Stage One of WESP (as offered from 17 December 1998) are taxable
as income under Division 13A of ITAA in the year of acquisition if the Officer
elects to be so taxed or the earlier of the time when the participating Officer
disposes of the shares; or the later of the time when any restriction preventing
the Officer from disposing of the shares ceases to have effect and the time when
any condition that could result in the Officer forfeiting ownership of the
shares ceases to have effect; or the time when employment with Westpac or a
Westpac subsidiary, or in the case of a non-executive director their
directorship with Westpac, ceases; or ten years from the acquisition of the
shares or rights.

Dividends paid to Officers are taxable as income in the year of receipt with
franking credits applying where appropriate.

Taxation implications in other jurisdictions will need to be examined by the
Officers concerned.

REPORTS TO OFFICERS

Each Officer participating in WESP will be provided with a regular statement
showing details of shares added and subtracted to their registered holding in
any given period of time.

Reports will also be sent to Officers confirming shares sold, dividends paid,
and detailing necessary information for taxation purposes.

STAGE ONE: RULES FOR PARTICIPATION UP TO 30 JUNE 1996 AND FROM 17 DECEMBER 1998

1.   PURPOSE

     The purpose of these Rules for Participation is to specify the basis of
     participation of Officers of Westpac or an Associated Company in Stage One
     of the Westpac Employee Share Plan ('WESP') in accordance with the
     Regulations of WESP.

2.   DEFINITIONS

2.1  In these Rules for Participation, the following terms have these meanings
     unless the contrary intention appears:

     ASSOCIATED COMPANY means a subsidiary (as that term is defined in the
     Corporations Law) of Westpac;

     ASX means Australian Stock Exchange Limited.

     COMMITTEE means the Committee appointed by Westpac for the purposes of
     Stage One of WESP.

     ELIGIBLE OFFICER means an Officer who has been invited by Westpac pursuant
     to Rule 4.3 in accordance with Schedule 1 to participate in Stage One of
     WESP.

     FORFEITED SHARES means Shares forfeited pursuant to Clause 7.

     LISTING RULES means the official listing rules of Australian Stock Exchange
     Limited.

     OFFICER means a full-time or part-time employee (including an executive
     director) of Westpac or an Associated Company, or a non-executive director
     of Westpac.

     PARTICIPATING OFFICER means an Eligible Officer who accepts an offer to
     participate in Stage One of WESP and agrees to be bound by these Rules for
     Participation.

     PLAN COMPANY means Employee Share Plan Pty Limited (ACN 068 131 260).

     RELEVANT REQUIREMENTS means such requirements as are specified in
     Schedule 1 and notified in writing to the Eligible Officer at the time of
     the offer to participate in Stage One of WESP.

     REGULATIONS means the regulations of WESP.

     RULES FOR PARTICIPATION means these Rules for Participation.

     SHARES means fully paid ordinary shares in the capital of Westpac which
     rank equally with and have the same rights as other fully paid ordinary
     shares in the capital of Westpac which are listed for quotation by ASX.

     WESP means Westpac Employee Share Plan established and operated in
     accordance with Regulations approved at the Annual General Meeting of
     Westpac on 19 January 1994 and 17 December 1998, as amended from time to
     time.

     WESTPAC means Westpac Banking Corporation (ARBN 007 457 141).

2.2  Headings are for convenience only and do not affect the interpretation of
     these Rules for Participation.

2.3  A decision of the Committee as to the interpretation, effect or application
     of these Rules for Participation is final and conclusive.

3.   OPERATION OF WESP

3.1  WESP is administered by the Plan Company.

3.2  Subject to the Regulations, these Rules for Participation, the Listing
     Rules and any law to the contrary, the Plan Company must follow any
     direction given to it by the Committee as to the operation of WESP.

4.   HOW STAGE ONE OF WESP WORKS

4.1  Westpac may:

     (a)  pay to the Plan Company contributions determined by the Committee from
          time to time to be used for the purposes of Stage One of WESP; or

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                                                                          PAGE 3

     (b)  issue Shares credited as fully paid up from time to time to be used
          for the purposes of the Stage One of WESP.

4.2  The Plan Company must use such contributions received under Clause 4.1(a)
     to acquire Shares in the ordinary course of business of ASX or must arrange
     for the issue of Shares under Clause 4.1(b) for Participating Officers as
     directed from time to time by the Committee. Under no circumstances may the
     Plan Company repay any amount so received to Westpac even if the purposes
     of WESP are unable to be carried out. Pending the acquisition of Shares,
     the Plan Company may invest moneys in short term deposits or otherwise
     apply moneys for the purposes of WESP.

4.3  Westpac may from time to time and in accordance with Stage One of Schedule
     1 of these Rules for Participation offer Officers participation in WESP. An
     Eligible Officer becomes a Participating Officer by completing an
     Acceptance of Participation in WESP form.

4.4  Shares acquired or issued under WESP are to be registered in the name of
     the Participating Officer nominated by the Committee under Clause 4.2.

4.5  The Plan Company is not required to identify any Shares it purchases under
     WESP with any particular funds it receives from Westpac. The Plan Company
     must allocate the Shares purchased or subscribed for the purposes of WESP
     among the relevant Participating Officers as determined by the Committee.

4.6  Participating Officers will receive whole numbers of Shares. Any fractions
     of shares remaining after the allocation of whole shares are treated as
     Forfeited Shares and any funds remaining after the purchase of whole shares
     to which those funds relate are treated as proceeds of sale of Forfeited
     Shares.

4.7  The Plan Company must notify each Participating Officer in writing when it
     acquires or arranges for the issue of Shares for that Officer under WESP.

5.   RESTRICTIONS ON DEALING WITH SHARES

5.1  Shares acquired or subscribed for in the name of a Participating Officer
     must be held by the Participating Officer subject to any Relevant
     Requirement notified at the time of offer to the Eligible Officer.

5.2  The Plan Company or Westpac is entitled to take any action necessary to
     place a holding lock pursuant to the SCH business rules in respect of
     Shares whilst such Shares remain subject to any Relevant Requirement.

5.3  After the expiration or satisfaction of any Relevant Requirement and if the
     Shares have not been forfeited under Clause 7.1 of Stage One a
     Participating Officer may:

     (a)  continue to hold his or her Shares subject to the restrictions of
          Stage One of WESP (including forfeiture provisions);

     (b)  decide to hold his or her Shares outside WESP without the restrictions
          of Stage One of WESP and ask the Plan Company to give him or her
          possession of his or her Share certificates (if any); or

     (c)  sell some or all of his/her Shares in up to two sales each financial
          year to 30 June subject to a minimum parcel of 200 Shares or the
          balance of his or her Shares held under WESP.

5.4  Despite Clause 5.1 but subject always to Clause 7, a Participating Officer
     (or his or her legal personal representative) may at any time sell Shares
     held by him or her if the Participating Officer's employment ceases because
     of death, total and permanent disability, retirement, redundancy or any
     other special circumstances as notified by the Committee to the Plan
     Company in writing.

5.5  Clause 5.1 does not apply if the relevant Shares are subject to compulsory
     acquisition under any law, in which case the Participating Officer may
     dispose of the relevant Shares to the person entitled at law to acquire
     them.

6.   DISTRIBUTIONS AND OTHER BENEFITS

6.1  A Participating Officer is entitled to receive any dividends or other
     distributions made in respect of Shares held by him or her under WESP. This
     applies notwithstanding that the Shares remain subject to any Relevant
     Requirement but does not apply if the Shares are to be forfeited under
     Clause 7.

6.2  The Committee may decide in its absolute discretion whether Participating
     Officers can participate in any pro rata rights issues of Shares made by
     Westpac (and whether fully or partly in any such issue) or sell
     renounceable rights.

6.3  The Plan Company may use any dividend, bonus issue or other benefit
     received in connection with Forfeited Shares for any purpose relevant to
     Stage One of WESP or apply them, other than in payment to Westpac, in
     accordance with the directions of the Committee.

7.   FORFEITURE

7.1  A Participating Officer (and any person claiming through him or her) must
     forfeit any right or interest in any Shares or other entitlements under
     Stage One of WESP to the Plan Company if:

     (a)  his or her employment (or, in the case of a non-executive director,
          his or her directorship) ceases at a time when the Shares acquired by
          the Participating Officer under Stage One of WESP remain subject to a
          Relevant Requirement and the Committee directs that such Shares are to
          be forfeited; or

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                                                                          PAGE 4

     (b)  the Officer is dismissed with cause or commits any act of fraud or
          defalcation in relation to the affairs of Westpac or any Associated
          Company (whether or not charged with any offence) or does an act which
          in the opinion of the Committee brings Westpac or any Associated
          Company into disrepute or, in the case of a non-executive director,
          the Officer is removed as a director of Westpac by a special
          resolution.

7.2  For the purpose of Clause 7.1, a Participating Officer's employment ceases
     if the employer of that person ceases to be an Associated Company in
     relation to Westpac.

7.3  At the time of acceptance of the invitation to participate in Stage One of
     WESP, a Participating Officer must grant a power of attorney to the Plan
     Company in the form required by the Plan Company authorising the Plan
     Company to dispose of, or otherwise deal with, any Shares required to be
     forfeited under Clause 7.1.

7.4  By notice in writing, the Committee may require in its absolute discretion
     that the Plan Company transfer any Forfeited Shares (or the proceeds of
     sale of such Shares) to:

     (a)  one or more other Participating Officers; or

     (b)  the trustees for the time being of any plan operated by Westpac for
          the benefit of employees as selected by the Committee ('TRUSTEE'),

     subject to any conditions specified by the Committee.

7.5  If a notice under Clause 7.4 has not been received by the Plan Company at
     the time Shares are forfeited then the Plan Company must sell Forfeited
     Shares and hold the cash proceeds of sale for the purposes of WESP until it
     receives a notice from the Committee under Clause 7.4.

7.6  Under no circumstances may the Plan Company pay the proceeds of sale of any
     Forfeited Shares to Westpac.

8.   AUTHORISED DEDUCTIONS

     Before making any payment to, or allocating any Shares for, a Participating
     Officer or to the Trustee under Clause 7.4, the Plan Company is authorised
     to deduct:

     (a)  all outgoings and expenses it incurs in buying, selling and otherwise
          dealing with Shares for Officers; and

     (b)  any tax which, in the opinion of the directors of the Plan Company, is
          or would be payable by the Plan Company in connection with the
          operation of Stage One of WESP;

     (c)  any other amounts that in the opinion of the directors of the Plan
          Company it is fair to deduct.

9.   VOTING RIGHTS AND QUOTATION

9.1  Subject to the Listing Rules and the terms of issue of the relevant Shares,
     a Participating Officer may exercise any voting rights attaching to Shares
     held by him or her or may appoint a proxy to represent and vote for him or
     her at any meeting of members of Westpac.

9.2  The Plan Company may not exercise any voting rights attaching to any Shares
     held by a Participating Officer.

9.3  Westpac shall be under no obligation to apply for official quotation of the
     Shares issued under Clause 4.1(b) on each stock exchange on which shares
     are listed whilst such Shares are subject to any Relevant Requirement, and
     Westpac shall make such application as soon as possible after such Shares
     are no longer subject to any Relevant Requirement (unless Westpac has made
     such application before such time).

10.  VARIATION OF TERMS

10.1 Subject to the Listing Rules, Westpac may with the approval of the
     Committee vary any of these Rules for Participation at any time by approval
     of the board of directors or an authorised committee of directors of
     Westpac.

10.2 If a variation under Clause 10.1 reduces the rights of Participating
     Officers under Stage One of WESP the variation must receive the written
     consent of three-quarters of the Officers participating in Stage One of
     WESP.

11.  TERMINATION AND SUSPENSION OF THE WESP

11.1 The board of directors or an authorised committee of directors of Westpac
     may, with the approval of the Committee, terminate or suspend the operation
     of Stage One of WESP at any time.

11.2 Where Stage One of WESP is terminated or suspended, the Committee must
     decide how the Shares then held by Participating Officers under Stage One
     of WESP which remain subject to a restriction under Clause 5 are to be
     dealt with and must give such other directions to the Plan Company
     regarding the operation of Stage One of WESP as the Plan Company may
     request.

11.3 Upon termination of Stage One of WESP, the Plan Company must procure that
     any Shares held by the Plan Company under Stage One of WESP are sold and
     that any amount held by the Plan Company for the purposes of Stage One of
     WESP (less authorised deductions) is paid to the Trustee as part of the
     property of the relevant employee benefit plan.

12.  CONNECTION WITH OTHER SCHEMES

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                                                                          PAGE 5

12.1 Westpac is not restricted to using Stage One of WESP as the only method of
     providing incentive rewards to Officers. The board of directors of Westpac
     may approve other incentive schemes.

12.2 Participation in Stage One of WESP does not affect, and is not affected by,
     participation in any other incentive or other scheme of Westpac unless the
     terms of that scheme provide otherwise.

12.3 The total number of unissued Shares which may be offered to Participating
     Officers under Stage One of WESP shall not exceed the maximum permitted
     under any class order of the Australian Securities and Investments
     Commission providing relief from the prospectus regime of the Corporations
     Law to ensure compliance with such class order.

13.  RELATIONSHIP OF COMPANY, PLAN COMPANY AND PARTICIPATING OFFICERS

13.1 The Plan Company acts as principal in the operation of Stage One of WESP
     and not as an agent of Westpac or Participating Officers except to the
     extent provided in Clause 13.2.

13.2 When acquiring or arranging for the issue of Shares the Plan Company may
     act as agent for the relevant Participating Officer.

13.3 The Plan Company is not a trustee for Westpac or for Participating
     Officers.

13.4 These Rules for Participation:

     (a)  do not confer on any Participating Officer the right to continue as an
          Officer; and

     (b)  do not affect any rights which Westpac or an Associated Company may
          have to terminate the employment (or, in the case of a non-executive
          director, any rights which Westpac, its board of directors or its
          shareholders may have to terminate the directorship) of that Officer;
          and

     (c)  may not be used to increase damages in any action brought against
          Westpac or an Associated Company in respect of that termination.

14.  BREACH OF RULES FOR PARTICIPATION BY OFFICER

14.1 If a Participating Officer breaches any of his or her obligations under
     these Rules for Participation then Westpac or an Associated Company may
     set-off the value of any benefit derived by that Participating Officer and
     any loss incurred by Westpac or Associated Company as a result of such
     breach against any amounts payable by Westpac or Associated Company to that
     Participating Officer, whether such amounts are payable on termination of
     employment or otherwise, unless prohibited by statute from doing so.

14.2 For the purpose of Clause 14.1, if a Participating Officer sells Shares in
     breach of Clause 5.1, or fails to forfeit Shares when required to do so in
     breach of Clause 7.1, the value of the benefit to the Participating Officer
     as a result of such breach is the amount received by the Participating
     Officer from such sale, or the market value of the Shares sold or not
     forfeited at the time they are sold or required to be forfeited, whichever
     is greater.

15.  NOTICES

     Any notice or direction given under these Rules for Participation is
     validly given if it is handed to the person concerned or posted by ordinary
     prepaid post to the person's last known address.

16.  GOVERNING LAW

     These Rules for Participation are governed by the laws of New South Wales.

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                                                                          PAGE 6

SCHEDULE 1

STAGE ONE: BASIS OF PARTICIPATION

Westpac may offer Eligible Officers the opportunity from time to time to acquire
Shares under Stage One on the following terms:

1. EGALITARIAN PROFIT SHARE OFFER

ELIGIBILITY

All Officers (other than directors of Westpac) employed at the date of the
relevant share offer.

NUMBER OF SHARES

The number of Shares offered shall be an equal number for each Eligible Officer
determined by the Committee having regard to attainment of financial measures of
performance established by the Managing Director of Westpac each year.

RELEVANT REQUIREMENTS

These shares shall be fully vested but subject to the restrictions contained in
the Regulations and the forfeiture provisions contained in Clause 7.1 in the
Rules for Participation.

2. INDIVIDUAL RECOGNITION OFFERS

ELIGIBILITY

Any Officer (other than non-executive directors of Westpac) selected by the
Committee having regard to individual performance.

NUMBER OF SHARES

The number of Shares offered will be determined at the discretion of the
Committee and will be based on individual performance and the level of incentive
remuneration budgets established by Westpac from time to time.

RELEVANT REQUIREMENTS

These Shares shall be subject to the Relevant Requirements applicable to Shares
offered under the Egalitarian Profit Share offer, and such other requirements as
determined by the Committee and notified to the Officer at the time of offer.

3. SALARY SACRIFICE OFFERS

ELIGIBILITY

Any Officer selected by the Managing Director of Westpac, by an authorised
committee of directors of Westpac, or by the Committee.

NUMBER OF SHARES

The number of Shares acquired will be limited to such number as may be acquired
funded by up to 20% (or such other percentage as may be notified to an Officer
at the time of offer) of an Officer's total remuneration package (as that
package is calculated by Westpac from time to time), or in the case of a
non-executive director, of a non-executive director's directors' remuneration.

RELEVANT REQUIREMENTS

These Shares shall be subject to the Relevant Requirements applicable to Shares
offered under the Egalitarian Profit Share offer and such other requirements as
determined by the Committee and notified to Officers at the time of offer.

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