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                                                                  EXHIBIT 4(c).5

                     SENIOR OFFICERS' SHARE PURCHASE SCHEME

                                      RULES

PART 1
RULES APPLICABLE TO BOTH SCHEMES

1.1  APPLICATION

     The Rules comprising and contained in this Part 1 shall apply to the First
     Scheme and to the Second Scheme.

1.2  DEFINITIONS

     In these Rules unless the context otherwise requires:

     "THE BANK" means Westpac Banking Corporation;

     "THE DIRECTORS" means the directors of the Bank from time to time or a
     majority of them;

     "ELIGIBLE OFFICER" means an employee or executive director of the Bank or a
     wholly owned subsidiary of the Bank eligible to participate in the Schemes
     under Rule 2.3 and/or Rule 3.3;

     "THE FIRST SCHEME" means the share scheme described in Part 2 of these
     Rules;

     "THE FIRST SCHEME SHARES" means Scheme Shares issued pursuant to the First
     Scheme;

     "THE RULES" and "THESE RULES" mean the rules set out herein as they may
     from time to time be amended;

     "SENIOR OFFICER" means an officer of the Bank or its wholly owned
     subsidiaries who meets the eligibility criteria as determined by the
     Directors from time to time;

     "SHARES" means ordinary shares of $1.00 each in the capital of the Bank;

     "THE SCHEMES" and "THESE SCHEMES" mean the First Scheme and the Second
     Scheme or either of them;

     "SCHEME SHARES" means partly paid shares issued pursuant to either of the
     Schemes until such time as the same have been fully paid up; and

     "THE SECOND SCHEME" means that share scheme described in Part 3 of these
     Rules.

     Words denoting the singular number only shall include the plural number and
     vice versa and words denoting the masculine gender shall include the
     feminine and neuter genders.

1.3  CALLS AT INSTIGATION OF THE BANK

     The Directors (or in the event of the winding-up of the Bank, its
     Liquidators) may make calls in respect of Scheme Shares as follows:

     1.3.1 In the event of a winding-up of the Bank, in respect of all Scheme
           Shares;

     1.3.2 In the event of a particular Eligible Officer becoming bankrupt - in
           respect of all Scheme Shares issued to him, or

     1.3.3 In the event of a particular Eligible Officer ceasing to be employed
           by the Bank for any reason whatsoever, in respect of all Scheme
           Shares issued to him provided that where the Eligible Officer ceased
           to be so employed by reason of his death or retirement at age 60 or
           more (or, in the case of retirement, at any other time with the
           Bank's consent) or by reason of his illness or incapacity (as
           certified in writing by a medical practitioner approved by the
           Directors) a call shall not be made until after the expiration of
           three months from the date of cessation of employment.

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1.4  CALLS AT INSTIGATION OF ELIGIBLE OFFICER

     An Eligible Officer (or his legal personal representatives) may at any time
     and from time to time request in writing that a call be made in respect of
     some (being 1000 or a multiple thereof) or all of his Scheme Shares. The
     Directors shall within fourteen days (14) after the receipt of such a
     request make a call in respect of the Scheme Shares to which such request
     relates.

1.5  AMOUNT AND PAYMENT OF CALLS

     All calls made by the Directors under these Rules shall be for the full
     amount owing in respect of the relevant Scheme Shares and if made pursuant
     to a request by an Eligible Officer (or his legal personal representatives)
     shall be made so as to become payable not later than thirty (30) days after
     the date of such a call and if made by the Directors otherwise than
     pursuant to such a request shall be made so as to become payable not later
     than sixty (60) days after the date of such call.

1.6  RIGHTS ATTACHING TO SCHEME SHARES

     1.6.1  Scheme shares shall not rank for dividends until the day after the
            next books closing date for the purpose of determining entitlement
            to dividends following the shares becoming fully paid up.

     1.6.2  Until Scheme Shares are fully paid up, they shall entitle the holder
            thereof:

            1.6.2.1  In the case of First Scheme Shares, on a poll to one vote
                     for every complete ten (10) First Scheme Shares held; and

            1.6.2.2  In the case of Second Scheme Shares, on a poll to one vote
                     for every complete hundred Second Scheme Shares held.

     1.6.3  Scheme Shares shall be issued on terms that they shall carry the
            right to participate in any capitalisation, allotment and
            distribution as provided in the Bank's Deed of Settlement,
            notwithstanding that such shares are not entitled to participate in
            the distribution of profits until fully paid.

1.7  QUOTATION OF SCHEME SHARES

     Upon any of the Scheme Shares becoming fully paid up, application will be
     made for such shares to be quoted on all stock exchanges upon which the
     Bank's ordinary shares are quoted and such shares shall (subject to Rule
     1.6.1) then rank pari passu in all respects with the existing fully paid
     shares of the Bank.

1.8  RIGHTS TO EMPLOYEES

     The Schemes shall not form part of any contract of employment between the
     Bank and any of its employees and shall not confer directly or indirectly
     on any employee any legal or equitable right whatsoever (other than rights
     as Proprietors of the Bank under any shares issued under the Schemes or
     rights under Rule 1.4) against the Bank.

1.9  RESTRICTIONS ON ALTERATIONS TO SCHEME

     The provisions of Rules 1.6, 2.3, 2.5, 2.6, 2.7, 3.3, 3.5, 3.6, 3.7 and
     this Rule 1.9 may not be altered to the advantage of Eligible Officers
     without the prior approval of the Proprietors of the Bank in general
     meeting.

1.10 POWERS OF THE DIRECTORS

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

     1.10.1 determine appropriate procedures for administration of the Schemes
            consistent with the provisions of these Rules;

     1.10.2 resolve conclusively all questions of fact or interpretation arising
            in connection with the Schemes;

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     1.10.3 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 Schemes; and

     1.10.4 Subject to Rule 1.9, change or add to these Rules.

1.11 HEADINGS

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

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PART 2
RULES APPLICABLE TO THE FIRST SCHEME

2.1  APPLICATION

     The Rules comprising and contained in this Part 2 shall apply to Scheme
     Shares issued by the Bank pursuant to the Westpac Senior Officers' Share
     Purchase Scheme between 27 January 1984 and 20 January 1988 and, in
     addition, any Scheme Shares allotted after that date pursuant to an
     entitlement to such shares which was first offered by the Directors prior
     to 29 January 1988 but which were not taken up under that or a subsequent
     offer until after that date.

2.2  DEFINITION

     In this Part 2 unless the context otherwise requires:

     "THE RELEVANT DAY" means:

     - in the case of shares to be issued on or as soon as practicable after the
     28 February in any year, the 28 February or the first trading day on the
     Australian Stock Exchange thereafter and;

     - in the case of shares to be issued on or as soon as practicable after the
     31 August in any year, the 31 August or the first trading day on the
     Australian Stock Exchange thereafter.

2.3  ELIGIBILITY

     All full-time employees and executive directors of the Bank and
     wholly-owned subsidiaries of the Bank designated by the Directors from time
     to time who have, as determined by the Directors, prior to the Relevant Day
     achieved a level of status in their employment or office equal to or above
     that of Senior Officer shall be eligible to participate in the Scheme.

2.4  ENTITLEMENT

     Subject to Rule 2.7 the number of First Scheme Shares (if any) for which an
     Eligible Officer shall be entitled to apply from time to time shall be
     determined by the Directors in their absolute discretion.

2.5  ADMINISTRATION

     Shortly before the 28 February and 31 August in each year Eligible Officers
     shall be invited to apply to take up their entitlement or part thereof
     (being 1000 shares or multiple thereof) under the First Scheme. The price
     for shares issued under the First Scheme shall be as provided in Rule 2.6
     hereof and shall be payable in accordance with that Rule.

2.6  ISSUE PRICE

     2.6.1  Shares to be issued under the First Scheme from 30 January 1987
            shall be issued at a price which shall be the greater of par value
            and whichever is the smaller of:

            2.6.1.1  the last sale price per share of shares on the Australian
                     Stock Exchange on the Relevant Day; and

            2.6.1.2  the greater of:

                     (i)   the last sale price on the Australian Stock Exchange
                           on the day on which the call is made, or

                     (ii)  if there has been any one or more bonus issues,
                           rights issues or grants of any other equity
                           entitlement in respect of shares between the date of
                           the offer (that was accepted by the Eligible Officer
                           in respect of the First Scheme shares), in respect to
                           the subject of the call at the date of the call, the
                           price is ascertained by reference to the following
                           formula.

                               IP = SP X TS
                                  ---------
                                       NS

                           Where:

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                           IP is the issue price in cents to be ascertained;

                           SP is the last sale price per share in cents of
                           shares on the Australian Stock Exchange on the day on
                           which the call is made;

                           TS is the total number of shares subject to the call
                           plus all bonus issues, rights issues and the number
                           of underlying entitlements to any other equity
                           entitlement of shares subject to the call; and

                           NS is the total number of shares subject to the call.

     2.6.2  The issue price so determined shall comprise capital as to the par
            value of the share and premium as to the balance (if any) over par
            value. The price for each share shall be payable as to 10 cents
            Australian currency, being on account of par value, upon application
            and the balance in accordance with a call made pursuant to Rule 1.3
            or 1.4 hereof.

2.7  LIMITATIONS ON SHARES ISSUED

     2.7.1  The total par value of First Scheme Shares held at any time by
            Eligible Officers and of any bonus shares issued in respect of First
            Scheme Shares shall not exceed 1.5% of the issued capital of the
            Bank at any time.

     2.7.2  The maximum aggregate number of First Scheme Shares for which an
            Eligible Officer shall be entitled to subscribe is 50,000 shares.

2.8  TERMINATION

     The First Scheme may (without in any way affecting the Second Scheme) at
     any time be terminated by resolution of the Directors.

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PART 3
RULES APPLICABLE TO THE SECOND SCHEME

3.1  APPLICATION

     The Rules comprising and contained in this Part 3 shall apply to Scheme
     Shares issued by the Bank pursuant to the Westpac Senior Officers' Share
     Purchase Scheme after 29 January 1988 other than Scheme Shares falling
     within the definition of First Scheme Shares.

3.2  DEFINITIONS

     In this Part 3, unless the context otherwise requires:

     "MARKET PRICE" means such amount as is determined by the Directors in their
     reasonable opinion as being the price per share that would be paid on the
     Australian Stock Exchange for a share by a willing purchaser on an arm's
     length basis.

     "SECURITIES" means shares and options for shares and any other security or
     other instrument creating rights to any other interest in shares and issued
     pursuant to the Second Scheme.

3.3  ELIGIBILITY

     All full-time employees and executive directors of the Bank and
     wholly-owned subsidiaries of the Bank designated by the Directors from time
     to time who have, as determined by the Directors, achieved a level of
     status in their employment or office equal to or above that of Senior
     Officer shall be eligible to participate in the Scheme.

3.4  ENTITLEMENT

     Subject to Rule 3.7, the number of Securities (if any) for which an
     Eligible Officer shall be entitled to apply from time to time shall be
     determined by the Directors in their absolute discretion and in particular
     the Directors may require an Eligible Officer to apply for shares which
     have been offered under the First Scheme before becoming entitled to any
     securities under the Second Scheme.

3.5  ADMINISTRATION

     3.5.1  Subject to Rule 3.5.2, at such time or times as the Directors in
            their absolute discretion may determine, Eligible Officers or any
            one or more of them shall be invited to apply to take up their
            entitlement or a part thereof (being 1000 Securities or a multiple
            thereof) under the Second Scheme.

     3.5.2  The Directors shall ensure that Securities are not issued in such
            quantities and at such a price below the average market price over
            the month prior to such determination (taking into account
            variations in the market generally) as to materially adversely
            affect the interests of existing Proprietors of the Bank.

3.6  ISSUE PRICE

     3.6.1  Any shares issued pursuant to the Second Scheme shall be issued at a
            price which shall be the greater of par value and the Market Price
            on the day prior to the invitation referred to in Rule 3.5.1 of the
            shares so issued.

     3.6.2  The issue price determined in accordance with Rule 3.6.1 shall
            comprise capital as to the par value of the share and premium as to
            the balance (if any) over par value.

     3.6.3  The issue price of each share shall be payable in accordance with a
            call made pursuant to Rule 1.3 or 1.4 hereof or otherwise payable at
            the discretion of the Directors (with the Directors having the power
            to exercise such discretion in a different manner in respect of each
            allotment and in respect of each Eligible Officer) in such manner as
            may be determined by the Directors.

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     3.6.4  The issue price of each of the Securities (other than a share) shall
            be payable and upon exercise of any right granted to the holder of
            any of the Securities to acquire a share and, if one cent was paid
            by such holder upon application for any of the Securities, the one
            cent shall be applied in reduction of the amount payable for such
            share.

3.7  LIMITATIONS ON SHARES ISSUED

     3.7.1  The total number of Second Scheme Shares which may be offered to
            Eligible Officers in a 12 month period, when aggregated with the
            number of issued and unissued shares (excluding all shares acquired,
            or to be acquired, in secondary trading) the subject of allocations,
            awards or offers made during the same 12 month period under all
            employee share and option schemes established by the Bank, shall not
            exceed one per cent (1%) of the largest number of the total number
            of shares on issue during that 12 month period.

     3.7.2  The total number of Second Scheme Shares which may be offered to
            Eligible Officers 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.

3.8  CONDITIONS ON SECURITIES

     The Directors may make rules with respect to or place conditions on
     Securities such that the terms of issue of the Securities are consistent
     with these Rules as they affect Scheme Shares.

3.9  TERMINATION

     The Second Scheme may (without in any way affecting the First Scheme) at
     any time be terminated by resolution of the Directors.

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PART 4
OPPORTUNITY TO WITHDRAW FROM SCHEMES

4.1  APPLICATION

     The rules in this Part 4 apply to all Scheme Shares, including shares in
     respect of which a call made before the Adoption Date is unpaid.

4.2  DEFINITIONS

     In this Part 4, unless the context otherwise requires:

     "ADOPTION DATE" means the day on which these Rules were altered by adding
     this Part 4; and

     "ARRANGED BUYER" means a party with which the Bank has entered into an
     agreement under which that party agrees with the Bank that it will:

     (a)    accept transfers of such Scheme Shares as the holders of Scheme
            Shares indicate, by notices given under Rule 4.5.1, that they wish
            to transfer; and

     (b)    after becoming the holder of Scheme Shares so transferred to it,
            meet a call made by the Bank (in an amount equal to the smaller of
            the unpaid amount, both capital and premium, and 92 1/2% of the per
            share market price of fully paid ordinary shares in the capital of
            the Bank at or about the time the call is made or, if the amount so
            determined would be less than the capital unpaid, then the capital
            unpaid) in respect of each such Scheme Share on the footing that the
            amount paid in response to the call shall be applied first in
            satisfying the unpaid balance of the par or nominal amount of the
            Scheme Share and thereafter towards the unpaid premium and that so
            much of the premium as is then still unpaid when the call has been
            paid shall be forgiven.

4.3  FREEZING OF NEW ISSUES OF SHARES AND CALLS ON SHARES

     4.3.1  After the Adoption Date, no further shares shall be allotted
            pursuant to these Schemes except for shares to be allotted in
            consequence of exercise of options issued pursuant to these Schemes
            before, on or after the Approval Date and nothing in this Part 4
            restricts either the grant pursuant to other provisions of these
            Rules of options to subscribe for shares or the allotment of shares
            in consequence of the exercise of any option.

     4.3.2  After the Adoption Date, no calls shall be made in respect of Scheme
            Shares on issue at the Adoption Date until the transfer of such of
            the Scheme Shares as are to be transferred pursuant to Rule 4.6 has
            been completed.

     4.3.3  As soon as practicable after the Adoption Date, all calls which have
            previously been made in respect of Scheme Shares and remain unpaid
            shall be revoked and such interest as may have accrued on any
            overdue call shall be waived.

     4.3.4  Notice of revocation of each such call shall be given to the holder
            of the relevant Scheme Shares at the same time as a written
            statement is furnished to that holder under Rule 4.4.

4.4  POSITION STATEMENT TO EACH HOLDER

     Within fourteen days after the Adoption Date, the Bank shall furnish to
     each holder of Scheme Shares a statement in writing which sets out:

     (a)    the number of the Scheme Shares he or she holds;

     (b)    the amount to which each such Scheme Share is paid up;

     (c)    the amount of the issue price of each such Scheme Share which is
            unpaid or, in a case where Rule 2.6.1 applies, the amount of the
            issue price that would have been unpaid had a call been made on a
            day specified in the statement, being a day not more than seven days
            before the date of the statement; and

     (d)    an explanation of the courses of action open to the holder in
            respect of his or her Scheme Shares having regard to the
            introduction of this Part 4 into these Rules,

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     with a form of Power of Attorney for use by the holder in the event that he
     or she decides to give notice under Rule 4.5.1.

4.5  ELECTION BY HOLDER TO TRANSFER SHARES

     4.5.1  A holder of Scheme Shares may, on or before a date specified in the
            statement furnished under Rule 4.4 (being a date not less than
            fourteen days after a statement is furnished to the holder pursuant
            to Rule 4.4), give written notice to the Bank that the holder wishes
            to transfer such of the Scheme Shares held by the holder as are
            specified in the notice, the consideration for the transfer of all
            Scheme Shares so specified being one cent only (being nominal
            consideration).

     4.5.2  A notice given to the Bank under Rule 4.5.1 shall not be effective
            unless it is accompanied by:

            (a)      the certificate for the Scheme Shares specified in the
                     notice; and

            (b)      a Power of Attorney which is in the form submitted by the
                     Bank to the holder with the statement furnished under Rule
                     4.4 and is duly completed and executed by the holder.

4.6  TRANSFER OF SHARES

     4.6.1  As soon as practicable after receipt by the Bank of a notice,
            certificate and Power of Attorney given by a holder of Scheme Shares
            in accordance with Rule 4.5, the Bank shall cause all Scheme Shares
            the subject of the notice to be transferred on the holder's behalf
            to an Approved Buyer.

     4.6.2  Transfer of Scheme Shares pursuant to Rule 4.6.1 shall be permitted
            and may be effected notwithstanding any restriction on transfer of
            Scheme Shares imposed by or pursuant to these Rules.

4.7  ARRANGEMENTS FOLLOWING TRANSFER

     If, after all transfers of Scheme Shares to be made pursuant to Rule 4.6
     have been completed, any Scheme Shares continue to be held by the persons
     who were the holders of them on the Adoption Date, those Scheme Shares
     shall continue to be held on the same terms as applied to them immediately
     before the Adoption Date save that revocation pursuant to Rule 4.3.3 of any
     call that had been made in respect of them before the Adoption Date and was
     then unpaid shall continue to be effective but a call may afterwards be
     made again in accordance with the provisions as to the making of calls in
     Part 1 of these Rules.

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OPTIONS - SPECIFIC CONDITIONS

1.   DEFINITIONS

     "$" or "DOLLARS" means Australian dollars;

     "BANK" means Westpac Banking Corporation;

     "BALANCE OF THE OPTION PRICE" means, at any time, BOP, where:

           BOP = OS X OP - ((BN X $0.01), but only if (BN X $0.01) was paid by
           the Holder on or before the Date of Grant),

     where OS is the number at that time, of the Option Shares; OP is the Option
     Price; and BN is the Base Number;

     "BASE NUMBER" means the number so designated on the face of this
     Certificate;

     "BASE PRICE" means the price so designated on the face of this Certificate;

     "BONUS SHARES" means Shares which a holder of Shares is entitled to have
     allotted to him in any bonus issue by way of capitalisation of profits,
     reserves or share premium account;

     "DATE OF GRANT" means the date so designated on the face of this
     Certificate;

     "EXERCISE PERIOD" means the period commencing on the First Exercise Date
     and ending on the Last Exercise Date;

     "FIRST EXERCISE DATE" means the earlier of:

     (a)    the day three years after the Date of Grant;

     (b)    the date on which the Holder Retires or, while an Officer, dies;

     (c)    the date on which the employer of the Holder (if other than the
            Bank) ceases to be a wholly owned subsidiary of the Bank; and

     (d)    if determined in the Bank's discretion, the date determined by the
            Bank if the Holder ceases to be an Officer (other than under
            paragraphs (b) and (c));

     "HOLDER" means the holder specified on the face of this Certificate or his
     legal personal representative;

     "LAST EXERCISE DATE" means the earlier of:

     (a)    (i)      in the case of Options on issue as at 17 December 1998, the
                     day five years after the Date of Grant; or

            (ii)     in the case of Options issued after 17 December 1998, the
                     day ten years after the Date of Grant;

     (b)    the date twelve months after the day on which the Holder Retires or,
            while an Officer, dies;

     (c)    the date twelve months after the day on which the employer of the
            Holder (if other than the Bank) ceases to be a wholly owned
            subsidiary of the Bank; and

     (d)    if determined in the Bank's discretion, the date determined by the
            Bank if the Holder ceases to be an Officer (other than under
            paragraph (b) or (c));

     "NOTICE OF EXERCISE" means a completed notice, signed by the Holder, in the
     form of the notice printed on the face of this Certificate;

     "NOTIONAL SHARES" means, at any time during the Option Period, that number
     of Shares which the Holder would hold if:

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     (a)    he had held, on the Date of Grant and throughout the Option Period,
            the Base Number of Shares;

     (b)    there had been allotted to him and he had, throughout the remainder
            of the Option Period, retained all Bonus Shares to which from time
            to time he had been entitled;

     (c)    he had subscribed for, and throughout the remainder of the Option
            Period retained, all Rights Issue Shares for which from time to time
            he had been entitled to subscribe; and

     (d)    he had neither held, on the Date of Grant, any shares in the Bank
            other than the Shares referred to in paragraph (a) of this
            definition, nor acquired, except as contemplated by paragraphs (b)
            and (c) of this definition, any shares in the Bank;

     "OFFICER" means a full time employee or executive director of the Bank, or
     of any wholly owned subsidiary of the Bank, as designated by the directors
     of the Bank from time to time;

     "OPTION" means the option granted to the Holder, evidenced by this
     Certificate;

     "OPTION PERIOD" means the period commencing on the Date of Grant and ending
     when the Option is exercised or lapses;

     "OPTION PRICE" means an average price per Option Share, ascertained:

     (a)    by attributing the Base Price to each of the Base Number of Shares;

     (b)    by attributing to each Bonus Share included in the Option Shares a
            price of zero; and

     (c)    by attributing to each Rights Issue Share included in the Option
            Shares a price per share equal to the full amount payable by a
            subscriber in respect of, and for the purpose of paying up in full
            the par value and any premium, a share of the relevant issue of
            Rights Issue Shares,

     and by making such further adjustments (determined in accordance with
     Condition 9) as are appropriate to take account of a subdivision or
     consolidation of the Shares or of any reduction or other reconstruction of
     the capital of the Bank;

     "OPTION SHARES" means a number of Shares equal to the number of the
     Notional Shares adjusted:

     (a)    by the appropriate proportionate increase upon any sub-division of
            the Shares;

     (b)    by the appropriate proportionate decrease upon any consolidation of
            the Shares; and

     (c)    by the appropriate proportionate adjustment upon any reduction or
            other reconstruction of the capital of the Bank, determined in
            accordance with Condition 9;

     "RETIRE", in respect of an Officer, means retirement from service with the
     Bank or with any wholly owned subsidiary of the Bank at the normal
     retirement age, or at any other time with the Bank's consent, and
     "Retirement" has the corresponding meaning;

     "RIGHTS ISSUE SHARES" means ordinary shares in the capital of the Bank for
     which holders of Shares are entitled to subscribe pro rata according to
     their respective holdings of Shares in accordance with the terms of an
     offer or an invitation made by the Bank for cash subscription; and

     "SHARES" means fully paid ordinary shares of $1.00 each in the capital of
     the Bank.

2.   PAYMENT FOR OPTION

     (a)    The Holder shall, no later than the earliest of:

            (i)      the Last Exercise Date;

            (ii)     the day on which he ceases to be an Officer otherwise than
                     by death or Retirement; and

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                                                                         PAGE 12

            (iii)    the day on which he lodges, and before he lodges, a Notice
                     of Exercise,

            pay to the Bank the Balance of the Option Price.

     (b)    For the purpose of Condition 2(a), if:

            (i)      the Holder is an Officer whose employer is a wholly owned
                     subsidiary of the Bank; and

            (ii)     the employer ceases to be a wholly owned subsidiary,

            that employer shall be taken to continue to be a wholly owned
            subsidiary of the Bank of the kind referred to in the definition of
            "Officer" in Condition 1.

3.   OPTION EXERCISE ALTERNATIVES

     (a)    The Holder may, at the times permitted and in the manner provided by
            these Conditions (but not at any time after the Option has lapsed)
            either:

            (i)      exercise the Option, in respect of some or all the Option
                     Shares, by lodging, in accordance with Condition 4, a
                     Notice of Exercise, at the head office of the Bank for the
                     time being; or

            (ii)     allow the Option to lapse in respect of some or all of the
                     Option Shares.

     (b)    A Holder electing to exercise the Option may, in multiples of 1,000
            or all of the Option Shares then held under the Option, exercise the
            Option by electing as contemplated by Condition 4, to have Shares
            allotted.

4.   METHOD OF EXERCISE OF OPTION - ALLOTMENT

     (a)    The Option is exercisable as to all or such number of the Option
            Shares as is specified in a Notice of Exercise, by the lodgement
            during the Exercise Period at the head office for the time being of
            the Bank, of this Certificate in which the Notice of Exercise has
            been duly completed and executed by the Holder.

     (b)    The Option Price in respect of the Shares for which the Option is
            exercised pursuant to Condition 3(b) shall be applied in paying up
            those Shares which shall, on allotment be credited as fully paid.

     (c)    The Bank shall, upon receipt of the Notice of Exercise at its head
            office if the Holder exercises the Option as contemplated by
            Condition 3(b), in respect of some or all the Option Shares,
            promptly allot that number of Shares to the Holder and issue to the
            Holder a share certificate in respect of the Shares.

5.   REPAYMENT OF BALANCE OF OPTION PRICE

     (a)    If the Option lapses the Bank shall promptly repay to the Holder the
            Balance of the Option Price.

     (b)    If the Holder exercises the Option as contemplated by Condition
            3(b), by requesting the allotment of Shares in respect of some, but
            not all of the Option Shares, the Bank shall promptly repay to the
            Holder a portion of the Balance of the Option Price ascertained by
            applying the following formula:

            P = BOP X NL
                      --
                      OS

            where P is the portion of the Balance of the Option Price to be
            repaid; BOP is the Balance of the Option Price; NL is the number of
            Option Shares in respect of which the Option is not exercised as
            contemplated by Condition 3(b); and OS is the total number of the
            Option Shares.

6.   SET-OFF OF PAYMENTS

<Page>

                                                                         PAGE 13

     Where, pursuant to these Conditions, the Holder is obliged to make a
     payment to the Bank and the Bank is obliged to repay some or all of that
     payment to the Holder, the Bank may, in its absolute discretion, set off
     any amount owing by the Holder against any amount the Bank is obliged to
     repay. The liability of the Holder to the Bank shall be reduced by the
     amount set off.

7.   DIVIDENDS AND LISTING

     (a)    The Shares shall, from the date of allotment, rank equally with all
            other issued Shares.

     (b)    The Bank shall, as soon as possible after the date of allotment,
            apply for official quotation of those Shares on each stock exchange
            on which Shares are listed unless the Bank has made such application
            before such time.

8.   LAPSE

     This Option shall lapse, to the extent that it has not been exercised, on
     the earliest of:

     (a)    the Last Exercise Date; and

     (b)    the day on which the Holder ceases to be an Officer, otherwise than
            under paragraph (b), (c) or (d) of the Last Exercise Date.

     Upon this Option lapsing, all rights of the Holder under it, except the
     right to a repayment under Condition 5 shall cease.

     Notwithstanding the foregoing, if the Holder ceases to be an Officer,
     otherwise than under paragraphs (b) or (c) of the Last Exercise Date, the
     Bank may determine at its discretion that a proportion of the total number
     of Options held by the Holder will not lapse, with the remaining Options to
     lapse.

9.   DETERMINATION OF NUMBER OF OPTION SHARES AND OF OPTION PRICE

     The Directors of the Bank may determine the amount or extent of any
     adjustment to be made, in accordance with the definitions of "Option
     Shares" and "Option Price", to the number of the Option Shares or the
     amount of the Option Price, having regard to the provisions of those
     definitions and to these Conditions, and each such determination shall be
     conclusive and binding on the Bank and the Holder.

10.  OPTION NOT TRANSFERABLE

     The Option may not be transferred or assigned.

11.  GENERAL

     The entitlement of the Holder is subject to both the Listing Rules of
     Australian Stock Exchange Limited as in force from time to time, and the
     Bank's Deed of Settlement. Upon the making of any adjustment contemplated
     by these Conditions, fractions on aggregation will be disregarded.<Page>

                                                                  EXHIBIT 4(c).6

                       WESTPAC EMPLOYEE SHARE PLAN (WESP)

                     REGULATIONS AND RULES FOR PARTICIPATION

STAGE TWO: 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 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 employees to participate in
WESP will operate in two stages:

-  Stage One will operate up to 30 June 1996 and is designed to operate under
   the income tax provisions of Section 26AAC of the Income Tax Assessment Act
   1936, as amended ('ITAA').

-  Stage Two will operate from 1 July 1996 and is designed to operate under the
   new provisions of Section 139 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 will not be available to Directors of Westpac.

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.

SHARE PURCHASES

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

Participation will be available to all employees (other than Directors of
Westpac):

-  who have been employed by Westpac or a Westpac subsidiary for at least twelve
   months (as at 30 September each year) and who are still employed as at the
   date of the relevant share offer (which date will be determined by the
   Committee);

-  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.

All payments by Westpac to ESL to fund the acquisition of Westpac shares for
participating employees will be paid by Westpac as part of remuneration
arrangements and are to come within remuneration budgets established by Westpac
from time to time.

For employees whose shares are being funded from their remuneration package,
contributions up to 20% of total remuneration may be made.

INVESTMENT CHOICE - WESTPAC SHARES

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

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 three years of the
relevant participating employee holding that share, other than on account of
hardship as determined by Westpac.

Employees 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.

If an employee leaves the employment of Westpac or retires, then:

-  if the employee holds less than Minimum Shares, ESL will sell the shares and
   distribute the cash proceeds to the employee (after making any authorised
   deductions); or

-  if the number of Shares held by the employee is equal to or more than Minimum
   Shares, the employee can request ESL to either sell the shares and distribute
   the cash proceeds to the employee (after making any authorised deductions) or
   arrange for transfer of the shares to the employee. If the employee fails to
   notify ESL within 1 month from the date on which he or she leaves the
   employment of Westpac or retires as to what action he or she requires ESL to
   take, ESL will sell the Shares.

The sale of Shares shall be undertaken by ESL as soon as practicable but not
longer than 4 months after the date on which the employee leaves employment of
Westpac or retires.

All Shares of which an employee is the registered legal holder shall be
aggregated with Shares held by that employee under any of the Company's employee
share plans (but excluding options) for the purpose of determining whether
Minimum Shares have been attained.

TAXATION SUMMARY

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                                                                          PAGE 2

Benefits under Stage Two of WESP are largely exempt from income tax. Benefits
will only be taxable when the share is sold to the extent of any net capital
gain being derived. A net capital gain arises when the sale price exceeds the
price of the share at the time of acquisition indexed for inflation over the
holding period.

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

REPORTS TO EMPLOYEES

Each employee 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 employees confirming shares sold, dividends paid,
and detailing necessary information for taxation purposes.

STAGE TWO: RULES FOR PARTICIPATION

1.   PURPOSE

The purpose of these Rules for Participation is to specify the basis of
participation of employees of the Company in Stage Two of 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 in relation to the Company a body corporate:

     (a)  which is a related body corporate of the Company in terms of Section
          50 of the Corporations Law;

     (b)  which is entitled to not less than 20% of the voting shares of the
          Company in terms of Section 609 of the Corporations Law; or

     (c)  in which the Company has an entitlement to not less than 20% of the
          voting shares of the body corporate in terms of Section 609 of the
          Corporations Law.

     ASX means Australian Stock Exchange Limited.

     COMMITTEE means the Committee appointed by the Company for the purposes of
     Stage Two of WESP.

     COMPANY means Westpac Banking Corporation.

     EMPLOYEE means a full-time or part-time employee of the Company or an
     Associated Company.

     ELIGIBLE EMPLOYEE means an Employee who has been invited by the Company
     pursuant to Rule 4.3 satisfied the eligibility criteria in Schedule 1 to
     participate in Stage Two of WESP.

     MINIMUM SHARES means the minimum number of Shares determined by the
     Committee from time to time for the purpose of Stage 2 of WESP, provided
     that the number so determined shall, at all times, be not more than 200
     Shares.

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

     PARTICIPATING EMPLOYEE means an Eligible Employee who accepts an offer to
     participate in the Stage Two of WESP and agrees to be bound by these Rules
     for Participation.

     PLAN COMPANY means Employee Share Plan Pty Limited (ACN 068 131 260),
     formerly known as Westpac Employee Share Plan Pty Limited.

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

     REGULATIONS means the regulations of Stage Two of WESP.

     RULES FOR PARTICIPATION means these Rules for Participation.

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

     UNALLOCATED SHARES means Shares unallocated pursuant to clause 4.6 and
     dealt with pursuant to clause 7.

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

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 TWO OF WESP WORKS

4.1  On and from the commencement of Stage Two of WESP, the Company may pay to
     the Plan Company contributions determined by the Committee from time to
     time from 1 July 1996 to be used for the purposes of Stage Two of WESP.

4.2  The Plan Company must use such contributions to acquire Shares in the
     ordinary course of business of ASX for Participating Employees as directed
     from time to time by the Committee. Under no

<Page>

                                                                          PAGE 3

     circumstances may the Plan Company repay any amount so received to the
     Company 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  The Committee may from time to time and in accordance with Stage Two of
     Schedule 1 of these Rules for Participation offer Employees participation
     in WESP from 1 July 1996. By accepting that offer, an Eligible Employee
     becomes a Participating Employee by completing an Acceptance of
     Participation in WESP form.

4.4  Shares acquired under WESP are to be registered in the name of the
     Participating Employee 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 the Company in respect of
     any Participating Employee, but must allocate the Shares purchased among
     the relevant Participating Employees as determined by the Committee.

4.6  Participating Employees will receive whole numbers of Shares. Any fractions
     of shares remaining after allocation of whole shares to Participating
     Employees will be treated as Unallocated Shares.

4.7  The Plan Company must notify each Participating Employee in writing when it
     acquires Shares for that employee under WESP.

5.   RESTRICTIONS ON DEALING WITH SHARES

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

5.2  The Plan Company is entitled to retain possession of any Share certificate
     that may be issued in respect of Shares whilst such Shares remain subject
     to any Relevant Requirement.

5.3  After the expiration or satisfaction of any Relevant Requirement a
     Participating Employee may:

     (a)  continue to hold his or her shares in Stage Two of WESP;

     (b)  decide to hold his or her shares outside WESP and ask the Plan Company
          to give him or her possession of his or her Share certificates (if
          any) subject to a minimum parcel of Minimum Shares; or

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

5.4  Despite clause 5.1, a Participating Employee (or his or her legal personal
     representative) may at any time sell Shares held by him or her if the
     Participating Employee's employment ceases. If the participating Employee
     holds less than Minimum Shares, however, the Plan Company will sell the
     Shares and distribute the cash proceeds, net of any Authorised Deductions.

6.   DISTRIBUTIONS AND OTHER BENEFITS

6.1  A Participating Employee 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.

6.2  The Committee may decide in its absolute discretion whether Participating
     Employees can participate in any pro rata rights issues of Shares made by
     the Company (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 Unallocated Shares for any purpose relevant to
     Stage Two of WESP or apply them, other than in payment to the Company, in
     accordance with the directions of the Committee.

7.   UNALLOCATED SHARES

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

     (a)  one or more other Participating Employees; or

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

     subject to any conditions specified by the Committee.

7.2  If a notice under clause 7.1 has not been received by the Plan Company at
     the time Shares are unallocated then the Plan Company must sell Unallocated
     Shares and hold the cash proceeds of sale for the purposes of WESP until it
     receives a notice from the Committee under by clause 7.1.

7.3  Under no circumstances may the Plan Company pay the proceeds of sale of any
     Unallocated Shares to the Company.

8.   AUTHORISED DEDUCTIONS

     Before making any payment to, or allocating any Shares for, a Participating
     Employee or to the Trustee under clause 7.1, the Plan Company is authorised
     to deduct:

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

     (b)  tax which, in the opinion of the directors of the Plan Company, is or
          would be payable by the Plan Company in

<Page>

                                                                          PAGE 4

          connection with the operation of Stage Two of WESP; and

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

9.   VOTING RIGHTS

9.1  Subject to the Listing Rules and the terms of issue of the relevant Shares,
     a Participating Employee 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 the Company.

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

10.  VARIATION OF TERMS

10.1 Subject to the Listing Rules, the Company may with the approval of the
     Committee vary any of these Rules for Participation at any time by
     resolution of the board of directors of the Company.

10.2 If a variation under clause 10.1 reduces the rights of Participating
     Employees under the Stage Two of WESP the board of directors of the Company
     must have the written consent of three-quarters of the employees
     participating in the Stage Two of WESP.

11.  TERMINATION AND SUSPENSION OF WESP

11.1 The Company may with the approval of the Committee terminate or suspend the
     operation of the Stage Two of WESP at any time by resolution of the board
     of directors of the Company.

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

11.3 Upon termination of Stage Two of WESP, the Plan Company must procure that
     any Unallocated Shares held by the Plan Company under Stage Two of WESP are
     sold and that any amount held by the Plan Company for the purposes 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

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

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

13.  RELATIONSHIP OF COMPANY, PLAN COMPANY AND PARTICIPATING EMPLOYEES

13.1 The Plan Company acts as principal in the operation of Stage Two of WESP
     and not as an agent of the Company or, subject to clause 13.2 of
     Participating Employees.

13.2 When acquiring Shares the Plan Company may act as agent for the relevant
     Participating Employee.

13.3 The Plan Company is not a trustee for the Company or for Participating
     Employees.

13.4 These Rules for Participation:

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

     (b)  do not affect any rights which the Company or an Associated Company
          may have to terminate the employment of that Employee; and

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

14.  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.

15.  GOVERNING LAW

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

<Page>

                                                                          PAGE 5

SCHEDULE 1

STAGE TWO: BASIS OF PARTICIPATION

The Company may offer Eligible Employees the opportunity from time to time to
acquire Shares under Stage Two on the following terms:

1. EGALITARIAN PROFIT SHARE OFFER

ELIGIBILITY

All full time and part time Employees who have been employed for at least 12
months as at 30 September each year and who are still employed as at the date of
the relevant share offer (which date will be determined by the Committee).

NUMBER OF SHARES

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

RELEVANT REQUIREMENTS

These shares shall be fully vested but subject to a three year prohibition on
disposal.

2. SALARY SACRIFICE OFFERS

ELIGIBILITY

As for Shares offered under the Egalitarian Profit Share offer.

NUMBER OF SHARES

The number of Shares which may be acquired will be limited to such number as may
be acquired funded by up to $1,000 per annum from an Employee's total
remuneration package as established by the Company from time to time. Such an
offer may be made each year, subject to the Managing Director's discretion.

RELEVANT REQUIREMENTS

As for Shares offered under the Egalitarian Profit Share offer.

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