Executive Summary & Company Overview

This report provides a comprehensive analysis of Westpac Banking Corporation (WBC.AU), one of Australia’s four major banks. The analysis focuses on the period from fiscal year 2022 to 2024, a timeframe characterized by significant macroeconomic shifts, intense industry competition, and a pivotal strategic transformation for the bank. Westpac has emerged from a period of intense regulatory remediation following its landmark 2020 AUSTRAC settlement and is now focused on a multi-year technology simplification program, “UNITE,” aimed at improving efficiency and customer experience.

Financially, the bank has demonstrated resilience. After a period of margin compression, profitability metrics such as Return on Equity (ROE) have improved, supported by a rising interest rate environment in 2023 and disciplined balance sheet management. Credit quality remains sound, though early signs of stress are emerging in line with broader economic trends. A key feature of the past two years has been the bank’s strong capital position, which has enabled substantial capital returns to shareholders through a series of large-scale share buybacks and increased dividends.

Strategically, Westpac has simplified its business to focus on its core banking franchises in Australia and New Zealand. The central challenge for the bank is now one of execution. It must successfully deliver its complex technology overhaul to close the efficiency and capability gap with peers, particularly market leader Commonwealth Bank, while defending its market share in the highly competitive mortgage market and pursuing growth in business lending. The bank’s valuation has re-rated to levels above its historical average, suggesting the market is pricing in a successful execution of this turnaround strategy. This report will dissect the key drivers, opportunities, and risks that define the investment case for Westpac.

Company Profile & Business Model

Westpac Banking Corporation is Australia’s first and oldest bank, established in 1817 as the Bank of New South Wales.¹ As a member of the “Big Four,” it is a pillar of the Australian financial system, providing a comprehensive suite of banking and financial services. The Group’s operations are concentrated in its core markets of Australia and New Zealand.³

Westpac’s business model is that of a universal bank, with its primary source of revenue being Net Interest Income (NII).⁵ This is the fundamental banking activity of earning more in interest on its assets (primarily loans to customers) than it pays on its liabilities (primarily deposits from customers). This core income stream is supplemented by non-interest income, which includes fees for services, commissions on product sales, income from wealth management and insurance products, and revenue from trading activities in financial markets.⁵

The Group employs a multi-brand strategy to appeal to a wider demographic and serve distinct customer segments.² Its portfolio of brands includes the flagship Westpac brand, alongside St. George, Bank of Melbourne, BankSA, the specialist mortgage lender RAMS, and the wealth platform BT.¹ This structure serves a customer base of approximately 12.7 million individuals and businesses.¹

Divisional Structure & Geographic Footprint

Following a period of significant strategic simplification that involved the divestment of 10 non-core businesses, Westpac has sharpened its focus on its primary banking operations.⁶ The Group is now organized into five core divisions:

• Consumer: This is the largest division by earnings, responsible for serving 9 million consumer customers in Australia.⁸ It provides a full range of consumer banking products, including transaction accounts, savings products, credit cards, and home loans, distributed through its multi-brand network of branches, ATMs, and digital platforms.¹ In fiscal year 2022 (FY22), the Consumer division generated $3,291 million in cash earnings.⁷
• Business & Wealth: This division caters to the financial needs of small-to-medium enterprises (SMEs), commercial businesses, and agribusiness customers across Australia.¹ It also encompasses the Private Wealth business, which serves high-net-worth individuals.¹ In FY22, this division reported $918 million in cash earnings.⁷
• Westpac Institutional Bank (WIB): WIB delivers a broad range of sophisticated financial services to commercial, corporate, institutional, and government clients with business connections to Australia and New Zealand.¹ WIB maintains a global presence to support these clients, with operations in key financial centers including New York, London, and various locations in Asia.⁹
• Westpac New Zealand: A systemically important bank in its own right, Westpac New Zealand provides a full suite of banking, wealth, and insurance services to approximately 1.5 million consumer, business, and institutional customers.⁸ As of June 2022, it was the third-largest bank in New Zealand with a market share of around 19%.⁸
• Group Businesses: This division comprises the Group’s head office and centralized support functions, including Treasury, which manages the bank’s balance sheet, as well as Group Technology, Operations, Risk, and other corporate services.¹

Strategic Positioning vs. “Big Four” Peers

Within the Australian banking oligopoly, Westpac holds a formidable market position. As of September 2022, it commanded a 21% share of the Australian mortgage market and a 20% share of household deposits, placing it as a strong number two player, typically competing directly with Commonwealth Bank (CBA) for retail dominance.⁷ Its share of the business credit market was 15% at the same date.⁷

However, the competitive landscape is nuanced. While Westpac is a retail banking powerhouse, its peers have distinct areas of strength. National Australia Bank (NAB) is the undisputed leader in business banking, a segment Westpac is actively targeting for growth.¹¹ ANZ Group Holdings (ANZ) possesses a more developed institutional banking franchise and a broader international footprint.¹¹ Commonwealth Bank is widely acknowledged as the market leader in retail banking and, crucially, in digital technology and innovation. This technological lead is a key factor underpinning the significant valuation premium CBA commands over its peers.¹¹

Westpac’s strategic challenge is therefore not one of vision but of execution. Having simplified its portfolio to focus on core banking, its strategy now closely mirrors that of its peers. Its success is no longer contingent on a unique strategic direction but on its ability to execute a complex, multi-year technology and customer service transformation to close the perceived gap with its competitors. The investment case for Westpac hinges on its capacity to modernize its systems, improve operational efficiency, and defend its core franchises against a technologically superior retail leader in CBA and a more established business banking leader in NAB.

Industry Dynamics & Competitive Landscape

Australian Banking Sector Analysis

The Australian banking industry is mature, highly concentrated, and systemically important to the national economy. The landscape is dominated by the “Big Four” banks, which collectively held approximately 72% of total banking system assets in 2024.¹⁵ This oligopolistic structure fosters an environment of intense but generally rational competition, particularly in homogenous product categories like residential mortgages.

The 2022-2024 period was defined by a volatile macroeconomic environment. In response to post-pandemic inflation, the Reserve Bank of Australia (RBA) embarked on an aggressive monetary policy tightening cycle, lifting the cash rate from near-zero to a peak of 4.35%. This directly influenced bank profitability by initially expanding Net Interest Margins (NIMs), but also increased funding costs and placed significant pressure on household budgets. As of late 2024, with inflation moderating, the market anticipates a cycle of interest rate cuts beginning in 2025.¹⁶

The economic outlook remains uncertain. The RBA’s Financial Stability Review highlights the overall resilience of the financial system, noting that most households and businesses have managed the impact of higher rates, supported by a strong labor market.¹⁷ However, it also flags rising financial stress among a minority of borrowers and identifies potential risks from global economic weakness and volatile asset prices.¹⁷ This cautious outlook is echoed in the Australian Prudential Regulation Authority’s (APRA) 2025-26 Corporate Plan, which points to an “increasingly complex and uncertain operating environment” shaped by geopolitical tensions and heightened cyber risks.¹⁸

Regulatory Environment

The Australian banking sector operates under a stringent prudential regulatory framework overseen by APRA. A key pillar of this framework is the requirement for banks to be “unquestionably strong,” a standard that mandates capital levels well in excess of global minimums.¹⁹ As of June 2024, the industry’s aggregate Common Equity Tier 1 (CET1) capital ratio was 12.7%, comfortably above APRA’s benchmark.²¹

Liquidity is also robustly managed. The industry’s average Liquidity Coverage Ratio (LCR) stood at 133.0% in June 2024, significantly exceeding the 100% regulatory minimum. This indicates that banks hold more than sufficient high-quality liquid assets to withstand a 30-day period of severe funding stress.²¹

A key trend in the regulatory landscape is the increasing focus on non-financial risks. Regulators are placing greater emphasis on operational resilience, data security, cyber-attack preparedness, and the management of climate-related financial risks.¹⁸ Concurrently, the Australian Securities and Investments Commission (ASIC) has maintained an aggressive enforcement posture, actively pursuing misconduct, breaches of consumer credit law, and misleading conduct, ensuring that compliance remains a critical focus for all institutions.²²

Market Share & Competitive Positioning

Westpac’s competitive position is strongest in the retail sector, though it faces relentless pressure across all key product lines.

• Home Loans: The Australian mortgage market is the primary competitive battleground. Westpac’s market share in household mortgages was 21% as of H1 2025 ²⁴, down slightly from 21.5% in 2022.²⁵ The bank’s mortgage book grew 5% in the first half of 2025, a rate roughly consistent with the overall market, indicating a strategy of maintaining share rather than aggressively chasing volume at the expense of profitability.²⁶ The entire sector has been grappling with severe margin compression in this segment due to intense price-based competition.²¹
• Business Lending: Westpac holds a 16% market share in business credit as of H1 2025.²⁴ This segment has represented a key growth area for the bank, with its business loan portfolio expanding by 14% in the first half of 2025.²⁶ This growth outpaced the broader business lending market, which grew 9.2% in the year to June 2025, and significantly exceeded the growth in residential lending.²⁷ This reflects a strategic pivot to capture share in a segment historically dominated by NAB.
• Deposits: A stable, low-cost deposit base is critical for funding and profitability. Westpac held a 21% market share in household deposits as of H1 2025.²⁴ The competitive dynamic in deposits has shifted significantly with the rise in interest rates. Banks are competing fiercely for customer funds, and depositors have become more sophisticated, actively moving their savings to higher-yielding term deposits and online savings accounts. This trend increases the average cost of funding for all banks, putting further pressure on net interest margins.²⁸

The industry is caught in a structural margin squeeze. On the asset side of the balance sheet, fierce competition in mortgages is compressing lending spreads. On the liability side, competition for funding and the rotation of customer funds into higher-cost deposit products are raising the cost of funds. This dual pressure makes revenue growth from margin expansion highly challenging in the current environment, placing a premium on cost control, operational efficiency, and the ability to grow non-interest income streams.

Digital Transformation & Fintech Disruption

Digital capability has become a fundamental determinant of competitive advantage in Australian banking. The quality of a bank’s mobile app and online services is a key driver of customer acquisition, engagement, and retention. Westpac has recognized this imperative and is investing heavily in its digital transformation. The bank’s mobile app was ranked #1 in Australia by Forrester in late 2023, a significant achievement.⁴

The bank’s “digital-first” strategy is multifaceted. It includes the launch of a fully digital mortgage application process, designed to reduce approval times from days to as little as ten minutes.³⁰ Furthermore, a five-year partnership with Microsoft is central to its strategy to modernize its technology infrastructure by migrating key platforms to the Azure cloud.³⁰

Despite these investments, the threat from non-bank competitors and fintech disruptors remains potent. In the payments space, the rapid rise of Buy Now Pay Later (BNPL) services like Afterpay forced traditional banks to respond. Westpac launched its own installment payment feature, “PartPay,” to compete directly with these new entrants and retain transaction volume.³¹ This dynamic illustrates the ongoing need for incumbent banks to innovate and adapt to challenges from more agile, digitally native competitors.

Financial Performance & Trends (Focus on 2022-2024)

Westpac’s financial performance over the 2022 to 2024 period reflects a journey from post-pandemic recovery, through a period of margin expansion driven by rising rates, and into a more challenging environment of intense competition and rising investment costs. The bank’s strong capital generation has been a consistent theme, enabling significant returns to shareholders.

Key Financial Performance Metrics (Fiscal Year End 30 Sept)	FY2022	FY2023	FY2024 (e)
Profitability
Statutory Net Profit ($m)	$5,694 32	$7,195 33	$6,990 34
Cash Earnings ex-Notables ($m)	$6,568 32	$7,368 33	$7,113 (a)
Revenue & Margins
Net Interest Income ($m)	$17,161 32	$18,317 33	$18,753 35
Net Interest Margin (NIM) (%) (b)	1.87% 36	1.96% 37	1.93% (c)
Efficiency & Returns
Cost-to-Income Ratio (%) (b)	51.0% 36	47.7% 34	49.8% (d)
Return on Equity (ROE) ex-Notables (%)	7.4% (implied) 13	10.1% 13	10.1% (e)
Credit Quality & Capital
Impairment Charges (bps of avg. loans)	5 bps 32	9 bps 33	6.5 bps (f)
CET1 Capital Ratio (%)	11.3% 32	12.4% 33	12.5% 28
Shareholder Returns
Dividends Per Share (cents)	125 4	142 4	166 (g)

(e) Estimated. (a) Calculated as 1H24 Net Profit ex-Notables ($3,506m) + 2H24 Net Profit ex-Notables ($3,607m).²⁸ (b) Cash earnings basis, excluding notable items. (c) Calculated as average of 1H24 NIM (1.89%) and 2H24 NIM (1.97%).²⁸ (d) Calculated using 1H24 and 2H24 results.²⁸ (e) Based on 2H24 ROE.²⁸ (f) Average of 1H24 (9 bps) and 2H24 (4 bps) impairment charges.²⁸ (g) Includes 151 cents ordinary dividend and 15 cents special dividend.⁶

Revenue Analysis

Westpac’s revenue trajectory has been heavily influenced by the interest rate cycle and the outcomes of its business simplification strategy. In FY22, net operating income declined by 8% to $19.6 billion. This was primarily due to a 44% fall in non-interest income, a direct consequence of lost earnings from divested businesses, including its Australian life insurance arm.⁷ Net interest income (NII) showed modest growth of 2%, rising to $17.2 billion, as strong growth in lending volumes was largely offset by margin compression.³²

FY23 marked a significant recovery, with net operating income climbing to $21.6 billion.⁴ The primary driver was a 7% increase in NII to $18.3 billion, fueled by the dual benefits of expanding NIMs in the first half of the year as the RBA raised rates, and a solid 6% growth in average interest-earning assets.³³

For FY24, performance has been steady. Based on the sum of the two halves, full-year NII is estimated to be approximately $18.8 billion.³⁵ This result reflects disciplined management of margins in a highly competitive environment and continued growth in the loan book. However, non-interest income was weaker, particularly in the second half, due to lower income from the bank’s Markets division.²⁸

Net Interest Margin (NIM) Trends

The Net Interest Margin is the most critical driver of profitability for an Australian bank, and its path has been volatile. In FY22, the cash earnings NIM fell to 1.87% from 2.04% in the prior year, as intense mortgage pricing competition and a strategic increase in low-yielding liquid assets weighed on profitability.³⁶

This trend reversed sharply in FY23. The NIM (excluding notable items) expanded by 9 basis points to 1.96%.³⁷ The rapid increase in the RBA cash rate allowed the bank to reprice its lending book upwards while the repricing of its deposit book lagged, leading to a significant widening of spreads, particularly in the first half of the fiscal year.

In FY24, the NIM has stabilized at a lower level as the benefits of rate hikes have been competed away. The Core NIM for the second half of FY24 was 1.83%, a modest 3 basis point improvement on the first half.²⁸ This slight expansion was driven by higher earnings on the bank’s capital, which helped to offset the persistent negative pressures from two key sources: intense mortgage competition squeezing loan spreads, and customers actively shifting their funds from low-rate transaction accounts to higher-cost term deposits and savings accounts.²⁸

Credit Quality

Westpac’s loan portfolio has demonstrated remarkable resilience, though signs of normalization from cyclically strong conditions are now apparent. In FY22, the bank recorded a very low impairment charge of just $335 million, or 5 basis points of average loans, reflecting the robust post-COVID economic recovery and strong employment conditions.³²

Impairment charges began to normalize in FY23, rising to $648 million, or 9 basis points of loans.³³ This increase was not driven by widespread defaults but rather by the bank prudently increasing its collectively assessed provisions in anticipation of a weaker forward-looking economic outlook and a modest rise in delinquencies.³⁷

Credit quality remained strong into FY24. The impairment charge in the second half of the year fell to just $175 million (4 basis points), as previously anticipated losses did not materialize to the extent feared.²⁸ However, underlying indicators of stress are beginning to emerge. Mortgages that are 90 or more days past due increased from 1.00% of the portfolio at the end of 1H24 to 1.05% at the end of 2H24.²⁸ Over the same period, total stressed exposures as a percentage of total committed exposures rose from 1.36% to 1.45%.²⁸ These figures, while still low by historical standards, indicate that the impact of higher interest rates and cost-of-living pressures is beginning to flow through to a larger number of borrowers.

Cost Management

Cost control is a central pillar of Westpac’s strategy, particularly given the pressures on revenue growth. In FY22, reported operating expenses fell by 19% to $10.8 billion, though this figure was heavily distorted by notable items related to business sales and provisions. On an underlying basis, excluding notables, expenses were largely flat year-on-year.³²

In FY23, underlying operating expenses (excluding notables) rose by a modest 1% to $10.2 billion.³³ Management was able to largely offset inflationary pressures on wages and third-party vendor costs with benefits from its “cost reset” efficiency programs.³⁷ The bank’s cost-to-income ratio improved markedly to 49% from 55% in the prior year, a result driven more by the strong revenue recovery than by a reduction in the absolute cost base.⁴

Cost pressures became more evident in FY24. Operating expenses in the second half of the year increased by 3% compared to the first half.²⁸ This increase was driven by higher technology costs, including software and vendor expenses, and direct investment in the bank’s multi-year technology simplification program, UNITE.²⁸ This demonstrates the financial reality of the bank’s strategic agenda: it is in an “investment phase” where it must accept higher near-term costs to achieve its long-term goals of a simpler, more efficient, and more resilient technology platform. The success of this trade-off—spending now to save later—is a critical variable in the bank’s future performance.

Return Metrics & Capital Adequacy

Westpac’s profitability and capital strength have both improved significantly since 2022. The bank’s Return on Equity (excluding notable items) rose from an estimated 7.4% in FY22 to 10.1% in FY23.¹³ In the second half of FY24, the bank sustained this level, reporting an annualized ROE (ex-notables) of 10.13%.²⁸

The bank’s capital position has been a standout feature. The CET1 ratio, a key measure of balance sheet strength, has remained robustly above APRA’s “unquestionably strong” benchmark and the bank’s own target operating range of 11.0% to 11.5%.²⁹ The ratio stood at 11.3% at the end of FY22, increased to 12.4% at the end of FY23, and was 12.49% as of 31 March 2024 (the end of 2H24).²⁸ This consistently strong capital position, bolstered by the capital released from business divestments, has been the key enabler of the significant program of capital returns to shareholders.

Major Developments & Challenges (2022-2024)

The period between 2022 and 2024 has been transformative for Westpac, marked by the culmination of a major risk remediation program, significant leadership changes, and the navigation of a challenging economic and regulatory environment.

AUSTRAC Settlement Aftermath & Risk Remediation

The shadow of the 2020 AUSTRAC settlement has loomed large over Westpac’s recent history. The bank agreed to a record-breaking A$1.3 billion penalty for over 23 million breaches of Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws.³⁸ The failings were systemic and severe, including a failure to properly report over 19.5 million international funds transfers valued at over $11 billion, and critical lapses in monitoring transactions potentially linked to child exploitation.³⁹

This event catalyzed a massive, multi-year overhaul of the bank’s risk management frameworks, governance, and culture. The cornerstone of this effort was the Customer Outcomes and Risk Excellence (CORE) program, an integrated plan designed to address the root causes of the compliance failures.⁶ This program represented a period of intense, inward-looking focus on remediation. A significant milestone was reached in May 2024, when Westpac announced the completion of the CORE Integrated Plan.⁴² The successful implementation of this plan was pivotal in restoring regulatory confidence and led to APRA’s decision to reduce a punitive operational risk capital overlay that had been imposed on the bank, a clear signal of regulatory approval of the progress made.⁶

Technology & Operational Issues

While Westpac has avoided the large-scale customer data breaches that have affected some other major Australian corporations, its operational stability has been tested.⁴³ In October 2024, the bank experienced a major technology outage that left customers unable to access online and mobile banking services for a period, causing widespread disruption and public frustration.⁴⁴ Such incidents highlight the inherent operational risk associated with running complex banking systems, particularly while undertaking a major technology transformation and decommissioning legacy platforms.³⁷ The bank has stated that investment in technology resilience is a key priority, reporting that the number of technology incidents was down by 33% in FY24.²⁹

Interest Rate Environment & COVID-19 Recovery

The dominant macroeconomic feature of the period was the RBA’s rapid tightening of monetary policy. This had a dual effect on the bank. Initially, it provided a significant tailwind to NIMs and profitability. However, the higher interest rates also put considerable pressure on household budgets, particularly for mortgage holders. In response, Westpac engaged in proactive customer outreach, contacting over 300,000 customers who were transitioning from low fixed-rate loans to significantly higher variable rates to manage the risk of financial distress.⁴ The bank’s credit portfolio has remained resilient, with loan losses staying well below long-term averages, though delinquencies are now beginning to rise from their cyclical lows.¹⁷

Regulatory Scrutiny (Post-AUSTRAC)

Even with the CORE program complete, regulatory scrutiny has remained intense. ASIC has continued to pursue Westpac for historical issues, demonstrating a low tolerance for misconduct or operational failures.

• In September 2023, ASIC initiated civil penalty proceedings against Westpac, alleging that a technology failure between 2015 and 2022 resulted in 229 applications for hardship assistance not being assessed within the legally required timeframe.⁴⁵
• In February 2024, the Federal Court ordered Westpac to pay a $1.8 million penalty after declaring it had engaged in unconscionable conduct in 2016 in relation to a $12 billion interest rate swap transaction.²³
• In June 2025, Westpac’s subsidiary, RAMS Financial Group, reached an agreement with ASIC to resolve an investigation into the oversight of its franchisee network between 2019 and 2023.⁴⁶

These actions underscore the persistent regulatory risk faced by the bank, where past failings can lead to financial penalties years later.

Management Changes

The period culminated in a significant leadership transition, signaling a new chapter for the bank. In September 2024, Westpac announced that CEO Peter King would retire at the end of the year.⁴² King had led the bank through its most challenging period, overseeing the response to the AUSTRAC crisis and the subsequent CORE remediation program.

He will be succeeded by Anthony Miller, who was the Chief Executive of the Business & Wealth division, effective 16 December 2024.⁴⁷ In the interim, Peter Herbert, the COO of Business & Wealth, was appointed as the acting head of that division.⁴⁷

The completion of the CORE program, coupled with this CEO transition, marks a clear inflection point for Westpac. The bank’s narrative is shifting decisively from one of remediation and fixing past problems to one focused on future growth and the execution of its strategic technology agenda. The central question for the market has evolved from whether Westpac can resolve its risk and compliance issues to whether the new leadership team can effectively execute the bank’s growth and technology strategy in a highly competitive environment.

Growth Opportunities & Strategic Initiatives

With its major risk remediation program largely complete and its business portfolio simplified, Westpac’s strategy is now squarely focused on investing for growth and efficiency in its core markets. The bank’s strategic initiatives are centered on technology modernization, targeted market share gains, and enhancing the digital customer experience.

Digital Banking & Technology Simplification (UNITE Program)

The cornerstone of Westpac’s forward-looking strategy is the UNITE program, a comprehensive, multi-year, and multi-billion-dollar overhaul of its technology infrastructure.⁶ This program is the bank’s answer to its historical underinvestment in technology and is designed to address an elevated cost-to-income ratio relative to its peers.⁶

The objectives of UNITE are ambitious: to radically simplify the bank’s complex and often fragmented systems, reduce the number of technology platforms, and create a more modern, cost-efficient, and resilient technology environment.⁶ A key goal is the consolidation of core platforms, such as reducing its three separate deposit processor systems to a single, modern platform.²⁹ The bank is dedicating a significant portion of its capital investment to this initiative, targeting 35-40% of its total investment spend for the UNITE program between FY25 and FY28.²⁹

As of its FY24 results presentation, the bank reported that 39 of approximately 61 planned initiatives under the UNITE umbrella had commenced.²⁹ While the program is expected to deliver substantial long-term benefits in the form of lower operating costs and improved digital capabilities, it entails significant upfront expense and considerable execution risk. Analyst commentary has highlighted that such a major IT upgrade carries substantial risks related to costs, timelines, and profitability during the transition period.⁴⁹

Market Focus & Business Simplification

Westpac’s growth strategy is built upon a much simpler and more focused business structure. The strategic decision to exit 10 non-core businesses has sharpened the bank’s focus on its primary banking operations in Australia and New Zealand.⁴ This simplification has not only clarified the bank’s strategic priorities but has also been a key source of capital, releasing 58 basis points of CET1 capital that has been subsequently used to fund shareholder returns and reinvestment in the core business.⁴ This disciplined focus allows management to direct capital and attention towards the key competitive battlegrounds in the Consumer and Business banking franchises.⁴

Growth in Business & Wealth

While defending its strong position in the mortgage market remains a priority, Westpac has identified business lending as a key vector for future growth. The bank’s performance in this segment has been strong, with business lending growing 14% in the first half of 2025, significantly outpacing the 5% growth in its mortgage book.²⁶

To support this ambition, Westpac is actively investing in the Business & Wealth division. This includes hiring 200 new bankers to deepen client relationships, enhancing its digital transaction banking platforms, and streamlining its lending processes to improve the time-to-decision for business loans.⁴ The division has a clear performance target, with management aiming for it to deliver a Return on Tangible Equity (ROTE) of 20%.²⁹

Product & Service Innovation

Westpac is leveraging its digital platforms as a vehicle for innovation, with a strong focus on improving customer experience and security. A critical initiative is the development of a digital mortgage platform, which aims to automate much of the application and verification process using technologies like Open Banking and biometric identity verification.⁴ By drastically reducing approval times, Westpac hopes to gain a competitive edge in the fiercely contested mortgage market.

The bank has also been a leader in deploying technology to combat the rising threat of scams. It has introduced a range of security features within its app, including real-time payment warnings, a “SaferPay” alert system for potentially fraudulent transactions, and even voice scam detection technology.⁴ Beyond security, Westpac is embedding value-added services into its digital ecosystem, such as a partnership with the cashback platform ShopBack and a tool that allows customers to track their carbon footprint, aiming to increase customer engagement and loyalty.⁴

Ultimately, Westpac’s strategy is a classic “simplify and invest” turnaround play. The “simplify” phase is now complete. The bank is now deep into the “invest” phase, with the UNITE program as its centerpiece. The success of this entire strategy—and by extension, the investment thesis—is heavily dependent on the flawless execution of this complex technology transformation. Any significant delays, cost overruns, or failures to deliver the expected benefits would materially undermine the bank’s ability to close the efficiency gap with its peers and achieve its long-term growth ambitions.

Capital Allocation & Shareholder Returns

Westpac’s capital management strategy over the 2022-2024 period has been defined by its robust capital generation, which has enabled a balanced approach of reinvesting in the business while delivering substantial returns to shareholders through both dividends and large-scale share buybacks.

Dividend Policy

Westpac maintains a clear dividend policy, targeting a sustainable payout ratio of between 65% and 75% of its cash earnings.³³ The bank has consistently delivered on this policy, with payments increasing as earnings recovered.

• For FY23, Westpac declared a total fully franked dividend of 142 cents per share, a 14% increase on the prior year. This represented a payout ratio of 68% of cash earnings excluding notable items, placing it comfortably within the target range.³³
• For FY24, shareholder returns were further enhanced. The bank declared a total ordinary dividend of 151 cents per share, a 6% increase year-on-year. In addition, it paid a special dividend of 15 cents per share with its first-half results, the first such payment since 2013.⁶ The total ordinary dividend for FY24 represented a payout ratio of 73% of cash earnings excluding notable items, near the upper end of its target range.⁶

Share Buyback Programs

A key feature of Westpac’s capital allocation strategy has been the aggressive return of surplus capital to shareholders via on-market share buybacks. The capital released from the divestment of non-core businesses, combined with strong organic capital generation, pushed the bank’s CET1 ratio well above its target range, creating the capacity for these returns.

Over the FY23-FY24 period, Westpac announced a series of substantial buyback programs:

• A $1.5 billion on-market buyback was announced in November 2023 with its FY23 results.⁶
• A further $1.0 billion buyback was announced in May 2024 with its 1H24 results.²⁹
• An additional $1.0 billion buyback was announced in November 2024 with its FY24 results.²⁹

This amounts to a total of $3.5 billion in announced share buybacks over a roughly 12-month period, representing a significant return of capital and a powerful driver of earnings per share accretion.

Capital Management Strategy

Westpac’s capital management framework is anchored by its commitment to maintaining an “unquestionably strong” balance sheet. The bank’s primary objective is to operate with a CET1 capital ratio within a target range of 11.0% to 11.5%.²⁹

Throughout the 2022-2024 period, the bank’s CET1 ratio has consistently exceeded the top end of this range. It stood at 12.4% at the end of FY23 and 12.49% at the end of the first half of FY24.²⁸ This surplus capital position has provided management with significant strategic flexibility.

The bank’s strategy involves a disciplined allocation of this capital across three key priorities:

1. Maintaining Regulatory Buffers: Ensuring the CET1 ratio remains comfortably above regulatory minimums and the bank’s own target range.
2. Investing for Growth: Allocating sufficient capital to support organic growth in its loan book and to fund strategic investments, most notably the UNITE technology program.
3. Returning Surplus Capital: Distributing capital that is surplus to the first two requirements to shareholders via dividends and buybacks.

This approach has allowed Westpac to use capital returns as a core component of its shareholder value proposition. While the bank undertakes a multi-year operational turnaround, the tangible returns from a high shareholder yield (the combination of the dividend yield and the buyback yield) provide a compelling reason for investors to remain invested. This strategy effectively bridges the gap, delivering immediate returns while investors wait for the longer-term benefits of the strategic initiatives to flow through to stronger organic earnings growth. The continuation of this strategy is, however, contingent on the bank’s ability to maintain its capital surplus through sustained profitability.

Risk Assessment

Westpac operates in a complex and dynamic environment and is exposed to a range of material risks that could adversely affect its financial performance, reputation, and strategic objectives. The bank’s risk management framework is designed to identify, assess, and mitigate these risks across the organization.

Credit Risk

Credit risk, the risk of loss from a borrower or counterparty failing to meet their obligations, is the most significant financial risk for a traditional bank. Westpac’s credit risk is heavily concentrated in the Australian and New Zealand economies, with a substantial portion of its loan book exposed to the Australian residential mortgage market.³⁷ This makes the bank’s performance highly sensitive to key macroeconomic variables such as interest rates, the unemployment rate, and residential property prices.

While the bank’s asset quality has remained sound and resilient through the recent period of rising interest rates, there are emerging signs of stress. Data from both Westpac and the broader industry show that non-performing loans and the number of borrowers in early-stage arrears are beginning to increase from cyclical lows.²¹ A sharper-than-expected economic downturn would likely lead to a material increase in credit impairment charges and a reduction in profitability.

Operational Risk

Operational risk, the risk of loss from failed internal processes, people, systems, or external events, has become an area of heightened focus for Westpac and its regulators.

• Technology and Execution Risk: This represents arguably the most significant near-term risk for Westpac. The bank is in the midst of the UNITE program, a highly complex, multi-year, and multi-billion-dollar technology transformation. The successful delivery of this program is fundamental to the bank’s long-term strategy to improve efficiency and competitiveness. Any failure to execute the program on time and on budget could result in significant cost overruns, continued system instability, and a failure to realize the projected efficiency gains, thereby severely undermining the investment thesis.³⁷ The technology outage in October 2024 serves as a stark reminder of the potential for operational disruption during this transition.⁴⁴
• Cybersecurity and Scams: Westpac, like all financial institutions, is a prime target for cyber-attacks and sophisticated financial crime. The bank is investing heavily in its defenses, including advanced fraud detection and customer-facing security features.²⁹ However, a successful large-scale cyber-attack could result in significant financial losses, regulatory penalties, and severe reputational damage. The increasing complexity of risks in this area is a key concern noted by regulators.¹⁸

Interest Rate Risk

Westpac’s earnings are inherently sensitive to movements in interest rates, which directly impact its Net Interest Margin.³⁷ The bank is exposed to the risk that the interest rates on its assets (loans) and liabilities (deposits) reprice at different times or by different amounts. For example, a rapid and significant fall in interest rates could lead to margin compression if variable-rate loans reprice downwards more quickly than the bank can reduce its funding costs. The bank’s Treasury division actively manages this risk through the use of financial derivatives and other hedging strategies, but the risk cannot be completely eliminated.

Regulatory & Compliance Risk

Despite the successful completion of the CORE remediation program, regulatory and compliance risk remains elevated. The A$1.3 billion AUSTRAC penalty was a powerful demonstration of the severe financial and reputational consequences of systemic compliance failures.³⁹ The ongoing enforcement actions by ASIC for historical issues, such as those related to hardship assistance processes and institutional trading conduct, show that regulatory scrutiny remains intense.²³ The risk of further regulatory investigations, penalties, or changes in regulation that could adversely impact the business model is a persistent feature of the operating environment.

Competition Risk

The Australian financial services industry is intensely competitive. In the core mortgage market, fierce price-based competition from both major and non-bank lenders is a constant headwind to profitability and has been a primary driver of NIM compression across the sector.²¹ Westpac faces the continuous strategic challenge of balancing its desire to maintain or grow market share against the need to protect its margins and generate adequate returns on capital.³⁷ Failure to effectively navigate this competitive tension could lead to either a loss of market share or a further erosion of profitability.

Valuation Analysis

An analysis of Westpac’s valuation reveals a stock that is trading at a premium to its own historical averages but at a discount to the clear market leader, CBA. This valuation reflects market optimism about the bank’s strategic turnaround, balanced against the inherent risks in its execution.

Comparative Valuation Multiples (Big Four Banks)	Westpac (WBC)	CBA	NAB	ANZ
Market Capitalisation ($AUD B)	$113.5 52	$282.7 53	$130.1 54	$98.9 55
Price/Earnings (P/E) Ratio (fwd)	18.1x 54	26.0x 54	17.8x 54	14.3x 54
Price/Book (P/B) Ratio	1.5x (approx.)	3.61x 53	2.05x 53	1.38x 53
Return on Equity (ROE) (%)	10.1% 13	13.5% 53	11.6% 53	9.5% 53
Dividend Yield (fwd) (%)	3.9% 54	3.0% 54	4.1% 54	4.9% 54

Note: Data as of August 2025 or latest available from cited sources. Forward-looking metrics are based on analyst consensus estimates. P/B and ROE for WBC are based on a combination of sources for the most recent comparable period.

Trading Multiples Analysis

Westpac’s valuation on a Price/Earnings (P/E) basis appears elevated when compared to its own history. As of August 2025, its P/E ratio was reported at 19.5, a notable premium to its 10-year historical average of 15.2.⁵⁶ When compared to its peers on a forward P/E basis, Westpac trades at approximately 18.1x, which is a significant discount to CBA’s 26.0x, roughly in line with NAB’s 17.8x, and at a premium to ANZ’s 14.3x.⁵⁴

The Price/Book (P/B) ratio provides a similar perspective. Westpac trades at a P/B multiple of approximately 1.5x. This represents a substantial discount to CBA, which commands an exceptional premium at 3.6x, reflecting its higher profitability (ROE) and perceived lower risk profile.⁵³ Westpac also trades at a moderate discount to NAB (2.05x) but is valued similarly to ANZ (1.38x) on this metric.⁵³ The valuation gap between the banks broadly correlates with their respective Return on Equity figures, with the market awarding higher P/B multiples to the banks that generate higher returns on their book value.

Dividend Yield

Westpac’s forward dividend yield of approximately 3.9% is competitive within the peer group.⁵⁴ It is higher than that of the premium-valued CBA (3.0%) but slightly lower than NAB (4.1%) and ANZ (4.9%).⁵⁴ When the value of Australia’s dividend imputation system is considered, the grossed-up yield is significantly higher, making it an attractive source of income for many domestic investors, particularly when compared to prevailing risk-free rates.

Relative Valuation Summary

In summary, Westpac’s valuation is a tale of two comparisons. Relative to its own long-term history, the stock appears expensive, with its P/E multiple having expanded significantly. However, relative to its direct competitors, its valuation appears more reasonable. It does not carry the extreme premium of CBA, and its multiples are broadly in line with or slightly above those of NAB and ANZ, which is justifiable given its strong retail franchise and improving profitability.

Analyst commentary suggests that the entire Australian banking sector has experienced a significant re-rating, with some describing valuations as “demanding” and potentially “frothy”.¹⁴ This has been attributed in part to strong demand from passive and index-aware funds, given the sector’s large weighting in the ASX 200, as well as momentum-driven buying.¹⁴ Multiple analyst reports view Westpac as being overvalued relative to their fundamental assessments, with Morningstar estimating it to be more than 15% overvalued and considering ANZ to be the most attractively priced of the Big Four.⁵⁷

This valuation presents a key risk. The market appears to be pricing Westpac as a successful turnaround story before the full financial benefits of its strategic initiatives, particularly the UNITE program, have been delivered. The current share price reflects a high degree of optimism regarding the future success of these programs. Should the bank encounter any significant stumbles in execution—such as delays or cost overruns in its technology overhaul, a failure to defend its market share, or a sharper-than-expected deterioration in the credit cycle—the stock would be vulnerable to a significant de-rating back towards its long-term average valuation multiples.

Synthesis & Key Questions Answered

This section synthesizes the preceding analysis to provide direct, data-supported answers to the key questions regarding Westpac Banking Corporation.

1. How has WBC’s competitive position changed relative to peers over the past two years?

Westpac’s competitive position has stabilized and, in some respects, improved after a period of significant underperformance. The successful completion of the CORE risk remediation program has restored its standing from a regulatory perspective, removing a key overhang.6 In its core market of residential mortgages, it has successfully defended its strong number two market share but has done so in an environment of intense price competition that has compressed margins for all players.24 The bank has made a concerted strategic push into business lending, where it has achieved above-system growth, although it still lags the market leader, NAB.26 The most significant competitive gap remains in technology and operational efficiency, where it is in a multi-year “catch-up” phase relative to the market leader, CBA.

2. What are the primary drivers of future earnings growth and margin sustainability?

Future earnings growth is contingent on two main factors. In the near term, growth will be modest, driven by mid-single-digit loan growth, particularly in the targeted business segment, and the benefits of its ongoing share buyback program, which accretes earnings per share.26 The most significant long-term driver of earnings growth is the successful execution of the UNITE technology simplification program. This initiative is designed to deliver substantial operational efficiencies, which should lower the bank’s cost-to-income ratio and structurally improve its profitability over the medium term.6

Margin sustainability, however, is challenged. The tailwind from the 2022-2023 interest rate hiking cycle has faded. The primary forces now acting on the Net Interest Margin are negative: fierce mortgage competition is compressing asset yields, while a customer shift to higher-cost term deposits is increasing funding costs.²⁸ A sustainable expansion of the NIM appears unlikely in the current competitive environment.

3. How effectively has management addressed past compliance and operational issues?

Management has been demonstrably effective in addressing the systemic compliance failures that led to the 2020 AUSTRAC penalty. The completion of the comprehensive, multi-year CORE program, and APRA’s subsequent decision to remove the punitive operational risk capital add-on, serve as clear external validation of the progress made in strengthening risk culture, governance, and controls.6 However, the task is never complete. Ongoing, albeit smaller-scale, regulatory actions from ASIC for historical matters and occasional technology outages indicate that operational and compliance risk requires perpetual vigilance.23

4. What is the outlook for Australian credit growth and how is WBC positioned?

The outlook for Australian credit growth is modest. Analyst consensus points to mid-single-digit growth, underpinned by strong population growth and a resilient housing market, but tempered by the effects of a slower domestic economy.57 Westpac is well-positioned to capture its share of this growth. In the mortgage market, its strong franchise and multi-brand strategy will allow it to grow in line with the system, though likely at the cost of some margin pressure. The bank’s best opportunity for above-system growth is in business lending, a segment where it is actively investing in personnel and technology to gain market share.26

5. How sustainable is the current dividend policy given regulatory capital requirements?

The current dividend policy and shareholder returns are highly sustainable in the near to medium term. Westpac’s CET1 capital ratio of 12.5% is approximately 100-150 basis points above the top end of its own target range.28 This substantial capital surplus provides a robust buffer that not only secures the ordinary dividend (paid within the 65-75% target payout ratio) but has also been the source of funding for $3.5 billion in share buybacks and a special dividend in FY24.6 The long-term sustainability of these returns will depend on the bank’s ability to generate sufficient organic earnings to support the dividend once the current surplus capital has been fully distributed.

6. What are the key risks that could materially impact the investment thesis?

There are three primary risks that could materially impact the investment thesis for Westpac:

• Execution Risk: This is the most significant and immediate risk. The investment case is heavily predicated on the successful, on-time, and on-budget delivery of the UNITE technology program. Any material delays, cost overruns, or failure to achieve the projected efficiency gains would severely undermine the bank’s ability to improve its competitive cost position and would likely lead to a negative market reaction.⁴⁹
• Macroeconomic Risk: A severe deterioration in the Australian economy, leading to a significant rise in unemployment and a sharp fall in property prices, would result in materially higher credit losses. Given the concentration of Westpac’s loan book in Australian mortgages, such a scenario would have a direct and negative impact on earnings and capital.³⁷
• Valuation Risk: The bank’s shares are trading at a valuation premium to their long-term historical average, suggesting that a successful operational turnaround is already largely priced in.⁵⁶ This leaves little room for error. If the execution of the bank’s strategy falters, or if the broader market de-rates the banking sector from its current elevated multiples, Westpac’s share price could be vulnerable to a significant correction.

Works cited

1. Our businesses | Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-businesses/
2. Our strategy and purpose – Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/westpac-group/company-overview/our-strategy-purpose/
3. WESTPAC BANKING CORPORATION, accessed August 26, 2025, https://www.westpac.com.au/docs/pdf/aw/ic/WBC_FactSheet_07FY.pdf
4. Full-year-2023-presentation-and-IDP.pdf – Westpac, accessed August 26, 2025, https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/Full-year-2023-presentation-and-IDP.pdf
5. Westpac Banking: Business Model, SWOT Analysis, and Competitors 2024 – PitchGrade, accessed August 26, 2025, https://pitchgrade.com/companies/westpac-banking
6. 2024 ANNUAL REPORT | Westpac, accessed August 26, 2025, https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/wbc-annual-report-2024.pdf
7. Westpac 2022 Group Annual Report – Westpac Banking Corp (ASX:WBC) – Listcorp., accessed August 26, 2025, https://www.listcorp.com/asx/wbc/westpac/news/westpac-2022-group-annual-report-2794322.html
8. Westpac – Wikipedia, accessed August 26, 2025, https://en.wikipedia.org/wiki/Westpac
9. Westpac in Australia, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/global-locations/westpac-australia/
10. Westpac in the Americas, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/global-locations/westpac-americas/
11. ANZ vs. NAB: Which Bank Offers the Best Opportunity in 2025? – TAMIM Asset Management, accessed August 26, 2025, https://tamim.com.au/stock-insight/anz-vs-nab-which-bank-offers-the-best-opportunity-in-2025/
12. Which aussie bank is the best to work for? : r/AusFinance – Reddit, accessed August 26, 2025, https://www.reddit.com/r/AusFinance/comments/wqib1d/which_aussie_bank_is_the_best_to_work_for/
13. Australian Banks: Simpler business models produce sound results – AFIC, accessed August 26, 2025, https://www.afi.com.au/news/australian-banks-simpler-business-models-produce-sound-results
14. Big 4 Banks: Bull Market or Bubble? – Wilsons Advisory, accessed August 26, 2025, https://www.wilsonsadvisory.com.au/news/big-4-banks-bull-market-or-bubble
15. Review into Small and Medium-sized Banks – Council of Financial Regulators, accessed August 26, 2025, https://www.cfr.gov.au/publications/consultations/2024/review-into-small-and-medium-sized-banks/pdf/review-into-small-and-medium-sized%20banks-issues-paper.pdf
16. Australia Interest Rate – Trading Economics, accessed August 26, 2025, https://tradingeconomics.com/australia/interest-rate
17. Resilience, risks and the RBA – Deloitte, accessed August 26, 2025, https://www.deloitte.com/au/en/services/economics/blogs/resilience-risks-rba.html
18. APRA Corporate Plan 2025-26, accessed August 26, 2025, https://www.apra.gov.au/apra-corporate-plan-2025-26
19. APRA releases quarterly authorised deposit-taking institution statistics for June 2024, accessed August 26, 2025, https://www.einpresswire.com/article/742782389/apra-releases-quarterly-authorised-deposit-taking-institution-statistics-for-june-2024
20. Bank On It: Customer Trends 2024 – Australian Banking Association, accessed August 26, 2025, https://www.ausbanking.org.au/wp-content/uploads/2024/06/Bank-On-It-Report-2024.pdf
21. Quarterly authorised deposit-taking institution performance statistics – highlights – APRA, accessed August 26, 2025, https://www.apra.gov.au/quarterly-authorised-deposit-taking-institution-performance-statistics-highlights-1
22. Westpac Shareholder Resolution 2024 – Market Forces, accessed August 26, 2025, https://www.marketforces.org.au/westpac-shareholder-resolution-2024
23. MIU – Issue 156 – February 2024 – ASIC, accessed August 26, 2025, https://www.asic.gov.au/about-asic/corporate-publications/newsletters/market-integrity-update/miu-issue-156-february-2024/
24. Morningstar DBRS Confirms Westpac’s Long-Term Issuer Rating at AA; Stable Trend, accessed August 26, 2025, https://dbrs.morningstar.com/research/459628
25. Home Loans (APRA) – ACCC, accessed August 26, 2025, https://www.accc.gov.au/system/files/public-registers/documents/Annexure%2030.1%20-%20APRA%20market%20share%20data%20-%2002.12.22%20-%20PR%20-%20MA1000023%20ANZ%20Suncorp.xlsx
26. Westpac’s business lending surges while mortgage margins feel the squeeze, accessed August 26, 2025, https://www.brokernews.com.au/news/breaking-news/westpacs-business-lending-surges-while-mortgage-margins-feel-the-squeeze-287080.aspx
27. Business lending growth continues to outpace residential – Broker Daily, accessed August 26, 2025, https://www.brokerdaily.au/broker/20752-business-lending-growth-continues-to-outpace-residential
28. 2024 Second Half Financial Performance Review – Westpac, accessed August 26, 2025, https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/wbc-second-half-financial-performance-review-2024.pdf
29. Westpac 2024 Presentation and Investor Discussion Pack – Westpac Banking Corp (ASX:WBC) – Listcorp., accessed August 26, 2025, https://www.listcorp.com/asx/wbc/westpac/news/westpac-2024-presentation-and-investor-discussion-pack-3110732.html
30. Westpac transitioning into a ‘digital first’ bank – Banking Frontiers, accessed August 26, 2025, https://bankingfrontiers.com/westpac-transitioning-into-a-digital-first-bank/
31. Australian credit card market surges 7% in 2024, driven by consumer spending, accessed August 26, 2025, https://smallbusinessconnections.com.au/australian-credit-card-market-surges-7-in-2024-driven-by-consumer-spending/
32. Westpac 2022 Group Annual Report – For personal use only, accessed August 26, 2025, https://announcements.asx.com.au/asxpdf/20221107/pdf/45h90tg2t6qqp8.pdf
33. Westpac 2023 Annual Report, accessed August 26, 2025, https://www.annualreports.com/HostedData/AnnualReportArchive/W/ASX_WBC_2023.pdf
34. Westpac Banking Corporation (ASX: WBC) – Financials – Intelligent Investor, accessed August 26, 2025, https://www.intelligentinvestor.com.au/shares/asx-wbc/westpac-banking-corporation/financials
35. Westpac 2024 Second Half Financial Performance Review, accessed August 26, 2025, http://www.rns-pdf.londonstockexchange.com/rns/7872K_4-2024-11-4.pdf
36. Annual reports archive | Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/investor-centre/financial-information/annual-reports-archive/
37. Westpac 2023 Annual Report, accessed August 26, 2025, https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/aw/ic/WG-AnnualReport-2023.pdf
38. After months of court battles, Westpac settles with Austrac, agrees to pay $1.3 billion for millions of AML failings, ties to child exploitation network – ACFCS, accessed August 26, 2025, https://www.acfcs.org/after-months-of-court-battles-westpac-settles-with-austrac-agrees-to-pay-1-3-billion-for-millions-of-aml-failings-ties-to-child-exploitation-network
39. AUSTRAC and Westpac agree to proposed $1.3bn penalty, accessed August 26, 2025, https://www.austrac.gov.au/news-and-media/media-release/austrac-and-westpac-agree-penalty
40. How much is 23 million alleged breaches of the Anti-Money Laundering (AML) law worth?, accessed August 26, 2025, https://transparency.org.au/how-much-is-23-million-alleged-breaches-of-the-aml-law-worth/
41. 2023 Full Year Result – Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/media/full-year-result/2023-full-year-result/
42. Media release 2024 – Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/media/media-releases/2024/
43. List of Data Breaches and Cyber Attacks in Australia 2018-2025, accessed August 26, 2025, https://www.webberinsurance.com.au/data-breaches-list
44. Westpac outage: Tech issue leaves Australians without access to online and mobile banking services | The Nightly, accessed August 26, 2025, https://thenightly.com.au/business/westpac-tech-issue-leaves-australians-without-access-to-online-and-mobile-banking-services-c-16387426
45. Westpac acknowledges ASIC proceedings, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/media/media-releases/2023/5-September/
46. ASIC proceedings against RAMS Financial Group – Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/media/media-releases/2025/4-june/
47. Executive Appointment – Westpac, accessed August 26, 2025, https://www.westpac.com.au/about-westpac/media/media-releases/2024/24-october/
48. Westpac announces leadership changes – Broker Daily, accessed August 26, 2025, https://www.brokerdaily.au/lender/19605-westpac-announces-leadership-changes
49. ANZ, NAB and Westpac have all reported. Which bank should you buy right now?, accessed August 26, 2025, https://www.marketindex.com.au/news/anz-nab-and-westpac-have-all-reported-which-bank-should-you-buy-right-now
50. APRA Unveils Q3 2024 Deposit-Taking Stats | Mirage News, accessed August 26, 2025, https://www.miragenews.com/apra-unveils-q3-2024-deposit-taking-stats-1376494/
51. Cybersecurity at Westpac, accessed August 26, 2025, https://www.westpac.com.au/security/cybersecurity-at-westpac/
52. PE Ratio – Commonwealth Bank of Australia – Wisesheets, accessed August 26, 2025, https://www.wisesheets.io/pe-ratio/CBA.AX
53. Commonwealth Bank of Australia (CBA) – Morningstar, accessed August 26, 2025, https://www.morningstar.com/stocks/xasx/cba/quote
54. Commonwealth Bank of Australia (ASX:CBA) – Shares, Dividends & News – Intelligent Investor, accessed August 26, 2025, https://www.intelligentinvestor.com.au/shares/asx-cba/commonwealth-bank-of-australia
55. Australia and New Zealand Banking Group Ltd (ASX:ANZ) Share Price – Market Index, accessed August 26, 2025, https://www.marketindex.com.au/asx/anz
56. Westpac Banking Corporation – PE Ratio – Wisesheets, accessed August 26, 2025, https://www.wisesheets.io/pe-ratio/WBC.AX
57. Major bank stocks showing signs of ‘frothy valuations’: Morningstar – Investor Daily, accessed August 26, 2025, https://www.investordaily.com.au/news/57484-major-bank-stocks-showing-signs-of-frothy-valuations-morningstar