6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

July 19, 2024

Commission File Number 1-10167

WESTPAC BANKING CORPORATION

(Translation of registrant’s name into English)

275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA

(Address of principal executive office)

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

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

Form 20-F       x                Form 40-F      ¨

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

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

Index to Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 1

19 July 2024

Reduction in operational risk capital overlay

Westpac acknowledges the Australian Prudential Regulation Authority’s (APRA) decision to reduce Westpac’s total operational risk capital overlay from $1 billion to $500 million. The Common Equity Tier 1 (CET1) capital ratio will increase by approximately 18 basis points, reflecting a reduction in risk weighted assets of $6,250 million. This change will apply with immediate effect.

Over the past four years, Westpac has delivered a significant program of risk culture and risk management uplift through our Customer Outcomes and Risk Excellence (CORE) Program. The Group is currently in the transition phase to demonstrate the sustainability and effectiveness of changes made following the completion of the Integrated Plan in December 2023.

Westpac CEO Peter King said: “Westpac is now a simpler, stronger bank with substantially improved risk governance. We have moved into the transition period, which involves sustainably embedding the uplift in risk management practices.”

Background

APRA had previously applied two separate $500 million operational risk capital overlays in 2019.

These overlays were applied through an increase in risk weighted assets. The impact on Level 2 CET1 capital ratio as at 31 March 2024 was a reduction of 36 basis points.

For further information:

This document has been authorised for release by Tim Hartin, Company Secretary.