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

February 17, 2023

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 December 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, capital adequacy and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data.

We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s expectations or beliefs concerning future developments and their potential effect upon us. Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this Report. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this Report.

There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the section titled ‘Risk factors’ under the section ‘Risk and risk management’ in Westpac’s 2022 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. 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.

Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this Report, whether from new information, future events, conditions 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: February 17,<br> 2023	By:	/s/<br> Yvette Adiguzel
		Yvette Adiguzel
		Tier One Attorney

Exhibit 1

ASX<br>Release<br>17 February 2023<br>Pillar 3 Report as at 31 December 2022<br>Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3<br>Report (December 2022).<br>For further information:<br>Hayden Cooper Justin McCarthy<br>Group Head of Media Relations General Manager Investor Relations<br>0402 393 619 0422 800 321<br>This document has been authorised for release by Tim Hartin, Company Secretary.<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000
DECEMBER 2022<br>INCORPORATING THE REQUIREMENTS OF APS330<br>WESTPAC BANKING CORPORATION<br>ABN 33 007 457 141<br>Pillar 3<br>Report
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Pillar 3 report<br>Table of contents<br>2	Westpac Group December 2022 Pillar 3 Report<br>Structure of Pillar 3 report<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 17<br>Liquidity coverage ratio 20<br>Appendix<br>Appendix I	APS330 Quantitative requirements 21<br>Disclosure regarding forward-looking statements 22<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.
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Pillar 3 report<br>Executive summary<br>Westpac Group December 2022 Pillar 3 Report	3<br>Key capital ratios<br>Westpac’s Level 2 common equity Tier 1 (CET1) capital ratio was 11.13% at 31 December 2022. The CET1<br>capital ratio was lower than the CET1 capital ratio of 11.29% at 30 September 2022 due to payment of the<br>2022 final dividend net of the issue of shares under the dividend reinvestment plan (DRP), an increase in<br>total Risk Weighted Assets (RWA) and higher deductions. These impacts were partly offset by the contribution<br>of earnings over the quarter.<br>Loan losses over the quarter were $51 million and included the recovery of a previously written off loan of<br>$40m within Corporates. Gross Corporate loan losses over the quarter were $3 million.<br>Risk Weighted Assets<br>Total RWA increased $2.8 billion or 0.6% over the quarter from both higher credit RWA and non-credit RWA.<br>Credit RWA increased by $1.8 billion and included:<br> A $4.1 billion increase from higher lending across residential mortgages, specialised lending and<br>corporates;<br> A $1.6 billion increase from foreign currency translation impacts mostly from the depreciation of the A$<br>against the NZ$;<br> A $2.8 billion decrease associated with derivative exposures (counterparty credit risk and mark-to-market<br>related credit risk) primarily due to decreases in the mark-to-market value of derivatives from lower foreign<br>currency translation effects; and<br> A $1.1 billion decrease from improved credit quality mainly within Corporates and the impact of a revised<br>rating model for business lending.<br>Non-credit RWA were $1.0 billion higher over the quarter. This was mainly from:<br> A $1.3 billion increase in Market RWA from portfolio movements;<br> A $1.1 billion increase in Interest Rate Risk in the Banking Book (IRRBB) RWA, mainly from the<br>underlying portfolio which has impacted the repricing and yield curve risk component of the IRRBB<br>calculation, while regulatory embedded loss was lower; and<br> A $2.1 billion decrease in Operational RWA from APRA’s revised annual Standardised Measurement<br>Approach (SMA)1<br>.. This was mainly driven by lower operational losses.<br>1<br> Westpac adopted the Standardised Measurement Approach to calculate operational risk capital from 1 January 2022. Under the revised<br>standard operational risk is calculated annually based on annual audited financial statements resulting in a change from 30 September 2022.<br>%<br>31 December<br>2022<br>30 September<br>2022<br>31 December<br>2021<br>Level 2 Regulatory capital structure<br>Common equity Tier 1 capital ratio 11.13 11.29 12.20<br>Additional Tier 1 capital ratio 2.10 2.07 2.17<br>Tier 1 capital ratio 13.39 13.20 14.37<br>Tier 2 capital ratio 5.01 4.90 4.83<br>Total regulatory capital ratio 18.40 18.10 19.20<br>APRA leverage ratio 5.61 5.51 5.80<br>Level 1 Common equity Tier 1 capital ratio 11.08 11.35 12.38<br>$m<br>31 December<br>2022<br>30 September<br>2022<br>31 December<br>2021<br>Risk weighted assets at Level 2<br>Credit risk 363,914 362,098 359,773<br>Market risk 10,626 9,290 9,202<br>Operational risk 56,945 59,063 56,214<br>Interest rate risk in the banking book 43,866 42,782 12,190<br>Other 5,092 4,387 5,032<br>Total RWA 480,443 477,620 442,411<br>Total Exposure at Default 1,228,791 1,214,041 1,184,113
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Pillar 3 report<br>Executive summary<br>4	Westpac Group December 2022 Pillar 3 Report<br>Exposure at Default<br>Exposure at default (EAD) increased $14.8 billion over the quarter including:<br> A $10.0 billion increase in sovereign exposures, supporting liquidity management;<br> A $8.7 billion increase from residential mortgages;<br> A $2.6 billion increase from specialised lending; and<br> A $6.8 billion decrease in corporate exposures mainly from a decrease in market-related off-balance<br>sheet exposures.<br>Leverage Ratio<br>The leverage ratio represents the amount of Tier 1 capital relative to exposure1<br>.. At 31 December 2022,<br>Westpac’s leverage ratio was 5.51%, down 10 basis points since 30 September 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 final dividend.<br>Liquidity Coverage Ratio (LCR)<br>Westpac’s average LCR2<br> for the quarter ending 31 December 2022 rose to 139%, up from 132% as at 30<br>September 2022. The increase was mainly driven by the removal of the APRA net cash outflows overlay on<br>1 September 2022, partially offset by a decrease in Liquid assets.<br>1<br> As defined under Attachment D of APS110: Capital Adequacy.<br>2<br> Calculated as a simple average of the daily observations over the quarter.
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Pillar 3 report<br>Introduction<br>Westpac Group December 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 risk.<br>In accordance with APS330 Public Disclosure, financial institutions that have received the Advanced IRB<br>accreditation, such as 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 website1<br> contains the reporting<br>requirements for:<br> Capital instruments under Attachment B of APS330; and<br> 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> A new capital instrument is issued that will form part of regulatory capital; or<br> A capital instrument is redeemed, converted into CET1 capital, written off, or its terms and conditions are<br>changed.<br><br>1<br> http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/
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Pillar 3 report<br>Group structure<br>6	Westpac Group December 2022 Pillar 3 Report<br>APRA applies a tiered approach to measuring Westpac’s capital adequacy1<br> by assessing financial strength<br>at three levels:<br> 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> 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> 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>..<br>The Westpac Group<br>The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of regulatory<br>consolidation.<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> insurance;<br> acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds<br>management;<br> non-financial (commercial) operations; or<br> 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>1<br> APS110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy<br>of an ADI.<br>2<br> Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.<br>3<br> Refer to Note 30 of Westpac’s 2022 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
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Pillar 3 report<br>Group structure<br>Westpac Group December 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 SMA for operational risk. Other subsidiary banking entities in the Group<br>include Westpac Bank PNG-Limited and Westpac Europe Limited. For the purposes of determining<br>Westpac’s capital adequacy subsidiary banking entities are consolidated at 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 in these entities to comply<br>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<br>.. 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 are being implemented as part of WNZL’s continuous improvement<br>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%. From 15 August 2022, the RBNZ reduced the overlay to<br>approximately 7%, which at 31 December 2022 was NZ$1.7 billion. The overlay will remain in place until the<br>RBNZ is satisfied that control assurance has been completed.<br>1<br> 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.
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Pillar 3 report<br>Capital overview<br>8	Westpac Group December 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> The development of a capital management strategy, including consideration of regulatory minimums,<br>capital buffers and contingency plans. The regulatory capital minimums in place at 31 December 2022<br>together with the capital conservation buffer (CCB) are the Total CET1 Requirement. The Total CET1<br>Requirement for Westpac is at least 8.0%, based on an industry minimum CET1 requirement of 4.5%<br>plus a capital buffer of at least 3.5% applicable to D-SIBs1,2;<br> Consideration of regulatory capital requirements and the perspectives of external stakeholders including<br>rating agencies as well as equity and debt investors; and<br> A stress testing framework that challenges the capital measures, coverage and requirements including<br>the impact of adverse economic scenarios.<br>On 1 January 2023, APRA’s revised capital framework, including updated prudential standards for capital<br>adequacy and credit risk capital, became effective. As part of the revised framework, APRA has set a Total<br>CET1 Requirement for D-SIBs of 10.25%. This requirement includes a CCB of 4.75% applicable to D-SIBs<br>and a base level for the countercyclical capital buffer of 1.0%. APRA has also indicated that it expects that<br>D-SIBs (including Westpac) will likely operate with a CET1 capital ratio above 11% in normal operating<br>conditions under the new framework. Westpac will seek to operate with a CET1 capital ratio of between 11.0%<br>and 11.5% (operating capital range) in normal operating conditions as measured under the new capital<br>framework from 1 January 2023.<br>Revised Public Disclosure Prudential Standard (APS 330)<br>As part of the revised capital framework, APRA has introduced a transitional prudential standard for public<br>disclosures, including Pillar 3 effective from 1 January 2023. This is so that ADIs may make public disclosures<br>for quarterly periods ending from 1 January 2023 that are consistent with the new capital framework until<br>APRA’s new public disclosure prudential standard becomes effective on 1 January 2025. Westpac will report<br>under the revised transitional standard as part of the 31 March 2023 Pillar 3 report.<br>1<br> Noting that APRA may apply higher CET1 requirements for an individual ADI.<br>2<br> 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.
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Pillar 3 report<br>Capital overview<br>Westpac Group December 2022 Pillar 3 Report	9<br>Westpac’s capital adequacy ratios<br><br>Westpac New Zealand Limited’s capital adequacy ratios<br><br>% 31 December 2022 30 September 2022 31 December 2021<br>The Westpac Group at Level 2<br>Common equity Tier 1 capital ratio 11.1 11.3 12.2<br>Additional Tier 1 capital 2.1 2.1 2.2<br>Tier 1 capital ratio 13.2 13.4 14.4<br>Tier 2 capital 5.0 4.9 4.8<br>Total regulatory capital ratio 18.1 18.4 19.2<br>The Westpac Group at Level 1<br>Common equity Tier 1 capital ratio 11.1 11.3 12.4<br>Additional Tier 1 capital 2.2 2.2 2.2<br>Tier 1 capital ratio 13.3 13.6 14.6<br>Tier 2 capital 5.4 5.3 4.9<br>Total regulatory capital ratio 18.6 19.0 19.5<br>% 31 December 2022 30 September 2022 31 December 2021<br>Westpac New Zealand Limited<br>Common equity Tier 1 capital ratio 11.4 11.0 14.2<br>Additional Tier 1 capital 1.9 2.0 2.8<br>Tier 1 capital ratio 13.3 13.0 17.0<br>Tier 2 capital 0.9 0.9 2.0<br>Total regulatory capital ratio 14.2 13.9 19.0
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Pillar 3 report<br>Capital overview<br>10	Westpac Group December 2022 Pillar 3 Report<br>Capital requirements<br>This table shows RWA and associated capital requirements1<br> 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. Refer to the Executive summary<br>for further commentary on RWA movements over the First Quarter 2023. 123<br><br>1 Total capital required is calculated as 8% of total risk weighted assets.<br>2<br> Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.<br>3<br> 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>31 December 2022 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 885 71,568 72,453 5,796<br>Business lending 29,895 725 30,620 2,450<br>Sovereign 1,668 2,462 4,130 330<br>Bank 70 4,835 4,905 392<br>Residential mortgages 151,384 2,706 154,090 12,327<br>Australian credit cards 3,923 - 3,923 314<br>Other retail 697 6,539 7,236 579<br>Small business 13,917 - 13,917 1,113<br>Specialised lending 59,717 437 60,154 4,812<br>Securitisation - 7,241 7,241 579<br>Mark-to-market related credit risk3<br> 5,245 5,245 420<br>Total 12,433 351,481 363,914 29,112<br>Market risk 850 10,626<br>Operational risk 4,556 56,945<br>Interest rate risk in the banking book 3,509 43,866<br>Other assets4<br> 5,092 407<br>Total 38,434 480,443<br>30 September 2022 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 880 72,688 73,568 5,885<br>Business lending 30,541 738 31,279 2,502<br>Sovereign 1,689 2,335 4,024 322<br>Bank 84 4,609 4,693 375<br>Residential mortgages 149,208 2,885 152,093 12,167<br>Australian credit cards 3,917 - 3,917 313<br>Other retail 717 6,726 7,443 595<br>Small business 13,991 - 13,991 1,119<br>Specialised lending 57,338 428 57,766 4,621<br>Securitisation - 6,947 6,947 556<br>Mark-to-market related credit risk3<br> 6,377 - 6,377 510<br>Total 13,798 348,300 362,098 28,965<br>Market risk 743 9,290<br>Operational risk 4,725 59,063<br>Interest rate risk in the banking book 3,423 42,782<br>Other assets4<br> 4,387 351<br>Total 38,207 477,620
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Pillar 3 report<br>Capital overview<br>Westpac Group December 2022 Pillar 3 Report	11<br>1234<br>1<br> Total capital required is calculated as 8% of total risk weighted assets.<br>2<br> Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.<br>3<br> Mark-to-market related credit risk is measured under the standardised approach. It is also known as CVA risk.<br>4<br> Other assets include cash items, unsettled transactions, fixed assets, and other non-interest earning assets.<br>31 December 2021 IRB Standardised Total Risk Total Capital<br>$m Approach Approach2 Weighted Assets Required1<br>Credit risk<br>Corporate 882 71,124 72,006 5,760<br>Business lending 698 32,570 33,268 2,661<br>Sovereign 1,382 2,411 3,793 303<br>Bank 80 4,606 4,686 375<br>Residential mortgages 146,377 3,500 149,877 11,990<br>Australian credit cards 4,011 - 4,011 321<br>Other retail 765 7,917 8,682 695<br>Small business - 14,720 14,720 1,178<br>Specialised lending 376 56,903 57,279 4,582<br>Securitisation - 5,968 5,968 477<br>Mark-to-market related credit risk3<br> 5,483 - 5,483 439<br>Total 13,166 346,607 359,773 28,782<br>Market risk 736 9,202<br>Operational risk 4,497 56,214<br>Interest rate risk in the banking book 975 12,190<br>Other assets4<br> 5,032 403<br>Total 35,393 442,411
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Pillar 3 report<br>Credit risk exposures<br>12	Westpac Group December 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 31 December 2022 30 September 2022 30 June 2022 31 March 2022<br>Tier 1 Capital 63.4 63.9 61.1 61.7<br>Total Exposures 1,151.3 1,140.3 1,140.4 1,101.4<br>Leverage ratio 5.5% 5.6% 5.4% 5.6%
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Pillar 3 report<br>Credit risk exposures<br>Westpac Group December 2022 Pillar 3 Report	13<br>Summary credit risk disclosure123<br>4<br>1<br> The above table reflects that at 31 December 2022, 30 September 2022 and 31 December 2021 Westpac applied a floor of<br>25% to its residential mortgage risk weights. This has resulted in an $8.8 billion increase to RWA at 31 December 2022, which<br>was $0.8 billion higher than 30 September 2022 due to improved credit quality.<br>2<br> The above table reflects that at 31 December 2022, 30 September 2022 and 31 December 2021 Westpac applied a floor of<br>26% to its Australian Credit Cards risk weights. This has resulted in a $0.5 billion increase in RWA at 31 December 2022,<br>which was flat to 30 September 2022.<br>3<br> Includes regulatory expected losses for defaulted and non-defaulted exposures.<br>4<br> Includes mark-to-market related credit risk.<br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>31 December 2022 Exposure Weighted Expected non-defaulted Impaired for Impaired the 3 months<br>$m at Default Assets Loss3 exposures Loans Loans ended<br>Corporate 71,568 140,667 853 331 203 151 (37)<br>Business lending 54,963 29,895 611 296 264 126 12<br>Sovereign 232,293 2,462 2 2 - - -<br>Bank 21,078 4,835 6 6 - - -<br>Residential mortgages1<br> 151,384 605,540 1,389 995 291 69 10<br>Australian credit cards2<br> 3,923 15,090 156 123 59 29 26<br>Other retail 8,688 6,539 288 195 169 88 33<br>Small business 27,724 13,917 448 286 364 133 7<br>Specialised Lending 71,103 59,717 930 593 38 8 -<br>Securitisation 37,274 7,241 - - - - -<br>Standardised4<br> 12,433 14,371 - - 98 51 -<br>Total 1,228,791 363,914 4,683 2,827 1,486 655 51<br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>30 September 2022 Exposure Weighted Expected non-defaulted Impaired for Impaired the 12 months<br>$m at Default Assets Loss3 exposures Loans Loans ended<br>Corporate 147,497 72,688 900 333 292 196 384<br>Business lending 54,390 30,541 626 315 274 142 84<br>Sovereign 222,327 2,335 2 2 - - -<br>Bank 21,348 4,609 6 6 - - -<br>Residential mortgages1<br> 149,208 596,833 1,405 1,011 248 67 30<br>Australian credit cards2<br> 3,917 15,068 153 120 60 30 104<br>Other retail 8,972 6,726 292 194 182 94 105<br>Small business 28,129 13,991 448 286 326 136 37<br>Specialised Lending 68,552 57,338 858 557 29 10 1<br>Securitisation 36,322 6,947 - - - - -<br>Standardised4<br> 13,798 14,603 - - 103 51 -<br>Total 1,214,041 362,098 4,690 2,824 1,514 726 745<br>Regulatory<br>Expected Specific Actual<br>Risk Regulatory Loss for Provisions Losses for<br>31 December 2021 Exposure Weighted Expected non-defaulted Impaired for Impaired the 3 months<br>$m at Default Assets Loss3 exposures Loans Loans ended<br>Corporate 131,007 71,124 851 350 302 218 276<br>Business lending 53,029 32,570 631 358 303 153 22<br>Sovereign 221,413 2,411 2 2 - - -<br>Bank 20,580 4,606 6 6 - - -<br>Residential mortgages1<br> 146,377 585,497 1,663 1,148 254 73 10<br>Australian credit cards2<br> 4,011 15,407 151 121 56 30 27<br>Other retail 11,043 7,917 355 238 220 118 18<br>Small business 30,231 14,720 494 318 370 171 6<br>Specialised Lending 68,749 56,903 816 539 87 18 -<br>Securitisation 31,185 5,968 - - - - -<br>Standardised4<br> 13,166 15,972 - - 95 40 -<br>Total 1,184,113 359,773 4,969 3,080 1,687 821 359
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Pillar 3 report<br>Credit risk exposures<br>14	Westpac Group December 2022 Pillar 3 Report<br>Exposure at Default by major type12<br>1<br> Average is based on exposures as at 31 December 2022 and 30 September 2022.<br>2<br> The EAD associated with securitisations is for the banking book only.<br>3<br> Average is based on exposures as at 30 September 2022, 30 June 2022, 31 March 2022, 31 December 2021 and 30 September<br>2021.<br>4<br> Average is based on exposures as at 31 December 2021 and 30 September 2021.<br>5 Westpac has restated the 31 December 2021 sovereign EAD. The restatement increases sovereign EAD. It does not have a<br>material impact on RWA, or capital ratios and no other metrics have been impacted. Refer to the June 2022 Pillar 3 report for<br>further details.<br>31 December 2022 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 3 months ended1<br>Corporate 67,228 58,986 14,453 140,667 144,082<br>Business lending 41,219 13,744 - 54,963 54,677<br>Sovereign 177,522 1,537 53,234 232,293 227,309<br>Bank 11,571 1,647 7,860 21,078 21,213<br>Residential mortgages 523,220 82,320 - 605,540 601,186<br>Australian credit cards 6,310 8,780 - 15,090 15,079<br>Other retail 6,116 2,572 - 8,688 8,830<br>Small business 20,842 6,882 - 27,724 27,927<br>Specialised lending 57,875 12,782 446 71,103 69,828<br>Securitisation2<br> 7,799 29,431 44 37,274 36,798<br>Standardised 10,836 992 2,543 14,371 14,487<br>Total 952,170 198,041 78,580 1,228,791 1,221,416<br>30 September 2022 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 12 months ended3<br>Corporate 67,749 55,616 24,132 147,497 135,654<br>Business lending 41,223 13,167 - 54,390 53,473<br>Sovereign 167,403 1,560 53,364 222,327 217,545<br>Bank 11,081 1,479 8,788 21,348 21,332<br>Residential mortgages 515,283 81,550 - 596,833 588,235<br>Australian credit cards 6,128 8,940 - 15,068 15,246<br>Other retail 6,434 2,538 - 8,972 10,296<br>Small business 21,428 6,701 - 28,129 29,576<br>Specialised lending 56,370 11,902 280 68,552 69,429<br>Securitisation2<br> 7,288 28,989 45 36,322 33,524<br>Standardised 10,929 974 2,700 14,603 15,275<br>Total 933,017 191,715 89,309 1,214,041 1,189,585<br>31 December 2021 On balance Total Exposure Average<br>$m sheet Non-market related Market related at Default 3 months ended4<br>Corporate 57,899 60,629 12,479 131,007 130,625<br>Business lending 38,535 14,494 - 53,029 52,725<br>Sovereign5<br> 1,759 165,638 54,016 221,413 188,860<br>Bank 12,248 1,568 6,764 20,580 20,932<br>Residential mortgages 506,258 79,239 - 585,497 583,816<br>Australian credit cards 6,245 9,162 - 15,407 15,401<br>Other retail 8,117 2,926 - 11,043 11,281<br>Small business 23,159 7,072 - 30,231 30,554<br>Specialised lending 54,766 12,787 1,196 68,749 67,740<br>Securitisation2<br> 7,792 23,303 90 31,185 30,873<br>Standardised 11,742 1,023 3,207 15,972 16,326<br>Total 907,910 198,451 77,752 1,184,113 1,149,133<br> Off-balance sheet<br> Off-balance sheet<br> Off-balance sheet
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Pillar 3 report<br>Credit risk exposures<br>Westpac Group December 2022 Pillar 3 Report	15<br>Loan impairment provisions<br>All Individually Assessed Provisions (IAPs) raised under Australian Accounting Standards (AAS) are<br>classified as specific provisions in accordance with APS 220 Credit Risk Management. All Collectively<br>Assessed Provisions (CAPs) raised under AAS are either classified into specific provisions or a General<br>Reserve for Credit Loss (GRCL).1<br>1<br> Provisions classified according to APRA’s letter dated 4 July 2017 “Provisions for regulatory purposes and AASB 9 financial<br>instruments”.<br>31 December 2022 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 257 398 655<br>for defaulted but not impaired loans - 724 724<br>For Stage 2 - 2,005 2,005<br>Total Specific Provision1<br> 2,986 398 3,384<br>General Reserve for Credit Loss1<br>- 1,408 1,408<br>Total provisions for ECL 4,394 398 4,792<br>30 September 2022 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 274 452 726<br>for defaulted but not impaired loans - 673 673<br>For Stage 2 - 2,188 2,188<br>Total Specific Provision1<br> 3,135 452 3,587<br>General Reserve for Credit Loss1<br>- 1,048 1,048<br>Total provisions for ECL 4,183 452 4,635<br>31 December 2021 Total Regulatory<br>$m IAPs CAPs Provisions<br>Specific Provisions<br>for impaired loans 293 528 821<br>for defaulted but not impaired loans - 711 711<br>For Stage 2 - 1,780 1,780<br>Total Specific Provision1<br> 2,784 528 3,312<br>General Reserve for Credit Loss1<br>- 1,454 1,454<br>Total provisions for ECL 4,238 528 4,766<br> A-IFRS Provisions<br> A-IFRS Provisions<br> A-IFRS Provisions
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Pillar 3 report<br>Credit risk exposures<br>16	Westpac Group December 2022 Pillar 3 Report<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 are broken down by<br>concentrations reflecting Westpac’s asset categories.1 2<br>1<br> Includes items past 90 days not impaired.<br>Specific Specific Actual<br>31 December 2022 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 3 months ended<br>Corporate 203 215 151 74% (37)<br>Business lending 1,175 264 126 48% 12<br>Sovereign - - - - -<br>Bank - - - - -<br>Residential mortgages 3,623 291 69 24% 10<br>Australian credit cards - 59 29 49% 26<br>Other retail - 169 88 52% 33<br>Small business 364 600 133 37% 7<br>Specialised lending 601 38 8 21% -<br>Securitisation - - - - -<br>Standardised 98 78 51 52% -<br>Total 1,486 6,292 655 44% 51<br>Specific Specific Actual<br>30 September 2022 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 12 months ended<br>Corporate 292 150 196 67% 384<br>Business lending 1,175 274 142 52% 84<br>Sovereign - - - - -<br>Bank - - - - -<br>Residential mortgages 3,576 248 67 27% 30<br>Australian credit cards - 60 30 50% 104<br>Other retail - 182 94 52% 105<br>Small business 326 557 136 42% 37<br>Specialised lending 549 29 10 34% 1<br>Securitisation - - - - -<br>Standardised 103 72 51 50% -<br>Total 1,514 6,079 726 48% 745<br>Specific Specific Actual<br>31 December 2021 Defaulted Impaired Provisions for Provisions to Losses for the<br>$m not impaired1 Loans Impaired Loans Impaired Loans 3 months ended<br>Corporate 302 139 218 72% 276<br>Business lending 1,016 303 153 50% 22<br>Sovereign - - - - -<br>Bank - - - - -<br>Residential mortgages 4,497 254 73 29% 10<br>Australian credit cards - 56 30 54% 27<br>Other retail - 220 118 54% 18<br>Small business 370 527 171 46% 6<br>Specialised lending 436 87 18 21% -<br>Securitisation - - - - -<br>Standardised 95 83 40 42% -<br>Total 1,687 6,698 821 49% 359
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Pillar 3 report<br>Securitisation<br>Westpac Group December 2022 Pillar 3 Report	17<br>Banking book summary of securitisation activity by asset type<br><br>For the 3 months ended<br>31 December 2022 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 7,157 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 7,157 -<br>For the 12 months ended<br>30 September 2022 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 46,995 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 46,995 -<br>For the 3 months ended<br>31 December 2021 Amount Recognised gain or<br>$m securitised loss on sale<br>Residential mortgages 11,800 -<br>Credit cards - -<br>Auto and equipment finance - -<br>Business lending - -<br>Investments in ABS - -<br>Other - -<br>Total 11,800 -
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Pillar 3 report<br>Securitisation<br>18	Westpac Group December 2022 Pillar 3 Report<br>Banking book summary of on and off-balance sheet securitisation by exposure type<br>31 December 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,061 37 7,099<br>Liquidity facilities - - 280 280<br>Funding facilities 4,910 - 747 5,657<br>Underwriting facilities - - - -<br>Lending facilities 2,141 - 325 2,466<br>Warehouse facilities 15,318 - 6,454 21,772<br>Total 7,061 22,369 7,843 37,274<br>30 September 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,054 35 7,089<br>Liquidity facilities - - 250 250<br>Funding facilities 4,816 - 912 5,728<br>Underwriting facilities - - - -<br>Lending facilities 2,442 - 308 2,750<br>Warehouse facilities 14,678 - 5,827 20,505<br>Total 7,054 21,936 7,332 36,322<br>31 December 2021 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 7,595 38 7,633<br>Liquidity facilities - - 312 312<br>Funding facilities 3,331 - 1,218 4,550<br>Underwriting facilities - - - -<br>Lending facilities 956 - 288 1,244<br>Warehouse facilities 11,420 - 6,026 17,446<br>Total 7,595 15,708 7,882 31,185<br>On balance sheet<br>On balance sheet<br>On balance sheet
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Pillar 3 report<br>Securitisation<br>Westpac Group December 2022 Pillar 3 Report	19<br>Trading book summary of on and off-balance sheet securitisation by exposure type1<br><br>1<br> EAD associated with trading book securitisation is not included in EAD by major type on page 14. Trading book securitisation<br>exposure is captured and risk weighted under APS116 Capital Adequacy: Market Risk.<br>31 December 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 433 - 433<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 35 35<br>Other derivatives - - 10 10<br>Total - 433 45 478<br>30 September 2022 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 473 - 473<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 32 32<br>Other derivatives - - 13 13<br>Total - 473 45 518<br>31 December 2021 Off-balance Total Exposure<br>$m Securitisation retained Securitisation purchased sheet at Default<br>Securities - 218 - 218<br>Liquidity facilities - - - -<br>Funding facilities - - - -<br>Underwriting facilities - - - -<br>Lending facilities - - - -<br>Warehouse facilities - - - -<br>Credit enhancements - - - -<br>Basis swaps - - 79 79<br>Other derivatives - - 11 11<br>Total - 218 90 308<br>On balance sheet<br>On balance sheet<br>On balance sheet
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Pillar 3 report<br>Liquidity Coverage Ratio<br>20	Westpac Group December 2022 Pillar 3 Report<br>Liquidity Coverage Ratio (LCR)<br>Westpac’s average LCR for the quarter was 139% (30 September 2022: 132%) and continues to be<br>comfortably above the regulatory minimum of 100%. The increase was mainly driven by the removal of the<br>net cash outflows overlay on the 1st September 2022 partially offset by a decrease in Liquid assets.<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 in four phases, the first three<br>having occurred on 1 January 2022, 1 May 2022 and 1 September 2022 and the last occurred on 1 January<br>2023 (reducing by $9.25 billion on each date).<br>Westpac’s portfolio of HQLA averaged $176.5 billion over the quarter1<br>(30 September 2022: $175.2 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>Westpac maintains a buffer over the regulatory minimum of 100%.<br>Effective 1 September 2022, APRA removed the liquidity add-on imposed for breaching APS210 as the<br>remediation met APRA’s requirements for removal.<br>1<br> Calculated as a simple average of the daily observations over the quarter.<br>Total<br>unw eighted<br>value<br>Total w eighted<br>value<br>(average)1<br>Total<br>unw eighted<br>value<br>Total w eighted<br>value<br>(average)1<br>Liquid assets, of which:<br>1 High-quality liquid assets (HQLA) 175,177 176,451<br>2 Alternative liquid assets (ALA) 15,512 9,250<br>3 Reserve Bank of New Zealand (RBNZ) 418 3,040<br>Cash Outflows<br>4 Retail deposits and deposits from small business<br>customers, of w hich:<br> 28,390 317,759 318,760 28,683<br>5 Stable deposits 7,783 155,666 156,433 7,822<br>6 Less stable deposits 20,607 162,093 162,327 20,861<br>7 Unsecured w holesale funding, of w hich: 179,588 83,461 179,665 85,563<br>8 Operational deposits (all counterparties) and<br>deposits in netw orks for cooperative banks<br> 18,888 75,820 70,155 17,473<br>9 Non-operational deposits (all counterparties) 90,01 50,819 4 96,535 55,115<br>10 Unsecured debt 13,754 13,754 12,975 12,975<br>11 Secured w holesale funding - -<br>12 Additional requirements, of w hich: 205,521 27,517 204,823 27,228<br>13 Outflow s related to derivatives exposures and<br>other collateral requirements<br> 10,826 10,826 10,174 10,174<br>14 Outflow s related to loss of funding on debt<br>products<br> 289 289 819 819<br>15 Credit and liquidity facilities 194,406 16,402 193,830 16,235<br>16 Other contractual funding obligations 8,193 5,401 6,320 3,261<br>17 Other contingent funding obligations 41,943 3,578 45,855 3,957<br>18 Total cash outflows 148,692 148,347<br>Cash inflows<br>19 Secured lending (e.g. reverse repos) 5,661 - 5,147 -<br>20 Inflow s from fully performing exposures 8,195 4,468 9,187 5,588<br>21 Other cash inflow s 8,556 8,556 7,058 7,058<br>22 Total cash inflows 13,024 22,412 21,392 12,646<br>23 Total liquid assets 191,107 188,741<br>24 Total net cash outflows 145,297 135,323<br>24.1 Net cash outflow s overlay 24.1 Net cash outflows overlay - 9,251<br>25 Liquidity Coverage Ratio (%) 139% 132%<br>Number of data points used Number of data points used 63 65<br>$m<br>31 December 2022 30 September 2022
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Pillar 3 report<br>Appendix I - APS330 quantitative requirements<br>Westpac Group December 2022 Pillar 3 Report	21<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>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>14<br>16<br>15<br>Table 5:<br>Securitisation exposures<br>(a)<br>(b)<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>17<br>18<br>19<br>Attachment F<br>Table 20: Liquidity<br>Coverage Ratio disclosure<br>template<br> Liquidity Coverage Ratio disclosure 20<br><br>Exchange rates<br>The following exchange rates were used in this report and reflect spot rates for the period end.<br>$ 31 December 2022 30 September 2022 31 December 2021<br>USD 0.6491 0.6778 0.7261<br>GBP 0.5841 0.5623 0.5377<br>NZD 1.1355 1.0704 1.0627<br>EUR 0.6620 0.6360 0.6411
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Pillar 3 report<br>Disclosure regarding forward-looking statements<br>22	Westpac Group December 2022 Pillar 3 Report<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.<br>Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a<br>number of places in this report and include statements regarding Westpac’s intent, belief or current expectations<br>with respect to its business and operations, macro and micro economic and market conditions, results of operations<br>and financial condition, capital adequacy and risk management, including, without limitation, future loan loss<br>provisions and financial support to certain borrowers, forecasted economic indicators and performance metric<br>outcomes, indicative drivers, climate- and other sustainability- related statements, commitments, targets, projections<br>and metrics, and other estimated and proxy data.<br>Words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’,<br> ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target,’ goal’,<br> ‘guidance’, ‘ambition’ or other similar words are used to identify forward-looking statements, or otherwise identify<br>forward-looking statements. These forward-looking statements reflect Westpac’s current views on future events and<br>are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which<br>are, in many instances, beyond Westpac’s control (and the control of Westpac’s officers, employees, agents and<br>advisors), and have been made based on management’s expectations or beliefs concerning future developments<br>and their potential effect upon Westpac.<br>Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or<br>Board in connection with this report. Such statements are subject to the same limitations, uncertainties, assumptions<br>and disclaimers set out in this report.<br>There can be no assurance that future developments or performance will align with Westpac’s expectations or that<br>the effect of future developments on Westpac will be those anticipated. Actual results could differ materially from<br>those we expect or which are expressed or implied in forward-looking statements, depending on various factors<br>including, but not limited to, those described in the section titled ‘Risk Factors’ in Westpac’s 2022 Annual Report.<br>When relying on forward-looking statements to make decisions with respect to Westpac, investors and others should<br>carefully consider such factors and other uncertainties and events.<br>Except as required by law, Westpac assumes no obligation to revise or update any forward-looking statements in<br>this report, whether from new information, future events, conditions or otherwise, after the date of this report.
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