6-K - WEBNF - Equibles

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

August 15, 2022

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): ¨

Incorporation by Reference

The information contained in Exhibit 1 to this Report on Form 6-K shall be incorporated by reference in the prospectuses relating to the Registrant’s securities contained in the Registrant’s Registration Statements on Form F-3 (File Nos. 333-260702 and 333-260703), as such prospectuses may be amended or supplemented from time to time.

Index to Exhibits

ExhibitNo.	Description
1	Westpac Group June 2022 Pillar 3 Report

Disclosure regarding forward-looking statements

The information contained in this Report on Form 6-K contains statements that constitute “forward-looking statements” within the meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this Report and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition.

We use words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘aim’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’ or other similar words to identify forward-looking statements. These forward-looking statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us. There can be no assurance that future developments will be in accordance with our expectations or that the effect of future developments on us will be those anticipated. Should one or more of the risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from the expectations described in this Report. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk factors’ in Westpac’s 2022 Interim Financial Results on Form 6-K filed with the U.S. Securities and Exchange Commission, as well as the ongoing impact of COVID-19. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements contained in this Report, whether as a result of new information, future events or otherwise, after the date of this Report.

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.

WESTPAC BANKING CORPORATION
(Registrant)
Date:	August 15, 2022	By:	/s/ Yvette Adiguzel
---	---	---	---
			Yvette Adiguzel
			Tier One Attorney

Exhibit 1

ASX<br>Release<br><br><br>15 AUGUST 2022<br><br>Pillar 3 Report as at 30 June 2022<br><br>Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3<br>Report (June 2022).<br><br><br><br><br><br><br><br><br><br><br>For further information:<br><br>Hayden Cooper Andrew Bowden<br>Group Head of Media Relations General Manager Investor Relations<br>0402 393 619 0438 284 863<br><br><br>This document has been authorised for release by Tim Hartin, Company Secretary.<br><br><br><br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000
Pillar 3 report<br>Table of contents<br><br>2	Westpac Group June 2022 Pillar 3 Report<br><br>Structure of Pillar 3 report<br><br>Executive summary 3<br>Introduction 5<br>Group structure 6<br>Capital overview 8<br>Leverage ratio 12<br>Credit risk exposures 13<br>Securitisation 18<br>Liquidity coverage ratio 21<br>Appendix<br>Appendix I	APS330 Quantitative requirements 22<br>Disclosure regarding forward-looking statements 23<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>In this report references to ‘Westpac’, ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac<br>Banking Corporation and its controlled entities (unless the context indicates otherwise).<br>In this report, unless otherwise stated or the context otherwise requires, references to ‘$’, ‘AUD’ or ‘A$’ are to<br>Australian dollars.<br>Any discrepancies between totals and sums of components in tables contained in this report are due to<br>rounding.<br>In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s<br>(APRA) implementation of Basel III.<br>Information contained in or accessible through the websites mentioned in this report does not form part of<br>this report unless we specifically state that it is incorporated by reference and forms part of this report. All<br>references in this report to websites are inactive textual references and are for information only.
---
Pillar 3 report<br>Executive summary<br><br>Westpac Group June 2022 Pillar 3 Report	3<br>Key capital ratios<br><br><br>Westpac’s Level 2 common equity Tier 1 (CET1) capital ratio was 10.75% at 30 June 2022. The CET1 capital<br>ratio was lower than the CET1 capital ratio of 11.33% at 31 March 2022 due to payment of the 2022 interim<br>dividend, an increase in interest rate risk in the banking book (IRRBB) risk weighted assets (RWA) from<br>increased market interest rates over the quarter, and higher deductions for capitalised software and other<br>regulatory deductions. These impacts were partly offset by the contribution of earnings over the quarter.<br><br>Risk Weighted Assets<br><br>Total RWA increased $18.1 billion or 3.9% over the quarter with most of the increase in non-credit risk RWA.<br>Non-credit risk RWA were $15.5 billion higher mainly from a $15.8 billion increase in IRRBB RWA over the<br>quarter. The increase in IRRBB RWA has mainly been driven by the regulatory embedded loss from increased<br>market interest rates. A regulatory embedded loss occurs as Westpac’s equity is invested over a three-year<br>investment horizon, compared to the regulatory investment term of one year.<br>The $2.6 billion increase in credit risk RWA included:<br>x A $5.1 billion increase from higher lending across residential mortgages, specialised lending and<br>corporates;<br>x A $0.4 billion increase for foreign currency translation impacts mostly from the depreciation of the<br>Australian dollar against the United States dollar;<br>x A $0.1 billion increase associated with derivative exposures (counterparty credit risk and mark-to-market<br>related credit risk); partly offset by<br>x A $3.0 billion decrease from improved credit quality metrics and model changes across corporate and<br>business lending.<br><br>Additional Tier 1 Capital movements for third quarter 2022<br>On 21 June 2022 Westpac offered a new Additional Tier 1 Capital instrument, Westpac Capital Notes 9 (WCN<br>9). Westpac also announced that it would redeem $1.31 billion of Westpac Capital Notes 2 (WCN 2) on 23<br>September 2022. Under the offer, eligible holders of WCN 2 had the opportunity to reinvest their WCN 2 in<br>WCN 9. At 30 June 2022 the offer had not been completed and had no impact on the Group’s capital ratios.<br>On 20 July 2022, Westpac issued $1.51 billion of WCN 9. The net impact of the issue of WCN 9 and<br>redemption of WCN 2 is expected to add around 4 basis points to the Tier 1 capital ratio at 30 September<br>2022.<br><br>Tier 2 Capital movements for third quarter 2022<br>During the quarter, Westpac issued JPY 26 billion (approximately A$0.3 billion) of Tier 2 capital instruments<br>which increased the total regulatory capital ratio by 6bps.<br><br><br>% 30 June 2022 31 March 2022 30 June 2021<br>Level 2 Regulatory capital structure<br>Common equity Tier 1 capital ratio 10.75 11.33 12.05<br>Additional Tier 1 capital ratio 2.02 2.08 2.16<br>Tier 1 capital ratio 12.77 13.41 14.21<br>Tier 2 capital ratio 4.40 4.30 4.19<br>Total regulatory capital ratio 17.17 17.71 18.40<br>APRA leverage ratio 5.35 5.60 5.92<br>Level 1 Common equity Tier 1 capital ratio 10.59 11.23 12.19<br>$m 30 June 2022 31 March 2022 30 June 2021<br>Risk weighted assets at Level 2<br>Credit risk 362,279 359,673 358,249<br>Market risk 9,837 9,596 6,642<br>Operational risk 57,875 57,875 54,090<br>Interest rate risk in the banking book 43,498 27,710 12,155<br>Other 4,540 5,102 6,263<br>Total RWA 478,029 459,956 437,399<br>Total Exposure at Default 1,212,775 1,183,812 1,129,830
---
Pillar 3 report<br>Executive summary<br><br>4	Westpac Group June 2022 Pillar 3 Report<br>Exposure at Default<br>Exposure at default (EAD) increased $29.0 billion over the quarter primarily due to:<br>x A $10.2 billion increase in sovereign exposures due to an increase in liquid assets;<br>x A $8.5 billion increase in corporate exposures mainly from an increase in market-related off-balance<br>sheet exposures; and<br>x A $5.1 billion increase from residential mortgages.<br><br>Leverage Ratio<br>The leverage ratio represents the amount of Tier 1 capital relative to exposure1. At 30 June 2022,<br>Westpac’s leverage ratio was 5.35%, down 25 basis points since 31 March 2022. The decrease in the<br>leverage ratio reflected higher balance sheet exposures and lower Tier 1 capital as a result of payment of<br>the 2022 interim dividend.<br><br>Liquidity Coverage Ratio (LCR)<br>Westpac’s average LCR for the quarter ending 30 June 2022 was 130% (31 March 2022: 137%)2 and<br>continues to be comfortably above the regulatory minimum of 100%. The LCR decrease was mainly driven<br>by a second reduction to Westpac’s allocation of the Committed Liquidity Facility (CLF).<br><br><br><br>1 As defined under Attachment D of APS110: Capital Adequacy.<br>2 Calculated as a simple average of the daily observations over the quarter.
---
Pillar 3 report<br>Introduction<br><br>Westpac Group June 2022 Pillar 3 Report	5<br>Westpac Banking Corporation is an Authorised Deposit-taking Institution (ADI) subject to regulation by APRA.<br>APRA has accredited Westpac to apply advanced models permitted by the Basel III global capital adequacy<br>regime to the measurement of its regulatory capital requirements. Westpac uses the Advanced Internal<br>Ratings-Based approach (Advanced IRB) for credit risk and the Standardised Measurement Approach (SMA)<br>for operational risk1.<br>In accordance with APS330 Public Disclosure, financial institutions that have received the Advanced IRB<br>accreditation, including Westpac, are required to disclose prudential information about their risk management<br>practices on a semi-annual basis. A subset of this information must be disclosed quarterly.<br>In addition to this report, the regulatory disclosures section of the Westpac website2 contains the reporting<br>requirements for:<br>x Capital instruments under Attachment B of APS330; and<br>x The identification of potential Global-Systemically Important Banks (G-SIB) under Attachment H of<br>APS330 (disclosed annually).<br>Capital instruments disclosures are updated when:<br>x A new capital instrument is issued that will form part of regulatory capital; or<br>x A capital instrument is redeemed, converted into CET1 capital, written off, or its terms and conditions are<br>changed.<br><br><br><br><br><br>1 From 1 January 2022, Westpac has adopted the Standardised Measurement Approach (SMA) to Operational Risk Capital as<br>permitted by Prudential Standard APS115 Capital Adequacy: Standardised Measurement Approach to Operational Risk.<br>2 http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/
---
Pillar 3 report<br>Group structure<br><br>6	Westpac Group June 2022 Pillar 3 Report<br>APRA applies a tiered approach to measuring Westpac’s capital adequacy1 by assessing financial strength<br>at three levels:<br>x Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved<br>by APRA as being part of a single ‘Extended Licensed Entity’ (ELE) for the purposes of measuring capital<br>adequacy;<br>x Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those<br>entities specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking<br>Corporation; and<br>x Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities.<br>Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of<br>Westpac’s financial strength on a Level 2 basis2.<br>The Westpac Group<br>The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of regulatory<br>consolidation.<br><br><br>Accounting consolidation3<br>The consolidated financial statements incorporate the assets and liabilities of all subsidiaries (including<br>structured entities) controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the<br> ‘Group’. The effects of all transactions between entities in the Group are eliminated on consolidation. Control<br>exists when the parent entity is exposed to, or has rights to, variable returns from its involvement with an<br>entity, and has the ability to affect those returns through its power over that entity. Subsidiaries are fully<br>consolidated from the date on which control commences and they are no longer consolidated from the date<br>that control ceases.<br>Group entities excluded from the regulatory consolidation at Level 2<br>Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities,<br>including other controlled banking, securities and financial entities, except for those entities involved in the<br>following business activities:<br>x insurance;<br>x acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds<br>management;<br>x non-financial (commercial) operations; or<br>x special purpose entities to which assets have been transferred in accordance with the requirements of<br>APS120 Securitisation.<br>Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2<br>are deducted from capital, with the exception of securitisation special purpose entities.<br><br>1 APS110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy<br>of an ADI.<br>2 Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.<br>3 Refer to Note 30 of Westpac’s 2021 Annual Report for further details.<br>Level 1 Consolidation<br>Level 2 Consolidation<br>Level 3 Consolidation<br>Regulatory<br>non-consolidated<br>subsidiaries<br>Westpac<br>New Zealand Ltd<br>Other Westpac Level 2<br>subsidiaries<br>Westpac Banking<br>Corporation<br>Westpac Level 1<br>subsidiaries
---
Pillar 3 report<br>Group structure<br><br>Westpac Group June 2022 Pillar 3 Report	7<br>Subsidiary banking entities<br>Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated<br>in New Zealand and regulated by the Reserve Bank of New Zealand (RBNZ). WNZL uses the Advanced<br>IRB approach for credit risk and the Advanced Measurement Approach (AMA) for operational risk. Other<br>subsidiary banking entities in the Group include Westpac Bank PNG-Limited and Westpac Europe Limited.<br>For the purposes of determining Westpac’s capital adequacy subsidiary banking entities are consolidated at<br>Level 2.<br>Restrictions and major impediments on the transfer of funds or regulatory capital within the Group<br>Minimum capital (‘thin capitalisation’) rules<br>Tax legislation in most jurisdictions in which the Group operates prescribes minimum levels of capital that<br>must be retained in that jurisdiction to avoid a portion of the interest costs incurred in the jurisdiction ceasing<br>to be tax deductible. Capital for these purposes includes both contributed capital and non-distributed<br>retained earnings. Westpac seeks to maintain sufficient capital/retained earnings to comply with these rules.<br>Tax costs associated with repatriation<br>Repatriation of retained earnings (and capital) may result in tax being payable in either the jurisdiction from<br>which the repatriation occurs or Australia on receipt of the relevant amounts. This cost would reduce the<br>amount actually repatriated.<br>Intra-group exposure limits<br>Exposures to related entities are managed within the prudential limits prescribed by APRA in APS222<br>Associations with Related Entities1. Westpac has an internal limit structure and approval process governing<br>credit exposures to related entities. This limit structure and approval process, combined with APRA’s<br>prudential limits, is designed to reduce the potential for unacceptable contagion risk.<br>Prudential regulation of subsidiary entities<br>On 23 March 2021, the RBNZ issued two notices to WNZL under section 95 of the Reserve Bank of New<br>Zealand Act 1989 (NZ) requiring WNZL to supply two external reviews to the RBNZ (the Risk Governance<br>Review and the Liquidity Review). These reviews only apply to WNZL and not to Westpac in Australia or its<br>New Zealand branch.<br>The Risk Governance Review related to the effectiveness of WNZL’s risk governance, with a focus on the<br>role played by the WNZL Board. The Risk Governance Review was completed in November 2021. WNZL<br>has a programme of work underway to address the issues raised. This is being overseen by the WNZL Board.<br>The Liquidity Review related to the effectiveness of WNZL’s actions to improve liquidity risk management and<br>the associated risk culture. The Liquidity Review was completed in May 2022. Recommendations for<br>improvement arising from the review will be implemented as part of WNZL’s continuous improvement activity.<br>From 31 March 2021, the RBNZ amended WNZL’s conditions of registration, requiring WNZL to discount the<br>value of its liquid assets by approximately 14% which at 30 June 2022 was NZ$2.8 billion. From 15 August<br>2022, the overlay has been reduced to approximately 7%. The remaining overlay will remain in place until the<br>RBNZ is satisfied that control assurance has been completed.<br><br>1 For the purposes of APS222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent<br> ‘related entities’. Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an<br>individual and aggregate basis.
---
Pillar 3 report<br>Capital overview<br><br>8	Westpac Group June 2022 Pillar 3 Report<br>Capital management strategy<br>Westpac evaluates its approach to capital management through an Internal Capital Adequacy Assessment<br>Process (ICAAP), the key features of which include:<br>x The development of a capital management strategy, including consideration of regulatory minimums,<br>capital buffers and contingency plans. The current regulatory capital minimums together with the capital<br>conservation buffer (CCB) are the Total CET1 Requirement. The Total CET1 Requirement for Westpac<br>is at least 8.0%, based on an industry minimum CET1 requirement of 4.5% plus a capital buffer of at least<br>3.5% applicable to D-SIBs1,2;<br>x Consideration of regulatory capital requirements and the perspectives of external stakeholders including<br>rating agencies as well as equity and debt investors; and<br>x A stress testing framework that challenges the capital measures, coverage and requirements including<br>the impact of adverse economic scenarios.<br>As part of APRA’s revised capital framework effective from 1 January 2023, APRA has set a Total CET1<br>Requirement for D-SIBs of 10.25%. This requirement includes a CCB of 4.75% applicable to D-SIBs and a<br>base level for the countercyclical capital buffer of 1.0%. APRA has also indicated3 that it expects that D-SIBs<br>(including Westpac) will likely operate with CET1 above 11% in normal operating conditions under the new<br>framework. Westpac will seek to operate with a CET1 capital ratio of between 11.0% and 11.5% (operating<br>capital range) in normal operating conditions as measured under the new capital framework from 1 January<br>2023.<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>1 Noting that APRA may apply higher CET1 requirements for an individual ADI.<br>2 If an ADI’s CET1 ratio falls below the Total CET1 Requirement (at least 8%), it faces restrictions on the distribution of earnings,<br>such as dividends, distribution payments on AT1 capital instruments and discretionary staff bonuses.<br>3 APRA Prudential Practice Guide APG 110 Capital Adequacy, July 2022.
---
Pillar 3 report<br>Capital overview<br><br>Westpac Group June 2022 Pillar 3 Report	9<br><br>Westpac’s capital adequacy ratios<br><br><br>Westpac New Zealand Limited’s capital adequacy ratios<br><br><br><br>% 30 June 2022 31 March 2022 30 June 2021<br>The Westpac Group at Level 2<br>Common equity Tier 1 capital ratio 10.7 11.3 12.0<br>Additional Tier 1 capital 2.0 2.1 2.2<br>Tier 1 capital ratio 12.8 13.4 14.2<br>Tier 2 capital ratio 4.4 4.3 4.2<br>Total regulatory capital ratio 17.2 17.7 18.4<br>The Westpac Group at Level 1<br>Common equity Tier 1 capital ratio 10.6 11.2 12.2<br>Additional Tier 1 capital 2.2 2.2 2.2<br>Tier 1 capital ratio 12.7 13.4 14.4<br>Tier 2 capital ratio 4.7 4.7 4.3<br>Total regulatory capital ratio 17.5 18.1 18.7<br>% 30 June 2022 31 March 2022 30 June 2021<br>Common equity Tier 1 capital ratio 11.5 11.3 13.9<br>Additional Tier 1 capital 2.0 2.0 2.8<br>Tier 1 capital ratio 13.5 13.3 16.7<br>Tier 2 capital ratio 1.2 1.2 2.1<br>Total regulatory capital ratio 14.8 14.5 18.8
---
Pillar 3 report<br>Capital overview<br><br>10	Westpac Group June 2022 Pillar 3 Report<br>Capital requirements<br>This table shows RWA and associated capital requirements1 for each risk type included in the regulatory<br>assessment of Westpac’s capital adequacy. More detailed disclosures on the prudential assessment of<br>capital requirements are presented in the following sections of this report.123<br>Total RWA increased $18.1 billion or 3.9% over the quarter with most of the increase in non-credit risk RWA.<br>Non-credit risk RWA were $15.5 billion higher mainly from a $15.8 billion increase in IRRBB RWA over the<br>quarter. The increase in IRRBB RWA has mainly been driven by the regulatory embedded loss from increased<br>market interest rates. A regulatory embedded loss occurs as Westpac’s equity is invested over a three-year<br>investment horizon, compared to the regulatory investment term of one year.<br><br><br><br><br>1 Total capital required is calculated as 8% of total risk weighted assets.<br>2 Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.<br>3 Mark-to-market related credit risk is measured under the standardised approach. It is also known as Credit Valuation<br>Adjustment (CVA) risk.<br>4 Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets.<br>30 June 2022 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 70,238 841 71,079 5,686.3<br>Business lending 31,732 726 32,458 2,597<br>Sovereign 2,389 1,658 4,047 324<br>Bank 5,089 104 5,193 415<br>Residential mortgages 147,721 3,069 150,790 12,063<br>Australian credit cards 3,944 - 3,944 316<br>Other retail 7,296 744 8,040 643<br>Small business 14,128 - 14,128 1,130<br>Specialised lending 59,453 395 59,848 4,788<br>Securitisation 6,883 - 6,883 551<br>Mark-to-market related credit risk3 5,869 5,869 470<br>Total 348,873 13,406 362,279 28,983<br>Market risk 9,837 787<br>Operational risk 57,875 4,630<br>Interest rate risk in the banking book 43,498 3,480<br>Other assets4 4,540 363<br>Total 478,029 38,243<br>31 March 2022 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 69,391 870 70,261 5,621<br>Business lending 32,686 687 33,373 2,670<br>Sovereign 2,270 1,393 3,663 293<br>Bank 4,960 91 5,051 404<br>Residential mortgages 146,448 3,276 149,724 11,978<br>Australian credit cards 3,951 - 3,951 316<br>Other retail 7,785 753 8,538 683<br>Small business 14,401 - 14,401 1,152<br>Specialised lending 58,334 380 58,714 4,697<br>Securitisation 6,306 - 6,306 504<br>Mark-to-market related credit risk3 - 5,691 5,691 455<br>Total 346,532 13,141 359,673 28,773<br>Market risk 9,596 768<br>Operational risk 57,875 4,630<br>Interest rate risk in the banking book 27,710 2,217<br>Other assets4 5,102 408<br>Total 459,956 36,796
---
Pillar 3 report<br>Capital overview<br><br>Westpac Group June 2022 Pillar 3 Report	11<br><br>1234<br><br><br><br>1 Total capital required is calculated as 8% of total risk weighted assets.<br>2 Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.<br>3 Mark-to-market related credit risk is measured under the standardised approach. It is also known as CVA risk.<br>4 Other assets include cash items, unsettled transactions, fixed assets, and other non-interest earning assets.<br>30 June 2021 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 68,028 849 68,877 5,510<br>Business lending 33,528 783 34,311 2,745<br>Sovereign 2,576 1,232 3,808 305<br>Bank 5,264 120 5,384 431<br>Residential mortgages 143,834 3,934 147,768 11,822<br>Australian credit cards 4,171 - 4,171 334<br>Other retail 8,844 772 9,616 769<br>Small business 16,160 - 16,160 1,293<br>Specialised lending 55,769 377 56,146 4,492<br>Securitisation 5,801 - 5,801 464<br>Mark-to-market related credit risk3 - 6,207 6,207 497<br>Total 343,975 14,274 358,249 28,662<br>Market risk 6,642 531<br>Operational risk 54,090 4,327<br>Interest rate risk in the banking book 12,155 972<br>Other assets4 6,263 501<br>Total 437,399 34,993
---
Pillar 3 report<br>Leverage ratio disclosure<br><br>12	Westpac Group June 2022 Pillar 3 Report<br>Leverage ratio<br>The following table summarises Westpac’s leverage ratio. This has been determined using APRA’s definition<br>of the leverage ratio as specified in APS110 Capital Adequacy.<br>$ billion 30 June 2022 31 March 2022 31 December 2021 30 September 2021<br>Tier 1 Capital 61.1 61.7 63.6 64.0<br>Total Exposures 1,140.4 1,101.4 1,096.7 1,068.3<br>Leverage ratio 5.4% 5.6% 5.8% 6.0%
---
Pillar 3 report<br>Credit risk exposures<br><br>Westpac Group June 2022 Pillar 3 Report	13<br>Summary credit risk disclosure123<br>Prior period restatement of sovereign EAD<br>Westpac has restated prior period sovereign EAD. This has arisen due to changes in the calculation of EAD<br>for collateral posted with central banks. The change relates to a reclassification of the collateral posted<br>which receives a different treatment under APRA Prudential Standard 112. The restatement increases<br>sovereign EAD for prior periods and has been corrected for 30 June 2022. It does not have a material<br>impact on RWA, or capital ratios and no other metrics have been impacted. The EAD for March 2022,<br>September 2021 and June 2021 below includes the correct approach.<br><br><br><br><br>1 Westpac continues to apply a floor of 25% to its residential mortgage portfolio risk weight.<br>2 Includes regulatory expected losses for defaulted and non-defaulted exposures.<br>3 March 2022 and June 2021 Sovereign EAD have been restated.<br>4 Includes mark-to-market related credit risk.<br><br>Exposure<br>at Default<br>$m<br>Sovereign 199,457 176,238 161,510 219,219 195,341 180,886<br>Restated Previously reported<br>31 March<br>2022<br>30 September<br>2021<br>30 June<br>2021<br>31 March<br>2022<br>30 September<br>2021<br>30 June<br>2021<br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>30 June 2022 Exposure Weighted Expected non-defaulted Impaired for Impaired the 9 months<br>$m at Default Assets1 Loss2 exposures Loans Loans ended<br>Corporate 139,009 70,238 854 322 313 243 303<br>Business lending 54,163 31,732 595 333 320 149 65<br>Sovereign3 229,423 2,389 2 2 - - -<br>Bank 22,191 5,089 6 6 - - -<br>Residential mortgages 590,902 147,721 1,551 1,112 214 64 29<br>Australian credit cards 15,170 3,944 168 129 63 35 78<br>Other retail 9,634 7,296 335 217 217 115 61<br>Small business 28,990 14,128 454 284 315 149 22<br>Specialised lending 72,261 59,453 884 556 76 17 -<br>Securitisation 36,187 6,883 - - - - -<br>Standardised4 14,845 13,406 - - 99 45 -<br>Total 1,212,775 362,279 4,849 2,961 1,617 817 558<br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>31 March 2022 Exposure Weighted Expected non-defaulted Impaired for Impaired the 6 months<br>$m at Default Assets1 Loss2 exposures Loans Loans ended<br>Corporate 130,511 69,391 839 331 290 208 303<br>Business lending 53,364 32,686 621 350 333 150 34<br>Sovereign3 219,219 2,270 2 2 - - -<br>Bank 21,257 4,960 6 6 - - -<br>Residential mortgages 585,810 146,448 1,615 1,139 226 65 28<br>Australian credit cards 15,193 3,951 169 133 59 33 50<br>Other retail 10,312 7,785 352 232 217 116 36<br>Small business 29,653 14,401 472 297 348 167 14<br>Specialised lending 70,851 58,334 871 545 88 19 (1)<br>Securitisation 33,366 6,306 - - - - -<br>Standardised4 14,276 13,141 - - 92 36 -<br>Total 1,183,812 359,673 4,947 3,035 1,653 794 464
---
Pillar 3 report<br>Credit risk exposures<br><br>14	Westpac Group June 2022 Pillar 3 Report<br>12<br><br>1 Includes regulatory expected losses for defaulted and non-defaulted exposures.<br>2 March 2022 and June 2021 Sovereign EAD have been restated.<br>3 Includes mark-to-market related credit risk.<br><br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>30 June 2021 Exposure Weighted Expected non-defaulted Impaired for Impaired the 9 months<br>$m at Default Assets Loss1 exposures Loans Loans ended<br>Corporate 127,472 68,028 961 418 675 539 56<br>Business lending 52,922 33,528 680 401 343 179 40<br>Sovereign2 180,886 2,576 2 2 - - -<br>Bank 21,780 5,264 6 6 - - -<br>Residential mortgages 575,339 143,834 1,842 1,103 276 81 54<br>Australian credit cards 16,048 4,171 186 140 76 47 107<br>Other retail 12,130 8,844 420 279 246 141 116<br>Small business 31,658 16,160 579 369 495 207 37<br>Specialised lending 65,995 55,769 877 580 60 16 1<br>Securitisation 29,641 5,801 - - - - -<br>Standardised3 15,959 14,274 - - 68 22 -<br>Total 1,129,830 358,249 5,553 3,298 2,239 1,232 411
---
Pillar 3 report<br>Credit risk exposures<br><br>Westpac Group June 2022 Pillar 3 Report	15<br>Exposure at Default by major type123<br><br><br><br><br>1 Average is based on exposures as at 30 June 2022 and 31 March 2022.<br>2 March 2022 and June 2021 Sovereign EAD have been restated.<br>3 The EAD associated with securitisations is for the banking book only.<br>4 Average is based on exposures as at 31 March 2022, 31 December 2021 and 30 September 2021.<br>5 Average is based on exposures as at 30 June 2021 and 31 March 2021.<br>30 June 2022 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 3 months ended1<br>Corporate 59,748 59,602 19,659 139,009 134,759<br>Business lending 40,659 13,504 - 54,163 53,764<br>Sovereign2 173,433 1,877 54,113 229,423 214,439<br>Bank 11,342 1,484 9,365 22,191 21,724<br>Residential mortgages 510,792 80,110 - 590,902 588,355<br>Australian credit cards 6,216 8,954 - 15,170 15,182<br>Other retail 7,045 2,589 - 9,634 9,973<br>Small business 22,230 6,760 - 28,990 29,322<br>Specialised lending 58,541 13,207 513 72,261 71,556<br>Securitisation3 28,181 7,957 49 36,187 34,777<br>Standardised 11,256 989 2,600 14,845 14,561<br>Total 929,443 197,033 86,299 1,212,775 1,188,412<br>31 March 2022 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 6 months ended4<br>Corporate 58,276 58,479 13,756 130,511 130,588<br>Business lending 39,268 14,096 - 53,364 52,938<br>Sovereign2 159,656 1,802 57,761 219,219 192,393<br>Bank 12,134 1,663 7,460 21,257 21,040<br>Residential mortgages 507,070 78,740 - 585,810 584,480<br>Australian credit cards 6,097 9,096 - 15,193 15,331<br>Other retail 7,596 2,716 - 10,312 10,958<br>Small business 22,587 7,066 - 29,653 30,254<br>Specialised lending 57,146 12,933 772 70,851 68,777<br>Securitisation3 24,743 8,556 67 33,366 31,704<br>Standardised 10,939 1,013 2,324 14,276 15,642<br>Total 905,512 196,160 82,140 1,183,812 1,154,105<br>30 June 2021 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 3 months ended5<br>Corporate 52,560 61,160 13,752 127,472 126,020<br>Business lending 39,659 13,263 - 52,922 52,987<br>Sovereign2 124,106 1,435 55,345 180,886 152,374<br>Bank 12,956 1,949 6,875 21,780 22,592<br>Residential mortgages 496,954 78,385 - 575,339 569,069<br>Australian credit cards 6,564 9,484 - 16,048 16,254<br>Other retail 9,124 3,006 - 12,130 12,355<br>Small business 24,680 6,978 - 31,658 31,800<br>Specialised lending 53,087 11,370 1,538 65,995 65,431<br>Securitisation3 21,775 7,764 102 29,641 28,970<br>Standardised 12,373 1,060 2,526 15,959 15,630<br>Total 853,838 195,854 80,138 1,129,830 1,093,482<br> Off-balance sheet<br> Off-balance sheet<br> Off-balance sheet
---
Pillar 3 report<br>Credit risk exposures<br><br>16	Westpac Group June 2022 Pillar 3 Report<br>Loan impairment provisions<br>All Individually Assessed Provisions (IAPs) raised under Australian Accounting Standards (AAS) are<br>classified as specific provisions in accordance with APS 220 Credit Risk Management. All Collectively<br>Assessed Provisions (CAPs) raised under AAS are either classified into specific provisions or a General<br>Reserve for Credit Loss (GRCL).1<br><br><br>1 Provisions classified according to APRA’s letter dated 4 July 2017 “Provisions for regulatory purposes and AASB 9 financial<br>instruments”.<br>30 June 2022 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 521 296 817<br>for defaulted but not impaired loans - 650 650<br>for Stage 2 - 1,990 1,990<br>Total Specific Provision1 521 2,936 3,457<br>General Reserve for Credit Loss1 -1,087 1,087<br>Total provisions for expected credit losses 521 4,023 4,544<br>31 March 2022 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 501 293 794<br>for defaulted but not impaired loans - 696 696<br>for Stage 2 - 1,914 1,914<br>Total Specific Provision1 501 2,903 3,404<br>General Reserve for Credit Loss1 -1,278 1,278<br>Total provisions for expected credit losses 501 4,181 4,682<br>30 June 2021 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 868 364 1,232<br>for defaulted but not impaired loans - 908 908<br>for Stage 2 - 1,895 1,895<br>Total Specific Provision1 868 3,167 4,035<br>General Reserve for Credit Loss1 -1,505 1,505<br>Total provisions for expected credit losses 868 4,672 5,540<br> A-IFRS Provisions<br> A-IFRS Provisions<br> A-IFRS Provisions
---
Pillar 3 report<br>Credit risk exposures<br><br>Westpac Group June 2022 Pillar 3 Report	17<br>Impaired and past due loans<br>The following tables disclose the crystallisation of credit risk as impairment and loss. Analysis of exposures<br>defaulted not impaired, impaired loans, related provisions and actual losses is broken down by concentrations<br>reflecting Westpac’s asset categories.1 2<br><br><br><br>1 Includes items past 90 days not impaired.<br><br>Specific Specific Actual<br>30 June 2022 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 9 months ended<br>Corporate 144 313 243 78% 303<br>Business lending 971 320 149 47% 65<br>Sovereign -- - - -<br>Bank -- - - -<br>Residential mortgages 3,991 214 64 30% 29<br>Australian credit cards -63 35 56% 78<br>Other retail - 217 115 53% 61<br>Small business 502 315 149 47% 22<br>Specialised lending 557 76 17 22% -<br>Securitisation -- - - -<br>Standardised 70 99 45 45% -<br>Total 6,235 1,617 817 51% 558<br>Specific Specific Actual<br>31 March 2022 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 6 months ended<br>Corporate 218 290 208 72% 303<br>Business lending 1,008 333 150 45% 34<br>Sovereign -- - - -<br>Bank -- - - -<br>Residential mortgages 4,229 226 65 29% 28<br>Australian credit cards -59 33 56% 50<br>Other retail - 217 116 53% 36<br>Small business 496 348 167 48% 14<br>Specialised lending 532 88 19 22% (1)<br>Securitisation -- - - -<br>Standardised 73 92 36 39% -<br>Total 6,556 1,653 794 48% 464<br>Specific Specific Actual<br>30 June 2021 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 9 months ended<br>Corporate 175 675 539 80% 56<br>Business lending 1,068 343 179 52% 40<br>Sovereign -----<br>Bank - - - - -<br>Residential mortgages 5,031 276 81 29% 54<br>Australian credit cards - 76 47 62% 107<br>Other retail - 246 141 57% 116<br>Small business 604 495 207 42% 37<br>Specialised lending 470 60 16 27% 1<br>Securitisation - - - - -<br>Standardised 74 68 22 32% -<br>Total 7,422 2,239 1,232 55% 411
---
Pillar 3 report<br>Securitisation<br><br>18	Westpac Group June 2022 Pillar 3 Report<br>Banking book summary of securitisation activity by asset type<br><br><br>For the 3 months ended<br>30 June 2022 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 19,110 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 19,110 -<br>For the 6 months ended<br>31 March 2022 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 23,921 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 23,921 -<br>For the 3 months ended<br>30 June 2021 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 17,952 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 17,952 -
---
Pillar 3 report<br>Securitisation<br><br>Westpac Group June 2022 Pillar 3 Report	19<br>Banking book summary of on and off-balance sheet securitisation by exposure type<br><br><br><br><br>30 June 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,383 36 7,419<br>Liquidity facilities - - 281 281<br>Funding facilities 4,551 - 1,697 6,248<br>Underwriting facilities - - - -<br>Lending facilities 2,545 - 368 2,913<br>Warehouse facilities 13,703 - 5,623 19,326<br>Total 20,799 7,383 8,005 36,187<br>31 March 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,590 37 7,627<br>Liquidity facilities - - 295 295<br>Funding facilities 3,132 - 1,868 5,001<br>Underwriting facilities - - - -<br>Lending facilities 1,930 - 371 2,301<br>Warehouse facilities 12,091 - 6,051 18,142<br>Total 17,154 7,590 8,623 33,366<br>30 June 2021 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,353 37 7,390<br>Liquidity facilities - - 271 271<br>Funding facilities 3,029 - 1,432 4,461<br>Underwriting facilities - - - -<br>Lending facilities 686 - 374 1,060<br>Warehouse facilities 10,707 - 5,752 16,459<br>Total 14,422 7,353 7,866 29,641<br>On balance sheet<br>On balance sheet<br>On balance sheet
---
Pillar 3 report<br>Securitisation<br><br>20	Westpac Group June 2022 Pillar 3 Report<br>Trading book summary of on and off-balance sheet securitisation by exposure type1<br><br><br><br><br><br>1 EAD associated with trading book securitisation is not included in EAD by major type on page 13. Trading book securitisation<br>exposure is captured and risk weighted under APS116 Capital Adequacy: Market Risk.<br>30 June 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 518 - 518<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 34 34<br>Other derivatives - - 15 15<br>Total - 518 49 566<br>31 March 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 331 - 331<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 50 50<br>Other derivatives - - 16 16<br>Total - 331 67 398<br>30 June 2021 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - - - -<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 89 89<br>Other derivatives - - 12 12<br>Total - - 101 101<br>On balance sheet<br>On balance sheet<br>On balance sheet
---
Pillar 3 report<br>Liquidity coverage ratio<br><br>Westpac Group June 2022 Pillar 3 Report	21<br>Liquidity Coverage Ratio (LCR)<br>Westpac’s average LCR for the quarter was 130% (31 March 2022: 137%) and continues to be comfortably<br>above the regulatory minimum of 100%. The LCR decrease was mainly driven by a second reduction to<br>Westpac's allocation of the CLF.<br>Liquid assets included in the LCR comprise High Quality Liquid Assets (HQLA), the Committed Liquidity<br>Facility (CLF) offered by the Reserve Bank of Australia and additional qualifying RBNZ securities. In<br>September 2021, APRA announced it expects ADIs subject to the LCR to reduce their CLF usage to zero by<br>the end of 2022, subject to financial market conditions. The facility reduction is delivered in four phases, with<br>the first reduction having occurred on 1 January 2022 and the second on 1 May 2022 (reducing by $9.25<br>billion on each date).<br>Westpac’s portfolio of HQLA averaged $161.3 billion over the quarter1 (31 March 2022: $164.7 billion).<br>Funding is sourced from retail, small business, corporate and institutional customer deposits and wholesale<br>funding. Westpac seeks to minimise the outflows associated with this funding by targeting customer deposits<br>with lower LCR outflow rates and actively manages the maturity profile of its wholesale funding portfolio.<br>Effective 1 January 2021, the Group is required by APRA to increase the value of its net cash outflows by<br>10% for the purpose of calculating LCR. The overlay to the Group’s net cash outflows has been required by<br>APRA in response to breaches of liquidity requirements. A program is underway to address APRA’s<br>requirements which includes APRA mandated reviews. The results of these reviews have been presented to<br>APRA for consideration.<br><br>1 Calculated as a simple average of the daily observations over the quarter.<br>Total unweighted<br>value (average)1<br>Total weighted<br>value (average)1<br>Total unweighted<br>value (average)1<br>Total weighted<br>value (average)1<br>Liquid assets, of which:<br>1 High-quality liquid assets (HQLA) 161,295 164,706<br>2 Alternative liquid assets (ALA) 21,335 27,750<br>3 Reserve Bank of New Zealand (RBNZ) securities 1,858 4,640<br><br>Cash Outflows<br>4 Retail deposits and deposits from small business<br>customers, of which:<br>324,546 28,623 321,457 28,127<br>5 Stable deposits 158,523 7,926 156,295 7,815<br>6 Less stable deposits 166,023 20,697 165,162 20,312<br>7 Unsecured wholesale funding, of which: 173,072 79,152 181,535 79,750<br>8 Operational deposits (all counterparties) and<br>deposits in networks for cooperative banks<br>73,920 18,398 84,850 21,117<br>9 Non-operational deposits (all counterparties) 88,527 50,129 85,159 47,107<br>10 Unsecured debt 10,625 10,625 11,526 11,526<br>11 Secured wholesale funding - -<br>12 Additional requirements, of which: 204,600 26,750 204,876 26,075<br>13 Outflows related to derivatives exposures and other<br>collateral requirements<br>10,178 10,178 8,597 8,597<br>14 Outflows related to loss of funding on debt products 548 548 1,145 1,145<br>15 Credit and liquidity facilities 193,874 16,024 195,134 16,333<br>16 Other contractual funding obligations 5,580 3,090 5,113 3,778<br>17 Other contingent funding obligations 40,303 3,363 42,700 3,728<br>18 Total cash outflows 140,978 141,458<br><br>Cash inflows<br>19 Secured lending (e.g. reverse repos) 4,719 - 4,543 -<br>20 Inflows from fully performing exposures 9,713 5,947 8,476 5,035<br>21 Other cash inflows 6,249 6,249 5,251 5,251<br>22 Total cash inflows 20,681 12,196 18,270 10,286<br><br>23 Total liquid assets 184,488 197,096<br>24 Total net cash outflows 141,660 144,289<br>24.1 Net cash outflows overlay 12,878 13,117<br>25 Liquidity Coverage Ratio (%) 130% 137%<br>Number of data points used 62 62<br>30 June 2022<br>$m<br>31 March 2022
---
Pillar 3 report<br>Appendix I	APS330 quantitative requirements<br><br>22	Westpac Group June 2022 Pillar 3 Report<br>The following table cross-references the quantitative disclosure requirements of APS330 to the quantitative<br>disclosures made in this report.<br>APS330 reference Westpac disclosure Page<br>General Requirements<br>Paragraph 49 Tier 1 capital, total exposures and leverage ratio 12<br><br>Attachment C<br>Table 3:<br>Capital Adequacy<br>(a) to (e)<br>(f)<br>Capital requirements<br>Westpac’s capital adequacy ratios<br>Capital adequacy ratios of major subsidiary banks<br>10<br>9<br>9<br><br>Table 4:<br>Credit Risk - general<br>disclosures<br>(a)<br>(b)<br>(c)<br>Exposure at Default by major type<br>Impaired and past due loans<br>General reserve for credit loss<br><br>15<br>17<br>16<br><br>Table 5:<br>Securitisation exposures<br>(a)<br><br>(b)<br><br>Banking Book summary of securitisation activity by asset type<br>Banking Book summary of on and off-balance sheet<br>securitisation by exposure type<br>Trading Book summary of on and off-balance sheet<br>securitisation by exposure type<br><br>18<br><br>19<br><br>20<br><br>Attachment F<br>Table 20: Liquidity<br>Coverage Ratio disclosure<br>template<br> Liquidity Coverage Ratio disclosure 21<br><br><br><br>Exchange rates<br>The following exchange rates were used in this report and reflect spot rates for the period end.<br><br>$ 30 June 2022 31 March 2022 30 September 2021<br>USD 0.6890 0.7481 0.7205<br>GBP 0.5666 0.5704 0.5359<br>NZD 1.1077 1.0760 1.0477<br>EUR 0.6584 0.6704 0.6211
---
Pillar 3 report<br>Disclosure regarding forward-looking statements<br><br>Westpac Group June 2022 Pillar 3 Report	23<br>The information contained in this report contains statements that constitute “forward-looking statements” within the<br>meaning of section 21E of the U.S. Securities Exchange Act of 1934. Forward-looking statements are statements<br>about matters that are not historical facts. Forward-looking statements appear in a number of places in this report<br>and include statements regarding Westpac’s intent, belief or current expectations with respect to its business and<br>operations, macro and micro economic and market conditions, results of operations and financial condition.<br>Words such as ‘will’, ‘may’, ‘expect’, ‘indicative’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘aim’,<br> ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’ or other similar words are used to identify<br>forward-looking statements. These forward-looking statements reflect Westpac’s current views with respect to future<br>events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond<br>Westpac’s control and have been made based upon management’s expectations and beliefs concerning future<br>developments and their potential effect upon Westpac. There can be no assurance that future developments will be<br>in accordance with Westpac’s expectations or that the effect of future developments on Westpac will be those<br>anticipated. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove<br>incorrect, actual results could differ materially from the expectations described in this report. Factors that may impact<br>on the forward-looking statements made include, but are not limited to, those described in the section entitled ‘Risk<br>factors’ in the Directors’ report included in Westpac’s 2022 Interim Financial Results Announcement, as well as the<br>ongoing impact of COVID-19. When relying on forward-looking statements to make decisions with respect to<br>Westpac, investors and others should carefully consider such factors and other uncertainties and events. Westpac<br>is under no obligation, and does not intend, to update any forward-looking statements contained in this report,<br>whether as a result of new information, future events or otherwise, after the date of this report.
---