Westpac Pillar 3 Report (September 2024)

ASX
Release


04 November 2024

Pillar 3 Report as at 30 September 2024

Westpac Banking Corporation (“Westpac”) today provides the attached Pillar 3 Report
(September 2024).









For further information:

Hayden Cooper Justin McCarthy
Group Head of Media Relations General Manager, Investor Relations
0402 393 619 0422 800 321


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



Level 18, 275 Kent Street
Sydney, NSW, 2000

PILLAR 3
REPORT
SEPTEMBER 2024
INCORPORATING THE REQUIREMENTS OF APS330
WESTPAC BANKING CORPORATION
ABN 33 007 457 141

Acknowledgement of Indigenous Peoples
Wes tpac acknowledges the First Peoples of Aus tr alia. We rec ognise
their ongoing role as Traditional Owners of the land and waters of
this country and pay our respects to Elders, past and present. We
ext end our respect to Wes tpac’s Aboriginal and Torres Str ait Islander
employees, partners, and stakeholders, and to the Indigenous Peoples
in the other locations where we operate.
In Aot earoa (New Zealand) we also acknowledge tāngata whenua and
the unique relationship that Indigenous Peoples share with all New
Zealanders under Te Tiriti o Waitangi.
2WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
Structure of Pillar 3 Report
PILLAR 3 REPORT3
Executive Summary4
Introduction7
Risk Appetite and Risk Types8
Controlling and Managing Risk9
Group Structure14
Capital Overview16
Leverage Ratio20
Credit Risk Management21
Credit Risk Exposure31
Credit Risk Mitigation59
Counterparty Credit Risk61
Securitisation64
Market Risk74
Interest Rate Risk in the Bank Book (IRRBB)79
Operational Risk81
Equity Risk83
Funding and Liquidity Risk Management84
Liquidity Coverage Ratio85
Net Stable Funding Ratio86
Remuneration88
APPENDICES94
Appendix I – Regulatory capital reconciliation95
Appendix II – Entities included in
regulatory Consolidation
102
Appendix III – Level 3 entities’ assets
and liabilities
104
Appendix IV – Regulatory expected loss105
Appendix V – APS 330
quantitative requirements
106
Appendix VI – Exchange rates109
DISCLOSURE REGARDING FORWARD-
LOOKING STATEMENTS
110
GLOSSARY112
In this report references to ‘Westpac’, ‘Westpac Group’, ‘the Group’, ‘we’, ‘us’ and ‘our’ are to Westpac Banking Corporation and its controlled entities
(unless the context indicates otherwise).
In this report, unless otherwise stated or the context otherwise requires, references to ‘$’, ‘AUD’ or ‘A$’ are to Australian dollars. References to ‘US$’,
‘USD’ or ‘US dollars’ are to United States dollars, references to ‘NZ$’, ‘NZD’ or ‘NZ dollars’ are to New Zealand dollars, references to 'GBP' are to
British Pound Sterling and references to 'EUR' are to European Euro. Refer to Appendix VI for information regarding the rates of exchange between
the Australian dollar and other currencies applied by the Group as part of its operating activities as at 30 September 2024, 31 March 2024 and
30 September 2023.
Any discrepancies between totals and sums of components in tables contained in this report are due to rounding.
In this report, unless otherwise stated, disclosures reflect the Australian Prudential Regulation Authority’s (APRA) implementation of Basel III.
Information contained in or accessible through the websites mentioned in this report does not form part of this report unless we specifically state
that it is incorporated by reference and forms part of this report. Information on those websites owned by Westpac is current as at the date of this
report. Except as required by law, we assume no obligation to revise or update those websites after the date of this report. We are not in a position
to verify information on websites owned and/or operated by third parties.
Westpac Banking Corporation ABN 33 007 457 141

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
3
PILLAR 3 REPORT
EXECUTIVE SUMMARY
INTRODUCTION
RISK APPETITE AND RISK TYPES
CONTROLLING AND MANAGING RISK
GROUP STRUCTURE
CAPITAL OVERVIEW
LEVERAGE RATIO
CREDIT RISK MANAGEMENT
CREDIT RISK EXPOSURE
CREDIT RISK MITIGATION
COUNTERPARTY CREDIT RISK
SECURITISATION
MARKET RISK
INTEREST RATE RISK IN THE BANK BOOK (IRRBB)
OPERATIONAL RISK
EQUITY RISK
FUNDING AND LIQUIDITY RISK MANAGEMENT
LIQUIDITY COVERAGE RATIO
NET STABLE FUNDING RATIO
REMUNERATION

4WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
EXECUTIVE SUMMARY
Key capital ratios
30 September31 March30 September
202420242023
Level 2 regulatory capital structure
Common equity Tier 1 (CET1) capital after deductions ($m)54,64855,76455,885
Risk weighted assets (RWA) ($m)437,430444,417451,418
CET1 capital ratio12.49%12.55%12.38%
Additional Tier 1 capital ratio2.33%2.46%2.21%
Tier 1 capital ratio14.82%15.01%14.59%
Tier 2 capital ratio6.56%6.42%5.86%
Total regulatory capital ratio21.38%21.43%20.45%
APRA leverage ratio5.30%5.49%5.50%
Level 1 regulatory capital structure
CET1 capital after deductions ($m)50,45451,99952,273
Risk weighted assets ($m)397,719406,397414,293
Level 1 CET1 capital ratio12.69%12.80%12.62%
CET1 CAPITAL RATIO MOVEMENT FOR SECOND HALF 2024
12.55%
83bps(60bps)
19bps(12bps)
(2bps)
(34bps)
12.49%
Mar-24Net profitOrdinary dividendRWA movementCapital
deductions and
other items
FX translation
impacts
Capital returnSep-24
The Level 2 CET1 capital ratio was 12.49% at 30 September 2024, 6 basis points lower than 31 March 2024. Key
movements included:
•Second Half 2024 net profit: 83 basis points increase;
•Payment of the 2024 interim ordinary dividend: 60 basis points reduction;
•RWA movement: 19 basis points increase due to non-credit RWA decrease of 38 basis points partly offset by credit
RWA increase of 19 basis points;
•Capital deductions and other items: 12 basis points decrease mainly due to other reserve movements and a higher
deduction for deferred tax assets;
•Foreign currency translation impacts: 2 basis points reduction mainly from the appreciation of the A$ against the
US$; and
•Capital return: 34 basis points reduction comprising a $0.5 billion special dividend and approximately $1.0 billion of
on market share buybacks.
The Level 1 CET1 capital ratio was 12.69% at 30 September 2024, 11 basis points lower than 31 March 2024 with
movements in line with Level 2.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
5
Risk Weighted Assets (RWA)
30 September31 March30 September
$m202420242023
Risk weighted assets at Level 2
Credit risk345,964339,741339,758
Market risk9,55511,25111,538
Operational risk48,19654,93455,175
Interest rate risk in the banking book (IRRBB)27,95533,59940,138
Other5,7604,8924,809
Total RWA437,430444,417451,418
Total Exposure at Default1,182,0861,177,9711,173,867
Total RWA decreased by 1.6% to $437.4 billion over the half largely due to the decrease in non-credit RWA.
Credit RWA increased by 1.8% or $6.2 billion. Key movements included:
•A $4.8 billion increase from higher lending primarily in Large Corporate, Property Finance and Business Lending;
•A $5.1 billion increase due to deterioration in credit metrics mainly from an increase in delinquencies in Residential
Mortgages and New Zealand exposures;
•A $3.2 billion decrease from data refinements mainly related to Residential Mortgages, Large Corporate and
Corporate exposures; and
•A $0.5 billion decrease from foreign currency translation impacts, predominantly the appreciation of the A$ against
the US$.
Non-credit RWA were $13.2 billion lower. Key movements included:
•IRRBB RWA: $5.6 billion decrease mainly due to:
–A decrease of $8.8 billion due to lower interest rates and a revised IRRBB model, resulting in an embedded gain of
$1.3 billion for 30 September 2024 compared to a $7.5 billion loss in 31 March 2024; and
–A $3.2 billion increase in repricing and yield curve, basis and optionality risk in line with underlying banking
book positions.
•Operational RWA: $6.7 billion decrease mainly driven by a reduction in the APRA capital overlay; and
•Market RWA: $1.7 billion decrease due to reduced market volatility in the one-year historical VaR window as market
events rolled out of the observation period, a decrease in Stressed Value at Risk (SVaR) from lower market risk
exposures and a reduction in the Risks not in VaR (RNIV) add-on.

6WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
EXECUTIVE SUMMARY
Exposure at Default
Exposure at Default (EAD) increased by $4.1 billion over the half. Key movements included:
•A $21.6 billion increase from higher lending, mainly in Residential Mortgages, Large Corporate and Property Finance;
•A $16.1 billion decrease in Sovereign exposures, mainly driven by a reduction in funds placed with central banks as
Term Funding Facility (TFF) drawdowns matured, partly offset by higher government bond holdings; and
•A $2.3 billion decrease from foreign currency translation impacts, predominantly the appreciation of the A$ against
the US$.
Additional Tier 1 (AT1) and Tier 2 capital movement for Second Half 2024
During the half, Westpac redeemed $0.6 billion of Additional Tier 1 capital instruments. The impact of these transactions
was a decrease in the Tier 1 capital ratio of approximately 14 basis points. There were no Tier 1 capital instruments issued.
Westpac issued $2.75 billion of Tier 2 capital instruments and redeemed $1.35 billion over the half. The net impact of
these transactions was an increase in the total regulatory capital ratio of approximately 32 basis points.
Domestic systemically important banks (D-SIBs), including Westpac, have a total capital requirement of 18.25% from
1 January 2026. Westpac's total regulatory capital ratio was 21.38% at 30 September 2024.
Leverage ratio
The leverage ratio represents the amount of Tier 1 capital relative to exposure
1
. At 30 September 2024, the leverage ratio
was 5.30%, down 19 basis point from 31 March 2024, and above APRA's regulatory minimum requirement of 3.5%. The
decrease in the leverage ratio is mainly due to lower Tier 1 regulatory capital as a result of the on market share buybacks
completed during the year.
Liquidity Coverage Ratio (LCR)
Westpac’s average LCR for the quarter ended 30 September 2024 was 133% (30 June 2024: 130%), well above the
regulatory minimum of 100%. The increase in the ratio was mainly due to lower average Net Cash Outflows (NCO).
Net Stable Funding Ratio (NSFR)
Westpac had an NSFR of 112% as of 30 September 2024 (30 June 2024: 113%) and continues to be above the regulatory
minimum of 100%. The slight decrease in the ratio was mainly due to an increase in required stable funding.
1.
As defined under Attachment D of APS 110: Capital Adequacy.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
7
INTRODUCTION
Westpac Banking Corporation is an Authorised Deposit-taking Institution (ADI) subject to regulation by APRA. APRA
has accredited Westpac to apply advanced models permitted by the Basel III global capital adequacy regime to the
measurement of its regulatory capital requirements. Westpac uses the Advanced Internal Ratings-Based approach
(Advanced IRB) for credit risk and the Standardised Measurement Approach (SMA) for operational risk.
In accordance with APS 330 Public Disclosure, financial institutions that have received the Advanced IRB accreditation,
such as Westpac, are required to disclose prudential information about their risk management practices on a
semi-annual basis. A subset of this information must be disclosed quarterly.
This report describes Westpac’s risk management practices and presents the prudential assessment of Westpac’s capital
adequacy as at 30 September 2024.
In addition to this report, the regulatory disclosures section of the Westpac website
1
contains the reporting
requirements for:
•Capital instruments under Attachment B of APS 330; and
•The identification of potential Global-Systemically Important Banks (G-SIB) under Attachment H of APS 330
(disclosed annually).
Capital instruments disclosures are updated when:
•A new capital instrument is issued that will form part of regulatory capital; or
•A capital instrument is redeemed, converted into CET1 capital, written off, or its terms and conditions are changed.
1.
http://www.westpac.com.au/about-westpac/investor-centre/financial-information/regulatory-disclosures/

8WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
RISK APPETITE AND RISK TYPES
Westpac’s appetite for risk is informed by our strategic objectives and business plans, regulatory rules and ratios, and
the potential for adverse outcomes that may result in material impacts on our customers, our people, our reputation, our
regulatory relationships and/or our financial position including the potential for capital and liquidity ratios to fall below
target levels in stressed scenarios.
Westpac distinguishes between different types of risk and takes an integrated approach toward identifying, assessing,
and managing risks. The Risk Management Framework, which includes the Risk Management Strategy and Board Risk
Appetite Statement, together with monitoring and controls are key to identifying and managing risk.
Overview of key risk types:
•risk culture – the risk that our culture does not promote and reinforce behavioural expectations and structures to
identify, understand, discuss and act on risks;
•strategic risk – the risk that Westpac makes inappropriate strategic choices, does not implement its strategies
successfully, or does not respond effectively to changes in the environment;
•capital adequacy risk – the risk that Westpac has an inadequate level or composition of capital to support
its normal business activities and to meet its regulatory capital requirements under both normal or stressed
operating environments;
•funding and liquidity risk – the risk that Westpac cannot meet its payment obligations or that it does not have the
appropriate amount, tenor and composition of funding and liquidity to support its assets;
•credit risk – the risk of financial loss where a customer or counterparty fails to meet their financial obligations
to Westpac;
•market risk – the risk of an adverse impact on Westpac’s financial performance or financial position resulting from
changes in market factors, such as foreign exchange rates, commodity prices, equity prices, credit spreads and
interest rates. This includes interest rate risk in the banking book, which is the risk of loss in earnings or economic
value in the banking book as a consequence of movements in interest rates;
•operational risk – the risk of loss resulting from inadequate or failed internal processes, people and systems or from
external events;
•cyber risk – the risk that Westpac or its third parties’ data or technology are inappropriately accessed, manipulated,
or damaged from cyber threats or vulnerabilities;
•compliance and conduct risk – the risk of failing to abide by compliance obligations required of us or otherwise failing
to have behaviours and practices that deliver suitable, fair, and clear outcomes for our customers and that support
market integrity;
•reputational and sustainability risk − the risk of failing to recognise or address environmental, social or governance
issues and the risk that an action, inaction, transaction, investment, or event will reduce trust in Westpac’s integrity
and competence by clients, counterparties, investors, regulators, employees, or the public; and
•financial crime risk – the risk that Westpac fails to prevent financial crime and comply with applicable global financial
crime regulatory obligations.
We have put in place a risk management framework that seeks to:
•achieve Westpac’s purpose of creating better futures together;
•deliver fair outcomes for our customers and counterparties that support market integrity;
•protect Westpac’s depositors and investors by maintaining a balance sheet with sound credit quality and buffers over
regulatory minimums;
•manage risk within risk appetite;
•make Westpac resilient to operational risks and disruptions, and manage the risks arising from service providers;
•ensure appropriate reward for risk we take aligned to our purpose, values and behaviours; and
•meet our regulatory and statutory obligations.
The Board Risk Appetite Statement, Risk Management Framework, and Risk Management Strategy are reviewed annually
by the Board Risk Committee. This review includes consideration of whether the framework continues to be sound,
and that Westpac is operating with due regard to risk appetite. The Board Risk Appetite Statement, Risk Management
Framework, and Risk Management Strategy were approved by the Board during the 12 months to 30 September 2024.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
9
CONTROLLING AND MANAGING RISK
Roles and responsibilities
We have adopted and continue to embed a Three Lines of Defence model which is designed to enable all our people to
understand their own role and responsibilities in the active management of risk.
First Line
First Line under the Three Lines of Defence Model refers to all Divisions and Functions excluding the Risk and Audit
functions. The First Line proactively identifies, evaluates, owns, monitors, manages and controls the existing and
emerging risks in their business. It manages business activities within approved risk appetite and policies. In managing its
risk, the First Line establishes and maintains appropriate governance structures, controls, resources and self-assessment
processes, including issue identification, recording and escalation procedures.
Second Line
Second Line under the Three Lines of Defence Model refers to the Risk Function. It is an independent function that
develops risk management frameworks, defines guardrails, provides objective review and challenge regarding the
effectiveness of risk management within the First Line business, and executes specific risk management activities where
functional independence and/or specific risk capability is required. Its approach is risk-based and proportionate to First
Line activities.
Third Line
Group Audit is the Third Line assurance function that provides the Board and Senior Executive with independent
and objective evaluation of the adequacy and effectiveness of the Group’s governance, risk management and
internal controls.
Risk management governance structure as at 30 September 2024
Board•approves the overall risk management framework for managing financial and non-financial risks,
as well as Westpac’s Risk Management Framework, Risk Management Strategy and Board Risk
Appetite Statement, and monitors the effectiveness of risk management by Westpac;
•forms a view of Westpac’s risk culture and oversees the identification of, and steps taken to
address, any changes to risk culture;
•approves the Internal Capital Adequacy Assessment Process (ICAAP), including reviewing Group
stress testing scenarios/outcomes, and approves recovery and exit plans and resolution plans; and
•makes its annual declaration to APRA on risk management in accordance with APRA prudential
standard CPS 220 Risk Management.

10WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CONTROLLING AND MANAGING RISK
Risk management governance structure as at 30 September 2024
Board Risk
Committee
(BRiskC)
From the perspective of specific types of risk, the BRiskC’s role includes reviewing and approving risk
management frameworks and material supporting policies and limits as required, and in addition:
•credit risk – reviewing and approving Westpac’s Credit Risk Management Strategy and Credit Risk
Appetite Statement, noting credit provisioning levels, and monitoring the risk profile, performance,
and management of our credit portfolio;
•funding and liquidity risk – reviewing and approving Westpac’s annual funding strategy and
liquidity targets and limits, reviewing and recommending recovery and exit plans and resolution
plans to the Board for approval, and monitoring the liquidity position and requirements;
•capital adequacy risk – reviewing and recommending the ICAAP to the Board for approval
including target capital ranges (where appropriate) and reviewing and monitoring capital levels
for consistency with the Board Risk Appetite Statement;
•market risk – reviewing Westpac’s trading and non-trading market risk profiles and their respective
exposure against limits;
•non-financial risks, including operational risk, compliance and conduct risk, cyber risk, financial
crime risk, and reputational and sustainability risk, and monitoring the performance of risk class
management and controls; and
•risk culture – forming a view on Westpac’s risk culture and the extent to which it supports our
ability to operate consistently within Westpac’s Risk Management Framework and Board Risk
Appetite Statement, and overseeing the identification of, and steps taken to address, any desirable
changes to risk culture.
The Board Risk Committee also:
•reviews the Westpac Group stress testing results, monitors management response and, together
with the Board provides recommendations for future scenarios;
•provides relevant periodic assurances and reports (as appropriate) to the Board Audit Committee;
•refers or recommends to the Board and any other Board Committees (as appropriate) any matters
that have come to the attention of the Board Risk Committee that are relevant for the Board or the
respective Board Committee; and
•in its capacity as the Westpac Group’s US Risk Committee, oversees the key risks, risk management
framework and policies of Westpac’s US operations.
Assists the Board to:
•consider and approve Westpac’s overall risk management framework for managing financial and
non-financial risks;
•oversee risk culture across Westpac;
•oversee Westpac’s risk profile and set risk appetite for material risks;
•review and approve the Westpac Group Risk Management Framework, Risk Management Strategy
and Board Risk Appetite Statement;
•make its annual declaration to APRA on risk management under APRA prudential standard
CPS 220 Risk Management; and
•oversee compliance risk management within Westpac.
The Committee is also responsible for:
•reviewing and monitoring Westpac’s risk profile and controls for consistency with the Board Risk
Appetite Statement;
•reviewing and recommending recovery and exit plans and resolution plans to the Board
for approval;
•reviewing and approving the limits and conditions that apply to the delegated credit risk
approval authorities;
•monitoring changes anticipated for the economic and business environment including
consideration of emerging risks and other factors considered relevant to risk profile and
risk appetite;
•reviewing and where appropriate approving risks beyond the approval discretion provided to
management; and
•overseeing material legal and regulatory change relevant to Westpac and the management of
material litigation and regulatory investigations and associated remediation activities.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
11
Risk management governance structure as at 30 September 2024
Board
Committees
with a Risk
Focus
Board Audit Committee (BAC)
Assists the Board by overseeing the:
•integrity of financial statements and financial reporting systems of Westpac and its related
bodies corporate;
•external audit engagement, including the external auditor’s qualifications, performance,
independence and fees;
•performance of the internal audit function; and
•integrity of the Group’s corporate reporting including Westpac’s financial reporting and
compliance with prudential regulatory reporting and professional accounting requirements.
Board Remuneration Committee (BRemC)
•the Board Remuneration Committee assists the Board to discharge its responsibility by overseeing
the design, operation and monitoring of the remuneration framework.
•the Board Remuneration Committee seeks feedback from and considers matters raised by
other Board Committees (as appropriate) with respect to remuneration outcomes, adjustments
to remuneration in light of relevant matters and alignment of remuneration with the risk
management framework.
•cross membership of the Board Remuneration Committee and the Board Risk Committee also
supports alignment between risk management and remuneration.
•independent input is received from the Chief Risk Officer on risk, compliance and conduct matters
that may need to be considered in remuneration outcomes.
Executive
Team
Westpac Executive Team
•executes the Board-approved strategy;
•delivers Westpac’s various strategic and performance goals within the approved risk appetite; and
•endorse climate change and human rights position statements for approval by the Board. All other
position statements on sustainability issues are approved by the CEO.
Executive
risk
committees
Westpac Group Executive Risk Committee (RISKCO)
•informs the CEO, Chief Risk Officer and other accountable individuals in making risk-related
decisions in respect of the Group;
•informs attendees in making material decisions in their area of responsibility, with due
consideration of Westpac’s risk profile and risk culture;
•reviews and provides input on Westpac’s Risk Management Framework and Risk Management
Strategy for approval by the Board;
•oversees the implementation and performance of the Risk Management Framework and the Risk
Management Strategy as well as required controls and actions;
•reviews and provides input on risk management frameworks and material supporting policies,
as required;
•reviews and discusses the measures and thresholds in the Board Risk Appetite Statement for
approval by the Board, and monitors Westpac’s risk profile against its risk appetite measures
and thresholds;
•monitors the Group’s risk culture, its alignment to risk appetite and related actions;
•reviews and notes emerging risks and oversees the adequacy of Westpac’s response; and
•reviews and discusses annual stress testing scenarios and outcomes, the ICAAP and the Group's
Recovery and Exit Plan.
Westpac Group Asset & Liability Committee (ALCO)
•oversees the balance sheet risk profile, including funding and liquidity risk, capital adequacy risk
and interest rate risk in the banking book;
•reviews the level and quality of capital, liquidity and funding to ensure that it is commensurate with
Westpac’s risk profile, business strategy and risk appetite;
•facilitates the optimisation of funding allocation across Westpac;
•oversees the Liquidity Risk Management Framework, Capital Adequacy Risk Management
Framework and key supporting policies; and
•identifies emerging funding, liquidity, and interest rate risk in the banking book risks and oversees
actions to respond as appropriate.

12WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CONTROLLING AND MANAGING RISK
Risk management governance structure as at 30 September 2024
Executive
risk
committees
(continued)
Westpac Group Credit Risk Committee (CREDCO)
•reviews and provides input on the Credit Risk Management Framework, Credit Risk Management
Strategy, Credit Risk Appetite Statement, and key supporting policies and limits;
•oversees Westpac’s credit risk profile against the Board Risk Appetite Statement and thresholds
and reviews and monitors Westpac’s credit risks that are outside of risk appetite or approaching
tolerance limits and monitors remediation plans and actions;
•reviews reporting from the Climate Change Credit Risk Committee on the potential impact on
credit exposures from climate-related transition and physical risks; and
•analyses emerging credit risks and implications of changes in the regulatory and external
environment on the Group credit risk exposures, and reviews business activity with material credit
risk-related impacts.
Westpac Group Market Risk Committee (MARCO)
•reviews and provides input on the Market Risk Management Framework and key market risk
management policies;
•reviews and provides input on policies and limits for managing traded and non-traded market
risk; and
•monitors Westpac’s market risk profile, appetite and exposures.
Westpac Group Operational Risk, Compliance and Resilience Committee
•reviews and provides input on the Operational Risk Management Framework, the Cyber Risk
Management Framework and the Compliance and Conduct Risk Management Framework, and key
supporting policies;
•oversees Westpac’s operational risk, cyber risk, and compliance and conduct risk profiles;
•analyses emerging operational, cyber, compliance and conduct risks;
•reviews the Group-wide operational risk scenarios for exposure to high-severity loss events; and
•reviews and monitors the Group's artificial intelligence risks.
Westpac Group Remuneration Oversight Committee
•supports the BRemC and the Board in fulfilling their responsibility to oversee the design, operation
and monitoring of the remuneration framework.
Model Risk Committee
•oversees the operational effectiveness of the Group Model Risk Policy and key
supporting artefacts;
•monitors the model risk profile and material model risk exposures, taking into account the
regulatory and external environment;
•oversees approvals for significant changes to Westpac’s material models; and
•oversees material model risk matters raised by associated committees.
Stress Testing Committee
•reviews and provides input on the Westpac Group Stress Testing Policy, stress testing results and
mitigating actions;
•reviews and monitors the effectiveness of Westpac’s Group stress-testing framework; and
•oversees the generation and selection of Group stress testing scenarios, with reference to
emerging risks.
Westpac Group Financial Crime Risk Committee
•reviews and provides input on Westpac’s Financial Crime risk appetite measures for inclusion in the
Board Risk Appetite Statement;
•reviews and provides input on the Financial Crime Risk Management Framework, key supporting
policies, programs and standards;
•reviews regular reporting on Westpac’s aggregate Financial Crime risk exposures, regulatory
matters and measures; and
•analyses emerging financial crime risks developments and implications of changes in the
regulatory and external environment.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
13
Risk management governance structure as at 30 September 2024
Risk
Function
Risk Function
•promotes a strong risk culture and the ‘Voice of Risk’ across the Three Lines of Defence;
•owns the design and content of the Risk Management Framework;
•defines the structure and coverage of risk appetite;
•defines the annual Risk Management Strategy to execute the Risk Management Framework
ensuring that the management of risks is in alignment with risk appetite and business strategy;
•establishes risk policies, procedures and limits;
•measures and reports on risk levels; and
•provides oversight of and direction on the management of risks, including Compliance and
Conduct and Financial Crime risks.
Independent
internal
review
Group Audit
•provides the Board, relevant Board Committees and Senior Executive with independent and
objective evaluation of the Group’s governance, risk management and internal controls.
Divisional
business
units and
functions
Business units and functions
•responsible for identifying, evaluating, owning, monitoring, managing and controlling the existing
and emerging risks in their business, and managing business activities within approved risk
appetite and policies; and
•establish and maintain appropriate governance structures, controls, resources and self-assessment
processes, including issue identification, recording and escalation procedures.

14WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
GROUP STRUCTURE
APRA applies a tiered approach to measuring Westpac’s capital adequacy
1
by assessing financial strength at three levels:
•Level 1, comprising Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as
being part of a single ‘Extended Licensed Entity’ (ELE) for the purposes of measuring capital adequacy;
•Level 2, the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities
specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation; and
•Level 3, the consolidation of Westpac Banking Corporation and all its subsidiary entities.
Unless otherwise specified, all quantitative disclosures in this report refer to the prudential assessment of Westpac’s
financial strength on a Level 2 basis
2
. Refer to Appendix II for a list of entities included in the regulatory consolidation for
the purposes of measuring capital adequacy at Level 1 and Level 2.
The Westpac Group
The following diagram shows the Level 3 conglomerate group and illustrates the different tiers of regulatory
consolidation.
Accounting consolidation
3
The consolidated financial statements incorporate the assets and liabilities of all entities (including structured entities)
controlled by Westpac. Westpac and its subsidiaries are referred to collectively as the ‘Group’. The effects of all
transactions between entities in the Group are eliminated on consolidation. Control exists when the parent entity is
exposed to, or has rights to, variable returns from its involvement with an entity, and has the ability to affect those
returns through its power over that entity. Subsidiaries are fully consolidated from the date on which control commences
and they are no longer consolidated from the date that control ceases.
Group entities excluded from the regulatory consolidation at Level 2
Regulatory consolidation at Level 2 covers the global operations of Westpac and its subsidiary entities, including other
controlled banking, securities and financial entities, except for those entities involved in the following business activities:
•insurance;
•acting as manager, responsible entity, approved trustee, trustee or similar role in relation to funds management;
•non-financial (commercial) operations; or
•special purpose entities to which assets have been transferred in accordance with the requirements of APS
120 Securitisation.
Retained earnings and equity investments in subsidiary entities excluded from the consolidation at Level 2 are deducted
from capital, with the exception of securitisation special purpose entities.
1.
APS 110 Capital Adequacy outlines the overall framework adopted by APRA for the purpose of assessing the capital adequacy of an ADI.
2.Impaired assets and provisions held in Level 3 entities are excluded from the tables in this report.
3.Refer to Note 29 of Westpac’s 2024 Annual Report for further details.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
15
Subsidiary banking entities
Westpac New Zealand Limited (WNZL), a wholly owned subsidiary entity, is a registered bank incorporated in
New Zealand and regulated by, among others, the Reserve Bank of New Zealand (RBNZ) for prudential purposes.
WNZL uses both the Advanced IRB and Standardised methodologies for credit risk, and the SMA for operational risk.
Other subsidiary banking entities in the Group include Westpac Bank-PNG-Limited and Westpac Europe GMBH. For the
purposes of determining Westpac’s capital adequacy, subsidiary banking entities are consolidated at Level 2.
Branch operations
Westpac is one of Australia's leading providers of banking and selected financial services, operating under multiple
brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North America and Asia.
Westpac operates through a significant online capability supported by an extensive branch and ATM network, call
centres and specialist relationship and product managers.
Restrictions and major impediments on the transfer of funds or regulatory capital within the Group
Certain subsidiary banking and trustee entities are subject to specific and local prudential regulation in their own right,
including capital adequacy requirements and investment or intra-group exposure limits. Westpac seeks to ensure that its
subsidiary entities are adequately capitalised and adhere to regulatory requirements at all times. Dividends and capital
are repatriated in line with the Group’s policy subject to subsidiary Board approval and local regulations.
Minimum capital (‘thin capitalisation’) rules
Tax legislation in most jurisdictions in which the Group operates prescribes minimum levels of capital that must be
retained in that jurisdiction to avoid a portion of the interest costs incurred in the jurisdiction ceasing to be tax
deductible. Capital for these purposes includes both contributed capital and non-distributed retained earnings. Westpac
seeks to maintain sufficient capital and/or retained earnings in these entities to comply with these rules.
Tax costs associated with repatriation
Repatriation of retained earnings (and capital) may result in tax being payable in either the jurisdiction from
which the repatriation occurs or Australia on receipt of the relevant amounts. This cost would reduce the amount
actually repatriated.
Intra-group exposure limits
Exposures to related entities are managed within the prudential limits prescribed by APRA in APS 222 Associations with
Related Entities
1
. Westpac has an internal limit structure and approval process governing credit exposures to related
entities. This limit structure and approval process, combined with APRA’s prudential limits, is designed to reduce the
potential for unacceptable contagion risk.
RBNZ capital review
2
The RBNZ capital adequacy framework became effective from 1 July 2022. The reforms commenced being phased in
from 1 October 2021, with changes yet to be fully implemented including:
•WNZL Tier 1 capital requirement will increase to 16% of RWA by 1 July 2028, of which 13.5% must be CET1 and up to
2.5% may be AT1;
•WNZL’s total capital requirement will increase to 18% of RWA by 1 July 2028, of which up to 2% can be Tier 2
capital; and
•Eligible Tier 1 capital will comprise common equity and redeemable perpetual preference shares. Existing AT1 capital
instruments will be phased out by 1 July 2028.
1.
For the purposes of APS 222, subsidiaries controlled by Westpac, other than subsidiaries that form part of the ELE, represent ‘related entities’.
Prudential and internal limits apply to intra-group exposures between the ELE and related entities, both on an individual and aggregate basis.
2.WNZL’s references to CET1, AT1 and other capital measures may not align with the Australian definition in the Glossary as they are subject to
RBNZ’s requirements.

16WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CAPITAL OVERVIEW
Capital structure
This table shows Westpac’s capital resources on a Level 2 basis under APS 111 Capital Adequacy: Measurement of Capital.
30 September31 March30 September
$m202420242023
Tier 1 capital
CET1 capital
Paid up ordinary capital37,95838,94439,826
Treasury shares(815)(815)(759)
Equity based remuneration2,0281,9941,929
Foreign currency translation reserve(471)(332)(171)
Accumulated other comprehensive income(617)(238)(221)
Non-controlling interests - other83844
Retained earnings32,77332,17931,436
Less retained earnings in life and general insurance, funds management and
securitisation entities
(357)(399)(369)
Deferred fees350305334
Total CET1 capital70,85771,67672,049
Deductions from CET1 capital
Goodwill (excluding funds management entities)(7,922)(7,901)(7,940)
Deferred tax assets(2,377)(2,186)(2,144)
Goodwill in life and general insurance, funds management and
securitisation entities(149)(149)(149)
Capitalised expenditure(2,349)(2,333)(2,375)
Capitalised software(2,668)(2,658)(2,797)
Investments in subsidiaries not consolidated for regulatory purposes(154)(136)(76)
Securitisation(9)(16)(16)
Defined benefit superannuation fund surplus(215)(146)(217)
Equity investments(235)(234)(228)
Regulatory adjustments to fair value positions(131)(153)(222)
Total deductions from CET1 capital(16,209)(15,912)(16,164)
Total CET1 capital after deductions54,64855,76455,885
Additional Tier 1 capital
Basel III complying instruments10,22510,95610,037
Total Additional Tier 1 capital10,22510,95610,037
Deductions from Additional Tier 1 capital
Holdings of own and other financial institutions Additional Tier 1
capital instruments(30)(26)(46)
Total deductions from Additional Tier 1 capital(30)(26)(46)
Net Additional Tier 1 regulatory capital10,19510,9309,991
Net Tier 1 regulatory capital64,84366,69465,876
Tier 2 capital
Basel III complying instruments28,29328,06725,740
Eligible general reserve for credit loss7708961,051
Total Tier 2 capital29,06328,96326,791
Deductions from Tier 2 capital
Holdings of own and other financial institutions Tier 2 capital instruments(368)(410)(370)
Total deductions from Tier 2 capital(368)(410)(370)
Net Tier 2 regulatory capital28,69528,55326,421
Total regulatory capital93,53895,24792,297

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
17
Capital management strategy
The capital management strategy is reviewed on an ongoing basis, including through an annual Internal Capital
Adequacy Assessment Process. Key considerations include:
•Regulatory capital minimums together with the capital conservation buffer and countercyclical capital buffer
comprise the Total CET1 Requirement. The Total CET1 Requirement for D-SIBs, including Westpac, is at least 10.25%
1
;
•Strategy, business mix and operations and contingency plans;
•Perspectives of external stakeholders including rating agencies as well as equity and debt investors; and
•A stress testing framework that tests our resilience under a range of adverse economic scenarios.
The Board has determined a target CET1 capital operating range of between 11.0% and 11.5%, in normal
operating conditions.
Westpac’s capital adequacy ratios
30 September31 March30 September
%202420242023
The Westpac Group at Level 2
CET1 capital ratio12.4912.5512.38
Additional Tier 1 capital ratio2.332.462.21
Tier 1 capital ratio14.8215.0114.59
Tier 2 capital ratio6.566.425.86
Total regulatory capital ratio21.3821.4320.45
The Westpac Group at Level 1
CET1 capital ratio12.6912.8012.62
Additional Tier 1 capital ratio2.562.682.42
Tier 1 capital ratio15.2515.4815.04
Tier 2 capital ratio7.287.116.44
Total regulatory capital ratio22.5322.5921.48
Westpac New Zealand Limited’s capital adequacy ratios
30 September31 March30 September
%202420242023
Westpac New Zealand Limited
CET1 capital ratio11.7711.3711.10
Additional Tier 1 capital ratio2.672.141.62
Tier 1 capital ratio14.4413.5112.72
Tier 2 capital ratio1.711.721.73
Total regulatory capital ratio16.1515.2314.45
Westpac New Zealand capital ratios are reported in accordance with RBNZ requirements.
1.
Noting that APRA may apply higher CET1 requirements for an individual ADI.

18WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CAPITAL OVERVIEW
This table shows risk weighted assets for each risk type included in the regulatory assessment of Westpac’s capital
adequacy. Westpac’s approach to managing each risk type, and more detailed disclosures on the prudential assessment
of capital requirements, are presented in the following sections of this report.
$m
IRB
Approach
a
FIRB
Approach
b
Standardised
Approach
c
Total Risk
Weighted
Assets
30 September 2024
Credit risk
Corporate25,976-1,20527,181
Business Lending25,033-23925,272
Property Finance32,196--32,196
Large Corporate-21,035-21,035
Sovereign-2,0471,3463,393
Financial Institutions-13,6948213,776
Residential Mortgages116,228-15,762131,990
Australian Credit Cards3,565--3,565
Other Retail3,995-4004,395
Small Business17,123-12017,243
Specialised Lending3,695-4654,160
Securitisation7,821--7,821
New Zealand45,803-2,33948,142
Credit valuation adjustment--5,7955,795
Total Credit risk281,43536,77627,753345,964
Market risk9,555
Operational risk48,196
Interest rate risk in the banking book27,955
Other
d
5,760
Total437,430
a.IRB approaches excluding Foundation IRB (FIRB). Refer page 23 for a summary of approach by asset class.
b.Under FIRB, an ADI must provide its own estimates of probability of default (PD) and maturity and rely on supervisory estimates of loss given
default (LGD) and EAD.
c.Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.
d.Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
19
$m
IRB
Approach
a
FIRB
Approach
b
Standardised
Approach
c
Total Risk
Weighted
Assets
31 March 2024
Credit risk
Corporate25,269-1,23026,499
Business Lending23,426-22923,655
Property Finance30,386--30,386
Large Corporate-20,558-20,558
Sovereign-1,9191,6043,523
Financial Institutions-13,0887313,161
Residential Mortgages115,918-16,786132,704
Australian Credit Cards3,789--3,789
Other Retail4,259-4244,683
Small Business17,378-11817,496
Specialised Lending3,276-4573,733
Securitisation7,317--7,317
New Zealand44,184-2,30646,490
Credit valuation adjustment--5,7475,747
Total Credit risk275,20235,56528,974339,741
Market risk11,251
Operational risk54,934
Interest rate risk in the banking book33,599
Other
d
4,892
Total444,417
30 September 2023
Credit risk
Corporate24,818-65625,474
Business Lending23,860-22324,083
Property Finance30,416--30,416
Large Corporate-20,570-20,570
Sovereign-2,1431,8053,948
Financial Institutions-13,4577113,528
Residential Mortgages112,948-19,290132,238
Australian Credit Cards3,712--3,712
Other Retail4,607-4255,032
Small Business17,040-12517,165
Specialised Lending3,065-4663,531
Securitisation7,661--7,661
New Zealand44,350-2,29846,648
Credit valuation adjustment--5,7525,752
Total Credit risk272,47736,17031,111339,758
Market risk11,538
Operational risk55,175
Interest rate risk in the banking book40,138
Other
d
4,809
Total451,418
a.IRB approaches excluding Foundation IRB (FIRB). Refer page 23 for a summary of approach by asset class.
b.Under FIRB, an ADI must provide its own estimates of PD and maturity and rely on supervisory estimates of LGD and EAD.
c.Westpac’s standardised risk weighted assets are categorised based on their equivalent IRB categories.
d.Other assets include cash items, unsettled transactions, fixed assets and other non-interest earning assets.

20WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
LEVERAGE RATIO
Leverage Ratio
The following table summarises Westpac’s leverage ratio.
$ billion30 Sept 202430 June 202431 Mar 202431 Dec 2023
Net Tier 1 Regulatory Capital64.864.966.765.3
Total Exposures1,222.91,207.11,214.91,207.4
Leverage ratio5.30%5.38%5.49%5.41%
Leverage ratio disclosure
$m
30 September 2024
On-balance sheet exposures
1On-balance sheet items (excluding derivatives and securities financing transactions (SFTs), but including collateral)1,058,409
2Asset amounts deducted in determining Tier 1 capital(16,209)
3Total on-balance sheet exposures (excluding derivatives and SFTs) (sum of rows 1 and 2)1,042,200
Derivative exposures
4Replacement cost associated with all derivatives transactions (i.e. net of eligible cash variation margin)7,036
5Add-on amounts for potential future credit exposure (PFCE) associated with all derivatives transactions25,334
6Gross-up for derivatives collateral provided where deducted from the balance sheet assets pursuant to the
Australian Accounting Standards
3,227
7Deductions of receivables assets for cash variation margin provided in derivatives transactions(5,343)
8Exempted central counterparty (CCP) leg of client-cleared trade exposures-
9Adjusted effective notional amount of written credit derivatives4,021
10Adjusted effective notional offsets and add-on deductions for written credit derivatives(4,021)
11Total derivative exposures (sum of rows 4 to 10)30,254
SFT exposures
12Gross SFT assets (with no recognition of netting), after adjusting for sales accounting transactions43,954
13Netted amounts of cash payables and cash receivables of gross SFT assets-
14Counterparty credit risk exposure for SFT assets1,484
15Agent transaction exposures-
16Total SFT exposures (sum of rows 12 to 15)45,438
Other off-balance sheet exposures
17Off-balance sheet exposure at gross notional amount217,505
18Adjustments for conversion to credit equivalent amounts(112,447)
19Other off-balance sheet exposures (sum of rows 17 and 18)105,058
Capital and total exposures
20Net Tier 1 Regulatory Capital64,843
21Total exposures (sum of rows 3, 11, 16 and 19)1,222,950
Leverage ratio %
22Leverage ratio5.30%
Summary comparison of total consolidated assets to leverage ratio exposure measure
$m30 September 2024
1Total consolidated assets disclosed in 2024 Annual Financial Report1,077,544
2Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for
accounting purposes but outside the scope of regulatory consolidation
(183)
3Adjustment for assets held on the balance sheet in a fiduciary capacity pursuant to the Australian Accounting
Standards but excluded from the leverage ratio exposure measure
-
4Adjustments for derivative financial instruments6,145
5Adjustment for SFTs (i.e. repos and similar secured lending)27,447
6Adjustment for off-balance sheet exposures (i.e. conversion to credit equivalent amounts of off-balance
sheet exposures)
105,058
7Other adjustments6,939
8Leverage ratio exposure1,222,950

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
21
CREDIT RISK MANAGEMENT
Credit risk is the risk of financial loss where a customer or counterparty fails to meet their financial obligations
to Westpac.
Credit Risk Management Framework and policies
Westpac maintains a credit risk management framework and supporting policies that clearly define roles and
responsibilities, acceptable practices, limits and key controls.
The Credit Risk Management Framework describes the principles, methodologies, systems, roles and responsibilities,
reports and controls that exist for managing credit risk in Westpac. The Credit Risk Rating System policy describes the
credit risk rating system philosophy, design, key features, roles and responsibilities and uses of rating outcomes.
Concentration risk policies cover individual counterparties, specific industries (e.g. property) and individual countries. In
addition, we have policies covering risk appetite statements, environmental, social and governance risk, credit risks and
the delegation of credit approval authorities.
At the divisional level, credit policies and standards embed the Group’s framework requirements. Policies and standards
cover the origination, evaluation, approval, documentation, settlement and on-going management of credit risks, and
sector policies to guide the extension of credit where industry-specific guidelines are considered necessary.
Credit approval limits represent the formal delegation of credit approval authority to responsible individuals throughout
the organisation.
Structure and organisation
The Chief Risk Officer is responsible for the effectiveness of overall risk management throughout Westpac, including
credit risk. The Group Chief Credit Officer is responsible for the effectiveness of credit risk management, including
credit approval decisioning beyond business authority level and appointing our most senior Authorised Credit Officers.
Authorised Credit Officers have delegated authority to approve credit risk exposures, including customer risk grades,
other credit parameters and their ongoing review. Our largest exposures are approved by our most experienced
Authorised Credit Officers. Management is responsible for managing credit risks originated in their business and for
managing risk adjusted returns from their business credit portfolios, within the approved risk appetite, risk management
framework and policies.
Approach
Westpac adopts two approaches to managing credit risk depending upon the nature of the customer and the product.
Transaction-managed approach
For larger customers, Westpac evaluates credit requests by undertaking detailed individual customer and transaction
risk analysis (the ‘transaction-managed’ approach). Such customers are assigned a customer risk grade (CRG)
representing Westpac’s estimate of their probability of default (PD). Each facility is assigned a loss given default (LGD).
The Westpac credit risk rating system has 20 risk grades for non-defaulted customers and 8 risk grades for defaulted
customers. Non-defaulted CRGs down to the level of normally acceptable risk (i.e. D grade – see table below) are
mapped to Moody’s external senior unsecured ratings. This mapping allows Westpac to integrate the rating agencies’
default history with internal historical data when calculating PDs.
The final assignment of CRGs and LGDs is approved by authorised credit approvers with appropriate delegated
approval authority. All material credit exposures are also approved by Authorised Credit Officers who are part of Risk
management and operate independently of the areas originating the credit risk proposals. Authorised Credit Officer
decisions are subject to reviews to ensure consistent quality and confirm compliance with approval authority. Separate
teams are responsible for maintaining accurate and timely recording of all credit risk approvals and changes to customer
and facility data. These teams also operate independently of both the areas originating the credit risk proposals and
the credit risk approvers. Appropriate segregation of functions is one of the key requirements of our Credit Risk
Management Framework.

22WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
Alignment of Westpac risk grades
The table below shows the current alignment between Westpac’s internal CRGs and the corresponding external rating.
Note that only high-level CRG groupings are shown.
Westpac customer risk gradeMoody’s RatingS&P Rating
AAaa - Aa3AAA - AA–
BA1 - A3A+ - A–
CBaa1 - Baa3BBB+ - BBB–
DBa1 - B1BB+ - B+
Westpac Rating
EWatchlist
FSpecial mention
GSubstandard/default
HDoubtful/default
For Specialised Lending, Westpac aligns exposures to the appropriate supervisory slot based on an assessment
that takes into account borrower strength and security quality, as required by APS 113 Capital Adequacy: Internal
Ratings-BasedApproach to Credit Risk (APS 113).
Program-managed approach
High-volume retail customer credit portfolios with homogenous credit risk characteristics are managed on a statistical
basis according to pre-determined objective criteria (the ‘program-managed’ approach). Program-managed exposure
includes all consumer and some small business customers. Quantitative scorecards are used to assign application
and behavioural scores to enable risk-based decision making within these portfolios. For capital estimation and
other purposes, risk-based customer segments are created based upon modelled PD, LGD and, where applicable,
exposure at default (EAD)
1
. Accounts are then assigned to respective segments based on customer and account
characteristics. Each segment is assigned a quantified measure of its PD, LGD and EAD. For both transaction-managed
and program-managed approaches, PD and LGD assignment is regularly monitored and validated against subsequent
customer performance and models and credit processes are recalibrated when required. CRGs, PDs and LGDs are
reviewed at least annually.
Alignment of Basel categories to Westpac portfolios
APRA’s capital framework includes prudential standards for credit risk capital (APS 113 Capital Adequacy: Internal
Ratings-Based Approach to Credit Risk). In line with the standard, an ADI must categorise banking book exposures into
four broad IRB APS 113 asset classes (Corporate, Sovereign, Financial Institutions and Retail) and apply the prescribed
treatment for those classes to each credit exposure within them for the purposes of deriving its regulatory capital
requirement. APS 113 cascades these asset classes into further sub-asset classes as per below.
APRA’s capital framework resulted in changes to previously reported credit asset classes from 1 January 2023. This
included changes to credit RWA calculations from advanced Internal rating based approach (AIRB) to a foundation
Internal rating based approach (FIRB) for some exposure classes. Under FIRB, an ADI must provide its own estimates of
PD and maturity and rely on supervisory estimates of LGD and EAD.
1.
Under APS 113 the credit conversion factors used to calculate EAD are prescribed for all portfolios other than revolving retail.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
23
The below table sets out Westpac credit risk asset classes under APRA’s standards.
Credit Asset ClassesAsset Class definition
CorporateThe Corporate asset class covers exposures to corporate counterparties with consolidated
annual revenue <$750 million, but greater than or equal to $75 million.
Business LendingBusiness Lending asset class covers exposures to corporate counterparties with consolidated
annual revenue <$75 million.
Property FinanceProperty Finance asset class covers Income-producing Real Estate exposures risk-weighted
according to the AIRB approach. Property finance represents exposures where repayments
depend primarily on the cash flows generated by the asset or other real estate assets owned
by the borrower.
Large CorporateLarge Corporate asset class covers exposures to corporate counterparties with consolidated
annual revenue greater than $750 million. Credit RWA is measured under FIRB.
SovereignSovereign asset class covers exposures to central and sub-national governments, central
banks, and development banks or institutions eligible for zero risk weights. Credit RWA is
measured under FIRB.
Financial InstitutionsFinancial Institutions asset class covers exposures to financial institution counterparties.
Financial institutions include, but are not limited to, banks, securities firms, insurance
companies and leveraged funds. Credit RWA is measured under FIRB.
Residential
Mortgages
Residential Mortgages asset class covers exposures, to individuals and not for business
purposes, fully or partially secured by residential property. Non-standard mortgages
a
(as
defined in APS 112) receive 100% standardised risk weight (rather than the internally-modelled
Retail IRB approach).
Australian
Credit Cards
Australian Credit Cards, otherwise known as Qualifying Revolving Retail, covers exposure
to individuals and not for business purposes which are revolving, unsecured and
unconditionally cancellable.
Other RetailOther retail asset class covers retail exposures which do not meet the criteria of any other
retail asset class.
Small BusinessSmall Business asset class covers exposures where the total exposures are <$1.5 million,
the customer does not hold a complex product and consolidated annual revenues are
<$75 million. Exposures are managed as part of a portfolio.
Specialised LendingSpecialised Lending asset class covers exposures subject to the supervisory slotting approach
and includes Project and Object finance.
Project finance is defined as exposures where revenues generated by a single project, are
both the primary source of repayment and security for the loan. Object finance is defined
as lending for the acquisition of equipment where the repayment of the loan is dependent
on the cash flows generated by the specific assets that have been financed and pledged or
assigned to the lender.
SecuritisationSecuritised portfolios are treated separately under APS 120 Securitisation.
New ZealandRBNZ regulated exposures are calculated using RBNZ rules and disclosed separately under a
New Zealand class.
a.Examples of Non-standard mortgages include long-term interest-only loans, reverse mortgages, loans to self-managed superannuation funds,
and other loans that do not meet minimum criteria.
Standardised and Securitised portfolios are separately treated under APS 112 Capital Adequacy: Standardised Approach
to Credit Risk and APS 120 Securitisation respectively.

24WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
ApproachAPS asset classTypes of exposures
Transaction-
Managed Portfolios
Corporate
Sovereign
Financial Institutions
Direct lending
Contingent lending
Derivative counterparty
Asset warehousing
Underwriting
Secondary market trading
Foreign exchange settlement
Other intra-day settlement obligations
Program-
Managed Portfolios
Residential Mortgages
Qualifying revolving retail
Other retail
Small-and medium-sized enterprise retail
Mortgages
Equity access loans
Australian credit cards
Personal loans
Overdrafts
Auto and equipment finance
Business development loans
Business overdrafts Other term products
Internal ratings process for transaction-managed portfolios
The process for assigning and approving individual customer PDs and facility LGDs involves:
•An expert judgement decisioning process is employed to evaluate customer CRG and facility LGD ratings;
•CRG and LGD ratings are recommended under the guidance of criteria set out in established credit policies and,
where relevant, with use of internally developed risk grading models;
•Authorised Credit Officers evaluate the recommendations and approve the final CRG and facility LGD ratings.
Authorised Credit Officers may override recommendations;
•Under certain circumstances model outcomes are approved by the business, where no adjustment or override has
been applied to the input data or model produced result;
•Decisions are subject to hindsight reviews by credit officers to ensure consistency and confirm compliance with
approval authority; and
•The approved CRG and LGD ratings are mapped to numerical PD and LGD estimates for use in the regulator capital
calculations and internal risk management.
For ongoing exposures to transaction-managed customers, risk grades and facility LGDs are required to be reviewed at
least annually, but also whenever material changes occur.
No material deviations from the reference definition of default are permitted.
Internal ratings process for program-managed portfolios
The process for assigning PDs, LGDs and, where applicable, EADs to the program-managed portfolio involves
segmenting or categorising the portfolio into a number of pools per product. These pools are created by analysing
risk characteristics that have historically predicted that an account is likely to go into default or loss.
No material deviations from the reference definition of default are permitted.
Internal credit risk ratings system
In addition to using the credit risk estimates as the basis for regulatory capital purposes, they are also used for the
purposes described below:
Provisions - Credit provisions are held by Westpac to cover expected credit losses in the loan portfolio. Provisions
include both individual and collective components, including overlays. Individual provisions are calculated on impaired
loans taking into account management’s best estimate of the present value of future cashflows.
Collective provisions are established on a portfolio basis using a framework that considers PD, LGD, EAD, total
committed exposure, level of arrears, recent past experience and forward looking macro-economic forecasts. This also
includes a consideration of overlays.
Risk-adjusted performance measurement - Business performance is measured using allocated capital, which
incorporates charges for regulatory capital, including credit capital and capital for other risk types.
Pricing - Westpac prices loans with consideration of the return on the capital allocated to the loan. Returns include
interest income and fees after expected credit losses and other costs.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
25
Credit approval - For transaction-managed facilities, approval authorities are tiered based on the CRG, with lower
limits applicable for customers with a higher PD. Program-managed facilities are approved on the basis of application
scorecard outcomes and product based approval authorities.
Control mechanisms for the credit risk rating system include:
•Westpac’s credit risk rating system is reviewed by Risk and presented to BRiskC confirming that the rating criteria
and policy are appropriate given the current portfolio, control framework and external conditions;
•All models impacting the risk rating process are periodically reviewed by Model Owner in accordance with Westpac’s
model risk policies;
•Credit risk estimate models (including PD, LGD and EAD levels) are independently assessed annually by Model Risk
and outcomes are noted at the Credit Risk Estimate Forum and the Model Risk Committee (a sub-committee of the
Group Executive Risk Committee). All credit risk estimate models used for IRB purposes are approved by Head of
Model Risk;
•Group Audit undertakes an independent annual review of the credit risk rating system in accordance with APS
113; and
•CREDCO, RISKCO and BRiskC monitor the risk profile, performance and management of Westpac’s credit portfolio
and the development and review of key credit risk policies.
Risk reporting
A report on Westpac’s credit risk portfolio is provided to CREDCO, RISKCO and BRiskC quarterly. It includes monitoring
of performance against risk appetite.
Credit risk and asset quality are also reported to the Board, including details of impairment losses, stressed exposures,
delinquency trends and key performance metrics.

26WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
Summary credit risk disclosure
As outlined in the summary credit risk table below, regulatory expected loss and specific provision increases this year
compared to September 2023 are mainly driven by increases from the defaulted population, which is mostly from
mortgages and downgrades of single name exposures.
Actual losses increases are mainly driven by higher direct write offs from credit cards exposures, partly offset by lower
write-offs from Individually Assessed Provisions (IAPs).
30 September 2024
$m
Exposure
at Default
Risk
Weighted
Assets
Regulatory
Expected
Loss
a
Regulatory
expected
loss for
non-defaulted
exposures
Specific
Provision for
Non-performing
Exposures
Actual
losses for
the 12 months
ended
Corporate43,50525,9765601591689
Business Lending46,88425,03364027338519
Property Finance59,63432,1963221801395
Large Corporate42,93721,0351131111-
Sovereign151,4302,04722--
Financial Institutions41,11213,6945930122
Residential Mortgages547,704116,2281,33884050143
Australian Credit Cards13,3823,56515211736138
Other Retail3,8513,99518212656112
Small Business28,06917,12350432918665
Specialised Lending4,8623,6952828--
Securitisation39,5457,821----
Standardised
b
25,71025,414--1038
New Zealand133,46148,14258639414229
Total1,182,086345,9644,4862,5891,729430
a.Includes regulatory expected losses for defaulted and non-defaulted exposures.
b.Includes credit valuation adjustment.
31 March 2024
$m
Exposure
at Default
Risk
Weighted
Assets
Regulatory
Expected
Loss
a
Regulatory
expected
loss for
non-defaulted
exposures
Specific
Provision for
Non-performing
Exposures
Actual
losses for
the 6 months
ended
Corporate42,93625,26954715116314
Business Lending43,81523,4265542403226
Property Finance55,50330,3863281731533
Large Corporate40,20520,5588585--
Sovereign168,6371,91922--
Financial Institutions38,42813,088602817-
Residential Mortgages540,189115,9181,32785147920
Australian Credit Cards13,5613,7891661283856
Other Retail4,2714,2591911325950
Small Business28,00217,37851034118326
Specialised Lending4,1163,2763030--
Securitisation38,0097,317----
Standardised
b
27,41126,668--1252
New Zealand132,88846,49058337415710
Total1,177,971339,7414,3832,5351,696187
a.Includes regulatory expected losses for defaulted and non-defaulted exposures.
b.Includes credit valuation adjustment.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
27
30 September 2023
$m
Exposure
at Default
Risk
Weighted
Assets
Regulatory
Expected
Loss
a
Regulatory
expected
loss for
non-defaulted
exposures
Specific
Provision for
Non-performing
Exposures
Actual
losses for
the 12 months
ended
Corporate40,54524,8184771519316
Business Lending42,32723,86052924429639
Property Finance54,73630,4163201621574
Large Corporate41,32820,5708484--
Sovereign175,3772,14333--
Financial Institutions38,42613,4576630169
Residential Mortgages529,740112,9481,16678838232
Australian Credit Cards13,5903,7121551243199
Other Retail4,8484,60719313359122
Small Business28,23217,04050934616557
Specialised Lending3,9813,0652525--
Securitisation37,6007,661----
Standardised
b
29,39328,813--975
New Zealand133,74446,64855137712027
Total1,173,867339,7584,0782,4671,416410
a.Includes regulatory expected losses for defaulted and non-defaulted exposures.
b.Includes credit valuation adjustment.
Loan impairment provisions
Expected credit losses (ECL) are estimates of the cashflow shortfalls expected to result from defaulted exposures over
the relevant timeframe. ECL is determined by evaluating a range of possible outcomes and taking into account the
time value of money, past events, current conditions and forecasts of future economic conditions. Westpac calculates
provisions for ECL based on a three-stage approach:
•Stage 1: 12 months ECL (performing) - For financial assets where there has been no significant increase in credit risk
since origination, a provision for 12-month ECL is recognised.
•Stage 2: Lifetime ECL (performing) - For financial assets where there has been a significant increase in credit risk
since origination and where the asset is still performing, a provision for lifetime ECL is recognised. Determining
when a financial asset has experienced a significant increase in credit risk since origination is a critical accounting
judgement. The determination of a significant increase in risk is driven by the change in the probability of default
(PD) since origination. In determining whether a change in PD represents a significant increase in risk, relative
changes in PD and absolute PD thresholds are both considered based on the portfolio of the exposure.
•Stage 3: Lifetime ECL (non-performing) - For financial assets that are non-performing a provision for lifetime ECL is
recognised. Indicators include a breach of contract with Westpac such as a default on interest or principal payments
or a borrower experiencing significant financial difficulties.
Collective and individual assessment – Financial assets that are in Stages 1 and 2 are assessed on a collective basis as
are financial assets in Stage 3 below specified exposure thresholds. Those financial assets in Stage 3 above the specified
exposure thresholds are assessed on an individual basis.
Overlays – Where appropriate, adjustments are made to modelled outcomes to reflect reasonable and supportable
information about estimated cashflow shortfalls on defaulted exposures not already incorporated in the models.
Judgements can change with time as new information becomes available which could result in changes to the provision
for ECL.
Expected life – Lifetime ECL represents the expected credit losses that result from default events over the expected life
of a financial instrument. In considering lifetime ECL, the remaining contractual life is used for non-retail portfolios. For
retail portfolios lifetime ECL is calibrated to historically observed portfolio behaviour.

28WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
Forward looking information - The measurement of ECL for each stage and the assessment of significant increase
in credit risk considers information about past events and current conditions as well as reasonable and supportable
projections of future events and economic conditions. In order to capture the asymmetry of the losses expected over
the range of plausible future events and economic conditions, Westpac considers three future macroeconomic scenarios:
base, upside and downside scenarios.
The macroeconomic variables used in these scenarios, include (but are not limited to) employment to population ratio,
real gross domestic product growth rates and residential and commercial property price indices.
The ECL is a weighted average of the credit losses expected under these three scenarios. The scenario weights are based
on Westpac’s assessment of upside and downside risks taking into account current trends, forward looking conditions
and the degree of uncertainty attached to these projections.
Provision for expected credit losses
This table discloses the provision for expected credit losses. Stage 1 and Stage 2 expected credit losses are classified as
provisions held against performing exposures. Stage 3 expected credit losses are classified as specific provisions.
The decrease in CAPs since 31 March 2024 was driven by portfolio run-off across Stage 2 housing and business
portfolios, partly offset by portfolio growth in Stage 1 mortgage and business portfolios and a slight deterioration in
forward-looking outlooks for commercial property prices and interest rates. The increase in IAPs was driven by higher
mortgage 90+ day delinquencies and certain counterparties in the manufacturing, transport and storage industries.
AAS ProvisionsTotal Regulatory
$mIAPsCAPsProvisions
30 September 2024
Specific provisions
for impaired loans536271807
for defaulted but not impaired loans-922922
Total specific provisions5361,1931,729
Provisions held against performing exposures-3,3673,367
Total provisions for ECL5364,5605,096
31 March 2024
Specific provisions
for impaired loans461238699
for defaulted but not impaired loans-997997
Total specific provisions4611,2351,696
Provisions held against performing exposures-3,4393,439
Total provisions for ECL4614,6745,135
30 September 2023
Specific provisions
for impaired loans351215566
for defaulted but not impaired loans-850850
Total specific provisions3511,0651,416
Provisions held against performing exposures-3,5253,525
Total provisions for ECL3514,5904,941

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
29
Movement in provisions for impairment
For the 12 months ended 30 September 2024PerformingNon-performing
$mStage 1Stage 2Stage 3Total
Balance as at 30 September 2023 for Loans and
Credit Commitments
7062,8081,4164,930
Transfers to Stage 11,222(1,165)(57)-
Transfers to Stage 2(315)822(507)-
Transfers to Stage 3(3)(608)611-
Business activity during the period303(328)(293)(318)
Net remeasurement of provision for ECL(1,149)1,0701,1231,044
Write-offs--(620)(620)
Exchange rate and other adjustments(3)(5)5648
Balance as at 30 September 2024 for Loans and
Credit Commitments
7612,5941,7295,084
Balance as at 30 September 2023 for debt securities56-11
Provision for ECL on debt securities at amortised cost----
Provision for ECL on debt securities at FVOCI
a
1--1
Total provision as at 30 September 202466-12
Total provision for ECL as at 30 September 20247672,6001,7295,096
a.Impairment of debt securities at Fair Value through Other Comprehensive Income (FVOCI) is recognised in the income statement with a
corresponding amount in other comprehensive income. There is no reduction of the carrying value of the debt securities which remain at
fair value.
For the 6 months ended 31 March 2024PerformingNon-performing
$mStage 1Stage 2Stage 3Total
Balance as at 30 September 2023 for Loans and
Credit Commitments
7062,8081,4164,930
Transfers to Stage 1
a
568(530)(38)-
Transfers to Stage 2
a
(172)393(221)-
Transfers to Stage 3
a
(2)(312)314-
Business activity during the period
a
140(140)(79)(79)
Net remeasurement of provision for ECL
a
(526)498557529
Write-offs--(277)(277)
Exchange rate and other adjustments(2)(4)2418
Balance as at 31 March 2024 for Loans and Credit Commitments7122,7131,6965,121
Balance as at 30 September 2023 for debt securities56-11
Provision for ECL on debt securities at amortised cost-2-2
Provision for ECL on debt securities at FVOCI
b
1--1
Total provision as at 31 March 202468-14
Total provision for ECL as at 31 March 20247182,7211,6965,135
a.The attribution of amounts disclosed in the movement schedule has been revised to better reflect the nature of the changes in the provision
for ECL. Comparatives have been revised to align with current period presentation.
b.Impairment of debt securities at Fair Value through Other Comprehensive Income (FVOCI) is recognised in the income statement with a
corresponding amount in other comprehensive income. There is no reduction of the carrying value of the debt securities which remain at
fair value.

30WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MANAGEMENT
For the 12 months ended 30 September 2023PerformingNon-performing
$mStage 1Stage 2Stage 3Total
Balance as at 30 September 2022 for Loans and
Credit Commitments
8852,3411,3994,625
Transfers to Stage 1
a
1,252(1,119)(133)-
Transfers to Stage 2
a
(588)1,069(481)-
Transfers to Stage 3
a
(7)(489)496-
Business activity during the period
a
226(243)(141)(158)
Net remeasurement of provision for ECL
a
(1,066)1,238824996
Write-offs--(601)(601)
Exchange rate and other adjustments4115368
Balance as at 30 September 2023 for Loans and
Credit Commitments
7062,8081,4164,930
Balance as at 30 September 2022 for debt securities46-10
Provision for ECL on debt securities at amortised cost----
Provision for ECL on debt securities at FVOCI
b
1--1
Total provision as at 30 September 202356-11
Total provision for ECL as at 30 September 20237112,8141,4164,941
a.The attribution of amounts disclosed in the movement schedule has been revised to better reflect the nature of the changes in the provision
for ECL. Comparatives have been revised to align with current period presentation.
b.Impairment of debt securities at Fair Value through Other Comprehensive Income (FVOCI) is recognised in the income statement with a
corresponding amount in other comprehensive income. There is no reduction of the carrying value of the debt securities which remain at
fair value.
Overlays included in provisions for ECL on loans and credit commitments
As atAs atAs at
$m30 Sept 202431 March 202430 Sept 2023
Modelled provision for ECL on loans and credit commitments4,9054,8614,498
Overlays179260432
Total provisions for ECL on loans and credit commitments5,0845,1214,930
Refer to Note 10 to the 2024 Financial Statements for more information.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
31
CREDIT RISK EXPOSURE
Exposure at Default by major type
1
The following tables segment the portfolio by characteristics that provide an insight into the assessment of credit
risk concentration.
Off-balance sheet
Total
Exposure
at Default
Average
12 months
ended$m
On balance
sheet
Non-market
related
Market
related
30 September 2024
Corporate29,90410,4633,13843,50542,214
Business Lending40,2926,45713546,88444,436
Property Finance52,6986,61831859,63456,276
Large Corporate24,37014,2564,31142,93741,137
Sovereign148,4972402,693151,430164,927
Financial Institutions18,2165,92416,97241,11238,342
Residential Mortgages484,83462,870-547,704540,884
Australian Credit Cards6,1047,278-13,38213,519
Other Retail3,003848-3,8514,322
Small Business20,7147,355-28,06928,088
Specialised Lending2,6461,8793374,8624,308
Securitisation32,8776,45321539,54538,515
Standardised18,1474,7872,77625,71027,956
New Zealand111,18020,5661,715133,461133,115
Total993,482155,99432,6101,182,0861,178,039
Off-balance sheet
Total
Exposure
at Default
Average
6 months
ended$m
On balance
sheet
Non-market
related
Market
related
31 March 2024
Corporate29,17710,2363,52342,93641,459
Business Lending37,4496,25810843,81543,301
Property Finance50,0265,14832955,50354,882
Large Corporate21,25614,6204,32940,20540,416
Sovereign152,73122215,684168,637175,399
Financial Institutions16,8775,64415,90738,42837,023
Residential Mortgages475,87464,315-540,189536,060
Australian Credit Cards6,2847,277-13,56113,586
Other Retail3,413858-4,2714,565
Small Business20,7687,234-28,00228,116
Specialised Lending2,2641,6601924,1164,035
Securitisation30,9716,90713138,00938,065
Standardised19,1315,3192,96127,41128,941
New Zealand111,20620,973709132,888133,838
Total977,427156,67143,8731,177,9711,179,686
30 September 2023
Corporate27,4109,8353,30040,54538,676
Business Lending36,2855,9895342,32741,833
Property Finance48,8775,57728254,73653,779
Large Corporate22,84513,6864,79741,32840,356
Sovereign148,76729726,313175,377198,239
Financial Institutions17,0014,54516,88038,42638,031
Residential Mortgages464,31665,424-529,740523,896
Australian Credit Cards6,1707,420-13,59013,639
Other Retail3,886962-4,8485,232
Small Business21,2007,032-28,23229,059
Specialised Lending2,0791,803993,9813,897
Securitisation29,8237,7235437,60035,485
Standardised21,0775,2493,06729,39329,709
New Zealand111,49121,536717133,744132,661
Total961,227157,07855,5621,173,8671,184,492
1.APRA’s capital framework effective 1 January 2023 introduced new credit risk asset classes. This resulted in exposures moving between asset
classes. Given this, for 30 September 2023 the average EAD over 6-months has been shown rather than a 12-month average.

32WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Exposure at Default by measurement method
IRBFIRBStandardisedTotal Exposure
$mApproachApproachApproachat Default
30 September 2024
Corporate43,505-5,74349,248
Business Lending46,884-28147,165
Property Finance59,634--59,634
Large Corporate-42,937-42,937
Sovereign-151,4301,346152,776
Financial Institutions-41,1128241,194
Residential Mortgages547,704-15,833563,537
Australian Credit Cards13,382--13,382
Other Retail3,851-1,7715,622
Small Business28,069-15828,227
Specialised Lending4,862-4965,358
Securitisation39,545--39,545
New Zealand115,262-18,199133,461
Total902,698235,47943,9091,182,086
31 March 2024
Corporate42,936-6,14449,080
Business Lending43,815-26844,083
Property Finance55,503--55,503
Large Corporate-40,205-40,205
Sovereign-168,6371,604170,241
Financial Institutions-38,4287338,501
Residential Mortgages540,189-16,843557,032
Australian Credit Cards13,561--13,561
Other Retail4,271-1,8396,110
Small Business28,002-15528,157
Specialised Lending4,116-4854,601
Securitisation38,009--38,009
New Zealand114,687-18,201132,888
Total885,089247,27045,6121,177,971
30 September 2023
Corporate40,545-5,34845,893
Business Lending42,327-26142,588
Property Finance54,736--54,736
Large Corporate-41,328-41,328
Sovereign-175,3771,805177,182
Financial Institutions-38,4267138,497
Residential Mortgages529,740-19,386549,126
Australian Credit Cards13,590--13,590
Other Retail4,848-1,8746,722
Small Business28,232-15728,389
Specialised Lending3,981-4914,472
Securitisation37,600--37,600
New Zealand115,430-18,314133,744
Total871,029255,13147,7071,173,867

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
33
Exposure at Default by industry classification
30 September 2024
$m
Accommodation,
cafes
& restaurants
Agriculture,
forestry &
fishingConstruction
Finance &
insurance
Government
administration
& defenceManufacturingMiningProperty
Property
services &
business
servicesServices
a
Trade
b
Transport
& storageUtilities
c
Retail
lendingOther
Total
exposure
at default
Corporate3,0731,0852,0731,425803,1461,2013,1403,9106,5044,6406,9626,053-21343,505
Business
Lending
6,02511,6553,5355222414,019516696,1335,2706,2482,105113-43346,884
Property
Finance
581--51---58,7762-21---20359,634
Large Corporate1435961,116441-7,5982,9355,0984,0423,6257,9293,5735,820-2142,937
Sovereign---57,29393,907-18--3-209---151,430
Financial
Institutions
345966137,89912626310521,28733238518865-341,112
Residential
Mortgages
-------------547,704-547,704
Australian
Credit Cards
-------------13,382-13,382
Other Retail-------------3,851-3,851
Small Business7371,9104,2181,3343001,7417263,0224,2812,9613,0921,603339-1,80528,069
Specialised
Lending
---227-35881-78157-1,0202,941--4,862
Securitisation---38,537----519-489----39,545
Standardised923464,7701,424119324874336364578717,60354725,710
New Zealand3659,08393515,8627,4163,2712469,5361,3622,8664,9141,0593,13673,33674133,461
Total11,36124,42811,984158,361103,49420,5155,76580,18021,65721,75428,08216,77618,554655,8763,2991,182,086
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.

34WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
31 March 2024
$m
Accommodation,
cafes
& restaurants
Agriculture,
forestry &
fishingConstruction
Finance &
insurance
Government
administration
& defenceManufacturingMiningProperty
Property
services &
business
servicesServices
a
Trade
b
Transport
& storageUtilities
c
Retail
lendingOther
Total
exposure
at default
Corporate2,6849371,5642,307913,4568373,1334,2656,9284,5556,7635,226-19042,936
Business
Lending
5,84010,5153,3254904103,786436785,7634,7505,8842,009125-40443,815
Property
Finance
599--60---54,6231-18---20255,503
Large
Corporate
1535201,25155726,8273,1614,9474,1113,5556,9133,1245,060-2440,205
Sovereign1--97,69670,726-22----192---168,637
Financial
Institutions
347756136,924-352--21515816511512-438,428
Residential
Mortgages
-------------540,189-540,189
Australian
Credit Cards
-------------13,561-13,561
Other Retail-------------4,271-4,271
Small Business7181,9014,0321,4163821,7136912,9834,3043,1053,0391,567332-1,81928,002
Specialised
Lending
---295-334111-82155-1,0152,124--4,116
Securitisation---37,064----419-526----38,009
Standardised1084425,1761,675130374704432355558318,67952127,411
New Zealand3689,28595116,4336,9153,3562409,1251,3412,7835,0001,1813,10572,697108132,888
Total10,81823,23711,226198,41880,20119,9545,53575,35920,54521,46626,45516,02116,067649,3973,2721,177,971
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
35
30 September 2023
$m
Accommodation,
cafes
& restaurants
Agriculture,
forestry &
fishingConstruction
Finance &
insurance
Government
administration
& defenceManufacturingMiningProperty
Property
services &
business
servicesServices
a
Trade
b
Transport
& storageUtilities
c
Retail
lendingOther
Total
exposure
at default
Corporate2,4128261,5832,1615323,2665773,0783,5057,0174,4965,9714,772-34940,545
Business
Lending
5,54010,4343,31443183,707408875,4584,4755,9621,937141-42542,327
Property
Finance
738--13---53,653112923---17954,736
Large Corporate1012731,26929527,1703,8304,3754,2474,1737,7752,5895,206-2341,328
Sovereign---115,51759,620------240---175,377
Financial
Institutions
344746436,8391339--24118012619514-938,426
Residential
Mortgages
-------------529,740-529,740
Australian
Credit Cards
-------------13,590-13,590
Other Retail-------------4,848-4,848
Small Business7411,8983,8661,4614781,7196562,9574,3933,3022,9721,548328-1,91328,232
Specialised
Lending
---295-334192-83200-1,0921,785--3,981
Securitisation---36,619----559-422----37,600
Standardised1054414,9331,88270314834030333485621,2617629,393
New Zealand3519,52686916,9986,7193,5722299,0001,4302,7905,2961,2953,29072,32356133,744
Total10,33223,03511,006215,56269,24220,1775,92373,63319,95722,29627,40514,91515,592641,7623,0301,173,867
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.

36WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Exposure at Default by geography
1
Total Exposure
$mAustraliaNew ZealandAmericasAsiaEuropePacificat Default
30 September 2024
Corporate41,94173820094532-43,505
Business Lending46,82163----46,884
Property Finance59,61915----59,634
Large Corporate37,4275441,9521,5971,417-42,937
Sovereign143,2881,1476,56236172-151,430
Financial Institutions30,9133475,6337103,509-41,112
Residential Mortgages547,643--61--547,704
Australian Credit Cards13,382-----13,382
Other Retail3,851-----3,851
Small Business28,068--1--28,069
Specialised Lending4,836251---4,862
Securitisation39,194351----39,545
Standardised22,458--1-3,25125,710
New Zealand-133,461----133,461
Total1,019,441136,69114,3482,8255,5303,2511,182,086
31 March 2024
Corporate41,192362232600550-42,936
Business Lending43,77738----43,815
Property Finance55,5012----55,503
Large Corporate34,9244171,3181,6041,942-40,205
Sovereign146,5473,07818,012613387-168,637
Financial Institutions29,2121505,4842693,313-38,428
Residential Mortgages540,109--80--540,189
Australian Credit Cards13,561-----13,561
Other Retail4,271-----4,271
Small Business28,001--1--28,002
Specialised Lending4,115-1---4,116
Securitisation38,009-----38,009
Standardised23,904--3-3,50427,411
New Zealand-132,888----132,888
Total1,003,123136,93525,0473,1706,1923,5041,177,971
30 September 2023
Corporate38,864254266462699-40,545
Business Lending42,327-----42,327
Property Finance54,7351----54,736
Large Corporate35,5174311,3871,5322,461-41,328
Sovereign159,8273,60710,830696417-175,377
Financial Institutions29,0421034,6111104,560-38,426
Residential Mortgages529,640--100--529,740
Australian Credit Cards13,590-----13,590
Other Retail4,848-----4,848
Small Business28,231--1--28,232
Specialised Lending3,980-1---3,981
Securitisation37,600-----37,600
Standardised25,788--4-3,60129,393
New Zealand-133,744----133,744
Total1,003,989138,14017,0952,9058,1373,6011,173,867
1.Geographic segmentation of exposures is based on the location of the office in which these items were booked.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
37
Exposure at Default by residual contractual maturity
Total Exposure
$mOn demand< 12 months1 to < 3 years3 to < 5 years> 5 yearsat Default
30 September 2024
Corporate2,8436,25418,88010,0045,52443,505
Business Lending2,83311,83820,9214,2377,05546,884
Property Finance16319,78126,9494,9907,75159,634
Large Corporate4,2226,48119,34310,0662,82542,937
Sovereign35471,18921,95918,58139,347151,430
Financial Institutions2,4279,22926,0082,45399541,112
Residential Mortgages22,4741,4733,208779519,770547,704
Australian Credit Cards13,380---213,382
Other Retail1831438307981,8973,851
Small Business4,6242,7447,2236,0857,39328,069
Specialised Lending-5021,7511,4221,1874,862
Securitisation-6,37111,8063,11118,25739,545
Standardised7812,0296,40743716,05625,710
New Zealand4,97820,56325,4486,66775,805133,461
Total59,262158,597190,73369,630703,8641,182,086
31 March 2024
Corporate2,9227,63317,4219,6175,34342,936
Business Lending2,78811,15818,8294,1876,85343,815
Property Finance18319,43523,7505,0137,12255,503
Large Corporate3,9946,33318,3759,1252,37840,205
Sovereign36694,47929,82422,42221,546168,637
Financial Institutions2,6635,28026,8002,81587038,428
Residential Mortgages23,6701,3153,092765511,347540,189
Australian Credit Cards13,559---213,561
Other Retail1721661,0849261,9234,271
Small Business4,5052,7697,1525,9317,64528,002
Specialised Lending12941,3091,4751,0374,116
Securitisation-9,9107,6763,35017,07338,009
Standardised1,0904,5105,10446716,24027,411
New Zealand5,21923,28023,2496,60074,540132,888
Total61,132186,562183,66572,693673,9191,177,971
30 September 2023
Corporate3,0876,21716,9379,2045,10040,545
Business Lending2,5279,39118,4594,4877,46342,327
Property Finance19316,25425,3495,5277,41354,736
Large Corporate4,3006,33919,2079,7031,77941,328
Sovereign434102,11838,96214,23919,624175,377
Financial Institutions2,8415,75225,8762,6901,26738,426
Residential Mortgages24,5221,2553,138768500,057529,740
Australian Credit Cards13,588---213,590
Other Retail1751771,2351,1652,0964,848
Small Business4,2702,6087,4015,9538,00028,232
Specialised Lending-3551,1219351,5703,981
Securitisation-6,63710,7372,25317,97337,600
Standardised1,3972,6766,81340518,10229,393
New Zealand5,35426,25820,1448,14773,841133,744
Total62,688186,037195,37965,476664,2871,173,867

38WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Non-performing and past due loans by portfolio
The table below discloses non-performing credit exposures by credit asset class. Non-performing exposures are those
captured by the definition of default contained in APS 220 Credit Risk Management, which occurs when either one, or
both, of the following has happened:
•Westpac considers that the borrower is unlikely to pay its credit obligations to Westpac in full, without recourse to
actions such as realising available security;
•the borrower is 90 days or more past-due on a credit obligation to Westpac.
Non-performing exposures can only be reclassified back to performing after the borrower demonstrates timely
repayments over the relevant probationary period, which is 90 days for non-restructured exposures and six months
for restructured exposures.
30 September 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Corporate2371233601689
Business Lending7692921,06138519
Property Finance652416931395
Large Corporate2461-
Sovereign-----
Financial Institutions56157122
Residential Mortgages5,3584505,80850143
Australian Credit Cards-929236138
Other Retail-11211256112
Small Business6455191,16418665
Specialised Lending-----
Securitisation-----
Standardised3461094551038
New Zealand73521294714229
Total8,8001,95510,7551,729430
31 March 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 6
months ended
Corporate8916325216314
Business Lending9041611,0653226
Property Finance694137071533
Large Corporate-----
Sovereign-----
Financial Institutions44115517-
Residential Mortgages5,1232985,42147920
Australian Credit Cards-92923856
Other Retail-1181185950
Small Business7793701,14918326
Specialised Lending-----
Securitisation-----
Standardised3651184831252
New Zealand71915687515710
Total8,7171,50010,2171,696187

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
39
30 September 2023
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Corporate271001279316
Business Lending8231901,01329639
Property Finance716367521574
Large Corporate-----
Sovereign-----
Financial Institutions51859169
Residential Mortgages4,1172384,35538232
Australian Credit Cards-84843199
Other Retail-12312359122
Small Business66732098716557
Specialised Lending-----
Securitisation-----
Standardised345124469975
New Zealand6617974012027
Total7,4071,3028,7091,416410
Non-performing and past due loans by industry classification
30 September 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Accommodation, cafes & restaurants112271393210
Agriculture, forestry & fishing34312246581(8)
Construction159982576215
Finance & insurance96161122324
Government administration & defence-----
Manufacturing144229373148(3)
Mining9132262
Property8228190316710
Property services & business services2351133489417
Services
a
12498222709
Trade
b
26124350420434
Transport & storage19078268734
Utilities
c
981731
Retail lending6,2758057,080729316
Other21244537(1)
Total8,8001,95510,7551,729430
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.

40WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
31 March 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 6
months ended
Accommodation, cafes & restaurants21238250742
Agriculture, forestry & fishing3896245181(16)
Construction17180251608
Finance & insurance87221092220
Government administration & defence-----
Manufacturing1781443221305
Mining1192051
Property863579201895
Property services & business services223107330817
Services
a
17395268792
Trade
b
27520447918717
Transport & storage10426130251
Utilities
c
951431
Retail lending5,9996266,625733135
Other23254827(1)
Total8,7171,50010,2171,696187
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.
30 September 2023
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Accommodation, cafes & restaurants148401884810
Agriculture, forestry & fishing3474339073(30)
Construction19475269639
Finance & insurance76281042810
Government administration & defence-----
Manufacturing18310428710951
Mining1171831
Property8646693018413
Property services & business services2121023148721
Services
a
152822346611
Trade
b
2221253479129
Transport & storage562278154
Utilities
c
74112-
Retail lending4,8985405,438604275
Other3764101436
Total7,4071,3028,7091,416410
a.Includes education, health & community services, cultural & recreational services and personal & other services.
b.Includes wholesale trade and retail trade.
c.Includes electricity, gas & water, and communication services.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
41
Non-performing and past due loans by geography
1
30 September 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Australia8,0331,6909,7231,542362
New Zealand73521294714229
Americas-----
Asia----31
Europe-----
Pacific325385458
Total8,8001,95510,7551,729430
31 March 2024
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 6
months ended
Australia7,9641,2719,2351,473144
New Zealand71915687515710
Americas-----
Asia-33-31
Europe-----
Pacific3470104662
Total8,7171,50010,2171,696187
30 September 2023
$m
Non Performing
Exposures -
Not Impaired
Non Performing
Exposures
- Impaired
Total Non
Performing
Exposures
Specific provisions
for Non Performing
Exposures
Actual Losses
for the 12
months ended
Australia6,7051,1117,8161,221379
New Zealand6617974012027
Americas-----
Asia-343432-
Europe-----
Pacific4178119434
Total7,4071,3028,7091,416410
1.Geographic segmentation of exposures is based on the location of the office in which these items were booked.

42WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Portfolios subject to IRB approaches (AIRB)
In the tables below Westpac’s transaction-managed exposures are classified by reference to the external credit rating.
Each external credit rating aligns to one or more internally assigned credit risk grades, as outlined in the ‘Credit Risk
Management’ section of this report. Westpac’s internal rating scale has more risk grades than the external rating
scale, and as a result, average PD can vary from portfolio to portfolio for the same external grade. Westpac’s program-
managed exposures are classified by PD band and the average PD within a band can, likewise, vary from portfolio
to portfolio.
For both non-defaulted and defaulted exposures, regulatory expected loss is determined at the facility level. For non-
defaulted exposures, regulatory expected loss is the product of PD, LGD and EAD while for defaulted exposures, the best
estimates of loss is applied. Total regulatory expected loss as shown in the table below is the sum of both non-defaulted
and defaulted regulatory expected loss and given the difference in methodology, regulatory expected loss reported is
not equal to the product of the corresponding reported average PD, average LGD and aggregate EAD.
Corporate portfolio by external credit rating
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA--------
AA7627531,0910.05%50%-18417%
A3,3002,7404,5120.07%39%11,16326%
BBB14,7118,91618,9890.28%36%208,50845%
BB12,9207,44917,2771.16%36%7213,75480%
B1081061674.78%41%3234140%
Other65228585818.32%40%631,851216%
Subtotal32,45320,24942,8940.99%37%15925,69460%
Default35558611100%42%40128246%
Total32,80820,30743,5052.38%37%56025,97660%
31 March 2024
AAA--------
AA1,1741,0161,6750.05%50%-29017%
A4,3932,7225,6110.07%42%21,31623%
BBB13,2717,67617,0190.27%37%177,44744%
BB12,7797,31417,1521.18%37%7314,00182%
B1351242074.78%42%4304147%
Other47349278118.13%40%551,593204%
Subtotal32,22519,34442,4450.95%38%15124,95159%
Default24139491100%54%39631865%
Total32,46619,38342,9362.09%38%54725,26959%
30 September 2023
AAA1081031500.05%50%-2315%
AA1,4951,2752,1590.05%50%140619%
A4,4162,6725,5700.07%41%21,31524%
BBB11,6527,09515,4010.27%38%167,17947%
BB12,0056,44115,8521.22%38%7113,59686%
B194942484.78%45%5394159%
Other47954280517.58%44%561,713213%
Subtotal30,34918,22240,1850.98%39%15124,62661%
Default12730360100%49%32619253%
Total30,47618,25240,5451.86%39%47724,81861%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
43
Business Lending portfolio by external credit ratings
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA13100530.05%30%-48%
AA2053463730.05%47%-6016%
A11890.08%27%-112%
BBB3,9892,8745,3420.39%27%61,61530%
BB32,5139,47937,1291.35%26%13219,02251%
B9861311,0634.81%29%1587482%
Other1,7472971,90521.88%29%1202,705142%
Subtotal39,45413,24545,8742.16%27%27324,28153%
Default9721271,010100%31%36775274%
Total40,42613,37246,8844.27%27%64025,03353%
31 March 2024
AAA1311011710.05%50%-3219%
AA1214264000.05%50%-5514%
A224160.07%37%-210%
BBB3,9082,7535,2130.35%28%51,56930%
BB30,2709,01034,6611.34%28%12818,34653%
B7891028484.79%29%1267780%
Other1,3292441,46421.86%30%952,248154%
Subtotal36,55012,66042,7731.97%28%24022,92954%
Default1,0071151,042100%26%31449748%
Total37,55712,77543,8154.30%28%55423,42653%
30 September 2023
AAA--------
AA--------
A-2080.08%27%-111%
BBB3,6742,7054,9510.45%29%71,68434%
BB29,7649,31534,2801.36%28%13018,89555%
B7141147784.81%29%1163582%
Other1,2332141,35623.19%30%962,082153%
Subtotal35,38512,36841,3732.03%28%24423,29756%
Default953107954100%27%28556359%
Total36,33812,47542,3274.24%28%52923,86056%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

44WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Property Finance portfolio by external credit ratings
Property finance (income-producing real estate under APS 113) represents exposures where repayments depend
primarily on the cash flows generated by the asset or other real estate assets owned by the borrower.
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA--------
AA--------
A1,3734761,5640.08%31%-45129%
BBB12,8142,63314,1250.25%18%64,36631%
BB36,2227,32941,2051.19%21%10524,15259%
B787498184.78%23%979497%
Other1,1071201,19720.30%23%602,087174%
Subtotal52,30310,60758,9091.37%20%18031,85054%
Default71085725100%20%14234648%
Total53,01310,69259,6342.57%20%32232,19654%
31 March 2024
AAA--------
AA--------
A1,4976481,7590.09%35%157132%
BBB11,9481,94212,8700.25%18%53,97231%
BB34,2726,03638,1271.24%21%10222,80360%
B1,018491,0434.79%22%111,02398%
Other9109398222.56%23%541,798183%
Subtotal49,6458,76854,7811.42%21%17330,16755%
Default70758722100%19%15521930%
Total50,3528,82655,5032.70%21%32830,38655%
30 September 2023
AAA--------
AA--------
A1,4555911,6950.09%43%174144%
BBB11,5382,67613,0640.24%17%53,64228%
BB33,7415,63637,4891.27%22%10523,53363%
B864408854.78%22%1085296%
Other8166985820.84%23%411,475172%
Subtotal48,4149,01253,9911.36%21%16230,24356%
Default74549745100%19%15817323%
Total49,1599,06154,7362.70%21%32030,41656%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
45
Residential Mortgages portfolio by PD band
1
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
0.0 to 0.1083,16742,412124,2820.06%13%97,0296%
0.10 to 0.25109,39814,735122,7780.16%14%279,9758%
0.25 to 1.0226,4377,928233,5860.45%15%16443,32919%
1.0 to 2.529,75169530,3441.19%16%5911,48938%
2.5 to 10.022,0371,21122,6457.79%15%26923,795105%
10.0 to 99.998,227258,25323.73%16%31211,289137%
Subtotal479,01767,006541,8881.00%15%840106,90620%
Default5,816295,816100%20%4989,322160%
Total484,83367,035547,7042.05%15%1,338116,22821%
31 March 2024
0.0 to 0.1077,67342,278118,6260.06%13%96,6976%
0.10 to 0.25107,68914,715121,1450.16%14%279,8848%
0.25 to 1.0223,9029,378232,5840.45%15%16342,99518%
1.0 to 2.530,11369430,7151.20%16%6011,66638%
2.5 to 10.022,8471,16523,4467.81%15%28124,795106%
10.0 to 99.998,212218,23423.64%16%31111,280137%
Subtotal470,43668,251534,7501.02%15%851107,31720%
Default5,439285,439100%20%4768,601158%
Total475,87568,279540,1892.02%15%1,327115,91821%
30 September 2023
0.0 to 0.1072,23341,325112,3500.06%13%86,3686%
0.10 to 0.25106,67114,695120,1520.16%14%2710,0678%
0.25 to 1.0221,71211,338232,3520.45%16%16343,35719%
1.0 to 2.529,63667230,2141.20%16%5911,51038%
2.5 to 10.022,4721,14923,0557.78%15%28024,663107%
10.0 to 99.997,220247,24521.54%16%2519,963138%
Subtotal459,94469,203525,3680.95%15%788105,92820%
Default4,372284,372100%20%3787,020161%
Total464,31669,231529,7401.77%15%1,166112,94821%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.
1.As at 30 September 2024 Residential Mortgages risk weighted assets under the IRB approach totalled $131,989 million. The standardised
approach equivalent was $214,081 million.

46WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Australian Credit Cards portfolio by PD band
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
0.0 to 0.101,2975,9594,3560.08%81%31844%
0.10 to 0.251,5184,5203,9990.17%84%63419%
0.25 to 1.01,3752,0162,5190.55%85%1256022%
1.0 to 2.58335351,1551.64%85%1659752%
2.5 to 10.06963758973.60%84%2779589%
10.0 to 99.9931415038417.24%81%53836218%
Subtotal6,03313,55513,3101.06%83%1173,31325%
Default722072100%75%35252348%
Total6,10513,57513,3821.59%83%1523,56527%
31 March 2024
0.0 to 0.101,2415,7744,2000.08%81%31774%
0.10 to 0.251,5264,5274,0140.17%84%63429%
0.25 to 1.01,4222,1072,6140.55%85%1258122%
1.0 to 2.58925721,2381.64%85%1764052%
2.5 to 10.07714029883.60%84%3087889%
10.0 to 99.9936016143517.28%81%60953219%
Subtotal6,21213,54313,4891.15%83%1283,57126%
Default722172100%75%38218305%
Total6,28413,56413,5611.67%83%1663,78928%
30 September 2023
0.0 to 0.101,2455,9134,2670.08%81%31824%
0.10 to 0.251,5124,6034,0470.17%84%63459%
0.25 to 1.01,4002,1552,6210.55%85%1258222%
1.0 to 2.58715811,2231.64%85%1763252%
2.5 to 10.07374059543.58%84%2984488%
10.0 to 99.9934216041517.36%80%57901217%
Subtotal6,10713,81713,5271.11%83%1243,48626%
Default632163100%75%31226358%
Total6,17013,83813,5901.57%83%1553,71227%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
47
Small Business portfolio by PD band
RegulatoryRiskAverage
CommittedExposureProbabilityLoss GivenExpectedWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultLossAssetsWeight
30 September 2024
0.0 to 0.10--------
0.10 to 0.25--------
0.25 to 1.01,3742,5984,0100.59%38%91,32333%
1.0 to 2.513,2423,90117,1581.48%35%898,14547%
2.5 to 10.03,8535384,3944.68%35%722,97868%
10.0 to 99.991,3382371,57926.72%36%1591,728109%
Subtotal19,8077,27427,1413.33%36%32914,17452%
Default907101928100%40%1752,949318%
Total20,7147,37528,0696.53%36%50417,12361%
31 March 2024
0.0 to 0.10--------
0.10 to 0.25--------
0.25 to 1.01,3572,5783,9710.58%38%91,30633%
1.0 to 2.513,2313,83917,0821.48%35%898,13348%
2.5 to 10.03,8115044,3174.77%35%722,97169%
10.0 to 99.991,4732281,70427.51%35%1711,858109%
Subtotal19,8727,14927,0743.51%35%34114,26853%
Default896105928100%41%1693,110335%
Total20,7687,25428,0026.71%36%51017,37862%
30 September 2023
0.0 to 0.10--------
0.10 to 0.25--------
0.25 to 1.01,3392,4553,8220.58%37%81,23532%
1.0 to 2.513,6843,80217,4821.48%35%928,33448%
2.5 to 10.03,8615084,3694.86%35%733,01869%
10.0 to 99.991,4652401,70728.16%35%1731,850108%
Subtotal20,3497,00527,3803.56%35%34614,43753%
Default85194852100%39%1632,603306%
Total21,2007,09928,2326.47%35%50917,04060%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

48WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Other Retail portfolio by PD band
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
0.0 to 0.101320.08%84%--17%
0.10 to 0.25451211630.22%72%-5735%
0.25 to 1.07993931,1940.60%65%566055%
1.0 to 2.58462671,1131.57%77%131,108100%
2.5 to 10.0906559734.97%79%381,241128%
10.0 to 99.992791229730.28%76%70572192%
Subtotal2,8768513,7424.37%73%1263,63897%
Default1093109100%75%56357326%
Total2,9858543,8517.08%73%1823,995104%
31 March 2024
0.0 to 0.101320.07%78%--16%
0.10 to 0.25571201740.22%72%-5934%
0.25 to 1.01,0453971,4430.61%63%578154%
1.0 to 2.58992731,1711.57%76%141,16099%
2.5 to 10.0977561,0434.89%78%401,315126%
10.0 to 99.993051232329.98%73%73596185%
Subtotal3,2848614,1564.22%72%1323,91194%
Default1153115100%73%59348302%
Total3,3998644,2716.81%72%1914,259100%
30 September 2023
0.0 to 0.101420.07%79%--17%
0.10 to 0.25671351990.22%71%-6734%
0.25 to 1.01,3564541,8110.62%62%796753%
1.0 to 2.59873031,2911.57%76%151,26398%
2.5 to 10.01,019581,0874.79%77%411,347124%
10.0 to 99.993211233928.73%71%70598176%
Subtotal3,7519664,7293.84%70%1334,24290%
Default1204119100%72%60365305%
Total3,8719704,8486.21%70%1934,60795%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
49
Portfolios subject to supervisory risk-weights in the IRB approach
Exposures subject to supervisory risk-weights in the IRB approach include assets categorised as specialised lending,
where a regulatory capital ‘slotting’ approach applies. Specialised lending relates to Project Finance and Object Finance.
The ‘Credit Risk Management’ section of this report describes the alignment of Westpac risk grades to both external
rating equivalents and regulatory capital ‘slots’.
Exposure atRegulatoryRisk Weighted
$mRisk WeightDefaultExpected LossAssets
30 September 2024
Strong70%3,630152,541
Good90%1,0508945
Satisfactory115%1825209
Weak250%---
DefaultN/A---
Total4,862283,695
31 March 2024
Strong70%2,976122,083
Good90%8887799
Satisfactory115%1755202
Weak250%776192
DefaultN/A---
Total4,116303,276
30 September 2023
Strong70%2,909112,036
Good90%8177736
Satisfactory115%2557293
Weak250%---
DefaultN/A---
Total3,981253,065

50WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Portfolios subject to FIRB
This table sets out portfolios subject to FIRB. Under FIRB, an ADI must provide its own estimates of PD and maturity
and rely on supervisory estimates of LGD and EAD. This includes all Sovereign, Financial Institutions and Large
Corporate exposures.
Sovereign exposures by external credit rating
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA94,702294,7020.01%6%18921%
AA55,95137756,1350.02%5%11,0192%
A3891064340.05%29%-6114%
BBB12721280.20%48%-6047%
BB189270.81%42%-1037%
B2-24.21%44%-3150%
Other-3218.23%19%-2100%
Subtotal151,189499151,4300.01%6%22,0471%
Default--------
Total151,189499151,4300.01%6%22,0471%
31 March 2024
AAA90,233890,2370.01%6%-5321%
AA77,41528477,5540.02%5%11,1792%
A5911346510.05%32%-8613%
BBB12721270.22%48%-5543%
BB305340.48%51%-1338%
B2031324.78%51%152163%
Other-3223.74%20%-2100%
Subtotal168,416467168,6370.02%6%21,9191%
Default--------
Total168,416467168,6370.02%6%21,9191%
30 September 2023
AAA110,9266110,9280.01%7%17821%
AA63,14621363,3280.02%5%11,0382%
A7781458440.04%47%-15819%
BBB222612460.19%50%-11647%
BB4371.51%54%-8114%
B446224.78%51%136164%
Other-3223.74%39%-5250%
Subtotal175,080477175,3770.01%7%32,1431%
Default--------
Total175,080477175,3770.01%7%32,1431%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
51
Financial Institution exposures by external credit rating
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA2,353912,3930.05%50%148720%
AA7,5374667,8140.05%50%21,80523%
A19,0986,87722,6250.06%51%75,92926%
BBB3,9543,3065,4710.19%52%63,08456%
BB2,0558212,5411.18%34%92,19586%
B294324.64%30%-36113%
Other891531647.82%47%515896%
Subtotal35,11511,71841,0400.18%50%3013,69433%
Default72372100%40%29--
Total35,18711,72141,1120.35%50%5913,69433%
31 March 2024
AAA2,383382,3980.05%50%159725%
AA8,6974488,9360.05%50%22,29126%
A16,5735,43919,4520.06%51%65,02826%
BBB3,1784,0715,3180.19%52%53,03457%
BB1,8146352,1761.15%38%81,96290%
B124144.50%38%-19136%
Other53115826.67%40%6157271%
Subtotal32,71010,64638,3520.18%50%2813,08834%
Default76176100%42%32--
Total32,78610,64738,4280.37%50%6013,08834%
30 September 2023
AAA2,428-2,4280.05%50%171629%
AA10,14144210,3830.05%50%32,52924%
A16,5603,55918,4860.06%50%64,64825%
BBB2,4613,4664,4160.20%51%42,59859%
BB2,1286732,5211.08%44%102,752109%
B2318384.73%39%166174%
Other53286822.46%37%5148218%
Subtotal33,7948,18638,3400.18%50%3013,45735%
Default86386100%42%36--
Total33,8808,18938,4260.41%50%6613,45735%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

52WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
Large Corporate exposures by external credit rating
RiskAverage
CommittedExposureProbabilityLoss GivenRegulatoryWeightedRisk
$mOutstandings
a
Undrawn
b
at Defaultof DefaultDefaultExpected LossAssetsWeight
30 September 2024
AAA--------
AA1,5184221,7210.05%31%-27416%
A8,4297,98211,8830.07%48%43,22627%
BBB15,71619,94924,7540.21%47%2512,35250%
BB2,7852,4434,0130.93%44%173,81695%
B1442533.52%44%168128%
Other21754450927.61%46%641,299255%
Subtotal28,67931,38242,9330.56%46%11121,03549%
Default334100%38%2--
Total28,68231,38542,9370.57%46%11321,03549%
31 March 2024
AAA---0.05%----
AA3511,0757830.05%38%-15119%
A8,5518,56312,4280.07%50%43,61929%
BBB13,91219,16322,5640.21%49%2311,69852%
BB2,6952,2603,8230.98%46%173,70197%
B1663653.69%43%183128%
Other5896154014.60%49%401,306242%
Subtotal25,58332,08540,2030.44%49%8520,55851%
Default2-2100%24%---
Total25,58532,08540,2050.44%49%8520,55851%
30 September 2023
AAA---0.05%----
AA1,2862921,4050.05%33%-24417%
A9,2707,39212,7670.07%50%53,78530%
BBB14,20117,96622,4600.21%50%2511,49951%
BB2,6203,0774,2360.94%46%193,89292%
B3125524.78%53%191175%
Other23332940716.76%50%341,059260%
Subtotal27,64129,08141,3270.41%49%8420,57050%
Default1-1100%28%---
Total27,64229,08141,3280.41%49%8420,57050%
a.Outstandings are balances that were drawn down as at the reporting date and include certain off-balance sheet items.
b.Committed undrawn balances are committed exposures that were not drawn down as at the reporting date.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
53
Portfolios subject to the standardised approach
The table below presents exposures subject to the standardised approach for the calculation of RWA. This includes
certain mortgages that are prescribed a standardised risk weight including interest-only mortgages greater than five
years and mortgages held by self-managed super funds. Other exposures subject to the standardised approach include
Westpac Pacific, Asian retail exposures, margin lending and some other small portfolios. Credit valuation adjustment and
qualifying central clearing counterparties exposure is also included in the standardised approach.
Total ExposureRisk Weighted
Risk Weight %at Default $mAssets $m
30 September 2024
0%--
2%4,61492
4%--
20%1,714343
35%--
50%346173
65%199129
75%160120
85%290247
90%451406
100%17,45617,456
120%1011
150%368552
1250%--
Default fund contributions
a
10290
Credit valuation adjustment-5,795
Total25,71025,414
31 March 2024
0%--
2%4,89998
4%--
20%1,768354
35%--
50%372186
65%205133
75%158118
85%274233
90%432389
100%18,63818,637
120%1215
150%428642
1250%--
Default fund contributions
a
225116
Credit valuation adjustment-5,747
Total27,41126,668
a.Portfolios subject to the standardised approach include exposures to qualifying central clearing counterparties used to clear derivative
transactions. Derivative counterparty exposure and initial margin are risk weighted at 2%. Default fund contributions to qualifying central
clearing counterparties are shown separately and are subject to higher risk weights.

54WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
30 September 2023Total ExposureRisk Weighted
Risk Weight %at Default $mAssets $m
0%--
2%2,98360
4%1,73970
20%1,811362
35%--
50%393196
65%210137
75%155116
85%269229
90%437393
100%20,82820,828
120%1113
150%388584
1250%--
Default fund contributions
a
16973
Credit valuation adjustment-5,752
Total29,39328,813
a.Portfolios subject to the standardised approach include exposures to qualifying central clearing counterparties used to clear derivative
transactions. Derivative counterparty exposure and initial margin are risk weighted at 2%. Default fund contributions to qualifying central
clearing counterparties are shown separately and are subject to higher risk weights.
New Zealand portfolio
This table presents a summary of New Zealand asset classes. When an overseas banking subsidiary is regulated
by the RBNZ, RWA and Expected Losses (EL) are calculated using the RBNZ rules
1
. The table below summarises
Westpac’s New Zealand regulated RWA credit exposures (including securitisations) using RBNZ asset classes used to
determine RWA.
Total
Total RiskRegulatory
ExposureWeightedExpected
$mat DefaultAssetsLoss
30 September 2024
Residential Mortgages70,84018,942182
Other Retail2,4981,20039
Small Business1,83865613
Corporate/Business Lending40,08625,005352
Standardised18,1992,339-
Total133,46148,142586
31 March 2024
Residential Mortgages70,17217,828196
Other Retail2,5241,20141
Small Business1,89565911
Corporate/Business Lending40,09624,496335
Standardised18,2012,306-
Total132,88846,490583
30 September 2023
Residential Mortgages69,75117,353176
Other Retail2,5721,22341
Small Business1,97768811
Corporate/Business Lending41,13025,085323
Standardised18,3142,299-
Total133,74446,648551
1.The scaling factor and floor applied to New Zealand exposures is calculated using APRA requirements rather than the RBNZ requirements.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
55
Credit Quality
Actual losses
For the Year ended 30 September 2024
$mWrite-offs direct
Legal and
recovery costs
Write-offs
from provisions
a
Recoveries
Actual Losses
for the 12
months ended
Corporate1-38(30)9
Business Lending14-11(6)19
Property Finance9--(4)5
Large Corporate-----
Sovereign-----
Financial Institutions--2-2
Residential Mortgages15532(9)43
Australian Credit Cards191--(53)138
Other Retail1852-(75)112
Small Business39132(7)65
Specialised Lending-----
Securitisation-----
Standardised--8-8
New Zealand24-11(6)29
Total4788134(190)430
a.Write-offs from individually assessed provisions.
For the Half year ended 31 March 2024
$mWrite-offs direct
Legal and
recovery costs
Write-offs
from provisions
a
Recoveries
Actual Losses
for the 6
months ended
Corporate--33(19)14
Business Lending6-2(2)6
Property Finance4--(1)3
Large Corporate-----
Sovereign-----
Financial Institutions-----
Residential Mortgages5316(4)20
Australian Credit Cards81--(25)56
Other Retail841-(35)50
Small Business15-13(2)26
Specialised Lending-----
Securitisation-----
Standardised--2-2
New Zealand12--(2)10
Total207466(90)187
a.Write-offs from individually assessed provisions.

56WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
For the Year ended 30 September 2023
$mWrite-offs direct
Legal and
recovery costs
Write-offs
from provisions
a
Recoveries
Actual Losses
for the 12
months ended
Corporate4-53(41)16
Business Lending13-29(3)39
Property Finance6--(2)4
Large Corporate-----
Sovereign-----
Financial Institutions1-8-9
Residential Mortgages6533(12)32
Australian Credit Cards160--(61)99
Other Retail1774-(59)122
Small Business40-24(7)57
Specialised Lending-----
Securitisation-----
Standardised2-3-5
New Zealand22-11(6)27
Total4319161(191)410
a.Write-offs from individually assessed provisions.
Regulatory loss estimates and actual losses
The table below compares regulatory credit risk estimates used in the calculation of risk weighted assets to the average
of actual outcomes observed since the establishment of Advanced IRB accreditation for each portfolio.
Predicted parameters represent average internally predicted long-run probabilities of default for non-defaulted obligors
at the start of each year, as well as downturn estimates of loss (or the regulatory minimum where required). They
are averaged using data from the financial years beginning at the time of Advanced IRB accreditation (2008 for most
portfolios) and compared to observed outcomes over the same period.
Predicted parameters are reviewed annually utilising observed outcomes from prior periods as a key input.
Historical information from the period of previous capital framework (Basel II) has been mapped to the most comparable
Basel III asset classes.
Default rates
At the start of each year, a predicted default probability is assigned to all non-defaulted obligors. This is averaged over
the portfolio for the period since IRB accreditation and reported as the predicted default rate. The actual default rate
reflects the fraction of obligors who start the year not in default but default during the one-year period. The observed
annual default rates are averaged over the period since IRB accreditation.
Loss Given Default (LGD)
LGD estimates are based on an economic loss calculation and include workout costs and discounting of future cash
flows to the date of default. LGD analysis excludes recent defaults in order to allow sufficient time for the full workout
of the facility and hence an accurate LGD to be determined. The workout period varies by portfolio: a two-year
workout period is assumed for transaction-managed and residential mortgage lending; and a one year period for other
program-managed portfolios.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
57
Exposure at Default (EAD)
The EAD variance compares the observed EAD to the predicted EAD up to one year prior to default. For
transaction-managed portfolios, predicted EAD is currently mandated to be 100% of committed exposures. The
observed EAD is averaged for all obligors that defaulted over the observation period.
RegulatoryObserved EAD
ExpectedDefault rateLoss Given Defaultvariance to
$mLoss
a
PredictedObservedPredictedObservedPredicted
b
30 September 2024
Corporate5602.26%0.91%41%21%(22%)
Business Lending6402.26%1.65%33%12%(13%)
Property Finance
c
322N/AN/AN/AN/AN/A
Large Corporate
c
113N/AN/AN/AN/AN/A
Sovereign20.26%----
Financial Institutions
c
590.73%0.49%---
Residential Mortgages1,3380.77%0.61%20%1%-
Australian Credit Cards1521.55%1.43%75%58%(3%)
Other Retail1824.59%3.47%69%41%(7%)
Small Business5043.89%2.88%37%6%(15%)
Specialised Lending
d
28N/A2.22%N/A11%(12%)
Securitisation
d
-N/AN/AN/AN/AN/A
New Zealand
e
586N/AN/AN/AN/AN/A
Standardised
d
-N/AN/AN/AN/AN/A
Total4,486
31 March 2024
Corporate5472.25%0.91%41%21%(22%)
Business Lending5542.26%1.65%33%12%(13%)
Property Finance
c
328N/AN/AN/AN/AN/A
Large Corporate
c
85N/AN/AN/AN/AN/A
Sovereign20.26%----
Financial Institutions
c
600.43%0.10%---
Residential Mortgages1,3270.77%0.60%20%1%-
Australian Credit Cards1661.56%1.45%75%58%(3%)
Other Retail1914.60%3.45%69%40%(7%)
Small Business5103.91%2.91%37%6%(12%)
Specialised lending
d
30N/A2.25%N/A11%(12%)
Securitisation
d
-N/AN/AN/AN/AN/A
New Zealand
e
583N/AN/AN/AN/AN/A
Standardised
d
-N/AN/AN/AN/AN/A
Total4,383
a.Includes regulatory expected losses for defaulted and non-defaulted exposures.
b.A negative outcome indicates observed EAD was lower than predicted EAD, which can happen because exposures were managed down prior
to default or
off-balance sheet items or undrawn limits were not fully drawn prior to default.
c.These are new asset classes under the capital framework. ‘Financial Institutions’ includes exposures subject to ‘Bank’ under the previous
framework. Performance information of exposures reported under Large Corporate and Property Finance requires sufficient passage of time to
be observed and thus is currently shown as N/A.
d.Predicted parameters are not available for specialised lending, securitisation or standardised exposures as risk weights for these portfolios do
not rely on credit estimates and are shown as N/A in the tables above.
e.Historical Default Rate, Loss Given Default and Observed-to-Predicted EAD are included in the asset classes above, consistent with the
historical classification of New Zealand exposures.

58WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK EXPOSURE
30 September 2023RegulatoryObserved EAD
ExpectedDefault rateLoss Given Defaultvariance to
$mLoss
a
PredictedObservedPredictedObservedPredicted
b
Corporate4772.27%0.90%42%23%(22%)
Business Lending5292.26%1.65%35%14%(13%)
Property Finance
c
320N/AN/AN/AN/AN/A
Large Corporate
c
84N/AN/AN/AN/AN/A
Sovereign30.25%----
Financial Institutions
c
660.43%0.10%---
Residential Mortgages1,1660.77%0.60%20%1%(1%)
Australian Credit Cards1551.58%1.47%75%57%(2%)
Other Retail1934.62%3.46%69%40%(7%)
Small Business5093.93%2.93%37%6%(10%)
Specialised Lending
d
25N/A2.22%N/A14%(11%)
Securitisation
d
-N/AN/AN/AN/AN/A
New Zealand
e
551N/AN/AN/AN/AN/A
Standardised
d
-N/AN/AN/AN/AN/A
Total4,078
a.Includes regulatory expected losses for defaulted and non-defaulted exposures.
b.A negative outcome indicates observed EAD was lower than predicted EAD, which can happen because exposures were managed down prior
to default or off-balance sheet items or undrawn limits were not fully drawn prior to default.
c.These are new asset classes under the capital framework. ‘Financial Institutions’ includes exposures subject to ‘Bank’ under the previous
framework. Performance information of exposures reported under Large Corporate and Property Finance requires sufficient passage of time to
be observed and thus is currently shown as N/A.
d.Predicted parameters are not available for specialised lending, securitisation or standardised exposures as risk weights for these portfolios do
not rely on credit estimates and are shown as N/A in the tables above.
e.Historical Default Rate, Loss Given Default and Observed-to-Predicted EAD are included in the asset classes above, consistent with the
historical classification of New Zealand exposures.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
59
CREDIT RISK MITIGATION
This section describes the way in which Westpac reduces its credit risk by using financial collateral, guarantees or credit
derivatives for the Corporate, Sovereign and Financial Institutions asset classes.
Approach
Westpac recognises credit risk mitigation only when formal legal documentation is held that establishes Westpac’s
direct, irrevocable and unconditional recourse to the collateral or to an unrelated credit risk mitigation provider. Minimum
standards for recognising credit risk mitigation are set out in Westpac’s credit rules and policies. All proposals for
recognising risk mitigation require approval by an authorised credit officer. Authorised credit officer approval is also
required for existing risk mitigation to be discontinued or withdrawn.
The amount of credit risk mitigation recognised is the face value of the mitigation instrument, adjusted by the
application of discounts for any maturity and/or currency mismatch with the underlying obligation, so that a discounted
amount is recognised when calculating the residual exposure after mitigation.
For regulatory capital purposes:
•exposures secured by eligible financial collateral, either cash or certain government or semi-government securities, or
where protection is bought via credit linked notes, provided proceeds are invested in eligible financial collateral, are
included at the gross value, with risk weighted assets for the portion thus secured calculated by applying a 5% LGD
1
;
•exposures mitigated by eligible guarantees, standby letters of credit or similar instruments, where Westpac has direct
recourse to an unrelated third party, or credit protection bought via credit default swaps where Westpac is entitled to
recover either full principal or credit losses on occurrence of defined credit events, are treated under double default
rules where the protection provider is rated A-/A3 or better. The Group Chief Credit Officer has the authority to
approve exceptions to the A-/A3 minimum; and
•exposures mitigated by guarantees, letters of credit, credit default swaps or similar instruments, which are not eligible
for double default treatment are treated under the substitution approach.
When Westpac uses credit risk mitigation to reduce counterparty exposure, limits are applied to both gross (i.e. pre-
mitigation) and net exposure. Furthermore, exposure is recorded against the provider of any credit risk mitigation and a
limit framework prevents excessive concentration to such counterparties.
Netting
Risk reduction by way of current account set-offs is recognised for exposures to creditworthy customers domiciled in
Australia and New Zealand only. Customers are required to enter into formal agreements giving Westpac the unfettered
right to set-off gross credit and debit balances in their nominated accounts to determine Westpac’s net exposure within
each of these two jurisdictions. Cross-border set-offs are not permitted.
Close-out netting is undertaken for off-balance sheet financial market transactions with counterparties with whom
Westpac has entered into master netting agreements which allow such netting in specified jurisdictions. Close-out
netting effectively aggregates pre-settlement risk exposure at time of default, thus reducing overall exposure.
Collateral valuation and management
Westpac revalues financial markets and associated collateral positions on a daily basis to monitor the net risk position,
and has formal processes in place so that calls for collateral top-up or exposure reduction are made promptly. An
independent operational unit has responsibility for monitoring these positions. The collateralisation arrangements are
documented in accordance with the Credit Support Annex of the International Swaps and Derivatives Association
master agreement for derivatives transactions and Global Master Repurchase Agreement for repurchase transactions
and Clearing Agreements for cleared trades.
1.
Excludes collateralised derivative transactions.

60WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
CREDIT RISK MITIGATION
Total exposure covered by collateral, credit derivatives and guarantee
Credit Risk Mitigants
$m
Total before
mitigation
Impact
of credit
mitigation
a
Total after
mitigation
Total exposure
for which
some credit
risk is
mitigated
Eligible
Financial
Collateral
Covered by
Guarantees
Covered by
Credit
Derivatives
30 September 2024
Corporate43,527(22)43,50536422--
Large Corporate42,950(13)42,9372,7231,534--
Sovereign152,125(695)151,4301,840730361-
Financial Institutions43,330(2,218)41,1129,3633,766886-
Standardised25,711(1)25,71011--
Total307,643(2,949)304,69414,2916,0531,247-
31 March 2024
Corporate42,947(11)42,9367381187-
Large Corporate40,205-40,2052,1161,254--
Sovereign169,164(527)168,6371,109528214-
Financial Institutions39,897(1,469)38,4285,7962,471425-
Standardised27,412(1)27,41111--
Total319,625(2,008)317,6179,7604,265726-
30 September 2023
Corporate40,642(97)40,5456179790-
Large Corporate41,339(11)41,3282,6861,419--
Sovereign175,870(493)175,3771,005493240-
Financial Institutions40,954(2,528)38,4267,3623,375402-
Standardised29,393-29,393----
Total328,198(3,129)325,06911,6705,384732-
a.Impact of credit mitigation under the substitution approach.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
61
COUNTERPARTY CREDIT RISK
Approach
Westpac’s process for managing counterparty credit risk is based on its assessment of the potential future credit risk
Westpac is exposed to when dealing in derivatives products and securities financing transactions. Westpac quantifies
this risk through a daily simulation of future market price and rate shocks and converts the effect of these shocks on
the mark-to-market value of Westpac’s positions to a credit exposure using Westpac’s Derivative Risk Equivalent (DRE)
methodology. Exposures are loaded into Westpac’s credit limit management system where they are checked against
pre-settlement risk limits that are set at the counterparty level. Limit excesses are reported to credit managers and
actioned within strict timeframes.
Structure and organisation
Financial Markets (First Line of Defence) and Westpac Institutional Bank Credit (WIB Credit, Second Line of Defence)
work collaboratively, providing insight, oversight and challenge of Financial Market’s credit exposure. WIB Credit sets
counterparty credit risk appetite, internal ratings, and credit limits for the counterparties with which Financial Markets
transacts. Transactions generating credit exposure outside of pre-defined credit appetite and limits require approval by
WIB Credit.
Market related credit risk
There are two components to the regulatory capital requirements for credit risk arising from derivative products:
•capital to absorb losses arising from the default of derivative counterparties; and
•capital to absorb losses arising from mark-to-market valuation movements resulting from changes in the credit
quality of derivative counterparties. These valuation movements are referred to as credit valuation adjustments (CVA)
and this risk is sometimes labelled as CVA risk.
Risk mitigation
Mitigation is achieved in a number of ways:
•the limit system monitors for excesses of the pre-defined limits, with any excesses being notified to Authorised
Credit Officers;
•Westpac has netting agreements with counterparties to allow the exposure across a portfolio of trades with the same
counterparty to be netted;
•Westpac has collateral agreements with its largest counterparties. The market value of the counterparty’s portfolio is
used to recalculate the credit position at each end of day, with collateral being called for when certain pre-set limits
are met or exceeded. Westpac exchanges Initial Margin with eligible counterparties for eligible products as protection
against potential future exposure to changes in market value;
•Westpac has initial margin agreements with qualifying counterparties subject to relevant international regulations.
The exchange of initial margin for eligible products covers the potential future exposure that could arise
from changes in the market value of derivative transactions over the close-out period in the event of a
counterparty default;
•credit derivatives are used to mitigate credit exposure against certain counterparties; and
•regular marking to market and settling of the foreign exchange components of foreign exchange reset contracts.
Counterparty derivative exposures and limits
The risk management methodology for counterparty derivatives exposures is similar to the credit methodology
for transaction-managed loans. The main difference is in the estimation of the exposure for derivatives which is
based on the DRE methodology. DRE is a credit exposure measure for derivative trades which is calibrated to a
‘loan-equivalent’ exposure.
Counterparty credit limits are approved on an uncommitted and unadvised basis by Authorised Credit Officers. This
follows an evaluation of each counterparty’s credit worthiness and establishing an agreed credit risk appetite for the
nature and extent of prospective business.

62WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
COUNTERPARTY CREDIT RISK
Wrong-way risk exposures
Westpac defines wrong-way risk as exposure to a counterparty which is adversely correlated with the credit quality
of that counterparty. With respect to credit derivatives, wrong-way risk refers to credit protection purchased from a
counterparty highly correlated to the reference obligation.
Wrong-way risk exposures using credit derivatives are controlled by only buying protection from highly rated
counterparties. These transactions are assessed by an Authorised Credit officer who has the right to decline any
transaction where they feel there is an unacceptably high correlation between the ability to perform under the trade
and the performance of the underlying counterparty.
Consequences of a downgrade in Westpac’s credit rating
A downgrade in Westpac’s credit rating can have an impact on Westpac’s collateral agreements. Where an outright
threshold and minimum transfer amount are agreed, there will not be any impact on the amount of collateral posted
by Westpac in the event of a credit rating downgrade. Where the threshold and minimum transfer amount are tiered
according to credit rating, the impact of Westpac being downgraded below its current credit rating would be: for a one
notch and two notch downgrade, it would require an additional collateral of $4 million
1
.
Counterparty credit risk summary
The counterparty credit risk exposures below exclude New Zealand exposures. These exposures are separately included
in the New Zealand credit exposure line item.
30 September31 March30 September
$m202420242023
Gross positive fair value23,92415,77621,461
Netting and collateral benefits
a
(19,447)(11,044)(14,599)
Replacement cost4,4774,7326,862
Potential future exposure13,72413,21211,938
Impact of scaling factor of 1.4 and incurred credit value adjustment7,1817,0757,381
Net derivatives credit exposure under standardised approach to counterparty
credit risk25,38225,01926,181
Exposure type
Interest rate contracts6,6105,9244,736
Foreign exchange contracts17,95618,28220,746
Equity contracts---
Credit derivatives836414
Commodity contracts733749685
Other---
Total25,38225,01926,181
a.Includes cash collateral posted of $2,893 million as at 30 September 2024 (31 March 2024 included cash collateral posted: $2,210 million,
30 September 2023 included cash collateral held: $1,235 million).
Credit derivative transactions that create exposures to counterparty credit risk
30 September 2024Westpac PortfolioIntermediation activities
Notional value by product type ($m)BoughtSoldBoughtSold
Credit Default Swaps2,309---
Total Return Swaps----
Credit options----
Credit linked notes----
Collateralised Loan Obligations----
Other----
Total2,309---
1.Credit rating downgrade postings are cumulative.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
63
31 March 2024Westpac PortfolioIntermediation activities
Notional value by product type ($m)BoughtSoldBoughtSold
Credit Default Swaps2,271---
Total Return Swaps----
Credit options----
Credit linked notes----
Collateralised Loan Obligations----
Other----
Total2,271---
30 September 2023Westpac PortfolioIntermediation activities
Notional value by product type ($m)BoughtSoldBoughtSold
Credit Default Swaps2,02765--
Total Return Swaps----
Credit options----
Credit linked notes----
Collateralised Loan Obligations----
Other----
Total2,02765--

64WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
SECURITISATION
A securitisation is a financial structure where the cash flow from a pool of assets is used to service obligations to at least
two different tranches or classes of creditors (typically holders of debt securities), with each class or tranche reflecting
a different degree of credit risk (i.e. one class of creditors is entitled to receive payments from the pool before another
class of creditors).
Securitisation transactions are generally grouped into two broad categories:
•traditional or true sale securitisations, which involve the transfer of ownership of the underlying asset pool to a third
party; and
•synthetic transactions, where the ownership of the underlying asset pool remains with the originator and only the
credit risk of the pool is transferred to a third party, using credit derivatives or guarantees.
Covered bond transactions, in which bonds issued by Westpac are guaranteed by assets held in a special purpose
vehicle, are not considered to be securitisation transactions.
Approach
Westpac’s involvement in securitisation activities ranges from a seller of its own assets to an investor in third-party
transactions and includes the arranging of transactions, the provision of securitisation services and the provision of
funding for clients, including clients requiring access to capital markets. All securitisation activity must follow Westpac’s
credit policies and approval processes.
Securitisation of Westpac originated assets - Securitisation is used by Westpac to manage funding and liquidity and
may also be used for capital management. It allows Westpac the ability to use a pool of assets to increase Westpac’s
wholesale funding capacity. Westpac may provide arm’s length facilities and services to the securitisation vehicles. These
typically include the provision of financing, redraw facilities and derivative contracts.
Westpac has entered into self securitisation transactions for funding and liquidity purposes. These are the same as
traditional securitisations, except that Westpac is the holder of all classes of notes issued (other than where senior
notes have been pledged as eligible collateral with the RBA). The senior notes qualify as eligible collateral with the
RBA, and are pledged against the Term Funding Facility provided by the RBA and used to meet APRA’s contingent
liquidity requirements
1
.
These ‘self securitisations’ do not change risk weighted assets
2
. No securitisation transactions for Westpac originated
assets are classified as re-securitisation exposures which are deemed to mean a securitisation exposure in which at least
one of the underlying exposures in the pool is a securitisation exposure.
Securitisation in the management of Westpac’s credit portfolio - Westpac does not use securitisation to manage its
corporate and institutional loan and counterparty credit risk portfolios. Single name credit default swaps are not treated
as securitisations but as credit risk mitigation facilities.
Provision of securitisation services, including funding and arranging asset backed bond issues - Westpac provides
services to clients wishing to access asset-backed financing through securitisation. Those services include the provision
of warehouse
3
and term funding of securitised assets; and arranging and/or lead managing asset backed bond issues.
Westpac may also invest in securitised bond issues and will receive an interest margin for securities held.
Securitisation facilities provided by Westpac may include re-securitisation exposures. Westpac also buys and sells
securitisation exposures in the secondary market to facilitate portfolio management activity by its institutional
customers who hold asset backed bonds.
Westpac’s role in the securitisation process
Securitisation activityRole played by Westpac
Securitisation of Westpac originated assets•Arranger
•Asset originator
•Bond distributor
•Facility provider
•Note holder
•Trust manager
•Swap provider
•Servicer
Provision of securitisation services including funding and
arranging asset backed bond issues
•Arranger
•Bond distributor
•Warehouse financing
•Investor - purchaser of
securitisation exposures
•Liquidity
facility provider
•Swap provider
•Market maker
and broker for
distributed bonds
1.APS 210 updated contingent liquidity guidance requires from 1 March 2022, self securitisations to cover 30% of AUD net cash outflows.
2.The credit exposures of the underlying loans are measured in accordance with APS 112 and APS 113.
3.Lending facilities provided to securitisation vehicles which enable accumulation of originator assets until a sufficiently large pool is available
for issuance of securities in a term securitisation.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
65
Key Objectives
Securitisation of Westpac originated assets - The securitisation of Westpac’s own assets provides funding diversity and
liquidity management.
Provision of securitisation services including funding and arranging asset backed bond issues - Westpac receives
market-based fees in return for its services as servicer, swap provider, arranger, facility provider and distribution fees
for issuance of asset backed bonds associated with the provision of warehouse and term funding facilities. Westpac
also purchases securities in order to earn income. Westpac facilitates portfolio management activity by its institutional
customers by buying and selling securitisation exposures in the secondary market and is compensated through an
interest margin including a bid-offer spread on the transactions.
Structure and organisation
Securitisation of Westpac originated assets - Treasury is responsible for all Westpac originated securitisation activity
including funding and liquidity management.
Provision of securitisation services including funding and arranging asset backed bond issues - These services
are provided by Westpac Institutional Bank and include the provision of securitisation services including arranger,
bond distributor, warehouse financing, liquidity facility provider, swap provider, market-making and broking of
asset-backed bonds.
Risk reporting
Credit exposure - Funding, liquidity, credit enhancement and redraw facilities, swap arrangements and counterparty
exposures are captured and monitored in key source systems along with other facilities/derivatives entered into
by Westpac.
Operational risk exposure - The operational risk review process for Westpac includes the identification of risks, controls
and key performance indicators in relation to all securitisation activity and services provided by Westpac or any of
its subsidiaries.
Market risk exposure - Exposures arising from transactions with counterparties are captured as part of Westpac’s traded
and non-traded market risk reporting and limit management framework.
Liquidity risk exposure - Exposure to, and the impact of, securitisation transactions are managed under the Liquidity
Risk Management Framework and are integrated into routine reporting for capital and liquidity positions, net interest
margin analysis, balance sheet forecasting and funding scenario testing. The annual funding plan incorporates
consideration of overall liquidity risk limits and the securitisation of Westpac originated assets.
Risk mitigation
Securitisation of Westpac originated assets - The interest rate and basis risks generated by Westpac’s hedging
arrangements to each securitisation trust are captured and managed within Westpac’s asset and liability management
framework. The liquidity risk generated by Westpac’s liquidity and redraw facilities to each securitisation trust is
captured and managed in accordance with Westpac’s liquidity management policies along with all other contingent
liquidity facilities.
Provision of securitisation services including funding and arranging asset backed bond issues - All securitisation
transactions are approved within the context of a securitisation credit policy that sets detailed transaction-specific
guidelines that regulate servicer counterparty risk appetite, transaction tenor, asset class, third party credit support and
portfolio quality. This policy is applied in conjunction with other credit and market risk policies that governs the provision
of derivative and other services that support securitisation transactions. In particular, credit hedging transactions are
subject to Westpac’s credit risk mitigation approach (see pages
59 and 60). Any interest rate or currency hedging is
subject to counterparty credit risk management (see pages 61 to 63) and market risk management (see pages 74 to
78) policies and processes).

66WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
SECURITISATION
Regulatory capital approaches
The regulatory capital treatment of all securitisation exposures is measured in accordance with APS 120 other than
the securitisation exposures of an overseas banking subsidiary that is prudentially regulated by a prescribed authority.
Outside of Australia, Westpac has securitisation exposures in Westpac New Zealand Limited. For these exposures,
Westpac calculates risk-weighted assets using the Reserve Bank of New Zealand’s prudential rules. These exposures are
separately included in the New Zealand credit exposure line item. Westpac must still make deductions from CET1 capital
that are required under APS 120. APS 120 also specifies that securitisation exposures held in the trading book are subject
to the requirements of Prudential Standard APS 116 Capital Adequacy: Market Risk.
Under APS 120 the approaches employed include the External Rating Based Approach (ERBA) and the Supervisory
Formula Approach (SFA). Under the ERBA, APRA provides risk-weights that are matched to external credit ratings and
takes into account tranche maturity and tranche thickness. The SFA applicable to unrated exposures dynamically looks
at the type and performance of underlying asset pools funded by the securitisation exposure as well as the structural
features of the transaction to determine capital requirements. The Internal Assessment Approach is not permitted under
APS 120.
Securitisation of Westpac originated assets - The assets sold by Westpac to a securitisation trust are excluded
from Westpac’s calculation of credit risk weighted assets if capital relief is sought and the requirements of APS 120
are satisfied
1
.
In instances where insufficient risk transfer is achieved by the transaction for regulatory purposes, the capital calculation
is performed on the underlying asset pool while the facilities provided to such securitisation vehicles do not attract
regulatory capital charges.
Provision of securitisation services including funding - Westpac uses the ERBA and the SFA methodology when
determining regulatory capital requirements for warehouse and term funding client facilities.
The External Credit Assessment Institutions (ECAI) that can be used by Westpac for securitisations are S&P Global
Ratings, Moody's Ratings and Fitch Ratings.
Westpac’s accounting policies for securitisation activities
Securitisation of Westpac originated assets - The assets sold by Westpac to a securitisation trust remain on Westpac’s
balance sheet for accounting purposes.
Provision of securitisation services including funding and arranging asset backed bond issues - Fee income from these
services is recognised on an accrual basis. Liquidity and funding facilities are treated as commitments to provide finance,
with fee and margin income recognised on an accrual basis. Warehouse and term funding facilities are treated as loans.
For investment in securitisation exposures, if the instrument has been designated on initial recognition at fair value
(including instruments containing a credit default swap), the exposure will be measured at fair value through the Income
Statement. All other investments in securitisation exposures will be classified and measured at fair value through Other
Comprehensive Income (FVOCI) (within the debt securities at FVOCI reserve).
1.
Including the requirements to achieve capital relief.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
67
Banking book summary of assets securitised by Westpac
1
The table below shows outstanding banking book securitisation assets and assets intended to be securitised for
Westpac originated assets by underlying asset type. It includes the amount of impaired and past due assets, along
with any losses recognised by Westpac during the current period.
Securitised assets are held in securitisation trusts. Trusts which meet requirements to achieve capital relief do not
form part of the Level 2 consolidated group. Self securitisation trusts remain consolidated at Level 2 and the assets
transferred to these trusts are risk weighted in accordance with APS 112 and APS 113.
Total outstanding securitised
Assets
Intended to be
securitised
Non
performing
Exposures -
Not Impaired
Non
performing
Exposures -
Impaired
Total Non
performing
Exposures
Past due
assets
Westpac
recognised
losses
by ADI
$m
Traditional
Securitisation
a
Synthetic
Securitisation
30 September 2024
Residential mortgages112,960--1,201551,2561,144-
Credit cards--------
Auto and
equipment finance
--------
Business lending--------
Investments in ABS--------
Other--------
Total112,960--1,201551,2561,144-
31 March 2024
Residential mortgages121,138--1,199611,2601,129-
Credit cards--------
Auto and
equipment finance
--------
Business lending--------
Investments in ABS--------
Other--------
Total121,138--1,199611,2601,129-
30 September 2023
Residential mortgages132,630--1,009561,065949-
Credit cards--------
Auto and
equipment finance
--------
Business lending--------
Investments in ABS--------
Other--------
Total132,630--1,009561,065949-
a.Includes self-securitisation assets of $106,891 million as at 30 September 2024 ($114,287 million as at 31 March 2024 and $127,884 million as
at 30 September 2023).
1.Represents securitisation activity from the end of the reporting period to the disclosure date of this report.

68WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
SECURITISATION
Banking book summary of total Westpac sponsored third party assets securitised
1
The table below represents banking book third party assets where Westpac acts as a sponsor. Westpac would be
considered as a sponsor as it manages or advises the securitisation program, places securities into the market or
provides liquidity and/or credit enhancement.
$m
30 September
2024
31 March
2024
30 September
2023
Residential mortgages123123149
Total123123149
Banking book summary of securitisation activity by asset type
This table shows assets transferred into securitisation schemes by underlying asset type (ADI originated) for the
relevant period.
For the 12 months endedRecognised
30 September 2024Amountgain or loss
$msecuritisedon sale
Residential mortgages12,207-
Total12,207-
For the 6 months endedRecognised
31 March 2024Amountgain or loss
$msecuritisedon sale
Residential mortgages4,714-
Total4,714-
For the 12 months endedRecognised
30 September 2023Amountgain or loss
$msecuritisedon sale
Residential mortgages26,201-
Total26,201-
1.Excludes New Zealand exposures. Under the capital framework these exposures are separately included in the New Zealand credit exposure
line item.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
69
Banking book summary of on and off-balance sheet securitisation by exposure type
1
The table below shows non-Westpac originated banking book securitisation exposures by exposure type for the
relevant period.
On balance sheetTotal
SecuritisationSecuritisationOff-balanceExposure
$mretainedpurchasedsheetat Default
30 September 2024
Securities-9,161-9,161
Liquidity facilities--451451
Funding facilities6,497-6647,161
Underwriting facilities----
Lending facilities1,184-881,272
Warehouse facilities16,033-5,46721,500
Total23,7149,1616,67039,545
31 March 2024
Securities-7,942-7,942
Liquidity facilities--378378
Funding facilities6,988-7207,708
Underwriting facilities----
Lending facilities1,831-1591,990
Warehouse facilities14,210-5,78119,991
Total23,0297,9427,03838,009
30 September 2023
Securities-7,520-7,520
Liquidity facilities--329329
Funding facilities6,800-7677,567
Underwriting facilities----
Lending facilities1,870-2202,090
Warehouse facilities13,632-6,46220,094
Total22,3027,5207,77837,600
1.Excludes New Zealand exposures. Under the capital framework these exposures are separately included in the New Zealand credit exposure
line item.

70WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
SECURITISATION
Banking book securitisation exposure at default by risk weight band
ExposureTotal ExposureRisk Weighted AssetsTotal Risk
$mSecuritisationResecuritisationat DefaultSecuritisationResecuritisationWeighted Assets
30 September 2024
Less than or equal to 10%------
Greater than 10 - 20%31,959-31,9595,578-5,578
Greater than 20 - 30%6,733-6,7331,651-1,651
Greater than 30 - 50%311-311109-109
Greater than 50 - 75%377-377225-225
Greater than 75 - 100%102-10295-95
Greater than 100 - 250%23-2324-24
Greater than 250 - 425%40-40139-139
Greater than 425 - 650%------
Other------
Deductions------
Total39,545-39,5457,821-7,821
31 March 2024
Less than or equal to 10%------
Greater than 10 - 20%33,154-33,1545,778-5,778
Greater than 20 - 30%4,182-4,1821,047-1,047
Greater than 30 - 50%186-18676-76
Greater than 50 - 75%411-411248-248
Greater than 75 - 100%10-109-9
Greater than 100 - 250%31-3139-39
Greater than 250 - 425%35-35120-120
Greater than 425 - 650%------
Other------
Deductions------
Total38,009-38,0097,317-7,317
30 September 2023
Less than or equal to 10%------
Greater than 10 - 20%31,440-31,4405,530-5,530
Greater than 20 - 30%3,213-3,213746-746
Greater than 30 - 50%2,540-2,5401,123-1,123
Greater than 50 - 75%356-356217-217
Greater than 75 - 100%38-3835-35
Greater than 100 - 250%9-910-10
Greater than 250 - 425%------
Greater than 425 - 650%------
Other------
Deductions4-4---
Total37,600-37,6007,661-7,661

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
71
Banking book securitisation exposure deducted from capital
As at 30 September 2024, securitisation exposure deducted from capital was $10 million (31 March 2024: $16 million) all
of which related to the securitisation of Westpac originated assets.
Banking book securitisation subject to early amortisation treatment
There is no securitisation exposure in the banking book that is subject to early amortisation treatment as at
30 September 2024(31 March 2024: nil).
Banking book re-securitisation exposure subject to credit risk mitigation (CRM)
As at 30 September 2024, re-securitisation exposures subject to CRM was nil (31 March 2024: nil).
Banking book re-securitisation exposure to guarantors
Westpac has no third party guarantors providing guarantees for securitised assets, principal or interest repayments as at
30 September 2024 (31 March 2024: nil).

72WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
SECURITISATION
Trading book summary of on and off-balance sheet securitisation by exposure type
1
On balance sheetTotal
SecuritisationSecuritisationOff-balanceExposure
$mretainedpurchasedsheetat Default
30 September 2024
Securities-774-774
Liquidity facilities----
Funding facilities----
Underwriting facilities----
Lending facilities----
Warehouse facilities----
Credit enhancements----
Basis swaps--214214
Other derivatives--11
Total-774215989
31 March 2024
Securities-610-610
Liquidity facilities----
Funding facilities----
Underwriting facilities----
Lending facilities----
Warehouse facilities----
Credit enhancements----
Basis swaps--130130
Other derivatives--11
Total-610131741
30 September 2023
Securities-447-447
Liquidity facilities----
Funding facilities----
Underwriting facilities----
Lending facilities----
Warehouse facilities----
Credit enhancements----
Basis swaps--4949
Other derivatives--55
Total-44754501
1.EAD associated with trading book securitisation is not included in the EAD by major type on page 31. Trading book securitisation exposure is
captured and risk weighted under APS 116.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
73
Trading book securitisation exposure deducted from capital
There is no trading book capital deduction for 30 September 2024 (31 March 2024: nil).
Trading book summary of assets securitised by Westpac
As at 30 September 2024, there was $20 million in outstanding securitisation exposures for Westpac originated assets
held in the trading book (31 March 2024: $120 million).
Trading book summary of total Westpac sponsored third party assets securitised
There are no third party assets held in the trading book where Westpac is responsible for the establishment of the
securitisation program and subsequent management as at 30 September 2024 (31 March 2024: nil).
Trading book summary of securitisation activity by asset type
There was $20 million of Westpac originated residential mortgage exposures in the trading book as at 30 September
2024 (31 March 2024: $120 million).
Trading book aggregated amount of exposure securitised by Westpac and subject to APS 116 Capital
Adequacy: Market Risk
As at 30 September 2024, there was $20 million of Westpac originated securitisation exposure held in the trading book
subject to APS 116 Capital Adequacy: Market Risk (31 March 2024: $120 million).
Trading book securitisation exposure subject to internal models approach (IMA) for specific risk
There is no trading book securitisation exposure subject to IMA for specific risk for 30 September 2024
(31 March 2024: nil).
Trading book securitisation exposure subject to APS 120 Securitisation
specific risk by risk weight band
There is no trading book securitisation exposure subject to APS 120 specific risk for 30 September 2024
(31 March 2024: nil).
Trading book capital requirements for securitisation exposures subject to IMA for
specific risk by
risk classification
There is no trading book capital requirement for securitisation subject to IMA for specific risk for
30 September 2024(31 March 2024: nil).
Trading book capital requirements for securitisation regulatory capital approaches by risk weight band
There is no trading book capital requirement for securitisation subject to regulatory capital approaches for
31 March 2024 (31 March 2024: nil).
Trading book securitisation subject to early amortisation treatment
There is no securitisation exposure in the trading book that is subject to early amortisation treatment for
30 September 2024 (31 March 2024: nil).
Trading book re-securitisation exposure subject to CRM
Westpac has no re-securitisation exposure subject to CRM at 30 September 2024 (31 March 2024: nil).
Trading book re-securitisation by guarantor creditworthiness
Westpac has no third party guarantors providing guarantees for securitised assets, principal or interest repayments for
30 September 2024 (31 March 2024: nil).

74WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
MARKET RISK
Westpac’s exposure to traded market risk arises out of Financial Markets and Treasury trading activities. This is
quantified for regulatory capital purposes using both the internal model approach and the standard method, details
of which are provided below.
Approach
Financial Markets in WIB supports customers through activities including market making and distribution of capital
markets products. The types of market risk arising from these activities include interest rate, foreign exchange,
commodity, equity price, credit spread and volatility risk.
Treasury’s trading activity includes the management of interest rate, foreign exchange and credit spread risks associated
with the wholesale funding book, liquid asset portfolios and foreign exchange repatriations. Treasury also manages
interest rate risk in the banking book which is discussed in the IRRBB section.
Trading activities are managed within a BRiskC approved market risk framework that incorporates BRiskC approved
value at risk (VaR) and stressed value at risk (SVaR) limits. Market risk is managed using VaR, SVaR and structural
risk limits (including volume limits and basis point value limits) in conjunction with scenario analysis and stress testing.
Market risk limits are allocated to business management based upon Westpac’s risk appetite and business strategies, in
addition to the consideration of market liquidity and concentration risk.
Trades are fair valued daily using rates that have been captured from an independent market data source that has been
approved by the Revaluation Committee (RC). Where there is no source of independent rates, data will either be derived
using a methodology approved by the RC or sourced from dealer contributions. Rates that are dealer-sourced or have
limited independent sources are reviewed at least on a monthly basis. The RC meets monthly to review the results of
independent price verification performed by the Finance valuation function. In addition, valuation adjustments may be
made as deductions from CET1 Capital for exposures which are not captured through the fair valuation framework.
VaR and SVaR limits
Market risk arising from trading book activities is primarily measured using VaR based on an historical simulation
methodology. Westpac estimates VaR as the potential loss in earnings from adverse market movements and is calculated
to a 99% confidence level using the most recent 12 months of historical market data. SVaR is an additional VaR measure
which uses 12 months of historical market data that includes a period of significant financial stress. VaR and SVaR take
account of all known material market variables that may cause a change in the value of the trading portfolio, including
interest rates, foreign exchange rates, price changes, volatility, and the correlation between these variables.
The BRiskC approved market risk VaR and SVaR limits for trading activities include separate VaR and SVaR sub-limits for
the trading activities of Financial Markets and Treasury.
Back-testing
Daily back-testing of VaR results is performed to ensure that model integrity is maintained. A review of both the actual
and potential profit and loss outcomes is also undertaken to monitor any skew created by the historical data.
Stress testing
Daily stress testing against pre-determined scenarios is carried out to analyse potential losses beyond the 99%
confidence level. A stress test escalation framework is approved by the Head of Market Risk, Liquidity and Capital Risk.
Profit
and loss notification framework
The BRiskC has approved a profit and loss notification framework. Included in this framework are levels of escalation in
accordance with the size of the profit or loss. Triggers are applied to both a 1-day and a rolling 20-day cumulative total.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
75
Risk reporting
Daily monitoring of current exposure and limit utilisation is conducted independently by the Market Risk and Treasury
Risk (Second Line of Defence) teams, that monitor market risk exposures against VaR, SVaR and structural limits.
Daily VaR and SVaR position reports are produced by risk type, by product lines and by geographic region. These are
supplemented by structural risk reporting, advice of profit and loss trigger levels and stress test escalation trigger points.
Model accreditation has been granted by APRA for the use of an internal model for the determination of regulatory
capital for the key classes of interest rate (general market), foreign exchange, commodity and equity risks (including
equity specific risk). Under the model, regulatory capital is derived from both the current VaR window and a SVaR
window, where these VaR measures are calculated over a 10-day time horizon to a 99th percentile, one-tailed confidence
interval. Specific risk refers to the variations in individual security prices that cannot be explained by general market
movements, and event and default risk. Interest rate specific risk capital (specific issuer risk) is calculated using the
Standard method and is added to the VaR regulatory capital measure. Westpac currently holds an industry-wide capital
overlay which was introduced from 31 December 2021 and relates to APRA’s revised risks-not-in-VaR framework. This
overlay will be applied until the Group’s revised framework is approved by APRA.
Structural foreign exchange rate risk
Structural foreign exchange rate risk results from the generation of foreign currency denominated earnings and from
Westpac’s capital deployed in offshore branches and subsidiaries, where it is denominated in currencies other than
Australian dollars. The Australian dollar equivalent of offshore earnings and capital is subject to change as exchange
rates fluctuate, which could introduce significant variability to Westpac’s reported financial results. ALCO provides
oversight of the appropriateness of foreign exchange hedges on earnings and capital.
Risk mitigation
Market risk positions are managed by the trading desks consistent with delegated trading and product authorities. Risk
management is carried out by qualified personnel with varying levels of seniority commensurate with the nature and
scale of market risks under management.
The following controls allow monitoring by management:
•trading authorities and responsibilities are clearly delineated at all levels;
•a structured system of limits and reporting of risk exposures, including stress testing;
•surveillance of dealing room conduct;
•all new products and significant product variations undergo a rigorous approval process to identify business risks
prior to launch;
•models that are used to determine risk or profit and loss for Westpac’s accounts are independently reviewed;
•duties are segregated so that employees involved in the origination, processing and valuation of transactions operate
under separate reporting lines, minimising the opportunity for collusion; and
•legal personnel review documentation for compliance with relevant laws and regulations.
In addition, Group Audit provides independent assurance of the governance, risk management and internal controls.
Market risk regulatory capital and risk weighted assets
The Internal model approach uses VaR and SVaR, while the Standard approach is used for interest rate specific risk.
Capital required
Risk weighted assets
30 September31 March30 September30 September31 March30 September
$m202420242023202420242023
Internal model approach6377658087,9699,56310,094
Standard approach1271351151,5861,6881,444
Total7649009239,55511,25111,538

76WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
MARKET RISK
VaR by risk type
For the 6 months ended
$mHighLowAveragePeriod end
30 September 2024
Interest rate risk12.85.47.76.2
Foreign exchange risk5.91.12.13.0
Equity risk----
Commodity risk1.40.60.90.9
Other market risks3.71.92.83.0
Diversification benefitN/AN/A(4.5)(4.7)
Net market risk
a
14.56.89.18.3
31 March 2024
Interest rate risk21.27.613.97.6
Foreign exchange risk7.30.92.71.6
Equity risk----
Commodity risk1.70.91.51.1
Other market risks10.12.68.02.7
Diversification benefitN/AN/A(9.2)(3.8)
Net market risk
a
23.48.816.89.2
30 September 2023
Interest rate risk21.87.812.811.3
Foreign exchange risk3.81.12.33.0
Equity risk0.1---
Commodity risk1.80.91.51.5
Other market risks9.46.88.07.9
Diversification benefitN/AN/A(7.1)(6.5)
Net market risk
a
31.810.417.417.2
a.VaR and SVaR measures shown here use a 1 day time horizon. The net market risk measure reflects the aggregate diversified risk position for
the period. Therefore, individual risk factors will not sum to this total.

PILLAR 3 REPORTAPPENDICES
DISCLOSURE
REGARDING FORWARD-
LOOKING STATEMENTSGLOSSARY
77
Stressed VaR by risk type
For the 6 months ended
$mHighLowAveragePeriod end
30 September 2024
Interest rate risk95.432.562.438.2
Foreign exchange risk10.81.53.56.0
Equity risk----
Commodity risk2.10.81.21.2
Other market risks18.613.916.016.5
Diversification benefitN/AN/A(20.7)(19.8)
Net market risk
a
93.332.762.442.1
31 March 2024
Interest rate risk83.643.361.460.8
Foreign exchange risk16.61.74.32.5
Equity risk----
Commodity risk2.61.31.81.5
Other market risks18.815.117.317.2
Diversification benefitN/AN/A(18.9)(17.0)
Net market risk
a
87.350.765.965.0
30 September 2023
Interest rate risk152.848.479.060.1
Foreign exchange risk10.21.03.83.9
Equity risk0.2---
Commodity risk3.61.21.81.9
Other market risks18.012.715.716.7
Diversification benefitN/AN/A(15.8)(28.8)
Net market risk
a
157.853.884.453.8
a.The net market risk measure reflects the aggregate diversified risk position for the period. Therefore, individual risk factors will not sum to this
total.

78WESTPAC GROUP SEPTEMBER 2024 PILLAR 3 REPORT
MARKET RISK
Back-testing results
The following graph gives a comparison of actual profit and loss to VaR over the six months ended 30 September 2024.
(30)
(20)
(10)
-
10
20
30
- 10 20 30
Actual Profit
and Loss ($m)
Daily Value at Risk ($m)
Traded Risk: Actual Profit and Loss vs. Var
01-Apr-2024 to 30-Sep-2024
Each point on the graph represents 1 day’s trading profit or loss. This result is placed on the graph relative to the
associated VaR utilisation. The downward sloping line represents the point where a loss is equal to VaR utilisation.