Westpac Banking Corp 6-K, filed Feb 17, 2021

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

February17, 2021

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CommissionFile 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

Exhibit<br> No.	Description
1	ASX Release – Westpac 1Q21 Update
2	ASX Release – Westpac 1Q21 Update Discussion Pack

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SIGNATURES

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

WESTPAC<br> BANKING CORPORATION
(Registrant)
Date: February 17, 2021	By:	/s/<br> Yvette Adiguzel
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		Yvette<br> Adiguzel
		Tier<br> One Attorney

Exhibit 1

ASX ReleaseLevel 18, 275 Kent Street Sydney, NSW, 200017 FEBRUARY 2021 WESTPAC 1Q21 UPDATE Results snapshot for the December quarter 2021 (1Q21) compared to quarterly average of Second Half 2020 (2H20) • 1Q21 unaudited statutory net profit $1.70bn, (2H20 quarterly average $550m). • 1Q21 unaudited cash earnings¹ $1.97bn, up on 2H20 quarterly average of $808m (up 54% excluding notable items²). • Impairment benefit of $501m from improved credit quality, the stronger economic outcomes and a better economic outlook. • Net interest margin 2.06%, up 3bps from 2H20 (up 2bps excluding notable items). • Core earnings up 28% (up 3% excluding notable items). • Common equity tier 1 capital ratio of 11.9% at 31 December 2020, up 74bps over the quarter and 111bps over the year. Key points • Cash earnings (excluding notable items) - Higher over the quarter due to higher margins, lower expenses from the phasing of investment spend and an impairment benefit. • Balance sheet strong - 11.9% CET1 capital ratio, up 74bps from 30 Sep 2020. - Active in Tier 1 and Tier 2 markets issuing $6.4bn in aggregate. - Liquidity coverage ratio 152%. • Credit quality improved - No new large individually assessed provisions. • Stressed assets and delinquencies declined - Stressed assets to total committed exposure fell 15bps, with almost all industry segments improving. - Consumer 90+ day delinquencies lower over quarter, including Australian 90+ day mortgage delinquencies 16bps lower to 146bps. • Impairment provisions remain strong but were lower - No change to economic scenario weights or sector provision overlays. Total provisions to credit risk weighted assets of 158bps. - Updated economic forecasts with a better outlook for GDP, unemployment and property prices. • Deferrals continuing to decline - $11bn of Australian mortgage deferrals at 31 Jan 21. Significant roll off expected in February and March. - $400m small business loans in deferral at 31 Jan 21, less than 1% of the small business portfolio.1 Cash earnings is a non-GAAP measure. Refer to Westpac’s 2020 Full Year Financial Results announcement for details. 2 Notable items include provisions for the AUSTRAC proceedings; refunds, payments, costs and litigation; write-down of intangibles; and asset sales and revaluations.

Comments from Westpac Group CEO, Peter King“It has been a good start to the year with higher earnings, a stronger economy, and solid progress on our fix, simplify, perform strategic priorities.“I am particularly proud that our focus on supporting customers has contributed to a high proportion of customers being able to manage the impacts of COVID-19 and return to repayments.“Westpac’s balance sheet remains strong, with our capital ratio more than a full percentage point higher over the year to 11.9%, while we have retained high credit provision levels to respond to ongoing uncertainties.“Our first quarter 2021 result was higher than the second half 2020 average, mainly from an impairment benefit reflecting both improved credit quality and a much improved economic outlook.“While uncertainty remains around the impact of local COVID outbreaks, there is cause for optimism. The economy is recovering, consumer and business confidence is strong, and the labour market has been much more resilient than expected. At the end of December there were 12.9 million employed Australians compared to 13 million in March 2020.“We are also beginning to improve momentum in mortgages and while the book was little changed over the half, we have processed a significant increase in applications. Low interest rates, rising house prices, new construction, and high consumer confidence all point to continued recovery in home lending activity in 2021.“Our business portfolio simplification is underway and we have announced the exit of several businesses.“While this year will continue to bring challenges, Westpac is well placed to assist customers and support the path to Australia’s economic recovery.”Given the improved outlook, Westpac intends to return to its past practice of releasing its Pillar 3 report and details of credit quality and capital in the first and third quarters, and not outlining quarterly earnings.For further information:David Lording Andrew Bowden Group Head of Media Relations Head of Investor Relations 0419 683 411 0438 284 863 This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.

Exhibit 2

1Q21 UpdateFinancial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated. Refer to the 2020 Full Year Financial Results Presentation and Investor Discussion Pack for definition. All results relating to 1Q21 are on an unaudited basis. This document should be read in conjunction with Westpac’s December 2020 Pillar 3 Report, incorporating the requirements of APS330. Results principally cover and compare the 1Q21 and 2H20 quarterly average periods unless otherwise stated.FOR THE 3 MONTHS ENDED 31 DECEMBER 2020 WESTPAC BANKING CORPORATION ABN 33 007 457 141Fix. Simplify. Perform.

Good progress on our strategic priorities. Delivered in 1Q21.Fix, Simplify, PerformFixSimplifyPerform• Comprehensive risk program underway including responding to APRA’s Enforceable Undertaking (EU) ‒ On track to deliver EU plan ‒ Expanding CORE program to cover both financial and non- financial risks • Progressing customer remediation, paid $105m to around 548k customers in 1Q21 • ASIC announced no further action on AUSTRAC matters following completion of its investigation• Announced sale of: ‒ Westpac General Insurance ‒ Westpac Pacific • Ended master relationship agreement with IOOF • Sale of NZ Wealth advisory • Good progress on WIB international consolidation • 300 of 1,000 offshore roles returned to Australia• New Executive Team in place • Improved mortgage momentum ‒ Average weekly applications up 24% from 4Q20 and up 34% from 1Q20 • Progressing cost reduction actions with Cost Reset plan to be announced at 1H212 Westpac Group 1Q21 Update

Unaudited 1Q21 results including notables.1Performance($m)2H20 Qtr Avg. 1Q21 % Change• AIEA2 down 1% from lower lending balances • 1Q21 margin 2.06%, 2H20 2.03% (2H20 2.04% excluding notable items). HigherNet interest income 4,2104,2471%contribution from Treasury (+1bp), lower funding costs and higher deposit spreads partly offset by lower asset spreads, mostly in mortgagesNon-interest income 933986 6%• Non-interest income up 6% (up 1% excluding notable items)Expenses (3,270)(2,827)(14%)• 1Q21 notable items $254m, compared to $641m 2H20 quarterly average • Excluding notable items, expenses down 2% mostly from timing of project spendCore earnings 1,8732,40628%• Core earnings up 28% (up 3% excluding notable items)Impairment (charges)/benefit Tax and non- controlling interests(470) (595)501 (936)Large 57%• Impairment benefit from improved economic outlook and improved asset quality. Refer to slides 6 - 9 for more detail • 1Q21 impairment charge, pre other collectively assessed provision movements was $134m compared to 2H20 quarterly average of $287m• Tax expense higher from higher earnings. 1Q21 average tax rate 32.2% compared to 42.4% 2H20Cash earnings 808 Net profit 5501,971 1,704144% 210%• Cash earnings adjustments $267m, primarily from unrealised losses on economic hedges on US$ term funding from the appreciation of the A$ against the US$ • Good 1Q21 unlikely to be replicated through the rest of FY21 given that margins remain under pressure and investment spending is likely to increase though 2021 • Impairment charges to reflect credit quality and economic outlook1 Performance comparison is 1Q21 compared to 2H20 quarterly average unless otherwise stated. 2 AIEA is average interest-earning assets. Comparison is against 2H20 AIEA.3 Westpac Group 1Q21 Update

Unaudited 1Q21 Cash Earnings excluding notable items.PerformanceNotable items($m)2H20 Qtr Avg. 1Q21 % ChangeCategory 1. Refunds, payments,Cash earnings impact in 1Q21 Detail ($56m) • Costs associated with ending IOOFNet interest income 4,229 Non-interest income 950 Expenses (2,629)4,247961(2,573)-1%(2%)costs and litigation 2. Write-down of intangibles 3. Asset sales & revaluationsrelationship ($84m) • Write-down of goodwill in LMI as business now held for sale ($72m) • Accounting loss on sale of Westpac Pacific, sold at a discount to book value (recorded loss), potential earn-out payments over the next 24 months not included • Partially offset by gain on sale in Zip Co LimitedCore earnings 2,5502,635 3%Total ($212m)Impairment (charges)/benefitTax and non- controlling interestsCash earnings ex. notable items(470)(662)1,418501(953)2,183Large44%54%Impact of notable items $m 2H20 Qtr Avg. 1Q21 Net interest income (19) - Non-interest income (17) 25 Expenses (641) (254) Tax and non-controlling interests 67 17 Cash earnings impact of notable items (610) (212)4 Westpac Group 1Q21 Update

Credit quality showing improvement.Credit qualityStressed exposures as a % of TCE3.20Impaired90+ day past due (dpd) and not impairedWatchlist & substandard2.070.462.171.240.351.600.851.240.710.990.541.200.651.05 1.080.56 0.551.200.551.320.621.910.851.760.800.670.580.310.440.260.270.250.200.330.220.340.150.390.140.480.170.500.200.800.260.750.211 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes.5 Westpac Group 1Q21 Update

Asset quality improved across most sectors.Credit qualityCorporate and business stressed exposures by industry sector ($bn) 2.01.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0Mar-20 Sep-20 Dec-20Stress to TCE by sectorSector PropertyWholesale & retail tradeAccomm., cafes & restaurantsAgriculture, forestry & fishingProperty & business servicesManufacturing Services1 ConstructionTransport & Mining storageFinance & Utilities InsuranceSep-20 (%) 2.8 6.2 16.0 6.6 5.1 3.5 4.0 5.8 3.1 2.3 0.2 0.2 Dec-20 (%) 2.9 5.7 14.5 6.1 4.8 3.3 3.5 5.5 3.0 2.5 0.2 0.21 Services includes education, health & community services, cultural & recreational services and personal & other services.6 Westpac Group 1Q21 Update

Australian consumer portfolio.Credit qualityMortgage portfolio1 Unsecured lending portfolio1Mar-20 Sep-20 Dec-20 Australian mortgage portfolio ($) 446bn 441bn 439bn 30+ day delinquencies (bps) 188 214 198 90+ day delinquencies (bps) 94 162 146 Annualised mortgage loss rate of 3bps, unchanged from Sep-20 and Mar-20. Fall in 90+ day delinquencies over quarter, as serviceability requirement (6 months) ended for borrowers previously in hardship. Delinquencies in Australia and New Zealand are expected to rise over FY21 as some customers will exit deferral packages and move to hardship arrangements Mortgage 90+ day delinquencies (%)Mar-20 Sep-20 Dec-20 Australian unsecured lending portfolio ($) 18.4bn 15.7bn 15.5bn 30+ day delinquencies (bps) 422 362 363 90+ day delinquencies (bps) 197 209 19990+ day delinquencies down 10bps over the quarter, reflecting 12bps in portfolio improvement, offset by 2bps increase from balance sheet contractionUnsecured lending 90+ day delinquencies (%)3.0 3.02.01.462.01.991.0 1.00.0 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-200.0 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-201 Delinquency metrics excludes deferral packages.7 Westpac Group 1Q21 Update

New Zealand asset quality.Credit qualityMortgage 90+ day delinquencies1,2 (%) Unsecured consumer 90+ day delinquencies1,2 (%)3.02.01.00.090+ day past due (ex-hardship) 90+ day past dueIntroduction of changes to the reporting of hardship0.34 0.143.02.01.00.090+ day past due (ex-hardship) 90+ day past dueIntroduction of changes to the reporting of hardship1.650.88Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20Business stressed exposures as a % of New Zealand business TCE4.9Watchlist & substandard 90+ day past due and not impaired35.5 4.4Impaired19 164 9PropertyManufacturingAgriculture, forestry & fishing3.20.23.3 3.42.3 2.45.04.03.3 3.1 2.93.05 2.6 2.6Wholesale trade Construction1.50.90.10.80.20.5 0.00.30.10.30.02.9 0.10.12.5 0.30.12.2 0.30.12.2 0.20.247 OtherSep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Mar-20 Sep-20 Dec-201 In May 2019 we made changes to the reporting of customers in hardship to align to the method used by APRA. 2 Delinquency metrics excludes deferral packages. 3 Facilities 90 days or more past due date not impaired. These facilities, while in default, are not treated as impaired for accounting purposes.8 Westpac Group 1Q21 Update

Provisions reflect stronger economic performance and outlook. No change to scenario weightings.ProvisioningExpected credit loss provisions1 ($m) Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Individually assessed provisions (Stage 3)6,159Forecasts for base case economic scenario in provision models2September 2020 December 20202020 2021 2022 2020 2021 2022GDP growth (3.5%) 2.5% 2.7% (2.0%) 4.0% 3.0%3,9225,7887951,0197081,0325,530710879Unemployment 7.8% 7.5% 6.7%Residential property prices (5.3%) (0.4%) 7.5%6.9% 6.0% 5.2%(2.6%) 4.0% 10.0%1718181,5782,3172,2471,5611,8991,448Provisions and coverageSep-20 Dec-20 Loan provision to gross loans (bps) 88 79 Impaired asset provisions to impaired assets (%) 41 46 Collective provisions to credit RWACommentary • Improving economic outlook contributed 55% of the reduction in provisions, with the balance driven by improvement in the underlying portfolio and portfolio contraction • No change to scenario weightings9431,051(bps) 154 140412 Sep-19606 Mar-20611 Sep-20594 Dec-20Total provisions to credit RWA (bps)1711581 CAP is collectively assessed provisions. 2 GDP and Residential property price growth is annual growth to December each year. Unemployment rate forecast is as at December each year.9 Westpac Group 1Q21 Update

Australian deferrals. Majority of remaining deferrals to expire in February/March.Credit qualityMortgages1 Small business1Total portfolio at 31 Dec 20Deferrals provided since Mar 20Deferral packages outstanding at 31 Jan 21Total portfolio at 31 Dec 20Deferrals provided since Mar 20Deferral packages outstanding at 31 Jan 21Number of accounts 1.6m 149kBalances ($) 439bn 55bnOwner-occupier 61% 64%Principal & interest 78% 80%>3 months ahead on repayment 42% 28%Weighted average dynamic LVR 55% 64%26k 2%10.7bn 2%61%78%19%66%Number of accounts 372k 80kTCE ($) 60bn 10bnRelationship managed 97% 89%High risk industries3 35% 45%2.4k <1%0.4bn <1%91%56%Deferral packages2 ($bn and % by balances) Deferral packages ($bn)55.019.210.71007619Returned to repaymentActive deferralsRestructured or hardship9.51.4 0.3 (1.3)0.44Total deferrals provided since Mar 20 ($bn)Balance at 19 Oct 20 ($bn)Balance at 31 Jan 21 ($bn)Total deferrals at 31 Jan 21 (%)Total deferrals provided since Mar 20Balance at 18 Oct 20Granted extensionExpired (reached end of 6 month deferral)Balance at 31 Jan 211 Based on product information, not APRA EFS definition. 2 Graph may not add due to rounding. 3 High risk industries predominately include sub-sectors within property, property services construction, accommodation and hospitality and retail trade.10 Westpac Group 1Q21 Update

New Zealand deferrals.Credit qualityMortgages Small businessTotal portfolio at 31 Dec 20Deferrals provided since Mar 20Deferral packages outstanding at 31 Jan 21Total portfolio at 31 Dec 20Deferrals provided since Mar 20Deferral packages outstanding at 31 Jan 21Number of accounts 371k 29kBalances (NZ$) 56bn 6.5bnOwner-occupier 75% 83%Principal & interest 87% 95%>3 months ahead on repayment 66% 22%Weighted average dynamic LVR 60% 62%3k 1%0.7bn 1%83%95%8%63%Number of accounts 22.8k 8.6kTCE (NZ$) 23.1bn 2.2bnRelationship managed 84% 79%High risk industries1 7% 14%0.5k 2%0.1bn <1%77%10%Deferral packages (NZ$bn and % by balances) Deferral packages2 (NZ$bn)6.52.40.7100899Returned to repaymentActive deferralsRestructured or hardship 22.20.10.4 (0.5)0.1Total deferrals provided since Mar 20 (NZ$bn)Balance at 19 Oct 20 (NZ$bn)Balance at 31 Jan 21 (NZ$bn)Total deferrals at 31 Jan 21 (%)Total deferrals provided since Mar 20Balance at 18 Oct 20Granted extensionExpired (reached end of 3 month deferral)Balance at 31 Jan 211 High risk industries predominately include sub-sectors within accommodation and hospitality and retail trade. 2 Graph may not add due to rounding.11 Westpac Group 1Q21 Update

Balance sheet remains strong. Capital, funding and liquidityCET1 capital ratio movements (%, bps) • CET1 capital ratio of 11.87%, up 74bps from 30 September 2020 • 46bps from organic capital generation from cash earnings • RWA decrease of 18bps mainly due to lower credit RWA from improved asset quality • Capital deductions increased 5bps mostly from a decline in deferred tax assets from lower provisions, partially offset by movements in the fair value of economic hedges recognised in net profit • Divestments 8bps from the sale of Westpac’s stake in Zip Co Limited • 2020 final dividend paid was offset by fully underwritten DRP • Pro forma CET1 capital ratio includes the expected benefit from the sale of Westpac General Insurance and Westpac PacificKey capital and funding ratios % Mar-20 Sep-20 Dec-20 Level 2 capital ratios CET1 capital ratio 10.8 11.1 11.9 Additional Tier 1 capital 2.1 2.1 2.3 Tier 1 capital ratio 12.9 13.2 14.2 Tier 2 capital 3.4 3.1 3.7 Total regulatory capital ratio 16.3 16.4 17.9 Risk weighted assets (RWA) ($bn) 444 438 430 Leverage ratio 5.7 5.8 6.218 5(3)8 11.8712.02Level 1 capital ratios11.1346Up 74bpsCET1 capital ratio 11.1 11.4 12.1 Tier 1 capital ratio 13.3 13.5 14.4 Total regulatory capital ratio 16.7 16.7 18.2 Internationally comparable ratios1 Leverage ratio 6.3 6.5 6.8 CET1 capital ratio 15.8 16.5 17.6 NSFR 117 122 122Sep-20 Cash earningsRWA movementCapital deductions and otherFX translation impactDivestments Dec-20 Dec-20 Pro formaLCR2,3 140 151 1521 Internationally comparable methodology aligns with the APRA study titled ‘International Capital Comparison Study’ dated 13 July 2015. 2 Effective 1 January 2021, the Group is required to increase the value of its net cash outflows by 10% for the purpose of calculating LCR. On a pro forma basis, this reduces the 31 December 2020 LCR by 13 percentage points. 3 Average LCR. Calculated as a simple average of the daily observations over the relevant quarter.12 Westpac Group 1Q21 Update

Risk weighted assets.Capital, funding and liquidityRisk weighted assets ($bn) Commentary443.9 437.9(9.5)0.8 1.2 0.0Down $7.7bn or 1.8%(0.2)430.2• RWA decreased $7.7bn over 1Q21, mostly from improved credit quality • Credit RWA decreased $9.5bn due to: ‒ Improved asset quality in mortgages including lower defaulted loans ‒ Fall in delinquencies and a reduction in RWA overlay ‒ Lower corporate lending including a reduction in Trade Finance in Asia ‒ Lower counterparty credit and mark-to-market credit risk ‒ FX impact of the appreciation of the A$ against the US$ • Non-credit RWA increased $1.9bn, mainly due to $1.2bn IRRBB and $0.8bn market riskMar-20 Sep-20 Credit riskMarket riskIRRBB Operational riskOther Dec-20Movement in credit risk weighted assets1 ($bn)369.1359.4(5.5) (2.2) (0.7) (1.1)349.8Down $9.5bn or 2.7%Mar-20 Sep-20 Credit quality and portfolio mixPortfolio reductionFX translation impactsMark-to- marketDec-201 Graph may not add due to rounding.13 Westpac Group 1Q21 Update

Funding and liquidity.Funding and liquidityNet stable funding ratio (NSFR) (%)Liquidity coverage ratio1 (LCR) (%) Quarterly averageCustomer deposit to net loan ratio (%)117 122 122Mar-20 Sep-20 Dec-20Includes $15bn CLF reduction from 1 Dec 2020 151 152 140Mar-20 Sep-20 Dec-2080 80 76Mar-20 Sep-20 Dec-20Term debt issuance and maturity profile2 ($bn)Covered bond HybridTerm Funding Facility (TFF) At 31 December 2020Senior/Securitisation37 32 34 31Issuance Maturities 3726 236Sub debt TFF 322412Initial allowance $18bnSupplementary allowance $12bnAdditional allowance $0bnTotal TFF allowance $30bnDrawn down $18bn1 Effective 1 January 2021, the Group is required to increase the value of its net cash outflows by 10% for the purpose of calculating LCR. On a pro forma basis, this reduces the spot 31 December 2020 LCR by 13 percentage points. 2 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY25 maturity bucket. Maturities exclude securitisation amortisation.14 Westpac Group 1Q21 Update

Financial results throughout this presentation are in Australian dollars and are based on cash earnings unless otherwise stated. Refer to the 2020 Full Year Financial Results Presentation and Investor Discussion Pack for definition. All results relating to 1Q21 are on an unaudited basis. This document should be read in conjunction with Westpac’s December 2020 Pillar 3 Report, incorporating the requirements of APS330. Results principally cover and compare the 1Q21 and 2H20 quarterly average periods unless otherwise stated.15 Westpac Group 1Q21 Update

Our strategy. AppendixHelping Australians and New Zealanders SucceedBanking for consumer, business and institutional customersFixSimplifyPerformAddress outstanding issues • Risk management • Risk culture • Customer remediation & pain points • IT complexityStreamline and focus the business • Exit non-core businesses and consolidate international • Reduce products, simplify customer offer • Lines of Business operating model • Transform using digital and data to enhance the customer experienceSustainable long-term returns • Customer service – market leading • Growth in key markets • Re-set cost base • Enhance returns, optimise capital • Strong balance sheetHelpfulEthicalLeading ChangePerformingSimple16 Westpac Group 1Q21 Update

Priorities for FY21.AppendixFixSimplifyPerform• Continue to strengthen risk management ‒ Financial Crime remediation ‒ Expand/deliver CORE Program ‒ Reduce correspondent bank relationships • Accelerate customer payments & complete Advice remediation • Enhance performance culture • Complete multi-year technology plan• Portfolio simplification ‒ Continue to exit non-core businesses ‒ Close 5 international offices • System simplification ‒ Migrate BT Wrap customers and advisers to Panorama ‒ Customer Service Hub roll-out across brands and brokers • Further migrate customers to current products • Embed Lines of Business model• Support customers through COVID-19 • Mortgage growth in line with major banks by 2H211 • Deliver 3 year cost plan • Maintain balance sheet strength and return focus1 Refers to the monthly growth rate for Australian housing lending outstanding.17 Westpac Group 1Q21 Update

1Q21 reported net profit after tax.1AppendixReported net profit ($m)Net interest incomeNon-interest income22H20 Qtr Avg. 1Q213,848 3,899942 963Unaudited net profit after tax of $1.7bn, up significantly, mostly due to impairment provisions no longer requiredCash earnings3 policy and cash earnings adjustments to reported profitWestpac Group uses a measure of performanceOperating(3,279) (2,834)referred to as cash earnings to assess financial performance at both a Group and divisional $m level. This measure has been used in the2H20 Qtr Avg. 1Q21expenses Impairment (470) 501 (charges)/benefitAustralian banking market for over 15 years and management believes it is the most effective way to assess performance for the current period against prior periods and to compare performance across divisions and across peer companiesReported net profit 550 1,704 Fair value (gain)/loss on 291 259 economic hedges Ineffective hedges (19) 8Income tax expense and net profit attributable(491) (825)To calculate cash earnings, reported net profit is adjusted for: • Material items that key decision makers atAdjustments related to Pendal Group(16) -to non-controlling interests Net profit attributable to owners of WBC550 1,704the Westpac Group believe do not reflect the Group’s operating performance • Items that are not typically considered when dividends are recommended, such as the impact of treasury shares and economic hedging impactsTreasury shares 2 - Cash earnings 808 1,971Cash earnings 808 1,9711 Performance comparison is 1Q21 compared to 2H20 quarterly average unless otherwise stated. 1Q21 reported profit is unaudited. 2 Non-interest income is the total of net fee income, net wealth management and insurance income, trading income, and other income. 3 Cash earnings is not a measure of cash flow or net profit determined on a cash accounting basis, as it includes both cash and non-cash adjustments to statutory net profit. The specific adjustments outlined include both cash and non-cash items. Cash earnings is reported net profit adjusted for certain items which management believe provides a measure of profit that is more effective for assessment of performance. All adjustments shown are after tax.18 Westpac Group 1Q21 Update

Investor Relations Team. Contact Us.Contact usAndrew Bowden Head of Investor Relations +61 2 8253 4008 +61 438 284 863 andrewbowden@westpac.com.auJacqueline Boddy Head of Debt Investor Relations +61 2 8253 3133 +61 448 064 012 jboddy@westpac.com.auwww.westpac.com.au/investorcentre Annual reports Presentations and webcasts 5 year financial summary Prior financial resultsLouise Coughlan Head of Rating Agencies and Analysis +61 2 8254 0549 +61 425 213 504 lcoughlan@westpac.com.auRebecca Plackett Director +61 2 8253 6556 +61 478 336 647 rplackett@westpac.com.auAlec Leithhead Manager +61 2 8254 0159 +61 481 906 863 alec.leithhead@westpac.com.auOr email: investorrelations@westpac.com.au19 Westpac Group 1Q21 Update

DisclaimerDisclaimerThe material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particula r needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. All amounts are in Australian dollars unless otherwise indicated. Unless otherwise noted, financial information in this presentation is presented on a cash earnings basis. Cash earnings is a non-GAAP measure. Refer to Westpac’s 2020 Full Year Financial Results (incorporating the requirements of Appendix 4E) for the twelve months ended 30 September 2020 available at www.westpac.com.au for details of the basis of preparation of cash earnings. Refer to Westpac’s 2020 Full Year Financial Results Presentation and Investor Discussion Pack for an explanation of cash earnings and a reconciliation of reported net profit to cash earnings. The financial information for the three months ended 31 December 2020 has not been audited or reviewed by any independent registered public accounting firm and has been derived from the unaudited financial statements for the quarter ended 31 December 2020. Any other financial information provided as at a date after 31 December 2020 (including information on deferral packages) has not been audited or reviewed by any independent registered public accounting firm either. The information contained in this presentation is presented for information purposes only, is based on management’s current information and reflects management’s view of other factors, including a wide variety of significant business, economic and competitive risks and uncertainties, which may be heightened during the ongoing COVID-19 pandemic. Certain data herein may involve underlying estimates, assumptions and judgments when applying accounting policies and preparing its financial statements, particularly in connection with the calculation of provisions. Any change in such estimates, assumptions and/or judgments resulting from new information or from changes in circumstances or experience could result in Westpac incurring losses greater than those anticipated or provided for. This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements about matters that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘risk’, ‘aim’, 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 fu ture 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. Actual results could differ materially from those which we expect, depending on the outcome of various factors. Factors that may impact on the forward-looking statements made include, but are not limited to, those described in the section titled ‘Risk factors' in Westpac’s 2020 Annual Report for the twelve months ended 30 September 2020 available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation to update any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise, after the date of this presentation.20 Westpac Group 1Q21 Update