Westpac Banking (WEBNF) 6-K 4 May 21 2021 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Mar. 31, 2021
Document and Entity Information
Entity Registrant Name	WESTPAC BANKING CORP
Document Type	6-K
Document Period End Date	Mar. 31, 2021
Entity Central Index Key	0000719245
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated income statement

Consolidated income statement - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Interest income
Calculated using the effective interest rate method	$ 11,411	$ 12,184	$ 14,412
Calculated using the effective interest rate method, percentage movement from prior period	(6.00%)
Calculated using the effective interest rate method, percentage movement from same period in prior year	(21.00%)
Other	$ 23	179	272
Other, percentage movement from prior period	(87.00%)
Other, percentage movement from same period in prior year	(92.00%)
Total interest income	$ 11,434	12,363	14,684
Total interest income, percentage movement from prior period	(8.00%)
Total interest income, percentage movement from same period in prior year	(22.00%)
Interest expense	$ (3,086)	(4,667)	(5,684)
Interest expense, percentage movement from prior period	(34.00%)
Interest expense, percentage movement from same period of prior year	(46.00%)
Net interest income	$ 8,348	7,696	9,000
Net interest income, percentage movement from prior period	8.00%
Net interest income, percentage movement from same period of prior year	(7.00%)
Net fee income	$ 700	837	755
Net fee income, percentage movement from prior period	(16.00%)
Net fee income, percentage movement from same period of prior year	(7.00%)
Net wealth management and insurance income	$ 598	286	465
Net wealth management and insurance income, percentage movement from prior period	109.00%
Net wealth management and insurance income, percentage movement from same period of prior year	29.00%
Trading income	$ 442	435	460
Trading income, percentage movement from prior period	2.00%
Trading income, percentage movement from same period in prior year	(4.00%)
Other income	$ 598	325	(76)
Other income, percentage movement from prior period	84.00%
Net operating income before operating expenses and impairment charges	$ 10,686	9,579	10,604
Net operating income before operating expenses and impairment charges, percentage movement from prior period	12.00%
Net operating income before operating expenses and impairment charges, percentage movement from same period of prior year	1.00%
Operating expenses	$ (5,997)	(6,558)	(6,181)
Operating expenses, percentage movement from prior period	(9.00%)
Operating expenses, percentage movement from same period of prior year	(3.00%)
Impairment (charges)/benefits	$ 372	(940)	(2,238)
Profit before income tax expense	$ 5,061	2,081	2,185
Profit before income tax, percentage movement from prior period	143.00%
Profit before income tax, percentage movement from same period of prior year	132.00%
Income tax expense	$ (1,616)	(980)	(994)
Income tax expense, percentage movement from prior period	65.00%
Income tax expense, percentage movement from same period of prior year	63.00%
Net profit	$ 3,445	1,101	1,191
Net profit, percentage movement from same period of prior year	189.00%
Net profit attributable to non-controlling interests (NCI)	$ (2)	(1)	(1)
Net profit attributable to non-controlling interests (NCI), percentage movement from prior period	100.00%
Net profit attributable to non-controlling interests (NCI), percentage movement from same period of prior year	100.00%
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 3,443	$ 1,100	$ 1,190
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from same period of prior year	189.00%
Earnings per share (cents)
Basic	$ 0.945	$ 0.305	$ 0.332
Basic, percentage movement from same period of prior year	185.00%
Diluted	$ 0.864	$ 0.299	$ 0.332
Diluted, percentage movement from prior period	189.00%
Diluted, percentage movement from same period of prior year	160.00%

Consolidated statement of compr

Consolidated statement of comprehensive income - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Consolidated statement of comprehensive income
Net profit	$ 3,445	$ 1,101	$ 1,191
Net profit, percentage movement from same period of prior year	189.00%
Gains/(losses) recognised in equity on:
Debt securities measured at fair value through other comprehensive income (FVOCI)	$ 650	500	(143)
Debt securities measured at fair value through other comprehensive income (FVOCI), percentage movement from prior period	30.00%
Cash flow hedging instruments	$ 121	(240)	145
Cash flow hedging instruments, percentage movement from same period of prior year	(17.00%)
Transferred to income statements:
Debt securities measured at FVOCI	$ (98)	(51)	(28)
Debt securities measured at FVOCI, percentage movement from prior period	92.00%
Cash flow hedging instruments	$ 72	90	128
Cash flow hedging instruments, percentage movement from prior period	(20.00%)
Cash flow hedging instruments, percentage movement from same period of prior year	(44.00%)
Foreign currency translation reserve		55
Foreign currency translation reserve, percentage movement from prior period	(100.00%)
Loss allowance on debt instruments measured at FVOCI	$ 1	1	1
Exchange differences on translation of post-tax foreign operations (net of associated hedges)	$ (210)	(433)	265
Exchange differences on translation of post-tax foreign operations (net of associated hedges), percentage movement from prior period	(52.00%)
Income tax on items taken to or transferred from equity:
Debt securities measured at FVOCI	$ (168)	(131)	50
Debt securities measured at FVOCI, percentage movement from prior period	28.00%
Cash flow hedging instruments	$ (56)	44	(80)
Cash flow hedging instruments, percentage movement from same period of prior year	(30.00%)
Items that will not be reclassified subsequently to profit or loss
Gains/(losses) on equity securities measured at FVOCI	$ 44	(3)	(18)
Own credit adjustment on financial liabilities designated at fair value (net of tax)		(383)	344
Own credit adjustment on financial liabilities designated at fair value (net of tax), percentage movement from prior period	(100.00%)
Own credit adjustment on financial liabilities designated at fair value (net of tax), percentage movement from same period of prior year	(100.00%)
Remeasurement of defined benefit obligation recognised in equity (net of tax)	$ 241	(169)	54
Other comprehensive income (net of tax)	$ 597	(720)	718
Other comprehensive income (net of tax), percentage movement from same period of prior year	(17.00%)
Total comprehensive income	$ 4,042	381	1,909
Total comprehensive income, percentage movement from same period of prior year	112.00%
Attributable to:
Owners of WBC	$ 4,043	386	1,905
Owners of WBC, percentage movement from same period of prior year	112.00%
NCI	$ (1)	(5)	4
NCI, percentage movement from prior period	(80.00%)
Total comprehensive income	$ 4,042	$ 381	$ 1,909

Consolidated balance sheet

Consolidated balance sheet - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Assets
Cash and balances with central banks	$ 33,877	$ 30,129	$ 45,815
Cash and balances with central banks, percentage movement from prior period	12.00%	(34.00%)
Cash and balances with central banks, percentage movement from same period of prior year	(26.00%)	50.00%
Collateral paid	$ 3,917	$ 4,778	5,339
Collateral paid, percentage movement from prior period	(18.00%)
Collateral paid, percentage movement from same period of prior year	(27.00%)
Trading securities and financial assets measured at fair value through income statement (FVIS)	$ 20,928	40,667	26,280
Trading securities and financial assets measured at fair value through income statement (FVIS), percentage movement from prior period	(49.00%)
Trading securities and financial assets measured at fair value through income statement (FVIS), percentage movement from same period of prior year	(20.00%)
Derivative financial instruments	$ 22,373	23,367	56,661
Derivative financial instruments, percentage movement from prior period	(4.00%)
Derivative financial instruments, percentage movement from same period of prior year	(61.00%)
Investment securities	$ 91,303	91,539	85,789
Investment securities, percentage movement from same period of prior year	6.00%
Loans	$ 688,218	693,059	719,678
Loans, percentage movement from prior period	(1.00%)
Loans, percentage movement from same period of prior year	(4.00%)
Other financial assets	$ 3,312	5,474	5,849
Other financial assets, percentage movement from prior period	(39.00%)
Other financial assets, percentage movement from same period of prior year	(43.00%)
Current tax assets	$ 221
Life insurance assets	$ 3,416	3,593	2,574
Life insurance assets, percentage movement from prior period	(5.00%)
Life insurance assets, percentage movement from same period of prior year	33.00%
Investment in associates	$ 78	61	101
Investment in associates, percentage movement from prior period	28.00%
Investment in associates, percentage movement from same period of prior year	(23.00%)
Property and equipment	$ 3,337	3,910	4,170
Property and equipment, percentage movement from prior period	(15.00%)
Property and equipment, percentage movement from same period of prior year	(20.00%)
Deferred tax assets	$ 2,335	3,064	2,623
Deferred tax assets, percentage movement from prior period	(24.00%)
Deferred tax assets, percentage movement from same period of prior year	(11.00%)
Intangible assets	$ 10,997	11,497	11,943
Intangible assets, percentage movement from prior period	(4.00%)
Intangible assets, percentage movement from same period of prior year	(8.00%)
Other assets	$ 788	808	840
Other assets, percentage movement from prior period	(2.00%)
Other assets, percentage movement from same period of prior year	(6.00%)
Assets held for sale	$ 4,359
Total assets	$ 889,459	911,946	967,662
Total assets, percentage movement from prior period	(2.00%)
Total assets, percentage movement from same period of prior year	(8.00%)
Liabilities
Collateral received	$ 2,504	2,250	12,728
Collateral received, percentage movement from prior period	11.00%
Collateral received, percentage movement from same period of prior year	(80.00%)
Deposits and other borrowings	$ 585,401	591,131	582,920
Deposits and other borrowings, percentage movement from prior period	(1.00%)
Other financial liabilities	$ 42,996	40,925	33,996
Other financial liabilities at fair value through income statement, percentage movement from prior period	5.00%
Other financial liabilities at fair value through income statement, percentage movement from same period of prior year	26.00%
Derivative financial instruments	$ 20,303	23,054	48,089
Derivative financial instruments, percentage movement from prior period	(12.00%)
Derivative financial instruments, percentage movement from same period of prior year	(58.00%)
Debt issues	$ 127,850	150,325	185,835
Debt issues, percentage movement from prior period	(15.00%)
Debt issues, percentage movement from same period of prior year	(31.00%)
Current tax liabilities	$ 26	70	31
Current tax liabilities, percentage movement from prior period	(63.00%)
Current tax liabilities, percentage movement from same period of prior year	(16.00%)
Life insurance liabilities	$ 1,070	1,396	604
Life insurance liabilities, percentage movement from prior period	(23.00%)
Life insurance liabilities, percentage movement from same period of prior year	77.00%
Provisions	$ 3,820	5,287	4,669
Provisions, percentage movement from prior period	(28.00%)
Provisions, percentage movement from same period of prior year	(18.00%)
Deferred tax liabilities	$ 107	126	45
Deferred tax liabilities, percentage movement from prior period	(15.00%)
Deferred tax liabilities, percentage movement from same period of prior year	138.00%
Other liabilities	$ 3,938	5,359	5,292
Other liabilities, percentage movement from prior period	(27.00%)
Other liabilities, percentage movement from same period of prior year	(26.00%)
Liabilities held for sale	$ 3,049
Total liabilities excluding loan capital	$ 791,064	819,923	874,209
Total liabilities excluding loan capital, percentage movement from prior period	(4.00%)
Total liabilities excluding loan capital, percentage movement from same period of prior year	(10.00%)
Loan capital	$ 26,294	23,949	25,807
Loan capital, percentage movement from prior period	10.00%
Loan capital, percentage movement from same period of prior year	2.00%
Total liabilities	$ 817,358	843,872	900,016
Total liabilities, percentage movement from prior period	(3.00%)
Total liabilities, percentage movement from same period of prior year	(9.00%)
Net assets	$ 72,101	68,074	67,646
Net assets, percentage movement from prior period	6.00%
Net assets, percentage movement from same period of prior year	7.00%
Share capital:
Ordinary share capital	$ 41,604	40,509	40,503
Ordinary share capital, percentage movement from prior period	3.00%
Ordinary share capital, percentage movement from same period of prior year	3.00%
Treasury shares and Restricted Share Plan (RSP) treasury shares	$ (603)	(563)	(586)
Treasury shares and RSP treasury shares, percentage movement from prior period	7.00%
Treasury shares and RSP treasury shares, percentage movement from same period of prior year	3.00%
Reserves	$ 1,954	1,544	1,688
Reserves, percentage movement from prior period	27.00%
Reserves, percentage movement from same period of prior year	16.00%
Retained profits	$ 29,097	26,533	25,985
Retained profits, percentage movement from prior period	10.00%
Retained profits, percentage movement from same period of prior year	12.00%
Total equity attributable to owners of WBC	$ 72,052	68,023	67,590
Total equity attributable to owners of WBC, percentage movement from prior period	6.00%
Total equity attributable to owners of WBC, percentage movement from same period of prior year	7.00%
NCI	$ 49	51	56
NCI, percentage movement from prior period	(4.00%)
NCI, percentage movement from same period of prior year	(13.00%)
Total shareholders' equity and NCI	$ 72,101	$ 68,074	$ 67,646
Total shareholders' equity and NCI, percentage movement from prior period	6.00%
Total shareholders' equity and NCI, percentage movement from same period of prior year	7.00%

Consolidated statement of chang

Consolidated statement of changes in equity - AUD ($) $ in Millions		Total equity attributable to owners of WBC	Share Capital	Reserves	Retained profits	NCI	Total
Balance at Sep. 30, 2019		$ 65,454	$ 36,955	$ 1,311	$ 27,188	$ 53	$ 65,507
Net profit		1,190			1,190	1	1,191
Net other comprehensive income		715		317	398	3	718
Total comprehensive income		1,905		317	1,588	4	1,909
Transactions in capacity as equity holders
Share issuances		2,751	2,751				2,751
Dividends on ordinary shares	[1]	(2,791)			(2,791)		(2,791)
Dividend reinvestment plan		273	273				273
Other equity movements
Share-based payment arrangements		60		60			60
Purchase of shares		(29)	(29)				(29)
Net (acquisition)/disposal of treasury shares		(33)	(33)				(33)
Other						(1)	(1)
Total contributions and distributions		231	2,962	60	(2,791)	(1)	230
Balance at Mar. 31, 2020		67,590	39,917	1,688	25,985	56	67,646
Net profit		1,100			1,100	1	1,101
Net other comprehensive income		(714)		(162)	(552)	(6)	(720)
Total comprehensive income		386		(162)	548	(5)	381
Other equity movements
Share-based payment arrangements		18		18			18
Net (acquisition)/disposal of treasury shares		23	23				23
Other		6	6				6
Total contributions and distributions		47	29	18			47
Balance at Sep. 30, 2020		68,023	39,946	1,544	26,533	51	68,074
Net profit		3,443			3,443	2	3,445
Net other comprehensive income		600		359	241	(3)	597
Total comprehensive income		4,043		359	3,684	(1)	4,042
Transactions in capacity as equity holders
Dividends on ordinary shares	[1]	(1,120)			(1,120)		(1,120)
Dividend reinvestment plan		401	401				401
Dividend reinvestment plan underwrite		719	719				719
Other equity movements
Share-based payment arrangements		59		59			59
Purchase of shares		(25)	(25)				(25)
Net (acquisition)/disposal of treasury shares		(40)	(40)				(40)
Other		(8)		(8)		(1)	(9)
Total contributions and distributions		(14)	1,055	51	(1,120)	(1)	(15)
Balance at Mar. 31, 2021		$ 72,052	$ 41,001	$ 1,954	$ 29,097	$ 49	$ 72,101
[1]	First Half 2021 reflects the 2020 final dividend of 31 cents per share ($1,120 million) (Second Half 2020: 2020 interim dividend was nil, First Half 2020: 2019 final dividend of 80 cents per share ($2,791 million)), all fully franked at 30%.

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Consolidated statement of changes in equity
Final dividend (in dollars per share)	$ 0.31		$ 0.80
Final dividend	$ 1,120		$ 2,791
Interim dividend		$ 0
Dividend tax rate (as a percent)	30.00%	30.00%	30.00%

Consolidated cash flow statemen

Consolidated cash flow statement - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Cash flows from operating activities
Interest received	$ 11,590	$ 12,578	$ 14,637
Interest received, percentage movement from prior period	(8.00%)
Interest received, percentage movement from same period in prior year	(21.00%)
Interest paid	$ (3,323)	(5,283)	(6,183)
Interest paid, percentage movement from prior period	(37.00%)
Interest paid, percentage movement from same period in prior year	(46.00%)
Dividends received excluding life business	$ 2	15	1
Dividends received excluding life business, percentage movement from prior period	(87.00%)
Dividends received excluding life business, percentage movement from same period in prior year	100.00%
Other non-interest income received	$ 1,979	947	1,947
Other non-interest income received, percentage movement from prior period	109.00%
Other non-interest income received, percentage movement from same period in prior year	2.00%
Operating expenses paid	$ (6,193)	(4,348)	(4,250)
Operating expenses paid, percentage movement from prior period	42.00%
Operating expenses paid, percentage movement from same period in prior year	46.00%
Income tax paid excluding life business	$ (1,481)	(1,318)	(1,762)
Income tax paid excluding life business, percentage movement from prior period	12.00%
Income tax paid excluding life business, percentage movement from same period in prior year	(16.00%)
Life business:
Receipts from policyholders and customers	$ 466	1,102	1,133
Receipts from policyholders and customers, percentage movement from prior period	(58.00%)
Receipts from policyholders and customers, percentage movement from same period in prior year	(59.00%)
Interest and other items of similar nature	$ 9	10	11
Interest and other items of similar nature, percentage movement from prior period	(10.00%)
Interest and other items of similar nature, percentage movement from same period in prior year	(18.00%)
Dividends received	$ 3	124	182
Dividends received, percentage movement from prior period	(98.00%)
Dividends received, percentage movement from same period in prior year	(98.00%)
Payments to policyholders and suppliers	$ (671)	(1,113)	(1,189)
Payments to policyholders and suppliers, percentage movement from prior period	(40.00%)
Payments to policyholders and suppliers, percentage movement from same period in prior year	(44.00%)
Income tax paid	$ (49)	(5)	(1)
Cash flows from operating activities before changes in operating assets and liabilities	$ 2,332	2,709	4,526
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from prior period	(14.00%)
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from same period in prior year	(48.00%)
Net (increase)/decrease in:
Collateral paid	$ 471	(529)	877
Collateral paid, percentage movement from same period in prior year	(46.00%)
Trading securities and financial assets measured at FVIS	$ 19,890	(16,870)	8,114
Trading securities and financial assets measured at FVIS, percentage movement from same period in prior year	145.00%
Derivative financial instruments	$ (7,030)	(3,115)	4,966
Derivative financial instruments, percentage movement from prior period	126.00%
Loans	$ 1,968	18,966	(694)
Loans, percentage movement from prior period	(90.00%)
Other financial assets	$ 428	272	1
Other financial assets, percentage movement from prior period	57.00%
Life insurance assets and liabilities	$ (377)	(134)	(143)
Life insurance assets and liabilities, percentage movement from prior period	181.00%
Life insurance assets and liabilities, percentage movement from same period in prior year	164.00%
Other assets	$ (66)	1	69
Net increase/(decrease) in:
Collateral received	$ 344	(9,996)	8,900
Collateral received, percentage movement from same period in prior year	(96.00%)
Deposits and other borrowings	$ (1,610)	16,002	12,908
Other financial liabilities	$ 3,768	9,190	2,627
Other financial liabilities, percentage movement from prior period	(59.00%)
Other financial liabilities, percentage movement from same period in prior year	43.00%
Other liabilities	$ 27	(4)	8
Net cash provided by/(used in) operating activities	$ 20,145	16,492	42,159
Net cash provided by/(used in) operating activities, percentage movement from prior period	22.00%
Net cash provided by/(used in) operating activities, percentage movement from same period in prior year	(52.00%)
Cash flows from investing activities
Proceeds from investment securities	$ 17,653	18,096	14,984
Proceeds from investment securities, percentage movement from prior period	(2.00%)
Proceeds from investment securities, percentage movement from same period in prior year	18.00%
Purchase of investment securities	$ (21,198)	(25,764)	(25,568)
Purchase of investment securities, percentage movement from prior period	(18.00%)
Purchase of investment securities, percentage movement from same period in prior year	(17.00%)
Proceeds from disposal of associates	$ 9
Purchase of associates	$ (7)	(6)	(2)
Purchase of associates, percentage movement from prior period	17.00%
Proceeds from disposal of property and equipment	$ 20	35	23
Proceeds from disposal of property and equipment, percentage movement from prior period	(43.00%)
Proceeds from disposal of property and equipment, percentage movement from same period in prior year	(13.00%)
Purchase of property and equipment	$ (103)	(183)	(57)
Purchase of property and equipment, percentage movement from prior period	(44.00%)
Purchase of property and equipment, percentage movement from same period in prior year	81.00%
Purchase of intangible assets	$ (348)	(608)	(427)
Purchase of intangible assets, percentage movement from prior period	(43.00%)
Purchase of intangible assets, percentage movement from same period in prior year	(19.00%)
Net cash provided by/(used in) investing activities	$ (3,974)	(8,430)	(11,047)
Net cash provided by/(used in) investing activities, percentage movement from prior period	(53.00%)
Net cash provided by/(used in) investing activities, percentage movement from same period in prior year	(64.00%)
Cash flows from financing activities
Proceeds from debt issues (net of issue costs)	$ 24,317	7,703	27,063
Proceeds from debt issues (net of issue costs), percentage movement from same period in prior year	(10.00%)
Redemption of debt issues	$ (39,347)	(28,936)	(36,224)
Redemption of debt issues, percentage movement from prior period	36.00%
Redemption of debt issues, percentage movement from same period in prior year	9.00%
Payments for the principal portion of lease liabilities	$ (260)	(259)	(284)
Payments for the principal portion of lease liabilities, percentage movement from same period in prior year	(8.00%)
Issue of loan capital (net of issue costs)	$ 5,459		2,225
Issue of loan capital (net of issue costs), percentage movement from same period in prior year	145.00%
Redemption of loan capital	$ (1,169)	(11)	(251)
Proceeds from share issuances			2,751
Proceeds from issuances of shares, percentage movement from same period in prior year	(100.00%)
Proceeds from dividend reinvestment plan underwrite	$ 719
Purchase of shares on exercise of employee options and rights			(4)
Purchase of shares on exercise of employee options and rights, percentage movement from same period in prior year	(100.00%)
Shares purchased for delivery of employee share plan	$ (25)		(25)
Purchase of RSP treasury shares	$ (40)	(2)	(44)
Purchase of RSP treasury shares, percentage movement from same period in prior year	(9.00%)
Net sale/(purchase) of other treasury shares		3	11
Net sale/(purchase) of other treasury shares, percentage movement from prior period	(100.00%)
Net sale/(purchase) of other treasury shares, percentage movement from same period in prior year	(100.00%)
Payment of dividends	$ (719)		(2,518)
Payment of dividends, percentage movement from same period in prior year	(71.00%)
Dividends paid to NCI	$ (2)		(1)
Dividends paid to NCI, percentage movement from same period in prior year	100.00%
Net cash provided by/(used in) financing activities	$ (11,067)	(21,502)	(7,301)
Net cash provided by/(used in) financing activities, percentage movement from prior period	(49.00%)
Net cash provided by/(used in) financing activities, percentage movement from same period in prior year	52.00%
Net increase/(decrease) in cash and balances with central banks	$ 5,104	(13,440)	23,811
Net increase/(decrease) in cash and balances with central banks, percentage movement from same period in prior year	(79.00%)
Effect of exchange rate changes on cash and balances with central banks	$ (564)	(2,246)	1,945
Effect of exchange rate changes on cash and balances with central banks, percentage movement from prior period	(75.00%)
Cash and balances with central banks included in assets held for sale	$ (792)
Cash and balances with central banks as at beginning of year	30,129	45,815	20,059
Cash and balances with central banks as at end of year	$ 33,877	$ 30,129	$ 45,815
Cash and balances with central banks, percentage change from prior period	12.00%	(34.00%)
Cash and balances with central banks, percentage change from same period of prior year	(26.00%)	50.00%

Financial statements preparatio

Financial statements preparation	6 Months Ended
	Mar. 31, 2021
Financial statements preparation
Financial statements preparation	Note 1. Financial statements preparation This general purpose Interim Financial Report for the half year ended 31 March 2021 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth) and is also compliant with International Accounting Standard IAS 34 Interim Financial Reporting. The Interim Financial Report does not include all the notes of the type normally included in an annual financial report. Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year ended 30 September 2020 and any relevant public announcements made by Westpac during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules. The Interim Financial Report complies with current Australian Accounting Standards (AAS) as they relate to interim financial reports. The Interim Financial Report was authorised for issue by the Board of Directors on 2 May 2021. All amounts have been rounded in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, to the nearest million dollars, unless otherwise stated. Accounting policies The accounting policies adopted in the preparation of this interim financial report are consistent with those in the Annual Financial Report for the year ended 30 September 2020. As assets and liabilities held for sale are now a material balance they have been separately presented in the balance sheet and in Note 17. The accounting policy for assets and liabilities held for sale is below: Assets and liabilities held for sale Non-current assets or disposal groups are classified as held for sale if they will be recovered primarily through sale rather than through continuing use and a sale is considered highly probable. Non-current assets or disposal groups held for sale are measured at the lower of their existing carrying amount and fair value less costs to sell, except for liabilities and certain assets such as deferred tax assets, financial assets and contractual rights under insurance contracts, which are specifically exempt from this requirement and continue to be recognised at their existing carrying value. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition. Non-current assets are not depreciated or amortised while they are classified as held for sale. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. Refer to Note 17 for further details. Critical accounting assumptions and estimates In preparing the Interim Financial Report, the application of the Group’s accounting policies requires the use of judgement, assumptions and estimates. The areas of judgement, assumptions and estimates in the Interim Financial Report, including the key sources of estimation uncertainty, are consistent with those in the Annual Financial Report for the year ended 30 September 2020 except for as noted below: Provisions for expected credit losses (ECL) Details on specific judgements in relation to the impact of COVID-19 on the calculation of provisions for ECL are included in Note 10. Compliance, regulation and remediation provisions Details on specific judgements in relation to material compliance, regulation and remediation provisions are included in Note 14. Intangible assets - computer software Effective from 1 October 2020, the Group made a prospective change to computer software capitalisation by increasing the threshold for capitalisation for software development costs from a total project spend of $1 million to a total project spend of $20 million. This does not have a material impact on the Group’s financial statements. This change increased operating expenses and reduced profit before income tax in the period by $93 million. Amendments to Accounting Standards effective this period A revised Conceptual Framework (Framework) was adopted by the Group on 1 October 2020. The Framework includes new definitions and recognition criteria for assets, liabilities, income and expenses and other relevant financial reporting concepts. These changes did not have a material impact on the Group. Future developments in accounting standards The following new standards and interpretations which may have a material impact on the Group have been issued but are not yet effective, and unless otherwise stated, have not been early adopted by the Group: AASB 17 Insurance Contracts (AASB 17) was issued on 19 July 2017 and will be effective for the 30 September 2022 year end unless early adopted. This will replace AASB 4 Insurance Contracts (AASB 4), AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts . The main changes under the standard are: · the scope of the standard may result in some contracts that are currently "unbundled", i.e. accounted for separately as insurance and investment contracts being required to be "bundled" and accounted for as an insurance contract; · portfolios of contracts (with similar risks which are managed together) will be required to be disaggregated to a more granular level by both the age of a contract and the likelihood of the contract being onerous in order to determine the recognition of profit over the contract period (i.e. the contractual service margin). The contractual service margin uses a different basis to recognise profit to the current Margin on Services approach for life insurance and therefore the pattern of profit recognition is likely to differ; · risk adjustments, which reflect uncertainties in the amount and timing of future cash flows, are required for both general and life insurance contracts rather than just general insurance contracts under the current accounting standards; · the contract boundary, which is the period over which profit is recognised, differs and is determined based on the ability to compel the policyholder to pay premiums or the substantive obligation to provide coverage/ services. For some general insurance contracts (e.g. some lender mortgage insurance and reinsurance contracts) this may result in the contract boundary being longer. For life insurance, in particular term renewable contracts, the contract boundary is expected to be shorter. Both will be impacted by different patterns of profit recognition compared to the current standards; · a narrower definition of what acquisition costs may be deferred; · an election to recognise changes in assumptions regarding discount rate in OCI rather than in income statement; · an election to recognise changes in the fair value of assets supporting policy liabilities in OCI rather than through the income statement; · reinsurance contracts and the associated liability are to be determined separately to the gross contract liability and may have different contract boundaries; and · additional disclosure requirements. The standard is expected to result in a reduction in the level of deferred acquisition costs, however the quantum of this and the income statement impacts to the Group are not yet practicable to determine. AASB 2020-5 Amendments to Australian Accounting Standards - Insurance Contracts was issued on 30 July 2020. This standard includes a number of amendments to AASB 17. These amendments include: · deferral of acquisition costs for anticipated renewals outside of the initial contract boundary; · further clarity on the contractual service margin; · additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk; · ability to recognise a gain in the income statement for reinsurance contracts, to offset losses from onerous contracts on initial recognition; · simplified presentation requirements; and · additional transitional relief. In addition, the effective date of AASB 17 will be deferred by two years to be applicable to the Group for the 30 September 2024 financial year. On 22 September 2020, the AASB issued AASB 2020-8 Amendments to Australian Accounting Standards - Interest Rate Benchmark Reform - Phase 2 which makes further amendments to AASB 9, AASB 139, and AASB 7 resulting from IBOR reform. Amendments are also made to AASB 4 and AASB 16. The standard is effective for the 30 September 2022 year end unless early adopted. The amendments: · allow the Group to account for a change in contractual cash flows of a financial instrument or lease liability that result specifically from IBOR reform by updating the effective interest rate rather than recognising a modification gain or loss; · allow the Group to continue hedge accounting and not trigger a de-designation when the following occurs specific to IBOR reform: - changes to hedge documentation to update the hedged risk, item and instrument; - changes to the method of assessing hedge ineffectiveness; - once the hedge relationship has been converted from LIBOR to ARR the cumulative change in fair value for ineffectiveness testing could be reset to zero if this would improve the retrospective effectiveness test; - this amendment can apply to macro cash flow and fair value hedges where subgroups can be formed within the portfolio of hedges where some are under the existing LIBOR rate and others have already changed to the ARR; · require additional disclosures including: - quantitative information regarding all financial instruments linked to LIBOR which have not been yet converted to ARR; - changes to the entity's risk management strategy arising from IBOR reform; and - the management of the Group's transition to ARR. The Group is considering whether it will early adopt the amendments in its Annual Financial Report for the year ended 30 September 2021. Other amendments to existing standards that are not yet effective are not expected to have a material impact to the Group.

Segment reporting

Segment reporting	6 Months Ended
	Mar. 31, 2021
Segment reporting
Segment reporting	Note 2. Segment reporting Operating segments are presented on a basis consistent with information provided internally to Westpac's key decision makers and reflects the management of the business, rather than the legal structure of the Group. Internally, Westpac uses 'cash earnings' in assessing the financial performance of its divisions. Management believes this allows the Group to: · more effectively assess current year performance against prior periods; · compare performance across business divisions; and · compare performance across peer companies. Cash earnings is viewed as a measure of the level of profit that is generated by ongoing operations and is therefore typically considered in assessing distributions, including dividends. Cash earnings is neither a measure of cash flow nor net profit determined on a cash accounting basis, as it includes both cash and non-cash adjustments to statutory net profit. To determine cash earnings, three categories of adjustments are made to statutory results: · material items that key decision makers at Westpac believe do not reflect ongoing operations; · items that are not typically considered when dividends are recommended, mainly economic hedging impacts; and · accounting reclassifications between individual line items that do not impact statutory results. Reportable operating segments We are one of Australia and New Zealand’s leading providers of financial services, operating under multiple brands, with a small presence in Europe, North America and Asia. We operate through an extensive branch and ATM network, significant online capability, and call centres supported by specialist relationship and product managers. Our operations comprise the following key divisions: · Consumer provides banking products and services to personal customers, including mortgages, credit cards, personal loans, and savings and deposit products. · Business serves the banking needs of SME and Commercial customers (including Agribusiness) and provides banking and advisory services to high net worth individuals through Private Wealth. · Westpac Institutional Bank (WIB) provides a broad range of financial products and services to corporate, institutional and government customers. · Westpac New Zealand provides banking, wealth and insurance products and services for consumer, business and institutional customers in New Zealand. · Specialist Businesses provides auto finance, Australian life, general and lenders mortgage insurance, investment product and services (including margin lending and equities broking), superannuation and retirement products as well as wealth administration platforms. It also manages Westpac Pacific which provides a full range of banking services in Fiji and Papua New Guinea. Westpac has announced it has entered into a sales agreement for Westpac Pacific, Westpac Vendor Finance business, Westpac General Insurance, and Westpac Lenders Mortgage Insurance. These sales are expected to finalise in 2021, subject to regulator approvals. · Group Businesses includes the results of unallocated support functions such as Treasury, Technology and Operations, and Core Support. It also includes Group-wide elimination entries arising on consolidation, centrally raised provisions and other unallocated revenue and expenses. On 17 March 2021, Westpac announced that it was bringing together the leadership of its Consumer and Business divisions into a new Consumer and Business Banking division. For the 2021 Interim Financial Report there will be no change in how we report our Consumer and Business divisions’ performance as there has been no change to the performance information provided internally to Westpac’s key decision makers. The tables present the segment results on a cash earnings basis for the Group: Half Year March 2021 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,216 2,083 464 996 253 457 8,469 Net fee income 191 221 278 73 42 (105) 700 Net wealth management and insurance income — 10 — 44 626 (85) 595 Trading income 39 40 298 43 15 18 453 Other income 11 2 6 7 1 555 582 Net operating income before operating expenses and impairment charges 4,457 2,356 1,046 1,163 937 840 10,799 Operating expenses 1 (2,270) (1,170) (698) (500) (740) (603) (5,981) Impairment (charges)/benefits 80 129 (8) 92 80 (1) 372 Profit before income tax expense 2,267 1,315 340 755 277 236 5,190 Income tax (expense)/benefit (675) (395) (110) (210) (146) (115) (1,651) Net profit attributable to NCI — — — — 3 (5) (2) Cash earnings 1,592 920 230 545 134 116 3,537 Net cash earnings adjustments — — — (3) — (91) (94) Net profit attributable to owners of WBC 1,592 920 230 542 134 25 3,443 Balance sheet Loans 2 395,130 134,844 62,408 83,151 12,687 (2) 688,218 Deposits and other borrowings 2 223,062 154,455 91,008 71,019 6,445 39,412 585,401 Half Year Sept 2020 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,313 2,019 506 892 247 443 8,420 Net fee income 196 191 280 56 48 66 837 Net wealth management and insurance income — 10 — 80 266 (78) 278 Trading income 42 47 364 9 17 20 499 Other income 9 1 (18) 7 3 249 251 Net operating income before operating expenses and impairment charges 4,560 2,268 1,132 1,044 581 700 10,285 Operating expenses 1 (2,141) (1,230) (697) (482) (1,128) (862) (6,540) Impairment (charges)/benefits (599) (674) (111) (102) (95) 641 (940) Profit before income tax expense 1,820 364 324 460 (642) 479 2,805 Income tax (expense)/benefit (546) (108) (139) (129) 44 (311) (1,189) Net profit attributable to NCI — — — — (1) — (1) Cash earnings 1,274 256 185 331 (599) 168 1,615 Net cash earnings adjustments — — — (4) 32 (543) (515) Net profit attributable to owners of WBC 1,274 256 185 327 (567) (375) 1,100 Balance sheet Loans 389,793 140,698 66,192 81,434 14,942 — 693,059 Deposits and other borrowings 219,259 151,939 102,851 68,473 9,260 39,349 591,131 Half Year March 2020 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,234 2,144 605 940 287 456 8,666 Net fee income 275 247 264 67 41 (139) 755 Net wealth management and insurance income — 12 — 78 358 33 481 Trading income 48 50 273 18 40 — 429 Other income 3 2 19 4 (11) (7) 10 Net operating income before operating expenses and impairment charges 4,560 2,455 1,161 1,107 715 343 10,341 Operating expenses 1 (2,035) (1,068) (619) (516) (420) (1,502) (6,160) Impairment (charges)/benefits (416) (697) (293) (200) (160) (472) (2,238) Profit before income tax expense 2,109 690 249 391 135 (1,631) 1,943 Income tax (expense)/benefit (637) (212) (102) (110) (41) 153 (949) Net profit attributable to NCI — — — — (1) — (1) Cash earnings 1,472 478 147 281 93 (1,478) 993 Net cash earnings adjustments — — — 11 (63) 249 197 Net profit attributable to owners of WBC 1,472 478 147 292 30 (1,229) 1,190 Balance sheet Loans 395,625 144,959 78,595 84,778 16,269 (548) 719,678 Deposits and other borrowings 208,427 142,175 109,977 70,725 9,625 41,991 582,920 1. Included in the Specialist Businesses division in operating expenses is $89 million relating to impairment of goodwill and other intangible assets for First Half 2021 (Second Half 2020: $538 million, First Half 2020: $33 million). For other divisions, there was no impairment of goodwill and impairment of other intangibles assets was not material. 2. Specialist Businesses’ excludes balances presented as held for sale (refer to Note 17 for further details). Reconciliation of cash earnings to reported results Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Cash earnings 3,537 1,615 993 119 large Fair value (gain)/loss on economic hedges (46) (581) 219 (92) large Ineffective hedges (48) 37 24 large large Adjustments related to Pendal — 32 (63) (100) (100) Treasury shares — (3) 17 (100) (100) Total cash earnings adjustment (post-tax) (94) (515) 197 (82) large Net profit attributable to owners of WBC 3,443 1,100 1,190 large 189

Net interest income

Net interest income	6 Months Ended
	Mar. 31, 2021
Net interest income
Net interest income	Note 3. Net interest income Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 15 21 114 (29) (87) Collateral paid 10 6 69 67 (86) Investment securities 626 640 881 (2) (29) Loans 10,693 11,512 13,336 (7) (20) Other financial assets 2 5 12 (60) (83) Assets held for sale 65 — — — — Total interest income calculated using the effective interest rate method 11,411 12,184 14,412 (6) (21) Other Net ineffectiveness on qualifying hedges (68) 52 35 large large Trading securities and financial assets measured at FVIS and loans 91 127 237 (28) (62) Total other 23 179 272 (87) (92) Total interest income 11,434 12,363 14,684 (8) (22) Interest expense Calculated using the effective interest rate method Collateral received (2) (7) (19) (71) (89) Deposits and other borrowings (1,071) (1,792) (2,860) (40) (63) Debt issues (957) (1,078) (1,829) (11) (48) Loan capital (409) (370) (430) 11 (5) Other financial liabilities (29) (11) (87) 164 (67) Liabilities held for sale (8) — — — — Total interest expense calculated using the effective interest rate method (2,476) (3,258) (5,225) (24) (53) Other Deposits and other borrowings (36) (107) (295) (66) (88) Trading liabilities 2 (279) (964) 177 (71) large Debt issues (29) (39) (68) (26) (57) Bank Levy (195) (212) (196) (8) (1) Other interest expense (70) (87) (77) (20) (9) Liabilities held for sale (1) — — — — Total other (610) (1,409) (459) (57) 33 Total interest expense (3,086) (4,667) (5,684) (34) (46) Net interest income 8,348 7,696 9,000 8 (7) 1. Interest income includes items relating to compliance, regulation and remediation costs recognised as an addition of interest income of $49 million (Second Half 2020: $38 million reduction, First Half 2020: $132 million reduction). Refer to Note 14 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income

Non-interest income	6 Months Ended
	Mar. 31, 2021
Non-interest income
Non-interest income	Note 4. Non-interest income 1 Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Net fee income Facility fees 369 359 372 3 (1) Transaction fees 492 439 582 12 (15) Other non-risk fee income (47) 134 (86) large (45) Fee income 814 932 868 (13) (6) Credit card loyalty programs (55) (40) (62) 38 (11) Transaction fee related expenses (59) (55) (51) 7 16 Fee expenses (114) (95) (113) 20 1 Net fee income 700 837 755 (16) (7) Net wealth management and insurance income Wealth management income 311 247 384 26 (19) Life insurance premium income 529 609 688 (13) (23) General insurance and lenders mortgage insurance (LMI) net premium earned 256 252 247 2 4 Life insurance investment and other income 2 23 68 (4) (66) large General insurance and LMI investment and other income 37 18 24 106 54 Total insurance premium, investment and other income 845 947 955 (11) (12) Life insurance claims, changes in life insurance liabilities and other expenses (328) (710) (574) (54) (43) General insurance and LMI claims and other expenses (230) (198) (300) 16 (23) Total insurance claims, changes in insurance liabilities and other expenses (558) (908) (874) (39) (36) Net wealth management and insurance income 598 286 465 109 29 Trading income 442 435 460 2 (4) Other income Dividends received from other entities 2 — 1 — 100 Net gain/(loss) on sale/derecognition of associates 7 316 — (98) — Net gain/(loss) on disposal of assets 10 9 2 11 large Net gain/(loss) on hedging of overseas operations (6) — — — — Net gain/(loss) on derivatives held for risk management purposes 3 4 27 (23) (85) large Net gain/(loss) on financial instruments measured at fair value 580 14 (92) large large Rental income on operating leases 22 25 29 (12) (24) Share of associates’ net profit/(loss) (3) (9) (14) (67) (79) Other (18) (57) 21 (68) large Total other income 598 325 (76) 84 large Total non-interest income 2,338 1,883 1,604 24 46 1. Non-interest income includes compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, wealth management income and other income of $231 million (Second Half 2020: $96 million, First Half 2020: $129 million). Refer to Note 14 for further details. 2. Includes policyholder tax recoveries. 3. Income from derivatives held for risk management purposes reflects the impact of economic hedges of earnings.

Operating expenses

Operating expenses	6 Months Ended
	Mar. 31, 2021
Operating expenses
Operating expenses	Note 5. Operating expenses 1 Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Staff expenses Employee remuneration, entitlements and on-costs 2,472 2,273 2,155 9 15 Superannuation expense 231 206 207 12 12 Share-based payments 46 33 47 39 (2) Restructuring costs 22 59 35 (63) (37) Total staff expenses 2,771 2,571 2,444 8 13 Occupancy expenses Operating lease rentals 73 84 64 (13) 14 Depreciation and impairment of property and equipment 429 320 388 34 11 Other 57 98 62 (42) (8) Total occupancy expenses 559 502 514 11 9 Technology expenses Amortisation and impairment of software assets 2 517 502 468 3 10 Depreciation and impairment of IT equipment 118 147 125 (20) (6) Technology services 398 350 348 14 14 Software maintenance and licences 234 205 193 14 21 Telecommunications 93 117 99 (21) (6) Data processing 45 45 44 — 2 Total technology expenses 1,405 1,366 1,277 3 10 Other expenses Professional and processing services 728 774 600 (6) 21 Amortisation and impairment of intangible assets and deferred expenditure 90 520 3 (83) large Postage and stationery 74 81 83 (9) (11) Advertising 116 95 122 22 (5) Non-lending losses 78 474 969 (84) (92) Other expenses 176 175 169 1 4 Total other expenses 1,262 2,119 1,946 (40) (35) Total operating expenses 5,997 6,558 6,181 (9) (3) 1. In First Half 2021, operating expenses include estimated costs associated with AUSTRAC proceedings of nil, (Second Half 2020: $420 million, First Half 2020: $1,058 million) which includes a provision for a penalty of nil (Second Half 2020: $400 million, First Half 2020: $900 million). They also include compliance, regulation and remediation costs of $198 million (Second Half 2020: $173 million, First Half 2020: $144 million). Refer to Note 14 for further details. 2. These balances included impairment of capitalised software assets for First Half 2021 of $133 million (Second Half 2020: $96 million, First Half 2020: $75 million).

Income tax

Income tax	6 Months Ended
	Mar. 31, 2021
Income tax
Income tax	Note 6. Income tax The income tax expense is reconciled to the profit before income tax as follows: Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Profit before income tax 5,061 2,081 2,185 143 132 Tax at the Australian company tax rate of 30% 1,518 624 656 143 131 The effect of amounts which are not deductible/(assessable) in calculating taxable income: Hybrid capital distributions 28 26 30 8 (7) Life insurance: Tax adjustment on policyholder earnings 2 7 (24) (71) large Adjustment for life business tax rates — — 1 — (100) Other non-assessable items (2) (2) (1) — 100 Other non-deductible items 76 290 295 (74) (74) Adjustment for overseas tax rates (10) 6 10 large large Income tax (over)/under provided in prior periods 2 1 — 100 — Other items 2 28 27 (93) (93) Total income tax expense 1,616 980 994 65 63 Effective income tax rate large large

Earnings per share

Earnings per share	6 Months Ended
	Mar. 31, 2021
Earnings per share
Earnings per share	Note 7. Earnings per share Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares on issue during the period, adjusted for treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive potential ordinary shares are converted. Half Year March 2021 Half Year Sept 2020 Half Year March 2020 $m Basic Diluted Basic Diluted Basic Diluted Net profit attributable to shareholders 3,443 3,443 1,100 1,100 1,190 1,190 Adjustment for RSP dividends 1 (1) — — — (2) (2) Adjustment for potential dilution: Distributions to convertible loan capital holders 2 — 109 — 75 — — Adjusted net profit attributable to shareholders 3,442 3,552 1,100 1,175 1,188 1,188 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,644 3,644 3,612 3,612 3,579 3,579 Treasury shares (including RSP share rights) 1 (3) (3) (6) (6) (5) (5) Adjustment for potential dilution: Share-based payments — 3 — 3 — 1 Convertible loan capital 2 — 468 — 325 — — Adjusted weighted average number of ordinary shares 3,641 4,112 3,606 3,934 3,574 3,575 Earnings per ordinary share (cents) 94.5 86.4 30.5 29.9 33.2 33.2 1. Some shares under the RSP have not vested and are not outstanding ordinary shares but do receive dividends. These RSP dividends are deducted to show the profit attributable to ordinary shareholders. Shares under the RSP were dilutive in First Half 2021 and Second Half 2020 and antidilutive in First Half 2020. 2. The Group has issued convertible loan capital which may convert into ordinary shares in the future. These convertible loan capital instruments are potentially dilutive instruments, and diluted EPS is therefore calculated as if the instruments had been converted at the beginning of the respective period or, if later, the instruments’ issue date. In First Half 2021, all convertible loan capital instruments were dilutive (Second Half 2020: all convertible loan capital instruments, except for Westpac Capital Notes 4, were dilutive, First Half 2020: all convertible loan capital instruments were antidilutive).

Average balance sheet and inter

Average balance sheet and interest rates	6 Months Ended
	Mar. 31, 2021
Average balance sheet and interest rates
Average balance sheet and interest rates	Note 8. Average balance sheet and interest rates Half Year March 2021 Half Year Sept 2020 Half Year March 2020 Average Average Average Average Average Average balance Interest rate balance Interest rate balance Interest rate $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid 14,708 10 0.1 18,338 6 0.1 13,126 69 1.1 Trading securities and financial assets measured at FVIS 27,172 91 0.7 32,021 125 0.8 27,237 234 1.7 Investment securities 87,628 626 1.4 84,010 640 1.5 72,352 881 2.4 Loans and other receivables 1 680,286 10,642 3.1 696,096 11,592 3.3 700,256 13,500 3.9 Assets held for sale 3,156 65 4.1 — — — — — — Total interest earning assets and interest income 812,950 11,434 2.8 830,465 12,363 3.0 812,971 14,684 3.6 Non-interest earning assets Derivative financial instruments 21,879 32,051 30,617 Life insurance assets 3,575 2,397 6,831 Assets held for sale 1,267 — — All other assets 2 61,760 62,883 61,945 Total non-interest earning assets 88,481 97,331 99,393 Total assets 901,431 927,796 912,364 Liabilities Interest bearing liabilities Collateral received 6,483 2 0.1 8,583 7 0.2 6,579 19 0.6 Deposits and other borrowings 524,723 1,107 0.4 524,744 1,899 0.7 512,522 3,155 1.2 Loan capital 25,540 409 3.2 23,240 370 3.2 22,182 430 3.9 Other interest bearing liabilities 3 171,209 1,559 1.8 192,147 2,391 2.5 201,285 2,080 2.1 Liabilities held for sale 1,332 9 1.4 — — — — — — Total interest bearing liabilities and interest expense 729,287 3,086 0.8 748,714 4,667 1.2 742,568 5,684 1.5 Non-interest bearing liabilities Deposits and other borrowings 60,473 56,961 52,823 Derivative financial instruments 24,101 36,219 30,279 Life insurance liabilities 1,295 387 5,611 Liabilities held for sale 1,610 — — All other liabilities 4 15,031 17,061 13,405 Total non-interest bearing liabilities 102,510 110,628 102,118 Total liabilities 831,797 859,342 844,686 Shareholders' equity 69,583 68,403 67,625 NCI 51 51 53 Total equity 69,634 68,454 67,678 Total liabilities and equity 901,431 927,796 912,364 Loans and other receivables 1 Australia 576,394 9,163 3.2 583,758 9,914 3.4 587,528 11,401 3.9 New Zealand 89,570 1,411 3.2 86,527 1,499 3.5 83,841 1,738 4.1 Other overseas 14,322 68 1.0 25,811 179 1.4 28,887 361 2.5 Deposits and other borrowings Australia 452,206 842 0.4 445,733 1,412 0.6 426,021 2,333 1.1 New Zealand 59,648 236 0.8 57,728 366 1.3 56,464 516 1.8 Other overseas 12,869 29 0.5 21,283 121 1.1 30,037 306 2.0 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stage 1 and 2 provisions for ECL are not included in the average interest earning assets balance, as interest income is determined based on the gross value of loans and other receivables. 2. Includes property and equipment, intangible assets, deferred tax assets, non-interest bearing loans relating to mortgage offset accounts and all other non-interest earning financial assets. 3. Includes net impact of Treasury balance sheet management activities and the Bank Levy. 4. Includes other financial liabilities, provisions, current and deferred tax liabilities and other liabilities.

Loans

Loans	6 Months Ended
	Mar. 31, 2021
Loans
Loans	Note 9. Loans As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Australia Housing 443,557 440,933 445,663 1 — Personal 16,458 17,081 19,854 (4) (17) Business 142,965 147,584 155,322 (3) (8) Total Australia 602,980 605,598 620,839 — (3) New Zealand Housing 53,530 51,126 52,037 5 3 Personal 1,293 1,360 1,610 (5) (20) Business 29,119 29,864 32,021 (2) (9) Total New Zealand 83,942 82,350 85,668 2 (2) Total other overseas 6,209 10,713 18,361 (42) (66) Total loans 693,131 698,661 724,868 (1) (4) Provision for expected credit losses (ECL) on loans (Note 10) (4,913) (5,602) (5,190) (12) (5) Total net loans 1,2 688,218 693,059 719,678 (1) (4) 1. Total net loans include securitised loans of $6,144 million as at 31 March 2021 (30 September 2020: $7,367 million, 31 March 2020: $9,029 million). The level of securitised loans excludes loans where Westpac is the holder of related debt securities. 2. Total net loans include assets pledged for the covered bond programs of $33,841 million as at 31 March 2021 (30 September 2020: $37,222 million, 31 March 2020: $39,348 million).

Provisions for expected credit

Provisions for expected credit losses	6 Months Ended
	Mar. 31, 2021
Provisions for expected credit losses
Provisions for expected credit losses	Note 10. Provision for expected credit losses Loans and credit commitments The reconciliation of the provision for ECL tables for loans and credit commitments has been determined by an aggregation of monthly movements over the year. The key line items in the reconciliation represent the following: · The “transfers between stages” lines represent transfers between Stage 1, Stage 2 and Stage 3 prior to remeasurement of the provision for ECL. · The “business activity during the year” line represents new accounts originated during the year net of those that were derecognised due to final repayments during the year. · The “net remeasurement of provision for ECL” line represents the impact on the provision for ECL due to changes in credit quality during the year (including transfers between stages), changes due to forward-looking economic scenarios and partial repayments and additional drawdowns on existing facilities over the year. · “Write-offs” represent a reduction in the provision for ECL as a result of derecognition of exposures where there is no reasonable expectation of full recovery. The following table shows the provision for ECL on loans and credit commitments by stage: As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Performing - Stage 1 1,022 1,084 1,181 (6) (13) Performing - Stage 2 2,568 2,875 2,878 (11) (11) Non-performing - Stage 3 1,892 2,173 1,707 (13) 11 Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5) Presented as: Provision for ECL on loans (Note 9) 4,913 5,602 5,190 (12) (5) Provision for ECL on loans included in assets held for sale (Note 17) 85 — — — — Provision for ECL on credit commitments (Note 14) 477 530 576 (10) (17) Provision for ECL on credit commitments included in liabilities held for sale (Note 17) 7 — — — — Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5) Of which: Individually assessed provisions 564 611 606 (8) (7) Collectively assessed provisions 4,918 5,521 5,160 (11) (5) Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5) Movement in provisions for ECL on loans and credit commitments Non- Consolidated Performing performing $m Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2019 884 1,674 1,355 3,913 Transfers to Stage 1 600 (583) (17) — Transfers to Stage 2 (131) 466 (335) — Transfers to Stage 3 (2) (334) 336 — Business activity during the period 120 114 (50) 184 Net remeasurement of provision for ECL (297) 1,526 911 2,140 Write-offs — — (537) (537) Exchange rate and other adjustments 7 15 44 66 Balance as at 31 March 2020 1,181 2,878 1,707 5,766 Transfers to Stage 1 978 (945) (33) — Transfers to Stage 2 (214) 695 (481) — Transfers to Stage 3 (5) (621) 626 — Business activity during the period 92 (54) (27) 11 Net remeasurement of provision for ECL (936) 948 1,004 1,016 Write-offs — — (633) (633) Exchange rate and other adjustments (12) (26) 10 (28) Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Transfers to Stage 1 695 (662) (33) — Transfers to Stage 2 (112) 719 (607) — Transfers to Stage 3 (3) (244) 247 — Business activity during the period 52 (107) (171) (226) Net remeasurement of provision for ECL (689) (8) 688 (9) Write-offs — — (431) (431) Exchange rate and other adjustments (5) (5) 26 16 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 The following table provides further details of the provision for ECL by class and stage: Non- Performing performing $m Stage 1 Stage 2 Stage 3 Total Housing 195 544 583 1,322 Personal 267 562 319 1,148 Business 719 1,772 805 3,296 Balance as at 31 March 2020 1,181 2,878 1,707 5,766 Housing 192 747 977 1,916 Personal 216 408 232 856 Business 676 1,720 964 3,360 Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Housing 180 704 830 1,714 Personal 184 331 208 723 Business 658 1,533 854 3,045 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 Impact of overlays on the provision for ECL for the half year ending 31 March 2021 The following table shows the attribution of the total provision for ECL between modelled provision for ECL and overlays. Where there is increased uncertainty regarding the required forward-looking economic conditions under AASB 9, or limitations of the historical data used to calibrate the models to current stressed environments, overlays are typically used to address areas of potential risk not captured in the underlying modelled ECL. As at As at As at 31 March 30 Sept 31 March $m Modelled provision for ECL 4,580 5,480 5,147 Overlays 902 652 619 Total provision for ECL 5,482 6,132 5,766 Details of these changes, which are based on reasonable and supportable information up to the date of this report are provided below. Modelled provision for ECL The modelled provision for ECL is a probability weighted estimate based on three scenarios which together are representative of the Group's view of the forward-looking distribution of potential loss outcomes. The change in provisions as a result of changes in modelled ECL are reflected through the "net remeasurement of provision for ECL" line. The base case scenario uses current (at 31 March 2021) Westpac Economics forecasts. These forecasts have significantly improved compared to prior period forecasts and take into consideration the unwind of Government and bank stimulus and support measures. Westpac Economics forecasts assume the following: Key macroeconomic assumptions for base case scenario 31 March 2021 30 September 2020 31 March 2020 Annual GDP Forecast growth of 4% for calendar year 2021 and 3% for calendar year 2022. Forecast growth of 2.5% for calendar year 2021. Forecast short-term contraction of 8.2% in June 2020 quarter improving to a contraction of 5% over the remainder of 2020 and a recovery to positive growth of 4% over 2021, moderating to growth of 2.7% in the year to June 2022. Commercial property index Forecast price contraction of 15% for calendar year 2021. Forecast price contraction of 19.3% for calendar year 2021. Forecast rapid decline in the commercial property price index incorporating a significant peak to trough fall from first quarter 2020 to first quarter 2021, returning to positive growth in first quarter 2022. Residential property prices Forecast annualised price growth of 10% for both calendar years 2021 and 2022. Forecast price contraction of 0.4% for calendar year 2021. Forecast decline of 10%-15% in residential property prices over 2020 with a further fall of approximately 5% in 2021. By June 2021 house property prices are assumed to stabilise. Cash rate Forecast to remain at 10bps over calendar years 2021 and 2022. Forecast to remain at 10bps over calendar year 2021. Forecast to remain at 25bps over calendar years 2020 and 2021. Unemployment rate: Australia Forecast rate of 6% at December 2021. Forecast to peak at 7.9% (February 2021) and fall to 7.5% at December 2021. Forecast a short-term increase in the unemployment rate to 11%, reducing to 8.8% by the end of 2020. New Zealand Forecast rate of 4.9% at December 2021. Forecast to peak at 7% (December 2020) and then fall to 6.4% at December 2021. Forecast a short-term increase in the unemployment rate to 9%, reducing to 7% by the end of 2020. The downside scenario is a more severe scenario with expected credit losses higher than the base case scenario. The more severe loss outcome for the downside is generated under a recession scenario in which the combination of negative GDP growth, declines in commercial and residential property prices and an increase in the unemployment rate simultaneously impact expected credit losses across all portfolios from the reporting date. The assumptions in this scenario and relativities to the base case scenario will be monitored having regard to the emerging economic conditions and updated where necessary. The upside scenario represents a modest improvement to the base case. The following sensitivity table shows the reported provision for ECL based on the probability weighted scenarios and what the provisions for ECL would be assuming a 100% weighting is applied to the base case scenario and to the downside scenario (with all other assumptions, including customer risk grades, held constant). As at As at As at 31 March 30 Sept 31 March $m Reported probability-weighted ECL 5,482 6,132 5,766 100% base case ECL 3,902 4,750 4,476 100% downside ECL 7,865 8,315 7,902 If 1% of the Stage 1 gross exposure from loans and credit commitments (calculated on a 12 month ECL) was reflected in Stage 2 (calculated on a lifetime ECL) the provision for ECL would increase by $244 million (30 September 2020: $296 million) for the Group based on applying the average provision coverage ratios by stage to the movement in the gross exposure by stage. The following table indicates the weightings applied by the Group at 31 March 2021, 30 September 2020 and 31 March 2020: As at As at As at 31 March 30 Sept 31 March Macroeconomic scenario weightings (%) Upside 5 5 5 Base 55 55 55 Downside 40 40 40 Given the uncertainty associated with the effects of the COVID-19 pandemic, including from the potential for further outbreaks and from the unwinding of stimulus and support measures, the Group has maintained the weights applied to its upside, base case and downside economic scenarios (5% upside; 55% base; and 40% downside) as well as applying judgement in the calculation of overlays. Overlays Overlays are typically used to address areas of potential risk, including significant uncertainty, not captured in the underlying modelled ECL. Determination of overlays requires expert judgement, and is subject to internal governance and oversight. The Group’s total overlays at 31 March 2021 were $902 million, of which $827 million relates to COVID-19 impacts ($577 million at 30 September 2020 and $505 million at 31 March 2020) while the remaining $75 million primarily relates to the impact of drought ($75 million at 30 September 2020 and $94 million at 31 March 2020). Overlays associated with COVID-19 increased in First Half 2021 to reflect the risk that some businesses may become stressed once COVID-19 related support is removed. Some businesses may have been protected from default or stress because of these measures. Overlays will be subject to quarterly review along with the governance and oversight applied to all overlays. If the risk of delayed losses is judged to have dissipated or actual stress emerges, the overlay will be reduced. The Group extended several relief packages to eligible customers requiring COVID-19 assistance. The packages allowed for repayment deferrals of between 6-10 months up to 31 March 2021. Almost all deferral packages expired at 31 March 2021. Loans subject to these deferrals were not required to be reported in regulatory delinquency metrics, it was only after the deferral package expired (or 31 March 2021 whichever was earlier) and the loans were not subsequently current in their repayments, that these loans were classified as delinquent. As a result, we expect an increase in delinquencies and stress through the remainder of 2021, as some customers may have difficulty to continue making repayments without assistance. Early-stage delinquencies have already increased and we expect that some of these will migrate to 90+ day delinquencies over time, especially for mortgages and SME business lending. This trend has been considered in determining the appropriateness of the remaining overlays. Investment securities – debt securities The following tables reconcile the provision for ECL on debt securities. Debt Debt securities at Assets held securities at amortised for sale Total debt $m FVOCI 1 cost (Note 17) securities Balance as at 30 September 2019 2 9 — 11 Stage 1 - change in the provision during the period 1 10 — 11 Stage 2 - change in the provision during the period — 3 — 3 Balance as at 31 March 2020 3 22 — 25 Stage 1 - change in the provision during the period 1 (19) — (18) Stage 2 - change in the provision during the period — 24 — 24 Balance as at 30 September 2020 4 27 — 31 Stage 1 - change in the provision during the period 1 1 — 2 Stage 2 - change in the provision during the period — (7) — (7) Balances reclassified to assets held for sale 2 — (21) 21 — Balance as at 31 March 2021 5 — 21 26 1. Impairment on debt securities at FVOCI is recognised in the income statement with a corresponding amount in other comprehensive income (refer to Note 15). There is no reduction of the carrying value of the debt securities which remains at fair value. 2. A provision for ECL of $21 million was transferred from debt securities at amortised cost to assets held for sale consistent with the transfer of the gross exposure (refer Note 17 for further details). The $21 million provision for ECL is comprised of $1 million stage 1 ECL balance and $20 million of stage 2 ECL balance. Reconciliation of impairment charges Half Year Half Year Half Year March Sept March $m Loans and credit commitments: Business activity during the period (226) 11 184 Net remeasurement of the provision for ECL (9) 1,016 2,140 Impairment charges for debt securities at amortised cost (6) 5 13 Impairment charges for debt securities at FVOCI 1 1 1 1 Recoveries (132) (93) (100) Impairment charges/(benefits) (372) 940 2,238 1. Impairment on debt securities at FVOCI is recognised in the income statement with a corresponding amount in other comprehensive income (refer to Note 15). There is no reduction of the carrying value of the debt securities which remains at fair value.

Credit Quality

Credit Quality	6 Months Ended
	Mar. 31, 2021
Credit Quality
Credit Quality	Note 11. Credit quality The loans and credit commitments balance in stage 3 (non-performing) is represented by those loans and credit commitments which are in default. A default occurs when Westpac considers that the customer is unlikely to repay its credit obligations in full, irrespective of recourse by the Group to actions such as realising security, or the customer is more than 90 days past due on any material credit obligation. This definition of default is aligned to the APRA regulatory definition of default. These can be disaggregated into impaired loans and credit commitments (which is where the customer is unlikely to pay its credit obligations in full including restructured loans) and items 90 days past due, or otherwise in default but not impaired. Impaired loans and credit commitments include: · housing and business loans with insufficient security to cover the principal and interest payments owing (aligned to an impaired internal credit risk grade); · personal loans which are greater than 90 days past due; and · restructured loans (the original contractual terms have been modified to provide for concessions for a customer facing financial difficulties). Items 90 days past due, or otherwise in default but not impaired include: · currently 90 days or more past due but well secured 3 ; · assets that were, but are no longer 90 days past due but are yet to satisfactorily demonstrate sustained improvement to allow reclassification; and · other assets in default and not impaired, including those where an order for bankruptcy or similar legal action has been taken (e.g. appointment of an Administrator or Receiver). 3. The estimated net realisable value of security to which the Group has recourse is sufficient to cover all principal and interest. Further detail of these balances is as follows: Non-performing loans and credit commitments As at As at As at 31 March 30 Sept 31 March $m Impaired exposures Australia Housing and business loans Gross amount 1,332 1,845 1,267 Provision 1 (566) (690) (530) Net 766 1,155 737 Personal loans greater than 90 days past due Gross amount 327 370 402 Provision 2 (187) (206) (285) Net 140 164 117 Restructured loans Gross amount 12 16 14 Provision 1 (3) (4) (3) Net 9 12 11 New Zealand Housing and business loans Gross amount 123 157 175 Provision 1 (62) (70) (73) Net 61 87 102 Personal loans greater than 90 days past due Gross amount 33 36 33 Provision 2 (23) (26) (26) Net 10 10 7 Restructured loans Gross amount 3 — — Provision 1 — — — Net 3 — — Other overseas Housing and business loans Gross amount 241 355 259 Provision 1 (133) (156) (161) Net 108 199 98 Personal loans greater than 90 days past due Gross amount — — 1 Provision 2 — — — Net — — 1 Restructured loans Gross amount — — 3 Provision 1 — — (1) Net — — 2 Total impaired exposures Gross amount 2,071 2,779 2,154 Provision 1,2 (974) (1,152) (1,079) Total net impaired exposures 1,097 1,627 1,075 Items 90 days past due, or otherwise in default but not impaired Australia Gross amount 6,601 7,976 4,965 Provision (857) (941) (575) Net 5,744 7,035 4,390 New Zealand Gross amount 471 503 389 Provision (56) (72) (45) Net 415 431 344 Other overseas Gross amount 37 53 55 Provision (5) (8) (8) Net 32 45 47 Total items 90 days past due, or otherwise in default but not impaired Gross amount 7,109 8,532 5,409 Provision (918) (1,021) (628) Total net items 90 days past due, or otherwise in default but not impaired 6,191 7,511 4,781 Total non-performing loans and credit commitments Gross amount 3 9,180 11,311 7,563 Provision 3 (1,892) (2,173) (1,707) Total net non-performing loans and credit commitments 7,288 9,138 5,856 1. Includes individually assessed provisions and collectively assessed provisions on impaired exposures. 2. Includes collectively assessed provisions on impaired exposures. 3. Gross amount includes $95 million of loans in assets held for sale (30 September 2020: nil, 31 March 2020: nil), with nil undrawn credit commitments (30 September 2020: nil, 31 March 2020: nil). Provision includes $22 million against assets held for sale (30 September 2020: nil, 31 March 2020: nil) and nil in liabilities held for sale (30 September 2020: nil, 31 March 2020: nil).

Deposits and other borrowings

Deposits and other borrowings	6 Months Ended
	Mar. 31, 2021
Deposits and other borrowings
Deposits and other borrowings	Note 12. Deposits and other borrowings 1 As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Australia Certificates of deposit 26,273 25,647 21,029 2 25 Non-interest bearing, repayable at call 49,467 48,303 44,557 2 11 Other interest bearing at call 315,218 304,761 274,071 3 15 Other interest bearing term 110,470 125,820 141,933 (12) (22) Total Australia 501,428 504,531 481,590 (1) 4 New Zealand Certificates of deposit 3,020 2,773 3,452 9 (13) Non-interest bearing, repayable at call 12,588 10,711 9,526 18 32 Other interest bearing at call 29,022 26,300 25,822 10 12 Other interest bearing term 26,389 28,689 31,925 (8) (17) Total New Zealand 71,019 68,473 70,725 4 — Other overseas Certificates of deposit 7,859 7,258 14,638 8 (46) Non-interest bearing, repayable at call — 868 1,007 (100) (100) Other interest bearing at call 753 1,864 1,834 (60) (59) Other interest bearing term 4,342 8,137 13,126 (47) (67) Total other overseas 12,954 18,127 30,605 (29) (58) Total deposits and other borrowings 585,401 591,131 582,920 (1) — 1. Non-interest bearing relates to instruments which do not carry a rate of interest.

Fair values of financial assets

Fair values of financial assets and liabilities	6 Months Ended
	Mar. 31, 2021
Fair values of financial assets and liabilities
Fair values of financial assets and liabilities	Note 13. Fair values of financial assets and liabilities Fair Valuation Control Framework The Group uses a Fair Valuation Control Framework where the fair value is either determined or validated by a function independent of the transaction. This framework formalises the policies and procedures used to achieve compliance with relevant accounting, industry and regulatory standards. The framework includes specific controls relating to: · the revaluation of financial instruments; · independent price verification; · fair value adjustments; and · financial reporting. A key element of the framework is the Revaluation Committee, comprising senior valuation specialists from within the Group. The Revaluation Committee reviews the application of the agreed policies and procedures to assess that a fair value measurement basis has been applied. The method of determining fair value differs depending on the information available. Fair value hierarchy A financial instrument’s categorisation within the valuation hierarchy is based on the lowest level input that is significant to the fair value measurement. The Group categorises all fair value instruments according to the hierarchy described below. Valuation techniques The Group applies market accepted valuation techniques in determining the fair valuation of over the counter (OTC) derivatives. This includes CVA and FVA, which incorporate credit risk and funding costs and benefits that arise in relation to uncollateralised derivative positions, respectively. The specific valuation techniques, the observability of the inputs used in valuation models and the subsequent classification for each significant product category are outlined as follows: Level 1 instruments The fair value of financial instruments traded in active markets based on recent unadjusted quoted prices. These prices are based on actual arm’s length basis transactions. The valuations of Level 1 instruments require little or no management judgement. Instrument Balance sheet category Includes Valuation Exchange traded products Derivatives Exchange traded interest rate futures and options and commodity and carbon futures All these instruments are traded in liquid, active markets where prices are readily observable. No modelling or assumptions are used in the valuation. FX products Derivatives FX spot and futures contracts Equity products Derivatives Trading securities and financial assets measured at FVIS Other financial liabilities Listed equities and equity indices Non-asset backed debt instruments Trading securities and financial assets measured at FVIS Investment securities Other financial liabilities Australian Commonwealth and New Zealand government bonds Life insurance assets and liabilities Life insurance assets Life insurance liabilities Listed equities, exchange traded derivatives and short sale of listed equities within controlled managed investment schemes Level 2 instruments The fair value for financial instruments that are not actively traded are determined using valuation techniques which maximise the use of observable market prices. Valuation techniques include: · the use of market standard discounting methodologies; · option pricing models; and · other valuation techniques widely used and accepted by market participants. Instrument Balance sheet category Includes Valuation Interest rate products Derivatives Interest rate and inflation swaps, swaptions, caps, floors, collars and other non-vanilla interest rate derivatives Industry standard valuation models to calculate the expected future value of payments by product, which is discounted back to a present value. The model’s interest rate inputs are benchmark and active quoted interest rates in the swap, bond and futures markets. Interest rate volatilities are sourced from brokers and consensus data providers. If consensus prices are not available, these are classified as Level 3 instruments. FX products Derivatives FX swap, FX forward contracts, FX options and other non-vanilla FX derivatives Derived from market observable inputs or consensus pricing providers using industry standard models. Other credit products Derivatives Single Name and Index credit default swaps (CDS) Valued using an industry standard model that incorporates the credit spread as its principal input. Credit spreads are obtained from consensus data providers. If consensus prices are not available, these are classified as Level 3 instruments. Commodity products Derivatives Commodity and carbon derivatives Valued using industry standard models. The models calculate the expected future value of deliveries and payments and discount them back to a present value. The model inputs include forward curves, volatilities implied from market observable inputs, discount curves and underlying spot and futures prices. The significant inputs are market observable or available through a consensus data service. If consensus prices are not available, these are classified as Level 3 instruments. Equity products Derivatives Exchange traded equity options, OTC equity options and equity warrants Due to low liquidity exchange traded options are Level 2. Valued using industry standard models based on observable parameters such as stock prices, dividends, volatilities and interest rates. Asset backed debt instruments Trading securities and financial assets measured at FVIS Investment securities Australian residential mortgage backed securities (RMBS) and other asset backed securities (ABS) Valued using an industry approach to value floating rate debt with prepayment features. Australian RMBS are valued using prices sourced from a consensus data provider. If consensus prices are not available these are classified as Level 3 instruments. Non-asset backed debt instruments Trading securities and financial assets measured at FVIS Investment securities Other financial liabilities State and other government bonds, corporate bonds and commercial paper Repurchase agreements and reverse repurchase agreements over non-asset backed debt securities Valued using observable market prices, which are sourced from independent pricing services, broker quotes or inter-dealer prices. Loans at fair value Loans Fixed rate bills and syndicated loans Discounted cash flow approach, using a discount rate which reflects the terms of the instrument and the timing of cash flows, adjusted for creditworthiness, or expected sale amount. Certificates of deposit Deposits and other borrowings Certificates of deposit Discounted cash flow using market rates offered for deposits of similar remaining maturities. Debt issues at fair value Debt issues Debt issues Discounted cash flows, using a discount rate which reflects the terms of the instrument and the timing of cash flows adjusted for market observable changes in Westpac’s implied credit worthiness. Life insurance assets and liabilities Life insurance assets Life insurance liabilities Corporate bonds, OTC derivatives, units in unlisted unit trusts, life insurance contract liabilities, life investment contract liabilities and external liabilities of managed investment schemes controlled by statutory life funds Valued using observable market prices or other widely used and accepted valuation techniques utilising observable market input. Level 3 instruments Financial instruments valued where at least one input that could have a significant effect on the instrument’s valuation is not based on observable market data due to illiquidity or complexity of the product. These inputs are generally derived and extrapolated from other relevant market data and calibrated against current market trends and historical transactions. These valuations are calculated using a high degree of management judgement. Instrument Balance sheet category Includes Valuation Debt instruments Trading securities and financial assets measured at FVIS Investment securities Certain ABS, offshore non- ABS and debt securities issued via private placement Evaluated by an independent pricing service or based on third party revaluations. Due to their illiquidity and/or complexity these are classified as Level 3 assets. Equity investments Trading securities and Financial assets measured at FVIS Investment securities Strategic equity investments Valued using valuation techniques appropriate to the instrument, including recent arm’s length transactions where available, discounted cash flow approach or reference to the net assets of the entity. Due to their illiquidity, complexity and/or use of unobservable inputs into valuation models, they are classified as Level 3 assets. Finance leases Assets held for sale Finance leases Valuation reflects the expected sales price before transaction costs based on the terms of sales contract. As the expected sales price includes judgements regarding the estimation of variable consideration, they are classified as Level 3 assets. The following tables summarise the attribution of financial instruments measured at fair value to the fair value hierarchy: As at 31 March 2021 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,579 14,749 600 20,928 Derivative financial instruments 26 22,335 12 22,373 Investment securities 17,792 72,778 368 90,938 Loans — 108 20 128 Life insurance assets 119 3,297 — 3,416 Assets held for sale — 282 7 289 Total financial assets measured at fair value on a recurring basis 23,516 113,549 1,007 138,072 Total financial assets measured at fair value on a non-recurring basis Assets held for sale — — 376 376 Total financial assets measured at fair value 23,516 113,549 1,383 138,448 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 37,212 — 37,212 Other financial liabilities 225 3,632 — 3,857 Derivative financial instruments 31 20,253 19 20,303 Debt issues — 5,639 — 5,639 Life insurance liabilities — 1,070 — 1,070 Liabilities held for sale — — 6 6 Total financial liabilities measured at fair value on a recurring basis 256 67,806 25 68,087 As at 30 September 2020 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 8,059 32,387 221 40,667 Derivative financial instruments 10 23,353 4 23,367 Investment securities 18,032 72,370 153 90,555 Loans — 540 21 561 Life insurance assets 617 2,976 — 3,593 Total financial assets measured at fair value on a recurring basis 26,718 131,626 399 158,743 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 35,764 — 35,764 Other financial liabilities 420 4,229 — 4,649 Derivative financial instruments 10 23,031 13 23,054 Debt issues — 5,333 — 5,333 Life insurance liabilities — 1,396 — 1,396 Total financial liabilities measured at fair value on a recurring basis 430 69,753 13 70,196 As at 31 March 2020 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,252 20,808 220 26,280 Derivative financial instruments 17 56,620 24 56,661 Investment securities 15,320 69,206 152 84,678 Loans — 246 22 268 Life insurance assets 600 1,974 — 2,574 Total financial assets measured at fair value on a recurring basis 21,189 148,854 418 170,461 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 38,794 — 38,794 Other financial liabilities 261 10,239 — 10,500 Derivative financial instruments 14 48,031 44 48,089 Debt issues — 6,295 — 6,295 Life insurance liabilities — 604 — 604 Total financial liabilities measured at fair value on a recurring basis 275 103,963 44 104,282 Reconciliation of non-market observables The following table summarises the changes in financial instruments measured at fair value on a recurring basis derived from non-market observable valuation techniques (Level 3): Half Year March 2021 Trading securities and financial assets Total Total measured at Investment Level 3 Level 3 $m FVIS Securities Other 1,2 assets Derivatives 3 liabilities Balance as at beginning of period 221 153 25 399 13 13 Gains/(losses) on assets / (gains)/losses on liabilities recognised in: Income statement 547 — 13 560 10 10 Other comprehensive income — 43 — 43 — — Acquisitions and issues 1 179 4 184 2 2 Disposals and settlements (169) (7) (3) (179) — — Balance as at end of period 600 368 39 1,007 25 25 Unrealised gains/(losses) recognised in the income statement for financial instrument held as at end of period 547 — 15 562 (16) (16) 1. Other is comprised of derivative financial assets, certain loans and assets held for sale. 2. $7 million of derivative financial assets was included in assets held for sale. 3. $6 million was included in liabilities held for sale. Transfers into and out of Level 3 occur due to changes in observability in the significant inputs into the valuation models used to determine the fair value of the related financial instruments. Transfers in and transfers out are reported using the end of period fair values. No transfers in or transfers out have occurred during the period. Significant unobservable inputs Sensitivities to reasonably possible changes in non-market observable valuation assumptions would not have a material impact on the Group’s reported results. As at 31 March 2021, Level 3 financial assets measured at FVIS include the Group’s indirect investment in Coinbase of $573 million. The valuation of this investment was based on a volume weighted average price (VWAP) for private trading in the first quarter through to 15 March 2021. Subsequent to 31 March 2021, Coinbase listed on the Nasdaq (on 14 April 2021) and the effect on the valuation based on the day 1 trading range would be an increase of up to $143 million or a decrease of up to $56 million. Day one profit or loss The closing balance of unrecognised day one profit for the period was $3 million (30 September 2020: $4 million profit, 31 March 2020: $3 million). Financial instruments not measured at fair value The following table summarises the estimated fair value of financial instruments not measured at fair value for the Group: As at 31 March 2021 As at 30 Sept 2020 As at 31 March 2020 Carrying Fair Carrying Fair Carrying Fair $m amount value amount value amount value Financial assets not measured at fair value Cash and balances with central banks 33,877 33,877 30,129 30,129 45,815 45,815 Collateral paid 3,917 3,917 4,778 4,778 5,339 5,339 Investment securities 365 365 984 984 1,111 1,111 Loans 688,090 689,606 692,498 694,264 719,410 721,740 Other financial assets 3,312 3,312 5,474 5,474 5,849 5,849 Assets held for sale 3,208 3,208 — — — — Total financial assets not measured at fair value 732,769 734,285 733,863 735,629 777,524 779,854 Financial liabilities not measured at fair value Collateral received 2,504 2,504 2,250 2,250 12,728 12,728 Deposits and other borrowings 548,189 548,167 555,367 555,621 544,126 544,506 Other financial liabilities 39,139 39,139 36,276 36,276 23,496 23,496 Debt issues 4 122,211 123,576 144,992 146,402 179,540 175,610 Loan capital 26,294 27,137 23,949 23,934 25,807 23,636 Liabilities held for sale 2,208 2,208 — — — — Total financial liabilities not measured at fair value 740,545 742,731 762,834 764,483 785,697 779,976 4. The estimated fair value of debt issues includes the impact of changes in Westpac’s credit spreads since origination. A detailed description of how fair value is derived for financial instruments not measured at fair value is disclosed in Note 22 of the 2020 Annual Report.

Provisions, contingent liabilit

Provisions, contingent liabilities, contingent assets and credit commitments	6 Months Ended
	Mar. 31, 2021
Provisions, contingent liabilities, contingent assets and credit commitments
Provisions, contingent liabilities, contingent assets and credit commitments	Note 14. Provisions, contingent liabilities, contingent assets and credit commitments Provisions are recognised for present obligations arising from past events where a payment (or other economic transfer) is likely to be necessary to settle the obligation and can be reliably estimated. Provisions raised by the Group are set out in the table in the “Provisions” section below. Where it is not probable there will be an outflow of economic resources or where a liability cannot be reliably estimated a contingent liability may exist. Provisions As at 31 March 2021 Annual leave and Litigation Provision for Compliance, Long other and non- impairment Lease regulation and service employee lending on credit restoration Restructuring remediation $m leave benefits losses commitments obligations provisions provisions Total Balance as at beginning of period 511 596 1,371 530 208 176 1,895 5,287 Additions 50 457 54 — 1 44 493 1,099 Utilisation — (5) (53) (388) (2,349) Reversal of unutilised provisions (46) — (14) (115) (197) Balances reclassified to liabilities held for sale (Note 17) (7) — — — (20) Balance as at end of period 518 493 90 477 204 153 1,885 3,820 Litigation and non-lending loss provisions At 30 September 2020 the Group held a provision for penalties in relation to the AUSTRAC civil proceedings of $1,300 million. This penalty has subsequently been paid. Compliance, regulation and remediation provisions Provisions for the Half Year 2021 in respect of compliance, regulation and remediation include: · estimated customer refunds associated with certain ongoing advice service fees charged by the Group’s salaried financial planners; · estimated customer refunds associated with certain ongoing advice service fees charged by authorised representatives of the Group’s wholly owned subsidiaries Securitor Financial Group Limited (Securitor) and Magnitude Group Pty Ltd (Magnitude); · refunds for certain Consumer and Business customers that had interest only loans that did not automatically switch, when required, to principal and interest loans; and · refunds to certain customers who were provided with business loans where they should have been provided with loans covered by the National Consumer Credit Protection Act 2009 (Cth). Additions during the Half included: · a higher interest rate has been used to determine compensation payments to customers of the Group’s salaried financial planners; · an increase in the estimated fees to be refunded to customers of Securitor and Magnitude; and · higher estimated costs of completing the Group’s remediation programs as some programs are taking longer to complete than originally assumed. Certain compliance, regulation and remediation provisions are described further as follows: Estimated customer refunds associated with certain ongoing advice service fees charged by the Group’s salaried financial planners At balance date, Westpac has a provision of $112 million for customer refunds associated with certain ongoing advice service fees charged by the Group’s salaried financial planners during the period 2008 to 2018. A number of estimates and judgements continue to be applied in measuring the provision at 31 March 2021. The provision includes estimated interest and estimated program costs. Ongoing advice service fees charged by authorised representatives of Securitor and Magnitude At balance date, Westpac has a provision of $696 million relating to estimated customer remediation costs (including estimated interest on refunded fees and estimated additional costs to run the remediation program) where customers of authorised representatives of the Group’s wholly owned subsidiaries Securitor and Magnitude paid ongoing advice service fees to those representatives and where it is not clear that the services were provided. The ongoing advice service fees were charged during the period from 2008 to 2018. A number of estimates and judgements continue to be applied in measuring the provision at 31 March 2021. It is possible that the final outcome could be below or above the provision, if the actual outcome differs from the assumptions used in estimating the provision. Remediation processes may change over time as further facts emerge and such changes could result in a change to the final exposure. Restructuring provisions The Group carries restructuring provisions in relation to changes in business restructures primarily for separation and redundancy costs. Lease restoration obligations The lease restoration provision reflects an estimate of the cost of making good leasehold premises at the end of the Group’s property leases. The expected make-good cost is treated as an addition to the right-of-use asset and is depreciated over the life of those assets. Contingent liabilities Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations where the transfer of economic resources is not probable or cannot be reliably measured. Contingent liabilities are not recognised on the balance sheet but are disclosed unless the outflow of economic resource is remote. Regulatory investigations, reviews and inquiries Regulators, statutory authorities and other bodies routinely conduct investigations, reviews and inquiries involving the financial services sector, both in Australia and overseas. These regulatory actions may consider a range of subject matter, and in Australia, a number of regulatory investigations and reviews are currently considering potential misconduct in credit and financial services. Domestic regulators such as ASIC, APRA, ACCC, AUSTRAC, the OAIC, the ATO and the Fair Work Ombudsman, as well as certain international regulators such as the Reserve Bank of New Zealand, Financial Markets Authority in New Zealand and Hong Kong Monetary Authority are also currently conducting investigations (some of which are industry-wide) involving the Group. Two specific areas of investigation undertaken by ASIC are: · Ongoing advice services - A current set of regulatory actions involve investigations by ASIC into alleged ‘fee for no service’ activity. The first relates to ongoing advice services provided by the Group’s former salaried financial planners and by authorised representatives of the Group’s wholly owned subsidiaries Securitor and Magnitude, including whether the corresponding ongoing advice was provided in all circumstances and fee disclosure and renewal obligations were complied with. The second relates to advice service fees charged or deducted from some customer accounts (including platform and superannuation accounts) following the death of the relevant account holder. ASIC’s investigations relate to the periods between 2010 and 2019. ASIC commenced both of these investigations in 2019 and is examining a range of matters, including whether Westpac had appropriate systems and processes in place to ensure that customers received the advice services that they had paid for, and the processes for ensuring ongoing fees were terminated quickly enough following the death of some members. The Group is continuing to cooperate with ASIC's investigations and remediate affected accounts where appropriate. To date, ASIC has commenced a number of civil penalty proceedings against other financial entities in relation to fee for no service activity. · Incorrect interest rates - ASIC is also investigating the sale and assignment of written-off credit card and flexi loan accounts to debt purchasers in relation to certain Westpac and St.George branded debt, where debt purchasers were not provided with correct interest rates. ASIC’s investigation relates to the period between 2008 to 2018. In addition, there are investigations covering a range of other matters (some of which are industry-wide) that involve or may involve the Group in the future, including: · the provision of financial advice, including whether personal advice obligations have been complied with and the conduct of financial planners; · investigations by the OAIC in relation to certain practices and systems for compliance with the Privacy Act 1988 (Cth); · financial markets conduct, including market activity prior to entering into interest rate swaps with certain customers; Westpac’s practices and processes in relation to deregistered companies, including its engagement with ASIC and rectification of the issue; and the adequacy of fee disclosure charged for our products and services; and · other areas such as responsible lending, residential mortgages, credit portfolio management, general insurance, the provision of superannuation (including insurance in superannuation), RBNZ liquidity policy and anti-money laundering and counter-terrorism financing processes and procedures. The Group has not received any indication of what (if any) action regulators will take following the conclusion of the investigations set out above. No provisions have yet been made in relation to any financial penalty that might arise in the event that regulators were to pursue enforcement proceedings, as any potential future liability of that kind cannot be reliably estimated at this time. These investigations may result in litigation (including class action proceedings and criminal proceedings), significant fines and penalties, infringement notices, enforceable undertakings, referral to the relevant Commonwealth or State Director of Public Prosecutions for consideration for criminal prosecution, imposition of capital or liquidity requirements, licence revocation or variation, or other action being taken by regulators or other parties. Given the size of Westpac, these investigations have in some instances resulted, and could in the future result, in findings of a significant number of breaches of obligations. This in turn could lead to significant financial and other penalties. Litigation There are ongoing Court proceedings, claims and possible claims for and against the Group. Contingent liabilities exist in respect of actual and potential claims and proceedings, including those listed below. An assessment of the Group’s likely loss has been made on a case-by-case basis for the purpose of the financial statements but cannot always be reliably estimated, including in relation to those listed below. Except as otherwise stated, no provision has been recognised in relation to the matters below because liability is not certain and cannot be reliably estimated. Regulatory litigation · On 7 April 2021, ASIC commenced proceedings in the Federal Court against Westpac in relation to the sale of consumer credit insurance (CCI) products to approximately 384 customers. The proceedings relate to allegations that Westpac supplied CCI to certain customers who had not requested or agreed to acquire this product. ASIC is seeking, among other things, declarations of contraventions of certain civil penalty provisions and unspecified monetary penalties relating to the period from 7 April 2015 to 28 July 2015. Westpac has not sold CCI products since 2019. Class actions The Group is currently defending the following four class actions: · On 5 September 2019, a class action against BTFM and WLIS was commenced in the Federal Court of Australia in relation to aspects of BTFM’s BT Super for Life cash investment option. The claim follows other industry class actions. It is alleged that BTFM failed to adhere to a number of obligations under the general law, the relevant trust deed and the Superannuation Industry (Supervision) Act 1993 (Cth), and that WLIS was knowingly concerned with BTFM’s alleged contraventions. The damages sought are unspecified. · A class action proceeding was commenced in December 2019 in the Federal Court of Australia on behalf of certain investors who acquired an interest in Westpac securities between 16 December 2013 and 19 November 2019. The proceeding involves allegations relating to market disclosure issues connected to Westpac’s monitoring of financial crime over the relevant period and matters which were the subject of the recent AUSTRAC proceedings. The damages sought are unspecified. However, given the time period in question and the nature of the claims, it is likely that the damages alleged will be significant. · On 28 February 2020, a class action was commenced against Westpac, Westpac General Insurance Limited and WLIS in the Federal Court of Australia in relation to Westpac’s sale of CCI. The claim follows other industry class actions. It is alleged that the three entities failed to adhere to a number of obligations in selling CCI in conjunction with credit cards, personal loans and flexi loans. The damages sought are unspecified. · On 16 July 2020, a class action was commenced against Westpac and St George Finance Limited (SGF) in the Supreme Court of Victoria in relation to flex commissions paid to auto dealers from 1 March 2013 to 31 October 2018. This proceeding is one of two class actions commenced against a number of lenders in the auto finance industry. It is alleged that Westpac and SGF are liable for the unfair conduct of dealers acting as credit representatives and engaged in misleading or deceptive conduct. The damages sought are unspecified. Another law firm publicly announced in July 2020 that it is preparing to commence a class action against Westpac entities for similar conduct. Westpac has not been served with a claim from that law firm in relation to such conduct. Westpac has not paid flex commissions since 1 November 2018 following an industry-wide ban issued by ASIC. Westpac is aware from media reports and other publicly available material that other class actions against Westpac entities are being investigated. In July 2020, a law firm publicly stated that it intends to commence a class action against BTFM alleging that since 2014, BTFM did not act in the best interests of members of certain superannuation funds when obtaining group insurance policies. In August 2020, another law firm announced that it is investigating claims on behalf of persons who in the past 6 years acquired, renewed or continued to hold a financial product (including life insurance) on the advice or recommendation of a financial adviser from Magnitude, Securitor or Westpac. Westpac has not been served with a claim in relation to either of these matters and has no further information about the proposed claims beyond the public statements issued by the law firms involved. Australian Financial Complaints Authority Contingent liabilities may also exist in relation to customer complaints brought before the Australian Financial Complaints Authority (AFCA). AFCA has the power to make determinations about complaints and can award compensation up to certain thresholds. AFCA has a broader jurisdiction than previous dispute resolution bodies which it has replaced. Internal reviews and remediation As in prior periods, Westpac is continuing to undertake a number of reviews to identify and resolve prior issues that have the potential to impact our customers, employees, other relevant stakeholders and reputation. These internal reviews continue to identify a number of issues in respect of which we are taking steps or will take steps to put things right so that our customers and employees (as applicable) are not at a disadvantage from certain past practices, including making compensation/remediation payments to customers and providing refunds where identified. These issues include, among other things, compliance with lending obligations (including responsible lending) which is an area of industry focus, the provision of credit in accordance with the National Consumer Credit Protection Act 2009 (Cth), the charging of certain Wealth fees, the processing of corporate actions, payroll processes, regulatory reporting and the way some product terms and conditions are operationalised. By undertaking these reviews we can also improve our processes and controls. An assessment of the Group’s likely loss has been made on a case-by-case basis for the purpose of the financial statements but cannot always be reliably estimated. Contingent liabilities may exist in respect of actual or potential claims (which could be brought by customers or regulators), compensation/remediation payments and/or refunds identified as part of these reviews. Financial Claims Scheme Under the Financial Claims Scheme (FCS), the Australian Government provides depositors a free guarantee of deposits in eligible ADIs up to and including $250,000. The FCS applies to an eligible ADI if APRA has applied for the winding up of the ADI and the responsible Australian Government minister has declared that the FCS applies to the ADI. The Financial Claims Scheme (ADIs) Levy Act 2008 (Cth) provides for the imposition of a levy to fund the excess of certain APRA FCS costs connected to an ADI, including payments by APRA to deposit holders in a failed ADI. The levy would be imposed on liabilities of eligible ADIs to their depositors and cannot be more than 0.5% of the amount of those liabilities. A contingent liability may exist in respect of any levy imposed under the FCS. Contingent tax risk Tax and regulatory authorities in Australia and in other jurisdictions are reviewing the taxation treatment of certain transactions (both historical and present-day transactions) undertaken by the Group in the course of normal business activities and the claiming of tax incentives and indirect taxes such as GST. The Group also responds to various notices and requests for information it receives from tax and regulatory authorities. These reviews, notices and requests may result in additional tax liabilities (including interest and penalties). The Group has assessed these and other taxation claims arising in Australia and elsewhere, including seeking independent advice. Settlement risk The Group is subject to a credit risk exposure in the event that another counterparty fails to settle for its payments clearing activities (including foreign exchange). The Group seeks to minimise credit risk arising from settlement risk in the payments system by aligning our processing method with the legal certainty of settlement in the relevant clearing mechanism. Parent Entity guarantees and undertakings The Parent Entity makes the following guarantees and undertakings to subsidiaries: · letters of comfort for certain subsidiaries which recognise that Westpac has a responsibility that those subsidiaries continue to meet their obligations; and · guarantees to certain wholly owned subsidiaries which are Australian financial services or credit licensees to comply with legislative requirements. Each guarantee is capped at $40 million per year and can only be utilised if the entity concerned becomes legally obliged to pay for a claim under the relevant licence. The Parent Entity has a right to recover any funds payable under the guarantees from the relevant subsidiary. Contingent assets The credit commitments shown in the following table also constitute contingent assets. These commitments would be classified as loans in the balance sheet on the contingent event occurring. Undrawn credit commitments The Group enters into various arrangements with customers which are only recognised in the balance sheet when called upon. These arrangements include commitments to extend credit, bill endorsements, financial guarantees, standby letters of credit and underwriting facilities. They expose the Group to liquidity risk when called upon and also to credit risk if the customer fails to repay the amounts owed at the due date. The maximum exposure to credit loss is the contractual or notional amount of the instruments. Some of the arrangements can be cancelled by the Group at any time. The actual liquidity and credit risk exposure varies in line with drawings and may be less than the amounts disclosed. The Group uses the same credit policies when entering into these arrangements as it does for on-balance sheet instruments. Refer to Note 21 of the 2020 Annual Report for further details of liquidity risk and credit risk management. Undrawn credit commitments excluding derivatives are as follows: As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Undrawn credit commitments Letters of credit and guarantees 1 11,528 12,610 14,746 (9) (22) Commitments to extend credit 2 187,106 184,064 175,794 2 6 Other 69 267 158 (74) (56) Total undrawn credit commitments 3 198,703 196,941 190,698 1 4 1. Standby letters of credit are undertakings to pay, against presentation documents, an obligation in the event of a default by a customer. Guarantees are unconditional undertakings given to support the obligations of a customer to third parties. The Group may hold cash as collateral for certain guarantees issued. 2. Commitments to extend credit include all obligations on the part of the Group to provide credit facilities. As facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. In addition to the commitments disclosed above, at 31 March 2021 the Group had offered $9.6 billion (30 September 2020: $4.9 billion, 31 March 2020: $5.2 billion) of facilities to customers, which had not yet been accepted. 3. Includes $0.4 billion (30 September 2020: nil, 31 March 2020: nil) of undrawn credit commitments related to facilities which are held for sale.

Shareholders' equity

Shareholders' equity	6 Months Ended
	Mar. 31, 2021
Shareholders' equity
Shareholders' equity	Note 15. Shareholders’ equity As at As at As at 31 March 30 Sept 31 March $m Share capital Ordinary share capital, fully paid 41,604 40,509 40,503 RSP treasury shares 1 (618) (616) Other treasury shares 2 55 55 30 Total treasury shares (563) (586) Total share capital 41,001 39,946 39,917 NCI 49 51 56 Ordinary Shares Westpac does not have authorised capital and the ordinary shares have no par value. Ordinary shares entitle the holder to participate in dividends and, in the event of Westpac winding up, to a share of the proceeds in proportion to the number of and amounts paid on the shares held. Each ordinary share entitles the holder to one vote, either in person or by proxy, at a shareholder meeting. Reconciliation of movement in number of ordinary shares Half Year Half Year Half Year March Sept March Balance as at beginning of period 3,611,684,870 3,611,684,870 3,489,928,773 Share issuances 3 — — 110,919,861 Dividend reinvestment plan 4 20,213,205 — 10,836,236 Dividend reinvestment plan underwrite 5 36,693,733 — — Issued shares for the period 56,906,938 — 121,756,097 Balance as at end of period 3,668,591,808 3,611,684,870 3,611,684,870 Ordinary shares purchased on market Half Year March 2021 Consolidated Number Average price ($) For share-based payment arrangements: Employee share plan (ESP) 1,178,527 19.09 RSP 6 1,890,323 20.74 Westpac Performance Plan (WPP) - share rights exercised 132,694 19.07 Net number of ordinary shares purchased/(sold) on market 3,201,544 1. 31 March 2021: 4,322,935 unvested shares held (30 September 2020: 4,588,277, 31 March 2020: 4,578,297). 2. 31 March 2021: nil shares held (30 September 2020: nil, 31 March 2020: 1,284,249). 3. The average price per share for the issuance of shares was $24.81. 4. The price for the issuance of shares in relation to the dividend reinvestment plan (DRP) for the 2020 final dividend was $19.83 and for the 2019 final dividend was $25.17. No 2020 interim dividends were declared and paid. 5. The Group entered to an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. This arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of the dividend that was paid to shareholders in cash were purchased by the DRP underwriter. The price per share for the issuance of shares in relation to the 2020 DRP underwrite was $19.594. 6. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest. Reconciliation of movement in reserves Half Year Half Year Half Year March Sept March $m Debt securities at FVOCI reserve Balance as at beginning of period 177 (142) (22) Net gains/(losses) from changes in fair value 649 500 (140) Income tax effect (138) 42 Transferred to income statement (51) (28) Income tax effect 29 7 8 Loss allowance on debt securities measured at FVOCI 1 1 1 Exchange differences 1 — (3) Balance as at end of period 562 177 (142) Equity securities at FVOCI reserve Balance as at beginning of period (4) (1) 17 Net gains/(losses) from changes in fair value 43 (3) (18) Income tax effect 1 — — Balance as at end of period 40 (4) (1) Share-based payment reserve Balance as at beginning of period 1,720 1,702 1,642 Share-based payment expense 59 18 60 Balance as at end of period 1,779 1,720 1,702 Cash flow hedge reserve Balance as at beginning of period (42) 64 (129) Net gains/(losses) from changes in fair value 121 (240) 145 Income tax effect 71 (43) Transferred to income statement 72 90 128 Income tax effect (27) (37) Balance as at end of period 95 (42) 64 Foreign currency translation reserve Balance as at beginning of period (292) 86 (179) Exchange differences on translation of foreign operations (884) 707 Gains/(losses) on net investment hedges 56 451 (442) Transferred to income statement — 55 — Balance as at end of period 1 (292) 86 Other reserves Balance as at beginning of period (15) (21) (18) Transactions with owners 6 (3) Balance as at end of period (15) (21) Total reserves 1,954 1,544 1,688 1.

Notes to the cash flow statemen

Notes to the cash flow statements	6 Months Ended
	Mar. 31, 2021
Notes to the cash flow statements
Notes to the cash flow statements	Note 16. Notes to the consolidated cash flow statement Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Reconciliation of net cash provided by/(used in) operating activities to net profit for the period Net profit for the period 3,445 1,101 1,191 large 189 Adjustments: Depreciation, amortisation and impairment 1,154 1,489 984 (22) 17 Impairment charges/(benefits) (240) 1,033 2,338 large large Net decrease/(increase) in current and deferred tax 86 (343) (769) large large (Increase)/decrease in accrued interest receivable 81 157 82 (48) (1) (Decrease)/increase in accrued interest payable (339) (597) (663) (43) (49) (Decrease)/increase in provisions (1,467) 618 1,307 large large Other non-cash items (388) (749) 56 (48) large Cash flows from operating activities before changes in operating assets and liabilities 2,332 2,709 4,526 (14) (48) Net (increase)/decrease in derivative financial instruments (7,030) (3,115) 4,966 126 large Net (increase)/decrease in life insurance assets and liabilities (377) (134) (143) 181 164 (Increase)/decrease in other operating assets: Collateral paid 471 (529) 877 large (46) Trading securities and financial assets measured at FVIS 19,890 (16,870) 8,114 large 145 Loans 1,968 18,966 (694) (90) large Other financial assets 428 272 1 57 large Other assets (66) 1 69 large large (Decrease)/increase in other operating liabilities: Collateral received 344 (9,996) 8,900 large (96) Deposits and other borrowings (1,610) 16,002 12,908 large large Other financial liabilities 3,768 9,190 2,627 (59) 43 Other liabilities 27 (4) 8 large large Net cash provided by/(used in) operating activities 20,145 16,492 42,159 22 (52) Non-cash financing activities Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Shares issued under the dividend reinvestment plan 401 — 273 — 47 Increase in lease liabilities 144 89 88 62 64 On 4 December 2020, $866 million of Westpac Capital Notes (WCN) 3 were transferred to the WCN 3 nominated party for $100 each pursuant to the WCN 7 reinvestment offer. Those WCN 3 were subsequently redeemed and cancelled by Westpac. On 22 March 2021, the remaining $458 million of WCN 3 were redeemed and cancelled by Westpac for $100 each. Businesses disposed There were no businesses disposed of during Half Year March 2021, Half Year September 2020 and Half Year March 2020. Restricted cash Certain of our foreign operations are required to maintain reserves or minimum balances with central banks in their respective countries of operation, totalling $236 million (30 September 2020: $457 million, 31 March 2020: $307 million) which are included in cash and balances with central banks. Included in assets held for sale are restricted cash balances with central banks totalling $174 million (30 September 2020: nil, 31 March 2020: nil).

Assets and liabilities held for

Assets and liabilities held for sale	6 Months Ended
	Mar. 31, 2021
Assets and liabilities held for sale
Assets and liabilities held for sale	Note 17. Assets and liabilities held for sale At 31 March 2021, the assets and liabilities of certain Specialist Businesses have been classified as held for sale. As these businesses do not constitute a major line of business for the Group, they have not been classified as discontinuing operations. Details of the businesses which have been classified as held for sale are as follows: Westpac Vendor Finance business On 21 August 2020, the Group announced that it had entered into an agreement for the sale of its Vendor Finance business to Angle Finance, a portfolio company of Cerberus Capital Management, L.P. The sale agreement includes an initial payment on completion and deferred consideration payable over the two-year period following completion. Completion of the transaction is expected to occur by 30 September 2021. As at 31 March 2021, the sale is expected to result in a pre-tax accounting loss of $82 million. For the financial year ended 30 September 2020, the loss on sale was estimated at $112 million which was recognised in operating expenses to reflect a write down of the assets held for sale to their fair value less costs to sell and the recognition of related separation and transaction costs. A remeasurement at 31 March 2021 of the variable consideration payable has reduced the expected loss on sale and consequently a $30 million write-back has been recognised in the period. Vendor Finance currently operates out of the Westpac subsidiary Capital Finance Australia Limited (CFAL) and is included in the Group's Specialist Businesses division. Westpac General Insurance Limited and Westpac General Insurance Services Limited On 2 December 2020, the Group announced it will sell Westpac General Insurance Limited and Westpac General Insurance Services Limited to Allianz and enter into an exclusive 20-year agreement for the distribution of general insurance products to Westpac's customers. Both entities are currently included in the Group's Specialist Businesses division. The sale price is $725 million and is estimated to result in a small post-tax gain on sale. The transaction also includes contingent payments subject to integration milestones and business performance over the next five years, as well as ongoing payments in accordance with the distribution agreement. Westpac will retain responsibility for certain pre-completion matters and provide protection to Allianz through a combination of customary warranties and indemnities. As the fair value less costs to sell is higher than the current carrying value of net assets, no remeasurement of assets held for sale is required and therefore there is no impact to the income statement for the period ending 31 March 2021. Completion of the transaction is subject to various regulatory approvals and is expected to occur by 30 September 2021 at which time the gain will be recognised within non-interest income. Westpac Pacific On 7 December 2020, the Group announced the sale of its Pacific businesses (comprised of Fiji Branch of Westpac Banking Corporation and the Group's 89.9% stake in Westpac Bank-PNG-Limited) to Kina Securities Limited. Westpac Pacific is currently included in the Group's Specialist Businesses division. The sale price includes $315 million payable at completion and $60 million payable in six-monthly instalments over the following 18 months for Westpac Bank-PNG-Limited. The sale price also includes earn-out payments which are subject to the business performance of Fiji Branch of Westpac Banking Corporation over 24 months following completion. It is expected there will be a Full Year 2021 pre-tax accounting loss on sale of approximately $231 million. For the period ending 31 March 2021, a loss of $121 million has been recognised in operating expenses to write down the non-financial assets held for sale to their fair value less costs to sell, and recognise related separation and transaction costs. The remaining loss will be recognised on completion of the sale. Completion of the transaction is subject to various regulatory approvals in Fiji and Papua New Guinea, and is expected to occur by 30 September 2021. Westpac Lenders Mortgage Insurance Limited On 18 March 2021, the Group announced it will sell Westpac Lenders Mortgage Insurance Limited (WLMI) to Arch Capital Group (Arch) and enter into a 10-year exclusive supply agreement for Arch to provide Lenders Mortgage Insurance (LMI) to the Group. WLMI is currently included in the Group’s Specialist Businesses division. The sale price will be at book value which will be determined at completion. The transaction also includes small fixed annual payments to Westpac over the next 10 years. As at 31 March 2021 a loss of $110 million has been recognised in operating expenses reflecting the write down of goodwill, and recognition of related separation and transaction costs. Westpac will retain responsibility for certain legacy matters and provide protection to Arch through a combination of customary warranties and indemnities. Completion of the transaction is subject to various regulatory approvals and is expected to occur by 30 September 2021. Balance sheet presentation Details of the assets and liabilities that have been presented as held for sale are as follows (no amounts were presented as held for sale in prior comparative periods): f As at 31 March $m Assets held for sale Cash and balances with central banks 792 Trading securities and financial assets measured at FVIS 282 Derivative financial instruments 7 Investment securities 550 Loans 1,819 Other financial assets 423 Intangible assets 243 Property and equipment 23 Deferred tax assets 25 Other assets 195 Total assets held for sale 4,359 Liabilities held for sale Deposits and other borrowings 2,088 Other financial liabilities 120 Derivative financial instruments 6 Current tax liabilities 1 Provisions 20 Other liabilities 814 Total liabilities held for sale 3,049

Subsequent events

Subsequent events	6 Months Ended
	Mar. 31, 2021
Subsequent events
Subsequent events	Note 18. Subsequent events Since 31 March 2021, the Board has determined to pay a fully franked interim dividend of 58 cents per fully paid ordinary share. The dividend is expected to be $2,128 million. The dividend is not recognised as a liability at 31 March 2021. The proposed payment date of the dividend is 25 June 2021. The Board has determined to satisfy the DRP for the 2021 interim dividend by arranging for the purchase of existing shares by a third party. The Market Price used to determine the number of shares allocated to DRP participants will be set over the 10 trading days commencing on 19 May 2021 and will not include a discount. No other matters have arisen since the half year ended 31 March 2021, which are not otherwise dealt with in this 2021 Interim Financial Report, that have significantly affected or may significantly affect the operations of the Group, the results of its operations or the state of affairs of the Group in subsequent periods.

Financial statements preparat_2

Financial statements preparation (Policies)	6 Months Ended
	Mar. 31, 2021
Financial statements preparation
Financial statements preparation	Financial statements preparation This general purpose Interim Financial Report for the half year ended 31 March 2021 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001 (Cth) and is also compliant with International Accounting Standard IAS 34 Interim Financial Reporting. The Interim Financial Report does not include all the notes of the type normally included in an annual financial report. Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year ended 30 September 2020 and any relevant public announcements made by Westpac during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules. The Interim Financial Report complies with current Australian Accounting Standards (AAS) as they relate to interim financial reports. The Interim Financial Report was authorised for issue by the Board of Directors on 2 May 2021. All amounts have been rounded in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, to the nearest million dollars, unless otherwise stated. Accounting policies The accounting policies adopted in the preparation of this interim financial report are consistent with those in the Annual Financial Report for the year ended 30 September 2020.
Intangible assets - computer software	As assets and liabilities held for sale are now a material balance they have been separately presented in the balance sheet and in Note 17. The accounting policy for assets and liabilities held for sale is below:
Assets and liabilities held for sale	Assets and liabilities held for sale Non-current assets or disposal groups are classified as held for sale if they will be recovered primarily through sale rather than through continuing use and a sale is considered highly probable. Non-current assets or disposal groups held for sale are measured at the lower of their existing carrying amount and fair value less costs to sell, except for liabilities and certain assets such as deferred tax assets, financial assets and contractual rights under insurance contracts, which are specifically exempt from this requirement and continue to be recognised at their existing carrying value. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition. Non-current assets are not depreciated or amortised while they are classified as held for sale. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. Refer to Note 17 for further details.
Critical accounting assumptions and estimates	Critical accounting assumptions and estimates In preparing the Interim Financial Report, the application of the Group’s accounting policies requires the use of judgement, assumptions and estimates. The areas of judgement, assumptions and estimates in the Interim Financial Report, including the key sources of estimation uncertainty, are consistent with those in the Annual Financial Report for the year ended 30 September 2020 except for as noted below: Provisions for expected credit losses (ECL) Details on specific judgements in relation to the impact of COVID-19 on the calculation of provisions for ECL are included in Note 10. Compliance, regulation and remediation provisions Details on specific judgements in relation to material compliance, regulation and remediation provisions are included in Note 14. Intangible assets - computer software Effective from 1 October 2020, the Group made a prospective change to computer software capitalisation by increasing the threshold for capitalisation for software development costs from a total project spend of $1 million to a total project spend of $20 million. This does not have a material impact on the Group’s financial statements. This change increased operating expenses and reduced profit before income tax in the period by $93 million.
Amendments to Accounting Standards effective this period	Amendments to Accounting Standards effective this period A revised Conceptual Framework (Framework) was adopted by the Group on 1 October 2020. The Framework includes new definitions and recognition criteria for assets, liabilities, income and expenses and other relevant financial reporting concepts. These changes did not have a material impact on the Group.
Future developments in accounting standards	Future developments in accounting standards The following new standards and interpretations which may have a material impact on the Group have been issued but are not yet effective, and unless otherwise stated, have not been early adopted by the Group: AASB 17 Insurance Contracts (AASB 17) was issued on 19 July 2017 and will be effective for the 30 September 2022 year end unless early adopted. This will replace AASB 4 Insurance Contracts (AASB 4), AASB 1023 General Insurance Contracts and AASB 1038 Life Insurance Contracts . The main changes under the standard are: · the scope of the standard may result in some contracts that are currently "unbundled", i.e. accounted for separately as insurance and investment contracts being required to be "bundled" and accounted for as an insurance contract; · portfolios of contracts (with similar risks which are managed together) will be required to be disaggregated to a more granular level by both the age of a contract and the likelihood of the contract being onerous in order to determine the recognition of profit over the contract period (i.e. the contractual service margin). The contractual service margin uses a different basis to recognise profit to the current Margin on Services approach for life insurance and therefore the pattern of profit recognition is likely to differ; · risk adjustments, which reflect uncertainties in the amount and timing of future cash flows, are required for both general and life insurance contracts rather than just general insurance contracts under the current accounting standards; · the contract boundary, which is the period over which profit is recognised, differs and is determined based on the ability to compel the policyholder to pay premiums or the substantive obligation to provide coverage/ services. For some general insurance contracts (e.g. some lender mortgage insurance and reinsurance contracts) this may result in the contract boundary being longer. For life insurance, in particular term renewable contracts, the contract boundary is expected to be shorter. Both will be impacted by different patterns of profit recognition compared to the current standards; · a narrower definition of what acquisition costs may be deferred; · an election to recognise changes in assumptions regarding discount rate in OCI rather than in income statement; · an election to recognise changes in the fair value of assets supporting policy liabilities in OCI rather than through the income statement; · reinsurance contracts and the associated liability are to be determined separately to the gross contract liability and may have different contract boundaries; and · additional disclosure requirements. The standard is expected to result in a reduction in the level of deferred acquisition costs, however the quantum of this and the income statement impacts to the Group are not yet practicable to determine. AASB 2020-5 Amendments to Australian Accounting Standards - Insurance Contracts was issued on 30 July 2020. This standard includes a number of amendments to AASB 17. These amendments include: · deferral of acquisition costs for anticipated renewals outside of the initial contract boundary; · further clarity on the contractual service margin; · additional scope exclusion for credit card contracts and similar contracts that provide insurance coverage as well as optional scope exclusion for loan contracts that transfer significant insurance risk; · ability to recognise a gain in the income statement for reinsurance contracts, to offset losses from onerous contracts on initial recognition; · simplified presentation requirements; and · additional transitional relief. In addition, the effective date of AASB 17 will be deferred by two years to be applicable to the Group for the 30 September 2024 financial year. On 22 September 2020, the AASB issued AASB 2020-8 Amendments to Australian Accounting Standards - Interest Rate Benchmark Reform - Phase 2 which makes further amendments to AASB 9, AASB 139, and AASB 7 resulting from IBOR reform. Amendments are also made to AASB 4 and AASB 16. The standard is effective for the 30 September 2022 year end unless early adopted. The amendments: · allow the Group to account for a change in contractual cash flows of a financial instrument or lease liability that result specifically from IBOR reform by updating the effective interest rate rather than recognising a modification gain or loss; · allow the Group to continue hedge accounting and not trigger a de-designation when the following occurs specific to IBOR reform: - changes to hedge documentation to update the hedged risk, item and instrument; - changes to the method of assessing hedge ineffectiveness; - once the hedge relationship has been converted from LIBOR to ARR the cumulative change in fair value for ineffectiveness testing could be reset to zero if this would improve the retrospective effectiveness test; - this amendment can apply to macro cash flow and fair value hedges where subgroups can be formed within the portfolio of hedges where some are under the existing LIBOR rate and others have already changed to the ARR; · require additional disclosures including: - quantitative information regarding all financial instruments linked to LIBOR which have not been yet converted to ARR; - changes to the entity's risk management strategy arising from IBOR reform; and - the management of the Group's transition to ARR. The Group is considering whether it will early adopt the amendments in its Annual Financial Report for the year ended 30 September 2021. Other amendments to existing standards that are not yet effective are not expected to have a material impact to the Group.

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
	Mar. 31, 2021
Segment reporting
Schedule of segment results on a cash earnings basis	Half Year March 2021 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,216 2,083 464 996 253 457 8,469 Net fee income 191 221 278 73 42 (105) 700 Net wealth management and insurance income — 10 — 44 626 (85) 595 Trading income 39 40 298 43 15 18 453 Other income 11 2 6 7 1 555 582 Net operating income before operating expenses and impairment charges 4,457 2,356 1,046 1,163 937 840 10,799 Operating expenses 1 (2,270) (1,170) (698) (500) (740) (603) (5,981) Impairment (charges)/benefits 80 129 (8) 92 80 (1) 372 Profit before income tax expense 2,267 1,315 340 755 277 236 5,190 Income tax (expense)/benefit (675) (395) (110) (210) (146) (115) (1,651) Net profit attributable to NCI — — — — 3 (5) (2) Cash earnings 1,592 920 230 545 134 116 3,537 Net cash earnings adjustments — — — (3) — (91) (94) Net profit attributable to owners of WBC 1,592 920 230 542 134 25 3,443 Balance sheet Loans 2 395,130 134,844 62,408 83,151 12,687 (2) 688,218 Deposits and other borrowings 2 223,062 154,455 91,008 71,019 6,445 39,412 585,401 Half Year Sept 2020 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,313 2,019 506 892 247 443 8,420 Net fee income 196 191 280 56 48 66 837 Net wealth management and insurance income — 10 — 80 266 (78) 278 Trading income 42 47 364 9 17 20 499 Other income 9 1 (18) 7 3 249 251 Net operating income before operating expenses and impairment charges 4,560 2,268 1,132 1,044 581 700 10,285 Operating expenses 1 (2,141) (1,230) (697) (482) (1,128) (862) (6,540) Impairment (charges)/benefits (599) (674) (111) (102) (95) 641 (940) Profit before income tax expense 1,820 364 324 460 (642) 479 2,805 Income tax (expense)/benefit (546) (108) (139) (129) 44 (311) (1,189) Net profit attributable to NCI — — — — (1) — (1) Cash earnings 1,274 256 185 331 (599) 168 1,615 Net cash earnings adjustments — — — (4) 32 (543) (515) Net profit attributable to owners of WBC 1,274 256 185 327 (567) (375) 1,100 Balance sheet Loans 389,793 140,698 66,192 81,434 14,942 — 693,059 Deposits and other borrowings 219,259 151,939 102,851 68,473 9,260 39,349 591,131 Half Year March 2020 Westpac Westpac New Institutional Zealand Specialist Group $m Consumer Business Bank (A$) Businesses Businesses Group Net interest income 4,234 2,144 605 940 287 456 8,666 Net fee income 275 247 264 67 41 (139) 755 Net wealth management and insurance income — 12 — 78 358 33 481 Trading income 48 50 273 18 40 — 429 Other income 3 2 19 4 (11) (7) 10 Net operating income before operating expenses and impairment charges 4,560 2,455 1,161 1,107 715 343 10,341 Operating expenses 1 (2,035) (1,068) (619) (516) (420) (1,502) (6,160) Impairment (charges)/benefits (416) (697) (293) (200) (160) (472) (2,238) Profit before income tax expense 2,109 690 249 391 135 (1,631) 1,943 Income tax (expense)/benefit (637) (212) (102) (110) (41) 153 (949) Net profit attributable to NCI — — — — (1) — (1) Cash earnings 1,472 478 147 281 93 (1,478) 993 Net cash earnings adjustments — — — 11 (63) 249 197 Net profit attributable to owners of WBC 1,472 478 147 292 30 (1,229) 1,190 Balance sheet Loans 395,625 144,959 78,595 84,778 16,269 (548) 719,678 Deposits and other borrowings 208,427 142,175 109,977 70,725 9,625 41,991 582,920 1. Included in the Specialist Businesses division in operating expenses is $89 million relating to impairment of goodwill and other intangible assets for First Half 2021 (Second Half 2020: $538 million, First Half 2020: $33 million). For other divisions, there was no impairment of goodwill and impairment of other intangibles assets was not material. 2. Specialist Businesses’ excludes balances presented as held for sale (refer to Note 17 for further details).
Schedule of reconciliation of cash earnings to net profit	Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Cash earnings 3,537 1,615 993 119 large Fair value (gain)/loss on economic hedges (46) (581) 219 (92) large Ineffective hedges (48) 37 24 large large Adjustments related to Pendal — 32 (63) (100) (100) Treasury shares — (3) 17 (100) (100) Total cash earnings adjustment (post-tax) (94) (515) 197 (82) large Net profit attributable to owners of WBC 3,443 1,100 1,190 large 189

Net interest income (Tables)

Net interest income (Tables)	6 Months Ended
	Mar. 31, 2020
Net interest income
Schedule of net interest income	Note 3. Net interest income Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 15 21 114 (29) (87) Collateral paid 10 6 69 67 (86) Investment securities 626 640 881 (2) (29) Loans 10,693 11,512 13,336 (7) (20) Other financial assets 2 5 12 (60) (83) Assets held for sale 65 — — — — Total interest income calculated using the effective interest rate method 11,411 12,184 14,412 (6) (21) Other Net ineffectiveness on qualifying hedges (68) 52 35 large large Trading securities and financial assets measured at FVIS and loans 91 127 237 (28) (62) Total other 23 179 272 (87) (92) Total interest income 11,434 12,363 14,684 (8) (22) Interest expense Calculated using the effective interest rate method Collateral received (2) (7) (19) (71) (89) Deposits and other borrowings (1,071) (1,792) (2,860) (40) (63) Debt issues (957) (1,078) (1,829) (11) (48) Loan capital (409) (370) (430) 11 (5) Other financial liabilities (29) (11) (87) 164 (67) Liabilities held for sale (8) — — — — Total interest expense calculated using the effective interest rate method (2,476) (3,258) (5,225) (24) (53) Other Deposits and other borrowings (36) (107) (295) (66) (88) Trading liabilities 2 (279) (964) 177 (71) large Debt issues (29) (39) (68) (26) (57) Bank Levy (195) (212) (196) (8) (1) Other interest expense (70) (87) (77) (20) (9) Liabilities held for sale (1) — — — — Total other (610) (1,409) (459) (57) 33 Total interest expense (3,086) (4,667) (5,684) (34) (46) Net interest income 8,348 7,696 9,000 8 (7) 1. Interest income includes items relating to compliance, regulation and remediation costs recognised as an addition of interest income of $49 million (Second Half 2020: $38 million reduction, First Half 2020: $132 million reduction). Refer to Note 14 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income (Tables)

Non-interest income (Tables)	6 Months Ended
	Mar. 31, 2021
Non-interest income
Schedule of non-interest income	Non-interest income 1 Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Net fee income Facility fees 369 359 372 3 (1) Transaction fees 492 439 582 12 (15) Other non-risk fee income (47) 134 (86) large (45) Fee income 814 932 868 (13) (6) Credit card loyalty programs (55) (40) (62) 38 (11) Transaction fee related expenses (59) (55) (51) 7 16 Fee expenses (114) (95) (113) 20 1 Net fee income 700 837 755 (16) (7) Net wealth management and insurance income Wealth management income 311 247 384 26 (19) Life insurance premium income 529 609 688 (13) (23) General insurance and lenders mortgage insurance (LMI) net premium earned 256 252 247 2 4 Life insurance investment and other income 2 23 68 (4) (66) large General insurance and LMI investment and other income 37 18 24 106 54 Total insurance premium, investment and other income 845 947 955 (11) (12) Life insurance claims, changes in life insurance liabilities and other expenses (328) (710) (574) (54) (43) General insurance and LMI claims and other expenses (230) (198) (300) 16 (23) Total insurance claims, changes in insurance liabilities and other expenses (558) (908) (874) (39) (36) Net wealth management and insurance income 598 286 465 109 29 Trading income 442 435 460 2 (4) Other income Dividends received from other entities 2 — 1 — 100 Net gain/(loss) on sale/derecognition of associates 7 316 — (98) — Net gain/(loss) on disposal of assets 10 9 2 11 large Net gain/(loss) on hedging of overseas operations (6) — — — — Net gain/(loss) on derivatives held for risk management purposes 3 4 27 (23) (85) large Net gain/(loss) on financial instruments measured at fair value 580 14 (92) large large Rental income on operating leases 22 25 29 (12) (24) Share of associates’ net profit/(loss) (3) (9) (14) (67) (79) Other (18) (57) 21 (68) large Total other income 598 325 (76) 84 large Total non-interest income 2,338 1,883 1,604 24 46 1. Non-interest income includes compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, wealth management income and other income of $231 million (Second Half 2020: $96 million, First Half 2020: $129 million). Refer to Note 14 for further details. 2. Includes policyholder tax recoveries. 3. Income from derivatives held for risk management purposes reflects the impact of economic hedges of earnings.

Operating expenses (Tables)

Operating expenses (Tables)	6 Months Ended
	Mar. 31, 2021
Operating expenses
Schedule of operating expenses	Operating expenses 1 Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Staff expenses Employee remuneration, entitlements and on-costs 2,472 2,273 2,155 9 15 Superannuation expense 231 206 207 12 12 Share-based payments 46 33 47 39 (2) Restructuring costs 22 59 35 (63) (37) Total staff expenses 2,771 2,571 2,444 8 13 Occupancy expenses Operating lease rentals 73 84 64 (13) 14 Depreciation and impairment of property and equipment 429 320 388 34 11 Other 57 98 62 (42) (8) Total occupancy expenses 559 502 514 11 9 Technology expenses Amortisation and impairment of software assets 2 517 502 468 3 10 Depreciation and impairment of IT equipment 118 147 125 (20) (6) Technology services 398 350 348 14 14 Software maintenance and licences 234 205 193 14 21 Telecommunications 93 117 99 (21) (6) Data processing 45 45 44 — 2 Total technology expenses 1,405 1,366 1,277 3 10 Other expenses Professional and processing services 728 774 600 (6) 21 Amortisation and impairment of intangible assets and deferred expenditure 90 520 3 (83) large Postage and stationery 74 81 83 (9) (11) Advertising 116 95 122 22 (5) Non-lending losses 78 474 969 (84) (92) Other expenses 176 175 169 1 4 Total other expenses 1,262 2,119 1,946 (40) (35) Total operating expenses 5,997 6,558 6,181 (9) (3) 1. In First Half 2021, operating expenses include estimated costs associated with AUSTRAC proceedings of nil, (Second Half 2020: $420 million, First Half 2020: $1,058 million) which includes a provision for a penalty of nil (Second Half 2020: $400 million, First Half 2020: $900 million). They also include compliance, regulation and remediation costs of $198 million (Second Half 2020: $173 million, First Half 2020: $144 million). Refer to Note 14 for further details. 2. These balances included impairment of capitalised software assets for First Half 2021 of $133 million (Second Half 2020: $96 million, First Half 2020: $75 million).

Income tax (Tables)

Income tax (Tables)	6 Months Ended
	Mar. 31, 2021
Income tax
Schedule of income tax reconciled to profit before income tax	Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Profit before income tax 5,061 2,081 2,185 143 132 Tax at the Australian company tax rate of 30% 1,518 624 656 143 131 The effect of amounts which are not deductible/(assessable) in calculating taxable income: Hybrid capital distributions 28 26 30 8 (7) Life insurance: Tax adjustment on policyholder earnings 2 7 (24) (71) large Adjustment for life business tax rates — — 1 — (100) Other non-assessable items (2) (2) (1) — 100 Other non-deductible items 76 290 295 (74) (74) Adjustment for overseas tax rates (10) 6 10 large large Income tax (over)/under provided in prior periods 2 1 — 100 — Other items 2 28 27 (93) (93) Total income tax expense 1,616 980 994 65 63 Effective income tax rate large large

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Mar. 31, 2021
Earnings per share
Schedule of earnings per share	Half Year March 2021 Half Year Sept 2020 Half Year March 2020 $m Basic Diluted Basic Diluted Basic Diluted Net profit attributable to shareholders 3,443 3,443 1,100 1,100 1,190 1,190 Adjustment for RSP dividends 1 (1) — — — (2) (2) Adjustment for potential dilution: Distributions to convertible loan capital holders 2 — 109 — 75 — — Adjusted net profit attributable to shareholders 3,442 3,552 1,100 1,175 1,188 1,188 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,644 3,644 3,612 3,612 3,579 3,579 Treasury shares (including RSP share rights) 1 (3) (3) (6) (6) (5) (5) Adjustment for potential dilution: Share-based payments — 3 — 3 — 1 Convertible loan capital 2 — 468 — 325 — — Adjusted weighted average number of ordinary shares 3,641 4,112 3,606 3,934 3,574 3,575 Earnings per ordinary share (cents) 94.5 86.4 30.5 29.9 33.2 33.2 1. Some shares under the RSP have not vested and are not outstanding ordinary shares but do receive dividends. These RSP dividends are deducted to show the profit attributable to ordinary shareholders. Shares under the RSP were dilutive in First Half 2021 and Second Half 2020 and antidilutive in First Half 2020. 2. The Group has issued convertible loan capital which may convert into ordinary shares in the future. These convertible loan capital instruments are potentially dilutive instruments, and diluted EPS is therefore calculated as if the instruments had been converted at the beginning of the respective period or, if later, the instruments’ issue date. In First Half 2021, all convertible loan capital instruments were dilutive (Second Half 2020: all convertible loan capital instruments, except for Westpac Capital Notes 4, were dilutive, First Half 2020: all convertible loan capital instruments were antidilutive).

Average balance sheet and int_2

Average balance sheet and interest rates (Tables)	6 Months Ended
	Mar. 31, 2021
Average balance sheet and interest rates
Summary of the average daily balances of the Group's interest earning assets and interest bearing liabilities	Half Year March 2021 Half Year Sept 2020 Half Year March 2020 Average Average Average Average Average Average balance Interest rate balance Interest rate balance Interest rate $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid 14,708 10 0.1 18,338 6 0.1 13,126 69 1.1 Trading securities and financial assets measured at FVIS 27,172 91 0.7 32,021 125 0.8 27,237 234 1.7 Investment securities 87,628 626 1.4 84,010 640 1.5 72,352 881 2.4 Loans and other receivables 1 680,286 10,642 3.1 696,096 11,592 3.3 700,256 13,500 3.9 Assets held for sale 3,156 65 4.1 — — — — — — Total interest earning assets and interest income 812,950 11,434 2.8 830,465 12,363 3.0 812,971 14,684 3.6 Non-interest earning assets Derivative financial instruments 21,879 32,051 30,617 Life insurance assets 3,575 2,397 6,831 Assets held for sale 1,267 — — All other assets 2 61,760 62,883 61,945 Total non-interest earning assets 88,481 97,331 99,393 Total assets 901,431 927,796 912,364 Liabilities Interest bearing liabilities Collateral received 6,483 2 0.1 8,583 7 0.2 6,579 19 0.6 Deposits and other borrowings 524,723 1,107 0.4 524,744 1,899 0.7 512,522 3,155 1.2 Loan capital 25,540 409 3.2 23,240 370 3.2 22,182 430 3.9 Other interest bearing liabilities 3 171,209 1,559 1.8 192,147 2,391 2.5 201,285 2,080 2.1 Liabilities held for sale 1,332 9 1.4 — — — — — — Total interest bearing liabilities and interest expense 729,287 3,086 0.8 748,714 4,667 1.2 742,568 5,684 1.5 Non-interest bearing liabilities Deposits and other borrowings 60,473 56,961 52,823 Derivative financial instruments 24,101 36,219 30,279 Life insurance liabilities 1,295 387 5,611 Liabilities held for sale 1,610 — — All other liabilities 4 15,031 17,061 13,405 Total non-interest bearing liabilities 102,510 110,628 102,118 Total liabilities 831,797 859,342 844,686 Shareholders' equity 69,583 68,403 67,625 NCI 51 51 53 Total equity 69,634 68,454 67,678 Total liabilities and equity 901,431 927,796 912,364 Loans and other receivables 1 Australia 576,394 9,163 3.2 583,758 9,914 3.4 587,528 11,401 3.9 New Zealand 89,570 1,411 3.2 86,527 1,499 3.5 83,841 1,738 4.1 Other overseas 14,322 68 1.0 25,811 179 1.4 28,887 361 2.5 Deposits and other borrowings Australia 452,206 842 0.4 445,733 1,412 0.6 426,021 2,333 1.1 New Zealand 59,648 236 0.8 57,728 366 1.3 56,464 516 1.8 Other overseas 12,869 29 0.5 21,283 121 1.1 30,037 306 2.0 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stage 1 and 2 provisions for ECL are not included in the average interest earning assets balance, as interest income is determined based on the gross value of loans and other receivables. 2. Includes property and equipment, intangible assets, deferred tax assets, non-interest bearing loans relating to mortgage offset accounts and all other non-interest earning financial assets. 3. Includes net impact of Treasury balance sheet management activities and the Bank Levy. 4. Includes other financial liabilities, provisions, current and deferred tax liabilities and other liabilities.

Loans (Tables)

Loans (Tables)	6 Months Ended
	Mar. 31, 2021
Loans
Schedule of loan portfolio disaggregated by location of booking office and product type	As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Australia Housing 443,557 440,933 445,663 1 — Personal 16,458 17,081 19,854 (4) (17) Business 142,965 147,584 155,322 (3) (8) Total Australia 602,980 605,598 620,839 — (3) New Zealand Housing 53,530 51,126 52,037 5 3 Personal 1,293 1,360 1,610 (5) (20) Business 29,119 29,864 32,021 (2) (9) Total New Zealand 83,942 82,350 85,668 2 (2) Total other overseas 6,209 10,713 18,361 (42) (66) Total loans 693,131 698,661 724,868 (1) (4) Provision for expected credit losses (ECL) on loans (Note 10) (4,913) (5,602) (5,190) (12) (5) Total net loans 1,2 688,218 693,059 719,678 (1) (4) 1. Total net loans include securitised loans of $6,144 million as at 31 March 2021 (30 September 2020: $7,367 million, 31 March 2020: $9,029 million). The level of securitised loans excludes loans where Westpac is the holder of related debt securities. 2. Total net loans include assets pledged for the covered bond programs of $33,841 million as at 31 March 2021 (30 September 2020: $37,222 million, 31 March 2020: $39,348 million).

Provisions for expected credi_2

Provisions for expected credit losses (Tables)	6 Months Ended
	Mar. 31, 2021
Provisions for expected credit losses
Schedule of impact of COVID-19 to the provision for ECL	As at As at As at 31 March 30 Sept 31 March $m Modelled provision for ECL 4,580 5,480 5,147 Overlays 902 652 619 Total provision for ECL 5,482 6,132 5,766
Summary of the the probability weighted scenarios	As at As at As at 31 March 30 Sept 31 March $m Reported probability-weighted ECL 5,482 6,132 5,766 100% base case ECL 3,902 4,750 4,476 100% downside ECL 7,865 8,315 7,902
Summary of macroeconomic scenario weightings	As at As at As at 31 March 30 Sept 31 March Macroeconomic scenario weightings (%) Upside 5 5 5 Base 55 55 55 Downside 40 40 40
Reconciliation of impairment charges	Half Year Half Year Half Year March Sept March $m Loans and credit commitments: Business activity during the period (226) 11 184 Net remeasurement of the provision for ECL (9) 1,016 2,140 Impairment charges for debt securities at amortised cost (6) 5 13 Impairment charges for debt securities at FVOCI 1 1 1 1 Recoveries (132) (93) (100) Impairment charges/(benefits) (372) 940 2,238 1. Impairment on debt securities at FVOCI is recognised in the income statement with a corresponding amount in other comprehensive income (refer to Note 15). There is no reduction of the carrying value of the debt securities which remains at fair value.
Loans and credit commitments
Provisions for expected credit losses
Schedule of provision for ECL	As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Performing - Stage 1 1,022 1,084 1,181 (6) (13) Performing - Stage 2 2,568 2,875 2,878 (11) (11) Non-performing - Stage 3 1,892 2,173 1,707 (13) 11 Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5) Presented as: Provision for ECL on loans (Note 9) 4,913 5,602 5,190 (12) (5) Provision for ECL on loans included in assets held for sale (Note 17) 85 — — — — Provision for ECL on credit commitments (Note 14) 477 530 576 (10) (17) Provision for ECL on credit commitments included in liabilities held for sale (Note 17) 7 — — — — Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5) Of which: Individually assessed provisions 564 611 606 (8) (7) Collectively assessed provisions 4,918 5,521 5,160 (11) (5) Total provisions for ECL on loans and credit commitments 5,482 6,132 5,766 (11) (5)
Summary and changes in the provision for ECL	Non- Consolidated Performing performing $m Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2019 884 1,674 1,355 3,913 Transfers to Stage 1 600 (583) (17) — Transfers to Stage 2 (131) 466 (335) — Transfers to Stage 3 (2) (334) 336 — Business activity during the period 120 114 (50) 184 Net remeasurement of provision for ECL (297) 1,526 911 2,140 Write-offs — — (537) (537) Exchange rate and other adjustments 7 15 44 66 Balance as at 31 March 2020 1,181 2,878 1,707 5,766 Transfers to Stage 1 978 (945) (33) — Transfers to Stage 2 (214) 695 (481) — Transfers to Stage 3 (5) (621) 626 — Business activity during the period 92 (54) (27) 11 Net remeasurement of provision for ECL (936) 948 1,004 1,016 Write-offs — — (633) (633) Exchange rate and other adjustments (12) (26) 10 (28) Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Transfers to Stage 1 695 (662) (33) — Transfers to Stage 2 (112) 719 (607) — Transfers to Stage 3 (3) (244) 247 — Business activity during the period 52 (107) (171) (226) Net remeasurement of provision for ECL (689) (8) 688 (9) Write-offs — — (431) (431) Exchange rate and other adjustments (5) (5) 26 16 Balance as at 31 March 2021 1,022 2,568 1,892 5,482
Schedule of provision for ECL by class and stage	Non- Performing performing $m Stage 1 Stage 2 Stage 3 Total Housing 195 544 583 1,322 Personal 267 562 319 1,148 Business 719 1,772 805 3,296 Balance as at 31 March 2020 1,181 2,878 1,707 5,766 Housing 192 747 977 1,916 Personal 216 408 232 856 Business 676 1,720 964 3,360 Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Housing 180 704 830 1,714 Personal 184 331 208 723 Business 658 1,533 854 3,045 Balance as at 31 March 2021 1,022 2,568 1,892 5,482
Debt Securities
Provisions for expected credit losses
Summary and changes in the provision for ECL	The following tables reconcile the provision for ECL on debt securities. Debt Debt securities at Assets held securities at amortised for sale Total debt $m FVOCI 1 cost (Note 17) securities Balance as at 30 September 2019 2 9 — 11 Stage 1 - change in the provision during the period 1 10 — 11 Stage 2 - change in the provision during the period — 3 — 3 Balance as at 31 March 2020 3 22 — 25 Stage 1 - change in the provision during the period 1 (19) — (18) Stage 2 - change in the provision during the period — 24 — 24 Balance as at 30 September 2020 4 27 — 31 Stage 1 - change in the provision during the period 1 1 — 2 Stage 2 - change in the provision during the period — (7) — (7) Balances reclassified to assets held for sale 2 — (21) 21 — Balance as at 31 March 2021 5 — 21 26 1. Impairment on debt securities at FVOCI is recognised in the income statement with a corresponding amount in other comprehensive income (refer to Note 15). There is no reduction of the carrying value of the debt securities which remains at fair value. 2. A provision for ECL of $21 million was transferred from debt securities at amortised cost to assets held for sale consistent with the transfer of the gross exposure (refer Note 17 for further details). The $21 million provision for ECL is comprised of $1 million stage 1 ECL balance and $20 million of stage 2 ECL balance.

Credit Quality (Tables)

Credit Quality (Tables)	6 Months Ended
	Mar. 31, 2021
Credit Quality
Schedule of credit quality of loans and credit commitments	As at As at As at 31 March 30 Sept 31 March $m Impaired exposures Australia Housing and business loans Gross amount 1,332 1,845 1,267 Provision 1 (566) (690) (530) Net 766 1,155 737 Personal loans greater than 90 days past due Gross amount 327 370 402 Provision 2 (187) (206) (285) Net 140 164 117 Restructured loans Gross amount 12 16 14 Provision 1 (3) (4) (3) Net 9 12 11 New Zealand Housing and business loans Gross amount 123 157 175 Provision 1 (62) (70) (73) Net 61 87 102 Personal loans greater than 90 days past due Gross amount 33 36 33 Provision 2 (23) (26) (26) Net 10 10 7 Restructured loans Gross amount 3 — — Provision 1 — — — Net 3 — — Other overseas Housing and business loans Gross amount 241 355 259 Provision 1 (133) (156) (161) Net 108 199 98 Personal loans greater than 90 days past due Gross amount — — 1 Provision 2 — — — Net — — 1 Restructured loans Gross amount — — 3 Provision 1 — — (1) Net — — 2 Total impaired exposures Gross amount 2,071 2,779 2,154 Provision 1,2 (974) (1,152) (1,079) Total net impaired exposures 1,097 1,627 1,075 Items 90 days past due, or otherwise in default but not impaired Australia Gross amount 6,601 7,976 4,965 Provision (857) (941) (575) Net 5,744 7,035 4,390 New Zealand Gross amount 471 503 389 Provision (56) (72) (45) Net 415 431 344 Other overseas Gross amount 37 53 55 Provision (5) (8) (8) Net 32 45 47 Total items 90 days past due, or otherwise in default but not impaired Gross amount 7,109 8,532 5,409 Provision (918) (1,021) (628) Total net items 90 days past due, or otherwise in default but not impaired 6,191 7,511 4,781 Total non-performing loans and credit commitments Gross amount 3 9,180 11,311 7,563 Provision 3 (1,892) (2,173) (1,707) Total net non-performing loans and credit commitments 7,288 9,138 5,856 1. Includes individually assessed provisions and collectively assessed provisions on impaired exposures. 2. Includes collectively assessed provisions on impaired exposures. 3. Gross amount includes $95 million of loans in assets held for sale (30 September 2020: nil, 31 March 2020: nil), with nil undrawn credit commitments (30 September 2020: nil, 31 March 2020: nil). Provision includes $22 million against assets held for sale (30 September 2020: nil, 31 March 2020: nil) and nil in liabilities held for sale (30 September 2020: nil, 31 March 2020: nil).

Deposits and other borrowings (

Deposits and other borrowings (Tables)	6 Months Ended
	Mar. 31, 2021
Deposits and other borrowings
Schedule of deposits and other borrowings	Note 12. Deposits and other borrowings 1 As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Australia Certificates of deposit 26,273 25,647 21,029 2 25 Non-interest bearing, repayable at call 49,467 48,303 44,557 2 11 Other interest bearing at call 315,218 304,761 274,071 3 15 Other interest bearing term 110,470 125,820 141,933 (12) (22) Total Australia 501,428 504,531 481,590 (1) 4 New Zealand Certificates of deposit 3,020 2,773 3,452 9 (13) Non-interest bearing, repayable at call 12,588 10,711 9,526 18 32 Other interest bearing at call 29,022 26,300 25,822 10 12 Other interest bearing term 26,389 28,689 31,925 (8) (17) Total New Zealand 71,019 68,473 70,725 4 — Other overseas Certificates of deposit 7,859 7,258 14,638 8 (46) Non-interest bearing, repayable at call — 868 1,007 (100) (100) Other interest bearing at call 753 1,864 1,834 (60) (59) Other interest bearing term 4,342 8,137 13,126 (47) (67) Total other overseas 12,954 18,127 30,605 (29) (58) Total deposits and other borrowings 585,401 591,131 582,920 (1) — 1. Non-interest bearing relates to instruments which do not carry a rate of interest.

Fair values of financial asse_2

Fair values of financial assets and liabilities (Tables)	6 Months Ended
	Mar. 31, 2021
Fair values of financial assets and liabilities
Summary of the attribution of financial instruments measured at fair value to the fair value hierarchy	As at 31 March 2021 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,579 14,749 600 20,928 Derivative financial instruments 26 22,335 12 22,373 Investment securities 17,792 72,778 368 90,938 Loans — 108 20 128 Life insurance assets 119 3,297 — 3,416 Assets held for sale — 282 7 289 Total financial assets measured at fair value on a recurring basis 23,516 113,549 1,007 138,072 Total financial assets measured at fair value on a non-recurring basis Assets held for sale — — 376 376 Total financial assets measured at fair value 23,516 113,549 1,383 138,448 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 37,212 — 37,212 Other financial liabilities 225 3,632 — 3,857 Derivative financial instruments 31 20,253 19 20,303 Debt issues — 5,639 — 5,639 Life insurance liabilities — 1,070 — 1,070 Liabilities held for sale — — 6 6 Total financial liabilities measured at fair value on a recurring basis 256 67,806 25 68,087 As at 30 September 2020 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 8,059 32,387 221 40,667 Derivative financial instruments 10 23,353 4 23,367 Investment securities 18,032 72,370 153 90,555 Loans — 540 21 561 Life insurance assets 617 2,976 — 3,593 Total financial assets measured at fair value on a recurring basis 26,718 131,626 399 158,743 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 35,764 — 35,764 Other financial liabilities 420 4,229 — 4,649 Derivative financial instruments 10 23,031 13 23,054 Debt issues — 5,333 — 5,333 Life insurance liabilities — 1,396 — 1,396 Total financial liabilities measured at fair value on a recurring basis 430 69,753 13 70,196 As at 31 March 2020 $m Level 1 Level 2 Level 3 Total Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,252 20,808 220 26,280 Derivative financial instruments 17 56,620 24 56,661 Investment securities 15,320 69,206 152 84,678 Loans — 246 22 268 Life insurance assets 600 1,974 — 2,574 Total financial assets measured at fair value on a recurring basis 21,189 148,854 418 170,461 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 38,794 — 38,794 Other financial liabilities 261 10,239 — 10,500 Derivative financial instruments 14 48,031 44 48,089 Debt issues — 6,295 — 6,295 Life insurance liabilities — 604 — 604 Total financial liabilities measured at fair value on a recurring basis 275 103,963 44 104,282
Summary of the changes in financial instruments measured at fair value derived from non-market observable valuation techniques (Level 3)	Half Year March 2021 Trading securities and financial assets Total Total measured at Investment Level 3 Level 3 $m FVIS Securities Other 1,2 assets Derivatives 3 liabilities Balance as at beginning of period 221 153 25 399 13 13 Gains/(losses) on assets / (gains)/losses on liabilities recognised in: Income statement 547 — 13 560 10 10 Other comprehensive income — 43 — 43 — — Acquisitions and issues 1 179 4 184 2 2 Disposals and settlements (169) (7) (3) (179) — — Balance as at end of period 600 368 39 1,007 25 25 Unrealised gains/(losses) recognised in the income statement for financial instrument held as at end of period 547 — 15 562 (16) (16) 1. Other is comprised of derivative financial assets, certain loans and assets held for sale. 2. $7 million of derivative financial assets was included in assets held for sale. 3. $6 million was included in liabilities held for sale.
Schedule of estimated fair value and fair value hierarchy of financial instruments not measured at fair value	As at 31 March 2021 As at 30 Sept 2020 As at 31 March 2020 Carrying Fair Carrying Fair Carrying Fair $m amount value amount value amount value Financial assets not measured at fair value Cash and balances with central banks 33,877 33,877 30,129 30,129 45,815 45,815 Collateral paid 3,917 3,917 4,778 4,778 5,339 5,339 Investment securities 365 365 984 984 1,111 1,111 Loans 688,090 689,606 692,498 694,264 719,410 721,740 Other financial assets 3,312 3,312 5,474 5,474 5,849 5,849 Assets held for sale 3,208 3,208 — — — — Total financial assets not measured at fair value 732,769 734,285 733,863 735,629 777,524 779,854 Financial liabilities not measured at fair value Collateral received 2,504 2,504 2,250 2,250 12,728 12,728 Deposits and other borrowings 548,189 548,167 555,367 555,621 544,126 544,506 Other financial liabilities 39,139 39,139 36,276 36,276 23,496 23,496 Debt issues 4 122,211 123,576 144,992 146,402 179,540 175,610 Loan capital 26,294 27,137 23,949 23,934 25,807 23,636 Liabilities held for sale 2,208 2,208 — — — — Total financial liabilities not measured at fair value 740,545 742,731 762,834 764,483 785,697 779,976 4. The estimated fair value of debt issues includes the impact of changes in Westpac’s credit spreads since origination.

Provisions, contingent liabil_2

Provisions, contingent liabilities, contingent assets and credit commitments (Tables)	6 Months Ended
	Mar. 31, 2021
Provisions, contingent liabilities, contingent assets and credit commitments
Schedule of changes in provisions	As at 31 March 2021 Annual leave and Litigation Provision for Compliance, Long other and non- impairment Lease regulation and service employee lending on credit restoration Restructuring remediation $m leave benefits losses commitments obligations provisions provisions Total Balance as at beginning of period 511 596 1,371 530 208 176 1,895 5,287 Additions 50 457 54 — 1 44 493 1,099 Utilisation — (5) (53) (388) (2,349) Reversal of unutilised provisions (46) — (14) (115) (197) Balances reclassified to liabilities held for sale (Note 17) (7) — — — (20) Balance as at end of period 518 493 90 477 204 153 1,885 3,820
Summary of undrawn credit commitments	As at As at As at % Mov't 31 March 30 Sept 31 March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Undrawn credit commitments Letters of credit and guarantees 1 11,528 12,610 14,746 (9) (22) Commitments to extend credit 2 187,106 184,064 175,794 2 6 Other 69 267 158 (74) (56) Total undrawn credit commitments 3 198,703 196,941 190,698 1 4 1. Standby letters of credit are undertakings to pay, against presentation documents, an obligation in the event of a default by a customer. Guarantees are unconditional undertakings given to support the obligations of a customer to third parties. The Group may hold cash as collateral for certain guarantees issued. 2. Commitments to extend credit include all obligations on the part of the Group to provide credit facilities. As facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. In addition to the commitments disclosed above, at 31 March 2021 the Group had offered $9.6 billion (30 September 2020: $4.9 billion, 31 March 2020: $5.2 billion) of facilities to customers, which had not yet been accepted. 3. Includes $0.4 billion (30 September 2020: nil, 31 March 2020: nil) of undrawn credit commitments related to facilities which are held for sale.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
	Mar. 31, 2021
Shareholders' equity
Summary of share capital by class	As at As at As at 31 March 30 Sept 31 March $m Share capital Ordinary share capital, fully paid 41,604 40,509 40,503 RSP treasury shares 1 (618) (616) Other treasury shares 2 55 55 30 Total treasury shares (563) (586) Total share capital 41,001 39,946 39,917 NCI 49 51 56 Reconciliation of movement in number of ordinary shares Half Year Half Year Half Year March Sept March Balance as at beginning of period 3,611,684,870 3,611,684,870 3,489,928,773 Share issuances 3 — — 110,919,861 Dividend reinvestment plan 4 20,213,205 — 10,836,236 Dividend reinvestment plan underwrite 5 36,693,733 — — Issued shares for the period 56,906,938 — 121,756,097 Balance as at end of period 3,668,591,808 3,611,684,870 3,611,684,870 Ordinary shares purchased on market Half Year March 2021 Consolidated Number Average price ($) For share-based payment arrangements: Employee share plan (ESP) 1,178,527 19.09 RSP 6 1,890,323 20.74 Westpac Performance Plan (WPP) - share rights exercised 132,694 19.07 Net number of ordinary shares purchased/(sold) on market 3,201,544 1. 31 March 2021: 4,322,935 unvested shares held (30 September 2020: 4,588,277, 31 March 2020: 4,578,297). 2. 31 March 2021: nil shares held (30 September 2020: nil, 31 March 2020: 1,284,249). 3. The average price per share for the issuance of shares was $24.81. 4. The price for the issuance of shares in relation to the dividend reinvestment plan (DRP) for the 2020 final dividend was $19.83 and for the 2019 final dividend was $25.17. No 2020 interim dividends were declared and paid. 5. The Group entered to an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. This arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of the dividend that was paid to shareholders in cash were purchased by the DRP underwriter. The price per share for the issuance of shares in relation to the 2020 DRP underwrite was $19.594. 6. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest.
Schedule of reconciliation of movement in reserves	Half Year Half Year Half Year March Sept March $m Debt securities at FVOCI reserve Balance as at beginning of period 177 (142) (22) Net gains/(losses) from changes in fair value 649 500 (140) Income tax effect (138) 42 Transferred to income statement (51) (28) Income tax effect 29 7 8 Loss allowance on debt securities measured at FVOCI 1 1 1 Exchange differences 1 — (3) Balance as at end of period 562 177 (142) Equity securities at FVOCI reserve Balance as at beginning of period (4) (1) 17 Net gains/(losses) from changes in fair value 43 (3) (18) Income tax effect 1 — — Balance as at end of period 40 (4) (1) Share-based payment reserve Balance as at beginning of period 1,720 1,702 1,642 Share-based payment expense 59 18 60 Balance as at end of period 1,779 1,720 1,702 Cash flow hedge reserve Balance as at beginning of period (42) 64 (129) Net gains/(losses) from changes in fair value 121 (240) 145 Income tax effect 71 (43) Transferred to income statement 72 90 128 Income tax effect (27) (37) Balance as at end of period 95 (42) 64 Foreign currency translation reserve Balance as at beginning of period (292) 86 (179) Exchange differences on translation of foreign operations (884) 707 Gains/(losses) on net investment hedges 56 451 (442) Transferred to income statement — 55 — Balance as at end of period 1 (292) 86 Other reserves Balance as at beginning of period (15) (21) (18) Transactions with owners 6 (3) Balance as at end of period (15) (21) Total reserves 1,954 1,544 1,688 1.

Notes to the consolidated cash

Notes to the consolidated cash flow statement (Tables)	6 Months Ended
	Mar. 31, 2021
Notes to the cash flow statements
Summary of reconciliation of net cash provided by/(used in) operating activities to net profit for the year	Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Reconciliation of net cash provided by/(used in) operating activities to net profit for the period Net profit for the period 3,445 1,101 1,191 large 189 Adjustments: Depreciation, amortisation and impairment 1,154 1,489 984 (22) 17 Impairment charges/(benefits) (240) 1,033 2,338 large large Net decrease/(increase) in current and deferred tax 86 (343) (769) large large (Increase)/decrease in accrued interest receivable 81 157 82 (48) (1) (Decrease)/increase in accrued interest payable (339) (597) (663) (43) (49) (Decrease)/increase in provisions (1,467) 618 1,307 large large Other non-cash items (388) (749) 56 (48) large Cash flows from operating activities before changes in operating assets and liabilities 2,332 2,709 4,526 (14) (48) Net (increase)/decrease in derivative financial instruments (7,030) (3,115) 4,966 126 large Net (increase)/decrease in life insurance assets and liabilities (377) (134) (143) 181 164 (Increase)/decrease in other operating assets: Collateral paid 471 (529) 877 large (46) Trading securities and financial assets measured at FVIS 19,890 (16,870) 8,114 large 145 Loans 1,968 18,966 (694) (90) large Other financial assets 428 272 1 57 large Other assets (66) 1 69 large large (Decrease)/increase in other operating liabilities: Collateral received 344 (9,996) 8,900 large (96) Deposits and other borrowings (1,610) 16,002 12,908 large large Other financial liabilities 3,768 9,190 2,627 (59) 43 Other liabilities 27 (4) 8 large large Net cash provided by/(used in) operating activities 20,145 16,492 42,159 22 (52)
Schedule of non-cash financing activities	Half Year Half Year Half Year % Mov't March Sept March Mar 21 - Mar 21 - $m Sept 20 Mar 20 Shares issued under the dividend reinvestment plan 401 — 273 — 47 Increase in lease liabilities 144 89 88 62 64

Assets and liabilities held f_2

Assets and liabilities held for sale (Tables)	6 Months Ended
	Mar. 31, 2021
Assets and liabilities held for sale
Schedule of assets and liabilities that have been presented as held for sale	Details of the assets and liabilities that have been presented as held for sale are as follows (no amounts were presented as held for sale in prior comparative periods): f As at 31 March $m Assets held for sale Cash and balances with central banks 792 Trading securities and financial assets measured at FVIS 282 Derivative financial instruments 7 Investment securities 550 Loans 1,819 Other financial assets 423 Intangible assets 243 Property and equipment 23 Deferred tax assets 25 Other assets 195 Total assets held for sale 4,359 Liabilities held for sale Deposits and other borrowings 2,088 Other financial liabilities 120 Derivative financial instruments 6 Current tax liabilities 1 Provisions 20 Other liabilities 814 Total liabilities held for sale 3,049

Financial statements preparat_3

Financial statements preparation (Details) - Computer software - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Oct. 01, 2020	Sep. 30, 2020
Financial statements preparation
Threshold amount for capitalisation for software development costs		$ 20	$ 1
Increase in operating expenses	$ 93
Decrease in net profit	$ 93

Segment reporting - Segment res

Segment reporting - Segment results (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Income Statement
Net interest income	$ 8,348	$ 7,696	$ 9,000
Net fee income	700	837	755
Net wealth management and insurance income	598	286	465
Trading income	442	435	460
Net operating income before operating expenses and impairment charges	10,686	9,579	10,604
Operating expenses	(5,997)	(6,558)	(6,181)
Impairment (charges)/benefits	372	(940)	(2,238)
Profit before income tax expense	5,061	2,081	2,185
Tax income (expense)/benefit	(1,616)	(980)	(994)
Net profit attributable to NCI	2	1	1
Net profit attributable to owners of Westpac Banking Corporation (WBC)	3,443	1,100	1,190
Balance Sheet
Loans	688,218	693,059	719,678
Deposits and other borrowings	585,401	591,131	582,920
Consumer
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	1,592	1,274	1,472
Balance Sheet
Loans	395,130	389,793	395,625
Deposits and other borrowings	223,062	219,259	208,427
Business
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	920	256	478
Balance Sheet
Loans	134,844	140,698	144,959
Deposits and other borrowings	154,455	151,939	142,175
Westpac Institutional Bank
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	230	185	147
Balance Sheet
Loans	62,408	66,192	78,595
Deposits and other borrowings	91,008	102,851	109,977
Westpac New Zealand
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	542	327	292
Balance Sheet
Loans	83,151	81,434	84,778
Deposits and other borrowings	71,019	68,473	70,725
Specialist Businesses
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	134	(567)	30
Impairment of goodwill and other intangible assets	89	538	33
Balance Sheet
Loans	12,687	14,942	16,269
Deposits and other borrowings	6,445	9,260	9,625
Group Businesses
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	25	(375)	(1,229)
Balance Sheet
Loans	(2)		(548)
Deposits and other borrowings	39,412	39,349	41,991
Operating segments
Income Statement
Net interest income	8,469	8,420	8,666
Net fee income	700	837	755
Net wealth management and insurance income	595	278	481
Trading income	453	499	429
Other income	582	251	10
Net operating income before operating expenses and impairment charges	10,799	10,285	10,341
Operating expenses	(5,981)	(6,540)	(6,160)
Impairment (charges)/benefits	372	(940)	(2,238)
Profit before income tax expense	5,190	2,805	1,943
Tax income (expense)/benefit	(1,651)	(1,189)	(949)
Net profit attributable to NCI	(2)	(1)	(1)
Cash earnings	3,537	1,615	993
Operating segments | Consumer
Income Statement
Net interest income	4,216	4,313	4,234
Net fee income	191	196	275
Trading income	39	42	48
Other income	11	9	3
Net operating income before operating expenses and impairment charges	4,457	4,560	4,560
Operating expenses	(2,270)	(2,141)	(2,035)
Impairment (charges)/benefits	80	(599)	(416)
Profit before income tax expense	2,267	1,820	2,109
Tax income (expense)/benefit	(675)	(546)	(637)
Cash earnings	1,592	1,274	1,472
Operating segments | Business
Income Statement
Net interest income	2,083	2,019	2,144
Net fee income	221	191	247
Net wealth management and insurance income	10	10	12
Trading income	40	47	50
Other income	2	1	2
Net operating income before operating expenses and impairment charges	2,356	2,268	2,455
Operating expenses	(1,170)	(1,230)	(1,068)
Impairment (charges)/benefits	129	(674)	(697)
Profit before income tax expense	1,315	364	690
Tax income (expense)/benefit	(395)	(108)	(212)
Cash earnings	920	256	478
Operating segments | Westpac Institutional Bank
Income Statement
Net interest income	464	506	605
Net fee income	278	280	264
Trading income	298	364	273
Other income	6	(18)	19
Net operating income before operating expenses and impairment charges	1,046	1,132	1,161
Operating expenses	(698)	(697)	(619)
Impairment (charges)/benefits	(8)	(111)	(293)
Profit before income tax expense	340	324	249
Tax income (expense)/benefit	(110)	(139)	(102)
Cash earnings	230	185	147
Operating segments | Westpac New Zealand
Income Statement
Net interest income	996	892	940
Net fee income	73	56	67
Net wealth management and insurance income	44	80	78
Trading income	43	9	18
Other income	7	7	4
Net operating income before operating expenses and impairment charges	1,163	1,044	1,107
Operating expenses	(500)	(482)	(516)
Impairment (charges)/benefits	92	(102)	(200)
Profit before income tax expense	755	460	391
Tax income (expense)/benefit	(210)	(129)	(110)
Cash earnings	545	331	281
Operating segments | Specialist Businesses
Income Statement
Net interest income	253	247	287
Net fee income	42	48	41
Net wealth management and insurance income	626	266	358
Trading income	15	17	40
Other income	1	3	(11)
Net operating income before operating expenses and impairment charges	937	581	715
Operating expenses	(740)	(1,128)	(420)
Impairment (charges)/benefits	80	(95)	(160)
Profit before income tax expense	277	(642)	135
Tax income (expense)/benefit	(146)	44	(41)
Net profit attributable to NCI	3	(1)	(1)
Cash earnings	134	(599)	93
Operating segments | Group Businesses
Income Statement
Net interest income	457	443	456
Net fee income	(105)	66	(139)
Net wealth management and insurance income	(85)	(78)	33
Trading income	18	20
Other income	555	249	(7)
Net operating income before operating expenses and impairment charges	840	700	343
Operating expenses	(603)	(862)	(1,502)
Impairment (charges)/benefits	(1)	641	(472)
Profit before income tax expense	236	479	(1,631)
Tax income (expense)/benefit	(115)	(311)	153
Net profit attributable to NCI	(5)
Cash earnings	116	168	(1,478)
Net cash earnings adjustment
Income Statement
Net cash earnings adjustments	(94)	(515)	197
Net cash earnings adjustment | Westpac New Zealand
Income Statement
Net cash earnings adjustments	(3)	(4)	11
Net cash earnings adjustment | Specialist Businesses
Income Statement
Net cash earnings adjustments		32	(63)
Net cash earnings adjustment | Group Businesses
Income Statement
Net cash earnings adjustments	$ (91)	$ (543)	$ 249

Segment reporting - Reconciliat

Segment reporting - Reconciliation of cash earnings to net profit (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Segment reporting
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 3,443	$ 1,100	$ 1,190
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from same period of prior year	189.00%
Operating segments
Segment reporting
Cash earnings	$ 3,537	1,615	993
Cash earnings, percentage movement from prior period	119.00%
Net cash earnings adjustment
Segment reporting
Total cash earnings adjustment (post-tax)	$ (94)	(515)	197
Total cash earnings adjustment (post-tax), percentage movement from prior period	(82.00%)
Fair value gain/(loss) on economic hedges
Segment reporting
Total cash earnings adjustment (post-tax)	$ (46)	(581)	219
Total cash earnings adjustment (post-tax), percentage movement from prior period	(92.00%)
Ineffective hedges
Segment reporting
Total cash earnings adjustment (post-tax)	$ (48)	37	24
Adjustments related to Pendal
Segment reporting
Total cash earnings adjustment (post-tax)		32	(63)
Total cash earnings adjustment (post-tax), percentage movement from prior period	(100.00%)
Total cash earnings adjustment (post-tax), percentage movement from same period of prior year	(100.00%)
Treasury shares
Segment reporting
Total cash earnings adjustment (post-tax)		$ (3)	$ 17
Total cash earnings adjustment (post-tax), percentage movement from prior period	(100.00%)
Total cash earnings adjustment (post-tax), percentage movement from same period of prior year	(100.00%)

Net interest income (Details)

Net interest income (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Interest income
Total interest income	$ 11,434	$ 12,363	$ 14,684
Interest income, percentage movement from prior period	(8.00%)
Interest income, percentage movement from same period of prior year	(22.00%)
Interest expense
Total interest expense	$ (3,086)	(4,667)	(5,684)
Interest expense, percentage movement from prior period	(34.00%)
Interest expense, percentage movement from same period of prior year	(46.00%)
Net interest income	$ 8,348	7,696	9,000
Net interest income, percentage movement from prior period	8.00%
Net interest income, percentage movement from same period of prior year	(7.00%)
Addition of interest income related to compliance, regulation and remediation costs	$ 49
Reduction in interest income related to compliance, regulation and remediation costs		38	132
Calculated using the effective interest rate method
Interest income
Cash and balances with central banks	$ 15	21	114
Cash and balances with central banks, percentage movement from prior period	(29.00%)
Cash and balances with central banks, percentage movement from same period in prior year	(87.00%)
Collateral paid	$ 10	6	69
Collateral paid, percentage movement from prior period	67.00%
Collateral paid, percentage movement from same period in prior year	(86.00%)
Investment securities	$ 626	640	881
Investment securities, percentage movement from prior period	(2.00%)
Investment securities, percentage movement from same period in prior year	(29.00%)
Loans	$ 10,693	11,512	13,336
Loans, percentage movement from prior period	(7.00%)
Loans, percentage movement from same period in prior year	(20.00%)
Other financial assets	$ 2	5	12
Other financial assets, percentage movement from prior period	(60.00%)
Other financial assets, percentage movement from same period in prior year	(83.00%)
Assets held for sale	$ 65
Total interest income	$ 11,411	12,184	14,412
Interest income, percentage movement from prior period	(6.00%)
Interest income, percentage movement from same period of prior year	(21.00%)
Interest expense
Collateral received	$ (2)	(7)	(19)
Collateral received, percentage movement from prior period	(71.00%)
Collateral received, percentage movement from same period in prior year	(89.00%)
Deposits and other borrowings	$ (1,071)	(1,792)	(2,860)
Deposits and other borrowings, percentage movement from prior period	(40.00%)
Deposits and other borrowings, percentage movement from same period in prior year	(63.00%)
Debt issues	$ (957)	(1,078)	(1,829)
Debt issues, percentage movement from prior period	(11.00%)
Debt issues, percentage movement from same period in prior year	(48.00%)
Loan capital	$ (409)	(370)	(430)
Loan capital, percentage movement from prior period	11.00%
Loan capital, percentage movement from same period in prior year	(5.00%)
Other financial liabilities	$ (29)	(11)	(87)
Other financial liabilities, percentage movement from prior period	164.00%
Other financial liabilities, percentage movement from same period in prior year	(67.00%)
Liabilities held for sale	$ (8)
Total interest expense	$ (2,476)	(3,258)	(5,225)
Interest expense, percentage movement from prior period	(24.00%)
Interest expense, percentage movement from same period of prior year	(53.00%)
Other
Interest income
Net ineffectiveness on qualifying hedges	$ (68)	52	35
Trading securities and financial assets measured at FVIS	$ 91	127	237
Trading securities and financial assets designated at fair value, percentage movement from prior period	(28.00%)
Trading securities and financial assets designated at fair value, percentage movement from same period in prior year	(62.00%)
Total interest income	$ 23	179	272
Interest income, percentage movement from prior period	(87.00%)
Interest income, percentage movement from same period of prior year	(92.00%)
Interest expense
Deposits and other borrowings	$ (36)	(107)	(295)
Deposits and other borrowings, percentage movement from prior period	(66.00%)
Deposits and other borrowings, percentage movement from same period in prior year	(88.00%)
Trading liabilities	$ (279)	(964)	177
Trading liabilities, percentage movement from prior period	(71.00%)
Debt issues	$ (29)	(39)	(68)
Debt issues, percentage movement from prior period	(26.00%)
Debt issues, percentage movement from same period in prior year	(57.00%)
Bank levy	$ (195)	(212)	(196)
Bank levy, percentage movement from prior period	(8.00%)
Bank levy, percentage movement from same period in prior year	(1.00%)
Other interest expense	$ (70)	(87)	(77)
Other interest expense, percentage movement from prior period	(20.00%)
Other interest expense, percentage movement from same period in prior year	(9.00%)
Liabilities held for sale	$ (1)
Total interest expense	$ (610)	$ (1,409)	$ (459)
Interest expense, percentage movement from prior period	(57.00%)
Interest expense, percentage movement from same period of prior year	33.00%

Non-interest income (Details)

Non-interest income (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Net fee income
Facility fees	$ 369	$ 359	$ 372
Facility fees, percentage movement from prior period	3.00%
Facility fees, percentage movement from same period in prior year	(1.00%)
Transactions fees	$ 492	439	582
Transactions fees, percentage movement from prior period	12.00%
Transactions fees, percentage movement from same period in prior year	(15.00%)
Other non-risk fee income	$ (47)	134	(86)
Other non-risk fee income percentage movement from same period in prior year	(45.00%)
Fee income	$ 814	932	868
Fee income, percentage movement from prior period	(13.00%)
Fee income, percentage movement from same period in prior year	(6.00%)
Credit card loyalty programs	$ (55)	(40)	(62)
Credit card loyalty programs, percentage movement from prior period	38.00%
Credit card loyalty programs, percentage movement from same period in prior year	(11.00%)
Transaction fee related expenses	$ (59)	(55)	(51)
Transaction fee related expenses, percentage movement from prior period	7.00%
Transaction fee related expenses, percentage movement from same period in prior year	16.00%
Fee expenses	$ (114)	(95)	(113)
Fee expenses, percentage movement from prior period	20.00%
Fee expenses, percentage movement from same period in prior year	1.00%
Net fee income	$ 700	837	755
Net fee income, percentage movement from prior period	(16.00%)
Net fee income, percentage movement from same period of prior year	(7.00%)
Net wealth management and insurance income
Wealth management income	$ 311	247	384
Wealth management income, percentage movement from prior period	26.00%
Wealth management income, percentage movement from same period in prior year	(19.00%)
Life insurance premium income	$ 529	609	688
Life insurance premium income, percentage movement from prior period	(13.00%)
Life insurance premium income, percentage movement from same period in prior year	(23.00%)
General insurance and lenders mortgage insurance (LMI) net premium earned	$ 256	252	247
General insurance and lenders mortgage insurance (LMI) net premium earned, percentage movement from prior period	2.00%
General insurance and lenders mortgage insurance (LMI) net premium earned, percentage movement from same period in prior year	4.00%
Life insurance investment and other income	$ 23	68	(4)
Life insurance investment and other income, percentage movement from prior period	(66.00%)
General insurance and LMI investment and other income	$ 37	18	24
General insurance and LMI investment and other income, percentage movement from prior period	106.00%
General insurance and LMI investment and other income percentage movement from same period in prior year	54.00%
Total insurance premium, investment and other income	$ 845	947	955
Total insurance premium, investment and other income, percentage movement from prior period	(11.00%)
Total insurance premium, investment and other income, percentage movement from same period in prior year	(12.00%)
Life insurance claims, changes in life insurance liabilities and other expenses	$ (328)	(710)	(574)
Life insurance claims, changes in life insurance liabilities and other expenses, percentage movement from prior period	(54.00%)
Life insurance claims, changes in life insurance liabilities and other expenses, percentage movement from same period in prior year	(43.00%)
General insurance and LMI claims and other expenses	$ (230)	(198)	(300)
General insurance and LMI claims and other expenses, percentage movement from prior period	16.00%
General insurance and LMI claims and other expenses, percentage movement from same period in prior year	(23.00%)
Total insurance claims, changes in insurance liabilities and other expenses	$ (558)	(908)	(874)
Total insurance claims, changes in insurance liabilities and other expenses, percentage movement from prior period	(39.00%)
Total insurance claims, changes in insurance liabilities and other expenses, percentage movement from same period in prior year	(36.00%)
Net wealth management and insurance income	$ 598	286	465
Net wealth management and insurance income, percentage movement from prior period	109.00%
Net wealth management and insurance income, percentage movement from same period of prior year	29.00%
Trading income	$ 442	435	460
Trading income, percentage movement from prior period	2.00%
Trading income, percentage movement from same period in prior year	(4.00%)
Other income
Dividends received from other entities	$ 2		1
Dividends received from other entities, percentage movement from same period in prior year	100.00%
Net gain/(loss) on sale/derecognition of associates	$ 7	316
Net gain/(loss) on sale/derecognition of associates, percentage movement from prior period	(98.00%)
Net gain/(loss) on disposal of assets	$ 10	9	2
Net gain/(loss) on disposal of assets, percentage movement from prior period	11.00%
Net gain/(loss) on hedging of overseas operations	$ (6)
Net gain/(loss) on derivatives held for risk management purposes	$ 4	27	(23)
Net gain/(loss) on derivatives held for risk management purposes, percentage movement from prior period	(85.00%)
Net gain/(loss) on financial instruments measured at fair value	$ 580	14	(92)
Rental income on operating leases	$ 22	25	29
Rental income on operating leases, percentage movement from prior period	(12.00%)
Rental income on operating leases, percentage movement from same period in prior year	(24.00%)
Share of associates' net profit/(loss)	$ (3)	(9)	(14)
Share of associates' net profit/(loss), percentage movement from prior period	(67.00%)
Share of associates' net profit/(loss), percentage movement from same period in prior year	(79.00%)
Other	$ (18)	(57)	21
Other, percentage movement from prior period	(68.00%)
Total other income	$ 598	325	(76)
Total other income, percentage movement from prior period	84.00%
Total non-interest income	$ 2,338	1,883	1,604
Total non-interest income, percentage movement from prior period	24.00%
Total non-interest income, percentage movement from same period in prior year	46.00%
Compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, wealth management income and other income	$ (231)	$ (96)	$ (129)

Operating expenses (Details)

Operating expenses (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Staff expenses
Employee remuneration, entitlements and on-costs	$ 2,472	$ 2,273	$ 2,155
Employee remuneration, entitlements and on-costs, percentage movement from prior period	9.00%
Employee remuneration, entitlements and on-costs, percentage movement from same period in prior year	15.00%
Superannuation expense	$ 231	206	207
Superannuation expense, percentage movement from prior period	12.00%
Superannuation expense, percentage movement from same period in prior year	12.00%
Share-based payments	$ 46	33	47
Share-based payments, percentage movement from prior period	39.00%
Share-based payments, percentage movement from same period in prior year	(2.00%)
Restructuring costs	$ 22	59	35
Restructuring costs, percentage movement from prior period	(63.00%)
Restructuring costs, percentage movement from same period in prior year	(37.00%)
Total staff expenses	$ 2,771	2,571	2,444
Total staff expenses, percentage movement from prior period	8.00%
Total staff expenses, percentage movement from same period in prior year	13.00%
Occupancy expenses
Operating lease rentals	$ 73	84	64
Operating lease rentals, percentage movement from prior period	(13.00%)
Operating lease rentals, percentage movement from same period in prior year	14.00%
Depreciation of property and equipment	$ 429	320	388
Depreciation of property and equipment, percentage movement from prior period	34.00%
Depreciation of property and equipment, percentage movement from same period in prior year	11.00%
Other	$ 57	98	62
Other, percentage movement from prior period	(42.00%)
Other, percentage movement from same period in prior year	(8.00%)
Total occupancy expenses	$ 559	502	514
Total occupancy expenses, percentage movement from prior period	11.00%
Total occupancy expenses, percentage movement from same period in prior year	9.00%
Technology expenses
Amortisation and impairment of software assets	$ 517	502	468
Amortisation and impairment of software assets, percentage movement from prior period	3.00%
Amortisation and impairment of software assets, percentage movement from same period in prior year	10.00%
Depreciation and impairment of IT equipment	$ 118	147	125
Depreciation and impairment of IT equipment, percentage movement from prior period	(20.00%)
Depreciation and impairment of IT equipment, percentage movement from same period in prior year	(6.00%)
Technology services	$ 398	350	348
Technology services, percentage movement from prior period	14.00%
Technology services, percentage movement from same period in prior year	14.00%
Software maintenance and licences	$ 234	205	193
Software maintenance and licences, percentage movement from prior period	14.00%
Software maintenance and licences, percentage movement from same period in prior year	21.00%
Telecommunications	$ 93	117	99
Telecommunications, percentage movement from prior period	(21.00%)
Telecommunications, percentage movement from same period in prior year	(6.00%)
Data processing	$ 45	45	44
Data processing, percentage movement from same period in prior year	2.00%
Total technology expenses	$ 1,405	1,366	1,277
Total technology expenses, percentage movement from prior period	3.00%
Total technology expenses, percentage movement from same period in prior year	10.00%
Other expenses
Professional and processing services	$ 728	774	600
Professional and processing services, percentage movement from prior period	(6.00%)
Professional and processing services, percentage movement from same period in prior year	21.00%
Amortisation and impairment of intangible assets and deferred expenditure	$ 90	520	3
Amortisation and impairment of intangible assets and deferred expenditure, percentage movement from prior period	(83.00%)
Postage and stationery	$ 74	81	83
Postage and stationery, percentage movement from prior period	(9.00%)
Postage and stationery, percentage movement from same period in prior year	(11.00%)
Advertising	$ 116	95	122
Advertising, percentage movement from prior period	22.00%
Advertising, percentage movement from same period in prior year	(5.00%)
Non-lending losses	$ 78	474	969
Non-lending losses, percentage movement from prior period	(84.00%)
Non-lending losses, percentage movement from same period in prior year	(92.00%)
Other expenses	$ 176	175	169
Other expenses, percentage movement from prior period	1.00%
Other expenses, percentage movement from same period in prior year	4.00%
Total other expenses	$ 1,262	2,119	1,946
Total other expenses, percentage movement from prior period	(40.00%)
Total other expenses, percentage movement from same period in prior year	(35.00%)
Total operating expenses	$ 5,997	6,558	6,181
Total operating expenses, percentage movement from prior period	(9.00%)
Total operating expenses, percentage movement from same period of prior year	(3.00%)
Estimated costs associated with AUSTRAC proceedings	$ 0	420	1,058
Provision for a potential penalty	0	400	900
Compliance, regulation and remediation costs	198	173	144
Capitalised software assets
Other expenses
Impairment	$ 133	$ 96	$ 75

Income tax (Details)

Income tax (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Income tax expense reconciled to profit before income tax
Profit before income tax	$ 5,061	$ 2,081	$ 2,185
Profit before taxes, percentage movement from prior period	143.00%
Profit before taxes, percentage movement from same period in prior year	132.00%
Tax at the Australian company tax rate of 30%	$ 1,518	624	656
Australian company tax rate (as a percent)	30.00%
Tax at the Australian company tax rate of 30%, percentage movement from prior period	143.00%
Tax at the Australian company tax rate of 30%, percentage movement from same period in prior year	131.00%
The effect of amounts which are not deductible/(assessable) in calculating taxable income:
Hybrid capital distributions	$ 28	26	30
Hybrid capital distributions, percentage movement from prior period	8.00%
Hybrid capital distributions, percentage movement from same period in prior year	(7.00%)
Life insurance: Tax adjustment on policyholder earnings	$ 2	7	(24)
Life insurance: Tax adjustment on policyholder earnings, percentage movement from prior period	(71.00%)
Life insurance: Adjustment for life business tax rates			1
Life insurance: Adjustment for life business tax rates, percentage movement from same period in prior year	(100.00%)
Other non-assessable items	$ (2)	(2)	(1)
Other non-assessable items, percentage movement from same period in prior year	100.00%
Other non-deductible items	$ 76	290	295
Other non-deductible items, percentage movement from prior period	(74.00%)
Other non-deductible items, percentage movement from same period in prior year	(74.00%)
Adjustment for overseas tax rates	$ (10)	6	10
Income tax (over)/under provided in prior years	$ 2	1
Income tax (over)/under provided in prior years, percentage movement from prior period	100.00%
Other items	$ 2	28	27
Other items, percentage movement from prior period	(93.00%)
Other items, percentage movement from same period in prior year	(93.00%)
Total income tax expense	$ 1,616	$ 980	$ 994
Total income tax expense, percentage movement from prior period	65.00%
Total income tax expense, percentage movement from same period of prior year	63.00%
Effective income tax rate (as a percent)	31.93%	47.09%	45.49%

Earnings per share (Details)

Earnings per share (Details) - AUD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Earnings per share
Net profit attributable to shareholders	$ 3,443	$ 1,100	$ 1,190
Adjustment for RSP dividends - Basic	(1)		(2)
Adjustment for RSP dividends - Diluted			(2)
Adjustment for potential dilution: Distributions to convertible loan capital holders	109	75
Adjusted net profit attributable to shareholders - Basic	3,442	1,100	1,188
Adjusted net profit attributable to shareholders - Diluted	$ 3,552	$ 1,175	$ 1,188
Weighted average number of ordinary shares on issue	3,644	3,612	3,579
Treasury shares (including RSP share rights)	(3)	(6)	(5)
Adjustment for potential dilution: Share-based payments	3	3	1
Adjustment for potential dilution: Convertible loan capital	468	325
Adjusted weighted average number of ordinary shares - Basic	3,641	3,606	3,574
Adjusted weighted average number of ordinary shares - Diluted	4,112	3,934	3,575
Earnings per ordinary share (cents) - Basic	$ 0.945	$ 0.305	$ 0.332
Earnings per ordinary share (cents) - Diluted	$ 0.864	$ 0.299	$ 0.332

Average balance sheet and int_3

Average balance sheet and interest rates - Assets (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Interest earning assets and interest income
Average balance	$ 812,950	$ 830,465	$ 812,971
Interest	$ 11,434	$ 12,363	$ 14,684
Average rate %	2.80%	3.00%	3.60%
Non-interest earning assets
Average balance	$ 88,481	$ 97,331	$ 99,393
Total assets
Average balance	901,431	927,796	912,364
Collateral paid
Interest earning assets and interest income
Average balance	14,708	18,338	13,126
Interest	$ 10	$ 6	$ 69
Average rate %	0.10%	0.10%	1.10%
Trading securities and financial assets measured at FVIS
Interest earning assets and interest income
Average balance	$ 27,172	$ 32,021	$ 27,237
Interest	$ 91	$ 125	$ 234
Average rate %	0.70%	0.80%	1.70%
Investment securities
Interest earning assets and interest income
Average balance	$ 87,628	$ 84,010	$ 72,352
Interest	$ 626	$ 640	$ 881
Average rate %	1.40%	1.50%	2.40%
Loans and other receivables
Interest earning assets and interest income
Average balance	$ 680,286	$ 696,096	$ 700,256
Interest	$ 10,642	$ 11,592	$ 13,500
Average rate %	3.10%	3.30%	3.90%
Loans and other receivables | Australia
Interest earning assets and interest income
Average balance	$ 576,394	$ 583,758	$ 587,528
Interest	$ 9,163	$ 9,914	$ 11,401
Average rate %	3.20%	3.40%	3.90%
Loans and other receivables | New Zealand
Interest earning assets and interest income
Average balance	$ 89,570	$ 86,527	$ 83,841
Interest	$ 1,411	$ 1,499	$ 1,738
Average rate %	3.20%	3.50%	4.10%
Loans and other receivables | Other overseas
Interest earning assets and interest income
Average balance	$ 14,322	$ 25,811	$ 28,887
Interest	$ 68	$ 179	$ 361
Average rate %	1.00%	1.40%	2.50%
Derivative financial instruments
Non-interest earning assets
Average balance	$ 21,879	$ 32,051	$ 30,617
Life insurance assets
Non-interest earning assets
Average balance	3,575	2,397	6,831
Assets held for sale
Interest earning assets and interest income
Average balance	3,156
Interest	$ 65
Average rate %	4.10%
Non-interest earning assets
Average balance	$ 1,267
All other assets
Non-interest earning assets
Average balance	$ 61,760	$ 62,883	$ 61,945

Average balance sheet and int_4

Average balance sheet and interest rates - Liabilities and Equity (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Interest bearing liabilities
Average balance	$ 729,287	$ 748,714	$ 742,568
Interest	$ 3,086	$ 4,667	$ 5,684
Average rate %	0.80%	1.20%	1.50%
Non-interest bearing liabilities
Average balance	$ 102,510	$ 110,628	$ 102,118
Total liabilities
Average balance	831,797	859,342	844,686
Shareholders' equity
Average balance	69,583	68,403	67,625
NCI
Average balance	51	51	53
Total equity
Average balance	69,634	68,454	67,678
Total liabilities and equity
Average balance	901,431	927,796	912,364
Collateral received
Interest bearing liabilities
Average balance	6,483	8,583	6,579
Interest	$ 2	$ 7	$ 19
Average rate %	0.10%	0.20%	0.60%
Deposits and other borrowings
Interest bearing liabilities
Average balance	$ 524,723	$ 524,744	$ 512,522
Interest	$ 1,107	$ 1,899	$ 3,155
Average rate %	0.40%	0.70%	1.20%
Non-interest bearing liabilities
Average balance	$ 60,473	$ 56,961	$ 52,823
Deposits and other borrowings | Australia
Interest bearing liabilities
Average balance	452,206	445,733	426,021
Interest	$ 842	$ 1,412	$ 2,333
Average rate %	0.40%	0.60%	1.10%
Deposits and other borrowings | New Zealand
Interest bearing liabilities
Average balance	$ 59,648	$ 57,728	$ 56,464
Interest	$ 236	$ 366	$ 516
Average rate %	0.80%	1.30%	1.80%
Deposits and other borrowings | Other overseas
Interest bearing liabilities
Average balance	$ 12,869	$ 21,283	$ 30,037
Interest	$ 29	$ 121	$ 306
Average rate %	0.50%	1.10%	2.00%
Loan capital
Interest bearing liabilities
Average balance	$ 25,540	$ 23,240	$ 22,182
Interest	$ 409	$ 370	$ 430
Average rate %	3.20%	3.20%	3.90%
Other interest bearing liabilities
Interest bearing liabilities
Average balance	$ 171,209	$ 192,147	$ 201,285
Interest	$ 1,559	$ 2,391	$ 2,080
Average rate %	1.80%	2.50%	2.10%
Derivative financial instruments
Non-interest bearing liabilities
Average balance	$ 24,101	$ 36,219	$ 30,279
Life insurance liabilities
Non-interest bearing liabilities
Average balance	1,295	387	5,611
Liabilities held for sale
Interest bearing liabilities
Average balance	1,332
Interest	$ 9
Average rate %	1.40%
Non-interest bearing liabilities
Average balance	$ 1,610
All other liabilities
Non-interest bearing liabilities
Average balance	$ 15,031	$ 17,061	$ 13,405

Loans (Details)

Loans (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 688,218	$ 693,059	$ 719,678
Loans, percentage movement from prior period	(1.00%)
Loans, percentage movement from same period of prior year	(4.00%)
Securitised loans	$ 6,144	7,367	9,029
Assets pledged for covered bond programs	33,841	37,222	39,348
Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 693,131	698,661	724,868
Loans, percentage movement from prior period	(1.00%)
Loans, percentage movement from same period of prior year	(4.00%)
Provision | Provision for ECL on loans
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ (4,913)	(5,602)	(5,190)
Loans, percentage movement from prior period	(12.00%)
Loans, percentage movement from same period of prior year	(5.00%)
Australia | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 602,980	605,598	620,839
Loans, percentage movement from same period of prior year	(3.00%)
Australia | Housing | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 443,557	440,933	445,663
Loans, percentage movement from prior period	1.00%
Australia | Personal | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 16,458	17,081	19,854
Loans, percentage movement from prior period	(4.00%)
Loans, percentage movement from same period of prior year	(17.00%)
Australia | Business | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 142,965	147,584	155,322
Loans, percentage movement from prior period	(3.00%)
Loans, percentage movement from same period of prior year	(8.00%)
New Zealand | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 83,942	82,350	85,668
Loans, percentage movement from prior period	2.00%
Loans, percentage movement from same period of prior year	(2.00%)
New Zealand | Housing | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 53,530	51,126	52,037
Loans, percentage movement from prior period	5.00%
Loans, percentage movement from same period of prior year	3.00%
New Zealand | Personal | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 1,293	1,360	1,610
Loans, percentage movement from prior period	(5.00%)
Loans, percentage movement from same period of prior year	(20.00%)
New Zealand | Business | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 29,119	29,864	32,021
Loans, percentage movement from prior period	(2.00%)
Loans, percentage movement from same period of prior year	(9.00%)
Other overseas | Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 6,209	$ 10,713	$ 18,361
Loans, percentage movement from prior period	(42.00%)
Loans, percentage movement from same period of prior year	(66.00%)

Provisions for expected credi_3

Provisions for expected credit losses - Provision for ECL on loans and credit commitments by stage (Details) - Loans and credit commitments - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019
Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 5,482	$ 6,132	$ 5,766	$ 3,913
Provisions for expected credit losses, percentage movement from prior period	(11.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(5.00%)
Provisions for ECL on loans and credit commitments | Individually assessed
Loans and credit commitments
Provisions for expected credit losses	$ 564	611	606
Provisions for expected credit losses, percentage movement from prior period	(8.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(7.00%)
Provisions for ECL on loans and credit commitments | Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	$ 4,918	5,521	5,160
Provisions for expected credit losses, percentage movement from prior period	(11.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(5.00%)
Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 4,913	5,602	5,190
Provisions for expected credit losses, percentage movement from prior period	(12.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(5.00%)
Provision for ECL on loans included in assets held for sale
Loans and credit commitments
Provisions for expected credit losses	$ 85
Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 477	530	576
Provisions for expected credit losses, percentage movement from prior period	(10.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(17.00%)
Provision for ECL on credit commitments included in liabilities held for sale
Loans and credit commitments
Provisions for expected credit losses	$ 7
Performing - Stage 1 | Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,022	1,084	1,181	884
Provisions for expected credit losses, percentage movement from prior period	(6.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(13.00%)
Performing - Stage 2 | Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 2,568	2,875	2,878	1,674
Provisions for expected credit losses, percentage movement from prior period	(11.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(11.00%)
Non-performing - Stage 3 | Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,892	$ 2,173	$ 1,707	$ 1,355
Provisions for expected credit losses, percentage movement from prior period	(13.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	11.00%

Provisions for expected credi_4

Provisions for expected credit losses - Movement in provision for ECL on loans and credit commitments (Details) - Loans and credit commitments - Provisions for ECL on loans and credit commitments - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Provisions for expected credit losses
Balance at the beginning of the period	$ 6,132	$ 5,766	$ 3,913
Business activity during the period	(226)	11	184
Net remeasurement of provision for ECL	(9)	1,016	2,140
Write-offs	(431)	(633)	(537)
Exchange rate and other adjustments	16	(28)	66
Balance at the end of the period	5,482	6,132	5,766
Collectively assessed
Provisions for expected credit losses
Balance at the beginning of the period	5,521	5,160
Balance at the end of the period	4,918	5,521	5,160
Individually assessed
Provisions for expected credit losses
Balance at the beginning of the period	611	606
Balance at the end of the period	564	611	606
Performing - Stage 1
Provisions for expected credit losses
Balance at the beginning of the period	1,084	1,181	884
Transfers to Stage 1	695	978	600
Transfers to Stage 2	(112)	(214)	(131)
Transfers to Stage 3	(3)	(5)	(2)
Business activity during the period	52	92	120
Net remeasurement of provision for ECL	(689)	(936)	(297)
Exchange rate and other adjustments	(5)	(12)	7
Balance at the end of the period	1,022	1,084	1,181
Performing - Stage 2
Provisions for expected credit losses
Balance at the beginning of the period	2,875	2,878	1,674
Transfers to Stage 1	(662)	(945)	(583)
Transfers to Stage 2	719	695	466
Transfers to Stage 3	(244)	(621)	(334)
Business activity during the period	(107)	(54)	114
Net remeasurement of provision for ECL	(8)	948	1,526
Exchange rate and other adjustments	(5)	(26)	15
Balance at the end of the period	2,568	2,875	2,878
Non-performing - Stage 3
Provisions for expected credit losses
Balance at the beginning of the period	2,173	1,707	1,355
Transfers to Stage 1	(33)	(33)	(17)
Transfers to Stage 2	(607)	(481)	(335)
Transfers to Stage 3	247	626	336
Business activity during the period	(171)	(27)	(50)
Net remeasurement of provision for ECL	688	1,004	911
Write-offs	(431)	(633)	(537)
Exchange rate and other adjustments	26	10	44
Balance at the end of the period	$ 1,892	$ 2,173	$ 1,707

Provisions for expected credi_5

Provisions for expected credit losses - Provision for ECL by class and stage (Details) - Loans and credit commitments - AUD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Provisions for expected credit losses
Provisions for ECL	$ 5,482	$ 6,132	$ 5,766
Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL	1,022	1,084	1,181
Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL	2,568	2,875	2,878
Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL	1,892	2,173	1,707
Housing
Provisions for expected credit losses
Provisions for ECL	1,714	1,916	1,322
Housing | Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL	180	192	195
Housing | Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL	704	747	544
Housing | Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL	830	977	583
Personal
Provisions for expected credit losses
Provisions for ECL	723	856	1,148
Personal | Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL	184	216	267
Personal | Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL	331	408	562
Personal | Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL	208	232	319
Business
Provisions for expected credit losses
Provisions for ECL	3,045	3,360	3,296
Business | Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL	658	676	719
Business | Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL	1,533	1,720	1,772
Business | Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL	$ 854	$ 964	$ 805

Provisions for expected credi_6

Provisions for expected credit losses - Impact of overlays on the provision for ECL (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Provisions for expected credit losses
Modelled provision for ECL	$ 4,580	$ 5,480	$ 5,147
Overlays	902	652	619
Total provision for ECL	$ 5,482	$ 6,132	$ 5,766

Provisions for expected credi_7

Provisions for expected credit losses - Forecast assumptions (Details)	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
June 2020
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)			(8.20%)
July 2020 to December 2020
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)			(5.00%)
Calendar Year 2020 | Minimum
Provisions for expected credit losses
Residential property prices, percentage of forecast growth (contraction)			(10.00%)
Calendar Year 2020 | Maximum
Provisions for expected credit losses
Residential property prices, percentage of forecast growth (contraction)			(15.00%)
Calendar Years 2021 and 2022
Provisions for expected credit losses
Residential property prices, percentage of forecast growth (contraction)	10.00%
Cash rate, percentage forecast	0.10%		0.25%
February 2021
Provisions for expected credit losses
Unemployment rate, percentage forecast		7.90%
December 2021
Provisions for expected credit losses
Unemployment rate, percentage forecast	6.00%	7.50%
Calendar Year 2021
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)	4.00%	(2.50%)	4.00%
Commercial property index, percentage of forecast growth (contraction)	(15.00%)	(19.30%)
Residential property prices, percentage of forecast growth (contraction)		(0.40%)	5.00%
Cash rate, percentage forecast		0.10%
Calendar Year 2022
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)	3.00%		2.70%
Australia | Short term forecast
Provisions for expected credit losses
Unemployment rate, percentage forecast			11.00%
Australia | Calendar Year 2020
Provisions for expected credit losses
Unemployment rate, percentage forecast			8.80%
New Zealand | Short term forecast
Provisions for expected credit losses
Unemployment rate, percentage forecast			9.00%
New Zealand | December 2020
Provisions for expected credit losses
Unemployment rate, percentage forecast		7.00%
New Zealand | Calendar Year 2020
Provisions for expected credit losses
Unemployment rate, percentage forecast			7.00%
New Zealand | December 2021
Provisions for expected credit losses
Unemployment rate, percentage forecast	4.90%	6.40%

Provisions for expected credi_8

Provisions for expected credit losses - Sensitivity (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Provisions for expected credit losses
Percentage of gross exposure from loans and credit commitments stage 1 reflected in stage 2	1.00%
Staging sensitivity, increase in provision for ECL	$ 244	$ 296
Upside scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	5.00%	5.00%	5.00%
Base case scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	55.00%	55.00%	55.00%
Downside scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	40.00%	40.00%	40.00%
Provision for ECL | Reported probability-weighted ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	$ 5,482	$ 6,132	$ 5,766
Provision for ECL | 100% base case ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	3,902	4,750	4,476
Provision for ECL | 100% downside ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	$ 7,865	$ 8,315	$ 7,902

Provisions for expected credi_9

Provisions for expected credit losses - Overlays (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Provisions for expected credit losses
Overlays	$ 902	$ 652	$ 619
COVID-19 overlay
Provisions for expected credit losses
Overlays	$ 827	577	505
COVID-19 overlay | Minimum
Provisions for expected credit losses
Relief package, repayment deferral period	6 months
COVID-19 overlay | Maximum
Provisions for expected credit losses
Relief package, repayment deferral period	10 months
Drought overlay
Provisions for expected credit losses
Overlays	$ 75	$ 75	$ 94

Provisions for expected cred_10

Provisions for expected credit losses - Debt securities (Details) - Provision for ECL - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Debt Securities
Provisions for expected credit losses
Balance at the beginning of the period	$ 31	$ 25	$ 11
Stage 1 - change in the provision during the year	2	(18)	11
Stage 2 - change in the provision during the year	(7)	24	3
Balance at the end of the period	26	31	25
Debt Securities | FVOCI
Provisions for expected credit losses
Balance at the beginning of the period	4	3	2
Stage 1 - change in the provision during the year	1	1	1
Balance at the end of the period	5	4	3
Debt Securities | Amortised cost
Provisions for expected credit losses
Balance at the beginning of the period	27	22	9
Stage 1 - change in the provision during the year	1	(19)	10
Stage 2 - change in the provision during the year	(7)	24	3
Balances reclassified to assets held for sale	(21)
Balance at the end of the period	0	27	$ 22
Assets held for sale
Provisions for expected credit losses
Balance at the beginning of the period	0
Balances reclassified to assets held for sale	21
Balance at the end of the period	21	$ 0
Assets held for sale | Performing - Stage 1
Provisions for expected credit losses
Balances reclassified to assets held for sale	1
Assets held for sale | Performing - Stage 2
Provisions for expected credit losses
Balances reclassified to assets held for sale	$ 20

Provisions for expected cred_11

Provisions for expected credit losses - Reconciliation of impairment charges (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Reconciliation of impairment charges
Recoveries	$ (132)	$ (93)	$ (100)
Impairment charges/(benefits)	(372)	940	2,238
Loans and credit commitments
Reconciliation of impairment charges
Business activity during the period	(226)	11	184
Net remeasurement of the provision for ECL	(9)	1,016	2,140
Debt Securities | Amortised cost
Reconciliation of impairment charges
Impairment charges	(6)	5	13
Debt Securities | FVOCI
Reconciliation of impairment charges
Impairment charges	$ 1	$ 1	$ 1

Credit Quality (Details)

Credit Quality (Details) - Credit risk - AUD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Credit quality
Loans and credit commitments	$ 7,288	$ 9,138	$ 5,856
Impaired exposures
Credit quality
Loans and credit commitments	1,097	1,627	1,075
90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	6,191	7,511	4,781
Gross amount
Credit quality
Loans and credit commitments	9,180	11,311	7,563
Gross amount | Assets held for sale
Credit quality
Loans and credit commitments	95	0	0
Gross amount | Undrawn credit commitments
Credit quality
Loans and credit commitments	0	0	0
Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	2,071	2,779	2,154
Gross amount | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	7,109	8,532	5,409
Provision
Credit quality
Loans and credit commitments	(1,892)	(2,173)	(1,707)
Provision | Liabilities held for sale
Credit quality
Loans and credit commitments	0	0	0
Provision | Assets held for sale
Credit quality
Loans and credit commitments	22	0	0
Provision | Impaired exposures
Credit quality
Loans and credit commitments	(974)	(1,152)	(1,079)
Provision | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	(918)	(1,021)	(628)
Australia | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	5,744	7,035	4,390
Australia | Gross amount | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	6,601	7,976	4,965
Australia | Provision | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	(857)	(941)	(575)
Australia | Housing and business loans | Impaired exposures
Credit quality
Loans and credit commitments	766	1,155	737
Australia | Housing and business loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	1,332	1,845	1,267
Australia | Housing and business loans | Provision | Impaired exposures
Credit quality
Loans and credit commitments	(566)	(690)	(530)
Australia | Personal loans greater than 90 days past due | Impaired exposures
Credit quality
Loans and credit commitments	140	164	117
Australia | Personal loans greater than 90 days past due | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	327	370	402
Australia | Personal loans greater than 90 days past due | Provision | Impaired exposures
Credit quality
Loans and credit commitments	(187)	(206)	(285)
Australia | Restructured loans | Impaired exposures
Credit quality
Loans and credit commitments	9	12	11
Australia | Restructured loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	12	16	14
Australia | Restructured loans | Provision | Impaired exposures
Credit quality
Loans and credit commitments	(3)	(4)	(3)
New Zealand | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	415	431	344
New Zealand | Gross amount | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	471	503	389
New Zealand | Provision | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	(56)	(72)	(45)
New Zealand | Housing and business loans | Impaired exposures
Credit quality
Loans and credit commitments	61	87	102
New Zealand | Housing and business loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	123	157	175
New Zealand | Housing and business loans | Provision | Impaired exposures
Credit quality
Loans and credit commitments	(62)	(70)	(73)
New Zealand | Personal loans greater than 90 days past due | Impaired exposures
Credit quality
Loans and credit commitments	10	10	7
New Zealand | Personal loans greater than 90 days past due | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	33	36	33
New Zealand | Personal loans greater than 90 days past due | Provision | Impaired exposures
Credit quality
Loans and credit commitments	(23)	(26)	(26)
New Zealand | Restructured loans | Impaired exposures
Credit quality
Loans and credit commitments	3
New Zealand | Restructured loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	3
Other overseas | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	32	45	47
Other overseas | Gross amount | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	37	53	55
Other overseas | Provision | 90 days past due or otherwise in default, not impaired
Credit quality
Loans and credit commitments	(5)	(8)	(8)
Other overseas | Housing and business loans | Impaired exposures
Credit quality
Loans and credit commitments	108	199	98
Other overseas | Housing and business loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments	241	355	259
Other overseas | Housing and business loans | Provision | Impaired exposures
Credit quality
Loans and credit commitments	$ (133)	$ (156)	(161)
Other overseas | Personal loans greater than 90 days past due | Impaired exposures
Credit quality
Loans and credit commitments			1
Other overseas | Personal loans greater than 90 days past due | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments			1
Other overseas | Restructured loans | Impaired exposures
Credit quality
Loans and credit commitments			2
Other overseas | Restructured loans | Gross amount | Impaired exposures
Credit quality
Loans and credit commitments			3
Other overseas | Restructured loans | Provision | Impaired exposures
Credit quality
Loans and credit commitments			$ (1)

Deposits and other borrowings_2

Deposits and other borrowings (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Deposits and other borrowings
Deposits and other borrowings	$ 585,401	$ 591,131	$ 582,920
Deposits and other borrowings., percentage change from prior period	(1.00%)
Australia
Deposits and other borrowings
Deposits and other borrowings	$ 501,428	504,531	481,590
Deposits and other borrowings., percentage change from prior period	(1.00%)
Deposits and other borrowings, percentage movement from same period of prior year	4.00%
Australia | Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 26,273	25,647	21,029
Deposits and other borrowings., percentage change from prior period	2.00%
Deposits and other borrowings, percentage movement from same period of prior year	25.00%
Australia | Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	$ 49,467	48,303	44,557
Deposits and other borrowings., percentage change from prior period	2.00%
Deposits and other borrowings, percentage movement from same period of prior year	11.00%
Australia | Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 315,218	304,761	274,071
Deposits and other borrowings., percentage change from prior period	3.00%
Deposits and other borrowings, percentage movement from same period of prior year	15.00%
Australia | Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 110,470	125,820	141,933
Deposits and other borrowings., percentage change from prior period	(12.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(22.00%)
New Zealand
Deposits and other borrowings
Deposits and other borrowings	$ 71,019	68,473	70,725
Deposits and other borrowings., percentage change from prior period	4.00%
New Zealand | Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 3,020	2,773	3,452
Deposits and other borrowings., percentage change from prior period	9.00%
Deposits and other borrowings, percentage movement from same period of prior year	(13.00%)
New Zealand | Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	$ 12,588	10,711	9,526
Deposits and other borrowings., percentage change from prior period	18.00%
Deposits and other borrowings, percentage movement from same period of prior year	32.00%
New Zealand | Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 29,022	26,300	25,822
Deposits and other borrowings., percentage change from prior period	10.00%
Deposits and other borrowings, percentage movement from same period of prior year	12.00%
New Zealand | Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 26,389	28,689	31,925
Deposits and other borrowings., percentage change from prior period	(8.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(17.00%)
Other overseas
Deposits and other borrowings
Deposits and other borrowings	$ 12,954	18,127	30,605
Deposits and other borrowings., percentage change from prior period	(29.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(58.00%)
Other overseas | Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 7,859	7,258	14,638
Deposits and other borrowings., percentage change from prior period	8.00%
Deposits and other borrowings, percentage movement from same period of prior year	(46.00%)
Other overseas | Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings		868	1,007
Deposits and other borrowings., percentage change from prior period	(100.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(100.00%)
Other overseas | Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 753	1,864	1,834
Deposits and other borrowings., percentage change from prior period	(60.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(59.00%)
Other overseas | Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 4,342	$ 8,137	$ 13,126
Deposits and other borrowings., percentage change from prior period	(47.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(67.00%)

Fair values of financial asse_3

Fair values of financial assets and financial liabilities - Hierarchy (Details) - AUD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	$ 138,448
Quoted market prices (Level 1)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	23,516
Valuation techniques (Market observable) (Level 2)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	113,549
Valuation techniques (Non-market observable) (Level 3)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,383
Recurring
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	138,072	$ 158,743	$ 170,461
Financial liabilities measured at fair value	68,087	70,196	104,282
Recurring | Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	37,212	35,764	38,794
Recurring | Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	3,857	4,649	10,500
Recurring | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	20,303	23,054	48,089
Recurring | Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,639	5,333	6,295
Recurring | Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	1,070	1,396	604
Recurring | Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6
Recurring | Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	20,928	40,667	26,280
Recurring | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	22,373	23,367	56,661
Recurring | Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	90,938	90,555	84,678
Recurring | Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	128	561	268
Recurring | Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	3,416	3,593	2,574
Recurring | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	289
Recurring | Quoted market prices (Level 1)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	23,516	26,718	21,189
Financial liabilities measured at fair value	256	430	275
Recurring | Quoted market prices (Level 1) | Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	225	420	261
Recurring | Quoted market prices (Level 1) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	31	10	14
Recurring | Quoted market prices (Level 1) | Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	5,579	8,059	5,252
Recurring | Quoted market prices (Level 1) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	26	10	17
Recurring | Quoted market prices (Level 1) | Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	17,792	18,032	15,320
Recurring | Quoted market prices (Level 1) | Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	119	617	600
Recurring | Valuation techniques (Market observable) (Level 2)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	113,549	131,626	148,854
Financial liabilities measured at fair value	67,806	69,753	103,963
Recurring | Valuation techniques (Market observable) (Level 2) | Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	37,212	35,764	38,794
Recurring | Valuation techniques (Market observable) (Level 2) | Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	3,632	4,229	10,239
Recurring | Valuation techniques (Market observable) (Level 2) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	20,253	23,031	48,031
Recurring | Valuation techniques (Market observable) (Level 2) | Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,639	5,333	6,295
Recurring | Valuation techniques (Market observable) (Level 2) | Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	1,070	1,396	604
Recurring | Valuation techniques (Market observable) (Level 2) | Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	14,749	32,387	20,808
Recurring | Valuation techniques (Market observable) (Level 2) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	22,335	23,353	56,620
Recurring | Valuation techniques (Market observable) (Level 2) | Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	72,778	72,370	69,206
Recurring | Valuation techniques (Market observable) (Level 2) | Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	108	540	246
Recurring | Valuation techniques (Market observable) (Level 2) | Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	3,297	2,976	1,974
Recurring | Valuation techniques (Market observable) (Level 2) | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	282
Recurring | Valuation techniques (Non-market observable) (Level 3)
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,007	399	418
Financial liabilities measured at fair value	25	13	44
Recurring | Valuation techniques (Non-market observable) (Level 3) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	19	13	44
Recurring | Valuation techniques (Non-market observable) (Level 3) | Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6
Recurring | Valuation techniques (Non-market observable) (Level 3) | Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	600	221	220
Recurring | Valuation techniques (Non-market observable) (Level 3) | Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	12	4	24
Recurring | Valuation techniques (Non-market observable) (Level 3) | Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	368	153	152
Recurring | Valuation techniques (Non-market observable) (Level 3) | Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	20	$ 21	$ 22
Recurring | Valuation techniques (Non-market observable) (Level 3) | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	7
Non-recurring | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	376
Non-recurring | Valuation techniques (Non-market observable) (Level 3) | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	$ 376

Fair values of financial asse_4

Fair values of financial assets and financial liabilities - Reconciliation of non-market observables (Details) - AUD ($) $ in Millions	Apr. 14, 2021	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Derivative financial instruments		$ 22,373	$ 23,367	$ 56,661
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Derivative financial liabilities		20,303	23,054	48,089
Day one profit or loss
Closing balance of unrecognised day one profit (loss)		3	$ 4	$ 3
Liabilities held for sale
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Derivative financial liabilities		6
Assets held for sale
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Derivative financial instruments		7
Valuation techniques (Non-market observable) (Level 3)
Significant unobservable inputs
Indirect investment in Coinbase		573
Valuation techniques (Non-market observable) (Level 3) | Upside scenario
Significant unobservable inputs
Increase (decrease) in financial assets measured at FVIS, attributable to changes in market risk	$ 143
Valuation techniques (Non-market observable) (Level 3) | Downside scenario
Significant unobservable inputs
Increase (decrease) in financial assets measured at FVIS, attributable to changes in market risk	$ (56)
At fair value | Valuation techniques (Non-market observable) (Level 3)
Assets
Balance at the beginning of the period		399
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements		560
Other comprehensive income		43
Acquisition and issues		184
Disposal and settlements		(179)
Balance at the end of the period		1,007
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year		562
Liabilities
Balance at the beginning of the year		13
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements		10
Acquisition and issues		2
Balance at the end of the year		25
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year		(16)
At fair value | Valuation techniques (Non-market observable) (Level 3) | Derivative financial instruments
Liabilities
Balance at the beginning of the year		13
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements		10
Acquisition and issues		2
Balance at the end of the year		25
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year		(16)
At fair value | Valuation techniques (Non-market observable) (Level 3) | Trading securities and financial assets measured at FVIS
Assets
Balance at the beginning of the period		221
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements		547
Acquisition and issues		1
Disposal and settlements		(169)
Balance at the end of the period		600
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year		547
At fair value | Valuation techniques (Non-market observable) (Level 3) | Investment securities
Assets
Balance at the beginning of the period		153
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Other comprehensive income		43
Acquisition and issues		179
Disposal and settlements		(7)
Balance at the end of the period		368
At fair value | Valuation techniques (Non-market observable) (Level 3) | Other
Assets
Balance at the beginning of the period		25
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements		13
Acquisition and issues		4
Disposal and settlements		(3)
Balance at the end of the period		39
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year		$ 15

Fair values of financial asse_5

Fair values of financial assets and financial liabilities - Not measured at fair value (Details) - AUD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	$ 138,448
Quoted market prices (Level 1)
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	23,516
Valuation techniques (Market observable) (Level 2)
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	113,549
Valuation techniques (Non-market observable) (Level 3)
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	1,383
Not measured at fair value
Fair values of financial assets and financial liabilities
Financial assets	732,769	$ 733,863	$ 777,524
Financial assets, Fair Value	734,285	735,629	779,854
Financial liabilities	740,545	762,834	785,697
Financial liabilities, Fair Value	742,731	764,483	779,976
Not measured at fair value | Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities	2,504	2,250	12,728
Financial liabilities, Fair Value	2,504	2,250	12,728
Not measured at fair value | Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities	548,189	555,367	544,126
Financial liabilities, Fair Value	548,167	555,621	544,506
Not measured at fair value | Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities	39,139	36,276	23,496
Financial liabilities, Fair Value	39,139	36,276	23,496
Not measured at fair value | Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities	122,211	144,992	179,540
Financial liabilities, Fair Value	123,576	146,402	175,610
Not measured at fair value | Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities	26,294	23,949	25,807
Financial liabilities, Fair Value	27,137	23,934	23,636
Not measured at fair value | Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities	2,208
Financial liabilities, Fair Value	2,208
Not measured at fair value | Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets	33,877	30,129	45,815
Financial assets, Fair Value	33,877	30,129	45,815
Not measured at fair value | Collateral paid
Fair values of financial assets and financial liabilities
Financial assets	3,917	4,778	5,339
Financial assets, Fair Value	3,917	4,778	5,339
Not measured at fair value | Investment securities
Fair values of financial assets and financial liabilities
Financial assets	365	984	1,111
Financial assets, Fair Value	365	984	1,111
Not measured at fair value | Loans
Fair values of financial assets and financial liabilities
Financial assets	688,090	692,498	719,410
Financial assets, Fair Value	689,606	694,264	721,740
Not measured at fair value | Other financial assets
Fair values of financial assets and financial liabilities
Financial assets	3,312	5,474	5,849
Financial assets, Fair Value	3,312	$ 5,474	$ 5,849
Not measured at fair value | Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets	3,208
Financial assets, Fair Value	$ 3,208

Provisions, contingent liabil_3

Provisions, contingent liabilities, contingent assets and credit commitments - Provisions (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020
Reconciliation of changes in other provisions
Balance at beginning of period	$ 5,287
Additions	1,099
Utilisation	(2,349)
Reversal of unutilised provisions	(197)
Balances reclassified to liabilities held for sale	(20)
Balance at end of the year	3,820
Guarantees
Parent Entity guarantees and undertakings
Annual maximum guarantee to wholly-owned subsidiaries	40
Long service leave
Reconciliation of changes in other provisions
Balance at beginning of period	511
Additions	50
Utilisation	(24)
Reversal of unutilised provisions	(16)
Balances reclassified to liabilities held for sale	(3)
Balance at end of the year	518
Annual leave and other employee benefits
Reconciliation of changes in other provisions
Balance at beginning of period	596
Additions	457
Utilisation	(549)
Reversal of unutilised provisions	(3)
Balances reclassified to liabilities held for sale	(8)
Balance at end of the year	493
Litigation and non-lending losses
Reconciliation of changes in other provisions
Balance at beginning of period	1,371
Additions	54
Utilisation	(1,330)
Reversal of unutilised provisions	(3)
Balances reclassified to liabilities held for sale	(2)
Balance at end of the year	90
Provision in relation to the AUSTRAC civil proceedings
Litigation and non-lending loss provisions
Civil penalty payable		$ 1,300
Provision for impairment on credit commitments
Reconciliation of changes in other provisions
Balance at beginning of period	530
Reversal of unutilised provisions	(46)
Balances reclassified to liabilities held for sale	(7)
Balance at end of the year	477
Lease restoration obligations
Reconciliation of changes in other provisions
Balance at beginning of period	208
Additions	1
Utilisation	(5)
Balance at end of the year	204
Restructuring provisions
Reconciliation of changes in other provisions
Balance at beginning of period	176
Additions	44
Utilisation	(53)
Reversal of unutilised provisions	(14)
Balance at end of the year	153
Compliance, regulation and remediation provisions
Reconciliation of changes in other provisions
Balance at beginning of period	1,895
Additions	493
Utilisation	(388)
Reversal of unutilised provisions	(115)
Balance at end of the year	1,885
Estimated customer refunds associated with certain ongoing advice service fees
Compliance, regulation and remediation provisions
Provision for refunds	112
Ongoing advice service fees charged by authorised representatives of Securitor and Magnitude
Compliance, regulation and remediation provisions
Provision for customer remediation costs	$ 696

Provisions, contingent liabil_4

Provisions, contingent liabilities, contingent assets and credit commitments - Undrawn credit commitments (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Undrawn credit commitments
Letters of credit and guarantees	$ 11,528	$ 12,610	$ 14,746
Letters of credit and guarantees, percentage change from prior period	(9.00%)
Letters of credit and guarantees, percentage change from same period of prior year	(22.00%)
Commitments to extend credit	$ 187,106	184,064	175,794
Commitments to extend credit, percentage change from prior period	2.00%
Commitments to Extend Credit, percentage change from same period of prior year	6.00%
Other	$ 69	267	158
Other, percentage change from prior period	(74.00%)
Other, percentage change from same period of prior year	(56.00%)
Total undrawn credit commitments	$ 198,703	196,941	190,698
Total undrawn credit commitments, percentage change from prior period	1.00%
Total undrawn credit commitments, percentage change from same period of prior year	4.00%
Commitments to customers, which had not yet been accepted	$ 9,600	4,900	5,200
Undrawn credit commitments related to facilities held for sale	$ 400	$ 0	$ 0

Shareholders' equity - Share ca

Shareholders' equity - Share capital (Details) - AUD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Shareholders' equity
Ordinary share capital, fully paid	$ 41,604	$ 40,509	$ 40,503
RSP treasury shares held	(658)	(618)	(616)
Other treasury shares	55	55	30
Total treasury shares held	(603)	(563)	(586)
Total share capital	41,001	39,946	39,917
NCI	$ 49	$ 51	$ 56
Number of unvested RSP treasury shares held	4,322,935	4,588,277	4,578,297
Number of other treasury shares held	0	0	1,284,249

Shareholders' equity - Movement

Shareholders' equity - Movement in number of ordinary shares (Details) - Ordinary shares	6 Months Ended
	Mar. 31, 2021$ / sharesshares	Sep. 30, 2020$ / sharesshares	Mar. 31, 2020$ / sharesshares	Sep. 30, 2019$ / sharesshares
Shareholders' equity
Par value | $ / shares	$ 0
Number of votes per ordinary shares | $ / shares	1
Reconciliation of movement in number of ordinary shares
Balance as at beginning of period	3,611,684,870	3,611,684,870	3,489,928,773
Share issuances			110,919,861
Dividend reinvestment plan	20,213,205		10,836,236
Dividend reinvestment plan underwrite	36,693,733
Issued shares for the period	56,906,938		121,756,097
Balance as at end of period	3,668,591,808	3,611,684,870	3,611,684,870	3,489,928,773
Average price per share | $ / shares			$ 24.81
Dividend reinvestment plan - price per share for final dividend | $ / shares		$ 19.83		$ 25.17
Dividend reinvestment plan underwrite - price per share for final dividend | $ / shares		$ 19.594

Shareholders' equity - Ordinary

Shareholders' equity - Ordinary shares purchased and sold on market (Details)	6 Months Ended
	Mar. 31, 2021$ / sharesshares
Ordinary shares
Share-based payments
Net number of ordinary shares purchased/(sold) on market	3,201,544
Employee Share Plan (ESP)
Share-based payments
Average share price, ordinary shares | $ / shares	$ 19.09
Employee Share Plan (ESP) | Ordinary shares
Share-based payments
Number of ordinary shares purchased on market	1,178,527
RSP
Share-based payments
Average share price, ordinary shares | $ / shares	$ 20.74
RSP | Ordinary shares
Share-based payments
Net number of ordinary shares purchased/(sold) on market	1,890,323
Westpac Performance Plan (WPP) | Share rights
Share-based payments
Average share price, ordinary shares | $ / shares	$ 19.07
Westpac Performance Plan (WPP) | Share rights | Ordinary shares
Share-based payments
Number of ordinary shares purchased on market	132,694

Shareholders' equity - Reconcil

Shareholders' equity - Reconciliation of movement in reserves (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Debt securities at FVOCI reserve
Beginning balance	$ 177	$ (142)	$ (22)
Net gains/(losses) from changes in fair value	649	500	(140)
Income tax effect	(197)	(138)	42
Transferred to income statement	(98)	(51)	(28)
Income tax effect	29	7	8
Loss allowance on debt securities measured at FVOCI	1	1	1
Exchange differences	1		(3)
Ending balance	562	177	(142)
Equity securities at FVOCI reserve
Beginning balance	(4)	(1)	17
Net gains/(losses) from changes in fair value	43	(3)	(18)
Income tax effect	1
Ending balance	40	(4)	(1)
Share-based payment reserve
Beginning balance	1,720	1,702	1,642
Share-based payment expense	59	18	60
Ending balance	1,779	1,720	1,702
Cash flow hedge reserve
Beginning balance	(42)	64	(129)
Net gains/(losses) from changes in fair value	121	(240)	145
Income tax effect	(35)	71	(43)
Transferred to income statements	72	90	128
Income tax effect	(21)	(27)	(37)
Ending balance	95	(42)	64
Foreign currency translation reserve
Beginning balance	(292)	86	(179)
Exchange differences on translation of foreign operations (net of associated hedges)	(266)	(884)	707
Gains/losses on net investment hedges	56	451	(442)
Transferred to income statements		55
Ending balance	(502)	(292)	86
Other reserves
Beginning balance	(15)	(21)	(18)
Transactions with owners	(5)	6	(3)
Ending balance	(20)	(15)	(21)
Total other reserves	1,954	$ 1,544	$ 1,688
Westpac Pacific, Held for Sale
Foreign currency translation reserve
Exchange differences on translation of foreign operations (net of associated hedges)	$ 103

Notes to the cash flow statem_2

Notes to the cash flow statements - Operating activities (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020
Reconciliation of net cash provided by/(used in) operating activities to net profit for the period
Net profit	$ 3,445	$ 1,101	$ 1,191
Net profit, percentage movement from same period of prior year	189.00%
Adjustments:
Depreciation, amortisation and impairment	$ 1,154	1,489	984
Depreciation, amortisation and impairment, percentage movement from prior period	(22.00%)
Depreciation, amortisation and impairment, percentage movement from same period in prior year	17.00%
Impairment charges/(benefits)	$ (240)	1,033	2,338
Net decrease/(increase) in current and deferred tax	86	(343)	(769)
(Increase)/decrease in accrued interest receivable	$ 81	157	82
(Increase)/decrease in accrued interest receivable, percentage movement from prior period	(48.00%)
(Increase)/decrease in accrued interest receivable, percentage movement from same period in prior year	(1.00%)
(Decrease)/increase in accrued interest payable	$ (339)	(597)	(663)
(Decrease)/increase in accrued interest payable, percentage movement from prior period	(43.00%)
(Decrease)/increase in accrued interest payable, percentage movement from same period in prior year	(49.00%)
(Decrease)/increase in provisions	$ (1,467)	618	1,307
Other non-cash items	$ (388)	(749)	56
Other non-cash items, percentage movement from prior period	(48.00%)
Cash flows from operating activities before changes in operating assets and liabilities	$ 2,332	2,709	4,526
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from prior period	(14.00%)
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from same period in prior year	(48.00%)
Net (increase)/decrease in derivative financial instruments	$ (7,030)	(3,115)	4,966
Net (increase)/decrease in derivative financial instruments, percentage movement from prior period	126.00%
Net (increase)/decrease in life insurance assets and liabilities	$ (377)	(134)	(143)
Net (increase)/decrease) in life insurance assets and liabilities, percentage movement from prior period	181.00%
Net (increase)/decrease in life insurance assets and liabilities, percentage movement from same period in prior year	164.00%
(Increase)/decrease in other operating assets:
Collateral paid	$ 471	(529)	877
Collateral paid, percentage movement from same period in prior year	(46.00%)
Trading securities and other financial assets measured at FVIS	$ 19,890	(16,870)	8,114
Trading securities and financial assets measured at FVIS, percentage movement from same period in prior year	145.00%
Loans	$ 1,968	18,966	(694)
Loans, percentage movement from prior period	(90.00%)
Other financial assets	$ 428	272	1
Other financial assets, percentage movement from prior period	57.00%
Other assets	$ (66)	1	69
(Decrease)/increase in other operating liabilities:
Collateral received	$ 344	(9,996)	8,900
Collateral received, percentage movement from same period in prior year	(96.00%)
Deposits and other borrowings	$ (1,610)	16,002	12,908
Other financial liabilities	$ 3,768	9,190	2,627
Other financial liabilities, percentage movement from prior period	(59.00%)
Other financial liabilities, percentage movement from same period in prior year	43.00%
Other liabilities	$ 27	(4)	8
Net cash provided by/(used in) operating activities	$ 20,145	$ 16,492	$ 42,159
Net cash provided by/(used in) operating activities, percentage movement from prior period	22.00%
Net cash provided by/(used in) operating activities, percentage movement from same period in prior year	(52.00%)

Notes to the cash flow statem_3

Notes to the cash flow statements - Non-cash financing activities and restricted cash (Details) - AUD ($) $ / shares in Units, $ in Millions	Dec. 04, 2020	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Mar. 22, 2021
Non-cash financing activities
Shares issued under the dividend reinvestment plan		$ 401		$ 273
Shares issued under the dividend reinvestment plan, percentage movement from same period in prior year		47.00%
Increase in lease liabilities		$ 144	$ 89	88
Increase in lease liabilities, percentage movement from prior period		62.00%
Increase in lease liabilities, percentage movement from same period in prior year		64.00%
Restricted cash
Restricted cash included in cash and balances with central banks		$ 236	457	307
Restricted cash included in assets held for sale		$ 174	$ 0	$ 0
WCN 3
Non-cash financing activities
Value of Westpac Capital Notes (WCN) 3 transferred to the WCN 3 nominated party	$ 866
Face value of WCN 3 transferred to the WCN 3 nominated party (in dollars per Note)	$ 100
Aggregate value of Notes redeemed and cancelled					$ 458
Redemption value (in dollars per Note)					$ 100

Assets and liabilities held f_3

Assets and liabilities held for sale - Summary (Details) - AUD ($) $ in Millions	Mar. 18, 2021	Dec. 07, 2020	Dec. 02, 2020	Aug. 21, 2020	Mar. 31, 2021	Sep. 30, 2020
Westpac Vendor Finance
Assets / liabilities held for sale
Deferred compensation payment period				2 years
Losses on write-down to fair value					$ (82)	$ (112)
Write back recognised during the period					30
Westpac General Insurance Limited and Westpac General Insurance Services Limited
Assets / liabilities held for sale
Sale price to be received upon closure of sale			$ 725
Contingent payment period			5 years
Westpac General Insurance Limited and Westpac General Insurance Services Limited | Allianz agreement, distribution of general insurance products
Assets / liabilities held for sale
Term of exclusive agreement			20 years
Westpac Pacific
Assets / liabilities held for sale
Expected loss on sale, pre-tax		$ 231
Losses on write-down to fair value					(121)
Portion of sale price payable at closing of sale		315
Portion of sale price payable in six-monthly installments		$ 60
Installment term		18 months
Earn-out period		24 months
Westpac Pacific | Westpac Bank-PNG-Limited
Assets / liabilities held for sale
Percentage of equity owned by parent		89.90%
Westpac Lenders Mortgage Insurance Limited
Assets / liabilities held for sale
Term of exclusive agreement	10 years
Installment term	10 years
Write down of goodwill, and recognition of related separation and transaction costs					$ (110)

Assets and liabilities held f_4

Assets and liabilities held for sale - Balance sheet presentation (Details) $ in Millions	Mar. 31, 2021AUD ($)
Assets / liabilities held for sale
Total assets held for sale	$ 4,359
Total liabilities held for sale	3,049
Assets and liabilities classified as held for sale
Assets / liabilities held for sale
Total assets held for sale	4,359
Total liabilities held for sale	3,049
Assets and liabilities classified as held for sale | Deposits and other borrowings
Assets / liabilities held for sale
Total liabilities held for sale	2,088
Assets and liabilities classified as held for sale | Other financial liabilities
Assets / liabilities held for sale
Total liabilities held for sale	120
Assets and liabilities classified as held for sale | Derivative financial instruments
Assets / liabilities held for sale
Total liabilities held for sale	6
Assets and liabilities classified as held for sale | Current tax liabilities
Assets / liabilities held for sale
Total liabilities held for sale	1
Assets and liabilities classified as held for sale | Provisions
Assets / liabilities held for sale
Total liabilities held for sale	20
Assets and liabilities classified as held for sale | Other liabilities
Assets / liabilities held for sale
Total liabilities held for sale	814
Assets and liabilities classified as held for sale | Cash and balances with central banks
Assets / liabilities held for sale
Total assets held for sale	792
Assets and liabilities classified as held for sale | Trading securities and financial assets measured at FVIS
Assets / liabilities held for sale
Total assets held for sale	282
Assets and liabilities classified as held for sale | Derivative financial instruments
Assets / liabilities held for sale
Total assets held for sale	7
Assets and liabilities classified as held for sale | Investment securities
Assets / liabilities held for sale
Total assets held for sale	550
Assets and liabilities classified as held for sale | Loans
Assets / liabilities held for sale
Total assets held for sale	1,819
Assets and liabilities classified as held for sale | Other financial assets
Assets / liabilities held for sale
Total assets held for sale	423
Assets and liabilities classified as held for sale | Intangible assets
Assets / liabilities held for sale
Total assets held for sale	243
Assets and liabilities classified as held for sale | Property and equipment
Assets / liabilities held for sale
Total assets held for sale	23
Assets and liabilities classified as held for sale | Deferred tax assets
Assets / liabilities held for sale
Total assets held for sale	25
Assets and liabilities classified as held for sale | Other assets
Assets / liabilities held for sale
Total assets held for sale	$ 195

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Mar. 31, 2021AUD ($)$ / shares
Subsequent events
Interim dividend per share determined by the Board | $ / shares	$ 0.58
Proposed dividend | $	$ 2,128