Westpac Banking (WEBNF) 20-F3 Nov 212021 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Sep. 30, 2021shares
Document and Entity Information
Entity Registrant Name	WESTPAC BANKING CORP
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	1-10167
Entity Incorporation, State or Country Code	C3
Entity Address, Address Line One	275 Kent Street
Entity Address, City or Town	Sydney
Entity Address, Postal Zip Code	NSW 2000
Entity Address, Country	AU
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Common Stock, Shares Outstanding	3,668,591,808
Entity Central Index Key	0000719245
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
American Depositary Shares
Document and Entity Information
Title of 12(b) Security	American Depositary Shares, each representing the right to receive one ordinary share
Trading Symbol	WBK
Security Exchange Name	NYSE
Business Contact
Document and Entity Information
Entity Address, Address Line One	575 Fifth Avenue, 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-2422
Contact Personnel Name	Branch Manager
City Area Code	212
Local Phone Number	551-1800

Income statements

Income statements - AUD ($) $ in Millions	12 Months Ended
Income statements - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Interest income:
Calculated using the effective interest rate method	$ 22,132	$ 26,596	$ 32,518
Other	146	451	704
Total interest income	22,278	27,047	33,222
Interest expense	(5,420)	(10,351)	(16,315)
Net interest income	16,858	16,696	16,907
Net fee income	1,482	1,592	1,655
Net wealth management and insurance income	1,211	751	1,029
Trading income	719	895	929
Other income	952	249	129
Net operating income before operating expenses and impairment (charges)/benefits	21,222	20,183	20,649
Operating expenses	(13,311)	(12,739)	(10,106)
Impairment (charges)/benefits	590	(3,178)	(794)
Profit before income tax (expense)/benefit	8,501	4,266	9,749
Income tax expense	(3,038)	(1,974)	(2,959)
Net profit	5,463	2,292	6,790
Net profit attributable to non-controlling interests (NCI)	(5)	(2)	(6)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 5,458	$ 2,290	$ 6,784
Earnings per share (cents)
Basic	$ 1.494	$ 0.637	$ 1.965
Diluted	$ 1.378	$ 0.637	$ 1.895
Parent Entity
Interest income:
Calculated using the effective interest rate method	$ 21,648	$ 26,025
Other	258	598
Total interest income	21,906	26,623
Interest expense	(7,870)	(12,539)
Net interest income	14,036	14,084
Net fee income	1,224	1,359
Trading income	661	876
Other income	2,308	1,597
Net operating income before operating expenses and impairment (charges)/benefits	18,229	17,916
Operating expenses	(11,915)	(10,772)
Impairment (charges)/benefits	447	(2,691)
Profit before income tax (expense)/benefit	6,761	4,453
Income tax expense	(2,148)	(1,795)
Net profit	4,613	2,658
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 4,613	$ 2,658

Statements of comprehensive inc

Statements of comprehensive income - AUD ($) $ in Millions	12 Months Ended
Statements of comprehensive income - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Statements of comprehensive income
Net profit	$ 5,463	$ 2,292	$ 6,790
Gains/(losses) recognised in equity on:
Debt securities measured at fair value through other comprehensive income (FVOCI)	578	357	(46)
Cash flow hedging instruments	296	(95)	(203)
Transferred to income statements:
Debt securities measured at FVOCI	(195)	(79)	(29)
Cash flow hedging instruments	39	218	197
Foreign currency translation reserve		55	(10)
Loss allowance on debt instruments measured at FVOCI	2	2
Exchange differences on translation of foreign operations (net of associated hedges)	51	(168)	182
Income tax on items taken to or transferred from equity:
Debt instruments measured at FVOCI	(119)	(81)	20
Cash flow hedging instruments	(97)	(36)	2
Items that will not be reclassified subsequently to profit or loss
Gains/(losses) on equity instruments measured at FVOCI (net of tax)	48	(21)	11
Own credit adjustment on financial liabilities designated at fair value (net of tax)	(10)	(39)	(10)
Remeasurement of defined benefit obligation recognised in equity (net of tax)	119	(115)	(276)
Other comprehensive income (expense) for the year (net of tax)	712	(2)	(162)
Total comprehensive income/(expense) for the year	6,175	2,290	6,628
Attributable to:
Owners of WBC	6,171	2,291	6,620
NCI	4	(1)	8
Total comprehensive income/(expense) for the year	6,175	2,290	$ 6,628
Parent Entity
Statements of comprehensive income
Net profit	4,613	2,658
Gains/(losses) recognised in equity on:
Debt securities measured at fair value through other comprehensive income (FVOCI)	729	289
Cash flow hedging instruments	177	(28)
Transferred to income statements:
Debt securities measured at FVOCI	(195)	(79)
Cash flow hedging instruments	(13)	150
Foreign currency translation reserve		55
Loss allowance on debt instruments measured at FVOCI	2	2
Exchange differences on translation of foreign operations (net of associated hedges)	(1)	(131)
Income tax on items taken to or transferred from equity:
Debt instruments measured at FVOCI	(162)	(62)
Cash flow hedging instruments	(49)	(37)
Items that will not be reclassified subsequently to profit or loss
Gains/(losses) on equity instruments measured at FVOCI (net of tax)	(2)	1
Own credit adjustment on financial liabilities designated at fair value (net of tax)	(10)	(39)
Remeasurement of defined benefit obligation recognised in equity (net of tax)	108	(110)
Other comprehensive income (expense) for the year (net of tax)	584	11
Total comprehensive income/(expense) for the year	5,197	2,669
Attributable to:
Owners of WBC	5,197	2,669
Total comprehensive income/(expense) for the year	$ 5,197	$ 2,669

Balance sheets

Balance sheets - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Assets
Cash and balances with central banks	$ 71,353	$ 30,129
Collateral paid	4,232	4,778
Trading securities and financial assets measured at fair value through income statement (FVIS)	21,101	40,667
Derivative financial instruments	19,353	23,367
Investment securities	83,417	91,539
Loans	709,784	693,059
Other financial assets	6,394	5,474
Current tax assets	31
Life insurance assets		3,593
Investment in associates	58	61
Property and equipment	2,853	3,910
Deferred tax assets	2,437	3,064
Intangible assets	10,109	11,497
Other assets	567	808
Assets held for sale	4,188
Total assets	935,877	911,946
Liabilities
Collateral received	2,368	2,250
Deposits and other borrowings	626,955	591,131
Other financial liabilities	50,309	40,925
Derivative financial instruments	18,059	23,054
Debt issues	128,779	150,325
Current tax liabilities	71	70
Life insurance liabilities		1,396
Provisions	3,571	5,287
Deferred tax liabilities	90	126
Other liabilities	3,679	5,359
Liabilities held for sale	837
Total liabilities excluding loan capital	834,718	819,923
Loan capital	29,067	23,949
Total liabilities	863,785	843,872
Net assets	72,092	68,074
Share capital:
Ordinary share capital	41,601	40,509
Treasury shares and Restricted Share Plan (RSP) treasury shares	(606)	(563)
Reserves	2,227	1,544
Retained profits	28,813	26,533
Total equity attributable to owners of WBC	72,035	68,023
NCI	57	51
Total shareholders' equity and NCI	72,092	68,074
Parent Entity
Assets
Cash and balances with central banks	62,754	25,436
Collateral paid	4,055	4,641
Trading securities and financial assets measured at fair value through income statement (FVIS)	18,779	38,030
Derivative financial instruments	19,127	22,794
Investment securities	77,863	85,826
Loans	618,413	607,824
Other financial assets	5,486	4,745
Current tax assets	22
Life insurance assets	0	0
Due from subsidiaries	175,346	180,979
Investment in subsidiaries	6,287	6,475
Investment in associates	34	57
Property and equipment	2,386	3,447
Deferred tax assets	2,093	2,497
Intangible assets	8,530	9,630
Other assets	499	421
Assets held for sale	1,015
Total assets	1,002,689	992,802
Liabilities
Collateral received	2,189	1,862
Deposits and other borrowings	550,187	521,613
Other financial liabilities	47,263	40,156
Derivative financial instruments	17,889	22,779
Debt issues	108,210	127,666
Current tax liabilities	15	13
Due to subsidiaries	178,816	186,263
Provisions	3,254	4,983
Deferred tax liabilities		0
Other liabilities	2,990	3,770
Liabilities held for sale	10
Total liabilities excluding loan capital	910,823	909,105
Loan capital	29,067	23,949
Total liabilities	939,890	933,054
Net assets	62,799	59,748
Share capital:
Ordinary share capital	41,601	40,509
Treasury shares and Restricted Share Plan (RSP) treasury shares	(664)	(621)
Reserves	2,148	1,576
Retained profits	19,714	18,284
Total equity attributable to owners of WBC	62,799	59,748
Total shareholders' equity and NCI	$ 62,799	$ 59,748

Statements of changes in equity

Statements of changes in equity - AUD ($) $ in Millions		Parent EntityTotal equity attributable to owners of WBC		Parent EntityShare capital	Parent EntityReserves	Parent EntityRetained profits		Parent Entity	Total equity attributable to owners of WBC		Share capital	Reserves	Retained profits		NCI	Total
Impact on adoption of new accounting standards									$ (725)			$ 2	$ (727)			$ (725)
Restated opening balance									63,796		$ 35,561	1,079	27,156		$ 52	63,848
Balance at Sep. 30, 2018									64,521		35,561	1,077	27,883		52	64,573
Net profit									6,784				6,784		6	6,790
Net other comprehensive income/(expense)									(164)			122	(286)		2	(162)
Total comprehensive income/(expense) for the year									6,620			122	6,498		8	6,628
Transactions in capacity as equity holders
Dividends on ordinary shares	[1]								(6,466)				(6,466)			(6,466)
Dividend reinvestment plan									1,489		1,489					1,489
Other equity movements
Share-based payment arrangements									108			108				108
Purchase of shares									(33)		(33)					(33)
Net acquisition of treasury shares									(62)		(62)					(62)
Other									2			2			(7)	(5)
Total contributions and distributions									(4,962)		1,394	110	(6,466)		(7)	(4,969)
Balance at Sep. 30, 2019		$ 56,838		$ 36,933	$ 1,338	$ 18,567			65,454		36,955	1,311	27,188		53	65,507
Net profit		2,658				2,658		$ 2,658	2,290				2,290		2	2,292
Net other comprehensive income/(expense)		11			160	(149)		11	1			155	(154)		(3)	(2)
Total comprehensive income/(expense) for the year		2,669			160	2,509		2,669	2,291			155	2,136		(1)	2,290
Transactions in capacity as equity holders
Share issuances		2,751		2,751					2,751		2,751					2,751
Dividends on ordinary shares		(2,792)	[2]			(2,792)	[2]		(2,791)	[1]			(2,791)	[1]		(2,791)	[1]
Dividend reinvestment plan		273		273				273	273		273					273
Other equity movements
Share-based payment arrangements		78			78			78	78			78				78
Purchase of shares		(29)		(29)					(29)		(29)					(29)
Net acquisition of treasury shares		(46)		(46)					(10)		(10)					(10)
Other		6		6					6		6				(1)	5
Total contributions and distributions		241		2,955	78	(2,792)			278		2,991	78	(2,791)		(1)	277
Balance at Sep. 30, 2020		59,748		39,888	1,576	18,284		59,748	68,023		39,946	1,544	26,533		51	68,074
Impact from a change in accounting policy	[3]	(34)				(34)			(40)				(40)			(40)
Restated opening balance		59,714		39,888	1,576	18,250			67,983		39,946	1,544	26,493		51	68,034
Net profit		4,613				4,613		4,613	5,458				5,458		5	5,463
Net other comprehensive income/(expense)		584			486	98		584	713			604	109		(1)	712
Total comprehensive income/(expense) for the year		5,197			486	4,711		5,197	6,171			604	5,567		4	6,175
Transactions in capacity as equity holders
Dividends on ordinary shares		(3,247)	[2]			(3,247)	[2]		(3,247)	[1]			(3,247)	[1]		(3,247)	[1]
Dividend reinvestment plan		401		401				401	401		401					401
Dividend reinvestment plan underwrite		719		719					719		719					719
Other equity movements
Share-based payment arrangements		86			86			86	86			86				86
Purchase of shares		(28)		(28)					(28)		(28)					(28)
Net acquisition of treasury shares		(43)		(43)					(43)		(43)					(43)
Other									(7)			(7)			2	(5)
Total contributions and distributions		(2,112)		1,049	86	(3,247)			(2,119)		1,049	79	(3,247)		2	(2,117)
Balance at Sep. 30, 2021		$ 62,799		$ 40,937	$ 2,148	$ 19,714		$ 62,799	$ 72,035		$ 40,995	$ 2,227	$ 28,813		$ 57	$ 72,092

[1]	2021 consisted of 2021 interim dividend of 58 cents per share ($2,127 million) and 2020 final dividend of 31 cents per share ($1,120 million) (2020: 2019 final dividend of 80 cents per share ($2,791 million), 2019: 2019 interim dividend of 94 cents per share ($3,239 million) and 2018 final dividend of 94 cents per share ($3,227 million)), all fully franked at 30%.
[2]	2021 consisted of 2021 interim dividend of 58 cents per share ($2,127 million) and 2020 final dividend of 31 cents per share ($1,120 million) (2020: 2019 final dividend of 80 cents per share ($2,791 million)), all fully franked at 30%.
[3]	Refer to Note 1 for further details.

Statement of changes in equity

Statement of changes in equity (Parenthetical) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Interim dividend (in dollars per share)	$ 0.58		$ 0.94
Interim dividend	$ 2,127		$ 3,239
Final dividend (in dollars per share)		$ 0.31	$ 0.80	$ 0.94
Final dividend	$ 2,201	$ 1,120	$ 2,791	$ 3,227
Dividend tax rate (as a percent)	30.00%	30.00%	30.00%	30.00%
Parent Entity
Interim dividend (in dollars per share)	$ 0.58
Interim dividend	$ 2,127
Final dividend (in dollars per share)		$ 0.31	$ 0.80
Final dividend	$ 2,201	$ 1,120	$ 2,791

Cash flow statements

Cash flow statements - AUD ($) $ in Millions	12 Months Ended
Cash flow statements - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Interest received	$ 22,430	$ 27,215	$ 33,093
Interest paid	(5,677)	(11,466)	(16,486)
Dividends received excluding life business	4	16	6
Other non-interest income received	3,340	2,894	3,865
Operating expenses paid	(10,941)	(8,598)	(9,080)
Income tax paid excluding life business	(2,639)	(3,080)	(3,406)
Life business:
Receipts from policyholders and customers	976	2,235	2,189
Interest and other items of similar nature	22	21	6
Dividends received	12	306	553
Payments to policyholders and suppliers	(1,168)	(2,302)	(2,250)
Income tax paid	(49)	(6)	(94)
Cash flows from operating activities before changes in operating assets and liabilities	6,310	7,235	8,396
Net (increase)/decrease in:
Collateral paid	305	348	(847)
Trading securities and financial assets measured at FVIS	19,316	(8,756)	(7,629)
Derivative financial instruments	(2,420)	1,851	7,605
Loans	(15,098)	18,272	(4,188)
Other financial assets	(274)	273	336
Life insurance assets and life insurance liabilities	(593)	(277)	(134)
Other assets	6	70	(13)
Net increase/(decrease) in:
Collateral received	93	(1,096)	1,007
Deposits and other borrowings	33,737	28,910	1,113
Other financial liabilities	9,036	11,817	1,463
Other liabilities	(8)	4	(5)
Net cash provided by/(used in) operating activities	50,410	58,651	7,104
Cash flows from investing activities
Proceeds from investment securities	34,066	33,080	19,768
Purchase of investment securities	(28,840)	(51,332)	(29,527)
Proceeds from disposal of controlled entities, net of cash disposed	1,272		(1)
Proceeds from disposal of associates	45		45
Purchase of associates	(8)	(8)	(25)
Proceeds from disposal of property and equipment	62	58	157
Purchase of property and equipment	(234)	(240)	(280)
Purchase of intangible assets	(740)	(1,035)	(906)
Net cash provided by/(used in) investing activities	5,623	(19,477)	(10,769)
Cash flows from financing activities
Proceeds from debt issues (net of issue costs)	46,799	34,766	61,484
Redemption of debt issues	(65,272)	(65,160)	(63,313)
Payments for the principal portion of lease liabilities	(507)	(543)
Issue of loan capital (net of issue costs)	7,628	2,225	4,935
Redemption of loan capital	(1,548)	(262)	(1,662)
Proceeds from issuances of shares		2,751
Proceeds from dividend reinvestment plan underwrite	719
Purchase of shares relating to share-based payment arrangements	(28)	(29)	(33)
Purchase of RSP treasury shares	(43)	(46)	(69)
Net sale/(purchase) of other treasury shares		14	7
Payment of dividends	(2,846)	(2,518)	(4,977)
Dividends paid to NCI	(2)	(1)	(5)
Net cash provided by/(used in) financing activities	(15,100)	(28,803)	(3,633)
Net increase/(decrease) in cash and balances with central banks	40,933	10,371	(7,298)
Effect of exchange rate changes on cash and balances with central banks	298	(301)	569
Cash and balances with central banks included in assets held for sale	(7)
Cash and balances with central banks as at beginning of year	30,129	20,059	26,788
Cash and balances with central banks as at end of year	71,353	30,129	20,059
Parent Entity
Cash flows from operating activities
Interest received	22,069	26,830
Interest paid	(8,054)	(13,543)
Dividends received excluding life business	1,186	763
Other non-interest income received	3,313	2,330
Operating expenses paid	(10,022)	(6,967)
Income tax paid excluding life business	(2,343)	(2,732)
Life business:
Cash flows from operating activities before changes in operating assets and liabilities	6,149	6,681
Net (increase)/decrease in:
Collateral paid	339	329
Trading securities and financial assets measured at FVIS	18,625	(8,266)
Derivative financial instruments	(1,874)	2,103
Loans	(11,228)	21,273
Other financial assets	258	283
Other assets	(23)	50
Net increase/(decrease) in:
Collateral received	312	(1,072)
Deposits and other borrowings	28,696	20,859
Other financial liabilities	6,500	11,866
Other liabilities	(4)	(7)
Net cash provided by/(used in) operating activities	47,750	54,099
Cash flows from investing activities
Proceeds from investment securities	32,006	29,807
Purchase of investment securities	(26,955)	(47,311)
Net movement in amounts due to/from controlled entities	(1,852)	(665)
Net (increase)/decrease in investments in controlled entities	125	(315)
Purchase of associates	(2)	(6)
Proceeds from disposal of property and equipment	38	32
Purchase of property and equipment	(156)	(165)
Purchase of intangible assets	(638)	(955)
Net cash provided by/(used in) investing activities	2,566	(19,578)
Cash flows from financing activities
Proceeds from debt issues (net of issue costs)	37,868	27,487
Redemption of debt issues	(54,425)	(55,761)
Payments for the principal portion of lease liabilities	(455)	(499)
Issue of loan capital (net of issue costs)	7,628	2,225
Redemption of loan capital	(1,548)	(262)
Proceeds from issuances of shares		2,751
Proceeds from dividend reinvestment plan underwrite	719
Purchase of shares relating to share-based payment arrangements	(28)	(29)
Purchase of RSP treasury shares	(43)	(46)
Payment of dividends	(2,846)	(2,519)
Net cash provided by/(used in) financing activities	(13,130)	(26,653)
Net increase/(decrease) in cash and balances with central banks	37,186	7,868
Effect of exchange rate changes on cash and balances with central banks	132	(124)
Cash and balances with central banks as at beginning of year	25,436	17,692
Cash and balances with central banks as at end of year	$ 62,754	$ 25,436	$ 17,692

Financial statements preparatio

Financial statements preparation	12 Months Ended
Financial statements preparation	Sep. 30, 2021
Financial statements preparation
Financial statements preparation	Note 1. Financial statements preparation This financial report of Westpac Banking Corporation (the Parent Entity), together with its controlled entities (the Group or Westpac), for the year ended 30 September 2021, was authorised for issue by the Board of Directors on 31 October 2021. The Directors have the power to amend and reissue the financial report. The principal accounting policies are set out below and in the relevant notes to the financial statements. The accounting policy for the recognition and derecognition of financial assets and financial liabilities precedes Note 10. These accounting policies provide details of the accounting treatments adopted for complex balances and where accounting standards provide policy choices. These policies have been consistently applied to all the years presented, unless otherwise stated. a. Basis of preparation (i) Basis of accounting This financial report is a general purpose financial report prepared in accordance with: ● the requirements for an Authorised Deposit-taking Institution (ADI) under the Banking Act 1959 (as amended); ● Australian Accounting Standards (AAS) and Interpretations as issued by the Australian Accounting Standards Board (AASB); and ● the Corporations Act 2001. Westpac Banking Corporation is a for-profit entity for the purposes of preparing this financial report. The financial report also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Interpretations as issued by the IFRS Interpretations Committee (IFRIC). It also includes additional disclosures required for foreign registrants by the United States Securities and Exchange Commission (US SEC). In September 2020, the SEC amended these disclosure requirements which are effective for the Group’s 30 September 2022 year end unless early adopted. The Group has early adopted these requirements for the 30 September 2021 year end. The key changes are the removal of some disclosures considered to be superseded or duplicated by other SEC reporting requirements or relevant accounting standards as well as introducing some additional disclosure requirements. The key additional disclosure requirements for the Group are more granular maturity (refer to Note 12) and write-off disclosures for loans (refer to Note 13) and disclosure of uninsured deposits, i.e. those deposits which either do not have a form of government based deposit insurance scheme or are in excess of the insurance scheme limit (refer to Note 16). 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. (ii) Historical cost convention The financial report has been prepared under the historical cost convention, as modified by applying fair value accounting to financial assets and financial liabilities (including derivative instruments) measured at fair value through income statement (FVIS) or in other comprehensive income (OCI). (iii) Changes in accounting policy Software-as-a-Service (SaaS) arrangements The Group previously capitalised costs incurred in configuring or customising Software-as-a-Service (SaaS) arrangements as intangible assets as the Group considered that it would benefit from these implementation costs over the contract term of the SaaS arrangements. Following the IFRS Interpretations Committee (IFRIC) agenda decision on Configuration or Customisation Costs in a Cloud Computing Arrangement which was published in April 2021, the Group has reconsidered its accounting treatment and adopted the treatment set out in this IFRIC agenda decision. The revised accounting policy capitalises these costs as intangible assets only if the implementation activities create an intangible asset that the entity controls and the intangible asset meets the recognition criteria. Costs that do not meet these criteria are expensed as incurred, unless they are paid to the suppliers of the SaaS arrangement to significantly customise the cloud-based software for the Group, in which case they are recognised as a prepayment for services and amortised over the expected period of use of the SaaS arrangement. Note 1. Financial statements preparation (continued) The change in policy has been applied retrospectively, however as the impact on prior years was not material the amount relating to prior years has been adjusted through opening retained earnings and comparatives have not been restated. The impact on the Group’s financial statements to reflect the write-off of previously capitalised costs is shown in the table below. A positive number indicates an increase in the relevant balance, while a negative number indicates a reduction in the relevant balance: Consolidated Parent Entity Prior year impact Prior year impact Impact for on opening Impact for on opening $m 2021 balance sheet Total 2021 balance sheet Total Balance sheets Intangible assets - computer software (5) (57) (62) (3) (48) (51) Deferred tax assets 1 17 18 1 14 15 Opening retained earnings - (40) (40) - (34) (34) Income statements Operating expenses 5 - 5 3 - 3 Tax expense (1) - (1) (1) - (1) Net profit after tax (4) - (4) (2) - (2) In addition, the Group reclassified $32 million from intangible assets – computer software to other assets – prepayments ( Parent Entity $29 million). (iv) Standards adopted during the year ended 30 September 2021 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. AASB 2020-8 was early adopted, as permitted by the standard, by the Group for the financial year ended 30 September 2021. AASB 2020-8 makes amendments to AASB 9 Financial Instruments (December 2014) (AASB 9), AASB 139 Financial Instruments: Recognition and Measurement (AASB 139), and AASB 7 Financial Instruments: Disclosures (AASB 7) resulting from Interest Rate Benchmark Reform (IBOR reform). Amendments are also made to AASB 4 Insurance contracts and AASB 16 Leases. The amendments: ● allow the Group to account for a change in contractual cash flows of a financial instrument or lease liability that are a direct result of the IBOR reform to be accounted for prospectively by updating the effective interest rate rather than recognising a modification gain or loss provided that the change is made on an economically equivalent basis; ● 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 alternative reference rates (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 IBOR 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. There was no impact on opening retained earnings due to the adoption of the standard. Comparative information is not required to be restated. Note 21 provides further information regarding the Group’s exposure to the IBOR reform. Note 1. Financial statements preparation (continued) (v) Business combinations Business combinations are accounted for using the acquisition method of accounting. Acquisition cost is measured as the aggregate of the fair value at the date of acquisition of the assets given, equity instruments issued or liabilities incurred or assumed. Acquisition-related costs are expensed as incurred (except for those costs arising on the issue of equity instruments which are recognised directly in equity). Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at fair value on the acquisition date. Goodwill is measured as the excess of the acquisition cost, the amount of any non-controlling interest and the fair value of any previous Westpac equity interest in the acquiree, over the fair value of the identifiable net assets acquired. (vi) Foreign currency translation Functional and presentational currency The consolidated financial statements are presented in Australian dollars which is the Parent Entity’s functional and presentation currency. The functional currency of offshore entities is usually the main currency of the economy it operates in. Transactions and balances Foreign currency transactions are translated into the functional currency of the relevant branch or subsidiary using the exchange rates prevailing at the dates of the transactions. Foreign exchange (FX) gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in OCI for qualifying cash flow hedges and qualifying net investment hedges. Foreign operations Assets and liabilities of foreign branches and subsidiaries that have a functional currency other than the Australian dollar are translated at exchange rates prevailing on the balance date. Income and expenses are translated at average exchange rates prevailing during the year. Equity balances are translated at historical exchange rates. The resulting exchange differences are recognised in the foreign currency translation reserve and in OCI. Where the group hedges the currency translation risk arising from net investments in foreign operations, the gains or losses on the hedging instruments are also reflected in OCI to the extent the hedge is effective. When all or part of a foreign operation is disposed or borrowings that are part of the net investments are repaid, a proportionate share of such exchange differences is recognised in the income statement as part of the gain or loss on disposal or repayment of borrowing. (vii) Comparative revisions Comparative information has been revised where appropriate to conform to changes in presentation in the current year and to enhance comparability. b. Critical accounting assumptions and estimates Applying the Group’s accounting policies requires the use of judgement, assumptions and estimates which impact the financial information. The significant assumptions and estimates used are discussed in the relevant notes below: ● Note 7 Income tax ● Note 13 Provisions for expected credit losses ● Note 15 Life insurance assets and life insurance liabilities ● Note 22 Fair values of financial assets and financial liabilities ● Note 25 Intangible assets ● Note 26 Provisions, contingent liabilities, contingent assets and credit commitments ● Note 33 Superannuation commitments 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 effect on the Group’s financial statements. The change increased operating expenses and reduced profit Note 1. Financial statements preparation (continued) Impact of COVID-19 The COVID-19 pandemic and the measures put in place domestically and globally to control the spread of the virus continue to impact global economies and financial markets. As a result, this remains a source of uncertainty and judgement is required in relation to our critical accounting assumptions and estimates, primarily relating to: ● expected credit losses (ECL); and ● recoverable amount assessments of intangible assets. As there is a higher than usual degree of uncertainty associated with these assumptions and estimates, the actual outcomes may differ significantly which may impact accounting estimates included in these financial statements. The impact of COVID-19 is discussed further in each of the related notes. c. Future developments in accounting standards AASB 17 Insurance Contracts (AASB 17) was issued on 19 July 2017 and will be effective for the 30 September 2024 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 . However, the Group’s remaining insurance businesses are classified as held for sale with the sale transactions expected to complete prior to AASB 17 taking effect. As a result, we do not anticipate the standard having any impact on the Group. 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	12 Months Ended
Segment reporting	Sep. 30, 2021
Segment reporting
Segment reporting	Note 2. Segment reporting Accounting policy Operating segments are presented on a basis consistent with information provided internally to Westpac’s key decision makers and reflect 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 years; ● 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 the Westpac Group 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. Internal charges and transfer pricing adjustments have been reflected in the performance of each operating segment. Inter-segment pricing is determined on an arm’s length basis. 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, 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 comprises the operations that Westpac ultimately plans to exit with agreements in place for the sale of Westpac Life Insurance and motor vehicle dealer finance and novated leasing businesses. These sales are expected to finalise in 2022, subject to regulatory approvals. Other operations include investment products 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; and ● Group Businesses includes the results of unallocated support functions such as Treasury, Chief Operating Office 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. No change has been made to segment reporting for 30 September 2021 as these changes are not yet reflected in internal reporting to Westpac’s key decision makers . Note 2. Segment reporting (continued) The following tables present the segment results on a cash earnings basis for the Group. Westpac Westpac Net cash Institutional New Specialist Group earnings Income $m Consumer Business Bank Zealand Businesses Businesses Total adjustments statement 2021 Net interest income 8,405 4,065 919 1,987 503 835 16,714 144 16,858 Net fee income 393 452 555 140 69 (127) 1,482 - 1,482 Net wealth management and insurance income - 21 - 113 1,176 (104) 1,206 5 1,211 Trading income 78 72 455 58 33 19 715 4 719 Other income 17 4 92 12 212 584 921 31 952 Net operating income before operating expenses and impairment (charges)/benefits 8,893 4,614 2,021 2,310 1,993 1,207 21,038 184 21,222 Operating expenses 1 (4,622) (2,530) (2,574) (1,062) (1,477) (1,018) (13,283) (28) (13,311) Impairment (charges)/benefits 125 484 (162) 79 66 (2) 590 - 590 Profit before income tax (expense)/benefit 4,396 2,568 (715) 1,327 582 187 8,345 156 8,501 Income tax (expense)/benefit (1,315) (779) 45 (377) (387) (175) (2,988) (50) (3,038) Net profit attributable to NCI - - - - (2) (3) (5) - (5) Cash earnings 3,081 1,789 (670) 950 193 9 5,352 106 5,458 Net cash earnings adjustments - - - (2) - 108 106 Net profit attributable to owners of WBC 3,081 1,789 (670) 948 193 117 5,458 Balance sheet Loans 2 407,786 134,015 67,033 88,409 12,550 (9) 709,784 Deposits and other borrowings 2 235,569 158,741 97,770 75,756 11,008 48,111 626,955 2020 Net interest income 8,547 4,163 1,111 1,832 534 899 17,086 (390) 16,696 Net fee income 471 438 544 123 89 (73) 1,592 - 1,592 Net wealth management and insurance income - 22 - 158 624 (45) 759 (8) 751 Trading income 90 97 637 27 57 20 928 (33) 895 Other income 12 3 1 11 (8) 242 261 (12) 249 Net operating income before operating expenses and impairment (charges)/benefits 9,120 4,723 2,293 2,151 1,296 1,043 20,626 (443) 20,183 Operating expenses 1 (4,176) (2,298) (1,316) (998) (1,548) (2,364) (12,700) (39) (12,739) Impairment (charges)/benefits (1,015) (1,371) (404) (302) (255) 169 (3,178) - (3,178) Profit before income tax (expense)/benefit 3,929 1,054 573 851 (507) (1,152) 4,748 (482) 4,266 Income tax (expense)/benefit (1,183) (320) (241) (239) 3 (158) (2,138) 164 (1,974) Net profit attributable to NCI - - - - (2) - (2) - (2) Cash earnings 2,746 734 332 612 (506) (1,310) 2,608 (318) 2,290 Net cash earnings adjustments - - - 7 (31) (294) (318) Net profit attributable to owners of WBC 2,746 734 332 619 (537) (1,604) 2,290 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 1. Included in the Westpac Institutional Bank division in operating expenses is $ 1,192 million relating to impairment of assets (including goodwill and other intangible assets) for 2021 (2020: $ Nil ). For Specialist Businesses division, impairment of assets (including goodwill and other intangible assets) is $141 million for 2021 (2020: $571 million). For other divisions, there is no impairment of goodwill and impairment of other intangibles assets is not material. 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 37 for further details). Note 2. Segment reporting (continued) Westpac Westpac Net cash Institutional New Specialist Group earnings Income $m Consumer Business Bank Zealand Businesses Businesses Total adjustments statement 2019 Net interest income 8,130 4,456 1,337 1,860 555 615 16,953 (46) 16,907 Net fee income 594 463 570 163 44 (179) 1,655 - 1,655 Net wealth management and insurance income - 16 - 177 1,319 (489) 1,023 6 1,029 Trading income 94 109 636 37 54 (23) 907 22 929 Other income 7 6 (11) 46 (5) 74 117 12 129 Net operating income before operating expenses and impairment (charges)/benefits 8,825 5,050 2,532 2,283 1,967 (2) 20,655 (6) 20,649 Operating expenses (3,794) (2,094) (1,220) (939) (847) (1,137) (10,031) (75) (10,106) Impairment (charges)/ benefits (582) (172) (31) 10 (111) 92 (794) - (794) Profit before income tax (expense)/benefit 4,449 2,784 1,281 1,354 1,009 (1,047) 9,830 (81) 9,749 Income tax (expense)/benefit (1,333) (838) (356) (369) (292) 213 (2,975) 16 (2,959) Net profit attributable to NCI - - - - (5) (1) (6) - (6) Cash earnings 3,116 1,946 925 985 712 (835) 6,849 (65) 6,784 Net cash earnings adjustments - - - (1) (45) (19) (65) Net profit attributable to owners of WBC 3,116 1,946 925 984 667 (854) 6,784 Balance sheet Loans 399,279 146,867 73,572 78,005 17,216 (169) 714,770 Deposits and other borrowings 207,578 142,558 99,005 60,801 9,277 44,028 563,247 Reconciliation of cash earnings to net profit attributable to owners of WBC $m 2021 2020 2019 Cash earnings 5,352 2,608 6,849 Cash earnings adjustments Fair value gain/(loss) on economic hedges 138 (362) (35) Ineffective hedges (32) 61 20 Adjustments related to Pendal - (31) (45) Treasury shares - 14 (5) Total cash earnings adjustments (post-tax) 106 (318) (65) Net profit attributable to owners of WBC 5,458 2,290 6,784 Revenue from products and services Details of revenue from external customers by product or service are disclosed in Notes 3 and 4. No single customer amounted to greater than 10% of the Group’s revenue. Geographic segments Geographic segments are based on the location of the office where the following items were recognised. 2021 2020 2019 $m % $m % $m % Revenue Australia 22,788 85.5 26,135 85.6 31,113 84.2 New Zealand 3,509 13.2 3,439 11.3 4,520 12.2 Other overseas 1 345 1.3 960 3.1 1,331 3.6 Total 26,642 100.0 30,534 100.0 36,964 100.0 Non-current assets 2 Australia 11,825 91.2 14,270 92.6 12,280 93.7 New Zealand 1,082 8.3 1,015 6.6 761 5.8 Other overseas 1 55 0.5 122 0.8 67 0.5 Total 12,962 100.0 15,407 100.0 13,108 100.0 1. Other overseas included Pacific Islands, Asia, the Ameri cas and Europe. 2. Non -current assets represent property and equipment and intangible assets.

Net interest income

Net interest income	12 Months Ended
Net interest income	Sep. 30, 2021
Net interest income
Net interest income	Note 3. Net interest income Accounting policy Interest income and interest expense for all interest earning financial assets and interest bearing financial liabilities at amortised cost or FVOCI, detailed within the table below, are recognised using the effective interest rate method. Net income from treasury’s interest rate and liquidity management activities and the cost of the Bank levy are included in net interest income. The effective interest rate method calculates the amortised cost of a financial instrument by discounting the financial instrument’s estimated future cash receipts or payments to their present value and allocates the interest income or interest expense, including any fees, costs, premiums or discounts integral to the instrument, over its expected life. Interest income is calculated based on the gross carrying amount of financial assets in stages 1 and 2 of the Group’s ECL model and on the carrying amount net of the provision for ECL for financial assets in stage 3. Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 30 135 334 14 122 Collateral paid 16 75 201 15 74 Investment securities 1,200 1,521 1,919 1,120 1,385 Loans 20,756 24,848 30,029 17,971 21,488 Other financial assets 2 17 35 2 16 Due from subsidiaries - - - 2,476 2,940 Assets held for sale 128 - - 50 - Total interest income calculated using the effective interest rate method 22,132 26,596 32,518 21,648 26,025 Other Net ineffectiveness on qualifying hedges (46) 87 28 (42) 77 Trading securities and financial assets measured at FVIS and loans 192 364 676 182 343 Due from subsidiaries - - - 118 178 Assets held for sale - - - - - Total other 146 451 704 258 598 Total interest income 22,278 27,047 33,222 21,906 26,623 Interest expense Calculated using the effective interest rate method Collateral received (4) (26) (57) (3) (23) Deposits and other borrowings (1,801) (4,652) (7,967) (1,402) (3,782) Debt issues (1,861) (2,907) (4,706) (1,655) (2,549) Due to subsidiaries - - - (3,219) (3,601) Loan capital (849) (800) (776) (849) (800) Other financial liabilities (112) (98) (274) (110) (98) Liabilities held for sale (11) - - (9) - Total interest expense calculated using the effective interest rate method (4,638) (8,483) (13,780) (7,247) (10,853) Other Deposits and other borrowings (67) (402) (978) (48) (385) Trading liabilities 2 (122) (787) (915) 297 (640) Debt issues (64) (107) (163) (58) (74) Bank levy (392) (408) (391) (392) (408) Due to subsidiaries - - - (296) (29) Other interest expense (136) (164) (88) (126) (150) Liabilities held for sale (1) - - - - Total other (782) (1,868) (2,535) (623) (1,686) Total interest expense (5,420) (10,351) (16,315) (7,870) (12,539) Total net interest income 16,858 16,696 16,907 14,036 14,084 1. Interest income included items relating to compliance, regulation and remediation costs recognised as an addition in interest income of $ 106 million (2020: $170 million reduction, 2019: $372 million reduction) for the Group, and an addition of $ 149 million (2020: $164 million reduction) for the Parent Entity. Refer to Note 26 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income

Non-interest income	12 Months Ended
Non-interest income	Sep. 30, 2021
Non-interest income
Non-interest income	Note 4. Non- interest income Accounting policy Non-interest income includes net fee income, net wealth management and insurance income, trading income and other income. Net fee income When another party is involved in providing goods or services to a Group customer, the Group assesses whether the nature of the arrangement with its customer is as a principal provider or an agent of another party. Where the Group is acting as an agent for another party, the income earned by the Group is the net consideration received (i.e. the gross amount received from the customer less amounts paid to a third party provider). As an agent, the net consideration represents fee income for facilitating the transaction between the customer and the third party provider with primary responsibility for fulfilling the contract. Fee income Fee income is recognised when the performance obligation is satisfied by transferring the promised good or service to the customer. Fee income includes facility fees, transaction fees and other non-risk fee income. Facility fees include certain line fees, annual credit card fees and fees for providing customer bank accounts. They are recognised over the term of the facility/period of service on a straight-line basis. Transaction fees are earned for facilitating banking transactions such as FX fees, telegraphic transfers and issuing bank cheques. Fees for these one-off transactions are recognised once the transaction has been completed. Transaction fees are also recognised for credit card transactions including interchange fees net of scheme charges. These are recognised once the transaction has been completed, however, a component of interchange fees received is deferred as unearned income as the Group has a future service obligation to customers under the Group’s credit card reward programs. Other non-risk fee income includes advisory and underwriting fees which are recognised when the related service is completed. Income which forms an integral part of the effective interest rate of a financial instrument is recognised using the effective interest method and recorded in interest income (for example, loan origination fees). Fee expenses Fee expenses include incremental external costs that vary directly with the provision of goods or services to customers. An incremental cost is one that would not have been incurred if a specific good or service had not been provided to a specific customer. Fee expenses which form an integral part of the effective interest rate of a financial instrument are recognised using the effective interest method and recorded in net interest income. Fee expenses include the costs associated with credit card loyalty programs which are recognised as an expense when the services are provided on the redemption of points as well as merchant transaction costs. Net wealth management and insurance income Net wealth management income Wealth management fees earned for the ongoing management of customer funds and investments are recognised when the performance obligation is satisfied which is over the period of management. Insurance premium income Insurance premium income includes premiums earned for life insurance, life investment, loan mortgage insurance and general insurance products: ● life insurance premiums with a regular due date are recognised as revenue on an accrual basis; ● life investment premiums include a management fee component which is recognised as income over the period the service is provided. The deposit components of life insurance and investment contracts are not revenue and are treated as movements in life insurance liabilities; ● general insurance premium comprises amounts charged to policyholders, excluding taxes, and is recognised based on the likely pattern in which the insured risk is likely to emerge. The portion not yet earned based on the pattern assessment is recognised as unearned premium liability. Note 4. Non-interest income (continued) Accounting policy (continued) Insurance claims expense ● life and general insurance contract claims are recognised as an expense when the liability is established; ● claims incurred in respect of life investment contracts represent withdrawals and are recognised as a reduction in life insurance liabilities. Changes in life insurance liabilities Changes in life insurance liabilities includes the change in the value of life insurance contract liabilities calculated using the margin on services methodology (MoS), specified in the Prudential Standard LPS 340 Valuation of Policy Liabilities (for discussion on MoS and critical accounting assumptions and estimates, refer to Note 15). Regulation, competition, interest rates, taxes, securities market conditions and general economic conditions also affect the estimation of life insurance liabilities. Trading income ● realised and unrealised gains or losses from changes in the fair value of trading assets, liabilities and derivatives are recognised in the period in which they arise (except day one profits or losses which are deferred, refer to Note 22); ● net income related to Treasury’s interest rate and liquidity management activities is included in net interest income. Other income - dividend income ● dividends on quoted shares are recognised on the ex-dividend date; ● dividends on unquoted shares are recognised when the Company’s right to receive payment is established. Note 4. Non-interest income 1 (continued) Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Net fee income Facility fees 717 731 730 671 672 Transaction fees 993 1,021 1,225 851 891 Other non-risk fee income - 48 (76) (123) (52) Fee income 1,710 1,800 1,879 1,399 1,511 Credit card loyalty programs (101) (102) (121) (71) (71) Transaction fee related expenses (127) (106) (103) (104) (81) Fee expenses (228) (208) (224) (175) (152) Net fee income 1,482 1,592 1,655 1,224 1,359 Net wealth management and insurance income Net wealth management income 657 631 276 - - Life insurance premium income 1,077 1,297 1,443 - - General insurance and lenders mortgage insurance (LMI) net premium earned 387 499 482 - - Life insurance investment and other income 2 59 64 409 - - General insurance and LMI investment and other income 76 42 52 - - Total insurance premium, investment and other income 1,599 1,902 2,386 - - Life insurance claims and changes in life insurance liabilities 3 (767) (1,284) (1,266) - - General insurance and LMI claims and other expenses (278) (498) (367) - - Total insurance claims, changes in life insurance liabilities and other expenses (1,045) (1,782) (1,633) - - Net wealth management and insurance income 1,211 751 1,029 - - Trading income 719 895 929 661 876 Other income Dividends received from subsidiaries - - - 1,184 762 Transactions with subsidiaries - - - 973 579 Dividends received from other entities 4 1 6 2 1 Net gain/(loss) on sale/derecognition of associates 43 316 38 (11) 305 Net gain/(loss) on disposal of assets 7 11 61 - 9 Net gain/(loss) on hedging of overseas operations (8) - - (150) (8) Net gain/(loss) on derivatives held for risk management purposes 4 4 4 (11) 4 4 Net gain/(loss) on financial assets measured at fair value 655 (78) (39) 118 (35) Net gain/(loss) on disposal of controlled entities and other businesses 188 - 3 - - Rental income on operating leases 41 54 72 21 33 Share of associates’ net profit/(loss) (6) (23) (23) (2) - Other 24 (36) 22 169 (53) Total other income 952 249 129 2,308 1,597 Total non-interest income 4,364 3,487 3,742 4,193 3,832 Deferred income in relation to the credit card loyalty programs for the Group was $ 362 million as at 30 September 2021 (2020: $361 million, 2019: $322 million) and $ 35 million for the Parent Entity (2020: $30 million). This will be recognised as fee income as the credit card reward points are redeemed. There were no other material contract assets or contract liabilities for the Group or the Parent Entity. 1. Non-interest income included items relating to compliance, regulation and remediation costs recognised as a reduction in non-risk fee income, net wealth management income and other income of $ 320 million (2020: $225 million, 2019: $860 million) for the Group, and $ 278 million (2020: $190 million) for the Parent Entity. Refer to Note 26 for further details. 2. Includes policyholder tax recoveries. 3. Life insurance claims and changes in life insurance liabilities are nil for the Group (2020: $260 million; 2019: nil ) recognised as a result of the liability adequacy test on life insurance contracts (refer to Note 15). 2020 balance also includes a $97 million write-off of deferred acquisition costs for the Group (2019: nil ) as a result of Westpac Life Insurance Limited (WLIS) ceasing to provide group life insurance products to BT Super. 4. Income from derivatives held for risk management purposes reflects the impact of economic hedges of earnings.

Operating expenses

Operating expenses	12 Months Ended
Operating expenses	Sep. 30, 2021
Operating expenses
Operating expenses	Note 5. Operating expenses 1 Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Staff expenses Employee remuneration, entitlements and on-costs 5,369 4,428 4,320 4,666 3,744 Superannuation expense 2 475 413 378 409 351 Share-based payments 97 80 108 94 76 Restructuring costs 93 94 232 92 76 Total staff expenses 6,034 5,015 5,038 5,261 4,247 Occupancy expenses Lease expense 164 148 658 138 123 Depreciation and impairment of property and equipment 3 955 708 222 845 614 Other 107 160 143 95 145 Total occupancy expenses 1,226 1,016 1,023 1,078 882 Technology expenses Amortisation and impairment of software assets 3 1,240 970 719 1,171 896 Depreciation and impairment of IT equipment 3 260 272 129 228 244 Technology services 820 698 810 764 569 Software maintenance and licences 531 398 371 463 343 Telecommunications 181 216 207 157 190 Data processing 96 89 83 96 88 Total technology expenses 3,128 2,643 2,319 2,879 2,330 Other expenses Professional and processing services 1,410 1,374 1,060 1,236 1,184 Amortisation and impairment of intangible assets and deferred expenditure 3 599 523 9 512 116 Postage and stationery 156 164 179 130 130 Advertising 220 217 245 172 172 Non-lending losses 234 1,443 58 174 1,428 Impairment of investments in subsidiaries - - - 19 272 Other 304 344 175 454 11 Total other expenses 2,923 4,065 1,726 2,697 3,313 Total operating expenses 13,311 12,739 10,106 11,915 10,772 1. Operating expenses included estimated costs associated with AUSTRAC proceedings of nil (2020: $1,478 million, 2019: nil ) which included a provision for penalty of nil (2020: $1,300 million, 2019: nil ) for the Group and the Parent Entity. They also included compliance, regulation and remediation costs of $ 359 million (2020: $317 million, 2019: $196 million) for the Group and $ 306 million (2020: $310 million) for the Parent Entity. Refer to Note 26 for further details. 2. Superannuation expense includes both defined contribution and defined benefit expense. Further details of the Group’s defined benefit plans are in Note 33. 3. Impairment expenses included: ● $ 275 million (2020: $5 million, 2019: nil ) for property and equipment for the Group, and $ 248 million (2020: $4 million) for the Parent Entity; ● $ 485 million (2020: $171 million, 2019: $25 million) for computer software for the Group, and $ 475 million (2020: $165 million) for the Parent Entity; ● $ 45 million (2020: $23 million, 2019: nil ) for IT equipment for the Group, and $ 41 million (2020: $23 million) for the Parent Entity. ● $571 million (2020: $518 million, 2019: nil ) for goodwill and other intangible assets for the Group, and $487 million (2020: $116 million) for the Parent Entity.

Impairment charges

Impairment charges	12 Months Ended
Impairment charges	Sep. 30, 2021
Impairment charges
Impairment charges	Note 6. Impairment charges Accounting policy Impairment charges are based on an expected loss model which measures the difference between the current carrying amount and the present value of expected future cash flows taking into account past experience, current conditions and multiple probability-weighted macroeconomic scenarios for reasonably supportable future economic conditions. Further details of the calculation of ECL and the critical accounting assumptions and estimates relating to impairment charges are included in Note 13. Impairment charges are recognised in the income statement, with a corresponding amount recognised as follows: ● Loans, debt securities at amortised cost and due from subsidiaries balances: as a reduction of the carrying value of the financial asset through an offsetting provision account (refer to Note 13); ● Debt securities at FVOCI: in reserves in OCI with no reduction of the carrying value of the debt security (refer to Note 27); and ● Credit commitments: as a provision (refer to Note 26). Uncollectable loans A loan may become uncollectable in full or part if, after following the Group’s loan recovery procedures, the Group remains unable to collect that loan’s contractual repayments. Uncollectable amounts are written off against their related provision for ECL, after all possible repayments have been received. Where loans are secured, amounts are generally written off after receiving the proceeds from the security, or in certain circumstances, where the net realisable value of the security has been determined and this indicates that there is no reasonable expectation of full recovery, write-off may be earlier. Unsecured consumer loans are generally written off after 180 days past due. The Group may subsequently be able to recover cash flows from loans written off. In the period which these recoveries are made, they are recognised in the income statement. The following table details impairment charges. Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Provisions raised/(released) Performing (915) 1,437 (209) (785) 1,147 Non-performing 567 1,934 1,175 563 1,717 Recoveries (242) (193) (172) (225) (173) Impairment charges (590) 3,178 794 (447) 2,691 of which relates to: Loans and credit commitments (567) 3,158 794 (449) 2,689 Debt securities at amortised cost (25) 18 - - - Debt securities at FVOCI 2 2 - 2 2 Impairment charges/(benefit) (590) 3,178 794 (447) 2,691 Further details are discussed in Note 13.

Income tax

Income tax	12 Months Ended
Income tax	Sep. 30, 2021
Income tax
Income tax	Note 7. Income tax Accounting policy The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in OCI, in which case it is recognised in the statement of comprehensive income. Current tax is the tax payable for the year using enacted or substantively enacted tax rates and laws for each jurisdiction. Current tax also includes adjustments to tax payable for previous years. Deferred tax accounts for temporary differences between the carrying amounts of assets and liabilities in the financial statements and their values for taxation purposes. Deferred tax is determined using the enacted or substantively enacted tax rates and laws for each jurisdiction which are expected to apply when the assets will be realised or the liabilities settled. Deferred tax assets and liabilities have been offset where they relate to the same taxation authority, the same taxable entity or group, and where there is a legal right and intention to settle on a net basis. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to utilise the assets. Deferred tax is not recognised for the following temporary differences: ● the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting nor taxable profit or loss; ● the initial recognition of goodwill in a business combination; and ● retained earnings in subsidiaries which the Parent Entity does not intend to distribute for the foreseeable future. The Parent Entity is the head entity of a tax consolidated group with its wholly owned Australian subsidiaries. All entities in the tax consolidated group have entered into a tax sharing agreement which, in the opinion of the Directors, limits the joint and several liabilities in the case of a default by the Parent Entity. Current and deferred tax are recognised using a ‘group allocation basis’. As head entity, the Parent Entity recognises all current tax balances and deferred tax assets arising from unused tax losses and relevant tax credits for the tax-consolidated group. The Parent Entity fully compensates/is compensated by the other members for these balances. Critical accounting assumptions and estimates The Group operates in multiple tax jurisdictions and significant judgement is required in determining the worldwide current tax liability. There are many transactions with uncertain tax outcomes and provisions are determined based on the expected outcomes. Note 7. Income tax (continued) Income tax expense The following table reconciles income tax expense to the profit before income tax expense. Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Profit before income tax expense 8,501 4,266 9,749 6,761 4,453 Tax at the Australian company tax rate of 30% 2,550 1,280 2,925 2,028 1,336 The effect of amounts which are not deductible/(assessable) in calculating taxable income Hybrid capital distributions 59 56 72 59 56 Life insurance: Tax adjustment on policyholder earnings 3 (17) 8 - - Adjustment for life business tax rates - 1 (1) - - Dividend adjustments - - (1) (355) (228) Other non-assessable items (6) (3) (14) (5) (3) Other non-deductible items 252 585 12 204 468 Adjustment for overseas tax rates (16) 16 (32) 9 32 Income tax (over)/under provided in prior years 3 1 (10) (2) 1 Other items 193 55 - 210 133 Total income tax expense 3,038 1,974 2,959 2,148 1,795 Income tax expense comprises: Current income tax 2,741 2,954 3,370 2,017 2,417 Movement in deferred tax 294 (981) (401) 133 (623) Income tax (over)/under provision in prior years 3 1 (10) (2) 1 Total income tax expense 3,038 1,974 2,959 2,148 1,795 Total Australia 2,610 1,697 2,526 2,090 1,753 Total Overseas 428 277 433 58 42 Total income tax expense 1 3,038 1,974 2,959 2,148 1,795 The effective tax rate was 35.74 % in 2021 (2020: 46.27% , 2019: 30.35% ). 1. As the Bank levy is not a levy on income, it is not included in income tax. It is included in Note 3. Note 7. Income tax (continued) Deferred tax assets The balance comprises temporary differences attributable to: Consolidated Parent Entity $m 2021 2020 2021 2020 Amounts recognised in the income statements and opening retained profits Provisions for ECL on loans and credit commitments 1,481 1,788 1,269 1,507 Provision for long service leave, annual leave and other employee benefits 386 335 365 308 Financial instruments - - - - Property and equipment 347 223 316 198 Other provisions 424 606 388 570 Lease liabilities 1 743 899 665 825 All other liabilities 1 331 419 300 304 Total amounts recognised in the income statements and opening retained profits 3,712 4,270 3,303 3,712 Amounts recognised directly in OCI Investment securities - - - - Cash flow hedges - 25 - - Defined benefit 103 155 101 149 Total amounts recognised directly in OCI 103 180 101 149 Gross deferred tax assets 3,815 4,450 3,404 3,861 Set-off of deferred tax assets and deferred tax liabilities (1,378) (1,386) (1,311) (1,364) Net deferred tax assets 2,437 3,064 2,093 2,497 Movements Balance as at beginning of year 3,064 2,048 2,497 1,925 Impact on adoption of new accounting standards 1 (17) 948 (14) 872 Restated opening balance 3,047 2,996 2,483 2,797 Recognised in the income statements (529) 758 (395) 507 Recognised in OCI (77) 13 (48) 9 Balances reclassified to assets held for sale (8) - - - Balances disposed of on sale of businesses (4) - - - Set-off of deferred tax assets and deferred tax liabilities 8 (703) 53 (816) Balance as at end of year 2,437 3,064 2,093 2,497 1. The adoption of AASB 16 on 1 October 2019 resulted in an increase in deferred tax assets of $948 million for the Group and $872 million for the Parent Entity. A corresponding increase was also recognised in deferred tax liabilities (refer to the following table), which resulted in a net nil impact on retained profits. Note 7. Income tax (continued) Deferred tax liabilities The balance comprises temporary differences attributable to: Consolidated Parent Entity $m 2021 2020 2021 2020 Amounts recognised in the income statements and opening retained profits Finance lease transactions 296 253 290 232 Property and equipment 1 610 933 541 864 Life insurance assets - 43 - - All other assets 267 223 211 208 Total amounts recognised in the income statements and opening retained profits 1,173 1,452 1,042 1,304 Amounts recognised directly in OCI Investment securities 214 51 211 51 Cash flow hedges 81 9 58 9 Total amounts recognised directly in OCI 295 60 269 60 Gross deferred tax liabilities 1,468 1,512 1,311 1,364 Set-off of deferred tax assets and deferred tax liabilities (1,378) (1,386) (1,311) (1,364) Net deferred tax liabilities 90 126 - - Movements Balance as at beginning of year 126 44 - - Impact on adoption of new accounting standards 1 - 948 - 872 Restated opening balance 126 992 - 872 Recognised in the income statements (235) (223) (262) (116) Recognised in OCI 235 60 209 60 Balances reclassified to liabilities held for sale (44) - - - Balances disposed of on sale of businesses - - - - Set-off of deferred tax assets and deferred tax liabilities 8 (703) 53 (816) Balance as at end of year 90 126 - - 1. The adoption of AASB 16 on 1 October 2019 resulted in an increase in deferred tax liabilities of $948 million for the Group and $872 million for the Parent Entity, which was recognised as an opening adjustment in retained profits. A corresponding increase was also recognised in deferred tax assets (refer to the previous table), which resulted in a net nil impact on retained profits. Unrecognised deferred tax balances The following potential deferred tax balances have not been recognised. The tax effect of the gross balances would be based on the corporate tax rates applicable in the relevant jurisdictions, which range between 16.5% and 30% . Consolidated Parent Entity $m 2021 2020 2021 2020 Unrecognised deferred tax asset Tax losses on revenue account 470 335 454 264 Unrecognised deferred tax liability Gross retained earnings of subsidiaries which the Parent Entity does not intend to distribute in the foreseeable future 55 55 - -

Earnings per share

Earnings per share	12 Months Ended
Earnings per share	Sep. 30, 2021
Earnings per share
Earnings per share	Note 8. Earnings per share Accounting policy 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 year, adjusted for treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive potential ordinary shares are converted. Refer to Notes 19 and 32 for further information on the potential dilutive instruments. 2021 2020 2019 $m Basic Diluted Basic Diluted Basic Diluted Net profit attributable to owners of WBC ($m) 5,458 5,458 2,290 2,290 6,784 6,784 Adjustment for RSP dividends ($m) 1 (2) - (2) (2) (6) (6) Adjustment for potential dilution: Distributions to convertible loan capital holders ($m) 2 - 218 - - - 290 Adjusted net profit attributable to owners of WBC ($m) 5,456 5,676 2,288 2,288 6,778 7,068 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,657 3,657 3,595 3,595 3,456 3,456 Treasury shares (including RSP share rights) 1 (4) (4) (5) (5) (6) (6) Adjustment for potential dilution: Share-based payments - 4 - 1 - 1 Convertible loan capital 2 - 461 - - - 278 Adjusted weighted average number of ordinary shares 3,653 4,118 3,590 3,591 3,450 3,729 Earnings per ordinary share (cents) 149.4 137.8 63.7 63.7 196.5 189.5 1. RSP is explained in Note 32. 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 2021 (2020: antidilutive, 2019: antidilutive). 2. The Group has issued convertible loan capital which may convert into ordinary shares in the future (refer to Note 19 for further details). 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 year or, if later, the instruments’ issue dates. In 2021, all convertible loan capital instruments were dilutive ( 2020: antidilutive, 2019: dilutive).

Average balance sheet and inter

Average balance sheet and interest rates	12 Months Ended
Average balance sheet and interest rates	Sep. 30, 2021
Average balance sheet and interest rates
Average balance sheet and interest rates	Note 9. Average balance sheet and interest rates The daily average balances of the Group’s interest earning assets and interest bearing liabilities are shown below along with their interest income or expense. 2021 2020 2019 Average Interest Average Average Interest Average Average Interest Average balance income rate balance income rate balance income rate Consolidated $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid: Australia 10,748 7 0.1 13,555 56 0.4 8,428 152 1.8 New Zealand 372 - - 373 3 0.8 364 7 1.9 Other overseas 1,108 9 0.8 1,804 16 0.9 2,031 42 2.1 Trading securities and financial assets measured at FVIS: Australia 16,659 116 0.7 20,300 217 1.1 20,691 468 2.3 New Zealand 3,881 28 0.7 4,728 47 1.0 3,862 85 2.2 Other overseas 3,251 48 1.5 4,601 95 2.1 4,521 109 2.4 Investment securities: Australia 81,665 1,104 1.4 71,402 1,347 1.9 56,875 1,691 3.0 New Zealand 4,492 74 1.6 3,921 96 2.4 3,850 130 3.4 Other overseas 1,552 22 1.4 2,858 78 2.7 3,062 98 3.2 Loans and other receivables 1: Australia 585,416 17,859 3.1 585,643 21,315 3.6 589,427 25,931 4.4 New Zealand 91,732 2,747 3.0 85,184 3,237 3.8 79,255 3,650 4.6 Other overseas 14,437 136 0.9 27,349 540 2.0 26,558 859 3.2 Assets held for sale: Australia 1,583 28 1.8 - - - - - - New Zealand - - - - - - - - - Other overseas 2,560 100 3.9 - - - - - - Total interest earning assets and interest income 819,456 22,278 2.7 821,718 27,047 3.3 798,924 33,222 4.2 Non-interest earning assets Derivative financial instruments 20,305 31,334 25,959 Life insurance assets 226 4,614 9,610 Assets held for sale 4,590 - - All other assets 2 61,478 62,414 60,231 Total non-interest earning assets 86,599 98,362 95,800 Total assets 906,055 920,080 894,724 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stages 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 earning loans relating to mortgage offset accounts and all other non-interest earning assets. Note 9. Average balance sheet and interest rates (continued) 2021 2020 2019 Average Interest Average Average Interest Average Average Interest Average balance expense rate balance expense rate balance expense rate Consolidated $m $m % $m $m % $m $m % Liabilities Interest bearing liabilities Collateral received: Australia 1,914 2 0.1 2,586 11 0.4 2,039 41 2.0 New Zealand 307 - - 596 3 0.5 390 8 2.1 Other overseas 3,965 2 0.1 4,399 12 0.3 1,188 8 0.7 Repurchase agreements 1 Australia 32,600 54 0.2 16,120 73 0.5 11,266 172 1.5 New Zealand 986 2 0.2 380 1 0.3 268 5 1.9 Other overseas - - - - - - 20 1 5.0 Deposits and other borrowings: Australia 457,675 1,400 0.3 435,877 3,745 0.9 425,799 7,023 1.6 New Zealand 60,066 418 0.7 57,096 882 1.5 54,720 1,235 2.3 Other overseas 13,610 50 0.4 25,660 427 1.7 26,270 687 2.6 Loan capital: Australia 24,573 754 3.1 19,554 663 3.4 15,080 632 4.2 New Zealand 1,653 85 5.1 1,833 94 5.1 1,777 91 5.1 Other overseas 368 10 2.7 1,324 43 3.2 1,324 53 4.0 Other interest bearing liabilities 1,2 : Australia 121,338 2,234 1.8 160,830 3,776 2.3 177,470 5,765 3.2 New Zealand 15,836 368 2.3 18,130 557 3.1 15,397 570 3.7 Other overseas 110 29 26.4 1,256 64 5.1 1,274 24 1.9 Liabilities held for sale: Australia - - - - - - - - - New Zealand - - - - - - - - - Other overseas 1,335 12 0.9 - - - - - - Total interest bearing liabilities and interest expense 736,336 5,420 0.7 745,641 10,351 1.4 734,282 16,315 2.2 Non-interest bearing liabilities Deposits and other borrowings: Australia 49,592 45,231 42,455 New Zealand 12,426 8,760 5,996 Other overseas 7 901 819 Derivative financial instruments 20,612 33,249 26,568 Life insurance liabilities 253 2,999 7,653 Liabilities held for sale 2,728 - - All other liabilities 3 13,202 15,233 13,187 Total non-interest bearing liabilities 98,820 106,373 96,678 Total liabilities 835,156 852,014 830,960 Shareholders’ equity 70,849 68,014 63,714 NCI 50 52 50 Total equity 70,899 68,066 63,764 Total liabilities and equity 906,055 920,080 894,724 Net interest income may vary from year to year due to changes in the volume of, and interest rates associated with, interest earning assets and interest bearing liabilities. The following table allocates the change in net interest income between changes in volume and interest rate for those assets and liabilities. 1. Repurchase agreements, previously included in Other interest bearing liabilities, have been separately disclosed. Comparatives have been restated. 2. Includes net impact of Treasury balance sheet management activities and the Bank levy. 3. Includes other financial liabilities, provisions, current and deferred tax liabilities and all other non-interest bearing liabilities. Note 9. Average balance sheet and interest rates (continued) Calculation of variances ● Volume changes are determined based on the movements in average asset and liability balances; and ● interest rate changes are determined based on the change in interest rate associated with those assets and liabilities. Variances that arise due to a combination of volume and interest rate changes are allocated to interest rate changes. 2021 2020 Consolidated Change due to Change due to $m Volume Rate Total Volume Rate Total Interest earning assets Collateral paid: Australia (11) (38) (49) 93 (189) (96) New Zealand - (3) (3) - (4) (4) Other overseas (6) (1) (7) (5) (21) (26) Trading securities and financial assets measured at FVIS: Australia (34) (67) (101) (9) (242) (251) New Zealand (9) (10) (19) 19 (57) (38) Other overseas (28) (19) (47) 2 (16) (14) Investment securities: Australia 202 (445) (243) 433 (777) (344) New Zealand 14 (36) (22) 2 (36) (34) Other overseas (20) (36) (56) (7) (13) (20) Loans and other receivables: Australia (469) (2,987) (3,456) (167) (4,449) (4,616) New Zealand 151 (641) (490) 274 (687) (413) Other overseas (241) (163) (404) 26 (345) (319) Assets held for sale: Australia 14 14 28 - - - Other overseas 62 38 100 - - - Total change in interest income (375) (4,394) (4,769) 661 (6,836) (6,175) Interest bearing liabilities Collateral received: Australia (3) (6) (9) 11 (41) (30) New Zealand (1) (2) (3) 4 (9) (5) Other overseas (1) (9) (10) 22 (18) 4 Repurchase agreements 1 Australia 87 (106) (19) 83 (182) (99) New Zealand 2 (1) 1 2 (6) (4) Other overseas - - - (1) - (1) Deposits and other borrowings: Australia 270 (2,615) (2,345) 167 (3,445) (3,278) New Zealand 45 (509) (464) 54 (407) (353) Other overseas (179) (198) (377) (16) (244) (260) Loan capital: Australia 176 (85) 91 188 (157) 31 New Zealand (9) - (9) 3 - 3 Other overseas (31) (2) (33) - (10) (10) Other interest bearing liabilities: Australia (716) (826) (1,542) (455) (1,534) (1,989) New Zealand (28) (161) (189) 103 (116) (13) Other overseas (20) (15) (35) - 40 40 Liabilities held for sale: Other overseas 2 10 12 - - - Total change in interest expense (406) (4,525) (4,931) 165 (6,129) (5,964) Change in net interest income: Australia (112) 115 3 356 (298) 58 New Zealand 147 (17) 130 129 (246) (117) Other overseas (4) 33 29 11 (163) (152) Total change in net interest income 31 131 162 496 (707) (211) 1. Repurchase agreements, previously included in Other interest bearing liabilities, have been separately disclosed. Comparatives have been restated.

FINANCIAL ASSETS AND FINANCIAL

FINANCIAL ASSETS AND FINANCIAL LIABILITIES	12 Months Ended
FINANCIAL ASSETS AND FINANCIAL LIABILITIES	Sep. 30, 2021
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
FINANCIAL ASSETS AND FINANCIAL LIABILITIES	FINANCIAL ASSETS AND FINANCIAL LIABILITIES Accounting policy Recognition Purchases and sales by regular way of financial assets, except for loans and receivables, are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Loans and receivables are recognised on settlement date, when cash is advanced to the borrowers. Financial liabilities are recognised when an obligation arises. Derecognition Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has either transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full under a ‘pass through’ arrangement and transferred substantially all the risks and rewards of ownership. There may be situations where the Group has partially transferred the risks and rewards of ownership but has neither transferred nor retained substantially all the risks and rewards of ownership. In such situations, where the Group retains control of the transferred asset, it will continue to be recognised in the balance sheet to the extent of the Group’s continuing involvement in the asset. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, with the difference in the respective carrying amounts recognised in the income statement. The terms are deemed to be substantially different if the discounted present value of the cash flows under the new terms (discounted using the original effective interest rate) is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. Qualitative factors such as a change in the currency the instrument is denominated in, a change in the interest rate from fixed to floating and conversion features are also considered. Classification and measurement Financial assets are grouped into the following classes: cash and balances with central banks, collateral paid, trading securities and financial assets measured at FVIS, derivative financial instruments, investment securities, loans, other financial assets and life insurance assets. Financial assets Financial assets are classified based on a) the business model within which the assets are managed, and b) whether the contractual cash flows of the instrument represent solely payment of principal and interest (SPPI). The Group determines the business model at the level that reflects how groups of financial assets are managed. When assessing the business model the Group considers factors including how performance and risks are managed, evaluated and reported and the frequency and volume of, and reason for, sales in previous periods and expectations of sales in future periods. When assessing whether contractual cash flows are SPPI, interest is defined as consideration primarily for the time value of money and the credit risk of the principal outstanding. The time value of money is defined as the element of interest that provides consideration only for the passage of time and not consideration for other risks or costs associated with holding the financial asset. Terms that could change the contractual cash flows so that they may not meet the SPPI criteria include contingent and leverage features, non-recourse arrangements, and features that could modify the time value of money. Debt instruments If the debt instruments have contractual cash flows which represent SPPI on the principal balance outstanding they are classified at: ● amortised cost if they are held within a business model whose objective is achieved through holding the financial asset to collect these cash flows; or ● FVOCI if they are held within a business model whose objective is achieved both through collecting these cash flows or selling the financial asset; or ● FVIS if they are held within a business model whose objective is achieved through selling the financial asset. Debt instruments are measured at FVIS where the contractual cash flows do not represent SPPI on the principal balance outstanding or where it is designated at FVIS to eliminate or reduce an accounting mismatch. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) Accounting policy (continued) Debt instruments at amortised cost are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. They are presented net of provision for ECL determined using the ECL model. Refer to Notes 6 and 13 for further details. Debt instruments at FVOCI are measured at fair value with unrealised gains and losses recognised in OCI except for interest income, impairment charges and FX gains and losses, which are recognised in the income statement. Impairment on debt instruments at FVOCI is determined using the ECL model and is recognised in the income statement with a corresponding amount in OCI. There is no reduction of the carrying value of the debt security which remains at fair value. The cumulative gain or loss recognised in OCI is subsequently recognised in the income statement when the instrument is derecognised. Debt instruments at FVIS are measured at fair value with subsequent changes in fair value recognised in the income statement. Equity securities Equity securities are measured at FVOCI where they: ● are not held for trading; and ● an irrevocable election is made by the Group. Otherwise, they are measured at FVIS. Equity securities at FVOCI are measured at fair value with unrealised gains and losses recognised in OCI, except for dividend income which is recognised in the income statement. The cumulative gain or loss recognised in OCI is not subsequently recognised in the income statement when the instrument is disposed. Equity securities at FVIS are measured at fair value with subsequent changes in fair value recognised in the income statement. Financial liabilities Financial liabilities are grouped into the following classes: collateral received, deposits and other borrowings, other financial liabilities, derivative financial instruments, debt issues and loan capital. Financial liabilities are measured at amortised cost if they are not held for trading or designated at FVIS, otherwise they are measured at FVIS. Financial assets and financial liabilities measured at FVIS are recognised initially at fair value. All other financial assets and financial liabilities are recognised initially at fair value plus or minus directly attributable transaction costs, respectively. Further details of the accounting policy for each category of financial asset or financial liability mentioned above is set out in the note for the relevant item. The Group’s policies for determining the fair value of financial assets and financial liabilities are set out in Note 22.

Trading securities and financia

Trading securities and financial assets measured at FVIS	12 Months Ended
Trading securities and financial assets measured at FVIS	Sep. 30, 2021
Trading securities and financial assets measured at FVIS
Trading securities and financial assets measured at FVIS	Note 10. Trading securities and financial assets measured at FVIS Accounting policy Trading securities Trading securities include actively traded debt (government and other) and equity instruments and those acquired for sale in the near term. As part of its trading activities, the Group also lends and borrows securities on a collateralised basis. Securities lent remain on the Group’s balance sheet and securities borrowed are not reflected on the Group’s balance sheet, as the risks and rewards of ownership remain with the initial holder. Where cash is provided as collateral, the amount advanced to or received from third parties is recognised as a receivable in collateral paid or as a borrowing in collateral received respectively. Reverse repurchase agreements Securities purchased under these agreements are not recognised in the balance sheet, as Westpac has not obtained the risks and rewards of ownership. The cash consideration paid is recognised as a reverse repurchase agreement, which forms part of a trading portfolio that is measured at fair value. Other financial assets measured at FVIS Other financial assets measured at FVIS include: ● non-trading securities managed on a fair value basis; ● non-trading debt securities that do not have contractual cash flows that represent SPPI on the principal balance outstanding; or ● non-trading equity securities for which we have not made irrevocable designation to be measured at FVOCI. Gains and losses on these financial assets are recognised in the income statement. Interest earned from debt securities is recognised in interest income (Note 3) while dividends on equity securities are recognised in non-interest income (Note 4). Consolidated Parent Entity $m 2021 2020 2021 2020 Trading securities 15,019 17,776 13,018 15,519 Reverse repurchase agreements 2,937 20,401 2,763 20,401 Other financial assets measured at FVIS 3,145 2,490 2,998 2,110 Total trading securities and financial assets measured at FVIS 21,101 40,667 18,779 38,030 Trading securities include the following: Government and semi-government securities 11,432 14,667 9,535 12,542 Other debt securities 3,064 3,044 2,960 2,913 Equity securities 3 4 3 3 Other 520 61 520 61 Total trading securities 15,019 17,776 13,018 15,519 Other financial assets measured at FVIS include: Other debt securities 3,038 2,045 2,975 1,703 Equity securities 107 445 23 407 Total other financial assets measured at FVIS 3,145 2,490 2,998 2,110

Investment securities

Investment securities	12 Months Ended
Investment securities	Sep. 30, 2021
Investment securities
Investment securities	Note 11. Investment securities Accounting policy Investment securities include debt securities (government and other) and equity securities. It includes debt and equity securities that are measured at FVOCI and debt securities measured at amortised cost. These instruments are classified based on the criteria disclosed under the heading “Financial assets and financial liabilities” prior to Note 10. Debt securities measured at FVOCI Includes debt instruments that have contractual cash flows which represent SPPI on the principal balance outstanding and they are held within a business model whose objective is achieved both through collecting these cash flows or selling the financial asset. These securities are measured at fair value with gains and losses recognised in OCI except for interest income, impairment charges, FX gains and losses and fair value hedge adjustments which are recognised in the income statement. Impairment is measured using the same ECL model applied to financial assets measured at amortised cost. Impairment is recognised in the income statement with a corresponding amount in OCI with no reduction of the carrying value of the debt security which remains at fair value. Refer to Note 13 for further details. The cumulative gain or loss recognised in OCI is subsequently recognised in the income statement when the instrument is disposed. Debt securities measured at amortised cost Include debt instruments that have contractual cash flows which represent SPPI on the principal balance outstanding and are held within a business model whose objective is achieved through holding the financial asset to collect these cash flows. These securities are initially recognised at fair value plus directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest rate method and are presented net of any provision for ECL. Equity securities Equity securities are measured at FVOCI where they are not held for trading, the Group does not have control or significant influence over the investee and where an irrevocable election is made to measure them at FVOCI. These securities are measured at fair value with unrealised gains and losses recognised in OCI except for dividend income which is recognised in the income statement. The cumulative gain or loss recognised in OCI is not subsequently recognised in the income statement when the instrument is disposed. Consolidated Parent Entity $m 2021 2020 2021 2020 Investment securities Investments securities measured at FVOCI Government and semi-government debt securities 66,421 73,486 63,057 69,929 Other debt securities 15,784 16,916 14,682 15,826 Equity securities 277 153 75 68 Total investment securities measured at FVOCI 1 82,482 90,555 77,814 85,823 Investment securities measured at amortised cost Government and semi-government debt securities 900 881 48 - Other debt securities 38 130 2 3 Total investment securities measured at amortised cost 938 1,011 50 3 Provision for ECL on debt securities at amortised cost (3) (27) (1) - Total net investment securities measured at amortised cost 935 984 49 3 Total investment securities 83,417 91,539 77,863 85,826 1. Impairment is recognised in the income statement with a corresponding amount in OCI (refer to Note 27). There is no reduction of the carrying value of the debt securities which remains at fair value. Note 11. Investment securities (continued) The following table shows the maturities and the weighted average yield of the Group’s outstanding investment securities as at 30 September 2021. There are no tax-exempt securities. Over 1 Over 5 Up to year to 5 years to Over No specific Weighted 1 year years 10 years 10 years maturity Total average 2021 $m % $m % $m % $m % $m % $m % Carrying Amount Government and semi-government securities 5,476 2.8 29,150 1.1 31,009 1.5 1,683 1.3 - - 67,318 1.4 Other debt securities 2,354 1.3 13,466 1.0 2 1.9 - - - - 15,822 1.0 Equity securities - - - - - - - - 277 - 277 - Total by maturity 7,830 42,616 31,011 1,683 277 83,417 The maturity profile is determined based upon contractual terms for investment securities.

Loans

Loans	12 Months Ended
Loans	Sep. 30, 2021
Loans
Loans	Note 12. Loans Accounting policy Loans are financial assets initially recognised at fair value plus directly attributable transaction costs and fees. Loans are subsequently measured at amortised cost using the effective interest rate method where they have contractual cash flows which represent SPPI on the principal balance outstanding and they are held within a business model whose objective is achieved through holding the loans to collect these cash flows. They are presented net of any provision for ECL. Loans are subsequently measured at FVIS where they do not have cash flows which represent SPPI, are held within a business model whose objective is achieved by selling the financial asset, or are designated at FVIS to eliminate or reduce an accounting mismatch. Refer to Note 22 for balances which are measured at fair value and amortised cost. Loan products that have both mortgage and deposit facilities are presented gross in the balance sheet, segregating the asset and liability component, because they do not meet the criteria to be offset. Interest earned on these products is presented on a net basis in the income statement as this reflects how the customer is charged. The loan portfolio is disaggregated by location of booking office and product type, as follows. Consolidated Parent Entity $m 2021 2020 2021 2020 Australia Housing 455,604 440,933 455,599 440,926 Personal 14,737 17,081 14,694 16,938 Business 148,453 147,584 145,950 144,354 Total Australia 618,794 605,598 616,243 602,218 New Zealand Housing 58,081 51,126 - - Personal 1,175 1,360 - - Business 29,991 29,864 384 354 Total New Zealand 89,247 82,350 384 354 Total other overseas 6,332 10,713 5,688 9,945 Total loans 714,373 698,661 622,315 612,517 Provision for ECL on loans (refer to Note 13) (4,589) (5,602) (3,902) (4,693) Total net loans 1 709,784 693,059 618,413 607,824 1. Total net loans included securitised loans of $ 4,829 million (2020: $7,367 million) for the Group and $ 129,270 million (2020: $132,506 million) for the Parent Entity. The level of securitised loans excludes loans where Westpac is the holder of related debt securities. Note 12. Loans (continued) The following table shows the Group’s contractual maturity distribution of all loans as at 30 September 2021. Over 1 Over 5 Consolidated Up to year to years to Over $m 1 year 5 years 15 years 15 years Total Australia Housing 7,314 2,083 18,238 427,969 455,604 Personal 6,312 7,111 1,314 - 14,737 Business 49,367 87,774 6,867 4,445 148,453 Total Australia 62,993 96,968 26,419 432,414 618,794 New Zealand Housing 232 630 4,797 52,422 58,081 Personal 935 228 12 - 1,175 Business 19,382 10,582 26 1 29,991 Total New Zealand 20,549 11,440 4,835 52,423 89,247 Total other overseas 2,215 3,715 402 - 6,332 Total loans 85,757 112,123 31,656 484,837 714,373 The following table shows the Group’s interest rate segmentation of loans maturing after one year as at 30 September 2021. Loans at Loans at variable fixed Consolidated interest interest $m rates rates Total Interest rate segmentation of loans maturing after one year Australia Housing 275,772 172,518 448,290 Personal 2,777 5,648 8,425 Business 88,670 10,416 99,086 Total Australia 367,219 188,582 555,801 New Zealand Housing 6,826 51,023 57,849 Personal 237 3 240 Business 759 9,850 10,609 Total New Zealand 7,822 60,876 68,698 Total other overseas 3,860 257 4,117 Total loans maturing after one year 378,901 249,715 628,616

Provisions for expected credit

Provisions for expected credit losses	12 Months Ended
Provisions for expected credit losses	Sep. 30, 2021
Provisions for expected credit losses
Provisions for expected credit losses	Note 13. Provisions for expected credit losses Accounting policy Note 6 provides details of impairment charges. Impairment applies to all financial assets at amortised cost, lease receivables, debt securities measured at FVOCI, due from subsidiaries and credit commitments. The ECL is recognised as follows: ● Loans (including lease receivables), debt securities at amortised cost and due from subsidiaries: as a reduction of the carrying value of the financial asset through an offsetting provision account (refer to Notes 11 and 12); ● Debt securities at FVOCI: in reserves in OCI with no reduction of the carrying value of the debt security itself (refer to Notes 11 and 27); and ● Credit commitments: as a provision (refer to Note 26). Measurement The Group calculates the provision for ECL based on a three stage approach. The provision for ECL is a probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time frame. They are determined by evaluating a range of possible outcomes and taking into account the time value of money, past events, current conditions and forecasts of future economic conditions. The models use three main components to determine the ECL (as well as the time value of money) including: ● Probability of default (PD): the probability that a counter-party will default; ● Loss given default (LGD): the loss that is expected to arise in the event of a default; and ● Exposure at default (EAD): the estimated outstanding amount of credit exposure at the time of the default. Model stages The three stages are as follows: Stage 1: 12 months ECL – performing For financial assets where there has been no significant increase in credit risk since origination, a provision for 12 months ECL is recognised. Stage 2: Lifetime ECL – performing For financial assets where there has been a significant increase in credit risk since origination but where the asset is still performing, a provision for lifetime ECL is recognised. The indicators of a significant increase in credit risk are described on the following page. Stage 3: Lifetime ECL – non-performing For financial assets that are non-performing, a provision for lifetime ECL is recognised. Indicators include a breach of contract with the Group such as a default on interest or principal payments, a borrower experiencing significant financial difficulties or observable economic conditions that correlate to defaults on an individual basis. Financial assets in Stage 3 are those that are in default. A default occurs when Westpac considers that the customer is unable 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 is aligned to the Australian Prudential Regulation Authority (APRA) regulatory definition of default. Collective and individual assessment Financial assets that are in Stages 1 and 2 are assessed on a collective basis. This means that they are grouped in pools of similar assets with similar credit risk characteristics including the type of product and the customer risk grade. Financial assets in Stage 3 are assessed on an individual basis and calculated collectively for those below a specified threshold. Expected life In considering the lifetime time frame for ECL in Stages 2 and 3, the standard generally requires use of the remaining contractual life adjusted, where appropriate, for prepayments, extension and other options. For certain revolving credit facilities which include both a drawn and undrawn component (e.g. credit cards and revolving lines of credit), the Group’s contractual ability to demand repayment and cancel the undrawn commitment does not limit the exposure to credit losses to the contractual notice period. For these facilities, lifetime is based on historical behaviour. Note 13. Provisions for expected credit losses (continued) Accounting policy (continued) Movement between stages Financial assets may move in both directions through the stages of the impairment model. Financial assets previously in Stage 2 may move back to Stage 1 if it is no longer considered that there has been a significant increase in credit risk. Similarly, financial assets in Stage 3 may move back to Stage 1 or Stage 2 if they are no longer assessed to be non-performing. Critical accounting assumptions and estimates Key judgements include when a significant increase in credit risk has occurred, the estimation of forward- looking macroeconomic information and overlays. Other factors which can impact the provision include the borrower’s financial situation, the realisable value of collateral, the Group’s position relative to other claimants, the reliability of customer information and the likely cost and duration of recovering the loan. Significant increase in credit risk (SICR) Determining when a financial asset has experienced a SICR since origination is a critical accounting judgement. In the current period the Group has revised the methodology to determine a significant increase in risk from one which was primarily based on changes in internal customer risk grades since origination of the facility and based on a sliding scale to one which is directly driven by the change in the probability of default (PD) since origination. In determining whether a change in PD represents a significant increase in risk, relative changes in PD and absolute PD thresholds are both considered based on the portfolio of the exposure. This change did not have a material impact to the Group. The Group does not rebut the presumption that instruments that are 30 days past due have experienced a SICR but this is used as a backstop rather than the primary indicator. The deferral of payments by customers in hardship arrangements is generally treated as an indication of a SICR. In the prior year COVID-19 support packages for mortgages and business loans was not, in isolation, treated as an indication of SICR. The Group classified these deferral packages into different categories of risk which were assessed for an increased likelihood of a risk of default to determine whether a SICR has occurred. In the current year, deferral packages for mortgages and business loans are based on the specific circumstances of the customers and as such, the deferral packages could be an indication of SICR. Forward-looking macroeconomic information The measurement of ECL for each stage and the assessment of significant increase in credit risk consider information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation of forward-looking information is a critical accounting judgement. The Group considers three future macroeconomic scenarios including a base case scenario along with upside and downside scenarios. The macroeconomic variables used in these scenarios, based on current economic forecasts, include (but are not limited to) employment to population rates, real gross domestic product growth rates and residential and commercial property price indices. ● Base case scenario This scenario utilises the internal Westpac economics forecast used for strategic decision making and forecasting. ● Upside scenario This scenario represents a modest improvement on the base case scenario. ● Downside scenario The downside scenario is a more severe scenario with ECL higher than those under the current 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 ECL across all portfolios from the reporting date. The macroeconomic scenarios are weighted based on the Group’s best estimate of the relative likelihood of each scenario. The weighting applied to each of the three macroeconomic scenarios takes into account historical frequency, current trends, and forward-looking conditions. The macroeconomic variables and probability weightings of the three macroeconomic scenarios are subject to the approval of the Group Chief Financial Officer and Group Chief Risk Officer with oversight from the Board of Directors (and its Committees). Overlays Where appropriate, adjustments will be made to modelled outcomes to reflect reasonable and supportable information not already incorporated in the models. Judgements can change with time as new information becomes available which could result in changes to the provision for ECL. Note 13. Provisions for expected credit losses (continued) 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 de-recognised 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, overlays and partial repayments and additional draw downs on existing facilities over the year. ● ”Write-offs” represent a reduction in the provision for ECL as a result of de-recognition of exposures where there is no reasonable expectation of full recovery. 2021 2020 Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Consolidated Provision for ECL on loans Housing 154 735 607 1,496 185 742 977 1,904 Personal 124 314 173 611 180 362 232 774 Business 495 822 1,172 2,489 537 1,433 954 2,924 Total provision for ECL on loans 773 1,871 1,952 4,596 902 2,537 2,163 5,602 Provisions for ECL on credit commitments Housing 6 6 - 12 7 5 - 12 Personal 29 41 1 71 36 46 - 82 Business 128 173 19 320 139 287 10 436 Total provision for ECL on credit commitments 163 220 20 403 182 338 10 530 Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Presented as provision for ECL on: Loans (Note 12) 766 1,871 1,952 4,589 902 2,537 2,163 5,602 Loans included in assets held for sale (Note 37) 7 - - 7 - - - - Credit commitments (Note 26) 161 220 20 401 182 338 10 530 Credit commitments included in liabilities held for sale (Note 37) 2 - - 2 - - - - Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Of which: Individually assessed provisions - - 832 832 - - 611 611 Collectively assessed provisions 936 2,091 1,140 4,167 1,084 2,875 1,562 5,521 Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Gross loans and credit commitments 828,770 76,946 9,770 915,486 812,450 71,841 11,311 895,602 Coverage ratio on loans (%) 0.12 2.70 20.56 0.64 0.14 4.02 19.50 0.80 Coverage ratio on loans and credit commitments (%) 0.11 2.72 20.18 0.55 0.13 4.00 19.21 0.68 Note 13. Provisions for expected credit losses (continued) 2021 2020 Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Parent Entity Provision for ECL on loans Housing 114 669 552 1,335 145 630 904 1,679 Personal 111 270 151 532 162 297 193 652 Business 409 607 1,026 2,042 445 1,154 763 2,362 Total provision for ECL on loans 634 1,546 1,729 3,909 752 2,081 1,860 4,693 Provision for ECL on credit commitments Housing 4 5 - 9 4 5 - 9 Personal 23 34 - 57 28 35 - 63 Business 119 150 19 288 129 269 9 407 Total provision for ECL on credit commitments 146 189 19 354 161 309 9 479 Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Presented as provision for ECL on: Loans (Note 12) 627 1,546 1,729 3,902 752 2,081 1,860 4,693 Loans included in assets held for sale (Note 37) 7 - - 7 - - - - Credit commitments (Note 26) 144 189 19 352 161 309 9 479 Credit commitments included in liabilities held for sale (Note 37) 2 - - 2 - - - - Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Of which: Individually assessed provisions - - 724 724 - - 520 520 Collectively assessed provisions 780 1,735 1,024 3,539 913 2,390 1,349 4,652 Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Gross loans and credit commitments 720,659 68,179 8,980 797,818 712,381 61,822 10,293 784,496 Coverage ratio on loans (%) 0.11 2.50 19.81 0.63 0.14 3.84 18.39 0.77 Coverage ratio on loans and credit commitments (%) 0.11 2.54 19.47 0.53 0.13 3.87 18.16 0.66 Note 13. Provisions for expected credit losses (continued) The following tables reconcile the provisions for ECL on loans and credit commitments for the Group and Parent Entity. Movement in provision for ECL on loans and credit commitments Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2019 884 1,674 1,355 3,913 747 1,420 1,211 3,378 Transfers to Stage 1 1,578 (1,528) (50) - 1,150 (1,125) (25) - Transfers to Stage 2 (345) 1,161 (816) - (266) 930 (664) - Transfers to Stage 3 (7) (955) 962 - (6) (773) 779 - Business activity during the year 212 60 (77) 195 188 64 (45) 207 Net remeasurement of provision for ECL (1,233) 2,474 1,915 3,156 (897) 1,880 1,672 2,655 Write-offs - - (1,170) (1,170) - - (1,105) (1,105) Exchange rate and other adjustments (5) (11) 54 38 (3) (6) 46 37 Balance as at 30 September 2020 1,084 2,875 2,173 6,132 913 2,390 1,869 5,172 Transfers to Stage 1 1,246 (1,128) (118) - 1,058 (960) (98) - Transfers to Stage 2 (200) 1,290 (1,090) - (173) 1,094 (921) - Transfers to Stage 3 (8) (507) 515 - (7) (449) 456 - Business activity during the year 122 (223) (343) (444) 110 (199) (298) (387) Net remeasurement of provision for ECL (1,284) (200) 1,603 119 (1,121) (140) 1,424 163 Write-offs - - (836) (836) - - (739) (739) Exchange rate and other adjustments (24) (16) 68 28 - (1) 55 54 Balance as at 30 September 2021 936 2,091 1,972 4,999 780 1,735 1,748 4,263 The provisions for ECL on loans and credit commitments can be further disaggregated into the following classes: Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Housing Balance as at 30 September 2019 163 354 591 1,108 141 335 557 1,033 Transfers to Stage 1 566 (542) (24) - 376 (365) (11) - Transfers to Stage 2 (68) 472 (404) - (44) 391 (347) - Transfers to Stage 3 - (276) 276 - - (233) 233 - Business activity during the year 25 (53) (142) (170) 19 (45) (128) (154) Net remeasurement of provision for ECL (492) 798 772 1,078 (343) 552 686 895 Write-offs - - (120) (120) - - (111) (111) Exchange rate and other adjustments (2) (6) 28 20 - - 25 25 Balance as at 30 September 2020 192 747 977 1,916 149 635 904 1,688 Transfers to Stage 1 283 (265) (18) - 246 (237) (9) - Transfers to Stage 2 (36) 677 (641) - (32) 624 (592) - Transfers to Stage 3 - (120) 120 - - (115) 115 - Business activity during the year 42 (49) (180) (187) 39 (43) (165) (169) Net remeasurement of provision for ECL (322) (253) 387 (188) (284) (190) 328 (146) Write-offs - - (76) (76) - - (63) (63) Exchange rate and other adjustments 1 4 38 43 - - 34 34 Balance as at 30 September 2021 160 741 607 1,508 118 674 552 1,344 Note 13. Provisions for expected credit losses (continued) Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Personal Balance as at 30 September 2019 268 459 248 975 229 401 213 843 Transfers to Stage 1 744 (732) (12) - 549 (547) (2) - Transfers to Stage 2 (154) 368 (214) - (131) 313 (182) - Transfers to Stage 3 (1) (342) 343 - (1) (307) 308 - Business activity during the year 35 (37) (50) (52) 36 (31) (43) (38) Net remeasurement of provision for ECL (676) 694 617 635 (492) 503 573 584 Write-offs - - (728) (728) - - (699) (699) Exchange rate and other adjustments - (2) 28 26 - - 25 25 Balance as at 30 September 2020 216 408 232 856 190 332 193 715 Transfers to Stage 1 476 (469) (7) - 403 (401) (2) - Transfers to Stage 2 (98) 281 (183) - (92) 251 (159) - Transfers to Stage 3 (1) (202) 203 - (1) (182) 183 - Business activity during the year 27 (25) (35) (33) 28 (20) (30) (22) Net remeasurement of provision for ECL (468) 360 402 294 (394) 324 386 316 Write-offs - - (461) (461) - - (438) (438) Exchange rate and other adjustments 1 2 23 26 - - 18 18 Balance as at 30 September 2021 153 355 174 682 134 304 151 589 Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Business Balance as at 30 September 2019 453 861 516 1,830 377 684 441 1,502 Transfers to Stage 1 268 (254) (14) - 225 (213) (12) - Transfers to Stage 2 (123) 321 (198) - (91) 226 (135) - Transfers to Stage 3 (6) (337) 343 - (5) (233) 238 - Business activity during the year 152 150 115 417 133 140 126 399 Net remeasurement of provision for ECL (65) 982 526 1,443 (62) 825 413 1,176 Write-offs - - (322) (322) - - (295) (295) Exchange rate and other adjustments (3) (3) (2) (8) (3) (6) (4) (13) Balance as at 30 September 2020 676 1,720 964 3,360 574 1,423 772 2,769 Transfers to Stage 1 487 (394) (93) - 409 (322) (87) - Transfers to Stage 2 (66) 332 (266) - (49) 219 (170) - Transfers to Stage 3 (7) (185) 192 - (6) (152) 158 - Business activity during the year 53 (149) (128) (224) 43 (136) (103) (196) Net remeasurement of provision for ECL (494) (307) 814 13 (443) (274) 710 (7) Write-offs - - (299) (299) - - (238) (238) Exchange rate and other adjustments (26) (22) 7 (41) - (1) 3 2 Balance as at 30 September 2021 623 995 1,191 2,809 528 757 1,045 2,330 Reconciliation of impairment charges Consolidated Parent Entity $m 2021 2020 2021 2020 Loans and credit commitments: Business activity during the year (444) 195 (387) 207 Net remeasurement of provision for ECL 119 3,156 163 2,655 Impairment charges for debt securities at amortised cost (25) 18 - - Impairment charges for debt securities at FVOCI 2 2 2 2 Recoveries (242) (193) (225) (173) Impairment charges (Note 6) (590) 3,178 (447) 2,691 Note 13. Provisions for expected credit losses (continued) Total write-offs net of recoveries to average loans Consolidated % 2021 2020 Write-offs net of recoveries to average loans Housing 0.01 0.02 Personal 1.46 2.75 Business 0.15 0.15 Total write-offs net of recoveries to average loans 0.08 0.14 Impact of Portfolio Overlays on the provision for ECL The following table attributes the breakup between modelled ECL and other portfolio overlays. Where there is increased uncertainty regarding the required forward-looking economic conditions, or areas of potential risk, including significant uncertainty, not captured in the underlying modelled ECL, overlays are used to capture that risk. Consolidated Parent Entity $m 2021 2020 2021 2020 Modelled provision for ECL 4,352 5,480 3,712 4,659 Portfolio Overlays 647 652 551 513 Total provision for ECL 4,999 6,132 4,263 5,172 Details of these changes related to forward-looking economic inputs and portfolio overlays, 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 or overlays are reflected through the “Net remeasurement of provision for ECL” line. The base case scenario uses current Westpac Economics forecasts and reflects the latest available forward- looking economic inputs which shows a deterioration in the short term due to the impact of recent lock downs, with a subsequent recovery. The latest view considers both the economic and societal impacts of COVID-19, the Australian Government stimulus measures implemented to cushion the impacts, and the New Zealand Government stimulus package. The Westpac Australian economics forecast assumes the following: Key macroeconomic assumptions for base case scenario 30 September 2021 30 September 2020 Annual GDP: Australia Forecast growth of 0.1% for calendar Forecast growth of 2.5% for calendar year 2021 and 7.4% for calendar year year 2021 2022 New Zealand Forecast growth of 5.6% for calendar Forecast growth of 3.9% for calendar year 2021 and 2.3% for calendar year year 2021 2022 Forecast price contraction of 0.7% Forecast price contraction of 19.3% for Commercial property index for calendar year 2021 and 4.7% for calendar year 2021 calendar year 2022 Residential property prices: Australia Forecast price appreciation of 11.8% Forecast price contraction of 0.4% for for calendar year 2021 and 5.0% for calendar year 2021 calendar year 2022 New Zealand Forecast price appreciation of 20% for Forecast price appreciation of 8.0% for calendar year 2021 and 0% for calendar calendar year 2021 year 2022 Cash rate Forecast to remain at 10bps Forecast to remain at 10bps calendar years 2021 and 2022 calendar year 2021 Unemployment rate: Australia Forecast rate of 5.4% at December 2021 Forecast to peak at 7.9% (February and 4% at December 2022 2021) and fall to 7.5% at December 2021 Forecast rate of 4.2% at December 2021 Forecast to peak at 7% (December New Zealand and 3.5% at December 2022 2020) and then fall to 6.4% at December 2021 Note 13. Provisions for expected credit losses (continued) The downside scenario is a more severe scenario with ECL 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 ECL 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 decline in provisions for loans and commitments over the financial year ended 30 September 2021 was due to more positive forward- looking economic inputs, improved portfolio performance and a decline in some higher risk exposures. These declines were partly offset by higher IAPs which were driven by one matter. The following sensitivity table shows the reported provision for ECL based on the probability weighted scenarios and what the provision 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). Consolidated Parent Entity $m 2021 2020 2021 2020 Reported probability-weighted ECL 4,999 6,132 4,263 5,172 100% base case ECL 3,411 4,750 2,877 4,051 100% downside ECL 7,399 8,315 6,354 6,956 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 $ 252 million (2020: $296 million) for the Group and $ 200 million (2020: $266 million) for the Parent Entity 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 and Parent Entity: Macroeconomic scenario weightings (%) 2021 2020 Upside 5.0 5.0 Base 55.0 55.0 Downside 40.0 40.0 Scenario weights have remained unchanged since 30 September 2020 mainly to reflect the high degree of risk around severe loss outcomes. Extraordinary policy measures have eased financial conditions and supported the economy, helping to contain financial stability risks. As the COVID-19 pandemic and associated impacts extend, this could lead to higher credit losses than those modelled under the base case. In particular, the current base case economic forecast indicates a relatively short and sharp economic impact from recent lock downs followed by a subsequent recovery. The COVID-19 pandemic is leading to material structural shifts in the behaviour of the economy and customers, and unprecedented actions by banks, governments, and regulators in response. ECL models are expected to be subject to a higher than usual level of uncertainty during this period. In this environment there is a heightened need for the application of judgement to reflect these evolving relationships and risks. This judgement has been applied in the consideration of scenario weights and COVID-19 overlays. Note 13. Provisions for expected credit losses (continued) Portfolio Overlays Portfolio overlays are used to address areas of potential risk, including significant uncertainty, not captured in the underlying modelled ECL. Determination of portfolio overlays requires expert judgement and is thoroughly documented and subject to comprehensive internal governance and oversight. If the risk of delayed losses is judged to have dissipated or actual stress emerges, the overlay will be removed or reduced. The total portfolio overlays as at 30 September 2021 were $ 647 million (2020: $652 million) for the Group and $ 551 million (2020: $513 million) for the Parent Entity. Included in the total overlays were: ● $ 557 million (2020: $577 million) for the Group and $ 461 million (2020: $ 438 million ) for the Parent Entity related to COVID-19 overlay; and ● $ 90 million ( 2020: $ 75 million) for the Group and $ 90 million (2020: $75 million ) for the Parent Entity reflecting other risks. No material overlays were held for extreme weather events. Overlays associated with COVID-19 decreased in 2021 as deferral packages which expired 31 March 2021 have had six months of performance post exit and the risk is now reflected in underlying ECL. This decrease was partially offset by new overlay for the deferral packages provided from July 2021 to cater for the recent lock downs in New South Wales and Victoria. An overlay was introduced in 2021 to reflect the risk that some businesses may have been protected from default or stress because of COVID-19 related support packages and government stimulus and may become stressed once when these measures are removed. The overlay was retained at 30 September 2021 due to the uncertainty around the impact of recent lock downs in New South Wales and Victoria, and associated support measures, increasing the likelihood of temporarily suppressing losses. As at 30 September 2021 this overlay is $347 million for the Group and $298 million for the Parent. Impact of changes in credit exposures on the provision for ECL ● Stage 1 exposures had a net increase of $ 16.3 billion (2020: net decrease of $52.9 billion) for the Group and $ 8.3 billion (2020: net decrease of $51.9 billion) for the Parent Entity primarily driven by increases in housing segment due to new lending and in business segment due to transfer back of exposures from Stage 2. The increase from portfolio growth is offset by an additional $11.2 billion transferred to Stage 2 to account for staging methodology changes and overlays. Stage 1 ECL has decreased mainly from impacts from revised macro-economic forecasts. ● Stage 2 credit exposures increased by $ 5.1 billion (2020: increased by $34.3 billion) for the Group and $6.4 billion (2020: increased by $34.3 billion) for the Parent Entity mainly driven by increases from the housing segment due to the additional $11.2 billion transferred to Stage 2 to account for staging methodology changes and overlays. Stage 2 ECL has decreased driven by the reductions in overlay and impacts from revised macro-economic forecasts. ● Stage 3 credit exposures had a net decrease of $ 1.5 billion (2020: increased by $4.5 billion) for the Group and $1.3 billion (2020: increased by $4.5 billion) for the Parent Entity driven by reductions in 90 days past due exposures in the housing portfolio. Stage 3 ECL has decreased in line with the decrease in Stage 3 exposures.

Other financial assets

Other financial assets	12 Months Ended
Other financial assets	Sep. 30, 2021
Other financial assets
Other financial assets	Note 14. Other financial assets Consolidated Parent Entity $m 2021 2020 2021 2020 Accrued interest receivable 720 905 624 797 Securities sold not delivered 3,542 2,358 3,542 2,352 Trade debtors 574 992 397 502 Interbank lending 592 299 73 295 Clearing and settlement balances 564 630 524 558 Accrued fees and commissions 264 170 187 117 Other 138 120 139 124 Total other financial assets 6,394 5,474 5,486 4,745

Life insurance assets and life

Life insurance assets and life insurance liabilities	12 Months Ended
Life insurance assets and life insurance liabilities	Sep. 30, 2021
Life insurance assets and life insurance liabilities
Life insurance assets and life insurance liabilities	Note 15. Life insurance assets and life insurance liabilities Accounting policy The Group conducts its life insurance business in Australia primarily through Westpac Life Insurance Services Limited and separate statutory funds registered under the Life Insurance Act 1995 (Life Act) and in New Zealand through Westpac Life-NZ-Limited which are separate statutory funds licensed under the Insurance (Prudential Supervision) Act 2010. Life insurance assets Life insurance assets, including investments in funds managed by the Group, are designated at FVIS. Changes in fair value are recognised in non-interest income. The determination of fair value of life insurance assets involves the same judgements as other financial assets, which are described in the critical accounting assumptions and estimates in Note 22. The Life Act places restrictions on life insurance assets, including that they can only be used: ● to meet the liabilities and expenses of that statutory fund; ● to acquire investments to further the business of the statutory fund; or ● as a distribution, when the statutory fund has met its solvency and capital adequacy requirements. Life insurance liabilities Life insurance liabilities primarily consist of life investment contract liabilities and life insurance contract liabilities. Claims incurred in respect of life investment contracts are withdrawals of customer deposits, and are recognised as a reduction in life insurance liabilities. Life investment contract liabilities Life investment contract liabilities are designated at FVIS. Fair value is the higher of the valuation of life insurance assets linked to the life investment contract, or the minimum current surrender value (the minimum amount the Group would pay to a policyholder if their policy is voluntarily terminated before it matures or the insured event occurs). Changes in fair value are recognised in non-interest income. Life insurance contract liabilities The value of life insurance contract liabilities is calculated using the margin on services methodology (MoS), specified in the Prudential Standard LPS 340 Valuation of Policy Liabilities. MoS accounts for the associated risks and uncertainties of each type of life insurance contract written. At each reporting date, planned profit margins and an estimate of future liabilities are calculated. Profit margins are released to non-interest income over the period that life insurance is provided to policyholders (Note 4). The cost incurred of acquiring specific insurance contracts is deferred provided that these amounts are recoverable out of planned profit margins. The deferred amounts are recognised as a reduction in life insurance policy liabilities and are amortised to non-interest income over the same period as the planned profit margins. Life insurance contract liability adequacy test Life insurance contract policy liabilities are tested for liability adequacy by comparing them to the best estimate of future cash flows. Liabilities are grouped into related product groups and each group is tested against the best estimate of future cash flows. If the liability of a related product group is less than best estimate the liability is increased with the expense being recognised in non-interest income. External unit holder liabilities of managed investment schemes The life insurance statutory funds include controlling interests in managed investment schemes which are consolidated. When the managed investment scheme is consolidated, the external unit holder liabilities are recognised as a liability and included in life insurance liabilities. They are designated at FVIS. Critical accounting assumptions and estimates The key factors that affect the estimation of life insurance liabilities and related assets are: ● the cost of providing benefits and administering contracts; ● mortality and morbidity experience, which includes policyholder benefits enhancements; ● discontinuance rates, which affects the Group’s ability to recover the cost of acquiring new business over the life of the contracts; and ● the discount rate of projected future cash flows. Regulation, competition, interest rates, taxes, securities market conditions and general economic conditions also affect the estimation of life insurance liabilities. Note 15. Life insurance assets and life insurance liabilities (continued) Life insurance assets Consolidated $m 2021 2020 Investments held directly and in unit trusts Unit trusts - 333 Debt securities - 2,818 Loans and other assets - 442 Total life Insurance assets - 3,593 In 2021, the entire life insurance assets for the Group were reclassified as assets held for sale (refer to Note 37). There were no life insurance assets in the Parent Entity as at 30 September 2021 (2020: nil ). Life insurance liabilities Consolidated Life investment Life insurance Reconciliation of movements in policy liabilities contracts contracts Total $m 2021 2020 2021 2020 2021 2020 Balance as at beginning of year 1,887 8,206 (491) (829) 1,396 7,377 Movements in policy liabilities reflected in the income statement 23 221 (21) 338 2 559 Contract contributions recognised in policy liabilities 1 368 - - 1 368 Contract withdrawals recognised in policy liabilities (15) (8,322) - - (15) (8,322) Contract fees, expenses and tax recoveries (4) (44) - - (4) (44) Change in external unit holders of managed investment schemes (933) 1,458 - - (933) 1,458 Balances reclassified to liabilities held for sale (refer to Note 37) (959) — 512 - (447) - Balance as at end of year - 1,887 - (491) - 1,396 There were no life insurance liabilities in the Parent Entity as at 30 September 2021 (2020: nil ).

Deposits and other borrowings

Deposits and other borrowings	12 Months Ended
Deposits and other borrowings	Sep. 30, 2021
Deposits and other borrowings
Deposits and other borrowings	Note 16. Deposits and other borrowings 1 Accounting policy Deposits and other borrowings are initially recognised at fair value and subsequently either measured at amortised cost using the effective interest rate method or at fair value. Deposits and other borrowings are designated at fair value if they are managed on a fair value basis, reduce or eliminate an accounting mismatch or contain an embedded derivative. Where they are measured at fair value, any changes in fair value (except those due to changes in credit risk) are recognised as non-interest income. The change in the fair value that is due to changes in credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised in the income statement. Refer to Note 22 for balances measured at fair value and amortised cost. Interest expense incurred is recognised in net interest income using the effective interest rate method. Consolidated Parent Entity $m 2021 2020 2021 2020 Australia Certificates of deposit 31,506 25,647 31,506 25,647 Non-interest bearing, repayable at call 52,819 48,303 52,819 48,303 Other interest bearing at call 345,416 304,761 345,416 304,761 Other interest bearing term 102,775 125,820 102,775 125,820 Total Australia 532,516 504,531 532,516 504,531 New Zealand Certificates of deposit 3,293 2,773 - - Non-interest bearing, repayable at call 14,066 10,711 - - Other interest bearing at call 31,354 26,300 - - Other interest bearing term 27,042 28,689 - 1 Total New Zealand 75,755 68,473 - 1 Other overseas Certificates of deposit 11,839 7,258 11,839 7,258 Non-interest bearing, repayable at call 919 868 357 333 Other interest bearing at call 1,751 1,864 1,446 1,559 Other interest bearing term 4,175 8,137 4,029 7,931 Total other overseas 18,684 18,127 17,671 17,081 Total deposits and other borrowings 626,955 591,131 550,187 521,613 The following table shows average balances and average rates in each of the past two years for major categories of deposits. 2021 2020 Average Average Average Average balance rate balance rate Consolidated $m % $m % Australia Non-interest bearing, repayable at call 49,592 45,231 Certificates of deposit 28,242 0.1 25,041 0.8 Other interest bearing at call 322,333 0.2 275,475 0.5 Other interest bearing term 107,100 0.6 135,361 1.5 Total Australia 507,267 481,108 Overseas Non-interest bearing, repayable at call 12,433 9,661 Certificates of deposit 11,035 0.4 14,376 1.4 Other interest bearing at call 30,231 0.2 25,999 0.5 Other interest bearing term 32,410 1.1 42,381 2.3 Total overseas 86,109 92,417 1. Note 16. Deposits and other borrowings (continued) Certificates of deposit and term deposits Uninsured deposits refer to deposits that are in excess of, or ineligible for, a government based deposit insurance scheme in their relevant country of domicile. For the Group, this primarily relates to deposit in excess of, or ineligible for, the Australian Government’s Financial Claims Scheme (FCS) limit. The table below shows the balances of uninsured certificates of deposits and term deposits by remaining maturity: Over Over Consolidated Up to 3 months to 6 months to Over $m 3 months 6 months 1 year 1 year Total Certificates of deposit in excess of insured amounts Australia 25,720 5,503 265 18 31,506 New Zealand 2,490 784 19 - 3,293 Other overseas 2,382 3,353 6,104 - 11,839 Total certificates of deposit in excess of insured amounts 30,592 9,640 6,388 18 46,638 Term deposits in excess of insured amounts Australia 36,929 14,271 17,535 4,811 73,546 New Zealand 12,739 8,840 4,100 1,363 27,042 Other overseas 2,504 693 930 44 4,171 Total term deposits in excess of insured amounts 52,172 23,804 22,565 6,218 104,759 Interbank term deposits in excess of insured amounts 1 Australia 2,199 1,661 50 7 3,917 New Zealand - - - - - Other overseas 132 - - - 132 Total interbank term deposits in excess of insured amounts 2,331 1,661 50 7 4,049 1.

Other financial liabilities

Other financial liabilities	12 Months Ended
Other financial liabilities	Sep. 30, 2021
Other financial liabilities
Other financial liabilities	Note 17. Other financial liabilities Accounting policy Other financial liabilities include liabilities measured at amortised cost as well as liabilities which are measured at FVIS. Financial liabilities measured at FVIS include: ● trading liabilities (i.e. securities sold short); and ● liabilities designated at FVIS (i.e. certain repurchase agreements). Refer to Note 22 for balances measured at fair value and amortised cost. Repurchase agreements Where securities are sold subject to an agreement to repurchase at a predetermined price, they remain recognised in the balance sheet in their original category (i.e. ‘Trading securities’ or ‘Investment securities’). The cash consideration received is recognised as a liability (‘Repurchase agreements’). Repurchase agreements are designated at fair value where they are managed as part of a trading portfolio, otherwise they are measured on an amortised cost basis. Where a repurchase agreement is designated at fair value, subsequent to initial recognition, these liabilities are measured at fair value with changes in fair value (except credit risk) recognised through the income statement as they arise. The change in fair value that is attributable to credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised through the income statement. Consolidated Parent Entity $m 2021 2020 2021 2020 Repurchase agreements 35,899 27,763 33,346 27,763 Interbank placements 4,080 4,981 4,079 4,710 Accrued interest payable 944 1,367 829 1,169 Securities purchased not delivered 3,286 2,291 3,286 2,291 Trade creditors and other accrued expenses 1,392 1,250 1,124 1,045 Settlement and clearing balances 708 1,005 695 989 Securities sold short 2,331 846 2,331 846 Other 1,669 1,422 1,573 1,343 Total other financial liabilities 50,309 40,925 47,263 40,156

Debt issues

Debt issues	12 Months Ended
Debt issues	Sep. 30, 2021
Debt issues
Debt issues	Note 18. Debt issues Accounting policy Debt issues are bonds, notes, commercial paper and debentures that have been issued by entities in the Group. Debt issues are initially measured at fair value and subsequently either measured at amortised cost using the effective interest rate method or at fair value. Debt issues are designated at fair value if they reduce or eliminate an accounting mismatch or contain an embedded derivative. The change in the fair value that is due to credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised in non-interest income. Refer to Note 22 for balances measured at fair value and amortised cost. Interest expense incurred is recognised within net interest income using the effective interest rate method. In the following table, the distinction between short-term (12 months or less) and long-term (greater than 12 months) debt is based on the original maturity of the underlying security. Consolidated Parent Entity $m 2021 2020 2021 2020 Short-term debt Own issuances 19,595 16,477 16,752 14,160 Total short-term debt 19,595 16,477 16,752 14,160 Long-term debt Covered bonds 31,374 36,051 27,234 31,926 Senior 72,804 89,766 64,224 81,580 Securitisation 5,000 8,000 - - Structured notes 6 31 - - Total long-term debt 109,184 133,848 91,458 113,506 Total debt issues 128,779 150,325 108,210 127,666 Movement reconciliation ($m) Balance as at beginning of year 150,325 181,457 127,666 156,674 Issuances 46,799 34,766 37,868 27,487 Maturities, repayments, buy backs and reductions (65,272) (65,160) (54,425) (55,761) Total cash movements (18,473) (30,394) (16,557) (28,274) FX translation impact (1,428) (1,977) (1,311) (2,005) Fair value adjustments (115) 81 (115) 81 Fair value hedge accounting adjustments (1,674) 1,038 (1,607) 1,076 Other (amortisation of bond issue costs, etc.) 144 120 134 114 Total non-cash movements (3,073) (738) (2,899) (734) Balance as at end of year 128,779 150,325 108,210 127,666 Note 18. Debt issues (continued) Consolidated $m 2021 2020 Short-term debt Own issuances: US commercial paper 19,595 13,864 Senior debt: GBP - 2,437 Other - 176 Total own issuances 19,595 16,477 Total short-term debt 19,595 16,477 Long-term debt (by currency): AUD 27,634 36,062 CHF 3,052 3,177 EUR 31,380 34,498 GBP 3,049 3,440 JPY 1,141 2,439 NZD 3,522 3,519 USD 36,031 45,917 Other 3,375 4,796 Total long-term debt 109,184 133,848 The Group manages FX exposure from debt issuances as part of its hedging activities. Further details of the Group’s hedge accounting are in Note 20.

Loan capital

Loan capital	12 Months Ended
Loan capital	Sep. 30, 2021
Loan capital
Loan capital	Note 19. Loan capital Accounting policy Loan capital are instruments issued by the Group which qualify for inclusion as regulatory capital under APRA Prudential Standards. Loan capital is initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest expense incurred is recognised in net interest income. Consolidated and Parent Entity $m 2021 2020 Additional Tier 1 (AT1) loan capital Westpac capital notes 8,403 7,423 USD AT1 securities 1,813 1,941 Total AT1 loan capital 10,216 9,364 Tier 2 loan capital Subordinated notes 18,362 14,090 Subordinated perpetual notes 489 495 Total Tier 2 loan capital 18,851 14,585 Total loan capital 29,067 23,949 Movement reconciliation ($m) Balance as at beginning of year 23,949 21,826 Issuances 7,628 2,225 Maturities, repayments, buy-backs and reductions (1,548) (262) Total cash movements 6,080 1,963 FX translation impact (86) (564) Fair value hedge accounting adjustments (902) 703 Other (amortisation of bond issue costs, etc) 26 21 Total non-cash movements (962) 160 Balance as at end of year 29,067 23,949 Note 19. Loan capital (continued) Additional Tier 1 loan capital A summary of the key terms and common features of AT1 instruments are provided below 1 . Consolidated and Parent Entity Potential scheduled Optional $m Distribution/Interest rate conversion date 2 redemption date 3 2021 2020 Westpac capital notes (WCN) AUD 1,311 million WCN2 (90 day bank bill rate + 3.05% p.a.) 23 September 2024 23 September 2022 1,309 1,307 x (1 - Australian corporate tax rate) AUD 1,324 million WCN3 (90 day bank bill rate + 4.00% p.a.) 22 March 2023 22 March 2021 4 - 1,323 x (1 - Australian corporate tax rate) AUD 1,702 million WCN4 (90 day bank bill rate + 4.90% p.a.) 20 December 2023 20 December 2021 5 549 1,698 x (1 - Australian corporate tax rate) AUD 1,690 million WCN5 (90 day bank bill rate + 3.20% p.a.) 22 September 2027 22 September 2025 1,682 1,680 x (1 - Australian corporate tax rate) AUD 1,423 million WCN6 (90 day bank bill rate + 3.70% p.a.) 31 July 2026 31 July 2024 1,417 1,415 x (1 - Australian corporate tax rate) AUD 1,723 million WCN7 (90 day bank bill rate + 3.40% p.a.) 22 March 2029 22 March 2027 1,709 - x (1 - Australian corporate tax rate) AUD 1,750 million WCN8 (90 day bank bill rate + 2.90% p.a.) 21 June 2032 21 September 2029 6 1,737 - x (1 - Australian corporate tax rate) Total Westpac capital notes 8,403 7,423 USD AT1 securities USD 1,250 million securities 5.00% p.a. until but excluding 21 n/a 21 September 2027 8 1,813 1,941 September 2027 (first reset date). If not redeemed, converted or written- off earlier, from, and including, each reset date 7 to, but excluding, the next succeeding reset date, at a fixed rate p.a. equal to the prevailing 5-year USD midmarket swap rate plus 2.89% p.a. Total USD AT1 securities 1,813 1,941 1. AUD unless otherwise noted. 2. Conversion is subject to the satisfaction of the scheduled conversion conditions. If the conversion conditions are not satisfied on the relevant scheduled conversion date, conversion will not occur until the next distribution payment date on which the scheduled conversion conditions are satisfied. 3. Westpac may elect to redeem the relevant AT1 instrument, subject to APRA’s prior written approval. 4. On 4 December 2020, AUD 866 million of WCN3 were transferred to the WCN3 nominated party for AUD 100 each pursuant to the WCN7 reinvestment offer. Those WCN3 were subsequently redeemed and cancelled by Westpac. On 22 March 2021, the remaining AUD 458 million of WCN3 were redeemed and cancelled by Westpac for AUD 100 each. 5. On 15 September 2021, AUD 1,152 million of WCN4 were transferred to the WCN4 nominated party for AUD 100 each pursuant to the WCN8 reinvestment offer. Those WCN4 were subsequently redeemed and cancelled by Westpac. On 15 October 2021, Westpac issued a redemption notice notifying WCN4 holders that all outstanding WCN4 will be redeemed on the optional redemption date, being 20 December 2021. 6. Westpac may also elect to redeem on 21 December 2029, 21 March 2030 and 21 June 2030, each an optional redemption date. 7. Every fifth anniversary after the first reset date is a reset date. 8. Westpac may elect to redeem on 21 September 2027 and every fifth anniversary after the first reset date. Common features of AT1 instruments Payment conditions Quarterly distributions on the Westpac capital notes and semi-annual interest payments on the USD AT1 securities are discretionary and will only be paid if the payment conditions are satisfied, including that the payment will not result in a breach of Westpac’s capital requirements under APRA’s prudential standards; not result in Westpac becoming, or being likely to become, insolvent; and if APRA does not object to the payment. Broadly, if for any reason a distribution or interest payment has not been paid in full on the relevant payment date, Westpac must not determine or pay any dividends on Westpac ordinary shares or undertake a discretionary buy-back or capital reduction of Westpac ordinary shares, unless the unpaid amount is paid in full within 20 business days of the relevant payment date or in certain other circumstances. Note 19. Loan capital (continued) The AT1 instruments convert into Westpac ordinary shares in the following circumstances: ● Scheduled Conversion On the scheduled conversion date, provided certain conversion conditions are satisfied, it is expected that the relevant AT1 instrument 1 will be converted and holders will receive a variable number of Westpac ordinary shares calculated using the formula described in the terms of the relevant AT1 instrument, subject to a maximum conversion number. The conversion number of Westpac ordinary shares will be calculated using the face value of the relevant AT1 instrument and the Westpac ordinary share price determined over the 20 business day period prior to the scheduled conversion date, including a 1% discount. ● Capital Trigger Event or Non-Viability Trigger Event Westpac will be required to convert some or all AT1 instruments into a variable number of Westpac ordinary shares upon the occurrence of a capital trigger event or non-viability trigger event. No conversion conditions apply in these circumstances. A capital trigger event occurs when Westpac determines, or APRA notifies Westpac in writing that it believes, Westpac’s Common Equity Tier 1 Capital ratio is equal to or less than 5.125% (on a level 1 or level 2 basis 2 ). A non-viability trigger event will occur when APRA notifies Westpac in writing that it believes conversion of all or some AT1 instruments (or conversion, write-off or write-down of relevant capital instruments of the Westpac Group), or public sector injection of capital (or equivalent support), in each case is necessary because without it, Westpac would become non-viable. For each AT1 instrument converted, holders will receive a variable number of Westpac ordinary shares calculated using the formula described in the terms of the relevant AT1 instrument, subject to a maximum conversion number. The conversion number of Westpac ordinary shares is calculated using the face value or outstanding principal amount of the relevant AT1 instrument and the Westpac ordinary share price determined over the five business day period prior to the capital trigger event date or non-viability trigger event date and includes a 1% discount. For each AT1 instrument, the maximum conversion number is set using a Westpac ordinary share price which is broadly equivalent to 20% of the Westpac ordinary share price at the time of issue. Following the occurrence of a capital trigger event or non-viability trigger event, if conversion of an AT1 instrument does not occur within five business days, holders’ rights in relation to the relevant AT1 instrument will be immediately and irrevocably terminated. ● C onversion in other circumstances Westpac is able to elect to convert 3 , or may be required to convert 3 , AT1 instruments early in certain circumstances. The terms of conversion and the conversion conditions are broadly similar to scheduled conversion, however the share price floor in the maximum conversion number will depend on the conversion event. ● Early Redemption Westpac is able to elect to redeem the relevant AT1 instrument on the optional redemption dates or for certain taxation or regulatory reasons , subject to APRA’s prior written approval. 1. Scheduled conversion does not apply to USD AT1 securities. 2. Level 1 comprises Westpac Banking Corporation and its subsidiary entities that have been approved by APRA as being part of a single 'Extended Licensed Entity' for the purpose of measuring capital adequacy. Level 2 is the consolidation of Westpac Banking Corporation and all its subsidiary entities except those entities specifically excluded by APRA regulations. The head of the Level 2 group is Westpac Banking Corporation. 3. Excludes USD AT1 securities. Note 19. Loan capital (continued) Tier 2 loan capital A summary of the key terms and common features of Westpac’s Tier 2 instruments is provided below 1 : Consolidated and Parent Entity Optional $m Interest rate 2 Maturity date redemption date 3 2021 2020 Subordinated notes AUD 350 million 4.50% p.a. until but excluding 11 March 2022. 11 March 2027 11 March 2022 351 361 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 1.95% p.a., the sum of which will be annualised. SGD 325 million 4.00% p.a. until but excluding 12 August 2022. 12 August 2027 12 August 2022 337 347 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year SGD swap offer rate plus 1.54% p.a. AUD 175 million 4.80% p.a. until but excluding 14 June 2023. 14 June 2028 14 June 2023 181 185 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 2.65% p.a., each of which will be annualised. USD 100 million Fixed 5.00% p.a. 23 February 2046 n/a 148 175 subordinated notes AUD 700 million 90 day bank bill rate + 3.10% p.a. 10 March 2026 10 March 2021 4 - 700 subordinated notes JPY 20,000 million Fixed 1.16% p.a. 19 May 2026 n/a 249 270 subordinated notes JPY 10,200 million Fixed 1.16% p.a. 2 June 2026 n/a 127 137 subordinated notes JPY 10,000 million Fixed 0.76% p.a. 9 June 2026 n/a 124 134 subordinated notes NZD 400 million 4.6950% p.a. until but excluding 1 September 2021. 1 September 2026 1 September 2021 4 - 376 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the New Zealand 5-year swap rate on 1 September 2021 plus 2.60% p.a. JPY 8,000 million 0.9225% p.a. until but excluding 7 October 2021. 7 October 2026 7 October 2021 99 107 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 1.0005% p.a. USD 1,500 million 4.322% p.a. until but excluding 23 November 2026. 23 November 2031 23 November 2026 2,181 2,320 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD mid-swap rate plus 2.236% p.a. JPY 12,000 million 0.87% p.a. until but excluding 6 July 2022. Thereafter, 6 July 2027 6 July 2022 149 161 subordinated notes if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 0.78% p.a. JPY 13,500 million 0.868% p.a. until but excluding 6 July 2022. 6 July 2027 6 July 2022 168 181 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 0.778% p.a. HKD 600 million 3.15% p.a. until but excluding 14 July 2022. Thereafter, 14 July 2027 14 July 2022 108 111 subordinated notes if not redeemed, a fixed rate per annum equal to the five-year HKD mid-swap rate plus 1.34% p.a. AUD 350 million 4.334% p.a. until but excluding 16 August 2024. 16 August 2029 16 August 2024 350 349 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 1.83% p.a., each of which will be annualised. AUD 185 million Fixed 5.00% p.a. 24 January 2048 n/a 185 185 subordinated notes AUD 250 million 90 day bank bill rate + 1.40% p.a. 16 February 2028 16 February 2023 250 250 subordinated notes AUD 130 million Fixed 5.00% p.a. 2 March 2048 n/a 130 130 subordinated notes AUD 725 million 90 day bank bill rate + 1.80% p.a. 22 June 2028 22 June 2023 724 714 subordinated notes USD 1,000 million Fixed 4.421% p.a. 24 July 2039 n/a 1,481 1,707 subordinated notes 1. Excludes subordinated perpetual notes. 2. Interest payments are made periodically as set out in the terms of the subordinated notes. 3. Westpac may elect to redeem the relevant Tier 2 instrument on the optional redemption date or dates, subject to APRA’s prior written approval. If not redeemed on the first optional redemption date, Westpac may elect to redeem the relevant Tier 2 instrument on any interest payment date after the first optional redemption date (except for USD 1,500 million subordinated notes with an optional redemption date in November 2026, USD 1,250 million subordinated notes with an optional redemption date in July 2029, USD 1,500 million subordinated notes with an optional redemption date in February 2025, USD 1,500 million subordinated notes with an optional redemption date in November 2030, and EUR 1,000 million subordinated notes with an optional redemption date in May 2026), subject to APRA’s prior written approval. 4. The subordinated notes were redeemed in full on the optional redemption date. Note 19. Loan capital (continued) Tier 2 loan capital (continued) A summary of the key terms and common features of Westpac’s Tier 2 instruments is continued below 1 : Consolidated and Parent Entity Optional $m Interest rate 2 Maturity date redemption date 3 2021 2020 Subordinated notes USD 1,250 million 4.110% p.a. until but excluding 24 July 2029. 24 July 2034 24 July 2029 1,813 1,970 subordinated notes Thereafter, if not redeemed a fixed rate per annum equal to the five-year USD treasury rate plus 2% p.a. AUD 1,000 million 90 day bank bill rate + 1.98% p.a. 27 August 2029 27 August 2024 999 1,000 subordinated notes USD 1,500 million 2.894% p.a. until but excluding 4 February 4 February 2030 4 February 2025 2,133 2,220 subordinated notes 2025. Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD treasury rate plus 1.350% p.a. USD 1,500 million 2.668% p.a. until but excluding 15 November 2030. 15 November 2035 15 November 2030 1,970 - subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD treasury rate plus 1.750% p.a. USD 1,000 million Fixed 2.963% p.a. 16 November 2040 n/a 1,264 - subordinated notes AUD 1,250 million 90 day bank bill rate + 1.55% p.a. 29 January 2031 29 January 2026 1,237 - subordinated notes EUR 1,000 million 0.766% p.a. until but excluding 13 May 2026. 13 May 2031 13 May 2026 1,604 - subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the prevailing 5-year EUR mid-market swap rate plus 1.05% p.a. Total subordinated notes 18,362 14,090 1. Excludes subordinated perpetual notes. 2. Interest payments are made periodically as set out in the terms of the subordinated notes. 3. Westpac may elect to redeem the relevant Tier 2 instrument on the optional redemption date or dates, subject to APRA’s prior written approval. If not redeemed on the first optional redemption date, Westpac may elect to redeem the relevant Tier 2 instrument on any interest payment date after the first optional redemption date (except for USD 1,500 million subordinated notes with an optional redemption date in November 2026, USD 1,250 million subordinated notes with an optional redemption date in July 2029, USD 1,500 million subordinated notes with an optional redemption date in February 2025, USD 1,500 million subordinated notes with an optional redemption date in November 2030, and EUR 1,000 million subordinated notes with an optional redemption date in May 2026), subject to APRA’s prior written approval. Common features of subordinated notes Interest payments are subject to Westpac being solvent at the time of, and immediately following, the interest payment. These subordinated notes contain non-viability loss absorption requirements. Non-viability trigger event Westpac will be required to convert some or all subordinated notes into a variable number of Westpac ordinary shares upon the occurrence of a non-viability trigger event. A non-viability trigger event will occur on similar terms as described under AT1 loan capital. For each subordinated note converted, holders will receive a variable number of Westpac ordinary shares calculated using the formula described in the terms of the relevant Tier 2 instrument, subject to a maximum conversion number. The conversion number of Westpac ordinary shares will be calculated in a manner similar to that described under AT1 loan capital for a non-viability trigger event. For each Tier 2 instrument, the maximum conversion number is set using a Westpac ordinary share price which is broadly equivalent to 20% of the Westpac ordinary share price at the time of issue. Following the occurrence of a non-viability trigger event, if conversion of a Tier 2 instrument does not occur within five business days, holders’ rights in relation to the relevant Tier 2 instrument will be immediately and irrevocably terminated. Subordinated perpetual notes These notes have no final maturity but Westpac can choose to redeem them at par on any interest payment date falling on or after September 1991, subject to APRA approval and certain other conditions. Interest is cumulative and payable on the notes semi-annually at a rate of 6 month US$ LIBOR plus 0.15% p.a., subject to Westpac being solvent immediately after making the payment and having paid any dividend on any class of share capital of Westpac within the prior 12 -month period. These notes qualify for transitional treatment as Tier 2 capital of Westpac under APRA’s Basel III capital adequacy framework. The rights of the noteholders and coupon holders are subordinated to the claims of all creditors (including depositors) of Westpac other than creditors whose claims against Westpac rank equally with, or junior to, these notes.

Derivative financial instrument

Derivative financial instruments	12 Months Ended
Derivative financial instruments	Sep. 30, 2021
Derivative financial instruments
Derivative financial instruments	Note 20. Derivative financial instruments Accounting policy Derivative financial instruments are instruments whose values are derived from the value of an underlying asset, reference rate or index and include forwards, futures, swaps and options. The Group uses derivative financial instruments for meeting customers’ needs, our asset and liability risk management (ALM) activities, and undertaking market making and positioning activities. Trading derivatives Derivatives which are used in our ALM activities but are not designated into a hedge accounting relationship are considered economic hedges, and are adjusted for cash earnings purposes due to the accounting mismatch between the fair value of the derivatives and the accounting treatment of the underlying exposure (refer to Note 2 for further details). These derivatives, along with derivatives used for meeting customers’ needs and undertaking market making and positioning activities, are measured at FVIS and are disclosed as trading derivatives. Hedging derivatives Hedging derivatives are those which are used in our ALM activities and have also been designated into one of three hedge accounting relationships: fair value hedge; cash flow hedge; or hedge of a net investment in a foreign operation. These derivatives are measured at fair value. These hedge designations and the associated accounting treatment are detailed below. For more details regarding the Group’s ALM activities, refer to Note 21. Fair value hedges Fair value hedges are used to hedge the exposure to changes in the fair value of an asset or liability. Changes in the fair value of derivatives and the hedged asset or liability in fair value hedges are recognised in interest income. The carrying value of the hedged asset or liability is adjusted for the changes in fair value related to the hedged risk. If a hedge is discontinued, any fair value adjustments to the carrying value of the asset or liability are amortised to net interest income over the period to maturity. If the asset or liability is sold, any unamortised adjustment is immediately recognised in net interest income. Cash flow hedges Cash flow hedges are used to hedge the exposure to variability of cash flows attributable to an asset, liability or future forecast transaction. For effective hedges, changes in the fair value of derivatives are recognised in the cash flow hedge reserve through OCI and subsequently recognised in interest income when the cash flows attributable to the asset or liability that was hedged impact the income statement. For hedges with some ineffectiveness, the changes in the fair value of the derivatives relating to the ineffective portion are immediately recognised in interest income. If a hedge is discontinued, any cumulative gain or loss remains in OCI. It is amortised to net interest income over the period in which the asset or liability that was hedged also impacts the income statement. If a hedge of a forecast transaction is no longer expected to occur, any cumulative gain or loss in OCI is immediately recognised in net interest income. Net investment hedges Net investment hedges are used to hedge FX risks arising from a net investment of a foreign operation. For effective hedges, changes in the fair value of derivatives are recognised in the foreign currency translation reserve through OCI. For hedges with some ineffectiveness, the changes in the fair value of the derivatives relating to the ineffective portion are immediately recognised in non-interest income. If a foreign operation is disposed of, any cumulative gain or loss in OCI is immediately recognised in non-interest income. Note 20. Derivative financial instruments (continued) Total derivatives The carrying values of derivative instruments are set out in the tables below. Total derivatives Consolidated Trading Hedging carrying value $m Assets Liabilities Assets Liabilities Assets Liabilities 2021 Interest rate contracts 1 Forward rate agreements 1 (1) - - 1 (1) Swap agreements 30,491 (29,630) 3,530 (5,437) 34,021 (35,067) Options 115 (121) - - 115 (121) Total interest rate contracts 30,607 (29,752) 3,530 (5,437) 34,137 (35,189) FX contracts Spot and forward contracts 5,896 (5,554) 38 (51) 5,934 (5,605) Cross currency swap agreements 6,433 (6,912) 749 (175) 7,182 (7,087) Options 198 (173) - - 198 (173) Total FX contracts 12,527 (12,639) 787 (226) 13,314 (12,865) Credit default swaps Credit protection bought - (15) - - - (15) Credit protection sold 13 - - - 13 - Total credit default swaps 13 (15) - - 13 (15) Commodity contracts 227 (360) - - 227 (360) Equities 2 - - - 2 - Total of gross derivatives 43,376 (42,766) 4,317 (5,663) 47,693 (48,429) Impact of netting arrangements (25,010) 25,240 (3,330) 5,130 (28,340) 30,370 Total of net derivatives 18,366 (17,526) 987 (533) 19,353 (18,059) 2020 Interest rate contracts 1 Forward rate agreements 14 (14) - - 14 (14) Swap agreements 44,366 (42,724) 5,916 (10,331) 50,282 (53,055) Options 161 (165) - - 161 (165) Total interest rate contracts 44,541 (42,903) 5,916 (10,331) 50,457 (53,234) FX contracts Spot and forward contracts 5,595 (4,797) 61 (46) 5,656 (4,843) Cross currency swap agreements 4,977 (8,872) 1,450 (141) 6,427 (9,013) Options 383 (200) - - 383 (200) Total FX contracts 10,955 (13,869) 1,511 (187) 12,466 (14,056) Credit default swaps Credit protection bought - (59) - - - (59) Credit protection sold 57 - - - 57 - Total credit default swaps 57 (59) - - 57 (59) Commodity contracts 352 (204) - - 352 (204) Equities 3 - - - 3 - Total of gross derivatives 55,908 (57,035) 7,427 (10,518) 63,335 (67,553) Impact of netting arrangements (34,402) 34,819 (5,566) 9,680 (39,968) 44,499 Total of net derivatives 21,506 (22,216) 1,861 (838) 23,367 (23,054) 1. The fair value of futures contracts is settled daily with the exchange, and therefore have been excluded from this table. Note 20. Derivative financial instruments (continued) Total derivatives Parent Entity Trading Hedging carrying value $m Assets Liabilities Assets Liabilities Assets Liabilities 2021 Interest rate contracts 1 Forward rate agreements 1 (1) - - 1 (1) Swap agreements 30,779 (29,764) 3,228 (5,261) 34,007 (35,025) Options 115 (121) - - 115 (121) Total interest rate contracts 30,895 (29,886) 3,228 (5,261) 34,123 (35,147) FX contracts Spot and forward contracts 5,929 (5,603) 5 (2) 5,934 (5,605) Cross currency swap agreements 6,452 (6,925) 519 (34) 6,971 (6,959) Options 198 (173) - - 198 (173) Total FX contracts 12,579 (12,701) 524 (36) 13,103 (12,737) Credit default swaps Credit protection bought - (15) - - - (15) Credit protection sold 13 - - - 13 - Total credit default swaps 13 (15) - - 13 (15) Commodity contracts 227 (360) - - 227 (360) Equities 1 - - - 1 - Total of gross derivatives 43,715 (42,962) 3,752 (5,297) 47,467 (48,259) Impact of netting arrangements (25,299) 25,365 (3,041) 5,005 (28,340) 30,370 Total of net derivatives 18,416 (17,597) 711 (292) 19,127 (17,889) 2020 Interest rate contracts 1 Forward rate agreements 14 (14) - - 14 (14) Swap agreements 44,511 (43,108) 5,749 (9,807) 50,260 (52,915) Options 161 (165) - - 161 (165) Total interest rate contracts 44,686 (43,287) 5,749 (9,807) 50,435 (53,094) FX contracts Spot and forward contracts 5,641 (4,821) 14 (19) 5,655 (4,840) Cross currency swap agreements 4,977 (8,872) 900 (9) 5,877 (8,881) Options 383 (200) - - 383 (200) Total FX contracts 11,001 (13,893) 914 (28) 11,915 (13,921) Credit default swaps Credit protection bought - (59) - - - (59) Credit protection sold 57 - - - 57 - Total credit default swaps 57 (59) - - 57 (59) Commodity contracts 352 (204) - - 352 (204) Equities 3 - - - 3 - Total of gross derivatives 56,099 (57,443) 6,663 (9,835) 62,762 (67,278) Impact of netting arrangements (34,521) 35,175 (5,447) 9,324 (39,968) 44,499 Total of net derivatives 21,578 (22,268) 1,216 (511) 22,794 (22,779) 1. Note 20. Derivative financial instruments (continued) Hedge accounting The Group designates derivatives into hedge accounting relationships in order to manage the volatility in earnings and capital that would otherwise arise from interest rate and FX risks that may result from differences in the accounting treatment of derivatives and underlying exposures. These hedge accounting relationships and the risks they are used to hedge are described below. The Group enters into one-to-one hedge relationships to manage specific exposures where the terms of the hedged item significantly match the terms of the hedging instrument. The Group also uses dynamic hedge accounting where the hedged items are part of a portfolio of assets and/or liabilities that frequently change. In this hedging strategy, the exposure being hedged and the hedging instruments may change frequently rather than there being a one-to-one hedge accounting relationship for a specific exposure. Fair value hedges Interest rate risk The Group hedges its interest rate risk to reduce exposure to changes in fair value due to interest rate fluctuations over the hedging period. Interest rate risk arising from fixed rate debt issuances and fixed rate bonds classified as investment securities at FVOCI is hedged with single currency fixed to floating interest rate derivatives. The Group also hedges its benchmark interest rate risk from fixed rate foreign currency denominated debt issuances using cross currency swaps. In applying fair value hedge accounting, the Group primarily uses one-to-one hedge accounting to manage specific exposures. The Group also uses a dynamic hedge accounting strategy for fair value portfolio hedge accounting of some fixed rate mortgages to reduce exposure to changes in fair value due to interest rate fluctuations over the hedging period. These fixed rate mortgages are allocated to time buckets based on their expected repricing dates and the fixed-to-floating interest rate derivatives are designated accordingly to the capacity in the relevant time buckets. The Group hedges the benchmark interest rate which generally represents the most significant component of the changes in fair value. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example, BBSW for AUD interest rates, LIBOR for USD interest rates and BKBM for NZD interest rates. Ineffectiveness may arise from timing or discounting differences on repricing between the hedged item and the derivative. For the portfolio hedge accounting ineffectiveness also arises from prepayment risk (i.e. the difference between actual and expected prepayment of loans). In order to manage the ineffectiveness from early repayments and accommodate new originations the portfolio hedges are de-designated and redesignated periodically. Cash flow hedges Interest rate risk The Group’s exposure to the volatility of interest cash flows from customer deposits and loans is hedged with interest rate derivatives using a dynamic hedge accounting strategy called macro cash flow hedges. Customer deposits and loans are allocated to time buckets based on their expected repricing dates. The interest rate derivatives are designated accordingly to the gross asset or gross liability positions for the relevant time buckets. The Group hedges the benchmark interest rate which generally represents the most significant component of the changes in fair value. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example, BBSW for AUD interest rates, LIBOR for USD interest rates and BKBM for NZD interest rates. Ineffectiveness may arise from timing or discounting differences on repricing between the hedged item and the interest rate derivative. Ineffectiveness also arises if the notional values of the interest rate derivatives exceed the capacity for the relevant time buckets. The hedge accounting relationship is reviewed on a monthly basis and the hedging relationships are de-designated and redesignated if necessary. FX risk The Group’s exposure to foreign currency principal and credit margin cash flows from fixed rate foreign currency debt issuances is hedged through the use of cross currency derivatives in a one-to-one hedging relationship to manage the changes between the foreign currency and AUD. In addition, for floating rate foreign currency debt issuances, the Group hedges from foreign floating to primarily AUD or NZD floating interest rates. These exposures represent the most significant components of fair value. Ineffectiveness may arise from timing or discounting differences on repricing between the hedged item and the cross currency derivative. Note 20. Derivative financial instruments (continued) Net investment hedges FX risk Structural FX risk results from Westpac’s capital deployed in offshore branches and subsidiaries, where it is denominated in currencies other than Australian dollars. As exchange rates move, the Australian dollar equivalent of offshore capital is subject to change that could introduce significant variability to the Group’s reported financial results and capital ratios. The Group uses FX forward contracts when hedging the currency translation risk arising from net investments in foreign operations. The Group currently applies hedge accounting to its net investment in New Zealand operations which is the most material offshore operation and therefore the hedged risk is the movement of the NZD against the AUD. Ineffectiveness only arises if the notional values of the FX forward contracts exceed the net investment in New Zealand operations. Economic hedges As part of the Group’s ALM activities, economic hedges may be entered into to hedge New Zealand future earnings and long-term funding transactions. These hedges do not qualify for hedge accounting and the impact on the income statement of these hedges is treated as a cash earnings adjustment. This is due to the accounting mismatch between the fair value accounting of the derivatives used in the economic hedges when compared to the recognition of the New Zealand future earnings as they are earned and the amortised cost accounting of the borrowing respectively. Refer to Note 2 for further details. Interest Rate Benchmark Reform The Group's hedging relationships include hedged items and hedging instruments that are impacted by IBOR reform. Refer to Note 21.5 for further details of the Group’s exposure to IBOR reform. Hedging instruments The following tables show the carrying value of hedging instruments and a maturity analysis of the notional amounts of the hedging instruments in one-to-one hedge relationships categorised by the types of hedge relationships and the hedged risk. Notional amounts Over Consolidated Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2021 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 11,674 59,022 54,250 124,946 2,402 (4,889) Cross currency swap Interest rate risk 4,717 5,251 3,604 13,572 227 - Cash flow hedges Cross currency swap FX risk 5,905 5,251 3,604 14,760 522 (175) Net investment hedges Forward contracts FX risk 6,574 - - 6,574 38 (51) Total one-to-one hedge relationships 28,870 69,524 61,458 159,852 3,189 (5,115) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 28,258 60 (24) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 201,339 1,068 (524) Total macro hedge relationships n/a n/a n/a 229,597 1,128 (548) Total of gross hedging derivatives n/a n/a n/a 389,449 4,317 (5,663) Impact of netting arrangements n/a n/a n/a n/a (3,330) 5,130 Total of net hedging derivatives n/a n/a n/a n/a 987 (533) Note 20. Derivative financial instruments (continued) Notional amounts Over Consolidated Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2020 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 16,748 60,258 56,979 133,985 4,395 (8,810) Cross currency swap Interest rate risk 4,668 8,381 1,615 14,664 355 - Cash flow hedges Cross currency swap FX risk 5,877 9,590 1,615 17,082 1,095 (141) Net investment hedges Forward contracts FX risk 6,320 - - 6,320 61 (46) Total one-to-one hedge relationships 33,613 78,229 60,209 172,051 5,906 (8,997) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 19,907 - (187) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 174,611 1,521 (1,334) Total macro hedge relationships n/a n/a n/a 194,518 1,521 (1,521) Total of gross hedging derivatives n/a n/a n/a 366,569 7,427 (10,518) Impact of netting arrangements n/a n/a n/a n/a (5,566) 9,680 Total of net hedging derivatives n/a n/a n/a n/a 1,861 (838) Notional amounts Over Parent Entity Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2021 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 11,283 57,732 54,250 123,265 2,400 (4,837) Cross currency swap Interest rate risk 3,108 1,682 707 5,497 165 - Cash flow hedges Cross currency swap FX risk 3,108 1,682 707 5,497 354 (34) Net investment hedges Forward contracts FX risk 1,263 - - 1,263 5 (2) Total one-to-one hedge relationships 18,762 61,096 55,664 135,522 2,924 (4,873) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 2,872 7 (1) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 180,533 821 (423) Total macro hedge relationships n/a n/a n/a 183,405 828 (424) Total of gross hedging derivatives n/a n/a n/a 318,927 3,752 (5,297) Impact of netting arrangements n/a n/a n/a n/a (3,041) 5,005 Total of net hedging derivatives n/a n/a n/a n/a 711 (292) 2020 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 16,125 58,628 56,979 131,732 4,390 (8,644) Cross currency swap Interest rate risk 2,981 4,284 1,286 8,551 252 - Cash flow hedges Cross currency swap FX risk 2,981 4,284 1,286 8,551 648 (9) Net investment hedges Forward contracts FX risk 1,240 - - 1,240 14 (19) Total one-to-one hedge relationships 23,327 67,196 59,551 150,074 5,304 (8,672) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a - - - Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 162,033 1,359 (1,163) Total macro hedge relationships n/a n/a n/a 162,033 1,359 (1,163) Total of gross hedging derivatives n/a n/a n/a 312,107 6,663 (9,835) Impact of netting arrangements n/a n/a n/a n/a (5,447) 9,324 Total of net hedging derivatives n/a n/a n/a n/a 1,216 (511) Note 20. Derivative financial instruments (continued) The following tables show the weighted average FX rate related to significant hedging instruments in one-to-one hedge relationships. Weighted average rate Hedging instrument Hedged risk Currency pair 2021 2020 Consolidated Cash flow hedges Cross currency swap FX risk EUR:AUD 0.6823 0.6687 JPY:AUD not material 81.4507 EUR:NZD 0.6086 0.6160 HKD:NZD not material 4.9670 Net investment hedges Forward contracts FX risk NZD:AUD 1.0505 1.0838 Parent Entity Cash flow hedges Cross currency swap FX risk EUR:AUD 0.6823 0.6687 JPY:AUD 79.6302 81.4507 CHF:AUD 0.7679 not material CNH:AUD 4.9359 4.9492 Net investment hedges Forward contracts FX risk NZD:AUD 1.0460 1.0904 Impact of hedge accounting in the balance sheets and reserves The following tables show the carrying amount of hedged items in a fair value hedge relationship and the component of the carrying amount related to accumulated fair value hedge accounting adjustments (FVHA). 2021 2020 FVHA FVHA Carrying amount of included in carrying Carrying amount of included in carrying $m hedged item amount hedged item amount Consolidated Interest rate risk Investment securities 60,657 117 68,862 3,285 Loans 28,340 (59) 20,290 140 Debt issues and loan capital (84,776) (1,983) (96,605) (4,559) Parent Entity Interest rate risk Investment securities 59,008 101 66,529 3,175 Loans 3,009 (5) 251 8 Debt issues and loan capital (76,634) (1,931) (90,287) (4,440) There were no (2020: nil) FVHA included in the above carrying amounts relating to hedged items that have ceased to be adjusted for hedging gains losses The pre-tax impact of cash flow and net investment hedges on reserves is detailed below: 2021 2020 Interest FX Interest FX $m rate risk risk Total rate risk risk Total Consolidated Cash flow hedge reserve Balance as at beginning of year 73 (132) (59) (99) (83) (182) Net gains/(losses) from changes in fair value 352 (56) 296 (1) (94) (95) Transferred to interest income (31) 70 39 173 45 218 Balance as at end of year 394 (118) 276 73 (132) (59) Parent Entity Cash flow hedge reserve Balance as at beginning of year 83 (53) 30 (70) (22) (92) Net gains/(losses) from changes in fair value 201 (24) 177 16 (44) (28) Transferred to interest income (41) 28 (13) 137 13 150 Balance as at end of year 243 (49) 194 83 (53) 30 Note 20. Derivative financial instruments (continued) There were losses of $176 million (2020: $43 million) remaining in the cash flow hedge reserve relating to hedge relationships for which hedge accounting is no longer applied for the Group and Parent Entity As disclosed in Note 27, the net losses from changes in the fair value of net investment hedges were $ 198 million (2020: net gains $9 million) for the Group and $ 41 million (2020: net gains $17 million) for the Parent Entity. Included in the foreign currency translation reserve is a loss of $ 210 million (2020: $210 million) for the Group and $ 214 million (2020: $214 million) for the Parent Entity relating to discontinued hedges of our net investment in USD operations. This would only be transferred to the income statement on disposal of the related USD operations. Hedge effectiveness Hedge effectiveness is tested prospectively at inception and during the lifetime of hedge relationships. For one-to-one hedge relationships this testing uses a qualitative assessment of matched terms where the critical terms of the derivatives used as the hedging instrument match the terms of the hedged item. In addition, a quantitative effectiveness test is performed for all hedges which could include regression analysis, dollar offset and/or sensitivity analysis. Retrospective testing is also performed to determine whether the hedge relationship remains highly effective so that hedge accounting can continue to be applied and also to determine any ineffectiveness. These tests are performed using regression analysis and the dollar offset method. The following tables provide information regarding the determination of hedge effectiveness: Change in fair value Change in of hedging value of the Hedge instrument hedged item Hedge ineffectiveness used for used for ineffectiveness recognised in Consolidated calculating calculating recognised in non-interest $m Hedging instrument Hedged risk ineffectiveness ineffectiveness interest income income Consolidated 2021 Fair value hedges Interest rate swap Interest rate risk 957 (959) (2) n/a Cross currency swap Interest rate risk (171) 168 (3) n/a Cash flow hedges Interest rate swap Interest rate risk 280 (321) (41) n/a Cross currency swap FX risk 14 (14) - n/a Net investment hedges Forward contracts FX risk (199) 198 n/a (1) Total 881 (928) (46) (1) 2020 Fair value hedges Interest rate swap Interest rate risk 1,403 (1,372) 31 n/a Cross currency swap Interest rate risk (110) 108 (2) n/a Cash flow hedges Interest rate swap Interest rate risk 230 (172) 58 n/a Cross currency swap FX risk (49) 49 - n/a Net investment hedges Forward contracts FX risk 9 (9) n/a - Total 1,483 (1,396) 87 - Parent Entity 2021 Fair value hedges Interest rate swap Interest rate risk 683 (683) - n/a Cross currency swap Interest rate risk (107) 105 (2) n/a Cash flow hedges Interest rate swap Interest rate risk 120 (160) (40) n/a Cross currency swap FX risk 4 (4) - n/a Net investment hedges Forward contracts FX risk (41) 41 n/a - Total 659 (701) (42) - 2020 Fair value hedges Interest rate swap Interest rate risk 1,408 (1,377) 31 n/a Cross currency swap Interest rate risk (73) 72 (1) n/a Cash flow hedges Interest rate swap Interest rate risk 200 (153) 47 n/a Cross currency swap FX risk (31) 31 - n/a Net investment hedges Forward contracts FX risk 17 (17) n/a - Total 1,521 (1,444) 77 -

Financial risk

Financial risk	12 Months Ended
Financial risk	Sep. 30, 2021
Financial risk
Financial risk	Note 21. Financial risk Financial instruments are fundamental to the Group’s business of providing banking and financial services. The associated financial risks (including credit risk, funding and liquidity risk and market risk) are a significant proportion of the total risks faced by the Group. This note details the financial risk management policies, practices and quantitative information of the Group’s principal financial risk exposure s. Note Index Note name number Overview Risk management frameworks 21.1 Credit risk Credit risk ratings system 21.2.1 The risk of financial loss where a customer or counterparty fails to meet their financial obligations. Credit risk mitigation, collateral and other credit enhancements 21.2.2 Credit risk concentrations 21.2.3 Credit quality of financial assets 21.2.4 Non-performing loans and credit commitments 21.2.5 Collateral held 21.2.6 Funding and liquidity risk Liquidity modelling 21.3.1 The risk that Westpac cannot meet its payment obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. Sources of funding 21.3.2 Assets pledged as collateral 21.3.3 Contractual maturity of financial liabilities 21.3.4 Expected maturity 21.3.5 Market risk Value-at-Risk (VaR) 21.4.1 The risk of an adverse impact on earnings resulting from changes in market factors, such as foreign exchange rates, interest rates, commodity prices or equity price. Traded market risk 21.4.2 Non-traded market risk 21.4.3 IBOR reform Benchmark interest rate exposure 21.5 21.1 Risk management frameworks The Board is responsible for approving the Westpac Group Risk Management Framework, Westpac Group Risk Management Strategy and Westpac Group Risk Appetite Statement and for monitoring the effectiveness of risk management by the Westpac Group. The Board has delegated to the Board Risk Committee (BRiskC) responsibility to: ● review and recommend the Westpac Group Risk Management Framework, Westpac Group Risk Management Strategy and Westpac Group Risk Appetite Statement to the Board for approval; ● review and monitor the risk profile and controls of the Group consistent with Westpac Group’s Risk Appetite Statement; ● approve frameworks, policies and processes for managing risk (consistent with the Westpac Group Risk Management Strategy and Westpac Group Risk Appetite Statement); and ● review and, where appropriate, approve risks beyond the approval discretion provided to management. The Board Legal, Regulatory & Compliance Committee (BLRCC) is a sub-committee of the BRiskC. The BLRCC oversees material legal and regulatory change relevant to the Westpac Group. In addition it oversees management of material litigation and regulatory investigations, compliance, conduct risk, financial crime risk and customer remediation activities and customer complaints. The BLRCC also reviews and approves the Compliance and Conduct Risk Management Framework and the Financial Crime Risk Management Framework. For each of its primary financial risks, the Group maintains risk management frameworks and a number of supporting policies that define roles and responsibilities, acceptable practices, limits and key controls: Notes 21. Financial risk (continued) Risk Risk management framework and controls Credit risk ● ● ● ● ● ● ● ● ● ● ● ● ● ● Notes 21. Financial risk (continued) Risk Risk management framework and controls Funding and ● ● ● ● ● ● ● ● Market risk ● ● ● ● ● ● ● ● ● ● Notes 21. Financial risk (continued) 21.2 Credit Risk 21.2.1 Credit risk ratings system The principal objective of the credit risk rating system is to assess the credit risk to which the Group is exposed. The Group has two main approaches to this assessment. Transaction-managed customers Transaction managed customers are generally customers with business lending exposures. They are individually assigned a Customer Risk Grade (CRG), corresponding to their expected PD. Each facility is assigned an LGD. The Group’s risk rating system has a tiered scale of risk grades for both non-defaulted customers and defaulted customers. Non-defaulted CRGs are mapped to Moody’s and S&P Global Ratings (S&P) external senior unsecured ratings. The table below shows Westpac’s high level CRGs for transaction-managed portfolios mapped to the Group’s credit quality disclosure categories and to their corresponding external rating. Transaction-managed Financial statement disclosure Westpac CRG Moody’s Rating S&P Rating Strong A Aaa – Aa3 AAA – AA– B A1 – A3 A+ – A– C Baa1 – Baa3 BBB+ – BBB– Good/satisfactory D Ba1 – B1 BB+ – B+ Westpac Rating Weak E Watchlist F Special Mention Weak/default/non-performing G Substandard/Default H Default Program-managed portfolio The program-managed portfolio generally includes retail products including mortgages, personal lending (including credit cards) as well as certain SME lending. These customers are grouped into pools of similar risk. Pools are created by analysing similar risk characteristics that have historically predicted that an account is likely to go into default. Customers grouped according to these predictive characteristics are assigned a PD and LGD relative to their pool. The credit quality of these pools is based on a combination of behavioural factors, delinquency trends, PD estimates and loan to valuation ratio (housing loans only). Note 21. Financial risk (continued) 21.2.2 Credit risk mitigation, collateral and other credit enhancements Westpac uses a variety of techniques to reduce the credit risk arising from its lending activities. This includes the Group establishing that it has direct, irrevocable and unconditional recourse to collateral and other credit enhancements through obtaining legally enforceable documentation. Collateral The table below describes the nature of collateral or security held for each relevant class of financial asset. Loans – housing and personal 1 Housing loans are secured by a mortgage over property and additional security may take the form of guarantees and deposits. Personal lending (including credit cards and overdrafts) is predominantly unsecured. Where security is taken, it is restricted to eligible motor vehicles, caravans, campers, motor homes and boats. Personal lending also includes margin lending which is secured primarily by shares or managed funds. Loans – business 1 Business loans may be secured, partially secured or unsecured. Security is typically taken by way of a mortgage over property and/or a general security agreement over business assets or other assets. Other security such as guarantees, standby letters of credit or derivative protection may also be taken as collateral, if appropriate. Trading securities, financial assets measured at FVIS and derivatives These exposures are carried at fair value which reflects the credit risk. For trading securities, no collateral is sought directly from the issuer or counterparty; however this may be implicit in the terms of the instrument (such as an asset-backed security). The terms of debt securities may include collateralisation. For derivatives, master netting agreements are typically used to enable the effects of derivative assets and liabilities with the same counterparty to be offset when measuring these exposures. Additionally, collateralisation agreements are also typically entered into with major institutional counterparties to avoid the potential build-up of excessive mark-to-market positions. Derivative transactions are increasingly being cleared through central clearers. Management of risk mitigation The Group mitigates credit risk through controls covering: Collateral and valuation management The estimated realisable value of collateral held in support of loans is based on a combination of: ● formal valuations currently held for such collateral; and ● management’s assessment of the estimated realisable value of all collateral held. This analysis also takes into consideration any other relevant knowledge available to management at the time. Updated valuations are obtained when appropriate. The Group revalues collateral related to financial markets positions on a daily basis and has formal processes in place to promptly call for collateral top-ups, if required. These processes include margining for non-centrally cleared customer derivatives as regulated by Australian Prudential Standard CPS226. The collateralisation arrangements are documented via the Credit Support Annex of the ISDA dealing agreements and Global Master Repurchase Agreements (GMRA) for repurchase transactions. In relation to financial markets positions, Westpac only recognises collateral which is: ● cash, primarily in Australian dollars (AUD), New Zealand dollars (NZD), US dollars (USD), Canadian dollars (CAD), British pounds (GBP) or European Union euro (EUR); ● bonds issued by Australian Commonwealth, State and Territory governments or their Public Sector Enterprises, provided these attract a zero risk-weighting under Australian Prudential Standard (APS) 112; ● securities issued by other sovereign governments and supranationals as approved by an authorised credit officer; or ● protection bought via credit-linked notes (provided the proceeds are invested in cash or other eligible collateral). 1. This includes collateral held in relation to associated credit commitments. Note 21. Financial risk (continued) Other credit enhancements The Group only recognises guarantees, standby letters of credit, or credit derivative protection from the following entities (provided they are not related to the entity with which Westpac has a credit exposure): ● Sovereign; ● Australia and New Zealand public sector; ● ADIs and overseas banks with a minimum risk grade equivalent of A3 / A–; and ● Others with a minimum risk grade equivalent of A3 / A–. Credit Portfolio Management (CPM) manages the Group’s corporate, sovereign and bank credit portfolios through monitoring the exposure and any offsetting hedge positions. CPM purchases credit protection from entities meeting the criteria above and sells credit protection to diversify the Group’s credit risk. Offsetting Creditworthy customers domiciled in Australia and New Zealand may enter into formal agreements with the Group, permitting the Group to set-off gross credit and debit balances in their nominated accounts. Cross-border set-offs are not permitted. Close-out netting is undertaken with counterparties with whom the Group has entered into a legally enforceable master netting agreement for their off-balance sheet financial market transactions in the event of default. Further details of offsetting are provided in Note 23. Central clearing The Group executes derivative transactions through central clearing counterparties. Central clearing counterparties mitigate risk through stringent membership requirements, the collection of margin against all trades placed, the default fund, and an explicitly defined order of priority of payments in the event of default. 21.2.3 Credit risk concentrations Credit risk is concentrated when a number of counterparties are engaged in similar activities, have similar economic characteristics and thus may be similarly affected by changes in economic or other conditions. The Group monitors its credit portfolio to manage risk concentrations and rebalance the portfolio. Individual customers or groups of related customers The Group has large exposure limits governing the aggregate size of credit exposure normally acceptable to individual customers and groups of related customers. These limits are tiered by customer risk grade. Specific industries Exposures to businesses, governments and other financial institutions are classified into a number of industry clusters based on related Australian and New Zealand Standard Industrial Classification (ANZSIC) codes and are monitored against the Group’s industry risk appetite limits. Individual countries The Group has limits governing risks related to individual countries, such as political situations, government policies and economic conditions that may adversely affect either a customer’s ability to meet its obligations to the Group, or the Group’s ability to realise its assets in a particular country. Maximum exposure to credit risk The maximum exposure to credit risk (excluding collateral received) is represented by the carrying amount of on-balance sheet financial assets (which comprise cash and balances with central banks, collateral paid, trading securities and financial assets measured at FVIS, derivative financial instruments, investment securities, loans, other financial assets and certain balances included in assets held for sale) and undrawn credit commitments. The following tables set out the credit risk concentrations to which the Group and the Parent Entity are exposed for on-balance sheet financial assets and for undrawn credit commitments. Life insurance assets are excluded as primarily the credit risk is passed on to the policyholder and backed by the policyholder liabilities. The balances for trading securities and financial assets measured at FVIS and investment securities exclude equity securities as the primary financial risk is not credit risk. Note 21. Financial risk (continued) The credit concentrations for each significant class of financial asset are: Trading securities and financial assets measured at FVIS (Note 10) ● 42% (2020: 64% ) were issued by financial institutions for the Group; 44% (2020: 67% ) for the Parent Entity. ● 53% (2020: 33% ) were issued by government or semi-government authorities for the Group; 52% (2020: 31% ) for the Parent Entity. ● 67% (2020: 79% ) were held in Australia by the Group; 74% (2020: 84% ) by the Parent Entity. Investment securities (Note 11) ● 18% (2020: 18% ) were issued by financial institutions for the Group; 19% (2020: 18% ) for the Parent Entity. ● 81% (2020: 82% ) were issued by government or semi-government authorities for the Group; 81% (2020: 82% ) for the Parent Entity. ● 92% (2020: 92% ) were held in Australia by the Group; 99% (2020: 98% ) by the Parent Entity. Loans (Note 12) ● The table below provides a detailed breakdown of loans by industry and geographic classification. Derivative financial instruments (Note 20) ● 78% (2020: 68% ) were issued by financial institutions for both the Group and Parent Entity. ● 80% (2020: 76% ) were held in Australia by the Group; 81% (2020: 78% ) by the Parent Entity. Note 21. Financial risk (continued) 2021 2020 Total all Undrawn Total all Undrawn other on credit other on credit Consolidated balance commit- balance commit- $m Loans sheet ments Total Loans sheet ments Total Australia Accommodation, cafes and restaurants 7,658 13 1,294 8,965 7,933 23 1,225 9,181 Agriculture, forestry and fishing 10,501 32 2,367 12,900 10,116 43 2,219 12,378 Construction 6,214 16 3,718 9,948 6,711 15 3,643 10,369 Finance and insurance 16,026 86,412 9,664 112,102 13,348 68,154 8,954 90,456 Government, administration and defence 957 72,343 1,327 74,627 730 79,452 1,588 81,770 Manufacturing 8,067 570 6,351 14,988 8,493 755 6,477 15,725 Mining 3,003 158 3,527 6,688 2,975 427 3,735 7,137 Property 45,645 435 12,792 58,872 44,468 671 10,869 56,008 Property services and business services 11,248 100 6,544 17,892 12,562 150 7,019 19,731 Services 9,918 437 8,058 18,413 11,675 247 7,595 19,517 Trade 13,165 1,171 9,535 23,871 13,268 365 10,171 23,804 Transport and storage 7,681 777 5,734 14,192 8,218 1,174 5,136 14,528 Utilities 5,445 937 5,206 11,588 4,962 1,406 4,918 11,286 Retail lending 467,218 481 86,570 554,269 454,433 553 84,454 539,440 Other 6,048 821 2,160 9,029 5,706 1,161 2,491 9,358 Total Australia 618,794 164,703 164,847 948,344 605,598 154,596 160,494 920,688 New Zealand Accommodation, cafes and restaurants 389 1 49 439 388 1 51 440 Agriculture, forestry and fishing 9,371 29 724 10,124 9,101 57 632 9,790 Construction 438 2 481 921 509 8 429 946 Finance and insurance 3,344 13,787 1,984 19,115 3,427 9,274 1,782 14,483 Government, administration and defence 145 6,919 767 7,831 94 7,739 865 8,698 Manufacturing 1,608 80 1,525 3,213 1,689 115 1,782 3,586 Mining 202 3 53 258 203 5 97 305 Property 6,840 625 1,239 8,704 6,667 766 977 8,410 Property services and business services 1,052 40 578 1,670 951 82 712 1,745 Services 1,683 24 1,105 2,812 2,119 49 853 3,021 Trade 2,172 32 1,368 3,572 1,949 76 1,510 3,535 Transport and storage 1,129 129 919 2,177 1,176 73 871 2,120 Utilities 1,341 435 1,599 3,375 1,303 506 1,681 3,490 Retail lending 59,341 53 13,249 72,643 52,584 61 12,596 65,241 Other 192 45 179 416 190 14 182 386 Total New Zealand 89,247 22,204 25,819 137,270 82,350 18,826 25,020 126,196 Other overseas Accommodation, cafes and restaurants 116 - 9 125 118 - 10 128 Agriculture, forestry and fishing 10 - 2 12 124 - 5 129 Construction 51 - 111 162 51 - 118 169 Finance and insurance 1,402 16,106 2,192 19,700 2,298 16,896 2,243 21,437 Government, administration and defence 1 3,316 - 3,317 20 4,767 18 4,805 Manufacturing 580 - 2,745 3,325 1,877 31 3,443 5,351 Mining 339 - 805 1,144 336 16 1,194 1,546 Property 363 - 29 392 416 - 27 443 Property services and business services 946 41 497 1,484 1,545 107 790 2,442 Services 40 1 756 797 218 - 698 916 Trade 1,130 1 1,911 3,042 1,553 2 1,931 3,486 Transport and storage 504 11 237 752 732 23 276 1,031 Utilities 413 - 74 487 950 2 615 1,567 Retail lending 407 2 29 438 457 2 32 491 Other 30 129 28 187 18 111 27 156 Total other overseas 6,332 19,607 9,425 35,364 10,713 21,957 11,427 44,097 Total gross credit risk 714,373 206,514 200,091 1,120,978 698,661 195,379 196,941 1,090,981 Note 21. Financial risk (continued) 2021 2020 Total all Undrawn Total all Undrawn other on credit other on credit Parent Entity balance commit- balance commit- $m Loans sheet ments Total Loans sheet ments Total Australia Accommodation, cafes and restaurants 7,613 13 1,294 8,920 7,857 23 1,225 9,105 Agriculture, forestry and fishing 10,446 32 2,367 12,845 10,058 43 2,219 12,320 Construction 5,757 16 3,718 9,491 6,199 14 3,643 9,856 Finance and insurance 15,969 244,440 9,664 270,073 13,290 231,468 8,954 253,712 Government, administration and defence 954 72,343 1,327 74,624 709 79,457 1,588 81,754 Manufacturing 7,913 570 6,351 14,834 8,282 755 6,477 15,514 Mining 2,979 157 3,527 6,663 2,955 426 3,735 7,116 Property 45,598 435 12,792 58,825 44,468 671 10,868 56,007 Property services and business services 10,815 100 6,544 17,459 11,843 149 7,019 19,011 Services 9,677 437 8,058 18,172 11,334 247 7,595 19,176 Trade 12,997 1,171 9,535 23,703 13,058 367 10,171 23,596 Transport and storage 7,394 775 5,734 13,903 7,870 1,174 5,136 14,180 Utilities 5,422 937 5,206 11,565 4,938 1,404 4,918 11,260 Retail lending 467,153 478 86,558 554,189 454,259 549 84,437 539,245 Other 5,556 595 2,157 8,308 5,098 633 2,489 8,220 Total Australia 616,243 322,499 164,832 1,103,574 602,218 317,380 160,474 1,080,072 New Zealand Accommodation, cafes and restaurants - - - - - - 1 1 Agriculture, forestry and fishing 6 16 4 26 4 44 4 52 Construction 2 1 34 37 4 7 35 46 Finance and insurance - 8,413 105 8,518 - 8,173 135 8,308 Government, administration and defence - 1,605 7 1,612 - 1,743 8 1,751 Manufacturing 67 80 64 211 70 114 51 235 Mining - 3 - 3 - 5 - 5 Property - 112 - 112 1 101 - 102 Property services and business services 10 39 16 65 7 81 16 104 Services - 22 1 23 - 46 - 46 Trade 298 30 159 487 263 74 157 494 Transport and storage 1 26 53 80 5 71 67 143 Utilities - 305 80 385 - 492 83 575 Retail lending - 1 - 1 - - 1 1 Other - 1 1 2 - 2 - 2 Total New Zealand 384 10,654 524 11,562 354 10,953 558 11,865 Other overseas Accommodation, cafes and restaurants 74 - 9 83 81 - 10 91 Agriculture, forestry and fishing 2 - 1 3 114 - 1 115 Construction 45 - 110 155 46 - 114 160 Finance and insurance 1,399 17,145 2,171 20,715 2,295 18,290 2,217 22,802 Government, administration and defence 1 2,464 - 2,465 20 3,882 18 3,920 Manufacturing 576 - 2,687 3,263 1,875 30 3,384 5,289 Mining 319 - 802 1,121 314 16 1,134 1,464 Property 180 - 11 191 209 - 10 219 Property services and business services 886 41 495 1,422 1,478 107 786 2,371 Services 19 - 754 773 196 - 695 891 Trade 1,016 1 1,761 2,778 1,415 2 1,754 3,171 Transport and storage 436 11 230 677 642 23 268 933 Utilities 390 - 53 443 894 2 511 1,407 Retail lending 324 - 28 352 359 - 31 390 Other 21 128 13 162 7 111 14 132 Total other overseas 5,688 19,790 9,125 34,603 9,945 22,463 10,947 43,355 Total gross credit risk 622,315 352,943 174,481 1,149,739 612,517 350,796 171,979 1,135,292 Note 21. Financial risk (continued) 21.2.4 Credit quality of financial assets Credit quality disclosures 1 The following tables show the credit quality of gross credit risk exposures measured at amortised cost or at FVOCI to which the impairment requirements apply. The credit quality is determined by reference to the credit risk ratings system (refer to Note 21.2.1) and expectations of future economic conditions under multiple scenarios. Consolidated 2021 2020 $m Stage 1 Stage 2 Stage 3 Total 1 Stage 1 Stage 2 Stage 3 Total 1 Loans - housing Strong 398,043 21,165 - 419,208 382,892 6,629 - 389,521 Good/satisfactory 55,631 17,851 - 73,482 62,324 20,603 - 82,927 Weak 3,245 12,659 5,461 21,365 4,122 8,258 7,643 20,023 Total loans - housing 456,919 51,675 5,461 514,055 449,338 35,490 7,643 492,471 Loans - personal Strong 4,608 69 - 4,677 4,768 146 - 4,914 Good/satisfactory 8,780 1,327 - 10,107 10,607 1,515 - 12,122 Weak 310 539 286 1,135 404 631 381 1,416 Total loans - personal 13,698 1,935 286 15,919 15,779 2,292 381 18,452 Loans - business Strong 71,336 446 - 71,782 65,091 2,063 - 67,154 Good/satisfactory 93,457 10,674 - 104,131 94,046 16,091 - 110,137 Weak 175 4,562 3,749 8,486 180 7,200 3,067 10,447 Total loans - business 164,968 15,682 3,749 184,399 159,317 25,354 3,067 187,738 Debt securities Strong 82,536 - - 82,536 90,461 365 - 90,826 Good/satisfactory - 48 - 48 - - - - Weak - 559 - 559 - 587 - 587 Total debt securities 2 82,536 607 - 83,143 90,461 952 - 91,413 Assets held for sale Strong 206 - - 206 - - - - Good/satisfactory 786 56 - 842 - - - - Weak - - - - - - - - Total assets held for sale 992 56 - 1,048 - - - - All other financial assets Strong 81,563 - - 81,563 39,871 - - 39,871 Good/satisfactory 386 - - 386 470 - - 470 Weak 30 - - 30 40 - - 40 Total all other financial assets 81,979 - - 81,979 40,381 - - 40,381 Undrawn credit commitments Strong 153,712 1,546 - 155,258 149,778 2,384 - 152,162 Good/satisfactory 38,377 5,119 - 43,496 38,121 4,713 - 42,834 Weak 130 933 274 1,337 117 1,608 220 1,945 Total undrawn credit commitments 3 192,219 7,598 274 200,091 188,016 8,705 220 196,941 Total strong 792,004 23,226 - 815,230 732,861 11,587 - 744,448 Total good/satisfactory 197,417 35,075 - 232,492 205,568 42,922 - 248,490 Total weak 3,890 19,252 9,770 32,912 4,863 18,284 11,311 34,458 Total on and off-balance sheet 993,311 77,553 9,770 1,080,634 943,292 72,793 11,311 1,027,396 1. This credit quality disclosure differs to that of credit risk concentration as it relates only to financial assets measured at amortised cost or at FVOCI and therefore excludes trading securities and financial assets measured at FVIS, and derivative financial instruments. 2. Debt securities included $938 million (2020: $1,011 million) at amortised cost. $331 million (2020: $424 million) of these are classified as strong, $48 million (2020: nil ) were classified as good/satisfactory and $559 million (2020: $587 million) are classified as weak. 3. Includes credit commitments on held for sale assets of $828 million (2020: nil ). Note 21. Financial risk (continued) Details of collateral held in support of these balances are provided in Note 21.2.6. Parent Entity 2021 2020 $m Stage 1 Stage 2 Stage 3 Total 1 Stage 1 Stage 2 Stage 3 Total 1 Loans - housing Strong 352,163 19,540 - 371,703 345,662 5,805 - 351,467 Good/satisfactory 47,301 16,725 - 64,026 54,065 19,001 - 73,066 Weak 2,925 12,186 5,064 20,175 3,066 6,467 7,195 16,728 Total loans - housing 402,389 48,451 5,064 455,904 402,793 31,273 7,195 441,261 Loans - personal Strong 4,204 42 - 4,246 4,292 135 - 4,427 Good/satisfactory 8,386 1,178 - 9,564 10,071 1,376 - 11,447 Weak 231 400 258 889 294 449 329 1,072 Total loans - personal 12,821 1,620 258 14,699 14,657 1,960 329 16,946 Loans - business Strong 59,224 393 - 59,617 53,321 1,761 - 55,082 Good/satisfactory 77,251 7,798 - 85,049 77,330 13,275 - 90,605 Weak 142 3,496 3,408 7,046 135 5,899 2,589 8,623 Total loans - business 136,617 11,687 3,408 151,712 130,786 20,935 2,589 154,310 Debt securities Strong 77,741 - - 77,741 85,434 324 - 85,758 Good/satisfactory - 48 - 48 - - - - Weak - - - - - - - - Total debt securities 2 77,741 48 - 77,789 85,434 324 - 85,758 Assets held for sale Strong 180 - - 180 - - - - Good/satisfactory 786 56 - 842 - - - - Weak - - - - - - - - Total assets held for sale 966 56 - 1,022 - - - - All other financial assets Strong 235,953 - - 235,953 204,239 - - 204,239 Good/satisfactory 273 - - 273 354 - - 354 Weak 26 - - 26 31 - - 31 Total all other financial assets 236,252 - - 236,252 204,624 - - 204,624 Undrawn credit commitments Strong 133,404 1,327 - 134,731 130,494 2,111 - 132,605 Good/satisfactory 34,365 4,242 - 38,607 33,552 4,117 - 37,669 Weak 97 796 250 1,143 99 1,426 180 1,705 Total undrawn credit commitments 3 167,866 6,365 250 174,481 164,145 7,654 180 171,979 Total strong 862,869 21,302 - 884,171 823,442 10,136 - 833,578 Total good/satisfactory 168,362 30,047 - 198,409 175,372 37,769 - 213,141 Total weak 3,421 16,878 8,980 29,279 3,625 14,241 10,293 28,159 Total on and off-balance sheet 1,034,652 68,227 8,980 1,111,859 1,002,439 62,146 10,293 1,074,878 1. This credit quality disclosure differs to that of credit risk concentration as it relates only to financial assets measured at amortised cost or at FVOCI and therefore excludes trading securities and financial assets measured at FVIS, and derivative financial instruments. 2. Debt securities included $50 million (2020: $3 million) at amortised cost. $2 million (2020: $3 million) of these are classified as strong, $48 million (2020: nil ) were classified as good/satisfactory. 3. Includes $0.8 billion (2020: nil ) of undrawn credit commitments related to facilities classified as held for sale. Details of collateral held in support of these balances are provided in Note 21.2.6. Note 21. Financial risk (continued) 21.2.5 Non-performing loans and credit commitments 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 considered 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 1 ; ● 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). The determination of the provisions for ECL is one of the Group’s critical accounting assumptions and estimates. Details of this and the Group’s accounting policy for the provision for ECL are discussed in Notes 6 and 13, along with the total provisions for ECL on loans and credit commitments and the total for those loans that are considered non-performing (i.e. Stage 3). The gross amount of impaired exposures, along with the provisions for ECL is summarised in the following table: Consolidated $m 2021 2020 Total impaired exposures Gross exposures: Australia 1,868 2,231 New Zealand 148 193 Other overseas 126 355 Total gross exposures 2,142 2,779 Provision: Australia (1,009) (900) New Zealand (85) (96) Other overseas (72) (156) Total provision (1,166) (1,152) Total net impaired exposures 2,3 976 1,627 1. The estimated net realisable value of security to which the Group has recourse is sufficient to cover all principal and interest. 2. Included restructured loans and credit commitments amounting to $ 18 million (2020: $16 million), with a related provision of $1 million (2020: $4 million). 3. Gross amount included $ nil million of loans in assets held for sale (2020: nil ), with undrawn credit commitments of $ nil million (2020: nil ). Provision includes $ nil million in assets held for sale (2020: nil ) and nil in liabilities held for sale (2020: nil ). 21.2.6 Collateral held Loans The Group analyses the coverage of the loan portfolio which is secured by the collateral that it holds. Coverage is measured as follows: Coverage Secured loan to collateral value ratio Fully secured Less than or equal t

Fair values of financial assets

Fair values of financial assets and financial liabilities	12 Months Ended
Fair values of financial assets and financial liabilities	Sep. 30, 2021
Fair values of financial assets and financial liabilities
Fair values of financial assets and financial liabilities	Note 22. Fair values of financial assets and financial liabilities Accounting policy The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. On initial recognition, the transaction price generally represents the fair value of the financial instrument unless there is observable information from an active market to the contrary. Where unobservable information is used, the difference between the transaction price and the fair value (day one profit or loss) is recognised in the income statement over the life of the instrument when the inputs become observable. Critical accounting assumptions and estimates The majority of valuation models used by the Group employ only observable market data as inputs. However, for certain financial instruments data may be employed which is not readily observable in current markets. The availability of observable inputs is influenced by factors such as: ● product type; ● depth of market activity; ● maturity of market models; and ● complexity of the transaction. Where unobservable market data is used, more judgement is required to determine fair value. The significance of these judgements depends on the significance of the unobservable input to the overall valuation. Unobservable inputs are generally derived from other relevant market data and adjusted against: ● standard industry practice; ● economic models; and ● observed transaction prices. In order to determine a reliable fair value for a financial instrument, management may apply adjustments to the techniques previously described. These adjustments reflect the Group’s assessment of factors that market participants would consider in setting the fair value. These adjustments incorporate bid/offer spreads, credit valuation adjustments (CVA) and funding valuation adjustments (FVA). 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. Note 22. Fair values of financial assets and financial liabilities (continued) 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 (Level 1) The fair value of financial instruments traded in active markets is 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 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 All these instruments are traded in liquid, active markets where prices are readily observable. No modelling or assumptions are used in the valuation. 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 (Level 2) The fair value for financial instruments that are not actively traded is 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 are used 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. Note 22. Fair values of financial assets and financial liabilities (continued) Level 2 instruments (Level 2) (continued) Instrument Balance sheet category Includes Valuation 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 included in assets held for sale Life insurance liabilities included in liabilities held for sale 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. Note 22. Fair values of financial assets and financial liabilities (continued) Level 3 instruments (Level 3) 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 These securities are 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 instruments Trading securities and financial assets measured at FVIS Investment securities Strategic equity investments Valued using valuation techniques appropriate to the instrument, including the use of 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. Note 22. Fair values of financial assets and financial liabilities (continued) The following tables summarise the attribution of financial instruments measured at fair value to the fair value hierarchy. 2021 2020 $m Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Consolidated Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 6,221 14,875 5 21,101 8,059 32,387 221 40,667 Derivative financial instruments 22 19,305 26 19,353 10 23,353 4 23,367 Investment securities 19,282 62,923 277 82,482 18,032 72,370 153 90,555 Loans - 74 36 110 - 540 21 561 Life insurance assets - - - - 617 2,976 - 3,593 Assets held for sale 1,309 1,663 - 2,972 - - - - Total financial assets measured at fair value on a recurring basis 26,834 98,840 344 126,018 26,718 131,626 399 158,743 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings 1 - 46,665 - 46,665 - 35,764 - 35,764 Other financial liabilities 2 1,478 4,968 - 6,446 420 4,229 - 4,649 Derivative financial instruments 35 17,992 32 18,059 10 23,031 13 23,054 Debt issues 3 - 5,514 - 5,514 - 5,333 - 5,333 Life insurance liabilities - - - - - 1,396 - 1,396 Liabilities held for sale - 447 - 447 - - - - Total financial liabilities measured at fair value on a recurring basis 1,513 75,586 32 77,131 430 69,753 13 70,196 Parent Entity Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,542 13,233 4 18,779 7,074 30,763 193 38,030 Derivative financial instruments 22 19,081 24 19,127 10 22,781 3 22,794 Investment securities 17,228 60,511 75 77,814 15,714 70,040 69 85,823 Loans - 74 17 91 - 540 21 561 Due from subsidiaries - 1,163 - 1,163 - 663 - 663 Total financial assets measured at fair value on a recurring basis 22,792 94,062 120 116,974 22,798 124,787 286 147,871 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings 1 - 43,372 - 43,372 - 32,991 - 32,991 Other financial liabilities 2 1,478 4,415 - 5,893 420 4,229 - 4,649 Derivative financial instruments 35 17,822 32 17,889 10 22,756 13 22,779 Debt issues 3 - 2,664 - 2,664 - 2,986 - 2,986 Due to subsidiaries - 867 - 867 - 239 - 239 Total financial liabilities measured at fair value on a recurring basis 1,513 69,140 32 70,685 430 63,201 13 63,644 1. The contractual outstanding amount payable at maturity was $ 46,661 million (2020: $35,764 million) for the Group and $ 43,367 million (2020: $32,990 million) for the Parent Entity. 2. The contractual outstanding amount payable at maturity for the Group is $ 6,446 million (2020: $4,649 million) and $5,893 million for the Parent Entity (2020: $4,649 million). 3. The contractual outstanding amount payable at maturity was $5,357 million (2020: $5,062 million) for the Group and $2,507 million (2020: $2,714 million) for the Parent Entity. The cumulative change in the fair value of debt issues attributable to changes in Westpac’s own credit risk was $14 million increase Parent Note 22. Fair values of financial assets and financial liabilities (continued) Reconciliation of non-market observables The following tables summarise the changes in financial instruments measured at fair value derived from non-market observable valuation techniques (Level 3). Trading securities and financial assets Total Total measured Investment Level 3 Level 3 $m as FVIS securities Other 1 assets Derivatives liabilities Consolidated Balance as at 30 September 2019 220 134 45 399 29 29 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements (2) - (2) (4) (4) (4) OCI - (15) - (15) - - Acquisitions and issues 26 40 12 78 7 7 Disposals and settlements (23) (6) (30) (59) (19) (19) Transfer into or out of non-market observables - - - - - - Foreign currency translation impacts - - - - - - Balance as at 30 September 2020 221 153 25 399 13 13 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements 548 - 20 568 16 16 OCI - 50 - 50 - - Acquisitions and issues 2 257 10 269 8 8 Disposals and settlements (665) (7) (15) (687) (4) (4) Transfer into or out of non-market observables (101) (176) 22 (255) (1) (1) Foreign currency translation impacts - - - - - - Balance as at 30 September 2021 5 277 62 344 32 32 Unrealised gains/(losses) recognised in the income statements for financial instruments held as at: 30 September 2020 (4) - 3 (1) (3) (3) 30 September 2021 3 - 25 28 (24) (24) Parent Entity Balance as at 30 September 2019 193 66 44 303 28 28 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements (2) - (2) (4) (4) (4) OCI - - - - - - Acquisitions and issues 26 3 12 41 7 7 Disposals and settlements (24) - (30) (54) (18) (18) Transfer into or out of non-market observables - - - - - - Foreign currency translation impacts - - - - - - Balance as at 30 September 2020 193 69 24 286 13 13 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements 3 - 20 23 16 16 OCI - (2) - (2) - - Acquisitions and issues 1 183 8 192 8 8 Disposals and settlements (193) - (10) (203) (4) (4) Transfer into or out of non-market observables - (175) (1) (176) (1) (1) Foreign currency translation impacts - - - - - - Balance as at 30 September 2021 4 75 41 120 32 32 Unrealised gains/(losses) recognised in the income statements for financial instruments held as at: 30 September 2020 (4) - 3 (1) (3) (3) 30 September 2021 3 - 25 28 (24) (24) 1. Other is comprised of derivative financial assets and certain loans. Note 22. Fair values of financial assets and financial liabilities (continued) Transfers into and out of Level 3 have occurred 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 year fair values. 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. Day one profit or loss The closing balance of unrecognised day one profit for both the Group and the Parent Entity for the year was $ 1 million (2020: $4 million). Financial instruments not measured at fair value For financial instruments not measured at fair value on a recurring basis, fair value has been derived as follows: Instrument Valuation Loans Where available, the fair value of loans is based on observable market transactions, otherwise fair value is estimated using discounted cash flow models. For variable rate loans, the discount rate used is the current effective interest rate. The discount rate applied for fixed rate loans reflects the market rate for the maturity of the loan and the credit worthiness of the borrower. Investment securities The carrying value approximates the fair value. The balance principally relates to government securities from illiquid markets. Fair value is monitored by reference to recent issuances. Deposits and other borrowings Fair values of deposit liabilities payable on demand (non-interest bearing, interest bearing and savings deposits) approximate their carrying value. Fair values for term deposits are estimated using discounted cash flows, applying market rates offered for deposits of similar remaining maturities. Debt issues and loan capital Fair values are calculated using a discounted cash flow model. The discount rates applied reflect the terms of the instruments, the timing of the estimated cash flows and are adjusted for any changes in Westpac’s credit spreads. Assets and liabilities held for sale Valuation reflects the expected sales price before transaction costs based on the terms of the sales contract. All other financial assets and liabilities For all other financial assets and liabilities, the carrying value approximates the fair value. These items are either short-term in nature, re-price frequently or are of a high credit rating. Note 22. Fair values of financial assets and financial liabilities (continued) The following tables summarise the estimated fair value and fair value hierarchy of financial instruments not measured at fair value Estimated fair value Consolidated Carrying $m amount Level 1 Level 2 Level 3 Total 2021 Financial assets not measured at fair value Cash and balances with central banks 71,353 71,353 - - 71,353 Collateral paid 4,232 4,232 - - 4,232 Investment securities 935 - 331 604 935 Loans 709,674 - - 710,284 710,284 Other financial assets 6,394 - 6,394 - 6,394 Assets held for sale 1,041 7 19 1,015 1,041 Total financial assets not measured at fair value 793,629 75,592 6,744 711,903 794,239 Financial liabilities not measured at fair value Collateral received 2,368 2,368 - - 2,368 Deposits and other borrowings 580,290 - 576,293 3,819 580,112 Other financial liabilities 43,863 - 43,863 - 43,863 Debt issues 1 123,265 - 123,826 743 124,569 Loan capital 1 29,067 - 30,147 - 30,147 Liabilities held for sale 28 - 28 - 28 Total financial liabilities not measured at fair value 778,881 2,368 774,157 4,562 781,087 2020 Financial assets not measured at fair value Cash and balances with central banks 30,129 30,129 - - 30,129 Collateral paid 4,778 4,778 - - 4,778 Investment securities 984 - 424 560 984 Loans 692,498 - - 694,264 694,264 Other financial assets 5,474 - 5,474 - 5,474 Total financial assets not measured at fair value 733,863 34,907 5,898 694,824 735,629 Financial liabilities not measured at fair value Collateral received 2,250 2,250 - - 2,250 Deposits and other borrowings 555,367 - 552,192 3,429 555,621 Other financial liabilities 36,276 - 36,276 - 36,276 Debt issues 1 144,992 - 144,660 1,742 146,402 Loan capital 1 23,949 - 23,934 - 23,934 Total financial liabilities not measured at fair value 762,834 2,250 757,062 5,171 764,483 1. Note 22. Fair values of financial assets and financial liabilities (continued) Estimated fair value Parent Entity Carrying $m amount Level 1 Level 2 Level 3 Total 2021 Financial assets not measured at fair value Cash and balances with central banks 62,754 62,754 - - 62,754 Collateral paid 4,055 4,055 - - 4,055 Investment securities 49 - 2 47 49 Loans 618,322 - - 619,061 619,061 Due from subsidiaries 1 162,794 - 123,164 34,525 157,689 Other financial assets 5,486 - 5,486 - 5,486 Assets held for sale 1,015 - - 1,015 1,015 Total financial assets not measured at fair value 854,475 66,809 128,652 654,648 850,109 Financial liabilities not measured at fair value Collateral received 2,189 2,189 - - 2,189 Deposits and other borrowings 506,815 - 505,367 1,241 506,608 Other financial liabilities 41,370 - 41,370 - 41,370 Debt issues 2 105,546 - 106,713 - 106,713 Due to subsidiaries 177,949 - 7,569 170,380 177,949 Loan capital 2 29,067 - 30,147 - 30,147 Liabilities held for sale 3 - 3 - 3 Total financial liabilities not measured at fair value 862,939 2,189 691,169 171,621 864,979 2020 Financial assets not measured at fair value Cash and balances with central banks 25,436 25,436 - - 25,436 Collateral paid 4,641 4,641 - - 4,641 Investment securities 3 - 3 - 3 Loans 607,263 - - 608,602 608,602 Due from subsidiaries 1 169,139 - 126,623 43,669 170,292 Other financial assets 4,745 - 4,745 - 4,745 Total financial assets not measured at fair value 811,227 30,077 131,371 652,271 813,719 Financial liabilities not measured at fair value Collateral received 1,862 1,862 - - 1,862 Deposits and other borrowings 488,622 - 487,452 1,292 488,744 Other financial liabilities 35,507 - 35,507 - 35,507 Debt issues 2 124,680 - 125,896 - 125,896 Due to subsidiaries 186,024 - 6,805 179,219 186,024 Loan capital 2 23,949 - 23,934 - 23,934 Total financial liabilities not measured at fair value 860,644 1,862 679,594 180,511 861,967 1. Due from subsidiaries excluded $ 11,389 million (2020: $ 11,177 million) of long-term debt instruments with equity-like characteristics which are part of the total investment in subsidiaries. 2. The estimated fair values of debt issues and loan capital include the impact of changes in Westpac's credit spreads since origination.

Offsetting financial assets and

Offsetting financial assets and financial liabilities	12 Months Ended
Offsetting financial assets and financial liabilities	Sep. 30, 2021
Offsetting financial assets and financial liabilities
Offsetting financial assets and financial liabilities	Note 23. Offsetting financial assets and financial liabilities Accounting policy Financial assets and liabilities are presented net in the balance sheet when the Group has a legally enforceable right to offset them in all circumstances and there is an intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously. The gross assets and liabilities behind the net amounts reported in the balance sheet are disclosed in the following tables. Some of the Group’s offsetting arrangements are not enforceable in all circumstances. The amounts in the tables below may not tie back to the balance sheet if there are balances which are not subject to offsetting or enforceable netting arrangements. The amounts presented in this note do not represent the credit risk exposure of the Group or Parent Entity. Refer to Note 21.2 for information on credit risk management. The offsetting and collateral arrangements and other credit risk mitigation strategies used by the Group are further explained in the ‘Management of risk mitigation’ section of Note 21.2.2. Amounts subject to enforceable netting arrangements Effects of offsetting Amounts subject to enforceable in the balance sheet netting arrangements but not offset Net amounts Other reported in recognised Financial Consolidated Gross Amounts the balance financial Cash instrument Net $m amounts offset sheet instruments collateral 1,2 collateral amount 2021 Assets Collateral paid 3 4,806 (4,787) 19 - - (3) 16 Derivative financial instruments 4 45,409 (28,340) 17,069 (11,326) (2,357) (6) 3,380 Reverse repurchase agreements 5 2,937 - 2,937 - (13) (2,916) 8 Loans 6 29,827 (29,772) 55 - - - 55 Total assets 82,979 (62,899) 20,080 (11,326) (2,370) (2,925) 3,459 Liabilities Collateral received 2,763 (2,757) 6 - - - 6 Derivative financial instruments 4 46,742 (30,370) 16,372 (11,328) (3,895) (1,149) - Repurchase agreements 7 35,899 - 35,899 - (15) (35,884) - Deposits and other borrowings 6 51,236 (29,772) 21,464 - - - 21,464 Total liabilities 136,640 (62,899) 73,741 (11,328) (3,910) (37,033) 21,470 2020 Assets Collateral paid 3 10,068 (10,032) 36 - - (16) 20 Derivative financial instruments 4 61,171 (39,968) 21,203 (14,719) (2,247) (16) 4,221 Reverse repurchase agreements 5 20,401 - 20,401 - (5) (20,396) - Loans 6 23,301 (23,266) 35 - - - 35 Total assets 114,941 (73,266) 41,675 (14,719) (2,252) (20,428) 4,276 Liabilities Collateral received 5,516 (5,501) 15 - - - 15 Derivative financial instruments 4 66,144 (44,499) 21,645 (14,719) (4,426) (1,693) 807 Repurchase agreements 7 27,763 - 27,763 - (98) (27,665) - Deposits and other borrowings 6 43,999 (23,266) 20,733 - - - 20,733 Total liabilities 143,422 (73,266) 70,156 (14,719) (4,524) (29,358) 21,555 1. $ 2,368 million (2020: $2,250 million) of cash collateral on derivative financial assets and reverse repurchase agreements collateral received in the balance sheet. The remainder is included in term deposits recognised in deposits and other borrowings within Note 16. 2. $ 3,910 million (2020: $4,524 million) of cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and repurchase agreements, forms part of collateral paid as disclosed in the balance sheet. The remainder of collateral paid, as disclosed in the balance sheet, consists of $ 3 million (2020: $16 million) in stock borrowing arrangements and $ 319 million (2020: $238 million) in futures margin that does not form part of this column. 3. Gross amounts consist of variation margin held directly with central clearing counterparties and stock borrowing arrangements. Where variation margin is receivable it is reported as part of collateral paid. Where variation margin is payable it is reported as part of collateral received. Amounts offset relate to variation margin. 4. $ 2,284 million (2020: $2,164 million) of derivative financial assets and $ 1,687 million (2020: $1,409 million) of derivative financial liabilities are not subject to enforceable netting arrangements. 5. Reverse repurchase agreements form part of trading securities and financial assets measured at FVIS in Note 10. 6. Gross amounts consist of debt and interest set-off accounts which meet the requirements for offsetting as described above. These accounts form part of business loans in Note 12 and part of deposits and other borrowings at amortised cost in Note 16. 7. Repurchase agreements form part of other financial liabilities in Note 17. Note 23. Offsetting financial assets and financial liabilities (continued) Amounts subject to enforceable netting arrangements Effects of offsetting Amounts subject to enforceable in the balance sheet netting arrangements but not offset Net amounts Other reported in recognised Financial Parent Entity Gross Amounts the balance financial Cash instrument Net $m amounts offset sheet instruments collateral 1,2 collateral amount 2021 Assets Collateral paid 3 4,806 (4,787) 19 - - (3) 16 Derivative financial instruments 4 45,198 (28,340) 16,858 (11,294) (2,178) (6) 3,380 Reverse repurchase agreements 5 2,763 - 2,763 - (13) (2,744) 6 Loans 6 29,827 (29,772) 55 - - - 55 Total assets 82,594 (62,899) 19,695 (11,294) (2,191) (2,753) 3,457 Liabilities Collateral received 2,763 (2,757) 6 - - - 6 Derivative financial instruments 4 46,572 (30,370) 16,202 (11,294) (3,718) (1,190) - Repurchase agreements 7 33,346 - 33,346 - (15) (33,331) - Deposits and other borrowings 6 51,236 (29,772) 21,464 - - - 21,464 Total liabilities 133,917 (62,899) 71,018 (11,294) (3,733) (34,521) 21,470 2020 Assets Collateral paid 3 10,068 (10,032) 36 - - (16) 20 Derivative financial instruments 4 60,616 (39,968) 20,648 (14,586) (1,859) (16) 4,187 Reverse repurchase agreements 5 20,401 - 20,401 - (5) (20,396) - Loans 6 23,301 (23,266) 35 - - - 35 Total assets 114,386 (73,266) 41,120 (14,586) (1,864) (20,428) 4,242 Liabilities Collateral received 5,516 (5,501) 15 - - - 15 Derivative financial instruments 4 65,874 (44,499) 21,375 (14,586) (4,289) (1,693) 807 Repurchase agreements 7 27,763 - 27,763 - (98) (27,665) - Deposits and other borrowings 6 43,999 (23,266) 20,733 - - - 20,733 Total liabilities 143,152 (73,266) 69,886 (14,586) (4,387) (29,358) 21,555 1. $ 2,189 million (2020: $1,862 million) of cash collateral on derivative financial assets and reverse repurchase agreements, is disclosed as collateral received in the balance sheet. The remainder is included in term deposits recognised in deposits and other borrowings within Note 16. 2. $ 3,733 million (2020: $4,387 million) of cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and repurchase agreements, forms part of collateral paid as disclosed in the balance sheet. The remainder of collateral paid, as disclosed in the balance sheet, consists of $ 3 million (2020: $16 million) in stock borrowing arrangements and $ 319 million (2020: $238 million) on futures margin that does not form part of this column. 3. Gross amounts consist of variation margin held directly with central clearing counterparties and stock borrowing arrangements. Where variation margin is receivable it is reported as part of collateral paid. Where variation margin is payable it is reported as part of collateral received. Amounts offset relate to variation margin. 4. $ 2,269 million (2020: $2,146 million) of derivative financial assets and $ 1,687 million (2020: $1,404 million) of derivative financial liabilities are not subject to enforceable netting arrangements. 5. Reverse repurchase agreements form part of trading securities and financial assets measured at FVIS in Note 10. 6. Gross amounts consist of debt and interest set-off accounts which meet the requirements for offsetting as described above. These accounts form part of business loans in Note 12 and part of deposits and other borrowings at amortised cost in Note 16. 7. Repurchase agreements form part of other financial liabilities in Note 17. Note 23. Offsetting financial assets and financial liabilities (continued) Other recognised financial instruments These financial assets and liabilities are subject to master netting agreements which are not enforceable in all circumstances, so they are recognised gross in the balance sheet. The offsetting rights of the master netting arrangements can only be enforced if a pred etermined event occurs in the future, such as a counterparty defaulting. Cash collateral and financial instrument collateral These amounts are received or pledged under master netting arrangements against the gross amounts of assets and liabilities. Financial instrument collateral typically comprises securities which can be readily liquidated in the event of counterparty default. The offsetting rights of the master netting arrangement can only be enforced if a predetermined event occurs in the future, such as a counterparty defaulting.

Securitisation, covered bonds a

Securitisation, covered bonds and other transferred assets	12 Months Ended
Securitisation, covered bonds and other transferred assets	Sep. 30, 2021
Securitisation, covered bonds and other transferred assets
Securitisation, covered bonds and other transferred assets	Note 24. Securitisation , covered bonds and other transferred assets The Group enters into transactions in the normal course of business by which financial assets are transferred to counterparties or structured entities. Depending on the circumstances, these transfers may result in derecognition of the assets in their entirety, partial derecognition or no derecognition of the assets subject to the transfer. For the Group’s accounting policy on derecognition of financial assets refer to the notes to the financial statements section before Note 10 titled ‘Financial assets and financial liabilities’. Securitisation Securitisation is the transferring of assets (or an interest in either the assets or the cash flows arising from the assets) to a structured entity which then issues the majority of interest bearing debt securities to third party investors for funding deals and to Westpac for liquidity deals. Securitisation of its own assets is used by Westpac as a funding and liquidity tool. For securitisation structured entities which Westpac controls, as defined in Note 31, the structured entities are classified as subsidiaries and consolidated. When assessing whether Westpac controls a structured entity, it considers its exposure to and ability to affect variable returns. Westpac may have variable returns from a structured entity through ongoing exposures to the risks and rewards associated with the assets, the provision of derivatives, liquidity facilities, trust management and operational services. Undrawn funding and liquidity facilities of $435 million (2020 : $492 million) were provided by Westpac for the securitisation of its own assets. Covered bonds The Group has two covered bond programs relating to Australian residential mortgages (Australian Program) and New Zealand residential mortgages (New Zealand Program). Under these programs, selected pools of residential mortgages are assigned to bankruptcy remote structured entities which provide guarantees on the payments to bondholders. Through the guarantees and derivatives with the structured entities, Westpac has variable returns from these structured entities and consolidates them. Repurchase agreements Where securities are sold subject to an agreement to repurchase at a predetermined price, they remain recognised in the balance sheet in their original category (i.e. Trading securities or Investment securities) . The cash consideration received is recognised as a liability (Repurchase agreements). Refer to Note 17 for further details. Note 24. Securitisation, covered bonds and other transferred assets (continued) The following tables present Westpac's assets transferred and their associated liabilities. For those liabilities that only have recourse to the transferred assets: Carrying Carrying Fair Fair amount of amount of value of value of Net fair transferred associated transferred associated value $m assets liabilities assets liabilities position Consolidated 2021 Securitisation 1 5,016 5,000 5,035 5,044 (9) Covered bonds 2 35,287 31,374 n/a n/a n/a Repurchase agreements 52,213 35,899 n/a n/a n/a Total 92,516 72,273 5,035 5,044 (9) 2020 Securitisation 1 8,029 8,000 8,072 7,994 78 Covered bonds 2 43,654 36,051 n/a n/a n/a Repurchase agreements 36,727 27,763 n/a n/a n/a Total 88,410 71,814 8,072 7,994 78 Parent Entity 2021 Securitisation 1 142,724 142,172 142,891 148,574 (5,683) Covered bonds 2 28,109 27,234 n/a n/a n/a Repurchase agreements 49,262 33,346 n/a n/a n/a Total 220,095 202,752 142,891 148,574 (5,683) 2020 Securitisation 1 141,660 141,000 141,991 138,870 3,121 Covered bonds 2 36,689 31,926 n/a n/a n/a Repurchase agreements 36,727 27,763 n/a n/a n/a Total 215,076 200,689 141,991 138,870 3,121 1. The carrying amount of assets securitised exceeds the amount of notes issued primarily because the carrying amount includes both principal and income received from the transferred assets. 2. The difference between the carrying values of covered bonds and the assets pledged reflects the over-collateralisation required to maintain the ratings of the covered bonds and also additional assets to allow immediate issuance of additional covered bonds if required. These additional assets can be repurchased by Westpac at its discretion, subject to the conditions set out in the transaction documents.

Intangible assets

Intangible assets	12 Months Ended
Intangible assets	Sep. 30, 2021
Intangible assets
Intangible assets	INTANGIBLE ASSETS, PROVISIONS, COMMITMENTS AND CONTINGENCIES Note 25. Intangible assets Accounting policy Indefinite life intangible assets Goodwill Goodwill acquired in a business combination is initially measured at cost, generally being the excess of: (i) the consideration paid; over (ii) the net fair value of the identifiable assets, liabilities and contingent liabilities acquired. Subsequently, goodwill is not amortised but rather tested for impairment. Impairment is tested at least annually or whenever there is an indication of impairment. An impairment charge is recognised when a cash generating unit’s (CGU) carrying value exceeds its recoverable amount. Recoverable amount means the higher of the CGU’s fair value less costs to sell and its value-in-use. The Group's CGUs represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. They reflect the level at which the Group monitors and manages its operations. Brand names Brand names acquired in a business combination including St.George, BT, BankSA and RAMS, are recognised at cost. Subsequently brand names are not amortised but tested for impairment at least annually or whenever there is an indication of impairment. Finite life intangible assets Finite life intangibles, such as computer software, are recognised initially at cost and subsequently at amortised cost less any impairment. Intangible Useful life Depreciation method Goodwill Indefinite Not applicable Brand names Indefinite Not applicable Computer software 3 to 10 years Straight-line or the diminishing balance method (using the Sum of the Years Digits) Critical accounting assumptions and estimates Judgement is required in determining the fair value of assets and liabilities acquired in a business combination. A different assessment of fair values would have resulted in a different goodwill balance and different post-acquisition performance of the acquired entity. When assessing impairment of intangible assets, significant judgement is needed to determine the appropriate cash flows and discount rates to be applied to the calculations. The significant assumptions applied to the value-in-use calculations are outlined below. Note 25. Intangible assets (continued) Consolidated Parent Entity $m 2021 2020 2021 2020 Goodwill Balance as at beginning of year 8,397 8,895 6,728 6,844 Disposals (refer to Note 36) (243) - - - Impairment (571) (498) (487) (116) Other adjustments 16 - - - Balance as at end of year 7,599 8,397 6,241 6,728 Computer software Balance as at beginning of year 2,430 2,365 2,266 2,207 Additions 740 1,035 638 955 Impairment 1 (485) (171) (475) (165) Amortisation (755) (799) (696) (731) Other adjustments 2 (90) - (80) - Balance as at end of year 1,840 2,430 1,653 2,266 Cost 7,770 7,370 6,681 6,372 Accumulated amortisation and impairment (5,930) (4,940) (5,028) (4,106) Carrying amount 1,840 2,430 1,653 2,266 Brand names 670 670 636 636 Total intangible assets 10,109 11,497 8,530 9,630 Goodwill has been allocated to the following CGUs 3 : Consumer 3,359 3,359 3,144 3,144 Business 3,205 3,205 3,022 3,022 Westpac Institutional Bank - 487 - 487 New Zealand 504 488 - - Specialist Businesses 531 858 75 75 Total goodwill 7,599 8,397 6,241 6,728 In addition, brand names of $670 million for the Group have been allocated as $382 million to Consumer, $286 million to Business and $2 million to Specialist Businesses as at 30 September 2021 and 30 September 2020. Brand names of $636 million for the Parent Entity have been allocated as $350 million to Consumer and $286 million to Business as at 30 September 2021 and 30 September 2020. 1. Includes impairment of $380 million for the Group and Parent Entity from the WIB CGU ($ 344 million as a result of the annual impairment test). 2. Includes the impact of a change in accounting policy in 2021 with respect to the treatment of configuring or customising SaaS arrangements amounting to $94 million for the Group and $80 million for the Parent Entity (refer to Note 1). 3. The Specialist Businesses segment comprises individual CGUs (Superannuation, Platforms, Investments) to which goodwill has been allocated. The carrying amount of goodwill allocated to these individual CGUs is not significant compared to total Group goodwill. Note 25. Intangible assets (continued) Impairment testing and results Impairment testing is performed at least once a year, or whenever there is an indication of impairment, by comparing the recoverable amount of each CGU with the carrying amount. The primary test for the recoverable amount is determined based on value-in-use which refers to the present value of expected cash flows under its current use. Fair value less costs to sell was also considered for those CGUs where value-in-use was lower than carrying value. In these cases, there was no change to the result of the impairment test. In the current year, as a result of the annual impairment test, the Group recognised impairment of intangible assets of $831 million for the Group and the Parent Entity from the Westpac Institutional Bank (WIB) CGU ($ 487 million of goodwill and $344 million of computer software) 1 . In addition, goodwill of $84 million ($ nil for Parent Entity) allocated to the Lenders Mortgage Insurance CGU was written down as impaired on reclassification of the business to held for sale (refer to Note 37). No goodwill remains for these CGUs. The impairment of the WIB CGU resulted from a combination of factors which have impacted earnings, including reducing risk in the division through the exit of the energy trading business, consolidating Asian operations and reducing correspondent banking relationships. At the same time, medium term expectations of a prolonged low interest rate environment, subdued financial markets income and elevated compliance expenses have impacted WIB's earnings outlook. WIB's forecasts are also highly responsive to changes in assumptions particularly with respect to credit losses, capital retention requirements and interest rates. To address the uncertainty resulting from these assumptions, a range of probability weighted scenarios were used to calculate the recoverable amount. Significant assumptions used in recoverable amount calculations The assumptions made for goodwill impairment testing for each relevant significant CGU are provided in the following table and are based on past experience and management’s expectations for the future. In the current year and given the present economic environment, the Group has reassessed these assumptions and revised them where necessary in order to provide a reasonable estimate of the value-in-use of the CGUs and Group. Discount rate Cash flows Post-tax rate/ Pre-tax rate Forecast period/ terminal growth rate 2021 2020 2021 2020 Westpac Institutional Bank 10.4% / 13.8% 11.0% / 14.4% 5 years / 1.8% 5 years / 2% New Zealand 9% / 12.2% 11.0% / 14.5% 3 years / 2% 3 years / 2% All other significant CGUs 9% / 12.5% 11.0% / 15 - 15.2% 3 years / 2% 3 years / 2% For CGUs other than WIB, the Group discounts the projected cash flows by its adjusted pre-tax equity rate. For WIB, a probability weighted discount rate was used (based on the Group's pre-tax equity rate and using a range of reasonable additional risk premiums to reflect the inherent risk of the underlying cash flows). The cash flows used are based on management approved forecasts. These forecasts utilise information about current and future economic conditions, observable historical information and management expectations of future business performance. The terminal value growth rate represents the growth rate applied to extrapolate cash flows beyond the forecast period and reflects the lower end of the RBA’s target long-term inflation rate band. For all CGUs other than WIB, the recoverability of goodwill is not reliant on any one particular assumption. There are no reasonably possible changes in assumptions for any significant CGU that would result in an indication of impairment or have a material impact on the Group’s reported results. 1. $ 325 million of other assets in the WIB CGU (included in Property and equipment, and Other assets) were also written down as impaired as a result of the annual impairment test.

Provisions, contingent liabilit

Provisions, contingent liabilities, contingent assets and credit commitments	12 Months Ended
	Sep. 30, 2021
Provisions, contingent liabilities, contingent assets and credit commitments
Provisions, contingent liabilities, contingent assets and credit commitments	Note 26. Provisions, contingent liabilities, contingent assets and credit commitments Accounting policy Provisions 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. Employee benefits – long service leave provision Long service leave is granted to certain employees in Australia and New Zealand. The provision is calculated based on the expected payments. When payments are expected to be more than one year in the future, the payments factor in expected employee service periods and average salary increases are then discounted. Employee benefits – annual leave and other employee benefits provision The provision for annual leave and other employee benefits (including wages and salaries, inclusive of non-monetary benefits, and any associated on-costs (e.g. payroll tax)) is calculated based on expected payments. Provision for ECL on credit commitments The Group is committed to provide facilities and guarantees as explained below. If it is probable that a facility will be drawn and the resulting asset will be less than the drawn amount then a provision for impairment is recognised. The provision for ECL is calculated using the methodology described in Note 13. Compliance, Regulation and Remediation provisions The compliance, regulation and remediation provisions relate to matters of potential misconduct in providing services to our customers identified both as a result of regulatory action and internal reviews. An assessment of the likely cost of these matters to the Group (including applicable customer refunds) is made on a case-by-case basis and specific provisions are made where appropriate. 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 in the balance sheet but are disclosed unless the outflow of economic resources is remote. 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. Contingent assets Contingent assets are possible assets whose existence will be confirmed only by uncertain future events. Contingent assets are not recognised in the balance sheet but are disclosed if an inflow of economic benefits is probable. Critical accounting assumptions and estimates The financial reporting of provisions for litigation and non-lending losses and for compliance, regulation and remediation matters involves a significant degree of judgement in relation to identifying whether a present obligation exists and also in estimating the probability, timing, nature and quantum of the outflows that may arise from past events. These judgements are made based on the specific facts and circumstances relating to individual events. Specific judgements in respect of material items are included in the discussion below. Provisions carried for long service leave are supported by an independent actuarial report. Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Provisions Annual leave Litigation Provision for Compliance, Long and other and non- ECL Lease Restructuring regulation and service employee lending on credit restoration and other remediation $m leave benefits losses commitments obligations provisions provisions Total Consolidated Balance as at 30 September 2020 511 596 1,371 530 208 176 1,895 5,287 Additions 92 986 155 - 4 371 889 2,497 Utilisation (42) (743) (1,377) - (11) (121) (1,308) (3,602) Reversal of unutilised provisions (22) (25) (27) (127) - (50) (316) (567) Transferred to purchaser on settlement of assets and liabilities held for sale (1) - (4) - - - (4) (9) Balances reclassified to liabilities held for sale (Note 37) (7) (11) (1) (2) - - (14) (35) Balance as at 30 September 2021 531 803 117 401 201 376 1,142 3,571 Parent Entity Balance as at 30 September 2020 482 540 1,343 479 179 142 1,818 4,983 Additions 92 936 150 - 2 363 716 2,259 Utilisation (40) (711) (1,364) - (9) (103) (1,257) (3,484) Reversal of unutilised provisions (22) (25) (15) (125) - (29) (281) (497) Balances reclassified to liabilities held for sale (Note 37) (4) (1) - (2) - - - (7) Balance as at 30 September 2021 508 739 114 352 172 373 996 3,254 Legislative liabilities The Group had the following assessed liabilities as at 30 September 2021: ● $ 22 million (2020: $22 million) based on an actuarial assessment as a self-insurer under the Workers’ Compensation Act 1987 and the Workplace Injury Management and Workers’ Compensation Act 1998 (New South Wales); ● $7 million (2020: $7 million) based on actuarial assessment as a self-insurer under the Accident Compensation Act 1985 (Victoria); ● $ 7 million (2020: $6 million) based on actuarial assessment as a self-insurer under the Workers’ Rehabilitation and Compensation Act 1986 (South Australia); ● $ 1 million (2020: $1 million) based on an actuarial assessment as a self-insurer under the Workers’ Compensation and Rehabilitation Act 2003 (Queensland); ● $ nil (2020 : $ nil ) based on an actuarial assessment as a self-insurer under the Workers’ Compensation A ct 1951 (Australian Capital Territory); ● $ nil (2020: $ nil ) based on an actuarial assessment as a self-insurer under the Return to Work A ct 1986 (Northern Territory); ● $ 1 m illion (2020: $1 million) based on an actuarial assessment as a self-insurer under the Workers’ Compensation and Injury Management Act 1981 ( Western Australia); and ● $ 1 million (2020: $1 million) based on an actuarial assessment as a self-insurer under the Workers’ Rehabilitation and Compensation Act 1988 (Tasmania). Adequate provision has been made for these liabilities in the provision for annual leave and other employee benefits above. Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Provisions 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 2021 in respect of compliance, regulation and remediation include estimates of: ● customer refunds associated with matters of potential historical misconduct; ● costs of completing remediation programs; and ● potential non-lending losses and costs connected with certain litigation and regulatory investigations. The provisions held include estimated customer refunds and program costs associated with the following major customer remediation programs: ● certain ongoing advice service fees charged by the Group’s salaried financial planners; and ● certain ongoing advice service fees charged by authorised representatives of the Group’s wholly owned subsidiaries Securitor Financial Group Limited and Magnitude Group Pty Ltd. During the year, significant progress has been made towards finalising a number of the Group’s major remediation programs, including those noted above relating to ongoing advice services. Given the progress made, the degree of estimation uncertainty inherent in these major remediation provisions has reduced significantly. 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. Certain litigation and regulatory investigations At 30 September 2021, the Group held provisions in respect of potential non-lending losses and costs connected with certain litigation and regulatory investigations including: ● ASIC proceedings in the Federal Court of Australia against Westpac in relation to the sale of consumer credit insurance (CCI) products to customers; ● a class action against BTFM and WLIS in the Federal Court of Australia in relation to aspects of BTFM’s BT Super for Life former cash investment option; ● ASIC’s investigation into the continued charging of advice service fees to customer accounts following the death of the relevant account holder; ● ASIC’s investigation into the sale and assignment of credit card and flexi loan debts to third party debt purchasers; ● ASIC’s investigation into Westpac’s systems and processes in relation to accounts held by deregistered companies and Westpac’s approach to rectification and remediation of the relevant issues; ● ASIC’s investigation into the adequacy of disclosure of contributions fees charged for certain of our products and services; ● ASIC’s investigation into the provision of home and contents insurance, including where some customers received duplicate policies or were issued policies without their consent; and ● ASIC’s investigation into arrangements concerning the provision of insurance to some superannuation customers (including the charging of adviser insurance commissions in superannuation). Westpac is working with ASIC to accelerate the closure of the investigations described above, which is expected to involve Court proceedings. Provisions for these matters have been recognised in circumstances where there remains considerable uncertainty as to the expenses that may be associated with each matter and, in particular, the approach a Court may take in assessing any appropriate penalties or damages. This includes where the parties may agree a proposed penalty or settlement amount and submit it to the Court on an agreed basis (which the Court would have regard to but not be obliged to accept). The actual aggregate expense to Westpac associated with either the agreed or court determined resolution of the matters may be materially higher or lower than the provision. Restructuring provisions The Group carries restructuring provisions in relation to changes in business restructures primarily for separation and redundancy costs. The primary increase in the current year relates to business sales entered into or completed during the year. Refer to Note 37 for further details. Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Lease restoration obligations The addition to the lease restoration provision reflects a reassessment of the cost of making good leasehold premises at the end of the Group’s property leases. The increase in the expected make-good cost has been treated as an addition to the right-of-use asset and is being depreciated over the remaining 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 matters, and in Australia, a number of regulatory investigations and reviews are currently considering potential misconduct in relation to credit and financial services. Matters the subject of regulatory reviews are also assessed for their impact on customers, with customer remediation undertaken where appropriate in accordance with our Westpac Group Customer Remediation Policy. 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 and Commerce Commission in New Zealand and Hong Kong Monetary Authority are currently conducting investigations covering a range of matters involving the Group, that may include potential civil and criminal contraventions. These include: ● investigations by the OAIC in relation to certain practices and systems for compliance with the Privacy Act 1988 (Cth); ● the provision of superannuation (including the adequacy of arrangements for the provision of written reasons to complainants about the payment of death benefits, insurance in superannuation and compliance with the Superannuation Industry (Supervision) Act 1993 in connection with MySuper investment performance); and ● other areas such as: risk governance; RBNZ liquidity policy and associated risk culture; credit portfolio management; prudential standards compliance; and anti-money laundering and counter-terrorism financing processes and procedures. It is uncertain what (if any) actions will result 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 proceedings are pursued in relation to the matters outlined above, as any potential future liability of that kind cannot be reliably estimated at this time. These investigations may result (or have resulted) 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. No provision has been recognised for potential losses that may arise in relation to the matters below because liability is not certain and cannot be reliably estimated. Regulatory litigation ● On 5 May 2021, ASIC filed civil proceedings against Westpac alleging that it had engaged in insider trading and unconscionable conduct, and had failed to comply with its Australian Financial Services Licence obligations. The allegations relate to interest rate hedging activity during the course of Westpac’s involvement in the 2016 Ausgrid privatisation transaction. Westpac has filed its Response to ASIC’s Concise Statement. Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Class actions ● Westpac is defending a class action proceeding which 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 any alleged damages 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. The three entities are defending the proceedings. ● 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. Westpac and SGF are defending the proceedings. 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 on flex commissions. 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 six years acquired, renewed or continued to hold a financial product (including life insurance) on the advice or recommendation of a financial adviser from Magnitude Group, Securitor Financial Group 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. Exposures relating to divested businesses The Group has potential exposures relating to warranties, indemnities and other commitments it has provided to other parties in connection with various divestments of businesses and assets and other transactions. The warranties, indemnities and other commitments cover a range of matters and risks, including certain compliance, regulatory investigations and litigation matters outlined in this Note 26. Internal reviews and remediation As in prior periods, Westpac is continuing to undertake a number of reviews to identify and resolve 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 disadvantaged from certain past practices, including making compensation/remediation payments and providing refunds where identified. These issues include, among other things, compliance with lending obligations (including responsible lending), payroll processes, regulatory reporting, compliance with client monies requirements and impacts from inadequate product governance including the way some product terms and conditions are operationalised. The Group's APRA regulated insurer WLIS is reviewing premium increases on certain life insurance products following a number of customer complaints. This review relates to Product Disclosure Statements for life insurance products issued in the years 2010 to 2017. This is a complex review where the outcomes are currently uncertain. As such, there is a risk that customer remediation may be required in the future in relation to prior premium increases. The review will also consider the premium increases that can and should be made in the future, and there is a risk that the outcomes of the review could impact the financial and/or capital position of WLIS. In addition, our New Zealand business is reviewing its processes for some products relating to the requirements of the New Zealand Credit Contracts and Consumer Finance Act 2003 . The outcome of this complex review is uncertain and could result in customer remediation, regulatory action and litigation. 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 or proceedings (which could be brought by customers, regulators or criminal prosecutors), compensation/remediation payments and/or refunds identified as part of these reviews. Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) 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. 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) Lev y 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. All but two guarantees are capped at $20 million per year (with an automatic reinstatement for another $20 million) and two specific guarantees are capped at $2 million (with an automatic reinstatement for another $2 million). Note 26. Provisions, contingent liabilities, contingent assets and credit commitments (continued) 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 and a significant portion is expected to expire without being drawn. The actual liquidity and credit risk exposure varies in line with amounts drawn 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 for further details of liquidity risk and credit risk management. Undrawn credit commitments excluding derivatives are as follows: Consolidated Parent Entity $m 2021 2020 2021 2020 Undrawn credit commitments Letters of credit and guarantees 1 11,323 12,610 10,796 12,069 Commitments to extend credit 2 188,768 184,064 163,685 159,644 Other - 267 - 266 Total undrawn credit commitments 3 200,091 196,941 174,481 171,979 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 30 September 2021 the Group had offered $ 9.7 billion (2020 : $4.9 billion) of facilities to customers, which had not yet been accepted. 3. Include $ 0.8 billion (2020 : nil ) of undrawn credit commitments related to facilities which are held for sale. Contingent assets The credit commitments shown in the table above also constitute contingent assets. These commitments would be classified as loans in the balance sheet on the contingent event occurring.

Shareholders' equity

Shareholders' equity	12 Months Ended
Shareholders' equity	Sep. 30, 2021
Shareholders' equity
Shareholders' equity	CAPITAL AND DIVIDENDS Note 27. Shareholders’ equity Accounting policy Share capital Ordinary shares are recognised at the amount paid up per ordinary share, net of directly attributable issue costs. Treasury shares are shares in the Parent Entity, purchased by the Parent Entity or other entities within the Group. These shares are adjusted against share capital as the net of the consideration paid to purchase the shares and, where applicable, any consideration received from the subsequent sale or reissue of these shares. Non-controlling interests Non-controlling interests represent the share in the net assets of subsidiaries attributable to equity interests that are not owned directly or indirectly by the Parent Entity. Reserves Foreign currency translation reserve Exchange differences arising on translation of the Group’s foreign operations, and any offsetting gains or losses on hedging the net investment are reflected in the foreign currency translation reserve. A cumulative credit balance in this reserve would not normally be regarded as being available for payment of dividends until such gains are realised and recognised in the income statement on sale or disposal of the foreign operation. Debt securities at FVOCI reserve This reserve comprises the changes in fair value of debt securities measured at FVOCI (except for interest income, impairment charges and FX gains and losses which are recognised in the income statement), net of any related hedge accounting adjustments and tax. These changes are transferred to non-interest income in the income statement when the asset is disposed. Equity securities at FVOCI reserve This reserve comprises the changes in fair value of equity securities measured at FVOCI, net of tax. These changes are not transferred to the income statement when the asset is disposed. Cash flow hedge reserve This comprises the fair value gains and losses associated with the effective portion of designated cash flow hedging instruments, net of tax. Share-based payment reserve This comprises the fair value of equity- settled share-based payments recognised as an expense. Other reserves Other reserves for the Parent Entity relate to certain historic internal group restructurings performed at fair value. The reserve is eliminated on consolidation. Other reserves for the Group consist of transactions relating to changes in the Parent Entity’s ownership of a subsidiary that do not result in a loss of control. The amount recorded in other reserves reflects the difference between the amount by which NCI are adjusted and the fair value of any consideration paid or received. Note 27. Shareholders’ equity (continued) Consolidated Parent Entity $m 2021 2020 2021 2020 Share capital Ordinary share capital, fully paid 41,601 40,509 41,601 40,509 RSP treasury shares 1 (661) (618) (661) (618) Other treasury shares 2 55 55 (3) (3) Total treasury shares (606) (563) (664) (621) Total share capital 40,995 39,946 40,937 39,888 NCI 57 51 - - 1. 2021: 4,363,329 unvested shares held (2020: 4,588,277 ). 2. 2021: nil shares held (2020: nil ). 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 h older to one vote, either in person or by proxy, at a shareholder meeting. Reconciliation of movement in number of ordinary shares Consolidated and Parent Entity (number) 2021 2020 Opening balance 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 - Closing balance 3,668,591,808 3,611,684,870 3. The average price per share for the share issuance in 2020 was $24.81 . 4. The DRP for the 2021 interim dividend had no impact on the number of ordinary shares on issue as Westpac arranged for the purchase of the necessary shares from the market and transfer to participants of 9,085,937 ordinary shares at an average price of $25.98 . The price per share for the issuance of shares in relation to the dividend reinvestment plan for the 2020 final dividend was $19.83 (2020: 2 019 final dividend was $25.17 ). 5. The Group entered into an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. The arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of 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 $19.59 . Ordinary shares purchased on-market 2021 Consolidated and Parent Entity Number Average Price ($) For share-based payment arrangements: Employee share plan (ESP) 1,178,527 19.09 RSP 6 2,052,825 21.09 Westpac Performance Plan (WPP) - share rights exercised 231,913 21.89 Total number of ordinary shares purchased on-market 3,463,265 6. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest. For details of the share-based payment arrangements refer to Note 32. Note 27. Shareholders’ equity (continued) Reconciliation of movement in reserves Consolidated Parent Entity $m 2021 2020 2021 2020 Debt securities at FVOCI reserve Balance as at beginning of year 177 (22) 125 (25) Net gains/(losses) from changes in fair value 578 360 730 292 Income tax effect (177) (96) (220) (77) Transferred to income statements (195) (79) (195) (79) Income tax effect 58 15 58 15 Loss allowance on debt securities measured at FVOCI 2 2 2 2 Exchange differences - (3) (1) (3) Balance as at end of year 443 177 499 125 Equity securities at FVOCI reserve Balance as at beginning of year (4) 17 - (1) Net gains/(losses) from changes in fair value 50 (21) (2) 1 Income tax effect (2) - - - Balance as at end of year 44 (4) (2) - Share-based payment reserve Balance as at beginning of year 1,720 1,642 1,611 1,533 Share-based payment expense 86 78 86 78 Balance as at end of year 1,806 1,720 1,697 1,611 Cash flow hedge reserve Balance as at beginning of year (42) (129) 20 (65) Net gains/(losses) from changes in fair value 296 (95) 177 (28) Income tax effect (86) 28 (53) 9 Transferred to income statements 39 218 (13) 150 Income tax effect (11) (64) 4 (46) Balance as at end of year 196 (42) 135 20 Foreign currency translation reserve Balance as at beginning of year (292) (179) (221) (145) Exchange differences on translation of foreign operations 249 (177) 40 (148) Gains/(losses) on net investment hedges (198) 9 (41) 17 Transferred to income statements - 55 - 55 Balance as at end of year (241) (292) (222) (221) Other reserves Balance as at beginning of year (15) (18) 41 41 Transactions with owners (6) 3 - - Balance as at end of year (21) (15) 41 41 Total reserves 2,227 1,544 2,148 1,576

Capital adequacy

Capital adequacy	12 Months Ended
Capital adequacy	Sep. 30, 2021
Capital adequacy
Capital adequacy	Note 28. Capital adequacy APRA measures an ADI’s regulatory capital using three measures: Level of capital Definition Common Equity Tier 1 Capital (CET1) Comprises the highest quality components of capital that consists of paid-up share capital, retained profits and certain reserves, less certain intangible assets, capitalised expenses and software, and investments and retained profits in insurance and funds management subsidiaries that are not consolidated for capital adequacy purposes. Tier 1 Capital The sum of CET 1 and AT1 Capital. AT1 Capital comprises high quality components of capital that consist of certain securities not included in CET 1, but which include loss absorbing characteristics. Total Regulatory Capital The sum of Tier 1 Capital and Tier 2 Capital. Tier 2 Capital includes subordinated instruments and other components of capital that, to varying degrees, do not meet the criteria for Tier 1 Capital, but nonetheless contribute to the overall strength of an ADI and its capacity to absorb losses. Under APRA’s Prudential Standards, Australian ADIs, including Westpac, are required to maintain a minimum CET1 ratio of at least 4.5% , Tier 1 Capital ratio of at least 6.0% and Total Regulatory Capital ratios of at least 8.0% . APRA may also require ADIs, including Westpac, to meet Prudential Capital Requirements (PCRs) above the industry PCRs. APRA does not allow the PCRs for individual ADIs to be disclosed. APRA also requires ADIs to hold additional CET1 buffers comprising of: ● a capital conservation buffer (CCB) of 3.5% for ADIs designated by APRA as domestic systemically important banks (D-SIBs) unless otherwise determined by APRA, which includes a 1.0% surcharge for D-SIBs. APRA has determined that Westpac is a D-SIB; and ● a countercyclical capital buffer. The countercyclical buffer is set on a jurisdictional basis and APRA is responsible for setting the requirement in Australia. The countercyclical buffer requirement is currently set to zero for Australia and New Zealand. Collectively, the above buffers are referred to as the “Capital Buffer” (CB). Should the CET 1 capital ratio fall within the capital buffer range restrictions on the distributions of earnings will apply. This includes restrictions on the amount of earnings that can be distributed through dividends, AT1 Capital distributions and discretionary staff bonuses. APRA announcements on capital APRA made the following announcements relevant to its capital framework: ● On 19 July 2021 APRA announced regulatory support for banks offering temporary financial assistance to borrowers impacted by COVID-19 1 . APRA has outlined that for eligible borrowers, ADIs do not need to treat the period of deferral as a period of arrears or loan restructuring. This applied to loans granted a repayment deferral of up to three months before the end of September 2021 2 . ADIs must continue to provision for these loans under accounting standards. ● APRA has released the final revised standard for APS 111 Capital Adequacy: Measurement of Capital, effective from 1 January 2022 3 . The final standard includes changes to the parent ADI’s (Level 1) treatment of equity investments in banking and insurance subsidiaries including: – Equity investments in subsidiaries (including any Additional Tier 1 and Tier 2 capital investments in subsidiaries) will be risk weighted at 250% , up to a limit of 10% of Level 1 CET1 capital per investment; and – Any equity investments in excess of the 10% limit will be fully deducted from Level 1 CET1 capital in determining Level 1 capital ratios. ● APRA is proposing changes to embed the ‘unquestionably strong’ level of capital in the capital framework, including implementation of Basel III reforms. On 21 July 2021 APRA released further guidance on capital buffers and the calculation of RWA including for specific asset classes 4 . As part of the proposal, APRA intends to increase the capital conservation buffer from 2.5% to 4.0% and introduce a base level for the countercyclical capital buffer of 1.0% . As a result, the CET1 capital ratio requirement for D-SIBs is proposed to increase from 8% to 10.5% from 1 January 2023. We expect further clarity on the changes ahead of 1 January 2023. 1. APRA announcement - “APRA announces further regulatory support for loans impacted by COVID-19” dated 19 July 2021. 2. Letter to all authorised deposit taking institutions - “Regulatory support for loans impacted by COVID-19” dated 25 August 2021. 3. Letter to all authorised deposit taking institutions - “Final revised Prudential Standard: APS 111 Capital Adequacy - Measurement of Capital” dated 5 August 2021. 4. Letter to all authorised deposit taking institutions - “Bank Capital Reforms: Update” dated 21 July 2021. Note 28. Capital adequacy (continued) ● On 10 September 2021, APRA announced it expects ADIs to reduce their Committed Liquidity Facility (CLF) usage to zero by 31 December 2022 1 . Westpac’s current CLF allocation is $37 billion. Westpac expects to reduce its allocation in line with APRA’s announcement, and to meet its liquidity requirements by increasing its holdings of High Quality Liquid Assets. Capital management strategy Westpac’s approach to capital management seeks to ensure that it is adequately capitalised as an ADI. Westpac evaluates its approach to capital management through an Internal Capital Adequacy Assessment Process (ICAAP), the key features of which include: ● the development of a capital management strategy, including consideration of regulatory minimums, capital buffers and contingency plans. The current regulatory capital minimums together with the capital conservation buffer (CCB) are the Total CET1 Requirement. The Total CET1 Requirement for Westpac is at least 8.0% , based on an industry minimum CET1 requirement of 4.5% plus a capital buffer of at least 3.5% applicable to D-SIBs 2,3 ; ● consideration of both regulatory and economic capital requirements; ● a stress testing framework that challenges the capital measures, coverage and requirements including the impact of adverse economic scenarios; and ● consideration of the perspectives of external stakeholders including rating agencies as well as equity and debt investors. Given the above and in light of proposed changes to APRA's capital management framework under which the CET1 capital ratio requirement for D-SIBs is to increase from 8% to 10.5% (including the capital conservation buffer and the countercyclical capital buffer), Westpac will seek to operate with a CET1 capital ratio above 10.5% as measured under the existing capital framework 4 . Capital settings may be reviewed if more challenging or uncertain conditions emerge, or if APRA's proposals change significantly.

Dividends

Dividends	12 Months Ended
Dividends	Sep. 30, 2021
Dividends
Dividends	Note 29. Dividends Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Dividends not recognised at year end Since year end the Directors have proposed the following dividends: Final dividend 60 cents per share (2020: 31 cents, 2019: 80 cents) all fully franked at 30% 2,201 1,120 2,791 2,201 1,120 Total dividends not recognised at year end 2,201 1,120 2,791 2,201 1,120 The Board has determined a final fully franked dividend of 60 cents per share, to be paid on 21 December 2021 to shareholders on the register at the record date of 8 November 2021. Shareholders can choose to receive their dividends as cash or reinvest for an equivalent number of shares under the Dividend Reinvestment Plan (DRP). The Board has determined to satisfy the DRP for the 2021 final dividend by arranging for the purchase of shares in the market 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 11 November 2021 and will not include a discount. Details of dividends recognised during the year are provided in the statement of changes in equity. Westpac has announced an off-market buy-back of up to $3.5 billion worth of Westpac shares. Westpac's operating performance and progress on strategic priorities, including the completion of a number of divestments, have contributed to a strong capital position, allowing Westpac to return capital to shareholders. Australian franking credits available to the Parent Entity for subsequent years are $ 3,857 million (2020: $3,448 million, 2019: $1,558 million). This is calculated as the year end franking credit balance, adjusted for the Australian current tax liability and the proposed 2021 final dividend. New Zealand imputation credits New Zealand imputation credits of NZ$ 0.07 (2020: NZ $0.07 , 2019: NZ $0.07 ) per share will be attached to the proposed 2021 final dividend. New Zealand imputation credits available to the Parent Entity for subsequent years are NZ$ 820 million ( 2020: NZ $980 million, 2019: NZ $860 million). This is calculated on the same basis as the Australian franking credits but using the New Zealand current tax liability. 1. 2. 3. If an ADI's CET1 ratio falls below the Total CET1 Requirement (at least 8)%, they face restrictions on the distribution of earnings, such as dividends, distribution payments on AT1 capital instruments and discretionary staff bonuses. 4.

Investments in subsidiaries and

Investments in subsidiaries and associates	12 Months Ended
Investments in subsidiaries and associates	Sep. 30, 2021
Investments in subsidiaries and associates
Investments in subsidiaries and associates	GROUP STRUCTURE Note 30. Investments in subsidiaries and associates Accounting policy Subsidiaries Westpac’s subsidiaries are entities which it controls and consolidates as it is exposed to, or has rights to, variable returns from the entity, and can affect those returns through its power over the entity. When the Group ceases to control a subsidiary, any retained interest in the entity is remeasured to fair value, with any resulting gain or loss recognised in the income statement. Changes in the Group’s ownership interest in a subsidiary which do not result in a loss of control are accounted for as transactions with equity holders in their capacity as equity holders. In the Parent Entity’s financial statements, investments in subsidiaries are initially recorded at cost and are subsequently held at the lower of cost and recoverable amount. All transactions between Group entities are eliminated on consolidation. Associates Associates are entities in which the Group has significant influence, but not control, over the operating and financial policies. The Group accounts for associates using the equity method. The investments are initially recognised at cost (except where recognised at fair value due to a loss of control of a subsidiary), and increased (or decreased) each year by the Group’s share of the associate’s profit (or loss). Dividends received from the associate reduce the investment in associate. Overseas companies predominantly carry on business in the country of incorporation. For unincorporated entities, ‘Country of incorporation’ refers to the country where business is carried on. The financial years of all controlled entities are the same as that of Westpac unless otherwise stated. From time to time, the Group consolidates a number of unit trusts where the Group has variable returns from its involvement with the trusts, and has the ability to affect those returns through its power over the trusts. These unit trusts are excluded from the table. The following table includes the principal controlled entities of the Group as at 30 September 2021. Country of Country of Name incorporation Name incorporation Advance Asset Management Limited Australia Westpac Financial Services Group Limited Australia Asgard Capital Management Limited Australia Westpac Life Insurance Services Limited 1 Australia BT Financial Group Pty Limited Australia Westpac Overseas Holdings No. 2 Pty Limited Australia BT Funds Management Limited Australia Westpac Securitisation Holdings Pty Limited Australia BT Portfolio Services Limited Australia Westpac Life-NZ-Limited 1 New Zealand Capital Finance Australia Limited Australia Westpac New Zealand Group Limited New Zealand Crusade Trust No.2P of 2008 Australia Westpac New Zealand Limited (WNZL) New Zealand Reinventure Fund, I.L.P. Australia Westpac NZ Covered Bond Limited 2 New Zealand Series 2008-1M WST Australia Westpac NZ Securitisation Limited 2 New Zealand St.George Finance Holdings Limited Australia Westpac Securities NZ Limited New Zealand Westpac Covered Bond Trust Australia Westpac Bank-PNG-Limited Papua New Guinea Westpac Equity Holdings Pty Limited Australia 1. Refer to Note 37 for details of assets and liabilities held for sale. 2. The Group indirectly owns 19% of Westpac NZ Covered Bond Limited (WNZCBL) and Westpac NZ Securitisation Limited (WNZSL), however, due to contractual and structural arrangements both WNZCBL and WNZSL are considered to be controlled entities within the Group. The following controlled entities have been granted relief from compliance with the balance date synchronisation provisions in the Corporations Act 2001 : Westpac Cash PIE Fund; Westpac Notice Saver PIE Fund; and Westpac Term PIE Fund. The following material controlled entities are not wholly owned: Percentage Owned 2021 2020 Reinventure Fund, I.L.P. 99.0% 99.0% Westpac Bank-PNG-Limited 89.9% 89.9% Westpac NZ Covered Bond Limited 19.0% 19.0% Westpac NZ Securitisation Limited 19.0% 19.0% Note 30. Investments in subsidiaries and associates (continued) Non-controlling interests Details of the balance of NCIs are set out in Note 27. There are no NCIs that are material to the Group. Significant restrictions On 2 April 2020, a decision was made by the RBNZ to freeze distribution of dividends on ordinary shares by all banks in New Zealand during the period of uncertainty caused by COVID-19. With effect from 29 April 2021, these dividend restrictions were eased to allow New Zealand banks to pay up to a maximum of 50% of their earnings as dividend. This 50% dividend restriction will remain in place until 1 July 2022. As a result there is currently a restriction on the payment of dividends by WNZL, the Group's New Zealand subsidiary. There were no other significant restrictions on the ability to transfer cash or other assets, pay dividends or other capital distributions, provide or repay loans and advances between the entities within the Group. There were also no significant restrictions on Westpac’s ability to access or use the assets and settle the liabilities of the Group resulting from protective rights of NCIs. Associates There are no associates that are material to the Group. Changes in ownership of subsidiaries Businesses disposed during the year ending 30 September 2021 Westpac sold its interest in the following business during the year: ● Westpac General Insurance Limited (sold on 1 July 2021) ● Westpac General Insurance Services Limited (sold on 1 July 2021) ● Westpac Vendor Finance business (sold on 31 July 2021) ● Westpac Lenders Mortgage Insurance Limited (sold on 31 August 2021). Refer to Notes 36 and 37 for further details of businesses disposed in 2021. Businesses disposed during the year ending 30 September 2020 No businesses were sold in 2020. Businesses disposed during the year ending 30 September 2019 Westpac sold its interest in Ascalon Capital Managers (Asia) Limited and Ascalon Capital Managers Limited on 8 February 2019 for a combined profit of $3 million recognised in non-interest income (refer to Note 36).

Structured entities

Structured entities	12 Months Ended
Structured entities	Sep. 30, 2021
Structured entities
Structured entities	Note 31. Structured entities Accounting policy Structured entities are generally created to achieve a specific, defined objective and their operations are restricted such as only purchasing specific assets. Structured entities are commonly financed by debt or equity securities that are collateralised by and/or indexed to their underlying assets. The debt and equity securities issued by structured entities may include tranches with varying levels of subordination. Structured entities are classified as subsidiaries and consolidated if they meet the definition in Note 30. If the Group does not control a structured entity then it will not be consolidated. The Group engages in various transactions with both consolidated and unconsolidated structured entities that are mainly involved in securitisations, asset backed and other financing structures and managed funds. Consolidated structured entities Securitisation and covered bonds The Group uses structured entities to securitise its financial assets, including two covered bond programs, to assign pools of residential mortgages to bankruptcy remote structured entities. Refer to Note 24 for further details. Note 31. Structured entities (continued) Group managed funds The Group acts as the responsible entity and/or fund manager for various investment management funds. As fund manager, if the Group is deemed to be acting as a principal rather than an agent then it consolidates the fund. The principal versus agent decision requires judgement of whether the Group has sufficient exposure to variable returns. Non-contractual financial support The Group does not provide non-contractual financial support to these consolidated structured entities. Unconsolidated structured entities The Group has interests in various unconsolidated structured entities including debt or equity instruments, guarantees, liquidity and other credit support arrangements, lending, loan commitments, certain derivatives and investment management agreements. Interests exclude non-complex derivatives (e.g. interest rate or currency swaps), instruments that create, rather than absorb, variability in the entity (e.g. credit protection under a credit default swap), and lending to a structured entity with recourse to a wider operating entity, not just the structured entity. The Group’s main interests in unconsolidated structured entities, which arise in the normal course of business, are: Trading securities The Group actively trades interests in structured entities and normally has no other involvement with the structured entity. The Group earns interest income on these securities and also recognises fair value changes through trading income in non-interest income. Investment securities The Group holds mortgage-backed securities for liquidity purposes and the Group normally has no other involvement with the structured entity. These assets are highly-rated, investment grade and eligible for repurchase agreements with the RBA or another central bank. The Group earns interest income and net gains or losses on selling these assets are recognised in the income statements. Loans and other credit commitments The Group lends to unconsolidated structured entities, subject to the Group’s collateral and credit approval processes, in order to earn interest and fee income. The structured entities are mainly property trusts, securitisation entities and those associated with project and property financing transactions. Investment management agreements The Group manages funds that provide customers with investment opportunities. The Group also manages superannuation funds for its employees. The Group earns management and performance fee income which is recognised in non-interest income. The Group may also retain units in these investment management funds, primarily through life insurance subsidiaries. The Group earns fund distribution income and recognises fair value movements through non-interest income. The following tables show the Group’s interests in unconsolidated structured entities and its maximum exposure to loss in relation to those interests. The maximum exposure does not take into account any collateral or hedges that will reduce the risk of loss. ● For on-balance sheet instruments, including debt and equity instruments in and loans to unconsolidated structured entities, the maximum exposure to loss is the carrying value. ● For off-balance sheet instruments, including liquidity facilities, loan and other credit commitments and guarantees, the maximum exposure to loss is the notional amounts. Note 31. Structured entities (continued) Investment in third party mortgage and Interest other Financing to Group in other Consolidated asset-backed securitisation managed structured $m securities 1 vehicles funds entities Total 2021 Assets Trading securities and financial assets measured at FVIS 2,694 - - 40 2,734 Investment securities 5,352 - - - 5,352 Loans - 23,028 - 18,415 41,443 Life insurance assets 2 - - - - - Other assets - - 55 - 55 Assets held for sale - - 232 695 927 Total on-balance sheet exposures 8,046 23,028 287 19,150 50,511 Total notional amounts of off-balance sheet exposures — 6,609 15 8,553 15,177 Maximum exposure to loss 8,046 29,637 302 27,703 65,688 Size of structured entities 3 74,925 29,637 77,036 48,309 229,907 2020 Assets Trading securities and financial assets measured at FVIS 1,526 - - 34 1,560 Investment securities 6,105 - - - 6,105 Loans - 20,094 - 16,955 37,049 Life insurance assets - - 204 129 333 Other assets - - 52 - 52 Total on-balance sheet exposures 7,631 20,094 256 17,118 45,099 Total notional amounts of off-balance sheet exposures - 6,122 44 7,768 13,934 Maximum exposure to loss 7,631 26,216 300 24,886 59,033 Size of structured entities 3 59,324 26,216 67,423 40,209 193,172 1. The Group’s interests in third-party mortgages and other asset-backed securities are senior tranches of notes and are investment grade rated. 2. Balances reclassified to assets held for sale. 3. Represents either the total assets or market capitalisation of the entity, or if not available, the Group’s total committed exposure (for lending arrangements and external debt and equity holdings), funds under management (for Group managed funds) or the total value of notes on issue (for investments in third-party asset-backed securities). Non-contractual financial support The Group does not provide non-contractual financial support to these unconsolidated structured entities.

Share-based payments

Share-based payments	12 Months Ended
Share-based payments	Sep. 30, 2021
Share-based payments
Share-based payments	OTHER Note 32. Share- based payments Accounting policy The Group enters into various share-based payment arrangements with its employees as a component of overall compensation for services provided. Share-based payment arrangements comprise rights to receive shares for free (share rights) and restricted shares (issued at no cost). Share-based payment arrangements typically require a specified period of continuing employment (the service period or vesting period) and may include performance targets (vesting conditions). Specific details of each arrangement are provided below. Share-based payments must be classified as either cash-settled or equity-settled arrangements. The Group’s significant arrangements are equity-settled, as the Group is not obliged to settle in cash. Share rights Share rights are equity-settled arrangements. The fair value is measured at grant date and is recognised as an expense over the service period, with a corresponding increase in the share-based payment reserve in equity. The fair values of share rights are estimated at grant date using a binomial/Monte Carlo simulation pricing model which incorporates the vesting and market-related performance targets of the grants. The fair value of share rights excludes non-market vesting conditions such as employees’ continuing employment by the Group. The non-market vesting conditions are instead incorporated in estimating the number of share rights that are expected to vest and are therefore recognised as an expense. At each reporting date the non-market vesting assumptions are revised and the expense recognised each year takes into account the most recent estimates. The market-related assumptions are not revised each year as the fair value is not re-estimated after the grant date. Restricted share plan (RSP) The RSP is accounted for as an equity-settled arrangement. The fair value of shares allocated to employees for nil consideration is recognised as an expense over the vesting period with a corresponding increase in the share-based payments reserve in equity. The fair value of ordinary shares issued to satisfy the obligation to employees is measured at grant date and is recognised as a separate component of equity. Employee share plan (ESP) The value of shares expected to be allocated to employees for nil consideration is recognised as an expense over the financial year and provided for as other employee benefits. The fair value of any ordinary shares issued to satisfy the obligation to employees is recognised in equity. Alternatively, shares may be purchased on-market to satisfy the obligation to employees. Scheme name Westpac Long Term Variable Westpac Performance Plan (WPP) Restricted Share Plan Employee Share Plan Type of share-based payment Share rights (allocated at no cost). Share rights (allocated at no cost). Westpac ordinary shares (allocated at no cost). Westpac ordinary shares (allocated at no cost) of up to $1,000 per employee per year. How it is used Aligns executive remuneration and accountability with shareholder interests over the long term. Primarily used for mandatory deferral of a portion of short-term variable reward for New Zealand employees and key employees based outside Australia. Primarily used to reward key employees and for mandatory deferral of a portion of short-term variable reward for Australian employees and some other offshore jurisdictions. To reward eligible Australian employees (unless they have already been provided instruments under another scheme for the previous year). Exercise price Nil Nil n/a n/a Performance hurdles For the 2020 and 2021 awards: relative Total Shareholder return (TSR) over a four-year performance period. None None None For the 2017, 2018 and 2019 awards: TSR over a four-year performance period and average cash Return on Equity (cash ROE) over a three-year performance period plus one-year holding lock, each applying to half of the award. Note 32. Share-based payments (continued) Scheme name Westpac Long Term Variable Westpac Performance Plan (WPP) Restricted Share Plan Employee Share Plan Service conditions Continued employment throughout the vesting period or as determined by the Board. Continued employment throughout the vesting period or as determined by the Board. Continued employment throughout the restriction period or as determined by the Board. Shares must normally remain within the ESP for three years from granting unless the employee leaves Westpac. Vesting period (period over which expenses are recognised) 4 years Defined period set out at time of grant. Defined period set out at time of grant. 1 year Treatment at end of term Automatically exercised at the end of the term. Automatically exercised at the end of the term. Vested shares are released from the RSP at the end of the vesting period. Shares are released at the end of the restriction period or when the employee leaves Westpac. Does the employee receive dividends and voting rights during the vesting period? No No Yes Yes Each share-based payment scheme is quantified below. (i) Westpac Long-Term Variable Reward Plan (LTVR) Outstanding Outstanding as at beginning Granted during Exercised Lapsed during Outstanding as at and exercisable of year the year during the year the year end of year as at end of year 2021 Share rights 3,066,326 1,383,986 1,571 788,911 3,659,830 2,148 Weighted average remaining contractual life 12.4 years 12.7 years 2020 Share rights 4,554,589 779,581 - 2,267,844 3,066,326 3,719 The weighted average fair value at grant date of LTVR share rights issued during the year was $ 6.56 (202 0: $28.44 ). (ii) Westpac Performance Plan (WPP) Outstanding Outstanding as at beginning Granted during Exercised Lapsed during Outstanding as at and exercisable of year the year during the year the year end of year as at end of year 2021 Share rights One-year vesting period 206,241 33,145 83,204 36,041 120,141 86,996 Two-year vesting period 292,941 34,352 85,090 40,433 201,770 63,704 Three-year vesting period 76,848 9,281 29,179 630 56,320 9,796 Four-year vesting period 381,105 164,742 42,724 14,783 488,340 11,065 Total share rights 957,135 241,520 240,197 91,887 866,571 171,561 Weighted average remaining contractual life 12.8 years 12.6 years 2020 Share rights 786,466 438,858 175,957 92,232 957,135 164,219 The weighted average fair value at grant date of WPP share rights issued during the year was $ 18.27 (2020 : $24.68 ). Note 32. Share-based payments (continued) (iii) Restricted Share Plan (RSP) Outstanding Outstanding as at beginning Granted during Forfeited as at end Allocation date of year the year Released during the year of year 2021 4,389,161 2,165,046 2,012,519 226,613 4,315,075 2020 4,773,171 2,100,030 2,081,545 402,495 4,389,161 The weighted average fair value at grant date of RSP shares issued during the year was $ 20.63 (2020 : $23.88 ). (iv) Employee Share Plan (ESP) Average number of shares Total number Allocation Number of allocated per of shares Market Total date participants participant allocated price per share 1 fair value 2021 20 November 2020 27,078 52 1,408,056 $ 19.20 $ 27,034,675 2020 21 November 2019 25,725 38 977,550 $ 26.20 $ 25,611,810 1. The market price per share for the allocation is based on the five day volume-weighted average price up to the grant date. The 2020 ESP award was satisfied through the purchase of shares on-market. The liability accrued for the ESP at 30 September 2021 is $ 28 million (2 020: $28 million) and is provided for as other employee benefits. (v) Other plans Westpac also provides plans for small, specialised parts of the Group. The benefits under these plans are directly linked to growth and performance of the relevant part of the business. The plans, individually and in aggregate, are not material to the Group in terms of expenses and dilution of earnings. The names of all persons who hold share options and/or rights currently on issue are entered in Westpac’s register of option holders which may be inspected at Link Market Services, Level 12, 680 George Street, Sydney, New South Wales. (vi) Fair value assumptions The fair values of share rights have been independently calculated at their respective grant dates. The fair value of share rights with performance targets based on relative TSR takes into account the average TSR outcome determined using a Monte Carlo simulation pricing model. The fair values of share rights without TSR based performance targets (i.e. share rights with cash EPS compound annual growth rate (CAGR), economic profit and cash ROE performance targets) have been determined with reference to the share price at grant date and a discount rate reflecting the expected dividend yield over their vesting periods. Other significant assumptions include: ● a risk free rate of return of 0.2 %, applied to TSR-hurdled grants; ● a dividend yield on Westpac shares of 6.0 %, applied to TSR and ROE-hurdled grants; ● volatility in Westpac’s TSR of 25 %, applied to TSR-hurdled grants; and ● volatilities of, and correlation factors between, TSR of the comparator group and Westpac for TSR-hurdled grants.

Superannuation commitments

Superannuation commitments	12 Months Ended
Superannuation commitments	Sep. 30, 2021
Superannuation commitments
Superannuation commitments	Note 33. Superannuation commitments Accounting policy The Group recognises an asset or a liability for its defined benefit schemes, being the net of the defined benefit obligations and the fair value of the schemes’ assets. The defined benefit obligation is calculated as the present value of the estimated future cash flows, discounted using high-quality long dated corporate bond rates. The superannuation expense is recognised in operating expenses and remeasurements are recognised through OCI. Critical accounting assumptions and estimates The actuarial valuation of plan obligations is dependent upon a series of assumptions, principally price inflation, salary growth, mortality, morbidity, discount rate and investment returns. Different assumptions could significantly alter the valuation of the plan assets and obligations and the resulting remeasurement recognised in OCI and the superannuation expense recognised in the income statement. Westpac had the following defined benefit plans at 30 September 2021: Date of last actuarial assessment of Name of plan Type Form of benefit the funding status Westpac Group Plan (WGP) 1 Defined benefit and accumulation Indexed pension and lump sum 30 June 2018 Westpac New Zealand Superannuation Scheme (WNZS) Defined benefit and accumulation Indexed pension and lump sum 30 June 2020 Westpac Banking Corporation UK Staff Superannuation Scheme (UKSS)1 Defined benefit Indexed pension and lump sum 5 April 2018 Westpac UK Medical Benefits Scheme Defined benefit Medical benefits n/a 1. The 2021 final actuarial assessment of the funding status for WGP and UKSS will be available in 2022. The defined benefit sections of the schemes are closed to new members. The Group has no obligation beyond the annual contributions for the accumulation or defined contribution sections of the schemes. The WGP is the Group’s principal defined benefit plan and is managed and administered in accordance with the terms of its trust deed and relevant legislation in Australia. Its defined benefit liabilities are based on salary and length of membership for active members and inflation in the case of pensioners. The defined benefit schemes expose the Group to the following risks: ● discount rate – reductions in the discount rate would increase the present value of the future payments; ● inflation rate – increases in the inflation rate would increase the payments to pensioners; ● investment risk – lower investment returns would increase the contributions needed to offset the shortfall; ● mortality risk – members may live longer than expected extending the cash flows payable by the Group; ● behavioural risk - higher proportion of members taking some of their benefits as a pension rather than a lump sum would increase the cash flows payable by the Group; and ● legislative risk – legislative changes could be made which increase the cost of providing defined benefits. Investment risk is managed by setting benchmarks for the allocation of plan assets between asset classes. The long-term investment strategy will often adopt relatively high levels of equity investment in order to: ● secure attractive long-term investment returns; and ● provide an opportunity for capital appreciation and dividend growth, which gives some protection against inflation. Funding recommendations for the WGP, WNZS and the UKSS are made based on triennial actuarial valuations. The funding valuations of the defined benefit plans are based on different assumptions to the calculation of the defined benefit surplus/deficit for accounting purposes. Based on the most recent valuations, the defined benefit plan assets are adequate to cover the present value of the accrued benefits of all members with a combined surplus of $ 143 million (2020: $154 million). Current contribution rates are as follows: ● WGP – contributions are made to the WGP at the rate of 15.4% of members’ salaries; ● WNZS – contributions are made to the WNZS at the rate of 17% of members’ salaries; and ● UKSS – not required to make contributions under the 2018 actuarial assessment. Note 33. Superannuation commitments (continued) Contributions Consolidated Parent Entity $m 2021 2020 2021 2020 Employer contributions 33 26 31 26 Member contributions 10 10 10 10 Expected employer contributions for the year ended 30 September 2022 are $ 23 million. Expense recognised Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Current service cost 45 44 33 44 43 Net interest cost on net benefit liability 12 8 (2) 12 8 Total defined benefit expense 57 52 31 56 51 Defined benefit balances recognised Consolidated Parent Entity $m 2021 2020 2021 2020 Benefit obligation as at end of year 2,953 2,880 2,877 2,790 Fair value of plan assets as at end of year 2,582 2,350 2,524 2,295 Net surplus/(deficit) (371) (530) (353) (495) Defined benefit surplus included in other assets 64 71 64 71 Defined benefit deficit included in other liabilities (435) (601) (417) (566) Net surplus/(deficit) (371) (530) (353) (495) The average duration of the defined benefit obligation is 15 years (2020: 14 years ). Significant assumptions 2021 2020 Australian Overseas Australian Overseas Consolidated and Parent Entity funds funds funds funds Discount rate 3.1% 2.1% - 2.2% 2.6% 0.7% - 1.5% Salary increases 3.2% 3.0% - 5.2% 2.7% 3.0% - 4.6% Inflation rate (pensioners received inflationary increase) 2.2% 2.0% - 3.6% 1.7% 2.0% - 3.1% Life expectancy of a 60-year-old male 31.4 28.1-28.4 31.3 28.1-28.2 Life expectancy of a 60-year-old female 34.3 29.6-29.7 34.2 29.5-29.6 Sensitivity to changes in significant assumptions The following table shows the impact of changes in assumptions on the defined benefit obligation for the WGP. No reasonably possible changes in the assumptions of the Group’s other defined benefit plans would have a material impact on the defined benefit obligation. Increase in obligation $m 2021 2020 0.5% decrease in discount rate 235 230 0.5% increase in annual salary increases 12 19 0.5% increase in inflation rate (pensioners receive inflationary increase) 215 201 1 year increase in life expectancy 71 68 Note 33. Superannuation commitments (continued) Asset allocation The table below provides a breakdown of the schemes’ investments by asset class. 2021 2020 Australian Overseas Australian Overseas $m funds funds funds funds Cash 5% 2% 6% 1% Equity instruments 47% 7% 45% 9% Debt instruments 25% 5% 25% 4% Property 8% 2% 8% 1% Other assets 15% 84% 16% 85% Total 100% 100% 100% 100% Equity and debt instruments are mainly quoted assets while property and other assets are mainly unquoted. Other assets include infrastructure funds and private equity funds.

Auditor's remuneration

Auditor's remuneration	12 Months Ended
Auditor's remuneration	Sep. 30, 2021
Auditor's remuneration
Auditor's remuneration	Note 34. Auditor’s remuneration The fees payable to the auditor, PricewaterhouseCoopers (PwC), and overseas firms belonging to the PwC network of firms were: Consolidated Parent Entity $'000 2021 2020 2021 2020 Audit and audit-related fees Audit fees PwC Australia 29,306 27,667 29,148 27,667 Overseas PwC network firms 4,310 5,295 536 705 Total audit fees 33,616 32,962 29,684 28,372 Audit-related fees PwC Australia 1,456 4,404 1,456 4,404 Overseas PwC network firms 221 107 - - Total audit-related fees 1,677 4,511 1,456 4,404 Total audit and audit-related fees 35,293 37,473 31,140 32,776 Tax fees PwC Australia 35 57 35 57 Total tax fees 35 57 35 57 Total audit and non-audit fees 35,328 37,530 31,175 32,833 Fees payable to the auditor have been categorised as follows: Audit The year end audit, half-year review and comfort letters associated with debt issues and capital raisings. Audit-related Consultations regarding accounting standards and reporting requirements, regulatory compliance reviews and assurance related to debt and capital offerings. Tax Tax compliance and tax advisory services. It is Westpac’s policy to engage PwC on assignments additional to its statutory audit duties only if its independence is not impaired or seen to be impaired and where its expertise and experience with Westpac is important. All services were approved by the Board Audit Committee in accordance with Westpac’s Pre-Approval of Engagement of PricewaterhouseCoopers for Audit or Non-Audit Services Policy. PwC also received fees of $ 9.6 mi llion (2020: $6.1 million) for various entities which are related to Westpac but not consolidated. These non-consolidated entities include entities sponsored by the Group, trusts of which a Westpac Group entity is trustee, manager or responsible entity, superannuation funds and pension funds.

Related party disclosures

Related party disclosures	12 Months Ended
Related party disclosures	Sep. 30, 2021
Related party disclosures
Related party disclosures	Note 35. Related party disclosures Related parties Westpac’s related parties are those it controls or can exert significant influence over. Examples include subsidiaries, associates, joint ventures and superannuation plans as well as key management personnel and their related parties. Key management personnel (KMP) Key management personnel are those who, directly or indirectly, have authority and responsibility for planning, directing and controlling the activities of Westpac. This includes all Executives and Non-Executive Directors. Parent Entity Westpac Banking Corporation is the ultimate parent company of the Group. Subsidiaries - Note 30 The Parent Entity has the following related party transactions and balances with subsidiaries: Type of transaction/balance Details disclosed in Balances due to/from subsidiaries Balance Sheet Dividend income/Transactions with subsidiaries Note 4 Interest income and Interest expense Note 3 Tax consolidated group transactions and undertakings Note 7 Guarantees and undertakings Note 26 The balances due to/from subsidiaries include a wide range of banking and other financial facilities. The terms and conditions of related party transactions between the Parent Entity and subsidiaries are sometimes different to commercial terms and conditions. Related party transactions between the Parent Entity and subsidiaries eliminate on consolidation. Associates - Note 30 The Group provides a wide range of banking and other financial facilities and funds management activities to its associates on commercial terms and conditions. Superannuation plans The Group contributed $ 418 million (2020: $361 million) to defined contribution plans and $ 33 million (2020: $26 million) to defined benefit plans. Refer to Note 33. Remuneration of KMP Total remuneration 1 of the KMP was: Post Other long- Short-term employment term Termination Share-based $ benefits benefits benefits benefits payments Total Consolidated 2021 28,469,165 730,700 (29,003) 3,101,006 10,832,584 43,104,452 2020 22,506,249 967,898 657,375 1,176,487 2,654,510 27,962,519 Parent Entity 2021 27,108,174 607,503 (29,003) 2,421,267 9,631,777 39,739,718 2020 21,513,543 873,350 657,375 1,176,487 2,147,884 26,368,639 1. Comparative amounts have been revised to align to current year presentation. The revisions primarily relate to changes in interpretation as to the appropriate period over which to expense the fair value of certain grants and to the appropriate grant date on which to value grants where there is an opt-out period. Note 35. Related party disclosures (continued) Other transactions with KMP KMP receive personal banking and financial investment services from the Group in the ordinary course of business. The terms and conditions, for example interest rates and collateral, and the risks to Westpac are comparable to transactions with other employees and did not involve more than the normal risk of repayment or present other unfavourable features. Details of loans provided and the related interest charged to KMP and their related parties are as follows: Interest Number of payable for Closing loan KMP with $ the year balance loans 2021 403,893 28,924,924 12 2020 549,257 15,779,157 8 Share rights holdings For compliance with SEC disclosure requirements, the following table sets out certain details of the performance share rights and unhurdled share rights held at 30 September 2021 by the CEO and other key management personnel (including their related parties): Number of Latest Date of Exercise Share Rights Managing Director and Chief Executive Officer Peter King Ranges from 1 October 2032 to 1 October 2035 460,630 Group Executives Scott Collary 1 October 2035 120,614 Chris De Bruin 1 October 2035 100,676 Carolyn McCann Ranges from 1 October 2032 to 1 October 2035 174,136 Anthony Miller 1 October 2035 120,492 Christine Parker Ranges from 1 October 2032 to 1 October 2035 280,816 Simon Power Ranges from 1 October 2032 to 1 October 2035 38,122 Michael Rowland 1 October 2035 99,415 David Stephen Ranges from 1 October 2032 to 1 October 2035 514,052 Les Vance Ranges from 2 April 2035 to 1 October 2035 98,441 Jason Yetton Ranges from 2 April 2035 to 1 October 2035 180,201 Former Group Executive Richard Burton n/a - Guil Lima 1 October 2034 179,017 David McLean Ranges from 1 October 2022 to 1 October 2035 422,413 Gary Thursby Ranges from 1 October 2032 to 1 October 2034 191,760 Alastair Welsh n/a - Curt Zuber n/a - The Group has not issued any options during the year and there are no outstanding options as at 30 September 2021.

Notes to the cash flow statemen

Notes to the cash flow statements	12 Months Ended
Notes to the cash flow statements	Sep. 30, 2021
Notes to the cash flow statements
Notes to the cash flow statements	Note 36. Notes to the cash flow statements Accounting policy Cash and balances with central banks include cash held at branches and in ATMs, balances with overseas banks in their local currency and balances with central banks including accounts with the RBA and accounts with overseas central banks. Reconciliation of net cash provided by/(used in) operating activities to net profit for the year is set out below. Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Net profit for the year 5,463 2,292 6,790 4,613 2,658 Adjustments: Depreciation, amortisation and impairment 3,054 2,473 1,079 2,775 2,142 Impairment charges (348) 3,371 966 (222) 2,864 Net decrease/(increase) in current and deferred tax 350 (1,112) (541) (195) (937) (Increase)/decrease in accrued interest receivable 183 239 132 173 208 (Decrease)/increase in accrued interest payable (423) (1,260) (341) (340) (1,143) (Decrease)/increase in provisions (1,716) 1,925 1,143 (1,722) 2,003 Other non-cash items (253) (693) (832) 1,067 (1,114) Cash flows from operating activities before changes in operating assets and liabilities 6,310 7,235 8,396 6,149 6,681 Net (increase)/decrease in: Collateral paid 305 348 (847) 339 329 Trading securities and other financial assets measured at FVIS 19,316 (8,756) (7,629) 18,625 (8,266) Derivative financial instruments (2,420) 1,851 7,605 (1,874) 2,103 Loans (15,098) 18,272 (4,188) (11,228) 21,273 Other financial assets (274) 273 336 258 283 Life insurance assets and life insurance liabilities (593) (277) (134) - - Other assets 6 70 (13) (23) 50 Net increase/(decrease) in: Collateral received 93 (1,096) 1,007 312 (1,072) Deposits and other borrowings 33,737 28,910 1,113 28,696 20,859 Other financial liabilities 9,036 11,817 1,463 6,500 11,866 Other liabilities (8) 4 (5) (4) (7) Net cash provided by/(used in) operating activities 50,410 58,651 7,104 47,750 54,099 Note 36. Notes to the cash flow statements (continued) Details of the assets and liabilities over which control ceased Details of the entities over which control ceased are provided in Note 37. Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Assets: Cash and balances with central banks 50 - 3 - - Trading securities and other financial assets measured at FVIS 409 - 3 - - Loans 369 - - - - Other financial assets 688 - 3 - - Property and equipment 29 - - - - Deferred tax assets 4 - - - - Intangible assets 243 - - - - Other assets 226 - - - - Total assets 2,018 - 9 - - Liabilities: Other financial liabilities 110 - - - - Provisions 9 - - - - Other liabilities 720 - - - - Total liabilities 839 - - - - Total equity attributable to owners of WBC 1,179 - 9 - - Cash proceeds received (net of transaction costs) 1,322 - 2 - - Expected receivable (completion settlement) 8 - - - - Deferred consideration 37 - - - - Total consideration 1,367 - 2 - - Reserves reclassified to the income statement - - 10 - - Gain/(loss) on disposal 188 - 3 - - Reconciliation of cash proceeds from disposal: Cash proceeds received (net of transaction costs) 1,322 - 2 - - Less: Cash deconsolidated (50) - (3) - - Cash consideration (paid)/received (net of transaction costs and cash held) 1,272 - (1) - - Non-cash financing activities Shares issued under the dividend reinvestment plan 401 273 1,489 401 273 Increase in lease liabilities 199 177 - 114 173 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. On 15 September 2021, $1,152 million of WCN4 were transferred to the WCN4 nominated party for $100 each pursuant to the WCN8 reinvestment offer. Those WCN4 were subsequently redeemed and cancelled by Westpac. On 15 October 2021, Westpac issued a redemption notice notifying WCN4 holders that all outstanding WCN4 will be redeemed on the optional redemption date, being 20 December 2021. Cash and balances with central banks The following table provides the breakdown of cash and cash balances with central banks. Consolidated Parent Entity $m 2021 2020 2021 2020 Cash and cash at bank 16,504 15,865 16,156 15,335 Exchange settlement accounts 54,587 13,978 46,412 9,892 Regulatory deposits with central banks 262 286 186 209 Total cash and balances with central banks 71,353 30,129 62,754 25,436 Note 36. Notes to the cash flow statements (continued) 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 $ 445 million (2020: $457 million) for the Group and $ 369 million (2020: $380 million) for the Parent Entity which are included in cash and balances with central banks .

Assets and liabilities held for

Assets and liabilities held for sale	12 Months Ended
Assets and liabilities held for sale	Sep. 30, 2021
Assets and liabilities held for sale
Assets and liabilities held for sale	Note 37. Assets and liabilities held for sale Accounting policy 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. During the year ending 30 September 2021, the assets and liabilities of certain businesses were 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 discontinued operations. Details of the businesses which were classified as held for sale during the financial year are as follows: Businesses held for sale as at 30 September 2021 Westpac Motor Vehicle Dealer Finance and Novated Leasing business On 28 June 2021, the Group announced that it expects to sell its motor vehicle dealer finance and novated leasing business to Angle Auto Finance Pty Ltd, a portfolio company of Cerberus Capital Management, L.P. As part of the sale, Westpac will transfer: ● Auto dealer and introducer agreements together with wholesale dealer loans of approximately $1 billion; ● Strategic alliance agreements with vehicle manufacturers; and ● Novated lease origination capability and related agreements. Westpac will retain its existing retail auto loans of around $10 billion originated by the businesses being transferred. The loans will run down in the normal course of business over the life of those loans. Westpac will also progressively cease new retail auto loan originations from these three channels with customers still able to use the Group’s Consumer and Business lending products to help buy motor vehicles. The sale agreement includes initial payment on completion based on the final value of the portfolio transferred and deferred consideration payable over the two -year period following completion. Completion of the transaction will occur over several stages to allow for a smooth transition. Final completion of the transaction is expected by no later than 31 March 2022, at which time a small gain on sale is expected to be recognised in non-interest income. The business is currently included in the Group’s Specialist Businesses division. Westpac New Zealand Life Insurance business On 6 July 2021, the Group announced that it had entered into an agreement to sell Westpac Life-NZ-Limited to Fidelity Life Assurance Company Limited and enter into an exclusive 15 -year agreement for the distribution of life insurance products to Westpac’s New Zealand customers. This entity is currently included in the Group’s Westpac New Zealand division. Note 37. Assets and liabilities held for sale (continued) The sale price of NZ $400 million (approximately A $375 million 1 ) is expected to result in a small post-tax gain on sale. The transaction also includes ongoing payments to Westpac in accordance with the distribution agreement. Completion of the transaction is subject to various regulatory approvals and is expected to occur by first half 2022, at which time the gain will be recognised in non-interest income. Westpac Australian Life Insurance business On 9 August 2021, the Group announced that it will sell Westpac Life Insurance Services Limited to TAL Dai-ichi Life Australia Pty Limited (TAL) and enter into an exclusive 20 -year strategic alliance for the provision of life insurance products to Westpac’s Australian customers. This entity is currently included in the Group’s Specialist Businesses division. The sale price is $900 million and is estimated to result in a pre-tax loss on sale of $1.3 billion. For the year ended 30 September 2021, a loss of $224 million has been recognised in operating expenses reflecting expected separation and transaction costs. The remaining loss will be recognised on completion of the sale. The transaction also includes ongoing payments to Westpac in accordance with the distribution agreement. Westpac will retain responsibility for certain pre-completion matters and provide protection to TAL through a combination of provisions, warranties and indemnities. Completion of the transaction is subject to various regulatory approvals and is expected to occur in the second half of the 2022 calendar year. Businesses no longer held for sale as at 30 September 2021 Westpac General Insurance Limited and Westpac General Insurance Services Limited On 2 December 2020, the Group announced it would 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. The sale was completed on 1 July 2021 for $725 million and resulted in a pre-tax gain on sale of $160 million (net of transaction and separation costs) recognised in non-interest income. A further payment of $25 million is expected to be received by Westpac by 31 December 2021 subject to an integration milestone, with contingent payments over the next five years in addition to ongoing payments under 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. These entities were included in the Group’s Specialist Businesses division. 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 Auto Finance Pty Ltd, a portfolio company of Cerberus Management, L.P. The sale was completed on 31 July 2021 resulting in a pre-tax gain on sale of $29 million recognised at this date in non-interest income. A pre-tax loss of $81 million was previously recognised in operating expenses prior to completion date, reflecting a writedown of assets held for sale to their estimated fair value less costs to sell and recognition of related separation and transaction costs. The business was included in the Group’s Specialist Businesses division. Westpac Lenders Mortgage Insurance Limited On 18 March 2021, the Group announced it would 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. The sale was completed on 31 August 2021 with nil gain on sale recognised at this date as the sales price reflected the book value of the business transferred. A loss of $110 million was previously recognised in the first half of 2021 in operating expenses reflecting the write-down of goodwill and recognition of related transaction and separation costs. Ongoing fixed annual payments will be received under the distribution agreement. Westpac will retain responsibility for certain legacy matters and provide protection to Arch through a combination of customary warranties and indemnities. WLMI was included in the Group’s Specialist Businesses division. 1 Note 37 Assets and liabilities held for sale (continued) 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 (Kina). Completion of the sale was subject to various regulatory approvals. On 22 September 2021, the Group announced it and Kina had agreed to terminate the agreements for the sale of these businesses. In first half of 2021, a loss of $121 million was recognised in operating expenses, reflecting a writedown of assets held for sale to their estimated fair value less costs to sell and recognition of related separation and transaction costs. Following termination of the sale contracts, the businesses are no longer considered held for sale and a reassessment of the carrying value of the assets was undertaken. Consequently, a $60 million write-back of the previous loss was recognised at 30 September 2021 reflecting a partial reversal of the asset writedowns and reversal of the unutilised amount of estimated separation and transaction costs provisioned. Westpac Pacific is included in the Group’s Specialist Businesses division. Balance sheet presentation Details of the assets and liabilities held for sale are as follows (no amounts were presented as held for sale in prior year): Consolidated Parent Entity $m 2021 2021 Assets held for sale Cash and balances with central banks 7 - Loans 1,015 1,015 Other financial assets 19 - Life insurance assets 2,972 - Deferred tax assets 8 - Other assets 167 - Total assets held for sale 4,188 1,015 Liabilities held for sale Other financial liabilities 28 3 Current tax liabilities 14 - Life insurance liabilities 447 - Provisions 35 7 Deferred tax liabilities 44 - Other liabilities 269 - Total liabilities held for sale 837 10

Subsequent events

Subsequent events	12 Months Ended
Subsequent events	Sep. 30, 2021
Subsequent events
Subsequent events	Note 38. Subsequent events Since 30 September 2021, the Board has determined to pay a fully franked final dividend of 60 cents per fully paid ordinary share. The dividend is expected to be $ 2,201 million. The dividend is not recognised as a liability at 30 September 2021. The proposed payment date of the dividend is 21 December 2021. The Board has determined to satisfy the DRP for the 2021 final dividend by arranging for the purchase of shares in the market 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 11 November 2021 and will not include a discount. Off-market buy-back Westpac has announced an off-market buy-back of up to $3.5 billion worth of Westpac shares. Westpac’s operating performance and progress on strategic priorities, including the completion of a number of divestments, have contributed to a strong capital position, allowing Westpac to return capital to shareholders. No other matters have arisen since the year ended 30 September 2021 which are not otherwise dealt with in this 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)	12 Months Ended
Financial statements preparation (Policies)	Sep. 30, 2021
Financial statements preparation
Basis of accounting	(i) Basis of accounting This financial report is a general purpose financial report prepared in accordance with: ● the requirements for an Authorised Deposit-taking Institution (ADI) under the Banking Act 1959 (as amended); ● Australian Accounting Standards (AAS) and Interpretations as issued by the Australian Accounting Standards Board (AASB); and ● the Corporations Act 2001. Westpac Banking Corporation is a for-profit entity for the purposes of preparing this financial report. The financial report also complies with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Interpretations as issued by the IFRS Interpretations Committee (IFRIC). It also includes additional disclosures required for foreign registrants by the United States Securities and Exchange Commission (US SEC). In September 2020, the SEC amended these disclosure requirements which are effective for the Group’s 30 September 2022 year end unless early adopted. The Group has early adopted these requirements for the 30 September 2021 year end. The key changes are the removal of some disclosures considered to be superseded or duplicated by other SEC reporting requirements or relevant accounting standards as well as introducing some additional disclosure requirements. The key additional disclosure requirements for the Group are more granular maturity (refer to Note 12) and write-off disclosures for loans (refer to Note 13) and disclosure of uninsured deposits, i.e. those deposits which either do not have a form of government based deposit insurance scheme or are in excess of the insurance scheme limit (refer to Note 16). 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.
Historical cost convention	(ii) Historical cost convention The financial report has been prepared under the historical cost convention, as modified by applying fair value accounting to financial assets and financial liabilities (including derivative instruments) measured at fair value through income statement (FVIS) or in other comprehensive income (OCI).
Standards adopted during the year ended 30 September 2021	(iii) Changes in accounting policy Software-as-a-Service (SaaS) arrangements The Group previously capitalised costs incurred in configuring or customising Software-as-a-Service (SaaS) arrangements as intangible assets as the Group considered that it would benefit from these implementation costs over the contract term of the SaaS arrangements. Following the IFRS Interpretations Committee (IFRIC) agenda decision on Configuration or Customisation Costs in a Cloud Computing Arrangement which was published in April 2021, the Group has reconsidered its accounting treatment and adopted the treatment set out in this IFRIC agenda decision. The revised accounting policy capitalises these costs as intangible assets only if the implementation activities create an intangible asset that the entity controls and the intangible asset meets the recognition criteria. Costs that do not meet these criteria are expensed as incurred, unless they are paid to the suppliers of the SaaS arrangement to significantly customise the cloud-based software for the Group, in which case they are recognised as a prepayment for services and amortised over the expected period of use of the SaaS arrangement. Note 1. Financial statements preparation (continued) The change in policy has been applied retrospectively, however as the impact on prior years was not material the amount relating to prior years has been adjusted through opening retained earnings and comparatives have not been restated. The impact on the Group’s financial statements to reflect the write-off of previously capitalised costs is shown in the table below. A positive number indicates an increase in the relevant balance, while a negative number indicates a reduction in the relevant balance: Consolidated Parent Entity Prior year impact Prior year impact Impact for on opening Impact for on opening $m 2021 balance sheet Total 2021 balance sheet Total Balance sheets Intangible assets - computer software (5) (57) (62) (3) (48) (51) Deferred tax assets 1 17 18 1 14 15 Opening retained earnings - (40) (40) - (34) (34) Income statements Operating expenses 5 - 5 3 - 3 Tax expense (1) - (1) (1) - (1) Net profit after tax (4) - (4) (2) - (2) In addition, the Group reclassified $32 million from intangible assets – computer software to other assets – prepayments ( Parent Entity $29 million). (iv) Standards adopted during the year ended 30 September 2021 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. AASB 2020-8 was early adopted, as permitted by the standard, by the Group for the financial year ended 30 September 2021. AASB 2020-8 makes amendments to AASB 9 Financial Instruments (December 2014) (AASB 9), AASB 139 Financial Instruments: Recognition and Measurement (AASB 139), and AASB 7 Financial Instruments: Disclosures (AASB 7) resulting from Interest Rate Benchmark Reform (IBOR reform). Amendments are also made to AASB 4 Insurance contracts and AASB 16 Leases. The amendments: ● allow the Group to account for a change in contractual cash flows of a financial instrument or lease liability that are a direct result of the IBOR reform to be accounted for prospectively by updating the effective interest rate rather than recognising a modification gain or loss provided that the change is made on an economically equivalent basis; ● 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 alternative reference rates (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 IBOR 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. There was no impact on opening retained earnings due to the adoption of the standard. Comparative information is not required to be restated. Note 21 provides further information regarding the Group’s exposure to the IBOR reform. Note 1. Financial statements preparation (continued)
Business combinations	(v) Business combinations Business combinations are accounted for using the acquisition method of accounting. Acquisition cost is measured as the aggregate of the fair value at the date of acquisition of the assets given, equity instruments issued or liabilities incurred or assumed. Acquisition-related costs are expensed as incurred (except for those costs arising on the issue of equity instruments which are recognised directly in equity). Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured at fair value on the acquisition date. Goodwill is measured as the excess of the acquisition cost, the amount of any non-controlling interest and the fair value of any previous Westpac equity interest in the acquiree, over the fair value of the identifiable net assets acquired.
Foreign currency translation	(vi) Foreign currency translation Functional and presentational currency The consolidated financial statements are presented in Australian dollars which is the Parent Entity’s functional and presentation currency. The functional currency of offshore entities is usually the main currency of the economy it operates in. Transactions and balances Foreign currency transactions are translated into the functional currency of the relevant branch or subsidiary using the exchange rates prevailing at the dates of the transactions. Foreign exchange (FX) gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in OCI for qualifying cash flow hedges and qualifying net investment hedges. Foreign operations Assets and liabilities of foreign branches and subsidiaries that have a functional currency other than the Australian dollar are translated at exchange rates prevailing on the balance date. Income and expenses are translated at average exchange rates prevailing during the year. Equity balances are translated at historical exchange rates. The resulting exchange differences are recognised in the foreign currency translation reserve and in OCI. Where the group hedges the currency translation risk arising from net investments in foreign operations, the gains or losses on the hedging instruments are also reflected in OCI to the extent the hedge is effective. When all or part of a foreign operation is disposed or borrowings that are part of the net investments are repaid, a proportionate share of such exchange differences is recognised in the income statement as part of the gain or loss on disposal or repayment of borrowing.
Comparative revisions	(vii) Comparative revisions Comparative information has been revised where appropriate to conform to changes in presentation in the current year and to enhance comparability.
Critical accounting assumptions and estimates	b. Critical accounting assumptions and estimates Applying the Group’s accounting policies requires the use of judgement, assumptions and estimates which impact the financial information. The significant assumptions and estimates used are discussed in the relevant notes below: ● Note 7 Income tax ● Note 13 Provisions for expected credit losses ● Note 15 Life insurance assets and life insurance liabilities ● Note 22 Fair values of financial assets and financial liabilities ● Note 25 Intangible assets ● Note 26 Provisions, contingent liabilities, contingent assets and credit commitments ● Note 33 Superannuation commitments 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 effect on the Group’s financial statements. The change increased operating expenses and reduced profit Note 1. Financial statements preparation (continued) Impact of COVID-19 The COVID-19 pandemic and the measures put in place domestically and globally to control the spread of the virus continue to impact global economies and financial markets. As a result, this remains a source of uncertainty and judgement is required in relation to our critical accounting assumptions and estimates, primarily relating to: ● expected credit losses (ECL); and ● recoverable amount assessments of intangible assets. As there is a higher than usual degree of uncertainty associated with these assumptions and estimates, the actual outcomes may differ significantly which may impact accounting estimates included in these financial statements. The impact of COVID-19 is discussed further in each of the related notes.
Future developments in accounting standards	c. Future developments in accounting standards AASB 17 Insurance Contracts (AASB 17) was issued on 19 July 2017 and will be effective for the 30 September 2024 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 . However, the Group’s remaining insurance businesses are classified as held for sale with the sale transactions expected to complete prior to AASB 17 taking effect. As a result, we do not anticipate the standard having any impact on the Group. Other amendments to existing standards that are not yet effective are not expected to have a material impact to the Group.
Segment reporting	Operating segments are presented on a basis consistent with information provided internally to Westpac’s key decision makers and reflect 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 years; ● 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 the Westpac Group 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. Internal charges and transfer pricing adjustments have been reflected in the performance of each operating segment. Inter-segment pricing is determined on an arm’s length basis.
Net interest income	Interest income and interest expense for all interest earning financial assets and interest bearing financial liabilities at amortised cost or FVOCI, detailed within the table below, are recognised using the effective interest rate method. Net income from treasury’s interest rate and liquidity management activities and the cost of the Bank levy are included in net interest income. The effective interest rate method calculates the amortised cost of a financial instrument by discounting the financial instrument’s estimated future cash receipts or payments to their present value and allocates the interest income or interest expense, including any fees, costs, premiums or discounts integral to the instrument, over its expected life. Interest income is calculated based on the gross carrying amount of financial assets in stages 1 and 2 of the Group’s ECL model and on the carrying amount net of the provision for ECL for financial assets in stage 3.
Non-interest income	Non-interest income includes net fee income, net wealth management and insurance income, trading income and other income. Net fee income When another party is involved in providing goods or services to a Group customer, the Group assesses whether the nature of the arrangement with its customer is as a principal provider or an agent of another party. Where the Group is acting as an agent for another party, the income earned by the Group is the net consideration received (i.e. the gross amount received from the customer less amounts paid to a third party provider). As an agent, the net consideration represents fee income for facilitating the transaction between the customer and the third party provider with primary responsibility for fulfilling the contract. Fee income Fee income is recognised when the performance obligation is satisfied by transferring the promised good or service to the customer. Fee income includes facility fees, transaction fees and other non-risk fee income. Facility fees include certain line fees, annual credit card fees and fees for providing customer bank accounts. They are recognised over the term of the facility/period of service on a straight-line basis. Transaction fees are earned for facilitating banking transactions such as FX fees, telegraphic transfers and issuing bank cheques. Fees for these one-off transactions are recognised once the transaction has been completed. Transaction fees are also recognised for credit card transactions including interchange fees net of scheme charges. These are recognised once the transaction has been completed, however, a component of interchange fees received is deferred as unearned income as the Group has a future service obligation to customers under the Group’s credit card reward programs. Other non-risk fee income includes advisory and underwriting fees which are recognised when the related service is completed. Income which forms an integral part of the effective interest rate of a financial instrument is recognised using the effective interest method and recorded in interest income (for example, loan origination fees). Fee expenses Fee expenses include incremental external costs that vary directly with the provision of goods or services to customers. An incremental cost is one that would not have been incurred if a specific good or service had not been provided to a specific customer. Fee expenses which form an integral part of the effective interest rate of a financial instrument are recognised using the effective interest method and recorded in net interest income. Fee expenses include the costs associated with credit card loyalty programs which are recognised as an expense when the services are provided on the redemption of points as well as merchant transaction costs. Net wealth management and insurance income Net wealth management income Wealth management fees earned for the ongoing management of customer funds and investments are recognised when the performance obligation is satisfied which is over the period of management. Insurance premium income Insurance premium income includes premiums earned for life insurance, life investment, loan mortgage insurance and general insurance products: ● life insurance premiums with a regular due date are recognised as revenue on an accrual basis; ● life investment premiums include a management fee component which is recognised as income over the period the service is provided. The deposit components of life insurance and investment contracts are not revenue and are treated as movements in life insurance liabilities; ● general insurance premium comprises amounts charged to policyholders, excluding taxes, and is recognised based on the likely pattern in which the insured risk is likely to emerge. The portion not yet earned based on the pattern assessment is recognised as unearned premium liability. Note 4. Non-interest income (continued) Accounting policy (continued) Insurance claims expense ● life and general insurance contract claims are recognised as an expense when the liability is established; ● claims incurred in respect of life investment contracts represent withdrawals and are recognised as a reduction in life insurance liabilities. Changes in life insurance liabilities Changes in life insurance liabilities includes the change in the value of life insurance contract liabilities calculated using the margin on services methodology (MoS), specified in the Prudential Standard LPS 340 Valuation of Policy Liabilities (for discussion on MoS and critical accounting assumptions and estimates, refer to Note 15). Regulation, competition, interest rates, taxes, securities market conditions and general economic conditions also affect the estimation of life insurance liabilities. Trading income ● realised and unrealised gains or losses from changes in the fair value of trading assets, liabilities and derivatives are recognised in the period in which they arise (except day one profits or losses which are deferred, refer to Note 22); ● net income related to Treasury’s interest rate and liquidity management activities is included in net interest income. Other income - dividend income ● dividends on quoted shares are recognised on the ex-dividend date; ● dividends on unquoted shares are recognised when the Company’s right to receive payment is established.
Impairment charges	Impairment charges are based on an expected loss model which measures the difference between the current carrying amount and the present value of expected future cash flows taking into account past experience, current conditions and multiple probability-weighted macroeconomic scenarios for reasonably supportable future economic conditions. Further details of the calculation of ECL and the critical accounting assumptions and estimates relating to impairment charges are included in Note 13. Impairment charges are recognised in the income statement, with a corresponding amount recognised as follows: ● Loans, debt securities at amortised cost and due from subsidiaries balances: as a reduction of the carrying value of the financial asset through an offsetting provision account (refer to Note 13); ● Debt securities at FVOCI: in reserves in OCI with no reduction of the carrying value of the debt security (refer to Note 27); and ● Credit commitments: as a provision (refer to Note 26). Uncollectable loans A loan may become uncollectable in full or part if, after following the Group’s loan recovery procedures, the Group remains unable to collect that loan’s contractual repayments. Uncollectable amounts are written off against their related provision for ECL, after all possible repayments have been received. Where loans are secured, amounts are generally written off after receiving the proceeds from the security, or in certain circumstances, where the net realisable value of the security has been determined and this indicates that there is no reasonable expectation of full recovery, write-off may be earlier. Unsecured consumer loans are generally written off after 180 days past due. The Group may subsequently be able to recover cash flows from loans written off. In the period which these recoveries are made, they are recognised in the income statement.
Income tax	The tax expense for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised directly in OCI, in which case it is recognised in the statement of comprehensive income. Current tax is the tax payable for the year using enacted or substantively enacted tax rates and laws for each jurisdiction. Current tax also includes adjustments to tax payable for previous years. Deferred tax accounts for temporary differences between the carrying amounts of assets and liabilities in the financial statements and their values for taxation purposes. Deferred tax is determined using the enacted or substantively enacted tax rates and laws for each jurisdiction which are expected to apply when the assets will be realised or the liabilities settled. Deferred tax assets and liabilities have been offset where they relate to the same taxation authority, the same taxable entity or group, and where there is a legal right and intention to settle on a net basis. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available to utilise the assets. Deferred tax is not recognised for the following temporary differences: ● the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither the accounting nor taxable profit or loss; ● the initial recognition of goodwill in a business combination; and ● retained earnings in subsidiaries which the Parent Entity does not intend to distribute for the foreseeable future. The Parent Entity is the head entity of a tax consolidated group with its wholly owned Australian subsidiaries. All entities in the tax consolidated group have entered into a tax sharing agreement which, in the opinion of the Directors, limits the joint and several liabilities in the case of a default by the Parent Entity. Current and deferred tax are recognised using a ‘group allocation basis’. As head entity, the Parent Entity recognises all current tax balances and deferred tax assets arising from unused tax losses and relevant tax credits for the tax-consolidated group. The Parent Entity fully compensates/is compensated by the other members for these balances. Critical accounting assumptions and estimates The Group operates in multiple tax jurisdictions and significant judgement is required in determining the worldwide current tax liability. There are many transactions with uncertain tax outcomes and provisions are determined based on the expected outcomes.
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 year, adjusted for treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive potential ordinary shares are converted. Refer to Notes 19 and 32 for further information on the potential dilutive instruments.
Financial Assets and Financial Liabilities	Recognition Purchases and sales by regular way of financial assets, except for loans and receivables, are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Loans and receivables are recognised on settlement date, when cash is advanced to the borrowers. Financial liabilities are recognised when an obligation arises. Derecognition Financial assets are derecognised when the rights to receive cash flows from the asset have expired, or when the Group has either transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full under a ‘pass through’ arrangement and transferred substantially all the risks and rewards of ownership. There may be situations where the Group has partially transferred the risks and rewards of ownership but has neither transferred nor retained substantially all the risks and rewards of ownership. In such situations, where the Group retains control of the transferred asset, it will continue to be recognised in the balance sheet to the extent of the Group’s continuing involvement in the asset. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, the exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, with the difference in the respective carrying amounts recognised in the income statement. The terms are deemed to be substantially different if the discounted present value of the cash flows under the new terms (discounted using the original effective interest rate) is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability. Qualitative factors such as a change in the currency the instrument is denominated in, a change in the interest rate from fixed to floating and conversion features are also considered. Classification and measurement Financial assets are grouped into the following classes: cash and balances with central banks, collateral paid, trading securities and financial assets measured at FVIS, derivative financial instruments, investment securities, loans, other financial assets and life insurance assets. Financial assets Financial assets are classified based on a) the business model within which the assets are managed, and b) whether the contractual cash flows of the instrument represent solely payment of principal and interest (SPPI). The Group determines the business model at the level that reflects how groups of financial assets are managed. When assessing the business model the Group considers factors including how performance and risks are managed, evaluated and reported and the frequency and volume of, and reason for, sales in previous periods and expectations of sales in future periods. When assessing whether contractual cash flows are SPPI, interest is defined as consideration primarily for the time value of money and the credit risk of the principal outstanding. The time value of money is defined as the element of interest that provides consideration only for the passage of time and not consideration for other risks or costs associated with holding the financial asset. Terms that could change the contractual cash flows so that they may not meet the SPPI criteria include contingent and leverage features, non-recourse arrangements, and features that could modify the time value of money. Debt instruments If the debt instruments have contractual cash flows which represent SPPI on the principal balance outstanding they are classified at: ● amortised cost if they are held within a business model whose objective is achieved through holding the financial asset to collect these cash flows; or ● FVOCI if they are held within a business model whose objective is achieved both through collecting these cash flows or selling the financial asset; or ● FVIS if they are held within a business model whose objective is achieved through selling the financial asset. Debt instruments are measured at FVIS where the contractual cash flows do not represent SPPI on the principal balance outstanding or where it is designated at FVIS to eliminate or reduce an accounting mismatch. FINANCIAL ASSETS AND FINANCIAL LIABILITIES (continued) Accounting policy (continued) Debt instruments at amortised cost are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. They are presented net of provision for ECL determined using the ECL model. Refer to Notes 6 and 13 for further details. Debt instruments at FVOCI are measured at fair value with unrealised gains and losses recognised in OCI except for interest income, impairment charges and FX gains and losses, which are recognised in the income statement. Impairment on debt instruments at FVOCI is determined using the ECL model and is recognised in the income statement with a corresponding amount in OCI. There is no reduction of the carrying value of the debt security which remains at fair value. The cumulative gain or loss recognised in OCI is subsequently recognised in the income statement when the instrument is derecognised. Debt instruments at FVIS are measured at fair value with subsequent changes in fair value recognised in the income statement. Equity securities Equity securities are measured at FVOCI where they: ● are not held for trading; and ● an irrevocable election is made by the Group. Otherwise, they are measured at FVIS. Equity securities at FVOCI are measured at fair value with unrealised gains and losses recognised in OCI, except for dividend income which is recognised in the income statement. The cumulative gain or loss recognised in OCI is not subsequently recognised in the income statement when the instrument is disposed. Equity securities at FVIS are measured at fair value with subsequent changes in fair value recognised in the income statement. Financial liabilities Financial liabilities are grouped into the following classes: collateral received, deposits and other borrowings, other financial liabilities, derivative financial instruments, debt issues and loan capital. Financial liabilities are measured at amortised cost if they are not held for trading or designated at FVIS, otherwise they are measured at FVIS. Financial assets and financial liabilities measured at FVIS are recognised initially at fair value. All other financial assets and financial liabilities are recognised initially at fair value plus or minus directly attributable transaction costs, respectively. Further details of the accounting policy for each category of financial asset or financial liability mentioned above is set out in the note for the relevant item. The Group’s policies for determining the fair value of financial assets and financial liabilities are set out in Note 22.
Trading securities and financial assets designated at fair value	Trading securities Trading securities include actively traded debt (government and other) and equity instruments and those acquired for sale in the near term. As part of its trading activities, the Group also lends and borrows securities on a collateralised basis. Securities lent remain on the Group’s balance sheet and securities borrowed are not reflected on the Group’s balance sheet, as the risks and rewards of ownership remain with the initial holder. Where cash is provided as collateral, the amount advanced to or received from third parties is recognised as a receivable in collateral paid or as a borrowing in collateral received respectively. Reverse repurchase agreements Securities purchased under these agreements are not recognised in the balance sheet, as Westpac has not obtained the risks and rewards of ownership. The cash consideration paid is recognised as a reverse repurchase agreement, which forms part of a trading portfolio that is measured at fair value. Other financial assets measured at FVIS Other financial assets measured at FVIS include: ● non-trading securities managed on a fair value basis; ● non-trading debt securities that do not have contractual cash flows that represent SPPI on the principal balance outstanding; or ● non-trading equity securities for which we have not made irrevocable designation to be measured at FVOCI. Gains and losses on these financial assets are recognised in the income statement. Interest earned from debt securities is recognised in interest income (Note 3) while dividends on equity securities are recognised in non-interest income (Note 4).
Investment securities	Investment securities include debt securities (government and other) and equity securities. It includes debt and equity securities that are measured at FVOCI and debt securities measured at amortised cost. These instruments are classified based on the criteria disclosed under the heading “Financial assets and financial liabilities” prior to Note 10. Debt securities measured at FVOCI Includes debt instruments that have contractual cash flows which represent SPPI on the principal balance outstanding and they are held within a business model whose objective is achieved both through collecting these cash flows or selling the financial asset. These securities are measured at fair value with gains and losses recognised in OCI except for interest income, impairment charges, FX gains and losses and fair value hedge adjustments which are recognised in the income statement. Impairment is measured using the same ECL model applied to financial assets measured at amortised cost. Impairment is recognised in the income statement with a corresponding amount in OCI with no reduction of the carrying value of the debt security which remains at fair value. Refer to Note 13 for further details. The cumulative gain or loss recognised in OCI is subsequently recognised in the income statement when the instrument is disposed. Debt securities measured at amortised cost Include debt instruments that have contractual cash flows which represent SPPI on the principal balance outstanding and are held within a business model whose objective is achieved through holding the financial asset to collect these cash flows. These securities are initially recognised at fair value plus directly attributable transaction costs. They are subsequently measured at amortised cost using the effective interest rate method and are presented net of any provision for ECL. Equity securities Equity securities are measured at FVOCI where they are not held for trading, the Group does not have control or significant influence over the investee and where an irrevocable election is made to measure them at FVOCI. These securities are measured at fair value with unrealised gains and losses recognised in OCI except for dividend income which is recognised in the income statement. The cumulative gain or loss recognised in OCI is not subsequently recognised in the income statement when the instrument is disposed.
Loans	Loans are financial assets initially recognised at fair value plus directly attributable transaction costs and fees. Loans are subsequently measured at amortised cost using the effective interest rate method where they have contractual cash flows which represent SPPI on the principal balance outstanding and they are held within a business model whose objective is achieved through holding the loans to collect these cash flows. They are presented net of any provision for ECL. Loans are subsequently measured at FVIS where they do not have cash flows which represent SPPI, are held within a business model whose objective is achieved by selling the financial asset, or are designated at FVIS to eliminate or reduce an accounting mismatch. Refer to Note 22 for balances which are measured at fair value and amortised cost. Loan products that have both mortgage and deposit facilities are presented gross in the balance sheet, segregating the asset and liability component, because they do not meet the criteria to be offset. Interest earned on these products is presented on a net basis in the income statement as this reflects how the customer is charged.
Provisions for expected credit losses	Note 6 provides details of impairment charges. Impairment applies to all financial assets at amortised cost, lease receivables, debt securities measured at FVOCI, due from subsidiaries and credit commitments. The ECL is recognised as follows: ● Loans (including lease receivables), debt securities at amortised cost and due from subsidiaries: as a reduction of the carrying value of the financial asset through an offsetting provision account (refer to Notes 11 and 12); ● Debt securities at FVOCI: in reserves in OCI with no reduction of the carrying value of the debt security itself (refer to Notes 11 and 27); and ● Credit commitments: as a provision (refer to Note 26). Measurement The Group calculates the provision for ECL based on a three stage approach. The provision for ECL is a probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time frame. They are determined by evaluating a range of possible outcomes and taking into account the time value of money, past events, current conditions and forecasts of future economic conditions. The models use three main components to determine the ECL (as well as the time value of money) including: ● Probability of default (PD): the probability that a counter-party will default; ● Loss given default (LGD): the loss that is expected to arise in the event of a default; and ● Exposure at default (EAD): the estimated outstanding amount of credit exposure at the time of the default. Model stages The three stages are as follows: Stage 1: 12 months ECL – performing For financial assets where there has been no significant increase in credit risk since origination, a provision for 12 months ECL is recognised. Stage 2: Lifetime ECL – performing For financial assets where there has been a significant increase in credit risk since origination but where the asset is still performing, a provision for lifetime ECL is recognised. The indicators of a significant increase in credit risk are described on the following page. Stage 3: Lifetime ECL – non-performing For financial assets that are non-performing, a provision for lifetime ECL is recognised. Indicators include a breach of contract with the Group such as a default on interest or principal payments, a borrower experiencing significant financial difficulties or observable economic conditions that correlate to defaults on an individual basis. Financial assets in Stage 3 are those that are in default. A default occurs when Westpac considers that the customer is unable 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 is aligned to the Australian Prudential Regulation Authority (APRA) regulatory definition of default. Collective and individual assessment Financial assets that are in Stages 1 and 2 are assessed on a collective basis. This means that they are grouped in pools of similar assets with similar credit risk characteristics including the type of product and the customer risk grade. Financial assets in Stage 3 are assessed on an individual basis and calculated collectively for those below a specified threshold. Expected life In considering the lifetime time frame for ECL in Stages 2 and 3, the standard generally requires use of the remaining contractual life adjusted, where appropriate, for prepayments, extension and other options. For certain revolving credit facilities which include both a drawn and undrawn component (e.g. credit cards and revolving lines of credit), the Group’s contractual ability to demand repayment and cancel the undrawn commitment does not limit the exposure to credit losses to the contractual notice period. For these facilities, lifetime is based on historical behaviour. Note 13. Provisions for expected credit losses (continued) Accounting policy (continued) Movement between stages Financial assets may move in both directions through the stages of the impairment model. Financial assets previously in Stage 2 may move back to Stage 1 if it is no longer considered that there has been a significant increase in credit risk. Similarly, financial assets in Stage 3 may move back to Stage 1 or Stage 2 if they are no longer assessed to be non-performing. Critical accounting assumptions and estimates Key judgements include when a significant increase in credit risk has occurred, the estimation of forward- looking macroeconomic information and overlays. Other factors which can impact the provision include the borrower’s financial situation, the realisable value of collateral, the Group’s position relative to other claimants, the reliability of customer information and the likely cost and duration of recovering the loan. Significant increase in credit risk (SICR) Determining when a financial asset has experienced a SICR since origination is a critical accounting judgement. In the current period the Group has revised the methodology to determine a significant increase in risk from one which was primarily based on changes in internal customer risk grades since origination of the facility and based on a sliding scale to one which is directly driven by the change in the probability of default (PD) since origination. In determining whether a change in PD represents a significant increase in risk, relative changes in PD and absolute PD thresholds are both considered based on the portfolio of the exposure. This change did not have a material impact to the Group. The Group does not rebut the presumption that instruments that are 30 days past due have experienced a SICR but this is used as a backstop rather than the primary indicator. The deferral of payments by customers in hardship arrangements is generally treated as an indication of a SICR. In the prior year COVID-19 support packages for mortgages and business loans was not, in isolation, treated as an indication of SICR. The Group classified these deferral packages into different categories of risk which were assessed for an increased likelihood of a risk of default to determine whether a SICR has occurred. In the current year, deferral packages for mortgages and business loans are based on the specific circumstances of the customers and as such, the deferral packages could be an indication of SICR. Forward-looking macroeconomic information The measurement of ECL for each stage and the assessment of significant increase in credit risk consider information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation of forward-looking information is a critical accounting judgement. The Group considers three future macroeconomic scenarios including a base case scenario along with upside and downside scenarios. The macroeconomic variables used in these scenarios, based on current economic forecasts, include (but are not limited to) employment to population rates, real gross domestic product growth rates and residential and commercial property price indices. ● Base case scenario This scenario utilises the internal Westpac economics forecast used for strategic decision making and forecasting. ● Upside scenario This scenario represents a modest improvement on the base case scenario. ● Downside scenario The downside scenario is a more severe scenario with ECL higher than those under the current 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 ECL across all portfolios from the reporting date. The macroeconomic scenarios are weighted based on the Group’s best estimate of the relative likelihood of each scenario. The weighting applied to each of the three macroeconomic scenarios takes into account historical frequency, current trends, and forward-looking conditions. The macroeconomic variables and probability weightings of the three macroeconomic scenarios are subject to the approval of the Group Chief Financial Officer and Group Chief Risk Officer with oversight from the Board of Directors (and its Committees). Overlays Where appropriate, adjustments will be made to modelled outcomes to reflect reasonable and supportable information not already incorporated in the models. Judgements can change with time as new information becomes available which could result in changes to the provision for ECL.
Life insurance assets and life insurance liabilities	The Group conducts its life insurance business in Australia primarily through Westpac Life Insurance Services Limited and separate statutory funds registered under the Life Insurance Act 1995 (Life Act) and in New Zealand through Westpac Life-NZ-Limited which are separate statutory funds licensed under the Insurance (Prudential Supervision) Act 2010. Life insurance assets Life insurance assets, including investments in funds managed by the Group, are designated at FVIS. Changes in fair value are recognised in non-interest income. The determination of fair value of life insurance assets involves the same judgements as other financial assets, which are described in the critical accounting assumptions and estimates in Note 22. The Life Act places restrictions on life insurance assets, including that they can only be used: ● to meet the liabilities and expenses of that statutory fund; ● to acquire investments to further the business of the statutory fund; or ● as a distribution, when the statutory fund has met its solvency and capital adequacy requirements. Life insurance liabilities Life insurance liabilities primarily consist of life investment contract liabilities and life insurance contract liabilities. Claims incurred in respect of life investment contracts are withdrawals of customer deposits, and are recognised as a reduction in life insurance liabilities. Life investment contract liabilities Life investment contract liabilities are designated at FVIS. Fair value is the higher of the valuation of life insurance assets linked to the life investment contract, or the minimum current surrender value (the minimum amount the Group would pay to a policyholder if their policy is voluntarily terminated before it matures or the insured event occurs). Changes in fair value are recognised in non-interest income. Life insurance contract liabilities The value of life insurance contract liabilities is calculated using the margin on services methodology (MoS), specified in the Prudential Standard LPS 340 Valuation of Policy Liabilities. MoS accounts for the associated risks and uncertainties of each type of life insurance contract written. At each reporting date, planned profit margins and an estimate of future liabilities are calculated. Profit margins are released to non-interest income over the period that life insurance is provided to policyholders (Note 4). The cost incurred of acquiring specific insurance contracts is deferred provided that these amounts are recoverable out of planned profit margins. The deferred amounts are recognised as a reduction in life insurance policy liabilities and are amortised to non-interest income over the same period as the planned profit margins. Life insurance contract liability adequacy test Life insurance contract policy liabilities are tested for liability adequacy by comparing them to the best estimate of future cash flows. Liabilities are grouped into related product groups and each group is tested against the best estimate of future cash flows. If the liability of a related product group is less than best estimate the liability is increased with the expense being recognised in non-interest income. External unit holder liabilities of managed investment schemes The life insurance statutory funds include controlling interests in managed investment schemes which are consolidated. When the managed investment scheme is consolidated, the external unit holder liabilities are recognised as a liability and included in life insurance liabilities. They are designated at FVIS. Critical accounting assumptions and estimates The key factors that affect the estimation of life insurance liabilities and related assets are: ● the cost of providing benefits and administering contracts; ● mortality and morbidity experience, which includes policyholder benefits enhancements; ● discontinuance rates, which affects the Group’s ability to recover the cost of acquiring new business over the life of the contracts; and ● the discount rate of projected future cash flows. Regulation, competition, interest rates, taxes, securities market conditions and general economic conditions also affect the estimation of life insurance liabilities.
Deposits and other borrowings	Deposits and other borrowings are initially recognised at fair value and subsequently either measured at amortised cost using the effective interest rate method or at fair value. Deposits and other borrowings are designated at fair value if they are managed on a fair value basis, reduce or eliminate an accounting mismatch or contain an embedded derivative. Where they are measured at fair value, any changes in fair value (except those due to changes in credit risk) are recognised as non-interest income. The change in the fair value that is due to changes in credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised in the income statement. Refer to Note 22 for balances measured at fair value and amortised cost. Interest expense incurred is recognised in net interest income using the effective interest rate method.
Other financial liabilities	Other financial liabilities include liabilities measured at amortised cost as well as liabilities which are measured at FVIS. Financial liabilities measured at FVIS include: ● trading liabilities (i.e. securities sold short); and ● liabilities designated at FVIS (i.e. certain repurchase agreements). Refer to Note 22 for balances measured at fair value and amortised cost. Repurchase agreements Where securities are sold subject to an agreement to repurchase at a predetermined price, they remain recognised in the balance sheet in their original category (i.e. ‘Trading securities’ or ‘Investment securities’). The cash consideration received is recognised as a liability (‘Repurchase agreements’). Repurchase agreements are designated at fair value where they are managed as part of a trading portfolio, otherwise they are measured on an amortised cost basis. Where a repurchase agreement is designated at fair value, subsequent to initial recognition, these liabilities are measured at fair value with changes in fair value (except credit risk) recognised through the income statement as they arise. The change in fair value that is attributable to credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised through the income statement.
Debt issues	Debt issues are bonds, notes, commercial paper and debentures that have been issued by entities in the Group. Debt issues are initially measured at fair value and subsequently either measured at amortised cost using the effective interest rate method or at fair value. Debt issues are designated at fair value if they reduce or eliminate an accounting mismatch or contain an embedded derivative. The change in the fair value that is due to credit risk is recognised in OCI except where it would create an accounting mismatch, in which case it is also recognised in non-interest income. Refer to Note 22 for balances measured at fair value and amortised cost. Interest expense incurred is recognised within net interest income using the effective interest rate method.
Loan Capital	Loan capital are instruments issued by the Group which qualify for inclusion as regulatory capital under APRA Prudential Standards. Loan capital is initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method. Interest expense incurred is recognised in net interest income.
Derivative financial instruments	Derivative financial instruments are instruments whose values are derived from the value of an underlying asset, reference rate or index and include forwards, futures, swaps and options. The Group uses derivative financial instruments for meeting customers’ needs, our asset and liability risk management (ALM) activities, and undertaking market making and positioning activities. Trading derivatives Derivatives which are used in our ALM activities but are not designated into a hedge accounting relationship are considered economic hedges, and are adjusted for cash earnings purposes due to the accounting mismatch between the fair value of the derivatives and the accounting treatment of the underlying exposure (refer to Note 2 for further details). These derivatives, along with derivatives used for meeting customers’ needs and undertaking market making and positioning activities, are measured at FVIS and are disclosed as trading derivatives. Hedging derivatives Hedging derivatives are those which are used in our ALM activities and have also been designated into one of three hedge accounting relationships: fair value hedge; cash flow hedge; or hedge of a net investment in a foreign operation. These derivatives are measured at fair value. These hedge designations and the associated accounting treatment are detailed below. For more details regarding the Group’s ALM activities, refer to Note 21. Fair value hedges Fair value hedges are used to hedge the exposure to changes in the fair value of an asset or liability. Changes in the fair value of derivatives and the hedged asset or liability in fair value hedges are recognised in interest income. The carrying value of the hedged asset or liability is adjusted for the changes in fair value related to the hedged risk. If a hedge is discontinued, any fair value adjustments to the carrying value of the asset or liability are amortised to net interest income over the period to maturity. If the asset or liability is sold, any unamortised adjustment is immediately recognised in net interest income. Cash flow hedges Cash flow hedges are used to hedge the exposure to variability of cash flows attributable to an asset, liability or future forecast transaction. For effective hedges, changes in the fair value of derivatives are recognised in the cash flow hedge reserve through OCI and subsequently recognised in interest income when the cash flows attributable to the asset or liability that was hedged impact the income statement. For hedges with some ineffectiveness, the changes in the fair value of the derivatives relating to the ineffective portion are immediately recognised in interest income. If a hedge is discontinued, any cumulative gain or loss remains in OCI. It is amortised to net interest income over the period in which the asset or liability that was hedged also impacts the income statement. If a hedge of a forecast transaction is no longer expected to occur, any cumulative gain or loss in OCI is immediately recognised in net interest income. Net investment hedges Net investment hedges are used to hedge FX risks arising from a net investment of a foreign operation. For effective hedges, changes in the fair value of derivatives are recognised in the foreign currency translation reserve through OCI. For hedges with some ineffectiveness, the changes in the fair value of the derivatives relating to the ineffective portion are immediately recognised in non-interest income. If a foreign operation is disposed of, any cumulative gain or loss in OCI is immediately recognised in non-interest income.
Fair values of financial assets and financial liabilities	The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. On initial recognition, the transaction price generally represents the fair value of the financial instrument unless there is observable information from an active market to the contrary. Where unobservable information is used, the difference between the transaction price and the fair value (day one profit or loss) is recognised in the income statement over the life of the instrument when the inputs become observable. Critical accounting assumptions and estimates The majority of valuation models used by the Group employ only observable market data as inputs. However, for certain financial instruments data may be employed which is not readily observable in current markets. The availability of observable inputs is influenced by factors such as: ● product type; ● depth of market activity; ● maturity of market models; and ● complexity of the transaction. Where unobservable market data is used, more judgement is required to determine fair value. The significance of these judgements depends on the significance of the unobservable input to the overall valuation. Unobservable inputs are generally derived from other relevant market data and adjusted against: ● standard industry practice; ● economic models; and ● observed transaction prices. In order to determine a reliable fair value for a financial instrument, management may apply adjustments to the techniques previously described. These adjustments reflect the Group’s assessment of factors that market participants would consider in setting the fair value. These adjustments incorporate bid/offer spreads, credit valuation adjustments (CVA) and funding valuation adjustments (FVA).
Offsetting financial assets and financial liabilities	Financial assets and liabilities are presented net in the balance sheet when the Group has a legally enforceable right to offset them in all circumstances and there is an intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously. The gross assets and liabilities behind the net amounts reported in the balance sheet are disclosed in the following tables.
Intangible assets	Indefinite life intangible assets Goodwill Goodwill acquired in a business combination is initially measured at cost, generally being the excess of: (i) the consideration paid; over (ii) the net fair value of the identifiable assets, liabilities and contingent liabilities acquired. Subsequently, goodwill is not amortised but rather tested for impairment. Impairment is tested at least annually or whenever there is an indication of impairment. An impairment charge is recognised when a cash generating unit’s (CGU) carrying value exceeds its recoverable amount. Recoverable amount means the higher of the CGU’s fair value less costs to sell and its value-in-use. The Group's CGUs represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. They reflect the level at which the Group monitors and manages its operations. Brand names Brand names acquired in a business combination including St.George, BT, BankSA and RAMS, are recognised at cost. Subsequently brand names are not amortised but tested for impairment at least annually or whenever there is an indication of impairment. Finite life intangible assets Finite life intangibles, such as computer software, are recognised initially at cost and subsequently at amortised cost less any impairment. Intangible Useful life Depreciation method Goodwill Indefinite Not applicable Brand names Indefinite Not applicable Computer software 3 to 10 years Straight-line or the diminishing balance method (using the Sum of the Years Digits) Critical accounting assumptions and estimates Judgement is required in determining the fair value of assets and liabilities acquired in a business combination. A different assessment of fair values would have resulted in a different goodwill balance and different post-acquisition performance of the acquired entity. When assessing impairment of intangible assets, significant judgement is needed to determine the appropriate cash flows and discount rates to be applied to the calculations. The significant assumptions applied to the value-in-use calculations are outlined below.
Provisions, contingent liabilities, contingent assets and credit commitments	Provisions 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. Employee benefits – long service leave provision Long service leave is granted to certain employees in Australia and New Zealand. The provision is calculated based on the expected payments. When payments are expected to be more than one year in the future, the payments factor in expected employee service periods and average salary increases are then discounted. Employee benefits – annual leave and other employee benefits provision The provision for annual leave and other employee benefits (including wages and salaries, inclusive of non-monetary benefits, and any associated on-costs (e.g. payroll tax)) is calculated based on expected payments. Provision for ECL on credit commitments The Group is committed to provide facilities and guarantees as explained below. If it is probable that a facility will be drawn and the resulting asset will be less than the drawn amount then a provision for impairment is recognised. The provision for ECL is calculated using the methodology described in Note 13. Compliance, Regulation and Remediation provisions The compliance, regulation and remediation provisions relate to matters of potential misconduct in providing services to our customers identified both as a result of regulatory action and internal reviews. An assessment of the likely cost of these matters to the Group (including applicable customer refunds) is made on a case-by-case basis and specific provisions are made where appropriate. 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 in the balance sheet but are disclosed unless the outflow of economic resources is remote. 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. Contingent assets Contingent assets are possible assets whose existence will be confirmed only by uncertain future events. Contingent assets are not recognised in the balance sheet but are disclosed if an inflow of economic benefits is probable. Critical accounting assumptions and estimates The financial reporting of provisions for litigation and non-lending losses and for compliance, regulation and remediation matters involves a significant degree of judgement in relation to identifying whether a present obligation exists and also in estimating the probability, timing, nature and quantum of the outflows that may arise from past events. These judgements are made based on the specific facts and circumstances relating to individual events. Specific judgements in respect of material items are included in the discussion below. Provisions carried for long service leave are supported by an independent actuarial report.
Shareholders' equity	Share capital Ordinary shares are recognised at the amount paid up per ordinary share, net of directly attributable issue costs. Treasury shares are shares in the Parent Entity, purchased by the Parent Entity or other entities within the Group. These shares are adjusted against share capital as the net of the consideration paid to purchase the shares and, where applicable, any consideration received from the subsequent sale or reissue of these shares. Non-controlling interests Non-controlling interests represent the share in the net assets of subsidiaries attributable to equity interests that are not owned directly or indirectly by the Parent Entity. Reserves Foreign currency translation reserve Exchange differences arising on translation of the Group’s foreign operations, and any offsetting gains or losses on hedging the net investment are reflected in the foreign currency translation reserve. A cumulative credit balance in this reserve would not normally be regarded as being available for payment of dividends until such gains are realised and recognised in the income statement on sale or disposal of the foreign operation. Debt securities at FVOCI reserve This reserve comprises the changes in fair value of debt securities measured at FVOCI (except for interest income, impairment charges and FX gains and losses which are recognised in the income statement), net of any related hedge accounting adjustments and tax. These changes are transferred to non-interest income in the income statement when the asset is disposed. Equity securities at FVOCI reserve This reserve comprises the changes in fair value of equity securities measured at FVOCI, net of tax. These changes are not transferred to the income statement when the asset is disposed. Cash flow hedge reserve This comprises the fair value gains and losses associated with the effective portion of designated cash flow hedging instruments, net of tax. Share-based payment reserve This comprises the fair value of equity- settled share-based payments recognised as an expense. Other reserves Other reserves for the Parent Entity relate to certain historic internal group restructurings performed at fair value. The reserve is eliminated on consolidation. Other reserves for the Group consist of transactions relating to changes in the Parent Entity’s ownership of a subsidiary that do not result in a loss of control. The amount recorded in other reserves reflects the difference between the amount by which NCI are adjusted and the fair value of any consideration paid or received.
Investments in subsidiaries and associates	Subsidiaries Westpac’s subsidiaries are entities which it controls and consolidates as it is exposed to, or has rights to, variable returns from the entity, and can affect those returns through its power over the entity. When the Group ceases to control a subsidiary, any retained interest in the entity is remeasured to fair value, with any resulting gain or loss recognised in the income statement. Changes in the Group’s ownership interest in a subsidiary which do not result in a loss of control are accounted for as transactions with equity holders in their capacity as equity holders. In the Parent Entity’s financial statements, investments in subsidiaries are initially recorded at cost and are subsequently held at the lower of cost and recoverable amount. All transactions between Group entities are eliminated on consolidation. Associates Associates are entities in which the Group has significant influence, but not control, over the operating and financial policies. The Group accounts for associates using the equity method. The investments are initially recognised at cost (except where recognised at fair value due to a loss of control of a subsidiary), and increased (or decreased) each year by the Group’s share of the associate’s profit (or loss). Dividends received from the associate reduce the investment in associate.
Structured entities	Structured entities are generally created to achieve a specific, defined objective and their operations are restricted such as only purchasing specific assets. Structured entities are commonly financed by debt or equity securities that are collateralised by and/or indexed to their underlying assets. The debt and equity securities issued by structured entities may include tranches with varying levels of subordination. Structured entities are classified as subsidiaries and consolidated if they meet the definition in Note 30. If the Group does not control a structured entity then it will not be consolidated.
Share-based payments	The Group enters into various share-based payment arrangements with its employees as a component of overall compensation for services provided. Share-based payment arrangements comprise rights to receive shares for free (share rights) and restricted shares (issued at no cost). Share-based payment arrangements typically require a specified period of continuing employment (the service period or vesting period) and may include performance targets (vesting conditions). Specific details of each arrangement are provided below. Share-based payments must be classified as either cash-settled or equity-settled arrangements. The Group’s significant arrangements are equity-settled, as the Group is not obliged to settle in cash. Share rights Share rights are equity-settled arrangements. The fair value is measured at grant date and is recognised as an expense over the service period, with a corresponding increase in the share-based payment reserve in equity. The fair values of share rights are estimated at grant date using a binomial/Monte Carlo simulation pricing model which incorporates the vesting and market-related performance targets of the grants. The fair value of share rights excludes non-market vesting conditions such as employees’ continuing employment by the Group. The non-market vesting conditions are instead incorporated in estimating the number of share rights that are expected to vest and are therefore recognised as an expense. At each reporting date the non-market vesting assumptions are revised and the expense recognised each year takes into account the most recent estimates. The market-related assumptions are not revised each year as the fair value is not re-estimated after the grant date. Restricted share plan (RSP) The RSP is accounted for as an equity-settled arrangement. The fair value of shares allocated to employees for nil consideration is recognised as an expense over the vesting period with a corresponding increase in the share-based payments reserve in equity. The fair value of ordinary shares issued to satisfy the obligation to employees is measured at grant date and is recognised as a separate component of equity. Employee share plan (ESP) The value of shares expected to be allocated to employees for nil consideration is recognised as an expense over the financial year and provided for as other employee benefits. The fair value of any ordinary shares issued to satisfy the obligation to employees is recognised in equity. Alternatively, shares may be purchased on-market to satisfy the obligation to employees.
Superannuation commitments	The Group recognises an asset or a liability for its defined benefit schemes, being the net of the defined benefit obligations and the fair value of the schemes’ assets. The defined benefit obligation is calculated as the present value of the estimated future cash flows, discounted using high-quality long dated corporate bond rates. The superannuation expense is recognised in operating expenses and remeasurements are recognised through OCI. Critical accounting assumptions and estimates The actuarial valuation of plan obligations is dependent upon a series of assumptions, principally price inflation, salary growth, mortality, morbidity, discount rate and investment returns. Different assumptions could significantly alter the valuation of the plan assets and obligations and the resulting remeasurement recognised in OCI and the superannuation expense recognised in the income statement.
Notes to the cash flow statements	Cash and balances with central banks include cash held at branches and in ATMs, balances with overseas banks in their local currency and balances with central banks including accounts with the RBA and accounts with overseas central banks.
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.

Financial statements preparat_3

Financial statements preparation (Tables)	12 Months Ended
Financial statements preparation (Tables)	Sep. 30, 2021
Financial statements preparation
Schedule of change in accounting policy	The change in policy has been applied retrospectively, however as the impact on prior years was not material the amount relating to prior years has been adjusted through opening retained earnings and comparatives have not been restated. The impact on the Group’s financial statements to reflect the write-off of previously capitalised costs is shown in the table below. A positive number indicates an increase in the relevant balance, while a negative number indicates a reduction in the relevant balance: Consolidated Parent Entity Prior year impact Prior year impact Impact for on opening Impact for on opening $m 2021 balance sheet Total 2021 balance sheet Total Balance sheets Intangible assets - computer software (5) (57) (62) (3) (48) (51) Deferred tax assets 1 17 18 1 14 15 Opening retained earnings - (40) (40) - (34) (34) Income statements Operating expenses 5 - 5 3 - 3 Tax expense (1) - (1) (1) - (1) Net profit after tax (4) - (4) (2) - (2)

Segment reporting (Tables)

Segment reporting (Tables)	12 Months Ended
Segment reporting (Tables)	Sep. 30, 2021
Segment reporting
Schedule of segment results on a cash earnings basis	Westpac Westpac Net cash Institutional New Specialist Group earnings Income $m Consumer Business Bank Zealand Businesses Businesses Total adjustments statement 2021 Net interest income 8,405 4,065 919 1,987 503 835 16,714 144 16,858 Net fee income 393 452 555 140 69 (127) 1,482 - 1,482 Net wealth management and insurance income - 21 - 113 1,176 (104) 1,206 5 1,211 Trading income 78 72 455 58 33 19 715 4 719 Other income 17 4 92 12 212 584 921 31 952 Net operating income before operating expenses and impairment (charges)/benefits 8,893 4,614 2,021 2,310 1,993 1,207 21,038 184 21,222 Operating expenses 1 (4,622) (2,530) (2,574) (1,062) (1,477) (1,018) (13,283) (28) (13,311) Impairment (charges)/benefits 125 484 (162) 79 66 (2) 590 - 590 Profit before income tax (expense)/benefit 4,396 2,568 (715) 1,327 582 187 8,345 156 8,501 Income tax (expense)/benefit (1,315) (779) 45 (377) (387) (175) (2,988) (50) (3,038) Net profit attributable to NCI - - - - (2) (3) (5) - (5) Cash earnings 3,081 1,789 (670) 950 193 9 5,352 106 5,458 Net cash earnings adjustments - - - (2) - 108 106 Net profit attributable to owners of WBC 3,081 1,789 (670) 948 193 117 5,458 Balance sheet Loans 2 407,786 134,015 67,033 88,409 12,550 (9) 709,784 Deposits and other borrowings 2 235,569 158,741 97,770 75,756 11,008 48,111 626,955 2020 Net interest income 8,547 4,163 1,111 1,832 534 899 17,086 (390) 16,696 Net fee income 471 438 544 123 89 (73) 1,592 - 1,592 Net wealth management and insurance income - 22 - 158 624 (45) 759 (8) 751 Trading income 90 97 637 27 57 20 928 (33) 895 Other income 12 3 1 11 (8) 242 261 (12) 249 Net operating income before operating expenses and impairment (charges)/benefits 9,120 4,723 2,293 2,151 1,296 1,043 20,626 (443) 20,183 Operating expenses 1 (4,176) (2,298) (1,316) (998) (1,548) (2,364) (12,700) (39) (12,739) Impairment (charges)/benefits (1,015) (1,371) (404) (302) (255) 169 (3,178) - (3,178) Profit before income tax (expense)/benefit 3,929 1,054 573 851 (507) (1,152) 4,748 (482) 4,266 Income tax (expense)/benefit (1,183) (320) (241) (239) 3 (158) (2,138) 164 (1,974) Net profit attributable to NCI - - - - (2) - (2) - (2) Cash earnings 2,746 734 332 612 (506) (1,310) 2,608 (318) 2,290 Net cash earnings adjustments - - - 7 (31) (294) (318) Net profit attributable to owners of WBC 2,746 734 332 619 (537) (1,604) 2,290 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 1. Included in the Westpac Institutional Bank division in operating expenses is $ 1,192 million relating to impairment of assets (including goodwill and other intangible assets) for 2021 (2020: $ Nil ). For Specialist Businesses division, impairment of assets (including goodwill and other intangible assets) is $141 million for 2021 (2020: $571 million). For other divisions, there is no impairment of goodwill and impairment of other intangibles assets is not material. 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 37 for further details). Note 2. Segment reporting (continued) Westpac Westpac Net cash Institutional New Specialist Group earnings Income $m Consumer Business Bank Zealand Businesses Businesses Total adjustments statement 2019 Net interest income 8,130 4,456 1,337 1,860 555 615 16,953 (46) 16,907 Net fee income 594 463 570 163 44 (179) 1,655 - 1,655 Net wealth management and insurance income - 16 - 177 1,319 (489) 1,023 6 1,029 Trading income 94 109 636 37 54 (23) 907 22 929 Other income 7 6 (11) 46 (5) 74 117 12 129 Net operating income before operating expenses and impairment (charges)/benefits 8,825 5,050 2,532 2,283 1,967 (2) 20,655 (6) 20,649 Operating expenses (3,794) (2,094) (1,220) (939) (847) (1,137) (10,031) (75) (10,106) Impairment (charges)/ benefits (582) (172) (31) 10 (111) 92 (794) - (794) Profit before income tax (expense)/benefit 4,449 2,784 1,281 1,354 1,009 (1,047) 9,830 (81) 9,749 Income tax (expense)/benefit (1,333) (838) (356) (369) (292) 213 (2,975) 16 (2,959) Net profit attributable to NCI - - - - (5) (1) (6) - (6) Cash earnings 3,116 1,946 925 985 712 (835) 6,849 (65) 6,784 Net cash earnings adjustments - - - (1) (45) (19) (65) Net profit attributable to owners of WBC 3,116 1,946 925 984 667 (854) 6,784 Balance sheet Loans 399,279 146,867 73,572 78,005 17,216 (169) 714,770 Deposits and other borrowings 207,578 142,558 99,005 60,801 9,277 44,028 563,247
Schedule of reconciliation of cash earnings to net profit	$m 2021 2020 2019 Cash earnings 5,352 2,608 6,849 Cash earnings adjustments Fair value gain/(loss) on economic hedges 138 (362) (35) Ineffective hedges (32) 61 20 Adjustments related to Pendal - (31) (45) Treasury shares - 14 (5) Total cash earnings adjustments (post-tax) 106 (318) (65) Net profit attributable to owners of WBC 5,458 2,290 6,784
Schedule of geographic segments	2021 2020 2019 $m % $m % $m % Revenue Australia 22,788 85.5 26,135 85.6 31,113 84.2 New Zealand 3,509 13.2 3,439 11.3 4,520 12.2 Other overseas 1 345 1.3 960 3.1 1,331 3.6 Total 26,642 100.0 30,534 100.0 36,964 100.0 Non-current assets 2 Australia 11,825 91.2 14,270 92.6 12,280 93.7 New Zealand 1,082 8.3 1,015 6.6 761 5.8 Other overseas 1 55 0.5 122 0.8 67 0.5 Total 12,962 100.0 15,407 100.0 13,108 100.0 1. Other overseas included Pacific Islands, Asia, the Ameri cas and Europe. 2. Non -current assets represent property and equipment and intangible assets.

Net interest income (Tables)

Net interest income (Tables)	12 Months Ended
Net interest income (Tables)	Sep. 30, 2021
Net interest income
Schedule of net interest income	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 30 135 334 14 122 Collateral paid 16 75 201 15 74 Investment securities 1,200 1,521 1,919 1,120 1,385 Loans 20,756 24,848 30,029 17,971 21,488 Other financial assets 2 17 35 2 16 Due from subsidiaries - - - 2,476 2,940 Assets held for sale 128 - - 50 - Total interest income calculated using the effective interest rate method 22,132 26,596 32,518 21,648 26,025 Other Net ineffectiveness on qualifying hedges (46) 87 28 (42) 77 Trading securities and financial assets measured at FVIS and loans 192 364 676 182 343 Due from subsidiaries - - - 118 178 Assets held for sale - - - - - Total other 146 451 704 258 598 Total interest income 22,278 27,047 33,222 21,906 26,623 Interest expense Calculated using the effective interest rate method Collateral received (4) (26) (57) (3) (23) Deposits and other borrowings (1,801) (4,652) (7,967) (1,402) (3,782) Debt issues (1,861) (2,907) (4,706) (1,655) (2,549) Due to subsidiaries - - - (3,219) (3,601) Loan capital (849) (800) (776) (849) (800) Other financial liabilities (112) (98) (274) (110) (98) Liabilities held for sale (11) - - (9) - Total interest expense calculated using the effective interest rate method (4,638) (8,483) (13,780) (7,247) (10,853) Other Deposits and other borrowings (67) (402) (978) (48) (385) Trading liabilities 2 (122) (787) (915) 297 (640) Debt issues (64) (107) (163) (58) (74) Bank levy (392) (408) (391) (392) (408) Due to subsidiaries - - - (296) (29) Other interest expense (136) (164) (88) (126) (150) Liabilities held for sale (1) - - - - Total other (782) (1,868) (2,535) (623) (1,686) Total interest expense (5,420) (10,351) (16,315) (7,870) (12,539) Total net interest income 16,858 16,696 16,907 14,036 14,084 1. Interest income included items relating to compliance, regulation and remediation costs recognised as an addition in interest income of $ 106 million (2020: $170 million reduction, 2019: $372 million reduction) for the Group, and an addition of $ 149 million (2020: $164 million reduction) for the Parent Entity. Refer to Note 26 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income (Tables)

Non-interest income (Tables)	12 Months Ended
Non-interest income (Tables)	Sep. 30, 2021
Non-interest income
Schedule of non-interest income	Note 4. Non-interest income 1 (continued) Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Net fee income Facility fees 717 731 730 671 672 Transaction fees 993 1,021 1,225 851 891 Other non-risk fee income - 48 (76) (123) (52) Fee income 1,710 1,800 1,879 1,399 1,511 Credit card loyalty programs (101) (102) (121) (71) (71) Transaction fee related expenses (127) (106) (103) (104) (81) Fee expenses (228) (208) (224) (175) (152) Net fee income 1,482 1,592 1,655 1,224 1,359 Net wealth management and insurance income Net wealth management income 657 631 276 - - Life insurance premium income 1,077 1,297 1,443 - - General insurance and lenders mortgage insurance (LMI) net premium earned 387 499 482 - - Life insurance investment and other income 2 59 64 409 - - General insurance and LMI investment and other income 76 42 52 - - Total insurance premium, investment and other income 1,599 1,902 2,386 - - Life insurance claims and changes in life insurance liabilities 3 (767) (1,284) (1,266) - - General insurance and LMI claims and other expenses (278) (498) (367) - - Total insurance claims, changes in life insurance liabilities and other expenses (1,045) (1,782) (1,633) - - Net wealth management and insurance income 1,211 751 1,029 - - Trading income 719 895 929 661 876 Other income Dividends received from subsidiaries - - - 1,184 762 Transactions with subsidiaries - - - 973 579 Dividends received from other entities 4 1 6 2 1 Net gain/(loss) on sale/derecognition of associates 43 316 38 (11) 305 Net gain/(loss) on disposal of assets 7 11 61 - 9 Net gain/(loss) on hedging of overseas operations (8) - - (150) (8) Net gain/(loss) on derivatives held for risk management purposes 4 4 4 (11) 4 4 Net gain/(loss) on financial assets measured at fair value 655 (78) (39) 118 (35) Net gain/(loss) on disposal of controlled entities and other businesses 188 - 3 - - Rental income on operating leases 41 54 72 21 33 Share of associates’ net profit/(loss) (6) (23) (23) (2) - Other 24 (36) 22 169 (53) Total other income 952 249 129 2,308 1,597 Total non-interest income 4,364 3,487 3,742 4,193 3,832 Deferred income in relation to the credit card loyalty programs for the Group was $ 362 million as at 30 September 2021 (2020: $361 million, 2019: $322 million) and $ 35 million for the Parent Entity (2020: $30 million). This will be recognised as fee income as the credit card reward points are redeemed. There were no other material contract assets or contract liabilities for the Group or the Parent Entity. 1. Non-interest income included items relating to compliance, regulation and remediation costs recognised as a reduction in non-risk fee income, net wealth management income and other income of $ 320 million (2020: $225 million, 2019: $860 million) for the Group, and $ 278 million (2020: $190 million) for the Parent Entity. Refer to Note 26 for further details. 2. Includes policyholder tax recoveries. 3. Life insurance claims and changes in life insurance liabilities are nil for the Group (2020: $260 million; 2019: nil ) recognised as a result of the liability adequacy test on life insurance contracts (refer to Note 15). 2020 balance also includes a $97 million write-off of deferred acquisition costs for the Group (2019: nil ) as a result of Westpac Life Insurance Limited (WLIS) ceasing to provide group life insurance products to BT Super. 4. Income from derivatives held for risk management purposes reflects the impact of economic hedges of earnings.

Operating expenses (Tables)

Operating expenses (Tables)	12 Months Ended
Operating expenses (Tables)	Sep. 30, 2021
Operating expenses
Schedule of operating expenses	Note 5. Operating expenses 1 Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Staff expenses Employee remuneration, entitlements and on-costs 5,369 4,428 4,320 4,666 3,744 Superannuation expense 2 475 413 378 409 351 Share-based payments 97 80 108 94 76 Restructuring costs 93 94 232 92 76 Total staff expenses 6,034 5,015 5,038 5,261 4,247 Occupancy expenses Lease expense 164 148 658 138 123 Depreciation and impairment of property and equipment 3 955 708 222 845 614 Other 107 160 143 95 145 Total occupancy expenses 1,226 1,016 1,023 1,078 882 Technology expenses Amortisation and impairment of software assets 3 1,240 970 719 1,171 896 Depreciation and impairment of IT equipment 3 260 272 129 228 244 Technology services 820 698 810 764 569 Software maintenance and licences 531 398 371 463 343 Telecommunications 181 216 207 157 190 Data processing 96 89 83 96 88 Total technology expenses 3,128 2,643 2,319 2,879 2,330 Other expenses Professional and processing services 1,410 1,374 1,060 1,236 1,184 Amortisation and impairment of intangible assets and deferred expenditure 3 599 523 9 512 116 Postage and stationery 156 164 179 130 130 Advertising 220 217 245 172 172 Non-lending losses 234 1,443 58 174 1,428 Impairment of investments in subsidiaries - - - 19 272 Other 304 344 175 454 11 Total other expenses 2,923 4,065 1,726 2,697 3,313 Total operating expenses 13,311 12,739 10,106 11,915 10,772 1. Operating expenses included estimated costs associated with AUSTRAC proceedings of nil (2020: $1,478 million, 2019: nil ) which included a provision for penalty of nil (2020: $1,300 million, 2019: nil ) for the Group and the Parent Entity. They also included compliance, regulation and remediation costs of $ 359 million (2020: $317 million, 2019: $196 million) for the Group and $ 306 million (2020: $310 million) for the Parent Entity. Refer to Note 26 for further details. 2. Superannuation expense includes both defined contribution and defined benefit expense. Further details of the Group’s defined benefit plans are in Note 33. 3. Impairment expenses included: ● $ 275 million (2020: $5 million, 2019: nil ) for property and equipment for the Group, and $ 248 million (2020: $4 million) for the Parent Entity; ● $ 485 million (2020: $171 million, 2019: $25 million) for computer software for the Group, and $ 475 million (2020: $165 million) for the Parent Entity; ● $ 45 million (2020: $23 million, 2019: nil ) for IT equipment for the Group, and $ 41 million (2020: $23 million) for the Parent Entity. ● $571 million (2020: $518 million, 2019: nil ) for goodwill and other intangible assets for the Group, and $487 million (2020: $116 million) for the Parent Entity.

Impairment charges (Tables)

Impairment charges (Tables)	12 Months Ended
Impairment charges (Tables)	Sep. 30, 2021
Impairment charges
Schedule of impairment charges	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Provisions raised/(released) Performing (915) 1,437 (209) (785) 1,147 Non-performing 567 1,934 1,175 563 1,717 Recoveries (242) (193) (172) (225) (173) Impairment charges (590) 3,178 794 (447) 2,691 of which relates to: Loans and credit commitments (567) 3,158 794 (449) 2,689 Debt securities at amortised cost (25) 18 - - - Debt securities at FVOCI 2 2 - 2 2 Impairment charges/(benefit) (590) 3,178 794 (447) 2,691

Income tax (Tables)

Income tax (Tables)	12 Months Ended
Income tax (Tables)	Sep. 30, 2021
Income tax
Schedule of income tax reconciled to profit before income tax	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Profit before income tax expense 8,501 4,266 9,749 6,761 4,453 Tax at the Australian company tax rate of 30% 2,550 1,280 2,925 2,028 1,336 The effect of amounts which are not deductible/(assessable) in calculating taxable income Hybrid capital distributions 59 56 72 59 56 Life insurance: Tax adjustment on policyholder earnings 3 (17) 8 - - Adjustment for life business tax rates - 1 (1) - - Dividend adjustments - - (1) (355) (228) Other non-assessable items (6) (3) (14) (5) (3) Other non-deductible items 252 585 12 204 468 Adjustment for overseas tax rates (16) 16 (32) 9 32 Income tax (over)/under provided in prior years 3 1 (10) (2) 1 Other items 193 55 - 210 133 Total income tax expense 3,038 1,974 2,959 2,148 1,795 Income tax expense comprises: Current income tax 2,741 2,954 3,370 2,017 2,417 Movement in deferred tax 294 (981) (401) 133 (623) Income tax (over)/under provision in prior years 3 1 (10) (2) 1 Total income tax expense 3,038 1,974 2,959 2,148 1,795 Total Australia 2,610 1,697 2,526 2,090 1,753 Total Overseas 428 277 433 58 42 Total income tax expense 1 3,038 1,974 2,959 2,148 1,795 The effective tax rate was 35.74 % in 2021 (2020: 46.27% , 2019: 30.35% ). 1. As the Bank levy is not a levy on income, it is not included in income tax. It is included in Note 3.
Schedule of temporary differences attributable to deferred tax assets and deferred tax liabilities	Deferred tax assets The balance comprises temporary differences attributable to: Consolidated Parent Entity $m 2021 2020 2021 2020 Amounts recognised in the income statements and opening retained profits Provisions for ECL on loans and credit commitments 1,481 1,788 1,269 1,507 Provision for long service leave, annual leave and other employee benefits 386 335 365 308 Financial instruments - - - - Property and equipment 347 223 316 198 Other provisions 424 606 388 570 Lease liabilities 1 743 899 665 825 All other liabilities 1 331 419 300 304 Total amounts recognised in the income statements and opening retained profits 3,712 4,270 3,303 3,712 Amounts recognised directly in OCI Investment securities - - - - Cash flow hedges - 25 - - Defined benefit 103 155 101 149 Total amounts recognised directly in OCI 103 180 101 149 Gross deferred tax assets 3,815 4,450 3,404 3,861 Set-off of deferred tax assets and deferred tax liabilities (1,378) (1,386) (1,311) (1,364) Net deferred tax assets 2,437 3,064 2,093 2,497 Movements Balance as at beginning of year 3,064 2,048 2,497 1,925 Impact on adoption of new accounting standards 1 (17) 948 (14) 872 Restated opening balance 3,047 2,996 2,483 2,797 Recognised in the income statements (529) 758 (395) 507 Recognised in OCI (77) 13 (48) 9 Balances reclassified to assets held for sale (8) - - - Balances disposed of on sale of businesses (4) - - - Set-off of deferred tax assets and deferred tax liabilities 8 (703) 53 (816) Balance as at end of year 2,437 3,064 2,093 2,497 1. The adoption of AASB 16 on 1 October 2019 resulted in an increase in deferred tax assets of $948 million for the Group and $872 million for the Parent Entity. A corresponding increase was also recognised in deferred tax liabilities (refer to the following table), which resulted in a net nil impact on retained profits. Deferred tax liabilities The balance comprises temporary differences attributable to: Consolidated Parent Entity $m 2021 2020 2021 2020 Amounts recognised in the income statements and opening retained profits Finance lease transactions 296 253 290 232 Property and equipment 1 610 933 541 864 Life insurance assets - 43 - - All other assets 267 223 211 208 Total amounts recognised in the income statements and opening retained profits 1,173 1,452 1,042 1,304 Amounts recognised directly in OCI Investment securities 214 51 211 51 Cash flow hedges 81 9 58 9 Total amounts recognised directly in OCI 295 60 269 60 Gross deferred tax liabilities 1,468 1,512 1,311 1,364 Set-off of deferred tax assets and deferred tax liabilities (1,378) (1,386) (1,311) (1,364) Net deferred tax liabilities 90 126 - - Movements Balance as at beginning of year 126 44 - - Impact on adoption of new accounting standards 1 - 948 - 872 Restated opening balance 126 992 - 872 Recognised in the income statements (235) (223) (262) (116) Recognised in OCI 235 60 209 60 Balances reclassified to liabilities held for sale (44) - - - Balances disposed of on sale of businesses - - - - Set-off of deferred tax assets and deferred tax liabilities 8 (703) 53 (816) Balance as at end of year 90 126 - - 1. The adoption of AASB 16 on 1 October 2019 resulted in an increase in deferred tax liabilities of $948 million for the Group and $872 million for the Parent Entity, which was recognised as an opening adjustment in retained profits. A corresponding increase was also recognised in deferred tax assets (refer to the previous table), which resulted in a net nil impact on retained profits.
Schedule of unrecognised deferred tax balances	Consolidated Parent Entity $m 2021 2020 2021 2020 Unrecognised deferred tax asset Tax losses on revenue account 470 335 454 264 Unrecognised deferred tax liability Gross retained earnings of subsidiaries which the Parent Entity does not intend to distribute in the foreseeable future 55 55 - -

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
Earnings per share (Tables)	Sep. 30, 2021
Earnings per share
Schedule of earnings per share	2021 2020 2019 $m Basic Diluted Basic Diluted Basic Diluted Net profit attributable to owners of WBC ($m) 5,458 5,458 2,290 2,290 6,784 6,784 Adjustment for RSP dividends ($m) 1 (2) - (2) (2) (6) (6) Adjustment for potential dilution: Distributions to convertible loan capital holders ($m) 2 - 218 - - - 290 Adjusted net profit attributable to owners of WBC ($m) 5,456 5,676 2,288 2,288 6,778 7,068 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,657 3,657 3,595 3,595 3,456 3,456 Treasury shares (including RSP share rights) 1 (4) (4) (5) (5) (6) (6) Adjustment for potential dilution: Share-based payments - 4 - 1 - 1 Convertible loan capital 2 - 461 - - - 278 Adjusted weighted average number of ordinary shares 3,653 4,118 3,590 3,591 3,450 3,729 Earnings per ordinary share (cents) 149.4 137.8 63.7 63.7 196.5 189.5 1. RSP is explained in Note 32. 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 2021 (2020: antidilutive, 2019: antidilutive). 2. The Group has issued convertible loan capital which may convert into ordinary shares in the future (refer to Note 19 for further details). 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 year or, if later, the instruments’ issue dates. In 2021, all convertible loan capital instruments were dilutive ( 2020: antidilutive, 2019: dilutive).

Average balance sheet and int_2

Average balance sheet and interest rates (Tables)	12 Months Ended
Average balance sheet and interest rates (Tables)	Sep. 30, 2021
Average balance sheet and interest rates
Summary of the average daily balances of the Group's interest earning assets and interest bearing liabilities	2021 2020 2019 Average Interest Average Average Interest Average Average Interest Average balance income rate balance income rate balance income rate Consolidated $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid: Australia 10,748 7 0.1 13,555 56 0.4 8,428 152 1.8 New Zealand 372 - - 373 3 0.8 364 7 1.9 Other overseas 1,108 9 0.8 1,804 16 0.9 2,031 42 2.1 Trading securities and financial assets measured at FVIS: Australia 16,659 116 0.7 20,300 217 1.1 20,691 468 2.3 New Zealand 3,881 28 0.7 4,728 47 1.0 3,862 85 2.2 Other overseas 3,251 48 1.5 4,601 95 2.1 4,521 109 2.4 Investment securities: Australia 81,665 1,104 1.4 71,402 1,347 1.9 56,875 1,691 3.0 New Zealand 4,492 74 1.6 3,921 96 2.4 3,850 130 3.4 Other overseas 1,552 22 1.4 2,858 78 2.7 3,062 98 3.2 Loans and other receivables 1: Australia 585,416 17,859 3.1 585,643 21,315 3.6 589,427 25,931 4.4 New Zealand 91,732 2,747 3.0 85,184 3,237 3.8 79,255 3,650 4.6 Other overseas 14,437 136 0.9 27,349 540 2.0 26,558 859 3.2 Assets held for sale: Australia 1,583 28 1.8 - - - - - - New Zealand - - - - - - - - - Other overseas 2,560 100 3.9 - - - - - - Total interest earning assets and interest income 819,456 22,278 2.7 821,718 27,047 3.3 798,924 33,222 4.2 Non-interest earning assets Derivative financial instruments 20,305 31,334 25,959 Life insurance assets 226 4,614 9,610 Assets held for sale 4,590 - - All other assets 2 61,478 62,414 60,231 Total non-interest earning assets 86,599 98,362 95,800 Total assets 906,055 920,080 894,724 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stages 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 earning loans relating to mortgage offset accounts and all other non-interest earning assets. Note 9. Average balance sheet and interest rates (continued) 2021 2020 2019 Average Interest Average Average Interest Average Average Interest Average balance expense rate balance expense rate balance expense rate Consolidated $m $m % $m $m % $m $m % Liabilities Interest bearing liabilities Collateral received: Australia 1,914 2 0.1 2,586 11 0.4 2,039 41 2.0 New Zealand 307 - - 596 3 0.5 390 8 2.1 Other overseas 3,965 2 0.1 4,399 12 0.3 1,188 8 0.7 Repurchase agreements 1 Australia 32,600 54 0.2 16,120 73 0.5 11,266 172 1.5 New Zealand 986 2 0.2 380 1 0.3 268 5 1.9 Other overseas - - - - - - 20 1 5.0 Deposits and other borrowings: Australia 457,675 1,400 0.3 435,877 3,745 0.9 425,799 7,023 1.6 New Zealand 60,066 418 0.7 57,096 882 1.5 54,720 1,235 2.3 Other overseas 13,610 50 0.4 25,660 427 1.7 26,270 687 2.6 Loan capital: Australia 24,573 754 3.1 19,554 663 3.4 15,080 632 4.2 New Zealand 1,653 85 5.1 1,833 94 5.1 1,777 91 5.1 Other overseas 368 10 2.7 1,324 43 3.2 1,324 53 4.0 Other interest bearing liabilities 1,2 : Australia 121,338 2,234 1.8 160,830 3,776 2.3 177,470 5,765 3.2 New Zealand 15,836 368 2.3 18,130 557 3.1 15,397 570 3.7 Other overseas 110 29 26.4 1,256 64 5.1 1,274 24 1.9 Liabilities held for sale: Australia - - - - - - - - - New Zealand - - - - - - - - - Other overseas 1,335 12 0.9 - - - - - - Total interest bearing liabilities and interest expense 736,336 5,420 0.7 745,641 10,351 1.4 734,282 16,315 2.2 Non-interest bearing liabilities Deposits and other borrowings: Australia 49,592 45,231 42,455 New Zealand 12,426 8,760 5,996 Other overseas 7 901 819 Derivative financial instruments 20,612 33,249 26,568 Life insurance liabilities 253 2,999 7,653 Liabilities held for sale 2,728 - - All other liabilities 3 13,202 15,233 13,187 Total non-interest bearing liabilities 98,820 106,373 96,678 Total liabilities 835,156 852,014 830,960 Shareholders’ equity 70,849 68,014 63,714 NCI 50 52 50 Total equity 70,899 68,066 63,764 Total liabilities and equity 906,055 920,080 894,724 Net interest income may vary from year to year due to changes in the volume of, and interest rates associated with, interest earning assets and interest bearing liabilities. The following table allocates the change in net interest income between changes in volume and interest rate for those assets and liabilities. 1. Repurchase agreements, previously included in Other interest bearing liabilities, have been separately disclosed. Comparatives have been restated. 2. Includes net impact of Treasury balance sheet management activities and the Bank levy. 3. Includes other financial liabilities, provisions, current and deferred tax liabilities and all other non-interest bearing liabilities.
Summary of change in net interest income	2021 2020 Consolidated Change due to Change due to $m Volume Rate Total Volume Rate Total Interest earning assets Collateral paid: Australia (11) (38) (49) 93 (189) (96) New Zealand - (3) (3) - (4) (4) Other overseas (6) (1) (7) (5) (21) (26) Trading securities and financial assets measured at FVIS: Australia (34) (67) (101) (9) (242) (251) New Zealand (9) (10) (19) 19 (57) (38) Other overseas (28) (19) (47) 2 (16) (14) Investment securities: Australia 202 (445) (243) 433 (777) (344) New Zealand 14 (36) (22) 2 (36) (34) Other overseas (20) (36) (56) (7) (13) (20) Loans and other receivables: Australia (469) (2,987) (3,456) (167) (4,449) (4,616) New Zealand 151 (641) (490) 274 (687) (413) Other overseas (241) (163) (404) 26 (345) (319) Assets held for sale: Australia 14 14 28 - - - Other overseas 62 38 100 - - - Total change in interest income (375) (4,394) (4,769) 661 (6,836) (6,175) Interest bearing liabilities Collateral received: Australia (3) (6) (9) 11 (41) (30) New Zealand (1) (2) (3) 4 (9) (5) Other overseas (1) (9) (10) 22 (18) 4 Repurchase agreements 1 Australia 87 (106) (19) 83 (182) (99) New Zealand 2 (1) 1 2 (6) (4) Other overseas - - - (1) - (1) Deposits and other borrowings: Australia 270 (2,615) (2,345) 167 (3,445) (3,278) New Zealand 45 (509) (464) 54 (407) (353) Other overseas (179) (198) (377) (16) (244) (260) Loan capital: Australia 176 (85) 91 188 (157) 31 New Zealand (9) - (9) 3 - 3 Other overseas (31) (2) (33) - (10) (10) Other interest bearing liabilities: Australia (716) (826) (1,542) (455) (1,534) (1,989) New Zealand (28) (161) (189) 103 (116) (13) Other overseas (20) (15) (35) - 40 40 Liabilities held for sale: Other overseas 2 10 12 - - - Total change in interest expense (406) (4,525) (4,931) 165 (6,129) (5,964) Change in net interest income: Australia (112) 115 3 356 (298) 58 New Zealand 147 (17) 130 129 (246) (117) Other overseas (4) 33 29 11 (163) (152) Total change in net interest income 31 131 162 496 (707) (211) 1. Repurchase agreements, previously included in Other interest bearing liabilities, have been separately disclosed. Comparatives have been restated.

Trading securities and financ_2

Trading securities and financial assets measured at FVIS (Tables)	12 Months Ended
	Sep. 30, 2021
Trading securities and financial assets measured at FVIS
Schedule of trading securities and financial assets measured at FVIS	Consolidated Parent Entity $m 2021 2020 2021 2020 Trading securities 15,019 17,776 13,018 15,519 Reverse repurchase agreements 2,937 20,401 2,763 20,401 Other financial assets measured at FVIS 3,145 2,490 2,998 2,110 Total trading securities and financial assets measured at FVIS 21,101 40,667 18,779 38,030 Trading securities include the following: Government and semi-government securities 11,432 14,667 9,535 12,542 Other debt securities 3,064 3,044 2,960 2,913 Equity securities 3 4 3 3 Other 520 61 520 61 Total trading securities 15,019 17,776 13,018 15,519 Other financial assets measured at FVIS include: Other debt securities 3,038 2,045 2,975 1,703 Equity securities 107 445 23 407 Total other financial assets measured at FVIS 3,145 2,490 2,998 2,110

Investment securities (Tables)

Investment securities (Tables)	12 Months Ended
Investment securities (Tables)	Sep. 30, 2021
Investment securities
Schedule of investment securities	Consolidated Parent Entity $m 2021 2020 2021 2020 Investment securities Investments securities measured at FVOCI Government and semi-government debt securities 66,421 73,486 63,057 69,929 Other debt securities 15,784 16,916 14,682 15,826 Equity securities 277 153 75 68 Total investment securities measured at FVOCI 1 82,482 90,555 77,814 85,823 Investment securities measured at amortised cost Government and semi-government debt securities 900 881 48 - Other debt securities 38 130 2 3 Total investment securities measured at amortised cost 938 1,011 50 3 Provision for ECL on debt securities at amortised cost (3) (27) (1) - Total net investment securities measured at amortised cost 935 984 49 3 Total investment securities 83,417 91,539 77,863 85,826 1. Impairment is recognised in the income statement with a corresponding amount in OCI (refer to Note 27). There is no reduction of the carrying value of the debt securities which remains at fair value.
Schedule of maturities of the available-for-sale securities and their weighted-average yield	The following table shows the maturities and the weighted average yield of the Group’s outstanding investment securities as at 30 September 2021. There are no tax-exempt securities. Over 1 Over 5 Up to year to 5 years to Over No specific Weighted 1 year years 10 years 10 years maturity Total average 2021 $m % $m % $m % $m % $m % $m % Carrying Amount Government and semi-government securities 5,476 2.8 29,150 1.1 31,009 1.5 1,683 1.3 - - 67,318 1.4 Other debt securities 2,354 1.3 13,466 1.0 2 1.9 - - - - 15,822 1.0 Equity securities - - - - - - - - 277 - 277 - Total by maturity 7,830 42,616 31,011 1,683 277 83,417

Loans (Tables)

Loans (Tables)	12 Months Ended
Loans (Tables)	Sep. 30, 2021
Loans
Schedule of loan portfolio disaggregated by location of booking office and product type	The loan portfolio is disaggregated by location of booking office and product type, as follows. Consolidated Parent Entity $m 2021 2020 2021 2020 Australia Housing 455,604 440,933 455,599 440,926 Personal 14,737 17,081 14,694 16,938 Business 148,453 147,584 145,950 144,354 Total Australia 618,794 605,598 616,243 602,218 New Zealand Housing 58,081 51,126 - - Personal 1,175 1,360 - - Business 29,991 29,864 384 354 Total New Zealand 89,247 82,350 384 354 Total other overseas 6,332 10,713 5,688 9,945 Total loans 714,373 698,661 622,315 612,517 Provision for ECL on loans (refer to Note 13) (4,589) (5,602) (3,902) (4,693) Total net loans 1 709,784 693,059 618,413 607,824 1. Total net loans included securitised loans of $ 4,829 million (2020: $7,367 million) for the Group and $ 129,270 million (2020: $132,506 million) for the Parent Entity. The level of securitised loans excludes loans where Westpac is the holder of related debt securities.
Schedule of contractual maturity distribution of loans	The following table shows the Group’s contractual maturity distribution of all loans as at 30 September 2021. Over 1 Over 5 Consolidated Up to year to years to Over $m 1 year 5 years 15 years 15 years Total Australia Housing 7,314 2,083 18,238 427,969 455,604 Personal 6,312 7,111 1,314 - 14,737 Business 49,367 87,774 6,867 4,445 148,453 Total Australia 62,993 96,968 26,419 432,414 618,794 New Zealand Housing 232 630 4,797 52,422 58,081 Personal 935 228 12 - 1,175 Business 19,382 10,582 26 1 29,991 Total New Zealand 20,549 11,440 4,835 52,423 89,247 Total other overseas 2,215 3,715 402 - 6,332 Total loans 85,757 112,123 31,656 484,837 714,373
Schedule of interest rate segmentation of loans maturing after one year	The following table shows the Group’s interest rate segmentation of loans maturing after one year as at 30 September 2021. Loans at Loans at variable fixed Consolidated interest interest $m rates rates Total Interest rate segmentation of loans maturing after one year Australia Housing 275,772 172,518 448,290 Personal 2,777 5,648 8,425 Business 88,670 10,416 99,086 Total Australia 367,219 188,582 555,801 New Zealand Housing 6,826 51,023 57,849 Personal 237 3 240 Business 759 9,850 10,609 Total New Zealand 7,822 60,876 68,698 Total other overseas 3,860 257 4,117 Total loans maturing after one year 378,901 249,715 628,616

Provisions for expected credi_2

Provisions for expected credit losses (Tables)	12 Months Ended
Provisions for expected credit losses (Tables)	Sep. 30, 2021
Provisions for expected credit losses
Reconciliation of impairment charges	Consolidated Parent Entity $m 2021 2020 2021 2020 Loans and credit commitments: Business activity during the year (444) 195 (387) 207 Net remeasurement of provision for ECL 119 3,156 163 2,655 Impairment charges for debt securities at amortised cost (25) 18 - - Impairment charges for debt securities at FVOCI 2 2 2 2 Recoveries (242) (193) (225) (173) Impairment charges (Note 6) (590) 3,178 (447) 2,691
Schedule of write-offs net of recoveries to average loans	Consolidated % 2021 2020 Write-offs net of recoveries to average loans Housing 0.01 0.02 Personal 1.46 2.75 Business 0.15 0.15 Total write-offs net of recoveries to average loans 0.08 0.14
Schedule of impact of overlays on the provision for ECL	Consolidated Parent Entity $m 2021 2020 2021 2020 Modelled provision for ECL 4,352 5,480 3,712 4,659 Portfolio Overlays 647 652 551 513 Total provision for ECL 4,999 6,132 4,263 5,172
Summary of key macroeconomic assumptions for base case scenario	Key macroeconomic assumptions for base case scenario 30 September 2021 30 September 2020 Annual GDP: Australia Forecast growth of 0.1% for calendar Forecast growth of 2.5% for calendar year 2021 and 7.4% for calendar year year 2021 2022 New Zealand Forecast growth of 5.6% for calendar Forecast growth of 3.9% for calendar year 2021 and 2.3% for calendar year year 2021 2022 Forecast price contraction of 0.7% Forecast price contraction of 19.3% for Commercial property index for calendar year 2021 and 4.7% for calendar year 2021 calendar year 2022 Residential property prices: Australia Forecast price appreciation of 11.8% Forecast price contraction of 0.4% for for calendar year 2021 and 5.0% for calendar year 2021 calendar year 2022 New Zealand Forecast price appreciation of 20% for Forecast price appreciation of 8.0% for calendar year 2021 and 0% for calendar calendar year 2021 year 2022 Cash rate Forecast to remain at 10bps Forecast to remain at 10bps calendar years 2021 and 2022 calendar year 2021 Unemployment rate: Australia Forecast rate of 5.4% at December 2021 Forecast to peak at 7.9% (February and 4% at December 2022 2021) and fall to 7.5% at December 2021 Forecast rate of 4.2% at December 2021 Forecast to peak at 7% (December New Zealand and 3.5% at December 2022 2020) and then fall to 6.4% at December 2021
Summary of the the probability weighted scenarios	The following sensitivity table shows the reported provision for ECL based on the probability weighted scenarios and what the provision 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). Consolidated Parent Entity $m 2021 2020 2021 2020 Reported probability-weighted ECL 4,999 6,132 4,263 5,172 100% base case ECL 3,411 4,750 2,877 4,051 100% downside ECL 7,399 8,315 6,354 6,956
Summary of macroeconomic scenario weightings	The following table indicates the weightings applied by the Group and Parent Entity: Macroeconomic scenario weightings (%) 2021 2020 Upside 5.0 5.0 Base 55.0 55.0 Downside 40.0 40.0
Loans and credit commitments
Provisions for expected credit losses
Summary and changes in the provision for ECL	2021 2020 Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Consolidated Provision for ECL on loans Housing 154 735 607 1,496 185 742 977 1,904 Personal 124 314 173 611 180 362 232 774 Business 495 822 1,172 2,489 537 1,433 954 2,924 Total provision for ECL on loans 773 1,871 1,952 4,596 902 2,537 2,163 5,602 Provisions for ECL on credit commitments Housing 6 6 - 12 7 5 - 12 Personal 29 41 1 71 36 46 - 82 Business 128 173 19 320 139 287 10 436 Total provision for ECL on credit commitments 163 220 20 403 182 338 10 530 Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Presented as provision for ECL on: Loans (Note 12) 766 1,871 1,952 4,589 902 2,537 2,163 5,602 Loans included in assets held for sale (Note 37) 7 - - 7 - - - - Credit commitments (Note 26) 161 220 20 401 182 338 10 530 Credit commitments included in liabilities held for sale (Note 37) 2 - - 2 - - - - Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Of which: Individually assessed provisions - - 832 832 - - 611 611 Collectively assessed provisions 936 2,091 1,140 4,167 1,084 2,875 1,562 5,521 Total provisions for ECL on loans and credit commitments 936 2,091 1,972 4,999 1,084 2,875 2,173 6,132 Gross loans and credit commitments 828,770 76,946 9,770 915,486 812,450 71,841 11,311 895,602 Coverage ratio on loans (%) 0.12 2.70 20.56 0.64 0.14 4.02 19.50 0.80 Coverage ratio on loans and credit commitments (%) 0.11 2.72 20.18 0.55 0.13 4.00 19.21 0.68 Note 13. Provisions for expected credit losses (continued) 2021 2020 Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Parent Entity Provision for ECL on loans Housing 114 669 552 1,335 145 630 904 1,679 Personal 111 270 151 532 162 297 193 652 Business 409 607 1,026 2,042 445 1,154 763 2,362 Total provision for ECL on loans 634 1,546 1,729 3,909 752 2,081 1,860 4,693 Provision for ECL on credit commitments Housing 4 5 - 9 4 5 - 9 Personal 23 34 - 57 28 35 - 63 Business 119 150 19 288 129 269 9 407 Total provision for ECL on credit commitments 146 189 19 354 161 309 9 479 Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Presented as provision for ECL on: Loans (Note 12) 627 1,546 1,729 3,902 752 2,081 1,860 4,693 Loans included in assets held for sale (Note 37) 7 - - 7 - - - - Credit commitments (Note 26) 144 189 19 352 161 309 9 479 Credit commitments included in liabilities held for sale (Note 37) 2 - - 2 - - - - Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Of which: Individually assessed provisions - - 724 724 - - 520 520 Collectively assessed provisions 780 1,735 1,024 3,539 913 2,390 1,349 4,652 Total provisions for ECL on loans and credit commitments 780 1,735 1,748 4,263 913 2,390 1,869 5,172 Gross loans and credit commitments 720,659 68,179 8,980 797,818 712,381 61,822 10,293 784,496 Coverage ratio on loans (%) 0.11 2.50 19.81 0.63 0.14 3.84 18.39 0.77 Coverage ratio on loans and credit commitments (%) 0.11 2.54 19.47 0.53 0.13 3.87 18.16 0.66 Note 13. Provisions for expected credit losses (continued) The following tables reconcile the provisions for ECL on loans and credit commitments for the Group and Parent Entity. Movement in provision for ECL on loans and credit commitments Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2019 884 1,674 1,355 3,913 747 1,420 1,211 3,378 Transfers to Stage 1 1,578 (1,528) (50) - 1,150 (1,125) (25) - Transfers to Stage 2 (345) 1,161 (816) - (266) 930 (664) - Transfers to Stage 3 (7) (955) 962 - (6) (773) 779 - Business activity during the year 212 60 (77) 195 188 64 (45) 207 Net remeasurement of provision for ECL (1,233) 2,474 1,915 3,156 (897) 1,880 1,672 2,655 Write-offs - - (1,170) (1,170) - - (1,105) (1,105) Exchange rate and other adjustments (5) (11) 54 38 (3) (6) 46 37 Balance as at 30 September 2020 1,084 2,875 2,173 6,132 913 2,390 1,869 5,172 Transfers to Stage 1 1,246 (1,128) (118) - 1,058 (960) (98) - Transfers to Stage 2 (200) 1,290 (1,090) - (173) 1,094 (921) - Transfers to Stage 3 (8) (507) 515 - (7) (449) 456 - Business activity during the year 122 (223) (343) (444) 110 (199) (298) (387) Net remeasurement of provision for ECL (1,284) (200) 1,603 119 (1,121) (140) 1,424 163 Write-offs - - (836) (836) - - (739) (739) Exchange rate and other adjustments (24) (16) 68 28 - (1) 55 54 Balance as at 30 September 2021 936 2,091 1,972 4,999 780 1,735 1,748 4,263 The provisions for ECL on loans and credit commitments can be further disaggregated into the following classes: Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Housing Balance as at 30 September 2019 163 354 591 1,108 141 335 557 1,033 Transfers to Stage 1 566 (542) (24) - 376 (365) (11) - Transfers to Stage 2 (68) 472 (404) - (44) 391 (347) - Transfers to Stage 3 - (276) 276 - - (233) 233 - Business activity during the year 25 (53) (142) (170) 19 (45) (128) (154) Net remeasurement of provision for ECL (492) 798 772 1,078 (343) 552 686 895 Write-offs - - (120) (120) - - (111) (111) Exchange rate and other adjustments (2) (6) 28 20 - - 25 25 Balance as at 30 September 2020 192 747 977 1,916 149 635 904 1,688 Transfers to Stage 1 283 (265) (18) - 246 (237) (9) - Transfers to Stage 2 (36) 677 (641) - (32) 624 (592) - Transfers to Stage 3 - (120) 120 - - (115) 115 - Business activity during the year 42 (49) (180) (187) 39 (43) (165) (169) Net remeasurement of provision for ECL (322) (253) 387 (188) (284) (190) 328 (146) Write-offs - - (76) (76) - - (63) (63) Exchange rate and other adjustments 1 4 38 43 - - 34 34 Balance as at 30 September 2021 160 741 607 1,508 118 674 552 1,344 Note 13. Provisions for expected credit losses (continued) Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Personal Balance as at 30 September 2019 268 459 248 975 229 401 213 843 Transfers to Stage 1 744 (732) (12) - 549 (547) (2) - Transfers to Stage 2 (154) 368 (214) - (131) 313 (182) - Transfers to Stage 3 (1) (342) 343 - (1) (307) 308 - Business activity during the year 35 (37) (50) (52) 36 (31) (43) (38) Net remeasurement of provision for ECL (676) 694 617 635 (492) 503 573 584 Write-offs - - (728) (728) - - (699) (699) Exchange rate and other adjustments - (2) 28 26 - - 25 25 Balance as at 30 September 2020 216 408 232 856 190 332 193 715 Transfers to Stage 1 476 (469) (7) - 403 (401) (2) - Transfers to Stage 2 (98) 281 (183) - (92) 251 (159) - Transfers to Stage 3 (1) (202) 203 - (1) (182) 183 - Business activity during the year 27 (25) (35) (33) 28 (20) (30) (22) Net remeasurement of provision for ECL (468) 360 402 294 (394) 324 386 316 Write-offs - - (461) (461) - - (438) (438) Exchange rate and other adjustments 1 2 23 26 - - 18 18 Balance as at 30 September 2021 153 355 174 682 134 304 151 589 Consolidated Parent Entity Non- Non- Performing performing Performing performing $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Business Balance as at 30 September 2019 453 861 516 1,830 377 684 441 1,502 Transfers to Stage 1 268 (254) (14) - 225 (213) (12) - Transfers to Stage 2 (123) 321 (198) - (91) 226 (135) - Transfers to Stage 3 (6) (337) 343 - (5) (233) 238 - Business activity during the year 152 150 115 417 133 140 126 399 Net remeasurement of provision for ECL (65) 982 526 1,443 (62) 825 413 1,176 Write-offs - - (322) (322) - - (295) (295) Exchange rate and other adjustments (3) (3) (2) (8) (3) (6) (4) (13) Balance as at 30 September 2020 676 1,720 964 3,360 574 1,423 772 2,769 Transfers to Stage 1 487 (394) (93) - 409 (322) (87) - Transfers to Stage 2 (66) 332 (266) - (49) 219 (170) - Transfers to Stage 3 (7) (185) 192 - (6) (152) 158 - Business activity during the year 53 (149) (128) (224) 43 (136) (103) (196) Net remeasurement of provision for ECL (494) (307) 814 13 (443) (274) 710 (7) Write-offs - - (299) (299) - - (238) (238) Exchange rate and other adjustments (26) (22) 7 (41) - (1) 3 2 Balance as at 30 September 2021 623 995 1,191 2,809 528 757 1,045 2,330

Other financial assets (Tables)

Other financial assets (Tables)	12 Months Ended
Other financial assets (Tables)	Sep. 30, 2021
Other financial assets
Schedule of other financial assets	Consolidated Parent Entity $m 2021 2020 2021 2020 Accrued interest receivable 720 905 624 797 Securities sold not delivered 3,542 2,358 3,542 2,352 Trade debtors 574 992 397 502 Interbank lending 592 299 73 295 Clearing and settlement balances 564 630 524 558 Accrued fees and commissions 264 170 187 117 Other 138 120 139 124 Total other financial assets 6,394 5,474 5,486 4,745

Life insurance assets and lif_2

Life insurance assets and life insurance liabilities (Tables)	12 Months Ended
	Sep. 30, 2021
Life insurance assets and life insurance liabilities
Schedule of life insurance assets and life insurance liabilities	Life insurance assets Consolidated $m 2021 2020 Investments held directly and in unit trusts Unit trusts - 333 Debt securities - 2,818 Loans and other assets - 442 Total life Insurance assets - 3,593 Life insurance liabilities Consolidated Life investment Life insurance Reconciliation of movements in policy liabilities contracts contracts Total $m 2021 2020 2021 2020 2021 2020 Balance as at beginning of year 1,887 8,206 (491) (829) 1,396 7,377 Movements in policy liabilities reflected in the income statement 23 221 (21) 338 2 559 Contract contributions recognised in policy liabilities 1 368 - - 1 368 Contract withdrawals recognised in policy liabilities (15) (8,322) - - (15) (8,322) Contract fees, expenses and tax recoveries (4) (44) - - (4) (44) Change in external unit holders of managed investment schemes (933) 1,458 - - (933) 1,458 Balances reclassified to liabilities held for sale (refer to Note 37) (959) — 512 - (447) - Balance as at end of year - 1,887 - (491) - 1,396

Deposits and other borrowings (

Deposits and other borrowings (Tables)	12 Months Ended
Deposits and other borrowings (Tables)	Sep. 30, 2021
Deposits and other borrowings
Schedule of deposits and other borrowings	Consolidated Parent Entity $m 2021 2020 2021 2020 Australia Certificates of deposit 31,506 25,647 31,506 25,647 Non-interest bearing, repayable at call 52,819 48,303 52,819 48,303 Other interest bearing at call 345,416 304,761 345,416 304,761 Other interest bearing term 102,775 125,820 102,775 125,820 Total Australia 532,516 504,531 532,516 504,531 New Zealand Certificates of deposit 3,293 2,773 - - Non-interest bearing, repayable at call 14,066 10,711 - - Other interest bearing at call 31,354 26,300 - - Other interest bearing term 27,042 28,689 - 1 Total New Zealand 75,755 68,473 - 1 Other overseas Certificates of deposit 11,839 7,258 11,839 7,258 Non-interest bearing, repayable at call 919 868 357 333 Other interest bearing at call 1,751 1,864 1,446 1,559 Other interest bearing term 4,175 8,137 4,029 7,931 Total other overseas 18,684 18,127 17,671 17,081 Total deposits and other borrowings 626,955 591,131 550,187 521,613
Schedule of average balances and average rates for major categories of deposits	2021 2020 Average Average Average Average balance rate balance rate Consolidated $m % $m % Australia Non-interest bearing, repayable at call 49,592 45,231 Certificates of deposit 28,242 0.1 25,041 0.8 Other interest bearing at call 322,333 0.2 275,475 0.5 Other interest bearing term 107,100 0.6 135,361 1.5 Total Australia 507,267 481,108 Overseas Non-interest bearing, repayable at call 12,433 9,661 Certificates of deposit 11,035 0.4 14,376 1.4 Other interest bearing at call 30,231 0.2 25,999 0.5 Other interest bearing term 32,410 1.1 42,381 2.3 Total overseas 86,109 92,417
Schedule of balances of uninsured certificates of deposit and term deposits by remaining maturity	Over Over Consolidated Up to 3 months to 6 months to Over $m 3 months 6 months 1 year 1 year Total Certificates of deposit in excess of insured amounts Australia 25,720 5,503 265 18 31,506 New Zealand 2,490 784 19 - 3,293 Other overseas 2,382 3,353 6,104 - 11,839 Total certificates of deposit in excess of insured amounts 30,592 9,640 6,388 18 46,638 Term deposits in excess of insured amounts Australia 36,929 14,271 17,535 4,811 73,546 New Zealand 12,739 8,840 4,100 1,363 27,042 Other overseas 2,504 693 930 44 4,171 Total term deposits in excess of insured amounts 52,172 23,804 22,565 6,218 104,759 Interbank term deposits in excess of insured amounts 1 Australia 2,199 1,661 50 7 3,917 New Zealand - - - - - Other overseas 132 - - - 132 Total interbank term deposits in excess of insured amounts 2,331 1,661 50 7 4,049 1.

Other financial liabilities (Ta

Other financial liabilities (Tables)	12 Months Ended
Other financial liabilities (Tables)	Sep. 30, 2021
Other financial liabilities
Schedule of other financial liabilities	Consolidated Parent Entity $m 2021 2020 2021 2020 Repurchase agreements 35,899 27,763 33,346 27,763 Interbank placements 4,080 4,981 4,079 4,710 Accrued interest payable 944 1,367 829 1,169 Securities purchased not delivered 3,286 2,291 3,286 2,291 Trade creditors and other accrued expenses 1,392 1,250 1,124 1,045 Settlement and clearing balances 708 1,005 695 989 Securities sold short 2,331 846 2,331 846 Other 1,669 1,422 1,573 1,343 Total other financial liabilities 50,309 40,925 47,263 40,156

Debt issues (Tables)

Debt issues (Tables)	12 Months Ended
Debt issues (Tables)	Sep. 30, 2021
Debt issues
Schedule of debt issues and movement reconciliation	Consolidated Parent Entity $m 2021 2020 2021 2020 Short-term debt Own issuances 19,595 16,477 16,752 14,160 Total short-term debt 19,595 16,477 16,752 14,160 Long-term debt Covered bonds 31,374 36,051 27,234 31,926 Senior 72,804 89,766 64,224 81,580 Securitisation 5,000 8,000 - - Structured notes 6 31 - - Total long-term debt 109,184 133,848 91,458 113,506 Total debt issues 128,779 150,325 108,210 127,666 Movement reconciliation ($m) Balance as at beginning of year 150,325 181,457 127,666 156,674 Issuances 46,799 34,766 37,868 27,487 Maturities, repayments, buy backs and reductions (65,272) (65,160) (54,425) (55,761) Total cash movements (18,473) (30,394) (16,557) (28,274) FX translation impact (1,428) (1,977) (1,311) (2,005) Fair value adjustments (115) 81 (115) 81 Fair value hedge accounting adjustments (1,674) 1,038 (1,607) 1,076 Other (amortisation of bond issue costs, etc.) 144 120 134 114 Total non-cash movements (3,073) (738) (2,899) (734) Balance as at end of year 128,779 150,325 108,210 127,666
Schedule of debt issues by type and currency	Consolidated $m 2021 2020 Short-term debt Own issuances: US commercial paper 19,595 13,864 Senior debt: GBP - 2,437 Other - 176 Total own issuances 19,595 16,477 Total short-term debt 19,595 16,477 Long-term debt (by currency): AUD 27,634 36,062 CHF 3,052 3,177 EUR 31,380 34,498 GBP 3,049 3,440 JPY 1,141 2,439 NZD 3,522 3,519 USD 36,031 45,917 Other 3,375 4,796 Total long-term debt 109,184 133,848

Loan capital (Tables)

Loan capital (Tables)	12 Months Ended
Loan capital (Tables)	Sep. 30, 2021
Loan capital
Schedule of loan capital	Consolidated and Parent Entity $m 2021 2020 Additional Tier 1 (AT1) loan capital Westpac capital notes 8,403 7,423 USD AT1 securities 1,813 1,941 Total AT1 loan capital 10,216 9,364 Tier 2 loan capital Subordinated notes 18,362 14,090 Subordinated perpetual notes 489 495 Total Tier 2 loan capital 18,851 14,585 Total loan capital 29,067 23,949 Movement reconciliation ($m) Balance as at beginning of year 23,949 21,826 Issuances 7,628 2,225 Maturities, repayments, buy-backs and reductions (1,548) (262) Total cash movements 6,080 1,963 FX translation impact (86) (564) Fair value hedge accounting adjustments (902) 703 Other (amortisation of bond issue costs, etc) 26 21 Total non-cash movements (962) 160 Balance as at end of year 29,067 23,949
Additional Tier 1 (AT1) loan capital
Loan capital
Schedule of loan capital	A summary of the key terms and common features of AT1 instruments are provided below 1 . Consolidated and Parent Entity Potential scheduled Optional $m Distribution/Interest rate conversion date 2 redemption date 3 2021 2020 Westpac capital notes (WCN) AUD 1,311 million WCN2 (90 day bank bill rate + 3.05% p.a.) 23 September 2024 23 September 2022 1,309 1,307 x (1 - Australian corporate tax rate) AUD 1,324 million WCN3 (90 day bank bill rate + 4.00% p.a.) 22 March 2023 22 March 2021 4 - 1,323 x (1 - Australian corporate tax rate) AUD 1,702 million WCN4 (90 day bank bill rate + 4.90% p.a.) 20 December 2023 20 December 2021 5 549 1,698 x (1 - Australian corporate tax rate) AUD 1,690 million WCN5 (90 day bank bill rate + 3.20% p.a.) 22 September 2027 22 September 2025 1,682 1,680 x (1 - Australian corporate tax rate) AUD 1,423 million WCN6 (90 day bank bill rate + 3.70% p.a.) 31 July 2026 31 July 2024 1,417 1,415 x (1 - Australian corporate tax rate) AUD 1,723 million WCN7 (90 day bank bill rate + 3.40% p.a.) 22 March 2029 22 March 2027 1,709 - x (1 - Australian corporate tax rate) AUD 1,750 million WCN8 (90 day bank bill rate + 2.90% p.a.) 21 June 2032 21 September 2029 6 1,737 - x (1 - Australian corporate tax rate) Total Westpac capital notes 8,403 7,423 USD AT1 securities USD 1,250 million securities 5.00% p.a. until but excluding 21 n/a 21 September 2027 8 1,813 1,941 September 2027 (first reset date). If not redeemed, converted or written- off earlier, from, and including, each reset date 7 to, but excluding, the next succeeding reset date, at a fixed rate p.a. equal to the prevailing 5-year USD midmarket swap rate plus 2.89% p.a. Total USD AT1 securities 1,813 1,941 1. AUD unless otherwise noted. 2. Conversion is subject to the satisfaction of the scheduled conversion conditions. If the conversion conditions are not satisfied on the relevant scheduled conversion date, conversion will not occur until the next distribution payment date on which the scheduled conversion conditions are satisfied. 3. Westpac may elect to redeem the relevant AT1 instrument, subject to APRA’s prior written approval. 4. On 4 December 2020, AUD 866 million of WCN3 were transferred to the WCN3 nominated party for AUD 100 each pursuant to the WCN7 reinvestment offer. Those WCN3 were subsequently redeemed and cancelled by Westpac. On 22 March 2021, the remaining AUD 458 million of WCN3 were redeemed and cancelled by Westpac for AUD 100 each. 5. On 15 September 2021, AUD 1,152 million of WCN4 were transferred to the WCN4 nominated party for AUD 100 each pursuant to the WCN8 reinvestment offer. Those WCN4 were subsequently redeemed and cancelled by Westpac. On 15 October 2021, Westpac issued a redemption notice notifying WCN4 holders that all outstanding WCN4 will be redeemed on the optional redemption date, being 20 December 2021. 6. Westpac may also elect to redeem on 21 December 2029, 21 March 2030 and 21 June 2030, each an optional redemption date. 7. Every fifth anniversary after the first reset date is a reset date. 8. Westpac may elect to redeem on 21 September 2027 and every fifth anniversary after the first reset date.
Tier 2 loan capital
Loan capital
Schedule of loan capital	A summary of the key terms and common features of Westpac’s Tier 2 instruments is provided below 1 : Consolidated and Parent Entity Optional $m Interest rate 2 Maturity date redemption date 3 2021 2020 Subordinated notes AUD 350 million 4.50% p.a. until but excluding 11 March 2022. 11 March 2027 11 March 2022 351 361 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 1.95% p.a., the sum of which will be annualised. SGD 325 million 4.00% p.a. until but excluding 12 August 2022. 12 August 2027 12 August 2022 337 347 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year SGD swap offer rate plus 1.54% p.a. AUD 175 million 4.80% p.a. until but excluding 14 June 2023. 14 June 2028 14 June 2023 181 185 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 2.65% p.a., each of which will be annualised. USD 100 million Fixed 5.00% p.a. 23 February 2046 n/a 148 175 subordinated notes AUD 700 million 90 day bank bill rate + 3.10% p.a. 10 March 2026 10 March 2021 4 - 700 subordinated notes JPY 20,000 million Fixed 1.16% p.a. 19 May 2026 n/a 249 270 subordinated notes JPY 10,200 million Fixed 1.16% p.a. 2 June 2026 n/a 127 137 subordinated notes JPY 10,000 million Fixed 0.76% p.a. 9 June 2026 n/a 124 134 subordinated notes NZD 400 million 4.6950% p.a. until but excluding 1 September 2021. 1 September 2026 1 September 2021 4 - 376 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the New Zealand 5-year swap rate on 1 September 2021 plus 2.60% p.a. JPY 8,000 million 0.9225% p.a. until but excluding 7 October 2021. 7 October 2026 7 October 2021 99 107 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 1.0005% p.a. USD 1,500 million 4.322% p.a. until but excluding 23 November 2026. 23 November 2031 23 November 2026 2,181 2,320 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD mid-swap rate plus 2.236% p.a. JPY 12,000 million 0.87% p.a. until but excluding 6 July 2022. Thereafter, 6 July 2027 6 July 2022 149 161 subordinated notes if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 0.78% p.a. JPY 13,500 million 0.868% p.a. until but excluding 6 July 2022. 6 July 2027 6 July 2022 168 181 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year JPY mid-swap rate plus 0.778% p.a. HKD 600 million 3.15% p.a. until but excluding 14 July 2022. Thereafter, 14 July 2027 14 July 2022 108 111 subordinated notes if not redeemed, a fixed rate per annum equal to the five-year HKD mid-swap rate plus 1.34% p.a. AUD 350 million 4.334% p.a. until but excluding 16 August 2024. 16 August 2029 16 August 2024 350 349 subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year AUD semi-quarterly mid-swap reference rate plus 1.83% p.a., each of which will be annualised. AUD 185 million Fixed 5.00% p.a. 24 January 2048 n/a 185 185 subordinated notes AUD 250 million 90 day bank bill rate + 1.40% p.a. 16 February 2028 16 February 2023 250 250 subordinated notes AUD 130 million Fixed 5.00% p.a. 2 March 2048 n/a 130 130 subordinated notes AUD 725 million 90 day bank bill rate + 1.80% p.a. 22 June 2028 22 June 2023 724 714 subordinated notes USD 1,000 million Fixed 4.421% p.a. 24 July 2039 n/a 1,481 1,707 subordinated notes 1. Excludes subordinated perpetual notes. 2. Interest payments are made periodically as set out in the terms of the subordinated notes. 3. Westpac may elect to redeem the relevant Tier 2 instrument on the optional redemption date or dates, subject to APRA’s prior written approval. If not redeemed on the first optional redemption date, Westpac may elect to redeem the relevant Tier 2 instrument on any interest payment date after the first optional redemption date (except for USD 1,500 million subordinated notes with an optional redemption date in November 2026, USD 1,250 million subordinated notes with an optional redemption date in July 2029, USD 1,500 million subordinated notes with an optional redemption date in February 2025, USD 1,500 million subordinated notes with an optional redemption date in November 2030, and EUR 1,000 million subordinated notes with an optional redemption date in May 2026), subject to APRA’s prior written approval. 4. The subordinated notes were redeemed in full on the optional redemption date. A summary of the key terms and common features of Westpac’s Tier 2 instruments is continued below 1 : Consolidated and Parent Entity Optional $m Interest rate 2 Maturity date redemption date 3 2021 2020 Subordinated notes USD 1,250 million 4.110% p.a. until but excluding 24 July 2029. 24 July 2034 24 July 2029 1,813 1,970 subordinated notes Thereafter, if not redeemed a fixed rate per annum equal to the five-year USD treasury rate plus 2% p.a. AUD 1,000 million 90 day bank bill rate + 1.98% p.a. 27 August 2029 27 August 2024 999 1,000 subordinated notes USD 1,500 million 2.894% p.a. until but excluding 4 February 4 February 2030 4 February 2025 2,133 2,220 subordinated notes 2025. Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD treasury rate plus 1.350% p.a. USD 1,500 million 2.668% p.a. until but excluding 15 November 2030. 15 November 2035 15 November 2030 1,970 - subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the five-year USD treasury rate plus 1.750% p.a. USD 1,000 million Fixed 2.963% p.a. 16 November 2040 n/a 1,264 - subordinated notes AUD 1,250 million 90 day bank bill rate + 1.55% p.a. 29 January 2031 29 January 2026 1,237 - subordinated notes EUR 1,000 million 0.766% p.a. until but excluding 13 May 2026. 13 May 2031 13 May 2026 1,604 - subordinated notes Thereafter, if not redeemed, a fixed rate per annum equal to the prevailing 5-year EUR mid-market swap rate plus 1.05% p.a. Total subordinated notes 18,362 14,090 1. Excludes subordinated perpetual notes. 2. Interest payments are made periodically as set out in the terms of the subordinated notes. 3. Westpac may elect to redeem the relevant Tier 2 instrument on the optional redemption date or dates, subject to APRA’s prior written approval. If not redeemed on the first optional redemption date, Westpac may elect to redeem the relevant Tier 2 instrument on any interest payment date after the first optional redemption date (except for USD 1,500 million subordinated notes with an optional redemption date in November 2026, USD 1,250 million subordinated notes with an optional redemption date in July 2029, USD 1,500 million subordinated notes with an optional redemption date in February 2025, USD 1,500 million subordinated notes with an optional redemption date in November 2030, and EUR 1,000 million subordinated notes with an optional redemption date in May 2026), subject to APRA’s prior written approval.

Derivative financial instrume_2

Derivative financial instruments (Tables)	12 Months Ended
Derivative financial instruments (Tables)	Sep. 30, 2021
Derivative financial instruments
Summary of carrying values of derivative instruments	Total derivatives Consolidated Trading Hedging carrying value $m Assets Liabilities Assets Liabilities Assets Liabilities 2021 Interest rate contracts 1 Forward rate agreements 1 (1) - - 1 (1) Swap agreements 30,491 (29,630) 3,530 (5,437) 34,021 (35,067) Options 115 (121) - - 115 (121) Total interest rate contracts 30,607 (29,752) 3,530 (5,437) 34,137 (35,189) FX contracts Spot and forward contracts 5,896 (5,554) 38 (51) 5,934 (5,605) Cross currency swap agreements 6,433 (6,912) 749 (175) 7,182 (7,087) Options 198 (173) - - 198 (173) Total FX contracts 12,527 (12,639) 787 (226) 13,314 (12,865) Credit default swaps Credit protection bought - (15) - - - (15) Credit protection sold 13 - - - 13 - Total credit default swaps 13 (15) - - 13 (15) Commodity contracts 227 (360) - - 227 (360) Equities 2 - - - 2 - Total of gross derivatives 43,376 (42,766) 4,317 (5,663) 47,693 (48,429) Impact of netting arrangements (25,010) 25,240 (3,330) 5,130 (28,340) 30,370 Total of net derivatives 18,366 (17,526) 987 (533) 19,353 (18,059) 2020 Interest rate contracts 1 Forward rate agreements 14 (14) - - 14 (14) Swap agreements 44,366 (42,724) 5,916 (10,331) 50,282 (53,055) Options 161 (165) - - 161 (165) Total interest rate contracts 44,541 (42,903) 5,916 (10,331) 50,457 (53,234) FX contracts Spot and forward contracts 5,595 (4,797) 61 (46) 5,656 (4,843) Cross currency swap agreements 4,977 (8,872) 1,450 (141) 6,427 (9,013) Options 383 (200) - - 383 (200) Total FX contracts 10,955 (13,869) 1,511 (187) 12,466 (14,056) Credit default swaps Credit protection bought - (59) - - - (59) Credit protection sold 57 - - - 57 - Total credit default swaps 57 (59) - - 57 (59) Commodity contracts 352 (204) - - 352 (204) Equities 3 - - - 3 - Total of gross derivatives 55,908 (57,035) 7,427 (10,518) 63,335 (67,553) Impact of netting arrangements (34,402) 34,819 (5,566) 9,680 (39,968) 44,499 Total of net derivatives 21,506 (22,216) 1,861 (838) 23,367 (23,054) 1. The fair value of futures contracts is settled daily with the exchange, and therefore have been excluded from this table. Total derivatives Parent Entity Trading Hedging carrying value $m Assets Liabilities Assets Liabilities Assets Liabilities 2021 Interest rate contracts 1 Forward rate agreements 1 (1) - - 1 (1) Swap agreements 30,779 (29,764) 3,228 (5,261) 34,007 (35,025) Options 115 (121) - - 115 (121) Total interest rate contracts 30,895 (29,886) 3,228 (5,261) 34,123 (35,147) FX contracts Spot and forward contracts 5,929 (5,603) 5 (2) 5,934 (5,605) Cross currency swap agreements 6,452 (6,925) 519 (34) 6,971 (6,959) Options 198 (173) - - 198 (173) Total FX contracts 12,579 (12,701) 524 (36) 13,103 (12,737) Credit default swaps Credit protection bought - (15) - - - (15) Credit protection sold 13 - - - 13 - Total credit default swaps 13 (15) - - 13 (15) Commodity contracts 227 (360) - - 227 (360) Equities 1 - - - 1 - Total of gross derivatives 43,715 (42,962) 3,752 (5,297) 47,467 (48,259) Impact of netting arrangements (25,299) 25,365 (3,041) 5,005 (28,340) 30,370 Total of net derivatives 18,416 (17,597) 711 (292) 19,127 (17,889) 2020 Interest rate contracts 1 Forward rate agreements 14 (14) - - 14 (14) Swap agreements 44,511 (43,108) 5,749 (9,807) 50,260 (52,915) Options 161 (165) - - 161 (165) Total interest rate contracts 44,686 (43,287) 5,749 (9,807) 50,435 (53,094) FX contracts Spot and forward contracts 5,641 (4,821) 14 (19) 5,655 (4,840) Cross currency swap agreements 4,977 (8,872) 900 (9) 5,877 (8,881) Options 383 (200) - - 383 (200) Total FX contracts 11,001 (13,893) 914 (28) 11,915 (13,921) Credit default swaps Credit protection bought - (59) - - - (59) Credit protection sold 57 - - - 57 - Total credit default swaps 57 (59) - - 57 (59) Commodity contracts 352 (204) - - 352 (204) Equities 3 - - - 3 - Total of gross derivatives 56,099 (57,443) 6,663 (9,835) 62,762 (67,278) Impact of netting arrangements (34,521) 35,175 (5,447) 9,324 (39,968) 44,499 Total of net derivatives 21,578 (22,268) 1,216 (511) 22,794 (22,779) 1.
Schedule of carrying values, and maturity analysis of notional amounts of hedging instruments	Notional amounts Over Consolidated Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2021 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 11,674 59,022 54,250 124,946 2,402 (4,889) Cross currency swap Interest rate risk 4,717 5,251 3,604 13,572 227 - Cash flow hedges Cross currency swap FX risk 5,905 5,251 3,604 14,760 522 (175) Net investment hedges Forward contracts FX risk 6,574 - - 6,574 38 (51) Total one-to-one hedge relationships 28,870 69,524 61,458 159,852 3,189 (5,115) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 28,258 60 (24) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 201,339 1,068 (524) Total macro hedge relationships n/a n/a n/a 229,597 1,128 (548) Total of gross hedging derivatives n/a n/a n/a 389,449 4,317 (5,663) Impact of netting arrangements n/a n/a n/a n/a (3,330) 5,130 Total of net hedging derivatives n/a n/a n/a n/a 987 (533) Note 20. Derivative financial instruments (continued) Notional amounts Over Consolidated Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2020 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 16,748 60,258 56,979 133,985 4,395 (8,810) Cross currency swap Interest rate risk 4,668 8,381 1,615 14,664 355 - Cash flow hedges Cross currency swap FX risk 5,877 9,590 1,615 17,082 1,095 (141) Net investment hedges Forward contracts FX risk 6,320 - - 6,320 61 (46) Total one-to-one hedge relationships 33,613 78,229 60,209 172,051 5,906 (8,997) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 19,907 - (187) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 174,611 1,521 (1,334) Total macro hedge relationships n/a n/a n/a 194,518 1,521 (1,521) Total of gross hedging derivatives n/a n/a n/a 366,569 7,427 (10,518) Impact of netting arrangements n/a n/a n/a n/a (5,566) 9,680 Total of net hedging derivatives n/a n/a n/a n/a 1,861 (838) Notional amounts Over Parent Entity Within 1 year to Over Carrying value $m Hedging instrument Hedged risk 1 year 5 years 5 years Total Assets Liabilities 2021 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 11,283 57,732 54,250 123,265 2,400 (4,837) Cross currency swap Interest rate risk 3,108 1,682 707 5,497 165 - Cash flow hedges Cross currency swap FX risk 3,108 1,682 707 5,497 354 (34) Net investment hedges Forward contracts FX risk 1,263 - - 1,263 5 (2) Total one-to-one hedge relationships 18,762 61,096 55,664 135,522 2,924 (4,873) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a 2,872 7 (1) Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 180,533 821 (423) Total macro hedge relationships n/a n/a n/a 183,405 828 (424) Total of gross hedging derivatives n/a n/a n/a 318,927 3,752 (5,297) Impact of netting arrangements n/a n/a n/a n/a (3,041) 5,005 Total of net hedging derivatives n/a n/a n/a n/a 711 (292) 2020 One-to-one hedge relationships Fair value hedges Interest rate swap Interest rate risk 16,125 58,628 56,979 131,732 4,390 (8,644) Cross currency swap Interest rate risk 2,981 4,284 1,286 8,551 252 - Cash flow hedges Cross currency swap FX risk 2,981 4,284 1,286 8,551 648 (9) Net investment hedges Forward contracts FX risk 1,240 - - 1,240 14 (19) Total one-to-one hedge relationships 23,327 67,196 59,551 150,074 5,304 (8,672) Macro hedge relationships Portfolio fair value hedges Interest rate swap Interest rate risk n/a n/a n/a - - - Macro cash flow hedges Interest rate swap Interest rate risk n/a n/a n/a 162,033 1,359 (1,163) Total macro hedge relationships n/a n/a n/a 162,033 1,359 (1,163) Total of gross hedging derivatives n/a n/a n/a 312,107 6,663 (9,835) Impact of netting arrangements n/a n/a n/a n/a (5,447) 9,324 Total of net hedging derivatives n/a n/a n/a n/a 1,216 (511)
Schedule of weighted average FX rate related to significant hedging instruments in one-to-one hedge relationships	Weighted average rate Hedging instrument Hedged risk Currency pair 2021 2020 Consolidated Cash flow hedges Cross currency swap FX risk EUR:AUD 0.6823 0.6687 JPY:AUD not material 81.4507 EUR:NZD 0.6086 0.6160 HKD:NZD not material 4.9670 Net investment hedges Forward contracts FX risk NZD:AUD 1.0505 1.0838 Parent Entity Cash flow hedges Cross currency swap FX risk EUR:AUD 0.6823 0.6687 JPY:AUD 79.6302 81.4507 CHF:AUD 0.7679 not material CNH:AUD 4.9359 4.9492 Net investment hedges Forward contracts FX risk NZD:AUD 1.0460 1.0904
Schedule of impact of hedge accounting on the balance sheet and reserves	2021 2020 FVHA FVHA Carrying amount of included in carrying Carrying amount of included in carrying $m hedged item amount hedged item amount Consolidated Interest rate risk Investment securities 60,657 117 68,862 3,285 Loans 28,340 (59) 20,290 140 Debt issues and loan capital (84,776) (1,983) (96,605) (4,559) Parent Entity Interest rate risk Investment securities 59,008 101 66,529 3,175 Loans 3,009 (5) 251 8 Debt issues and loan capital (76,634) (1,931) (90,287) (4,440)
Schedule of pre-tax impact of cash flow and net investment hedges on reserves	2021 2020 Interest FX Interest FX $m rate risk risk Total rate risk risk Total Consolidated Cash flow hedge reserve Balance as at beginning of year 73 (132) (59) (99) (83) (182) Net gains/(losses) from changes in fair value 352 (56) 296 (1) (94) (95) Transferred to interest income (31) 70 39 173 45 218 Balance as at end of year 394 (118) 276 73 (132) (59) Parent Entity Cash flow hedge reserve Balance as at beginning of year 83 (53) 30 (70) (22) (92) Net gains/(losses) from changes in fair value 201 (24) 177 16 (44) (28) Transferred to interest income (41) 28 (13) 137 13 150 Balance as at end of year 243 (49) 194 83 (53) 30
Schedule of information regarding determination of hedge effectiveness	Change in fair value Change in of hedging value of the Hedge instrument hedged item Hedge ineffectiveness used for used for ineffectiveness recognised in Consolidated calculating calculating recognised in non-interest $m Hedging instrument Hedged risk ineffectiveness ineffectiveness interest income income Consolidated 2021 Fair value hedges Interest rate swap Interest rate risk 957 (959) (2) n/a Cross currency swap Interest rate risk (171) 168 (3) n/a Cash flow hedges Interest rate swap Interest rate risk 280 (321) (41) n/a Cross currency swap FX risk 14 (14) - n/a Net investment hedges Forward contracts FX risk (199) 198 n/a (1) Total 881 (928) (46) (1) 2020 Fair value hedges Interest rate swap Interest rate risk 1,403 (1,372) 31 n/a Cross currency swap Interest rate risk (110) 108 (2) n/a Cash flow hedges Interest rate swap Interest rate risk 230 (172) 58 n/a Cross currency swap FX risk (49) 49 - n/a Net investment hedges Forward contracts FX risk 9 (9) n/a - Total 1,483 (1,396) 87 - Parent Entity 2021 Fair value hedges Interest rate swap Interest rate risk 683 (683) - n/a Cross currency swap Interest rate risk (107) 105 (2) n/a Cash flow hedges Interest rate swap Interest rate risk 120 (160) (40) n/a Cross currency swap FX risk 4 (4) - n/a Net investment hedges Forward contracts FX risk (41) 41 n/a - Total 659 (701) (42) - 2020 Fair value hedges Interest rate swap Interest rate risk 1,408 (1,377) 31 n/a Cross currency swap Interest rate risk (73) 72 (1) n/a Cash flow hedges Interest rate swap Interest rate risk 200 (153) 47 n/a Cross currency swap FX risk (31) 31 - n/a Net investment hedges Forward contracts FX risk 17 (17) n/a - Total 1,521 (1,444) 77 -

Financial risk (Tables)

Financial risk (Tables)	12 Months Ended
Financial risk (Tables)	Sep. 30, 2021
Financial risk
Schedule of high level CRGs and corresponding external rating	The table below shows Westpac’s high level CRGs for transaction-managed portfolios mapped to the Group’s credit quality disclosure categories and to their corresponding external rating. Transaction-managed Financial statement disclosure Westpac CRG Moody’s Rating S&P Rating Strong A Aaa – Aa3 AAA – AA– B A1 – A3 A+ – A– C Baa1 – Baa3 BBB+ – BBB– Good/satisfactory D Ba1 – B1 BB+ – B+ Westpac Rating Weak E Watchlist F Special Mention Weak/default/non-performing G Substandard/Default H Default
Summary of credit concentrations for each significant class of financial asset	The credit concentrations for each significant class of financial asset are: Trading securities and financial assets measured at FVIS (Note 10) ● 42% (2020: 64% ) were issued by financial institutions for the Group; 44% (2020: 67% ) for the Parent Entity. ● 53% (2020: 33% ) were issued by government or semi-government authorities for the Group; 52% (2020: 31% ) for the Parent Entity. ● 67% (2020: 79% ) were held in Australia by the Group; 74% (2020: 84% ) by the Parent Entity. Investment securities (Note 11) ● 18% (2020: 18% ) were issued by financial institutions for the Group; 19% (2020: 18% ) for the Parent Entity. ● 81% (2020: 82% ) were issued by government or semi-government authorities for the Group; 81% (2020: 82% ) for the Parent Entity. ● 92% (2020: 92% ) were held in Australia by the Group; 99% (2020: 98% ) by the Parent Entity. Loans (Note 12) ● The table below provides a detailed breakdown of loans by industry and geographic classification. Derivative financial instruments (Note 20) ● 78% (2020: 68% ) were issued by financial institutions for both the Group and Parent Entity. ● 80% (2020: 76% ) were held in Australia by the Group; 81% (2020: 78% ) by the Parent Entity.
Schedule of gross credit risk	2021 2020 Total all Undrawn Total all Undrawn other on credit other on credit Consolidated balance commit- balance commit- $m Loans sheet ments Total Loans sheet ments Total Australia Accommodation, cafes and restaurants 7,658 13 1,294 8,965 7,933 23 1,225 9,181 Agriculture, forestry and fishing 10,501 32 2,367 12,900 10,116 43 2,219 12,378 Construction 6,214 16 3,718 9,948 6,711 15 3,643 10,369 Finance and insurance 16,026 86,412 9,664 112,102 13,348 68,154 8,954 90,456 Government, administration and defence 957 72,343 1,327 74,627 730 79,452 1,588 81,770 Manufacturing 8,067 570 6,351 14,988 8,493 755 6,477 15,725 Mining 3,003 158 3,527 6,688 2,975 427 3,735 7,137 Property 45,645 435 12,792 58,872 44,468 671 10,869 56,008 Property services and business services 11,248 100 6,544 17,892 12,562 150 7,019 19,731 Services 9,918 437 8,058 18,413 11,675 247 7,595 19,517 Trade 13,165 1,171 9,535 23,871 13,268 365 10,171 23,804 Transport and storage 7,681 777 5,734 14,192 8,218 1,174 5,136 14,528 Utilities 5,445 937 5,206 11,588 4,962 1,406 4,918 11,286 Retail lending 467,218 481 86,570 554,269 454,433 553 84,454 539,440 Other 6,048 821 2,160 9,029 5,706 1,161 2,491 9,358 Total Australia 618,794 164,703 164,847 948,344 605,598 154,596 160,494 920,688 New Zealand Accommodation, cafes and restaurants 389 1 49 439 388 1 51 440 Agriculture, forestry and fishing 9,371 29 724 10,124 9,101 57 632 9,790 Construction 438 2 481 921 509 8 429 946 Finance and insurance 3,344 13,787 1,984 19,115 3,427 9,274 1,782 14,483 Government, administration and defence 145 6,919 767 7,831 94 7,739 865 8,698 Manufacturing 1,608 80 1,525 3,213 1,689 115 1,782 3,586 Mining 202 3 53 258 203 5 97 305 Property 6,840 625 1,239 8,704 6,667 766 977 8,410 Property services and business services 1,052 40 578 1,670 951 82 712 1,745 Services 1,683 24 1,105 2,812 2,119 49 853 3,021 Trade 2,172 32 1,368 3,572 1,949 76 1,510 3,535 Transport and storage 1,129 129 919 2,177 1,176 73 871 2,120 Utilities 1,341 435 1,599 3,375 1,303 506 1,681 3,490 Retail lending 59,341 53 13,249 72,643 52,584 61 12,596 65,241 Other 192 45 179 416 190 14 182 386 Total New Zealand 89,247 22,204 25,819 137,270 82,350 18,826 25,020 126,196 Other overseas Accommodation, cafes and restaurants 116 - 9 125 118 - 10 128 Agriculture, forestry and fishing 10 - 2 12 124 - 5 129 Construction 51 - 111 162 51 - 118 169 Finance and insurance 1,402 16,106 2,192 19,700 2,298 16,896 2,243 21,437 Government, administration and defence 1 3,316 - 3,317 20 4,767 18 4,805 Manufacturing 580 - 2,745 3,325 1,877 31 3,443 5,351 Mining 339 - 805 1,144 336 16 1,194 1,546 Property 363 - 29 392 416 - 27 443 Property services and business services 946 41 497 1,484 1,545 107 790 2,442 Services 40 1 756 797 218 - 698 916 Trade 1,130 1 1,911 3,042 1,553 2 1,931 3,486 Transport and storage 504 11 237 752 732 23 276 1,031 Utilities 413 - 74 487 950 2 615 1,567 Retail lending 407 2 29 438 457 2 32 491 Other 30 129 28 187 18 111 27 156 Total other overseas 6,332 19,607 9,425 35,364 10,713 21,957 11,427 44,097 Total gross credit risk 714,373 206,514 200,091 1,120,978 698,661 195,379 196,941 1,090,981 Note 21. Financial risk (continued) 2021 2020 Total all Undrawn Total all Undrawn other on credit other on credit Parent Entity balance commit- balance commit- $m Loans sheet ments Total Loans sheet ments Total Australia Accommodation, cafes and restaurants 7,613 13 1,294 8,920 7,857 23 1,225 9,105 Agriculture, forestry and fishing 10,446 32 2,367 12,845 10,058 43 2,219 12,320 Construction 5,757 16 3,718 9,491 6,199 14 3,643 9,856 Finance and insurance 15,969 244,440 9,664 270,073 13,290 231,468 8,954 253,712 Government, administration and defence 954 72,343 1,327 74,624 709 79,457 1,588 81,754 Manufacturing 7,913 570 6,351 14,834 8,282 755 6,477 15,514 Mining 2,979 157 3,527 6,663 2,955 426 3,735 7,116 Property 45,598 435 12,792 58,825 44,468 671 10,868 56,007 Property services and business services 10,815 100 6,544 17,459 11,843 149 7,019 19,011 Services 9,677 437 8,058 18,172 11,334 247 7,595 19,176 Trade 12,997 1,171 9,535 23,703 13,058 367 10,171 23,596 Transport and storage 7,394 775 5,734 13,903 7,870 1,174 5,136 14,180 Utilities 5,422 937 5,206 11,565 4,938 1,404 4,918 11,260 Retail lending 467,153 478 86,558 554,189 454,259 549 84,437 539,245 Other 5,556 595 2,157 8,308 5,098 633 2,489 8,220 Total Australia 616,243 322,499 164,832 1,103,574 602,218 317,380 160,474 1,080,072 New Zealand Accommodation, cafes and restaurants - - - - - - 1 1 Agriculture, forestry and fishing 6 16 4 26 4 44 4 52 Construction 2 1 34 37 4 7 35 46 Finance and insurance - 8,413 105 8,518 - 8,173 135 8,308 Government, administration and defence - 1,605 7 1,612 - 1,743 8 1,751 Manufacturing 67 80 64 211 70 114 51 235 Mining - 3 - 3 - 5 - 5 Property - 112 - 112 1 101 - 102 Property services and business services 10 39 16 65 7 81 16 104 Services - 22 1 23 - 46 - 46 Trade 298 30 159 487 263 74 157 494 Transport and storage 1 26 53 80 5 71 67 143 Utilities - 305 80 385 - 492 83 575 Retail lending - 1 - 1 - - 1 1 Other - 1 1 2 - 2 - 2 Total New Zealand 384 10,654 524 11,562 354 10,953 558 11,865 Other overseas Accommodation, cafes and restaurants 74 - 9 83 81 - 10 91 Agriculture, forestry and fishing 2 - 1 3 114 - 1 115 Construction 45 - 110 155 46 - 114 160 Finance and insurance 1,399 17,145 2,171 20,715 2,295 18,290 2,217 22,802 Government, administration and defence 1 2,464 - 2,465 20 3,882 18 3,920 Manufacturing 576 - 2,687 3,263 1,875 30 3,384 5,289 Mining 319 - 802 1,121 314 16 1,134 1,464 Property 180 - 11 191 209 - 10 219 Property services and business services 886 41 495 1,422 1,478 107 786 2,371 Services 19 - 754 773 196 - 695 891 Trade 1,016 1 1,761 2,778 1,415 2 1,754 3,171 Transport and storage 436 11 230 677 642 23 268 933 Utilities 390 - 53 443 894 2 511 1,407 Retail lending 324 - 28 352 359 - 31 390 Other 21 128 13 162 7 111 14 132 Total other overseas 5,688 19,790 9,125 34,603 9,945 22,463 10,947 43,355 Total gross credit risk 622,315 352,943 174,481 1,149,739 612,517 350,796 171,979 1,135,292
Schedule of credit quality of gross credit risk exposures	Credit quality disclosures 1 The following tables show the credit quality of gross credit risk exposures measured at amortised cost or at FVOCI to which the impairment requirements apply. The credit quality is determined by reference to the credit risk ratings system (refer to Note 21.2.1) and expectations of future economic conditions under multiple scenarios. Consolidated 2021 2020 $m Stage 1 Stage 2 Stage 3 Total 1 Stage 1 Stage 2 Stage 3 Total 1 Loans - housing Strong 398,043 21,165 - 419,208 382,892 6,629 - 389,521 Good/satisfactory 55,631 17,851 - 73,482 62,324 20,603 - 82,927 Weak 3,245 12,659 5,461 21,365 4,122 8,258 7,643 20,023 Total loans - housing 456,919 51,675 5,461 514,055 449,338 35,490 7,643 492,471 Loans - personal Strong 4,608 69 - 4,677 4,768 146 - 4,914 Good/satisfactory 8,780 1,327 - 10,107 10,607 1,515 - 12,122 Weak 310 539 286 1,135 404 631 381 1,416 Total loans - personal 13,698 1,935 286 15,919 15,779 2,292 381 18,452 Loans - business Strong 71,336 446 - 71,782 65,091 2,063 - 67,154 Good/satisfactory 93,457 10,674 - 104,131 94,046 16,091 - 110,137 Weak 175 4,562 3,749 8,486 180 7,200 3,067 10,447 Total loans - business 164,968 15,682 3,749 184,399 159,317 25,354 3,067 187,738 Debt securities Strong 82,536 - - 82,536 90,461 365 - 90,826 Good/satisfactory - 48 - 48 - - - - Weak - 559 - 559 - 587 - 587 Total debt securities 2 82,536 607 - 83,143 90,461 952 - 91,413 Assets held for sale Strong 206 - - 206 - - - - Good/satisfactory 786 56 - 842 - - - - Weak - - - - - - - - Total assets held for sale 992 56 - 1,048 - - - - All other financial assets Strong 81,563 - - 81,563 39,871 - - 39,871 Good/satisfactory 386 - - 386 470 - - 470 Weak 30 - - 30 40 - - 40 Total all other financial assets 81,979 - - 81,979 40,381 - - 40,381 Undrawn credit commitments Strong 153,712 1,546 - 155,258 149,778 2,384 - 152,162 Good/satisfactory 38,377 5,119 - 43,496 38,121 4,713 - 42,834 Weak 130 933 274 1,337 117 1,608 220 1,945 Total undrawn credit commitments 3 192,219 7,598 274 200,091 188,016 8,705 220 196,941 Total strong 792,004 23,226 - 815,230 732,861 11,587 - 744,448 Total good/satisfactory 197,417 35,075 - 232,492 205,568 42,922 - 248,490 Total weak 3,890 19,252 9,770 32,912 4,863 18,284 11,311 34,458 Total on and off-balance sheet 993,311 77,553 9,770 1,080,634 943,292 72,793 11,311 1,027,396 1. This credit quality disclosure differs to that of credit risk concentration as it relates only to financial assets measured at amortised cost or at FVOCI and therefore excludes trading securities and financial assets measured at FVIS, and derivative financial instruments. 2. Debt securities included $938 million (2020: $1,011 million) at amortised cost. $331 million (2020: $424 million) of these are classified as strong, $48 million (2020: nil ) were classified as good/satisfactory and $559 million (2020: $587 million) are classified as weak. 3. Includes credit commitments on held for sale assets of $828 million (2020: nil ). Note 21. Financial risk (continued) Details of collateral held in support of these balances are provided in Note 21.2.6. Parent Entity 2021 2020 $m Stage 1 Stage 2 Stage 3 Total 1 Stage 1 Stage 2 Stage 3 Total 1 Loans - housing Strong 352,163 19,540 - 371,703 345,662 5,805 - 351,467 Good/satisfactory 47,301 16,725 - 64,026 54,065 19,001 - 73,066 Weak 2,925 12,186 5,064 20,175 3,066 6,467 7,195 16,728 Total loans - housing 402,389 48,451 5,064 455,904 402,793 31,273 7,195 441,261 Loans - personal Strong 4,204 42 - 4,246 4,292 135 - 4,427 Good/satisfactory 8,386 1,178 - 9,564 10,071 1,376 - 11,447 Weak 231 400 258 889 294 449 329 1,072 Total loans - personal 12,821 1,620 258 14,699 14,657 1,960 329 16,946 Loans - business Strong 59,224 393 - 59,617 53,321 1,761 - 55,082 Good/satisfactory 77,251 7,798 - 85,049 77,330 13,275 - 90,605 Weak 142 3,496 3,408 7,046 135 5,899 2,589 8,623 Total loans - business 136,617 11,687 3,408 151,712 130,786 20,935 2,589 154,310 Debt securities Strong 77,741 - - 77,741 85,434 324 - 85,758 Good/satisfactory - 48 - 48 - - - - Weak - - - - - - - - Total debt securities 2 77,741 48 - 77,789 85,434 324 - 85,758 Assets held for sale Strong 180 - - 180 - - - - Good/satisfactory 786 56 - 842 - - - - Weak - - - - - - - - Total assets held for sale 966 56 - 1,022 - - - - All other financial assets Strong 235,953 - - 235,953 204,239 - - 204,239 Good/satisfactory 273 - - 273 354 - - 354 Weak 26 - - 26 31 - - 31 Total all other financial assets 236,252 - - 236,252 204,624 - - 204,624 Undrawn credit commitments Strong 133,404 1,327 - 134,731 130,494 2,111 - 132,605 Good/satisfactory 34,365 4,242 - 38,607 33,552 4,117 - 37,669 Weak 97 796 250 1,143 99 1,426 180 1,705 Total undrawn credit commitments 3 167,866 6,365 250 174,481 164,145 7,654 180 171,979 Total strong 862,869 21,302 - 884,171 823,442 10,136 - 833,578 Total good/satisfactory 168,362 30,047 - 198,409 175,372 37,769 - 213,141 Total weak 3,421 16,878 8,980 29,279 3,625 14,241 10,293 28,159 Total on and off-balance sheet 1,034,652 68,227 8,980 1,111,859 1,002,439 62,146 10,293 1,074,878 1. This credit quality disclosure differs to that of credit risk concentration as it relates only to financial assets measured at amortised cost or at FVOCI and therefore excludes trading securities and financial assets measured at FVIS, and derivative financial instruments. 2. Debt securities included $50 million (2020: $3 million) at amortised cost. $2 million (2020: $3 million) of these are classified as strong, $48 million (2020: nil ) were classified as good/satisfactory. 3. Includes $0.8 billion (2020: nil ) of undrawn credit commitments related to facilities classified as held for sale.
Summary of non-performing loans and credit commitments	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 considered 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 1 ; ● 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). The determination of the provisions for ECL is one of the Group’s critical accounting assumptions and estimates. Details of this and the Group’s accounting policy for the provision for ECL are discussed in Notes 6 and 13, along with the total provisions for ECL on loans and credit commitments and the total for those loans that are considered non-performing (i.e. Stage 3). The gross amount of impaired exposures, along with the provisions for ECL is summarised in the following table: Consolidated $m 2021 2020 Total impaired exposures Gross exposures: Australia 1,868 2,231 New Zealand 148 193 Other overseas 126 355 Total gross exposures 2,142 2,779 Provision: Australia (1,009) (900) New Zealand (85) (96) Other overseas (72) (156) Total provision (1,166) (1,152) Total net impaired exposures 2,3 976 1,627 1. The estimated net realisable value of security to which the Group has recourse is sufficient to cover all principal and interest. 2. Included restructured loans and credit commitments amounting to $ 18 million (2020: $16 million), with a related provision of $1 million (2020: $4 million). 3. Gross amount included $ nil million of loans in assets held for sale (2020: nil ), with undrawn credit commitments of $ nil million (2020: nil ). Provision includes $ nil million in assets held for sale (2020: nil ) and nil in liabilities held for sale (2020: nil ).
Summary of collateral held	Loans The Group analyses the coverage of the loan portfolio which is secured by the collateral that it holds. Coverage is measured as follows: Coverage Secured loan to collateral value ratio Fully secured Less than or equal to 100% Partially secured Greater than 100% but not more than 150% Unsecured Greater than 150%, or no security held (e.g. can include credit cards, personal loans, and exposure to highly rated corporate entities) Note 21. Financial risk (continued) The Group and the Parent Entity’s loan portfolio have the following coverage from collateral held: 2021 2020 Housing Personal Business Assets held Housing Personal Business % loans 1 loans loans for sale Total loans 1 loans loans Total Performing loans Consolidated Fully secured 100.0 9.9 66.2 5.9 89.2 100.0 8.0 62.8 87.6 Partially secured - 31.2 15.6 92.5 4.8 - 32.5 18.9 5.9 Unsecured - 58.9 18.2 1.6 6.0 - 59.5 18.3 6.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Parent Entity Fully secured 100.0 10.6 66.6 5.9 89.7 100.0 8.7 63.7 88.3 Partially secured - 33.5 14.8 92.5 4.5 - 34.6 17.7 5.4 Unsecured - 55.9 18.6 1.6 5.8 - 56.7 18.6 6.3 Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Non-performing loans Consolidated Fully secured 94.6 - 44.9 - 72.2 95.2 - 39.2 76.4 Partially secured 5.4 45.7 21.9 - 13.1 4.8 49.4 30.7 13.5 Unsecured - 54.3 33.2 - 14.7 - 50.6 30.1 10.1 Total 100.0 100.0 100.0 - 100.0 100.0 100.0 100.0 100.0 Parent Entity Fully secured 94.7 - 47.1 - 73.3 95.2 - 44.1 79.0 Partially secured 5.3 47.8 21.2 - 12.8 4.8 50.7 26.4 11.8 Unsecured - 52.2 31.7 - 13.9 - 49.3 29.5 9.2 Total 100.0 100.0 100.0 - 100.0 100.0 100.0 100.0 100.0 1. For the purpose of collateral classification, housing loans are classified as fully secured, unless they are non-performing in which case they may be classified as partially secured. Details of the carrying value and associated provision for ECL are disclosed in Notes 12 and 13 respectively. The credit quality of loans is disclosed in Note 21.2.4. Collateral held against financial assets other than loans Consolidated Parent Entity $m 2021 2020 2021 2020 Cash, primarily for derivatives 2,370 2,252 2,191 1,864 Securities under reverse repurchase agreements 2 2,916 20,501 2,744 20,501 Securities under derivatives and stock borrowing 2 9 32 9 32 Total other collateral held 5,295 22,785 4,944 22,397 2. Securities received as collateral are not recognised in the Group and Parent Entity’s balance sheet.
Summary of the Group's liquid asset holdings	Consolidated 2021 2020 $m Actual Average Actual Average Cash 70,381 42,862 29,099 28,157 Trading securities and financial assets measured at FVIS 6,940 10,436 29,364 14,789 Investment securities 83,032 90,248 91,097 82,678 Loans 1 66,610 65,558 71,616 66,512 Other financial assets 590 282 - 468 Total liquid assets 227,553 209,386 221,176 192,604 1. Loans are self-originated AAA rated mortgage backed securities which are eligible for repurchase with the RBA and Reserve Bank of New Zealand.
Summary of Group's funding composition	% 2021 2020 Customer deposits 65.0 65.0 Wholesale term funding with residual maturity greater than 12 months 15.6 15.7 Wholesale funding with a residual maturity less than 12 months 10.8 10.4 Securitisation 0.6 0.9 Equity 8.0 8.0 Group's total funding 100.0 100.0
Schedule of Parent Entity's credit ratings	As at 30 September 2021 the Parent Entity’s credit ratings were: 2021 Short-term Long-term Outlook Fitch Ratings F1 A+ Stable Moody’s Investors Service P-1 Aa3 Stable S&P Global Ratings A-1+ AA- Stable
Summary of financial assets pledged as collateral	Consolidated Parent Entity $m 2021 2020 2021 2020 Cash 4,229 4,762 4,052 4,625 Cash deposit on stock borrowed 3 16 3 16 Securities (including certificates of deposit) 1,800 1,693 1,800 1,693 Securities pledged under repurchase agreements 52,213 36,727 49,262 36,727 Total amount pledged to secure liabilities 58,245 43,198 55,117 43,061
Schedule of contractual maturities of financial liabilities	Consolidated Up to Over 1 month Over 3 months Over 1 year Over $m 1 month to 3 months to 1 year to 5 years 5 years Total 2021 Financial liabilities Collateral received 2,368 - - - - 2,368 Deposits and other borrowings 482,084 58,731 80,350 6,369 67 627,601 Other financial liabilities 14,621 1,243 1,803 31,870 - 49,537 Derivative financial instruments: Held for trading 17,526 - - - - 17,526 Held for hedging purposes (net settled) 24 23 119 128 14 308 Held for hedging purposes (gross settled): Cash outflow 2,933 88 1,361 2,572 2,669 9,623 Cash inflow (2,874) (76) (1,201) (2,148) (2,577) (8,876) Debt issues 2,370 3,661 38,821 65,465 25,828 136,145 Liabilities held for sale 28 - - - - 28 Total financial liabilities excluding loan capital 519,080 63,670 121,253 104,256 26,001 834,260 Loan capital 6 105 1,034 6,517 30,623 38,285 Total undiscounted financial liabilities 519,086 63,775 122,287 110,773 56,624 872,545 Total contingent liabilities and commitments Letters of credit and guarantees 11,323 - - - - 11,323 Commitments to extend credit 188,768 - - - - 188,768 Total undiscounted contingent liabilities and commitments 200,091 - - - - 200,091 2020 Financial liabilities Collateral received 2,251 - - - - 2,251 Deposits and other borrowings 432,005 67,944 86,421 10,408 63 596,841 Other financial liabilities 20,275 1,129 94 18,065 - 39,563 Derivative financial instruments: Held for trading 22,216 - - - - 22,216 Held for hedging purposes (net settled) 29 43 179 379 22 652 Held for hedging purposes (gross settled): Cash outflow 204 5,645 1,785 1,704 - 9,338 Cash inflow (200) (5,595) (1,709) (1,651) - (9,155) Debt issues 6,920 11,264 32,715 79,797 25,623 156,319 Total financial liabilities excluding loan capital 483,700 80,430 119,485 108,702 25,708 818,025 Loan capital 1 68 387 6,665 21,410 28,531 Total undiscounted financial liabilities 483,701 80,498 119,872 115,367 47,118 846,556 Total contingent liabilities and commitments Letters of credit and guarantees 12,610 - - - - 12,610 Commitments to extend credit 184,064 - - - - 184,064 Other commitments 267 - - - - 267 Total undiscounted contingent liabilities and commitments 196,941 - - - - 196,941 Note 21. Financial risk (continued) Parent Entity Up to Over 1 month Over 3 months Over 1 year Over $m 1 month to 3 months to 1 year to 5 years 5 years Total 2021 Financial liabilities Collateral received 2,189 - - - - 2,189 Deposits and other borrowings 430,949 48,187 66,438 4,966 67 550,607 Other financial liabilities 13,689 1,243 1,712 29,961 - 46,605 Derivative financial instruments: Held for trading 17,597 - - - - 17,597 Held for hedging purposes (net settled) 17 17 106 104 14 258 Held for hedging purposes (gross settled): Cash outflow 105 67 11 577 - 760 Cash inflow (103) (65) (3) (520) - (691) Debt issues 1,543 2,593 32,270 55,824 22,900 115,130 Due to subsidiaries 23,412 964 3,702 15,347 157,506 200,931 Liabilities held for sale 3 - - - - 3 Total financial liabilities excluding loan capital 489,401 53,006 104,236 106,259 180,487 933,389 Loan capital 6 105 1,034 6,517 30,623 38,285 Total undiscounted financial liabilities 489,407 53,111 105,270 112,776 211,110 971,674 Total contingent liabilities and commitments Letters of credit and guarantees 10,796 - - - - 10,796 Commitments to extend credit 163,685 - - - - 163,685 Total undiscounted contingent liabilities and commitments 174,481 - - - - 174,481 2020 Financial liabilities Collateral received 1,863 - - - - 1,863 Deposits and other borrowings 389,498 57,543 71,368 8,466 63 526,938 Other financial liabilities 19,704 1,129 94 18,065 - 38,992 Derivative financial instruments: Held for trading 22,268 - - - - 22,268 Held for hedging purposes (net settled) 21 28 137 277 22 485 Held for hedging purposes (gross settled): Cash outflow 7 2,110 9 455 - 2,581 Cash inflow (7) (2,088) (21) (437) - (2,553) Debt issues 6,596 10,915 24,980 66,305 24,370 133,166 Due to subsidiaries 18,610 934 4,390 18,529 171,240 213,703 Total financial liabilities excluding loan capital 458,560 70,571 100,957 111,660 195,695 937,443 Loan capital 1 68 387 6,665 21,410 28,531 Total undiscounted financial liabilities 458,561 70,639 101,344 118,325 217,105 965,974 Total contingent liabilities and commitments Letters of credit and guarantees 12,069 - - - - 12,069 Commitments to extend credit 159,644 - - - - 159,644 Other commitments 266 - - - - 266 Total undiscounted contingent liabilities and commitments 171,979 - - - - 171,979
Schedule of expected maturities of financial assets and financial liabilities	2021 2020 Consolidated Due within Greater than Due within Greater than $m 12 months 12 months Total 12 months 12 months Total Assets Cash and balances with central banks 71,353 - 71,353 30,129 - 30,129 Collateral paid 4,232 - 4,232 4,778 - 4,778 Trading securities and financial assets measured at FVIS 14,010 7,091 21,101 32,591 8,076 40,667 Derivative financial instruments 9,955 9,398 19,353 13,583 9,784 23,367 Investment securities 8,064 75,353 83,417 6,824 84,715 91,539 Loans (net of provisions) 84,187 625,597 709,784 90,856 602,203 693,059 Other financial assets 6,394 - 6,394 5,474 - 5,474 Life insurance assets - - - 3,450 143 3,593 Investment in associates - 58 58 - 61 61 Assets held for sale 4,188 - 4,188 - - - All other assets 1,367 14,630 15,997 1,400 17,879 19,279 Total assets 203,750 732,127 935,877 189,085 722,861 911,946 Liabilities Collateral received 2,368 - 2,368 2,250 - 2,250 Deposits and other borrowings 622,505 4,450 626,955 584,037 7,094 591,131 Other financial liabilities 18,610 31,699 50,309 22,861 18,064 40,925 Derivative financial instruments 9,990 8,069 18,059 13,157 9,897 23,054 Debt issues 43,356 85,423 128,779 49,070 101,255 150,325 Life insurance liabilities - - - 1,809 (413) 1,396 Liabilities held for sale 837 - 837 - - - All other liabilities 3,502 3,909 7,411 5,395 5,447 10,842 Total liabilities excluding loan capital 701,168 133,550 834,718 678,579 141,344 819,923 Loan capital 3,070 25,997 29,067 1,323 22,626 23,949 Total liabilities 704,238 159,547 863,785 679,902 163,970 843,872 Net assets/(liabilities) (500,488) 572,580 72,092 (490,817) 558,891 68,074 Note 21. Financial risk (continued) 2021 2020 Parent Entity Due within Greater than Due within Greater than $m 12 months 12 months Total 12 months 12 months Total Assets Cash and balances with central banks 62,754 - 62,754 25,436 - 25,436 Collateral paid 4,055 - 4,055 4,641 - 4,641 Trading securities and financial assets measured at FVIS 11,853 6,926 18,779 30,550 7,480 38,030 Derivative financial instruments 9,545 9,582 19,127 13,349 9,445 22,794 Investment securities 6,677 71,186 77,863 5,120 80,706 85,826 Loans (net of provisions) 63,725 554,688 618,413 70,453 537,371 607,824 Other financial assets 5,486 - 5,486 4,745 - 4,745 Due from subsidiaries 10,628 164,718 175,346 10,420 170,559 180,979 Investment in subsidiaries - 6,287 6,287 - 6,475 6,475 Investment in associates - 34 34 - 57 57 Assets held for sale 1,015 - 1,015 - - - All other assets 596 12,934 13,530 796 15,199 15,995 Total assets 176,334 826,355 1,002,689 165,510 827,292 992,802 Liabilities Collateral received 2,189 - 2,189 1,862 - 1,862 Deposits and other borrowings 547,101 3,086 550,187 516,391 5,222 521,613 Other financial liabilities 17,473 29,790 47,263 22,092 18,064 40,156 Derivative financial instruments 9,804 8,085 17,889 12,805 9,974 22,779 Debt issues 35,084 73,126 108,210 40,886 86,780 127,666 Due to subsidiaries 25,053 153,763 178,816 20,551 165,712 186,263 Liabilities held for sale 10 - 10 - - - All other liabilities 2,897 3,362 6,259 3,770 4,996 8,766 Total liabilities excluding loan capital 639,611 271,212 910,823 618,357 290,748 909,105 Loan capital 3,070 25,997 29,067 1,323 22,626 23,949 Total liabilities 642,681 297,209 939,890 619,680 313,374 933,054 Net assets/(liabilities) (466,347) 529,146 62,799 (454,170) 513,918 59,748
Summary of key parameters of VaR	Holding period 1 day Confidence level 99% Period of historical data used 1 year
Summary of aggregate VaR, by risk type as it relates to traded market risk	Consolidated and Parent Entity 2021 2020 2019 $m High Low Average High Low Average High Low Average Interest rate risk 28.7 5.1 12.9 25.5 7.0 14.6 14.9 6.6 10.9 FX risk 8.7 0.6 2.0 11.7 0.5 4.0 8.6 0.8 4.1 Equity risk 3.2 0.0 0.2 0.7 0.0 0.2 0.2 0.0 0.0 Commodity risk 1 7.9 0.4 1.2 3.4 0.6 1.9 42.0 1.7 8.2 Other market risks 2 23.8 1.6 10.3 32.9 2.4 14.6 5.5 2.0 3.5 Diversification effect n/a n/a (8.7) n/a n/a (14.9) n/a n/a (12.3) Net market risk 41.5 5.9 17.9 42.0 7.1 20.4 45.3 7.9 14.4 1. Includes electricity risk. Closure of the electricity business was completed in FY20. 2. Includes prepayment risk and credit spread risk (exposure to movements in generic credit rating bands).
Summary of net interest income-at-risk (NaR) as it relates to non-traded market risk	The following table depicts potential NII outcomes assuming a worst case 100 basis point rate shock (up and down) with a 12 month time horizon (expressed as a percentage of reported NII): 2021 2020 Maximum Minimum Average Maximum Minimum Average % (increase)/decrease in NII As at exposure exposure exposure As at exposure exposure exposure Consolidated 3.35 3.35 (0.12) 1.04 (0.27) 3.09 (1.22) (0.25) Parent Entity 2.86 2.86 (0.30) 0.51 (0.38) 2.35 (0.89) (0.10)
Summary of VaR for IRRBB as it relates to non-traded market risk	2021 2020 $m As at High Low Average As at High Low Average Consolidated 63.7 224.3 59.7 127.8 202.4 219.7 31.0 126.7
Schedule of financial instruments impacted by IBOR reform and yet to transition to ARR	Derivatives The following table summarises the Group’s derivative financial instrument exposures currently maturing after the relevant IBOR transition dates noted above that are yet to transition to ARR. While these exposures reference benchmark rates impacted by the IBOR reform as at 30 September 2021, almost all have bilateral adherence from our counterparties to the fallback clauses issued by the International Swaps and Derivatives Association (ISDA) in the ISDA 2020 IBOR Fallbacks Protocol which provides a standardised process to identify the appropriate ARR at the relevant benchmark transition date. 2021 2020 3 Trading Hedging Hedging Asset Liability Asset Liability Benchmark (Carrying (Carrying (Carrying (Carrying Notional Notional $m amount) amount) amount) amount) amount amount Consolidated and Parent Entity USD LIBOR 1 6,696 4,907 1,219 221 36,004 31,507 GBP LIBOR 315 527 37 - 2,099 2,031 Other 212 111 37 - 2,823 2,962 Total impacted by IBOR reform post transition date 2 7,223 5,545 1,293 221 40,926 36,500 For hedging derivatives, the extent of the risk exposure also reflects the notional amounts of related hedging instruments. Non-derivatives The following tables summarise the Group's non-derivative financial instrument exposures currently maturing after the relevant IBOR transition dates noted above that are yet to transition to ARR. The Group is engaging with its customers and counterparties to transition or include appropriate fallback provisions. Due to the nature of these contracts, these fallback provisions will be determined bilaterally with the customer or counterparty rather than the standardised basis provided by the ISDA protocols applicable to our derivative contracts. 2021 Non-derivative exposures Benchmark Financial assets Financial liabilities Undrawn credit commitments 4 $m (Carrying amount) (Carrying amount) (Notional contractual amount) Consolidated USD LIBOR 1 3,083 1,399 366 GBP LIBOR 267 - 182 Other 33 - 5 Total impacted by IBOR reform post transition date 3,383 1,399 553 Parent Entity USD LIBOR 1 2,846 1,344 364 GBP LIBOR 254 - 181 Other 15 - 4 Total impacted by IBOR reform post transition date 3,115 1,344 549 1. The Group’s primary exposure to USD LIBOR is to settings with a transition date of 30 June 2023. The Group has no material exposures to USD LIBOR that have a 31 December 2021 transition date (i.e. 1-week and 2-month settings). 2. Included in the table above are cross currency swaps with a total carrying amount of $321 million derivative assets and $325 million derivative liabilities for Consolidated and Parent Entity that have exposure to IBOR reform on both the currencies referenced in the swap arrangement. The carrying amount has been included in the table based on the currency of the receive leg of the swap and is primarily comprised of USD/GBP LIBOR swaps with a carrying amount of $240 million derivative assets and $282 million derivative liabilities for Consolidated and Parent Entity. Other currency pairs have a carrying value of $81 million derivative assets and $43 million derivative liabilities for Consolidated and Parent Entity. 3. The notional balances for 30 September 2020 have been restated to reflect the change in cessation date of certain USD LIBOR settings from 31 December 2021 to 30 June 2023. 4. Where a multi-currency facility has been partially drawn down and references a benchmark rate impacted by the IBOR reform, the undrawn balance has been included in the table above for undrawn credit commitments impacted by IBOR reform based on the currency of the drawn portion. These balances do not include balances for multi-currency facilities which are yet to be drawn down and where it is not known whether a customer will choose to drawn down funds linked to an IBOR benchmark.

Fair values of financial asse_2

Fair values of financial assets and financial liabilities (Tables)	12 Months Ended
	Sep. 30, 2021
Fair values of financial assets and financial liabilities
Summary of the attribution of financial instruments measured at fair value to the fair value hierarchy	2021 2020 $m Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Consolidated Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 6,221 14,875 5 21,101 8,059 32,387 221 40,667 Derivative financial instruments 22 19,305 26 19,353 10 23,353 4 23,367 Investment securities 19,282 62,923 277 82,482 18,032 72,370 153 90,555 Loans - 74 36 110 - 540 21 561 Life insurance assets - - - - 617 2,976 - 3,593 Assets held for sale 1,309 1,663 - 2,972 - - - - Total financial assets measured at fair value on a recurring basis 26,834 98,840 344 126,018 26,718 131,626 399 158,743 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings 1 - 46,665 - 46,665 - 35,764 - 35,764 Other financial liabilities 2 1,478 4,968 - 6,446 420 4,229 - 4,649 Derivative financial instruments 35 17,992 32 18,059 10 23,031 13 23,054 Debt issues 3 - 5,514 - 5,514 - 5,333 - 5,333 Life insurance liabilities - - - - - 1,396 - 1,396 Liabilities held for sale - 447 - 447 - - - - Total financial liabilities measured at fair value on a recurring basis 1,513 75,586 32 77,131 430 69,753 13 70,196 Parent Entity Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,542 13,233 4 18,779 7,074 30,763 193 38,030 Derivative financial instruments 22 19,081 24 19,127 10 22,781 3 22,794 Investment securities 17,228 60,511 75 77,814 15,714 70,040 69 85,823 Loans - 74 17 91 - 540 21 561 Due from subsidiaries - 1,163 - 1,163 - 663 - 663 Total financial assets measured at fair value on a recurring basis 22,792 94,062 120 116,974 22,798 124,787 286 147,871 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings 1 - 43,372 - 43,372 - 32,991 - 32,991 Other financial liabilities 2 1,478 4,415 - 5,893 420 4,229 - 4,649 Derivative financial instruments 35 17,822 32 17,889 10 22,756 13 22,779 Debt issues 3 - 2,664 - 2,664 - 2,986 - 2,986 Due to subsidiaries - 867 - 867 - 239 - 239 Total financial liabilities measured at fair value on a recurring basis 1,513 69,140 32 70,685 430 63,201 13 63,644 1. The contractual outstanding amount payable at maturity was $ 46,661 million (2020: $35,764 million) for the Group and $ 43,367 million (2020: $32,990 million) for the Parent Entity. 2. The contractual outstanding amount payable at maturity for the Group is $ 6,446 million (2020: $4,649 million) and $5,893 million for the Parent Entity (2020: $4,649 million). 3. The contractual outstanding amount payable at maturity was $5,357 million (2020: $5,062 million) for the Group and $2,507 million (2020: $2,714 million) for the Parent Entity. The cumulative change in the fair value of debt issues attributable to changes in Westpac’s own credit risk was $14 million increase Parent
Summary of the changes in financial instruments measured at fair value derived from non-market observable valuation techniques (Level 3)	Trading securities and financial assets Total Total measured Investment Level 3 Level 3 $m as FVIS securities Other 1 assets Derivatives liabilities Consolidated Balance as at 30 September 2019 220 134 45 399 29 29 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements (2) - (2) (4) (4) (4) OCI - (15) - (15) - - Acquisitions and issues 26 40 12 78 7 7 Disposals and settlements (23) (6) (30) (59) (19) (19) Transfer into or out of non-market observables - - - - - - Foreign currency translation impacts - - - - - - Balance as at 30 September 2020 221 153 25 399 13 13 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements 548 - 20 568 16 16 OCI - 50 - 50 - - Acquisitions and issues 2 257 10 269 8 8 Disposals and settlements (665) (7) (15) (687) (4) (4) Transfer into or out of non-market observables (101) (176) 22 (255) (1) (1) Foreign currency translation impacts - - - - - - Balance as at 30 September 2021 5 277 62 344 32 32 Unrealised gains/(losses) recognised in the income statements for financial instruments held as at: 30 September 2020 (4) - 3 (1) (3) (3) 30 September 2021 3 - 25 28 (24) (24) Parent Entity Balance as at 30 September 2019 193 66 44 303 28 28 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements (2) - (2) (4) (4) (4) OCI - - - - - - Acquisitions and issues 26 3 12 41 7 7 Disposals and settlements (24) - (30) (54) (18) (18) Transfer into or out of non-market observables - - - - - - Foreign currency translation impacts - - - - - - Balance as at 30 September 2020 193 69 24 286 13 13 Gains/(losses) on assets/(gains)/losses on liabilities recognised in: Income statements 3 - 20 23 16 16 OCI - (2) - (2) - - Acquisitions and issues 1 183 8 192 8 8 Disposals and settlements (193) - (10) (203) (4) (4) Transfer into or out of non-market observables - (175) (1) (176) (1) (1) Foreign currency translation impacts - - - - - - Balance as at 30 September 2021 4 75 41 120 32 32 Unrealised gains/(losses) recognised in the income statements for financial instruments held as at: 30 September 2020 (4) - 3 (1) (3) (3) 30 September 2021 3 - 25 28 (24) (24) 1. Other is comprised of derivative financial assets and certain loans.
Schedule of estimated fair value and fair value hierarchy of financial instruments not measured at fair value	Estimated fair value Consolidated Carrying $m amount Level 1 Level 2 Level 3 Total 2021 Financial assets not measured at fair value Cash and balances with central banks 71,353 71,353 - - 71,353 Collateral paid 4,232 4,232 - - 4,232 Investment securities 935 - 331 604 935 Loans 709,674 - - 710,284 710,284 Other financial assets 6,394 - 6,394 - 6,394 Assets held for sale 1,041 7 19 1,015 1,041 Total financial assets not measured at fair value 793,629 75,592 6,744 711,903 794,239 Financial liabilities not measured at fair value Collateral received 2,368 2,368 - - 2,368 Deposits and other borrowings 580,290 - 576,293 3,819 580,112 Other financial liabilities 43,863 - 43,863 - 43,863 Debt issues 1 123,265 - 123,826 743 124,569 Loan capital 1 29,067 - 30,147 - 30,147 Liabilities held for sale 28 - 28 - 28 Total financial liabilities not measured at fair value 778,881 2,368 774,157 4,562 781,087 2020 Financial assets not measured at fair value Cash and balances with central banks 30,129 30,129 - - 30,129 Collateral paid 4,778 4,778 - - 4,778 Investment securities 984 - 424 560 984 Loans 692,498 - - 694,264 694,264 Other financial assets 5,474 - 5,474 - 5,474 Total financial assets not measured at fair value 733,863 34,907 5,898 694,824 735,629 Financial liabilities not measured at fair value Collateral received 2,250 2,250 - - 2,250 Deposits and other borrowings 555,367 - 552,192 3,429 555,621 Other financial liabilities 36,276 - 36,276 - 36,276 Debt issues 1 144,992 - 144,660 1,742 146,402 Loan capital 1 23,949 - 23,934 - 23,934 Total financial liabilities not measured at fair value 762,834 2,250 757,062 5,171 764,483 1. Note 22. Fair values of financial assets and financial liabilities (continued) Estimated fair value Parent Entity Carrying $m amount Level 1 Level 2 Level 3 Total 2021 Financial assets not measured at fair value Cash and balances with central banks 62,754 62,754 - - 62,754 Collateral paid 4,055 4,055 - - 4,055 Investment securities 49 - 2 47 49 Loans 618,322 - - 619,061 619,061 Due from subsidiaries 1 162,794 - 123,164 34,525 157,689 Other financial assets 5,486 - 5,486 - 5,486 Assets held for sale 1,015 - - 1,015 1,015 Total financial assets not measured at fair value 854,475 66,809 128,652 654,648 850,109 Financial liabilities not measured at fair value Collateral received 2,189 2,189 - - 2,189 Deposits and other borrowings 506,815 - 505,367 1,241 506,608 Other financial liabilities 41,370 - 41,370 - 41,370 Debt issues 2 105,546 - 106,713 - 106,713 Due to subsidiaries 177,949 - 7,569 170,380 177,949 Loan capital 2 29,067 - 30,147 - 30,147 Liabilities held for sale 3 - 3 - 3 Total financial liabilities not measured at fair value 862,939 2,189 691,169 171,621 864,979 2020 Financial assets not measured at fair value Cash and balances with central banks 25,436 25,436 - - 25,436 Collateral paid 4,641 4,641 - - 4,641 Investment securities 3 - 3 - 3 Loans 607,263 - - 608,602 608,602 Due from subsidiaries 1 169,139 - 126,623 43,669 170,292 Other financial assets 4,745 - 4,745 - 4,745 Total financial assets not measured at fair value 811,227 30,077 131,371 652,271 813,719 Financial liabilities not measured at fair value Collateral received 1,862 1,862 - - 1,862 Deposits and other borrowings 488,622 - 487,452 1,292 488,744 Other financial liabilities 35,507 - 35,507 - 35,507 Debt issues 2 124,680 - 125,896 - 125,896 Due to subsidiaries 186,024 - 6,805 179,219 186,024 Loan capital 2 23,949 - 23,934 - 23,934 Total financial liabilities not measured at fair value 860,644 1,862 679,594 180,511 861,967 1. Due from subsidiaries excluded $ 11,389 million (2020: $ 11,177 million) of long-term debt instruments with equity-like characteristics which are part of the total investment in subsidiaries. 2. The estimated fair values of debt issues and loan capital include the impact of changes in Westpac's credit spreads since origination.

Offsetting financial assets a_2

Offsetting financial assets and financial liabilities (Tables)	12 Months Ended
	Sep. 30, 2021
Offsetting financial assets and financial liabilities
Schedule of offsetting financial assets and financial liabilities	Amounts subject to enforceable netting arrangements Effects of offsetting Amounts subject to enforceable in the balance sheet netting arrangements but not offset Net amounts Other reported in recognised Financial Consolidated Gross Amounts the balance financial Cash instrument Net $m amounts offset sheet instruments collateral 1,2 collateral amount 2021 Assets Collateral paid 3 4,806 (4,787) 19 - - (3) 16 Derivative financial instruments 4 45,409 (28,340) 17,069 (11,326) (2,357) (6) 3,380 Reverse repurchase agreements 5 2,937 - 2,937 - (13) (2,916) 8 Loans 6 29,827 (29,772) 55 - - - 55 Total assets 82,979 (62,899) 20,080 (11,326) (2,370) (2,925) 3,459 Liabilities Collateral received 2,763 (2,757) 6 - - - 6 Derivative financial instruments 4 46,742 (30,370) 16,372 (11,328) (3,895) (1,149) - Repurchase agreements 7 35,899 - 35,899 - (15) (35,884) - Deposits and other borrowings 6 51,236 (29,772) 21,464 - - - 21,464 Total liabilities 136,640 (62,899) 73,741 (11,328) (3,910) (37,033) 21,470 2020 Assets Collateral paid 3 10,068 (10,032) 36 - - (16) 20 Derivative financial instruments 4 61,171 (39,968) 21,203 (14,719) (2,247) (16) 4,221 Reverse repurchase agreements 5 20,401 - 20,401 - (5) (20,396) - Loans 6 23,301 (23,266) 35 - - - 35 Total assets 114,941 (73,266) 41,675 (14,719) (2,252) (20,428) 4,276 Liabilities Collateral received 5,516 (5,501) 15 - - - 15 Derivative financial instruments 4 66,144 (44,499) 21,645 (14,719) (4,426) (1,693) 807 Repurchase agreements 7 27,763 - 27,763 - (98) (27,665) - Deposits and other borrowings 6 43,999 (23,266) 20,733 - - - 20,733 Total liabilities 143,422 (73,266) 70,156 (14,719) (4,524) (29,358) 21,555 1. $ 2,368 million (2020: $2,250 million) of cash collateral on derivative financial assets and reverse repurchase agreements collateral received in the balance sheet. The remainder is included in term deposits recognised in deposits and other borrowings within Note 16. 2. $ 3,910 million (2020: $4,524 million) of cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and repurchase agreements, forms part of collateral paid as disclosed in the balance sheet. The remainder of collateral paid, as disclosed in the balance sheet, consists of $ 3 million (2020: $16 million) in stock borrowing arrangements and $ 319 million (2020: $238 million) in futures margin that does not form part of this column. 3. Gross amounts consist of variation margin held directly with central clearing counterparties and stock borrowing arrangements. Where variation margin is receivable it is reported as part of collateral paid. Where variation margin is payable it is reported as part of collateral received. Amounts offset relate to variation margin. 4. $ 2,284 million (2020: $2,164 million) of derivative financial assets and $ 1,687 million (2020: $1,409 million) of derivative financial liabilities are not subject to enforceable netting arrangements. 5. Reverse repurchase agreements form part of trading securities and financial assets measured at FVIS in Note 10. 6. Gross amounts consist of debt and interest set-off accounts which meet the requirements for offsetting as described above. These accounts form part of business loans in Note 12 and part of deposits and other borrowings at amortised cost in Note 16. 7. Repurchase agreements form part of other financial liabilities in Note 17. Note 23. Offsetting financial assets and financial liabilities (continued) Amounts subject to enforceable netting arrangements Effects of offsetting Amounts subject to enforceable in the balance sheet netting arrangements but not offset Net amounts Other reported in recognised Financial Parent Entity Gross Amounts the balance financial Cash instrument Net $m amounts offset sheet instruments collateral 1,2 collateral amount 2021 Assets Collateral paid 3 4,806 (4,787) 19 - - (3) 16 Derivative financial instruments 4 45,198 (28,340) 16,858 (11,294) (2,178) (6) 3,380 Reverse repurchase agreements 5 2,763 - 2,763 - (13) (2,744) 6 Loans 6 29,827 (29,772) 55 - - - 55 Total assets 82,594 (62,899) 19,695 (11,294) (2,191) (2,753) 3,457 Liabilities Collateral received 2,763 (2,757) 6 - - - 6 Derivative financial instruments 4 46,572 (30,370) 16,202 (11,294) (3,718) (1,190) - Repurchase agreements 7 33,346 - 33,346 - (15) (33,331) - Deposits and other borrowings 6 51,236 (29,772) 21,464 - - - 21,464 Total liabilities 133,917 (62,899) 71,018 (11,294) (3,733) (34,521) 21,470 2020 Assets Collateral paid 3 10,068 (10,032) 36 - - (16) 20 Derivative financial instruments 4 60,616 (39,968) 20,648 (14,586) (1,859) (16) 4,187 Reverse repurchase agreements 5 20,401 - 20,401 - (5) (20,396) - Loans 6 23,301 (23,266) 35 - - - 35 Total assets 114,386 (73,266) 41,120 (14,586) (1,864) (20,428) 4,242 Liabilities Collateral received 5,516 (5,501) 15 - - - 15 Derivative financial instruments 4 65,874 (44,499) 21,375 (14,586) (4,289) (1,693) 807 Repurchase agreements 7 27,763 - 27,763 - (98) (27,665) - Deposits and other borrowings 6 43,999 (23,266) 20,733 - - - 20,733 Total liabilities 143,152 (73,266) 69,886 (14,586) (4,387) (29,358) 21,555 1. $ 2,189 million (2020: $1,862 million) of cash collateral on derivative financial assets and reverse repurchase agreements, is disclosed as collateral received in the balance sheet. The remainder is included in term deposits recognised in deposits and other borrowings within Note 16. 2. $ 3,733 million (2020: $4,387 million) of cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and repurchase agreements, forms part of collateral paid as disclosed in the balance sheet. The remainder of collateral paid, as disclosed in the balance sheet, consists of $ 3 million (2020: $16 million) in stock borrowing arrangements and $ 319 million (2020: $238 million) on futures margin that does not form part of this column. 3. Gross amounts consist of variation margin held directly with central clearing counterparties and stock borrowing arrangements. Where variation margin is receivable it is reported as part of collateral paid. Where variation margin is payable it is reported as part of collateral received. Amounts offset relate to variation margin. 4. $ 2,269 million (2020: $2,146 million) of derivative financial assets and $ 1,687 million (2020: $1,404 million) of derivative financial liabilities are not subject to enforceable netting arrangements. 5. Reverse repurchase agreements form part of trading securities and financial assets measured at FVIS in Note 10. 6. Gross amounts consist of debt and interest set-off accounts which meet the requirements for offsetting as described above. These accounts form part of business loans in Note 12 and part of deposits and other borrowings at amortised cost in Note 16. 7. Repurchase agreements form part of other financial liabilities in Note 17.

Securitisation, covered bonds_2

Securitisation, covered bonds and other transferred assets (Tables)	12 Months Ended
	Sep. 30, 2021
Securitisation, covered bonds and other transferred assets
Schedule of assets transferred and the associated liabilities	For those liabilities that only have recourse to the transferred assets: Carrying Carrying Fair Fair amount of amount of value of value of Net fair transferred associated transferred associated value $m assets liabilities assets liabilities position Consolidated 2021 Securitisation 1 5,016 5,000 5,035 5,044 (9) Covered bonds 2 35,287 31,374 n/a n/a n/a Repurchase agreements 52,213 35,899 n/a n/a n/a Total 92,516 72,273 5,035 5,044 (9) 2020 Securitisation 1 8,029 8,000 8,072 7,994 78 Covered bonds 2 43,654 36,051 n/a n/a n/a Repurchase agreements 36,727 27,763 n/a n/a n/a Total 88,410 71,814 8,072 7,994 78 Parent Entity 2021 Securitisation 1 142,724 142,172 142,891 148,574 (5,683) Covered bonds 2 28,109 27,234 n/a n/a n/a Repurchase agreements 49,262 33,346 n/a n/a n/a Total 220,095 202,752 142,891 148,574 (5,683) 2020 Securitisation 1 141,660 141,000 141,991 138,870 3,121 Covered bonds 2 36,689 31,926 n/a n/a n/a Repurchase agreements 36,727 27,763 n/a n/a n/a Total 215,076 200,689 141,991 138,870 3,121 1. The carrying amount of assets securitised exceeds the amount of notes issued primarily because the carrying amount includes both principal and income received from the transferred assets. 2. The difference between the carrying values of covered bonds and the assets pledged reflects the over-collateralisation required to maintain the ratings of the covered bonds and also additional assets to allow immediate issuance of additional covered bonds if required. These additional assets can be repurchased by Westpac at its discretion, subject to the conditions set out in the transaction documents.

Intangible assets (Tables)

Intangible assets (Tables)	12 Months Ended
Intangible assets (Tables)	Sep. 30, 2021
Intangible assets
Schedule of goodwill and intangible assets	Consolidated Parent Entity $m 2021 2020 2021 2020 Goodwill Balance as at beginning of year 8,397 8,895 6,728 6,844 Disposals (refer to Note 36) (243) - - - Impairment (571) (498) (487) (116) Other adjustments 16 - - - Balance as at end of year 7,599 8,397 6,241 6,728 Computer software Balance as at beginning of year 2,430 2,365 2,266 2,207 Additions 740 1,035 638 955 Impairment 1 (485) (171) (475) (165) Amortisation (755) (799) (696) (731) Other adjustments 2 (90) - (80) - Balance as at end of year 1,840 2,430 1,653 2,266 Cost 7,770 7,370 6,681 6,372 Accumulated amortisation and impairment (5,930) (4,940) (5,028) (4,106) Carrying amount 1,840 2,430 1,653 2,266 Brand names 670 670 636 636 Total intangible assets 10,109 11,497 8,530 9,630 Goodwill has been allocated to the following CGUs 3 : Consumer 3,359 3,359 3,144 3,144 Business 3,205 3,205 3,022 3,022 Westpac Institutional Bank - 487 - 487 New Zealand 504 488 - - Specialist Businesses 531 858 75 75 Total goodwill 7,599 8,397 6,241 6,728 In addition, brand names of $670 million for the Group have been allocated as $382 million to Consumer, $286 million to Business and $2 million to Specialist Businesses as at 30 September 2021 and 30 September 2020. Brand names of $636 million for the Parent Entity have been allocated as $350 million to Consumer and $286 million to Business as at 30 September 2021 and 30 September 2020. 1. Includes impairment of $380 million for the Group and Parent Entity from the WIB CGU ($ 344 million as a result of the annual impairment test). 2. Includes the impact of a change in accounting policy in 2021 with respect to the treatment of configuring or customising SaaS arrangements amounting to $94 million for the Group and $80 million for the Parent Entity (refer to Note 1). 3. The Specialist Businesses segment comprises individual CGUs (Superannuation, Platforms, Investments) to which goodwill has been allocated. The carrying amount of goodwill allocated to these individual CGUs is not significant compared to total Group goodwill.
Summary of significant assumptions used in goodwill impairment testing	Discount rate Cash flows Post-tax rate/ Pre-tax rate Forecast period/ terminal growth rate 2021 2020 2021 2020 Westpac Institutional Bank 10.4% / 13.8% 11.0% / 14.4% 5 years / 1.8% 5 years / 2% New Zealand 9% / 12.2% 11.0% / 14.5% 3 years / 2% 3 years / 2% All other significant CGUs 9% / 12.5% 11.0% / 15 - 15.2% 3 years / 2% 3 years / 2%

Provisions, contingent liabil_2

Provisions, contingent liabilities, contingent assets and credit commitments (Tables)	12 Months Ended
	Sep. 30, 2021
Provisions, contingent liabilities, contingent assets and credit commitments
Schedule of changes in provisions	Annual leave Litigation Provision for Compliance, Long and other and non- ECL Lease Restructuring regulation and service employee lending on credit restoration and other remediation $m leave benefits losses commitments obligations provisions provisions Total Consolidated Balance as at 30 September 2020 511 596 1,371 530 208 176 1,895 5,287 Additions 92 986 155 - 4 371 889 2,497 Utilisation (42) (743) (1,377) - (11) (121) (1,308) (3,602) Reversal of unutilised provisions (22) (25) (27) (127) - (50) (316) (567) Transferred to purchaser on settlement of assets and liabilities held for sale (1) - (4) - - - (4) (9) Balances reclassified to liabilities held for sale (Note 37) (7) (11) (1) (2) - - (14) (35) Balance as at 30 September 2021 531 803 117 401 201 376 1,142 3,571 Parent Entity Balance as at 30 September 2020 482 540 1,343 479 179 142 1,818 4,983 Additions 92 936 150 - 2 363 716 2,259 Utilisation (40) (711) (1,364) - (9) (103) (1,257) (3,484) Reversal of unutilised provisions (22) (25) (15) (125) - (29) (281) (497) Balances reclassified to liabilities held for sale (Note 37) (4) (1) - (2) - - - (7) Balance as at 30 September 2021 508 739 114 352 172 373 996 3,254
Summary of undrawn credit commitments and maturity analysis	Undrawn credit commitments excluding derivatives are as follows: Consolidated Parent Entity $m 2021 2020 2021 2020 Undrawn credit commitments Letters of credit and guarantees 1 11,323 12,610 10,796 12,069 Commitments to extend credit 2 188,768 184,064 163,685 159,644 Other - 267 - 266 Total undrawn credit commitments 3 200,091 196,941 174,481 171,979 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 30 September 2021 the Group had offered $ 9.7 billion (2020 : $4.9 billion) of facilities to customers, which had not yet been accepted. 3. Include $ 0.8 billion (2020 : nil ) of undrawn credit commitments related to facilities which are held for sale.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	12 Months Ended
Shareholders' equity (Tables)	Sep. 30, 2021
Shareholders' equity
Summary of share capital by class	Consolidated Parent Entity $m 2021 2020 2021 2020 Share capital Ordinary share capital, fully paid 41,601 40,509 41,601 40,509 RSP treasury shares 1 (661) (618) (661) (618) Other treasury shares 2 55 55 (3) (3) Total treasury shares (606) (563) (664) (621) Total share capital 40,995 39,946 40,937 39,888 NCI 57 51 - - 1. 2021: 4,363,329 unvested shares held (2020: 4,588,277 ). 2. 2021: nil shares held (2020: nil ). 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 h older to one vote, either in person or by proxy, at a shareholder meeting. Reconciliation of movement in number of ordinary shares Consolidated and Parent Entity (number) 2021 2020 Opening balance 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 - Closing balance 3,668,591,808 3,611,684,870 3. The average price per share for the share issuance in 2020 was $24.81 . 4. The DRP for the 2021 interim dividend had no impact on the number of ordinary shares on issue as Westpac arranged for the purchase of the necessary shares from the market and transfer to participants of 9,085,937 ordinary shares at an average price of $25.98 . The price per share for the issuance of shares in relation to the dividend reinvestment plan for the 2020 final dividend was $19.83 (2020: 2 019 final dividend was $25.17 ). 5. The Group entered into an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. The arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of 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 $19.59 . Ordinary shares purchased on-market 2021 Consolidated and Parent Entity Number Average Price ($) For share-based payment arrangements: Employee share plan (ESP) 1,178,527 19.09 RSP 6 2,052,825 21.09 Westpac Performance Plan (WPP) - share rights exercised 231,913 21.89 Total number of ordinary shares purchased on-market 3,463,265 6. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest. For details of the share-based payment arrangements refer to Note 32.
Schedule of reconciliation of movement in reserves	Consolidated Parent Entity $m 2021 2020 2021 2020 Debt securities at FVOCI reserve Balance as at beginning of year 177 (22) 125 (25) Net gains/(losses) from changes in fair value 578 360 730 292 Income tax effect (177) (96) (220) (77) Transferred to income statements (195) (79) (195) (79) Income tax effect 58 15 58 15 Loss allowance on debt securities measured at FVOCI 2 2 2 2 Exchange differences - (3) (1) (3) Balance as at end of year 443 177 499 125 Equity securities at FVOCI reserve Balance as at beginning of year (4) 17 - (1) Net gains/(losses) from changes in fair value 50 (21) (2) 1 Income tax effect (2) - - - Balance as at end of year 44 (4) (2) - Share-based payment reserve Balance as at beginning of year 1,720 1,642 1,611 1,533 Share-based payment expense 86 78 86 78 Balance as at end of year 1,806 1,720 1,697 1,611 Cash flow hedge reserve Balance as at beginning of year (42) (129) 20 (65) Net gains/(losses) from changes in fair value 296 (95) 177 (28) Income tax effect (86) 28 (53) 9 Transferred to income statements 39 218 (13) 150 Income tax effect (11) (64) 4 (46) Balance as at end of year 196 (42) 135 20 Foreign currency translation reserve Balance as at beginning of year (292) (179) (221) (145) Exchange differences on translation of foreign operations 249 (177) 40 (148) Gains/(losses) on net investment hedges (198) 9 (41) 17 Transferred to income statements - 55 - 55 Balance as at end of year (241) (292) (222) (221) Other reserves Balance as at beginning of year (15) (18) 41 41 Transactions with owners (6) 3 - - Balance as at end of year (21) (15) 41 41 Total reserves 2,227 1,544 2,148 1,576

Dividends (Tables)

Dividends (Tables)	12 Months Ended
Dividends (Tables)	Sep. 30, 2021
Dividends
Schedule of dividends not recognised at year end	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Dividends not recognised at year end Since year end the Directors have proposed the following dividends: Final dividend 60 cents per share (2020: 31 cents, 2019: 80 cents) all fully franked at 30% 2,201 1,120 2,791 2,201 1,120 Total dividends not recognised at year end 2,201 1,120 2,791 2,201 1,120

Investments in subsidiaries a_2

Investments in subsidiaries and associates (Tables)	12 Months Ended
Investments in subsidiaries and associates (Tables)	Sep. 30, 2021
Investments in subsidiaries and associates
Summary of ownership percentage of controlled entities	The following table includes the principal controlled entities of the Group as at 30 September 2021. Country of Country of Name incorporation Name incorporation Advance Asset Management Limited Australia Westpac Financial Services Group Limited Australia Asgard Capital Management Limited Australia Westpac Life Insurance Services Limited 1 Australia BT Financial Group Pty Limited Australia Westpac Overseas Holdings No. 2 Pty Limited Australia BT Funds Management Limited Australia Westpac Securitisation Holdings Pty Limited Australia BT Portfolio Services Limited Australia Westpac Life-NZ-Limited 1 New Zealand Capital Finance Australia Limited Australia Westpac New Zealand Group Limited New Zealand Crusade Trust No.2P of 2008 Australia Westpac New Zealand Limited (WNZL) New Zealand Reinventure Fund, I.L.P. Australia Westpac NZ Covered Bond Limited 2 New Zealand Series 2008-1M WST Australia Westpac NZ Securitisation Limited 2 New Zealand St.George Finance Holdings Limited Australia Westpac Securities NZ Limited New Zealand Westpac Covered Bond Trust Australia Westpac Bank-PNG-Limited Papua New Guinea Westpac Equity Holdings Pty Limited Australia 1. Refer to Note 37 for details of assets and liabilities held for sale. 2. The Group indirectly owns 19% of Westpac NZ Covered Bond Limited (WNZCBL) and Westpac NZ Securitisation Limited (WNZSL), however, due to contractual and structural arrangements both WNZCBL and WNZSL are considered to be controlled entities within the Group.
Summary of material controlled entities which are not wholly owned	The following material controlled entities are not wholly owned: Percentage Owned 2021 2020 Reinventure Fund, I.L.P. 99.0% 99.0% Westpac Bank-PNG-Limited 89.9% 89.9% Westpac NZ Covered Bond Limited 19.0% 19.0% Westpac NZ Securitisation Limited 19.0% 19.0%

Structured entities (Tables)

Structured entities (Tables)	12 Months Ended
Structured entities (Tables)	Sep. 30, 2021
Structured entities
Schedule of the Group's interests in unconsolidated structured entities and its maximum exposure to loss in relation to those interests	Investment in third party mortgage and Interest other Financing to Group in other Consolidated asset-backed securitisation managed structured $m securities 1 vehicles funds entities Total 2021 Assets Trading securities and financial assets measured at FVIS 2,694 - - 40 2,734 Investment securities 5,352 - - - 5,352 Loans - 23,028 - 18,415 41,443 Life insurance assets 2 - - - - - Other assets - - 55 - 55 Assets held for sale - - 232 695 927 Total on-balance sheet exposures 8,046 23,028 287 19,150 50,511 Total notional amounts of off-balance sheet exposures — 6,609 15 8,553 15,177 Maximum exposure to loss 8,046 29,637 302 27,703 65,688 Size of structured entities 3 74,925 29,637 77,036 48,309 229,907 2020 Assets Trading securities and financial assets measured at FVIS 1,526 - - 34 1,560 Investment securities 6,105 - - - 6,105 Loans - 20,094 - 16,955 37,049 Life insurance assets - - 204 129 333 Other assets - - 52 - 52 Total on-balance sheet exposures 7,631 20,094 256 17,118 45,099 Total notional amounts of off-balance sheet exposures - 6,122 44 7,768 13,934 Maximum exposure to loss 7,631 26,216 300 24,886 59,033 Size of structured entities 3 59,324 26,216 67,423 40,209 193,172 1. The Group’s interests in third-party mortgages and other asset-backed securities are senior tranches of notes and are investment grade rated. 2. Balances reclassified to assets held for sale. 3. Represents either the total assets or market capitalisation of the entity, or if not available, the Group’s total committed exposure (for lending arrangements and external debt and equity holdings), funds under management (for Group managed funds) or the total value of notes on issue (for investments in third-party asset-backed securities).

Share-based payments (Tables)

Share-based payments (Tables)	12 Months Ended
Share-based payments (Tables)	Sep. 30, 2021
Share-based payments
Summary of terms and conditions of share-based payment arrangements	Scheme name Westpac Long Term Variable Westpac Performance Plan (WPP) Restricted Share Plan Employee Share Plan Type of share-based payment Share rights (allocated at no cost). Share rights (allocated at no cost). Westpac ordinary shares (allocated at no cost). Westpac ordinary shares (allocated at no cost) of up to $1,000 per employee per year. How it is used Aligns executive remuneration and accountability with shareholder interests over the long term. Primarily used for mandatory deferral of a portion of short-term variable reward for New Zealand employees and key employees based outside Australia. Primarily used to reward key employees and for mandatory deferral of a portion of short-term variable reward for Australian employees and some other offshore jurisdictions. To reward eligible Australian employees (unless they have already been provided instruments under another scheme for the previous year). Exercise price Nil Nil n/a n/a Performance hurdles For the 2020 and 2021 awards: relative Total Shareholder return (TSR) over a four-year performance period. None None None For the 2017, 2018 and 2019 awards: TSR over a four-year performance period and average cash Return on Equity (cash ROE) over a three-year performance period plus one-year holding lock, each applying to half of the award. Note 32. Share-based payments (continued) Scheme name Westpac Long Term Variable Westpac Performance Plan (WPP) Restricted Share Plan Employee Share Plan Service conditions Continued employment throughout the vesting period or as determined by the Board. Continued employment throughout the vesting period or as determined by the Board. Continued employment throughout the restriction period or as determined by the Board. Shares must normally remain within the ESP for three years from granting unless the employee leaves Westpac. Vesting period (period over which expenses are recognised) 4 years Defined period set out at time of grant. Defined period set out at time of grant. 1 year Treatment at end of term Automatically exercised at the end of the term. Automatically exercised at the end of the term. Vested shares are released from the RSP at the end of the vesting period. Shares are released at the end of the restriction period or when the employee leaves Westpac. Does the employee receive dividends and voting rights during the vesting period? No No Yes Yes
Schedule of share-based payment schemes	(i) Westpac Long-Term Variable Reward Plan (LTVR) Outstanding Outstanding as at beginning Granted during Exercised Lapsed during Outstanding as at and exercisable of year the year during the year the year end of year as at end of year 2021 Share rights 3,066,326 1,383,986 1,571 788,911 3,659,830 2,148 Weighted average remaining contractual life 12.4 years 12.7 years 2020 Share rights 4,554,589 779,581 - 2,267,844 3,066,326 3,719 The weighted average fair value at grant date of LTVR share rights issued during the year was $ 6.56 (202 0: $28.44 ). (ii) Westpac Performance Plan (WPP) Outstanding Outstanding as at beginning Granted during Exercised Lapsed during Outstanding as at and exercisable of year the year during the year the year end of year as at end of year 2021 Share rights One-year vesting period 206,241 33,145 83,204 36,041 120,141 86,996 Two-year vesting period 292,941 34,352 85,090 40,433 201,770 63,704 Three-year vesting period 76,848 9,281 29,179 630 56,320 9,796 Four-year vesting period 381,105 164,742 42,724 14,783 488,340 11,065 Total share rights 957,135 241,520 240,197 91,887 866,571 171,561 Weighted average remaining contractual life 12.8 years 12.6 years 2020 Share rights 786,466 438,858 175,957 92,232 957,135 164,219 The weighted average fair value at grant date of WPP share rights issued during the year was $ 18.27 (2020 : $24.68 ). Note 32. Share-based payments (continued) (iii) Restricted Share Plan (RSP) Outstanding Outstanding as at beginning Granted during Forfeited as at end Allocation date of year the year Released during the year of year 2021 4,389,161 2,165,046 2,012,519 226,613 4,315,075 2020 4,773,171 2,100,030 2,081,545 402,495 4,389,161 The weighted average fair value at grant date of RSP shares issued during the year was $ 20.63 (2020 : $23.88 ). (iv) Employee Share Plan (ESP) Average number of shares Total number Allocation Number of allocated per of shares Market Total date participants participant allocated price per share 1 fair value 2021 20 November 2020 27,078 52 1,408,056 $ 19.20 $ 27,034,675 2020 21 November 2019 25,725 38 977,550 $ 26.20 $ 25,611,810 1. The market price per share for the allocation is based on the five day volume-weighted average price up to the grant date.

Superannuation commitments (Tab

Superannuation commitments (Tables)	12 Months Ended
Superannuation commitments (Tables)	Sep. 30, 2021
Superannuation commitments
Schedule of contributions	Consolidated Parent Entity $m 2021 2020 2021 2020 Employer contributions 33 26 31 26 Member contributions 10 10 10 10
Summary of expenses recognised	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Current service cost 45 44 33 44 43 Net interest cost on net benefit liability 12 8 (2) 12 8 Total defined benefit expense 57 52 31 56 51
Schedule of defined benefit balances recognised	Consolidated Parent Entity $m 2021 2020 2021 2020 Benefit obligation as at end of year 2,953 2,880 2,877 2,790 Fair value of plan assets as at end of year 2,582 2,350 2,524 2,295 Net surplus/(deficit) (371) (530) (353) (495) Defined benefit surplus included in other assets 64 71 64 71 Defined benefit deficit included in other liabilities (435) (601) (417) (566) Net surplus/(deficit) (371) (530) (353) (495)
Schedule of defined benefit plan significant assumptions	2021 2020 Australian Overseas Australian Overseas Consolidated and Parent Entity funds funds funds funds Discount rate 3.1% 2.1% - 2.2% 2.6% 0.7% - 1.5% Salary increases 3.2% 3.0% - 5.2% 2.7% 3.0% - 4.6% Inflation rate (pensioners received inflationary increase) 2.2% 2.0% - 3.6% 1.7% 2.0% - 3.1% Life expectancy of a 60-year-old male 31.4 28.1-28.4 31.3 28.1-28.2 Life expectancy of a 60-year-old female 34.3 29.6-29.7 34.2 29.5-29.6
Summary of sensitivity analysis of essential assumptions	Increase in obligation $m 2021 2020 0.5% decrease in discount rate 235 230 0.5% increase in annual salary increases 12 19 0.5% increase in inflation rate (pensioners receive inflationary increase) 215 201 1 year increase in life expectancy 71 68
Schedule of asset allocation	2021 2020 Australian Overseas Australian Overseas $m funds funds funds funds Cash 5% 2% 6% 1% Equity instruments 47% 7% 45% 9% Debt instruments 25% 5% 25% 4% Property 8% 2% 8% 1% Other assets 15% 84% 16% 85% Total 100% 100% 100% 100%

Auditor's remuneration (Tables)

Auditor's remuneration (Tables)	12 Months Ended
Auditor's remuneration (Tables)	Sep. 30, 2021
Auditor's remuneration
Schedule of fees payable to the auditor	The fees payable to the auditor, PricewaterhouseCoopers (PwC), and overseas firms belonging to the PwC network of firms were: Consolidated Parent Entity $'000 2021 2020 2021 2020 Audit and audit-related fees Audit fees PwC Australia 29,306 27,667 29,148 27,667 Overseas PwC network firms 4,310 5,295 536 705 Total audit fees 33,616 32,962 29,684 28,372 Audit-related fees PwC Australia 1,456 4,404 1,456 4,404 Overseas PwC network firms 221 107 - - Total audit-related fees 1,677 4,511 1,456 4,404 Total audit and audit-related fees 35,293 37,473 31,140 32,776 Tax fees PwC Australia 35 57 35 57 Total tax fees 35 57 35 57 Total audit and non-audit fees 35,328 37,530 31,175 32,833

Related party disclosures (Tabl

Related party disclosures (Tables)	12 Months Ended
Related party disclosures (Tables)	Sep. 30, 2021
Related party disclosures
Schedule of remuneration of KMP	Total remuneration 1 of the KMP was: Post Other long- Short-term employment term Termination Share-based $ benefits benefits benefits benefits payments Total Consolidated 2021 28,469,165 730,700 (29,003) 3,101,006 10,832,584 43,104,452 2020 22,506,249 967,898 657,375 1,176,487 2,654,510 27,962,519 Parent Entity 2021 27,108,174 607,503 (29,003) 2,421,267 9,631,777 39,739,718 2020 21,513,543 873,350 657,375 1,176,487 2,147,884 26,368,639 1. Comparative amounts have been revised to align to current year presentation. The revisions primarily relate to changes in interpretation as to the appropriate period over which to expense the fair value of certain grants and to the appropriate grant date on which to value grants where there is an opt-out period.
Schedule of loans provided and interest charged to KMP and their related parties	Interest Number of payable for Closing loan KMP with $ the year balance loans 2021 403,893 28,924,924 12 2020 549,257 15,779,157 8
Schedule of options and share rights held by key management personnel, including their related parties	For compliance with SEC disclosure requirements, the following table sets out certain details of the performance share rights and unhurdled share rights held at 30 September 2021 by the CEO and other key management personnel (including their related parties): Number of Latest Date of Exercise Share Rights Managing Director and Chief Executive Officer Peter King Ranges from 1 October 2032 to 1 October 2035 460,630 Group Executives Scott Collary 1 October 2035 120,614 Chris De Bruin 1 October 2035 100,676 Carolyn McCann Ranges from 1 October 2032 to 1 October 2035 174,136 Anthony Miller 1 October 2035 120,492 Christine Parker Ranges from 1 October 2032 to 1 October 2035 280,816 Simon Power Ranges from 1 October 2032 to 1 October 2035 38,122 Michael Rowland 1 October 2035 99,415 David Stephen Ranges from 1 October 2032 to 1 October 2035 514,052 Les Vance Ranges from 2 April 2035 to 1 October 2035 98,441 Jason Yetton Ranges from 2 April 2035 to 1 October 2035 180,201 Former Group Executive Richard Burton n/a - Guil Lima 1 October 2034 179,017 David McLean Ranges from 1 October 2022 to 1 October 2035 422,413 Gary Thursby Ranges from 1 October 2032 to 1 October 2034 191,760 Alastair Welsh n/a - Curt Zuber n/a -

Notes to the consolidated cash

Notes to the consolidated cash flow statement (Tables)	12 Months Ended
Notes to the consolidated cash flow statement (Tables)	Sep. 30, 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	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Net profit for the year 5,463 2,292 6,790 4,613 2,658 Adjustments: Depreciation, amortisation and impairment 3,054 2,473 1,079 2,775 2,142 Impairment charges (348) 3,371 966 (222) 2,864 Net decrease/(increase) in current and deferred tax 350 (1,112) (541) (195) (937) (Increase)/decrease in accrued interest receivable 183 239 132 173 208 (Decrease)/increase in accrued interest payable (423) (1,260) (341) (340) (1,143) (Decrease)/increase in provisions (1,716) 1,925 1,143 (1,722) 2,003 Other non-cash items (253) (693) (832) 1,067 (1,114) Cash flows from operating activities before changes in operating assets and liabilities 6,310 7,235 8,396 6,149 6,681 Net (increase)/decrease in: Collateral paid 305 348 (847) 339 329 Trading securities and other financial assets measured at FVIS 19,316 (8,756) (7,629) 18,625 (8,266) Derivative financial instruments (2,420) 1,851 7,605 (1,874) 2,103 Loans (15,098) 18,272 (4,188) (11,228) 21,273 Other financial assets (274) 273 336 258 283 Life insurance assets and life insurance liabilities (593) (277) (134) - - Other assets 6 70 (13) (23) 50 Net increase/(decrease) in: Collateral received 93 (1,096) 1,007 312 (1,072) Deposits and other borrowings 33,737 28,910 1,113 28,696 20,859 Other financial liabilities 9,036 11,817 1,463 6,500 11,866 Other liabilities (8) 4 (5) (4) (7) Net cash provided by/(used in) operating activities 50,410 58,651 7,104 47,750 54,099
Summary of the assets and liabilities over which control ceased	Consolidated Parent Entity $m 2021 2020 2019 2021 2020 Assets: Cash and balances with central banks 50 - 3 - - Trading securities and other financial assets measured at FVIS 409 - 3 - - Loans 369 - - - - Other financial assets 688 - 3 - - Property and equipment 29 - - - - Deferred tax assets 4 - - - - Intangible assets 243 - - - - Other assets 226 - - - - Total assets 2,018 - 9 - - Liabilities: Other financial liabilities 110 - - - - Provisions 9 - - - - Other liabilities 720 - - - - Total liabilities 839 - - - - Total equity attributable to owners of WBC 1,179 - 9 - - Cash proceeds received (net of transaction costs) 1,322 - 2 - - Expected receivable (completion settlement) 8 - - - - Deferred consideration 37 - - - - Total consideration 1,367 - 2 - - Reserves reclassified to the income statement - - 10 - - Gain/(loss) on disposal 188 - 3 - - Reconciliation of cash proceeds from disposal: Cash proceeds received (net of transaction costs) 1,322 - 2 - - Less: Cash deconsolidated (50) - (3) - - Cash consideration (paid)/received (net of transaction costs and cash held) 1,272 - (1) - -
Schedule of non-cash financing activities	Shares issued under the dividend reinvestment plan 401 273 1,489 401 273 Increase in lease liabilities 199 177 - 114 173
Schedule of cash and balances with central banks	Consolidated Parent Entity $m 2021 2020 2021 2020 Cash and cash at bank 16,504 15,865 16,156 15,335 Exchange settlement accounts 54,587 13,978 46,412 9,892 Regulatory deposits with central banks 262 286 186 209 Total cash and balances with central banks 71,353 30,129 62,754 25,436

Assets and liabilities held f_2

Assets and liabilities held for sale (Tables)	12 Months Ended
Assets and liabilities held for sale (Tables)	Sep. 30, 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 held for sale are as follows (no amounts were presented as held for sale in prior year): Consolidated Parent Entity $m 2021 2021 Assets held for sale Cash and balances with central banks 7 - Loans 1,015 1,015 Other financial assets 19 - Life insurance assets 2,972 - Deferred tax assets 8 - Other assets 167 - Total assets held for sale 4,188 1,015 Liabilities held for sale Other financial liabilities 28 3 Current tax liabilities 14 - Life insurance liabilities 447 - Provisions 35 7 Deferred tax liabilities 44 - Other liabilities 269 - Total liabilities held for sale 837 10

Financial statements preparat_4

Financial statements preparation - Changes in accounting policy (Details) - Software-as-a-Service (SaaS) arrangements $ in Millions	12 Months Ended
	Sep. 30, 2021AUD ($)
Change in accounting policy adjustment
Balance sheets
Intangible assets - computer software	$ (62)
Deferred tax assets	18
Opening retained earnings	(40)
Income statements
Operating expenses	5
Tax expense	(1)
Net profit after tax	(4)
Change in accounting policy adjustment \| Impact for 2021
Balance sheets
Intangible assets - computer software	(5)
Deferred tax assets	1
Income statements
Operating expenses	5
Tax expense	(1)
Net profit after tax	(4)
Change in accounting policy adjustment \| Prior year impact on opening balance sheet
Balance sheets
Intangible assets - computer software	(57)
Deferred tax assets	17
Opening retained earnings	(40)
Reclassification adjustment \| Intangible assets - computer software
Reclassifications
Amount of reclassification	(32)
Reclassification adjustment \| Other assets - prepayments
Reclassifications
Amount of reclassification	32
Parent Entity \| Change in accounting policy adjustment
Balance sheets
Intangible assets - computer software	(51)
Deferred tax assets	15
Opening retained earnings	(34)
Income statements
Operating expenses	3
Tax expense	(1)
Net profit after tax	(2)
Parent Entity \| Change in accounting policy adjustment \| Impact for 2021
Balance sheets
Intangible assets - computer software	(3)
Deferred tax assets	1
Income statements
Operating expenses	3
Tax expense	(1)
Net profit after tax	(2)
Parent Entity \| Change in accounting policy adjustment \| Prior year impact on opening balance sheet
Balance sheets
Intangible assets - computer software	(48)
Deferred tax assets	14
Opening retained earnings	(34)
Parent Entity \| Reclassification adjustment \| Intangible assets - computer software
Reclassifications
Amount of reclassification	(29)
Parent Entity \| Reclassification adjustment \| Other assets - prepayments
Reclassifications
Amount of reclassification	$ 29

Financial statements preparat_5

Financial statements preparation - Critical accounting assumptions and estimates (Details) - Computer software - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Oct. 01, 2020	Sep. 30, 2020
Financial statements preparation
Threshold amount for capitalisation for software development costs		$ 20	$ 1
Increase in operating expenses	$ 191
Reduced profit before income tax	$ 191

Segment reporting - Segment res

Segment reporting - Segment results (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income Statement
Net interest income	$ 16,858	$ 16,696	$ 16,907
Net fee income	1,482	1,592	1,655
Net wealth management and insurance income	1,211	751	1,029
Trading income	719	895	929
Other income	952	249	129
Net operating income before operating expenses and impairment (charges)/benefits	21,222	20,183	20,649
Operating expenses	(13,311)	(12,739)	(10,106)
Impairment (charges)/benefits	590	(3,178)	(794)
Profit before income tax (expense)/benefit	8,501	4,266	9,749
Income tax (expense)/benefit	(3,038)	(1,974)	(2,959)
Net profit attributable to NCI	(5)	(2)	(6)
Cash earnings	5,458	2,290	6,784
Net cash earnings adjustments	106	(318)	(65)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	5,458	2,290	6,784
Balance sheet
Loans	709,784	693,059	714,770
Deposits and other borrowings	626,955	591,131	563,247
Consumer
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	3,081	2,746	3,116
Balance sheet
Loans	407,786	389,793	399,279
Deposits and other borrowings	235,569	219,259	207,578
Business
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	1,789	734	1,946
Balance sheet
Loans	134,015	140,698	146,867
Deposits and other borrowings	158,741	151,939	142,558
Westpac Institutional Bank
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	(670)	332	925
Balance sheet
Loans	67,033	66,192	73,572
Deposits and other borrowings	97,770	102,851	99,005
Westpac New Zealand
Income Statement
Net cash earnings adjustments	(2)	7	(1)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	948	619	984
Balance sheet
Loans	88,409	81,434	78,005
Deposits and other borrowings	75,756	68,473	60,801
Specialist Businesses
Income Statement
Net cash earnings adjustments		(31)	(45)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	193	(537)	667
Balance sheet
Loans	12,550	14,942	17,216
Deposits and other borrowings	11,008	9,260	9,277
Group Businesses
Income Statement
Net cash earnings adjustments	108	(294)	(19)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	117	(1,604)	(854)
Balance sheet
Loans	(9)		(169)
Deposits and other borrowings	48,111	39,349	44,028
Operating segments
Income Statement
Net interest income	16,714	17,086	16,953
Net fee income	1,482	1,592	1,655
Net wealth management and insurance income	1,206	759	1,023
Trading income	715	928	907
Other income	921	261	117
Net operating income before operating expenses and impairment (charges)/benefits	21,038	20,626	20,655
Operating expenses	(13,283)	(12,700)	(10,031)
Impairment (charges)/benefits	590	(3,178)	(794)
Profit before income tax (expense)/benefit	8,345	4,748	9,830
Income tax (expense)/benefit	(2,988)	(2,138)	(2,975)
Net profit attributable to NCI	(5)	(2)	(6)
Cash earnings	5,352	2,608	6,849
Operating segments \| Consumer
Income Statement
Net interest income	8,405	8,547	8,130
Net fee income	393	471	594
Trading income	78	90	94
Other income	17	12	7
Net operating income before operating expenses and impairment (charges)/benefits	8,893	9,120	8,825
Operating expenses	(4,622)	(4,176)	(3,794)
Impairment (charges)/benefits	125	(1,015)	(582)
Profit before income tax (expense)/benefit	4,396	3,929	4,449
Income tax (expense)/benefit	(1,315)	(1,183)	(1,333)
Cash earnings	3,081	2,746	3,116
Operating segments \| Business
Income Statement
Net interest income	4,065	4,163	4,456
Net fee income	452	438	463
Net wealth management and insurance income	21	22	16
Trading income	72	97	109
Other income	4	3	6
Net operating income before operating expenses and impairment (charges)/benefits	4,614	4,723	5,050
Operating expenses	(2,530)	(2,298)	(2,094)
Impairment (charges)/benefits	484	(1,371)	(172)
Profit before income tax (expense)/benefit	2,568	1,054	2,784
Income tax (expense)/benefit	(779)	(320)	(838)
Cash earnings	1,789	734	1,946
Operating segments \| Westpac Institutional Bank
Income Statement
Net interest income	919	1,111	1,337
Net fee income	555	544	570
Trading income	455	637	636
Other income	92	1	(11)
Net operating income before operating expenses and impairment (charges)/benefits	2,021	2,293	2,532
Operating expenses	(2,574)	(1,316)	(1,220)
Impairment (charges)/benefits	(162)	(404)	(31)
Profit before income tax (expense)/benefit	(715)	573	1,281
Income tax (expense)/benefit	45	(241)	(356)
Cash earnings	(670)	332	925
Operating segments \| Westpac Institutional Bank \| Operating expenses \| Assets including goodwill and other intangible assets
Income Statement
Impairment expense	1,192	0
Operating segments \| Westpac New Zealand
Income Statement
Net interest income	1,987	1,832	1,860
Net fee income	140	123	163
Net wealth management and insurance income	113	158	177
Trading income	58	27	37
Other income	12	11	46
Net operating income before operating expenses and impairment (charges)/benefits	2,310	2,151	2,283
Operating expenses	(1,062)	(998)	(939)
Impairment (charges)/benefits	79	(302)	10
Profit before income tax (expense)/benefit	1,327	851	1,354
Income tax (expense)/benefit	(377)	(239)	(369)
Cash earnings	950	612	985
Operating segments \| Specialist Businesses
Income Statement
Net interest income	503	534	555
Net fee income	69	89	44
Net wealth management and insurance income	1,176	624	1,319
Trading income	33	57	54
Other income	212	(8)	(5)
Net operating income before operating expenses and impairment (charges)/benefits	1,993	1,296	1,967
Operating expenses	(1,477)	(1,548)	(847)
Impairment (charges)/benefits	66	(255)	(111)
Profit before income tax (expense)/benefit	582	(507)	1,009
Income tax (expense)/benefit	(387)	3	(292)
Net profit attributable to NCI	(2)	(2)	(5)
Cash earnings	193	(506)	712
Operating segments \| Specialist Businesses \| Operating expenses \| Assets including goodwill and other intangible assets
Income Statement
Impairment expense	141	571
Operating segments \| Group Businesses
Income Statement
Net interest income	835	899	615
Net fee income	(127)	(73)	(179)
Net wealth management and insurance income	(104)	(45)	(489)
Trading income	19	20	(23)
Other income	584	242	74
Net operating income before operating expenses and impairment (charges)/benefits	1,207	1,043	(2)
Operating expenses	(1,018)	(2,364)	(1,137)
Impairment (charges)/benefits	(2)	169	92
Profit before income tax (expense)/benefit	187	(1,152)	(1,047)
Income tax (expense)/benefit	(175)	(158)	213
Net profit attributable to NCI	(3)		(1)
Cash earnings	9	(1,310)	(835)
Operating segments \| Other segments \| Operating expenses \| Goodwill
Income Statement
Impairment expense	0
Net cash earnings adjustment
Income Statement
Net interest income	144	(390)	(46)
Net wealth management and insurance income	5	(8)	6
Trading income	4	(33)	22
Other income	31	(12)	12
Net operating income before operating expenses and impairment (charges)/benefits	184	(443)	(6)
Operating expenses	(28)	(39)	(75)
Profit before income tax (expense)/benefit	156	(482)	(81)
Income tax (expense)/benefit	(50)	164	16
Cash earnings	106	(318)	(65)
Net cash earnings adjustments	$ 106	$ (318)	$ (65)

Segment reporting - Reconciliat

Segment reporting - Reconciliation of cash earnings to net profit attributable to owners of WBC (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Segment reporting
Cash earnings	$ 5,458	$ 2,290	$ 6,784
Total cash earnings adjustment (post-tax)	106	(318)	(65)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	5,458	2,290	6,784
Operating segments
Segment reporting
Cash earnings	5,352	2,608	6,849
Net cash earnings adjustment
Segment reporting
Cash earnings	106	(318)	(65)
Total cash earnings adjustment (post-tax)	106	(318)	(65)
Fair value gain/(loss) on economic hedges
Segment reporting
Total cash earnings adjustment (post-tax)	138	(362)	(35)
Ineffective hedges
Segment reporting
Total cash earnings adjustment (post-tax)	$ (32)	61	20
Adjustments related to Pendal
Segment reporting
Total cash earnings adjustment (post-tax)		(31)	(45)
Treasury shares
Segment reporting
Total cash earnings adjustment (post-tax)		$ 14	$ (5)

Segment reporting - Geographic

Segment reporting - Geographic segments (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Geographic segments
Revenue	$ 26,642	$ 30,534	$ 36,964
Revenues (as a percent)	100.00%	100.00%	100.00%
Non-current assets	$ 12,962	$ 15,407	$ 13,108
Non-current assets (as a percent)	100.00%	100.00%	100.00%
Australia
Geographic segments
Revenue	$ 22,788	$ 26,135	$ 31,113
Revenues (as a percent)	85.50%	85.60%	84.20%
Non-current assets	$ 11,825	$ 14,270	$ 12,280
Non-current assets (as a percent)	91.20%	92.60%	93.70%
New Zealand
Geographic segments
Revenue	$ 3,509	$ 3,439	$ 4,520
Revenues (as a percent)	13.20%	11.30%	12.20%
Non-current assets	$ 1,082	$ 1,015	$ 761
Non-current assets (as a percent)	8.30%	6.60%	5.80%
Other overseas
Geographic segments
Revenue	$ 345	$ 960	$ 1,331
Revenues (as a percent)	1.30%	3.10%	3.60%
Non-current assets	$ 55	$ 122	$ 67
Non-current assets (as a percent)	0.50%	0.80%	0.50%

Net interest income (Details)

Net interest income (Details) - AUD ($) $ in Millions	12 Months Ended
Net interest income (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Interest income
Total interest income calculated using the effective interest rate method	$ 22,132	$ 26,596	$ 32,518
Total other interest income	146	451	704
Total interest income	22,278	27,047	33,222
Interest expense
Total interest expense	(5,420)	(10,351)	(16,315)
Net interest income	16,858	16,696	16,907
Addition in interest income related to compliance, regulation and remediation costs	106
Reduction in interest income related to compliance, regulation and remediation costs		170	372
Calculated using the effective interest rate method
Interest income
Cash and balances with central banks	30	135	334
Collateral paid	16	75	201
Investment securities	1,200	1,521	1,919
Loans	20,756	24,848	30,029
Other financial assets	2	17	35
Assets held for sale	128
Total interest income calculated using the effective interest rate method	22,132	26,596	32,518
Interest expense
Collateral received	(4)	(26)	(57)
Deposits and other borrowings	(1,801)	(4,652)	(7,967)
Debt issues	(1,861)	(2,907)	(4,706)
Loan capital	(849)	(800)	(776)
Other financial liabilities	(112)	(98)	(274)
Liabilities held for sale	(11)
Total interest expense	(4,638)	(8,483)	(13,780)
Other
Interest income
Net ineffectiveness on qualifying hedges	(46)	87	28
Trading securities and financial assets measured at FVIS and loans	192	364	676
Total other interest income	146	451	704
Interest expense
Deposits and other borrowings	(67)	(402)	(978)
Trading liabilities	(122)	(787)	(915)
Debt issues	(64)	(107)	(163)
Bank levy	(392)	(408)	(391)
Other interest expense	(136)	(164)	(88)
Liabilities held for sale	(1)
Total interest expense	(782)	(1,868)	$ (2,535)
Parent Entity
Interest income
Total interest income calculated using the effective interest rate method	21,648	26,025
Total other interest income	258	598
Total interest income	21,906	26,623
Interest expense
Total interest expense	(7,870)	(12,539)
Net interest income	14,036	14,084
Addition in interest income related to compliance, regulation and remediation costs	149
Reduction in interest income related to compliance, regulation and remediation costs		164
Parent Entity \| Calculated using the effective interest rate method
Interest income
Cash and balances with central banks	14	122
Collateral paid	15	74
Investment securities	1,120	1,385
Loans	17,971	21,488
Other financial assets	2	16
Due from subsidiaries	2,476	2,940
Assets held for sale	50
Total interest income calculated using the effective interest rate method	21,648	26,025
Interest expense
Collateral received	(3)	(23)
Deposits and other borrowings	(1,402)	(3,782)
Debt issues	(1,655)	(2,549)
Due to subsidiaries	(3,219)	(3,601)
Loan capital	(849)	(800)
Other financial liabilities	(110)	(98)
Liabilities held for sale	(9)
Total interest expense	(7,247)	(10,853)
Parent Entity \| Other
Interest income
Net ineffectiveness on qualifying hedges	(42)	77
Trading securities and financial assets measured at FVIS and loans	182	343
Due from subsidiaries	118	178
Total other interest income	258	598
Interest expense
Deposits and other borrowings	(48)	(385)
Trading liabilities	297	(640)
Debt issues	(58)	(74)
Bank levy	(392)	(408)
Due to subsidiaries	(296)	(29)
Other interest expense	(126)	(150)
Total interest expense	$ (623)	$ (1,686)

Non-interest income (Details)

Non-interest income (Details) - AUD ($) $ in Millions	12 Months Ended
Non-interest income (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Net fee income
Facility fees	$ 717	$ 731	$ 730
Transactions fees	993	1,021	1,225
Other non-risk fee income		48	(76)
Fee income	1,710	1,800	1,879
Credit card loyalty programs	(101)	(102)	(121)
Transaction fee related expenses	(127)	(106)	(103)
Fee expenses	(228)	(208)	(224)
Net fee income	1,482	1,592	1,655
Net wealth management and insurance income
Net wealth management income	657	631	276
Life insurance premium income	1,077	1,297	1,443
General insurance and lenders mortgage insurance (LMI) net premium earned	387	499	482
Life insurance investment and other income	59	64	409
General insurance and LMI investment and other income	76	42	52
Total insurance premium, investment and other income	1,599	1,902	2,386
Life insurance claims and changes in life insurance liabilities	(767)	(1,284)	(1,266)
General insurance and LMI claims and other expenses	(278)	(498)	(367)
Total insurance claims, changes in insurance liabilities and other expenses	(1,045)	(1,782)	(1,633)
Net wealth management and insurance income	1,211	751	1,029
Trading income	719	895	929
Other income
Dividends received from other entities	4	1	6
Net gain/(loss) on sale/derecognition of associates	43	316	38
Net gain/(loss) on disposal of assets	7	11	61
Net gain/(loss) on hedging overseas operations	(8)
Net gain/(loss) on derivatives held for risk management purposes	4	4	(11)
Net gain/(loss) on financial assets measured at fair value	655	(78)	(39)
Net gain/(loss) on disposal of controlled entities and other businesses	188		3
Rental income on operating leases	41	54	72
Share of associates' net profit/(loss)	(6)	(23)	(23)
Other	24	(36)	22
Total other income	952	249	129
Total non-interest income	4,364	3,487	3,742
Estimated compliance, regulation and remediation costs recognised as a reduction in non-risk fee income, net wealth management income and other income	320	225	860
Amounts recognised as a result of the liability adequacy test on life insurance contracts	0	260	0
Write-off of deferred acquisition costs		97	0
Credit card loyalty programs
Other income
Deferred income	362	361	$ 322
Parent Entity
Net fee income
Facility fees	671	672
Transactions fees	851	891
Other non-risk fee income	(123)	(52)
Fee income	1,399	1,511
Credit card loyalty programs	(71)	(71)
Transaction fee related expenses	(104)	(81)
Fee expenses	(175)	(152)
Net fee income	1,224	1,359
Net wealth management and insurance income
Trading income	661	876
Other income
Dividends received from subsidiaries	1,184	762
Transactions with subsidiaries	973	579
Dividends received from other entities	2	1
Net gain/(loss) on sale/derecognition of associates	(11)	305
Net gain/(loss) on disposal of assets		9
Net gain/(loss) on hedging overseas operations	(150)	(8)
Net gain/(loss) on derivatives held for risk management purposes	4	4
Net gain/(loss) on financial assets measured at fair value	118	(35)
Rental income on operating leases	21	33
Share of associates' net profit/(loss)	(2)
Other	169	(53)
Total other income	2,308	1,597
Total non-interest income	4,193	3,832
Estimated compliance, regulation and remediation costs recognised as a reduction in non-risk fee income, net wealth management income and other income	278	190
Parent Entity \| Credit card loyalty programs
Other income
Deferred income	$ 35	$ 30

Operating expenses (Details)

Operating expenses (Details) - AUD ($) $ in Millions	12 Months Ended
Operating expenses (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Staff expenses
Employee remuneration, entitlements and on-costs	$ 5,369	$ 4,428	$ 4,320
Superannuation expense	475	413	378
Share-based payments	97	80	108
Restructuring costs	93	94	232
Total staff expenses	6,034	5,015	5,038
Occupancy expenses
Lease expense	164	148	658
Depreciation and impairment of property and equipment	955	708	222
Other	107	160	143
Total occupancy expenses	1,226	1,016	1,023
Technology expenses
Amortisation and impairment of software assets	1,240	970	719
Depreciation and impairment of IT equipment	260	272	129
Technology services	820	698	810
Software maintenance and licences	531	398	371
Telecommunications	181	216	207
Data processing	96	89	83
Total technology expenses	3,128	2,643	2,319
Other expenses
Professional and processing services	1,410	1,374	1,060
Amortisation and impairment of intangible assets and deferred expenditure	599	523	9
Postage and stationery	156	164	179
Advertising	220	217	245
Non-lending losses	234	1,443	58
Other	304	344	175
Total other expenses	2,923	4,065	1,726
Total operating expenses	13,311	12,739	10,106
Compliance, regulation and remediation costs	359	317	196
Computer software
Other expenses
Impairment expenses	485	171	25
Goodwill and other intangibles
Other expenses
Impairment expenses	571	518	0
Property and equipment
Other expenses
Impairment expenses	275	5	0
IT equipment
Other expenses
Impairment expenses	45	23	0
AUSTRAC proceedings
Other expenses
Estimated costs associated with AUSTRAC proceedings	0	1,478	0
Provision for a potential penalty	0	1,300	0
Parent Entity
Staff expenses
Employee remuneration, entitlements and on-costs	4,666	3,744
Superannuation expense	409	351
Share-based payments	94	76
Restructuring costs	92	76
Total staff expenses	5,261	4,247
Occupancy expenses
Lease expense	138	123
Depreciation and impairment of property and equipment	845	614
Other	95	145
Total occupancy expenses	1,078	882
Technology expenses
Amortisation and impairment of software assets	1,171	896
Depreciation and impairment of IT equipment	228	244
Technology services	764	569
Software maintenance and licences	463	343
Telecommunications	157	190
Data processing	96	88
Total technology expenses	2,879	2,330
Other expenses
Professional and processing services	1,236	1,184
Amortisation and impairment of intangible assets and deferred expenditure	512	116
Postage and stationery	130	130
Advertising	172	172
Non-lending losses	174	1,428
Impairment on investments in subsidiaries	19	272
Other	454	11
Total other expenses	2,697	3,313
Total operating expenses	11,915	10,772
Compliance, regulation and remediation costs	306	310
Parent Entity \| Computer software
Other expenses
Impairment expenses	475	165
Parent Entity \| Goodwill and other intangibles
Other expenses
Impairment expenses	487	116
Parent Entity \| Property and equipment
Other expenses
Impairment expenses	248	4
Parent Entity \| IT equipment
Other expenses
Impairment expenses	41	23
Parent Entity \| AUSTRAC proceedings
Other expenses
Estimated costs associated with AUSTRAC proceedings	0	1,478	0
Provision for a potential penalty	$ 0	$ 1,300	$ 0

Impairment charges (Details)

Impairment charges (Details) - AUD ($) $ in Millions	12 Months Ended
Impairment charges (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Impairment charges
Recoveries	$ (242)	$ (193)	$ (172)
Impairment (charges)/benefits	(590)	3,178	794
Performing
Impairment charges
Provisions raised/(released)	(915)	1,437	(209)
Non-performing
Impairment charges
Provisions raised/(released)	567	1,934	1,175
Loans and credit commitments
Impairment charges
Impairment (charges)/benefits	(567)	3,158	$ 794
Debt securities at amortised cost
Impairment charges
Impairment (charges)/benefits	(25)	18
Debt securities at FVOCI
Impairment charges
Impairment (charges)/benefits	2	2
Parent Entity
Impairment charges
Recoveries	(225)	(173)
Impairment (charges)/benefits	(447)	2,691
Parent Entity \| Performing
Impairment charges
Provisions raised/(released)	(785)	1,147
Parent Entity \| Non-performing
Impairment charges
Provisions raised/(released)	563	1,717
Parent Entity \| Loans and credit commitments
Impairment charges
Impairment (charges)/benefits	(449)	2,689
Parent Entity \| Debt securities at FVOCI
Impairment charges
Impairment (charges)/benefits	$ 2	$ 2

Income tax - Expense (Details)

Income tax - Expense (Details) - AUD ($) $ in Millions	12 Months Ended
Income tax - Expense (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income tax expense reconciled to profit before income tax expense
Profit before income tax expense	$ 8,501	$ 4,266	$ 9,749
Tax at the Australian company tax rate of 30%	$ 2,550	$ 1,280	$ 2,925
Australian company tax rate (as a percent)	30.00%	30.00%	30.00%
The effect of amounts which are not deductible/(assessable) in calculating taxable income
Hybrid capital distributions	$ 59	$ 56	$ 72
Life insurance: Tax adjustment on policyholder earnings	3	(17)	8
Life insurance: Adjustment for life business tax rates		1	(1)
Dividend adjustments			(1)
Other non-assessable items	(6)	(3)	(14)
Other non-deductible items	252	585	12
Adjustment for overseas tax rates	(16)	16	(32)
Income tax (over)/under provided in prior years	3	1	(10)
Other items	193	55
Total income tax expense	3,038	1,974	$ 2,959
Parent Entity
Income tax expense reconciled to profit before income tax expense
Profit before income tax expense	6,761	4,453
Tax at the Australian company tax rate of 30%	2,028	1,336
The effect of amounts which are not deductible/(assessable) in calculating taxable income
Hybrid capital distributions	59	56
Dividend adjustments	(355)	(228)
Other non-assessable items	(5)	(3)
Other non-deductible items	204	468
Adjustment for overseas tax rates	9	32
Income tax (over)/under provided in prior years	(2)	1
Other items	210	133
Total income tax expense	$ 2,148	$ 1,795

Income tax - Analysis (Details)

Income tax - Analysis (Details) - AUD ($) $ in Millions	12 Months Ended
Income tax - Analysis (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income tax expense comprises:
Current income tax	$ 2,741	$ 2,954	$ 3,370
Movement in deferred tax	294	(981)	(401)
Income tax (over)/under provided in prior years	3	1	(10)
Total income tax expense	$ 3,038	$ 1,974	$ 2,959
Effective income tax rate (as a percent)	35.74%	46.27%	30.35%
Australia
Income tax expense comprises:
Total income tax expense	$ 2,610	$ 1,697	$ 2,526
Overseas
Income tax expense comprises:
Total income tax expense	428	277	$ 433
Parent Entity
Income tax expense comprises:
Current income tax	2,017	2,417
Movement in deferred tax	133	(623)
Income tax (over)/under provided in prior years	(2)	1
Total income tax expense	2,148	1,795
Parent Entity \| Australia
Income tax expense comprises:
Total income tax expense	2,090	1,753
Parent Entity \| Overseas
Income tax expense comprises:
Total income tax expense	$ 58	$ 42

Income tax - Deferred tax asset

Income tax - Deferred tax assets (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	$ 3,712	$ 4,270
Amounts recognised directly in OCI	103	180
Gross deferred tax assets	3,815	4,450
Set-off of deferred tax assets and deferred tax liabilities	(1,378)	(1,386)
Net deferred tax assets	2,437	3,064	$ 2,048
Provisions for ECL on loans and credit commitments
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	1,481	1,788
Provision for long service leave, annual leave and other employee benefits
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	386	335
Property and equipment
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	347	223
Other provisions
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	424	606
Lease liabilities
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	743	899
All other liabilities
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	331	419
Cash-flow hedges
Deferred tax assets
Amounts recognised directly in OCI		25
Defined benefit
Deferred tax assets
Amounts recognised directly in OCI	103	155
Parent Entity
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	3,303	3,712
Amounts recognised directly in OCI	101	149
Gross deferred tax assets	3,404	3,861
Set-off of deferred tax assets and deferred tax liabilities	(1,311)	(1,364)
Net deferred tax assets	2,093	2,497	$ 1,925
Parent Entity \| Provisions for ECL on loans and credit commitments
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	1,269	1,507
Parent Entity \| Provision for long service leave, annual leave and other employee benefits
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	365	308
Parent Entity \| Property and equipment
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	316	198
Parent Entity \| Other provisions
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	388	570
Parent Entity \| Lease liabilities
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	665	825
Parent Entity \| All other liabilities
Deferred tax assets
Amounts recognised in the income statements and opening retained profits	300	304
Parent Entity \| Defined benefit
Deferred tax assets
Amounts recognised directly in OCI	$ 101	$ 149

Income tax - Movements in defer

Income tax - Movements in deferred tax assets (Details) - AUD ($) $ in Millions	Oct. 01, 2019	Sep. 30, 2021	Sep. 30, 2020
Movements
Balance as at beginning of year	$ 2,048	$ 3,064	$ 2,048
Impact on adoption of new accounting standards		(17)	948
Restated opening balance		3,047	2,996
Recognised in the income statements		(529)	758
Recognised in OCI		(77)	13
Balances reclassified to assets held for sale		(8)
Balances disposed of on sale of businesses		(4)
Set-off of deferred tax assets and deferred tax liabilities		8	(703)
Balance as at end of year		2,437	3,064
AASB 16 Leases
Movements
Increase in deferred tax assets	948
Increase in deferred tax liabilities	948
Parent Entity
Movements
Balance as at beginning of year	1,925	2,497	1,925
Impact on adoption of new accounting standards		(14)	872
Restated opening balance		2,483	2,797
Recognised in the income statements		(395)	507
Recognised in OCI		(48)	9
Set-off of deferred tax assets and deferred tax liabilities		53	(816)
Balance as at end of year		$ 2,093	$ 2,497
Parent Entity \| AASB 16 Leases
Movements
Increase in deferred tax assets	872
Increase in deferred tax liabilities	$ 872

Income tax - Deferred tax liabi

Income tax - Deferred tax liabilities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	$ 1,173	$ 1,452
Amounts recognised directly in OCI	295	60
Gross deferred tax liabilities	1,468	1,512
Set-off of deferred tax assets and deferred tax liabilities	(1,378)	(1,386)
Net deferred tax liabilities	90	126	$ 44
Finance lease transactions
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	296	253
Property and equipment
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	610	933
Life insurance assets
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits		43
All other assets
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	267	223
Investment securities
Deferred tax liabilities
Amounts recognised directly in OCI	214	51
Cash-flow hedges
Deferred tax liabilities
Amounts recognised directly in OCI	81	9
Parent Entity
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	1,042	1,304
Amounts recognised directly in OCI	269	60
Gross deferred tax liabilities	1,311	1,364
Set-off of deferred tax assets and deferred tax liabilities	(1,311)	(1,364)
Net deferred tax liabilities		0	$ 0
Parent Entity \| Finance lease transactions
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	290	232
Parent Entity \| Property and equipment
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	541	864
Parent Entity \| All other assets
Deferred tax liabilities
Amounts recognised in the income statements and opening retained profits	211	208
Parent Entity \| Investment securities
Deferred tax liabilities
Amounts recognised directly in OCI	211	51
Parent Entity \| Cash-flow hedges
Deferred tax liabilities
Amounts recognised directly in OCI	$ 58	$ 9

Income tax - Movements in def_2

Income tax - Movements in deferred tax liabilities (Details) - AUD ($) $ in Millions	Oct. 01, 2019	Sep. 30, 2021	Sep. 30, 2020
Movements
Balance as at beginning of year	$ 44	$ 126	$ 44
Impact on adoption of new accounting standards			948
Restated opening balance		126	992
Recognised in the income statements		(235)	(223)
Recognised in OCI		235	60
Balances reclassified to liabilities held for sale		(44)
Set-off of deferred tax assets and deferred tax liabilities		8	(703)
Balance as at end of year		90	126
AASB 16 Leases
Movements
Increase in deferred tax assets	948
Increase in deferred tax liabilities	948
Parent Entity
Movements
Balance as at beginning of year	0	0	0
Impact on adoption of new accounting standards			872
Restated opening balance			872
Recognised in the income statements		(262)	(116)
Recognised in OCI		209	60
Set-off of deferred tax assets and deferred tax liabilities		$ 53	(816)
Balance as at end of year			$ 0
Parent Entity \| AASB 16 Leases
Movements
Increase in deferred tax assets	872
Increase in deferred tax liabilities	$ 872

Income tax - Unrecognised defer

Income tax - Unrecognised deferred tax balances (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Income tax
Australian company tax rate (as a percent)	30.00%	30.00%	30.00%
Unrecognised deferred tax balances
Unrecognised deferred tax asset: Tax losses on revenue account	$ 470	$ 335
Unrecognised deferred tax liability: Gross retained earnings of subsidiaries which the Parent Entity does not intend to distribute in the foreseeable future	$ 55	55
Minimum
Income tax
Australian company tax rate (as a percent)	16.50%
Maximum
Income tax
Australian company tax rate (as a percent)	30.00%
Parent Entity
Unrecognised deferred tax balances
Unrecognised deferred tax asset: Tax losses on revenue account	$ 454	$ 264

Earnings per share (Details)

Earnings per share (Details) - AUD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Earnings per share
Net profit attributable to owners of WBC	$ 5,458	$ 2,290	$ 6,784
Adjustment for RSP dividends - Basic	(2)	(2)	(6)
Adjustment for RSP dividends - Diluted		(2)	(6)
Adjustment for potential dilution: Distributions to convertible loan capital holders	218		290
Adjusted net profit attributable to owners of WBC - Basic	5,456	2,288	6,778
Adjusted net profit attributable to owners of WBC - Diluted	$ 5,676	$ 2,288	$ 7,068
Weighted average number of ordinary shares (millions)
Weighted average number of ordinary shares on issue	3,657	3,595	3,456
Treasury shares (including RSP share rights)	(4)	(5)	(6)
Adjustment for potential dilution: Share-based payments	4	1	1
Adjustment for potential dilution: Convertible loan capital	461		278
Adjusted weighted average number of ordinary shares - Basic	3,653	3,590	3,450
Adjusted weighted average number of ordinary shares - Diluted	4,118	3,591	3,729
Earnings per ordinary share (cents) - Basic	$ 1.494	$ 0.637	$ 1.965
Earnings per ordinary share (cents) - Diluted	$ 1.378	$ 0.637	$ 1.895

Average balance sheet and int_3

Average balance sheet and interest rates - Assets (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Interest earning assets and interest income
Average balance	$ 819,456	$ 821,718	$ 798,924
Interest income	$ 22,278	$ 27,047	$ 33,222
Average rate %	2.70%	3.30%	4.20%
Non-interest earning assets
Average balance	$ 86,599	$ 98,362	$ 95,800
Total assets
Average balance	906,055	920,080	894,724
Collateral paid \| Australia
Interest earning assets and interest income
Average balance	10,748	13,555	8,428
Interest income	$ 7	$ 56	$ 152
Average rate %	0.10%	0.40%	1.80%
Collateral paid \| New Zealand
Interest earning assets and interest income
Average balance	$ 372	$ 373	$ 364
Interest income		$ 3	$ 7
Average rate %		0.80%	1.90%
Collateral paid \| Other overseas
Interest earning assets and interest income
Average balance	1,108	$ 1,804	$ 2,031
Interest income	$ 9	$ 16	$ 42
Average rate %	0.80%	0.90%	2.10%
Trading securities and financial assets measured at FVIS \| Australia
Interest earning assets and interest income
Average balance	$ 16,659	$ 20,300	$ 20,691
Interest income	$ 116	$ 217	$ 468
Average rate %	0.70%	1.10%	2.30%
Trading securities and financial assets measured at FVIS \| New Zealand
Interest earning assets and interest income
Average balance	$ 3,881	$ 4,728	$ 3,862
Interest income	$ 28	$ 47	$ 85
Average rate %	0.70%	1.00%	2.20%
Trading securities and financial assets measured at FVIS \| Other overseas
Interest earning assets and interest income
Average balance	$ 3,251	$ 4,601	$ 4,521
Interest income	$ 48	$ 95	$ 109
Average rate %	1.50%	2.10%	2.40%
Investment securities \| Australia
Interest earning assets and interest income
Average balance	$ 81,665	$ 71,402	$ 56,875
Interest income	$ 1,104	$ 1,347	$ 1,691
Average rate %	1.40%	1.90%	3.00%
Investment securities \| New Zealand
Interest earning assets and interest income
Average balance	$ 4,492	$ 3,921	$ 3,850
Interest income	$ 74	$ 96	$ 130
Average rate %	1.60%	2.40%	3.40%
Investment securities \| Other overseas
Interest earning assets and interest income
Average balance	$ 1,552	$ 2,858	$ 3,062
Interest income	$ 22	$ 78	$ 98
Average rate %	1.40%	2.70%	3.20%
Loans and other receivables \| Australia
Interest earning assets and interest income
Average balance	$ 585,416	$ 585,643	$ 589,427
Interest income	$ 17,859	$ 21,315	$ 25,931
Average rate %	3.10%	3.60%	4.40%
Loans and other receivables \| New Zealand
Interest earning assets and interest income
Average balance	$ 91,732	$ 85,184	$ 79,255
Interest income	$ 2,747	$ 3,237	$ 3,650
Average rate %	3.00%	3.80%	4.60%
Loans and other receivables \| Other overseas
Interest earning assets and interest income
Average balance	$ 14,437	$ 27,349	$ 26,558
Interest income	$ 136	$ 540	$ 859
Average rate %	0.90%	2.00%	3.20%
Derivative financial instruments
Non-interest earning assets
Average balance	$ 20,305	$ 31,334	$ 25,959
Life insurance assets
Non-interest earning assets
Average balance	226	4,614	9,610
Assets held for sale
Non-interest earning assets
Average balance	4,590
Assets held for sale \| Australia
Interest earning assets and interest income
Average balance	1,583
Interest income	$ 28
Average rate %	1.80%
Assets held for sale \| Other overseas
Interest earning assets and interest income
Average balance	$ 2,560
Interest income	$ 100
Average rate %	3.90%
All other assets
Non-interest earning assets
Average balance	$ 61,478	$ 62,414	$ 60,231

Average balance sheet and int_4

Average balance sheet and interest rates - Liabilities and Equity (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Interest bearing liabilities
Average balance	$ 736,336	$ 745,641	$ 734,282
Interest expense	$ 5,420	$ 10,351	$ 16,315
Average rate %	0.70%	1.40%	2.20%
Non-interest bearing liabilities
Average balance	$ 98,820	$ 106,373	$ 96,678
Total liabilities
Average balance	835,156	852,014	830,960
Shareholders' equity
Average balance	70,849	68,014	63,714
NCI
Average balance	50	52	50
Total equity
Average balance	70,899	68,066	63,764
Total liabilities and equity
Average balance	906,055	920,080	894,724
Collateral received \| Australia
Interest bearing liabilities
Average balance	1,914	2,586	2,039
Interest expense	$ 2	$ 11	$ 41
Average rate %	0.10%	0.40%	2.00%
Collateral received \| New Zealand
Interest bearing liabilities
Average balance	$ 307	$ 596	$ 390
Interest expense		$ 3	$ 8
Average rate %		0.50%	2.10%
Collateral received \| Other overseas
Interest bearing liabilities
Average balance	3,965	$ 4,399	$ 1,188
Interest expense	$ 2	$ 12	$ 8
Average rate %	0.10%	0.30%	0.70%
Repurchase agreements \| Australia
Interest bearing liabilities
Average balance	$ 32,600	$ 16,120	$ 11,266
Interest expense	$ 54	$ 73	$ 172
Average rate %	0.20%	0.50%	1.50%
Repurchase agreements \| New Zealand
Interest bearing liabilities
Average balance	$ 986	$ 380	$ 268
Interest expense	$ 2	$ 1	$ 5
Average rate %	0.20%	0.30%	1.90%
Repurchase agreements \| Other overseas
Interest bearing liabilities
Average balance			$ 20
Interest expense			$ 1
Average rate %			5.00%
Deposits and other borrowings \| Australia
Interest bearing liabilities
Average balance	$ 457,675	$ 435,877	$ 425,799
Interest expense	$ 1,400	$ 3,745	$ 7,023
Average rate %	0.30%	0.90%	1.60%
Non-interest bearing liabilities
Average balance	$ 49,592	$ 45,231	$ 42,455
Deposits and other borrowings \| New Zealand
Interest bearing liabilities
Average balance	60,066	57,096	54,720
Interest expense	$ 418	$ 882	$ 1,235
Average rate %	0.70%	1.50%	2.30%
Non-interest bearing liabilities
Average balance	$ 12,426	$ 8,760	$ 5,996
Deposits and other borrowings \| Other overseas
Interest bearing liabilities
Average balance	13,610	25,660	26,270
Interest expense	$ 50	$ 427	$ 687
Average rate %	0.40%	1.70%	2.60%
Non-interest bearing liabilities
Average balance	$ 7	$ 901	$ 819
Loan capital \| Australia
Interest bearing liabilities
Average balance	24,573	19,554	15,080
Interest expense	$ 754	$ 663	$ 632
Average rate %	3.10%	3.40%	4.20%
Loan capital \| New Zealand
Interest bearing liabilities
Average balance	$ 1,653	$ 1,833	$ 1,777
Interest expense	$ 85	$ 94	$ 91
Average rate %	5.10%	5.10%	5.10%
Loan capital \| Other overseas
Interest bearing liabilities
Average balance	$ 368	$ 1,324	$ 1,324
Interest expense	$ 10	$ 43	$ 53
Average rate %	2.70%	3.20%	4.00%
Other interest bearing liabilities \| Australia
Interest bearing liabilities
Average balance	$ 121,338	$ 160,830	$ 177,470
Interest expense	$ 2,234	$ 3,776	$ 5,765
Average rate %	1.80%	2.30%	3.20%
Other interest bearing liabilities \| New Zealand
Interest bearing liabilities
Average balance	$ 15,836	$ 18,130	$ 15,397
Interest expense	$ 368	$ 557	$ 570
Average rate %	2.30%	3.10%	3.70%
Other interest bearing liabilities \| Other overseas
Interest bearing liabilities
Average balance	$ 110	$ 1,256	$ 1,274
Interest expense	$ 29	$ 64	$ 24
Average rate %	26.40%	5.10%	1.90%
Derivative financial instruments
Non-interest bearing liabilities
Average balance	$ 20,612	$ 33,249	$ 26,568
Life insurance liabilities
Non-interest bearing liabilities
Average balance	253	2,999	7,653
Liabilities held for sale
Non-interest bearing liabilities
Average balance	2,728
Liabilities held for sale \| Other overseas
Interest bearing liabilities
Average balance	1,335
Interest expense	$ 12
Average rate %	0.90%
All other liabilities
Non-interest bearing liabilities
Average balance	$ 13,202	$ 15,233	$ 13,187

Average balance sheet and int_5

Average balance sheet and interest rates - Variances (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Average balance sheet and interest rates
Interest income - Change Due to Volume	$ (375)	$ 661
Interest income - Change Due to Rate	(4,394)	(6,836)
Total change in interest income	(4,769)	(6,175)
Interest expense - Change Due to Volume	(406)	165
Interest expense - Change Due to Rate	(4,525)	(6,129)
Total change in interest expense	(4,931)	(5,964)
Net interest income - Change Due to Volume	31	496
Net interest income - Change Due to Rate	131	(707)
Total change in net interest income	162	(211)
Australia
Average balance sheet and interest rates
Net interest income - Change Due to Volume	(112)	356
Net interest income - Change Due to Rate	115	(298)
Total change in net interest income	3	58
New Zealand
Average balance sheet and interest rates
Net interest income - Change Due to Volume	147	129
Net interest income - Change Due to Rate	(17)	(246)
Total change in net interest income	130	(117)
Other overseas
Average balance sheet and interest rates
Net interest income - Change Due to Volume	(4)	11
Net interest income - Change Due to Rate	33	(163)
Total change in net interest income	29	(152)
Collateral received \| Australia
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(3)	11
Interest expense - Change Due to Rate	(6)	(41)
Total change in interest expense	(9)	(30)
Collateral received \| New Zealand
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(1)	4
Interest expense - Change Due to Rate	(2)	(9)
Total change in interest expense	(3)	(5)
Collateral received \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(1)	22
Interest expense - Change Due to Rate	(9)	(18)
Total change in interest expense	(10)	4
Repurchase agreements \| Australia
Average balance sheet and interest rates
Interest expense - Change Due to Volume	87	83
Interest expense - Change Due to Rate	(106)	(182)
Total change in interest expense	(19)	(99)
Repurchase agreements \| New Zealand
Average balance sheet and interest rates
Interest expense - Change Due to Volume	2	2
Interest expense - Change Due to Rate	(1)	(6)
Total change in interest expense	1	(4)
Repurchase agreements \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume		(1)
Total change in interest expense		(1)
Deposits and other borrowings \| Australia
Average balance sheet and interest rates
Interest expense - Change Due to Volume	270	167
Interest expense - Change Due to Rate	(2,615)	(3,445)
Total change in interest expense	(2,345)	(3,278)
Deposits and other borrowings \| New Zealand
Average balance sheet and interest rates
Interest expense - Change Due to Volume	45	54
Interest expense - Change Due to Rate	(509)	(407)
Total change in interest expense	(464)	(353)
Deposits and other borrowings \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(179)	(16)
Interest expense - Change Due to Rate	(198)	(244)
Total change in interest expense	(377)	(260)
Loan capital \| Australia
Average balance sheet and interest rates
Interest expense - Change Due to Volume	176	188
Interest expense - Change Due to Rate	(85)	(157)
Total change in interest expense	91	31
Loan capital \| New Zealand
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(9)	3
Total change in interest expense	(9)	3
Loan capital \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(31)
Interest expense - Change Due to Rate	(2)	(10)
Total change in interest expense	(33)	(10)
Other interest bearing liabilities \| Australia
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(716)	(455)
Interest expense - Change Due to Rate	(826)	(1,534)
Total change in interest expense	(1,542)	(1,989)
Other interest bearing liabilities \| New Zealand
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(28)	103
Interest expense - Change Due to Rate	(161)	(116)
Total change in interest expense	(189)	(13)
Other interest bearing liabilities \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume	(20)
Interest expense - Change Due to Rate	(15)	40
Total change in interest expense	(35)	40
Liabilities held for sale \| Other overseas
Average balance sheet and interest rates
Interest expense - Change Due to Volume	2
Interest expense - Change Due to Rate	10
Total change in interest expense	12
Collateral paid \| Australia
Average balance sheet and interest rates
Interest income - Change Due to Volume	(11)	93
Interest income - Change Due to Rate	(38)	(189)
Total change in interest income	(49)	(96)
Collateral paid \| New Zealand
Average balance sheet and interest rates
Interest income - Change Due to Rate	(3)	(4)
Total change in interest income	(3)	(4)
Collateral paid \| Other overseas
Average balance sheet and interest rates
Interest income - Change Due to Volume	(6)	(5)
Interest income - Change Due to Rate	(1)	(21)
Total change in interest income	(7)	(26)
Trading securities and financial assets measured at FVIS \| Australia
Average balance sheet and interest rates
Interest income - Change Due to Volume	(34)	(9)
Interest income - Change Due to Rate	(67)	(242)
Total change in interest income	(101)	(251)
Trading securities and financial assets measured at FVIS \| New Zealand
Average balance sheet and interest rates
Interest income - Change Due to Volume	(9)	19
Interest income - Change Due to Rate	(10)	(57)
Total change in interest income	(19)	(38)
Trading securities and financial assets measured at FVIS \| Other overseas
Average balance sheet and interest rates
Interest income - Change Due to Volume	(28)	2
Interest income - Change Due to Rate	(19)	(16)
Total change in interest income	(47)	(14)
Investment securities \| Australia
Average balance sheet and interest rates
Interest income - Change Due to Volume	202	433
Interest income - Change Due to Rate	(445)	(777)
Total change in interest income	(243)	(344)
Investment securities \| New Zealand
Average balance sheet and interest rates
Interest income - Change Due to Volume	14	2
Interest income - Change Due to Rate	(36)	(36)
Total change in interest income	(22)	(34)
Investment securities \| Other overseas
Average balance sheet and interest rates
Interest income - Change Due to Volume	(20)	(7)
Interest income - Change Due to Rate	(36)	(13)
Total change in interest income	(56)	(20)
Loans and other receivables \| Australia
Average balance sheet and interest rates
Interest income - Change Due to Volume	(469)	(167)
Interest income - Change Due to Rate	(2,987)	(4,449)
Total change in interest income	(3,456)	(4,616)
Loans and other receivables \| New Zealand
Average balance sheet and interest rates
Interest income - Change Due to Volume	151	274
Interest income - Change Due to Rate	(641)	(687)
Total change in interest income	(490)	(413)
Loans and other receivables \| Other overseas
Average balance sheet and interest rates
Interest income - Change Due to Volume	(241)	26
Interest income - Change Due to Rate	(163)	(345)
Total change in interest income	(404)	$ (319)
Assets held for sale \| Australia
Average balance sheet and interest rates
Interest income - Change Due to Volume	14
Interest income - Change Due to Rate	14
Total change in interest income	28
Assets held for sale \| Other overseas
Average balance sheet and interest rates
Interest income - Change Due to Volume	62
Interest income - Change Due to Rate	38
Total change in interest income	$ 100

Trading securities and financ_3

Trading securities and financial assets measured at FVIS (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Trading securities and financial assets measured at FVIS
Trading securities	$ 15,019	$ 17,776
Reverse repurchase agreements	2,937	20,401
Other financial assets measured at FVIS	3,145	2,490
Total trading securities and financial assets measured at FVIS	21,101	40,667
Government and semi-government debt securities
Trading securities and financial assets measured at FVIS
Trading securities	11,432	14,667
Other debt securities
Trading securities and financial assets measured at FVIS
Trading securities	3,064	3,044
Other financial assets measured at FVIS	3,038	2,045
Equity securities
Trading securities and financial assets measured at FVIS
Trading securities	3	4
Other financial assets measured at FVIS	107	445
Other
Trading securities and financial assets measured at FVIS
Trading securities	520	61
Parent Entity
Trading securities and financial assets measured at FVIS
Trading securities	13,018	15,519
Reverse repurchase agreements	2,763	20,401
Other financial assets measured at FVIS	2,998	2,110
Total trading securities and financial assets measured at FVIS	18,779	38,030
Parent Entity \| Government and semi-government debt securities
Trading securities and financial assets measured at FVIS
Trading securities	9,535	12,542
Parent Entity \| Other debt securities
Trading securities and financial assets measured at FVIS
Trading securities	2,960	2,913
Other financial assets measured at FVIS	2,975	1,703
Parent Entity \| Equity securities
Trading securities and financial assets measured at FVIS
Trading securities	3	3
Other financial assets measured at FVIS	23	407
Parent Entity \| Other
Trading securities and financial assets measured at FVIS
Trading securities	$ 520	$ 61

Investment securities - Balance

Investment securities - Balances recognised (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Investment securities
Investment securities	$ 83,417	$ 91,539
FVOCI
Investment securities
Investment securities	82,482	90,555
Amortised cost
Investment securities
Investment securities	935	984
Amortised cost \| Gross amount
Investment securities
Investment securities	938	1,011
Amortised cost \| Provision \| Provision for ECL on debt securities at amortised cost
Investment securities
Investment securities	(3)	(27)
Government and semi-government debt securities
Investment securities
Investment securities	67,318
Government and semi-government debt securities \| FVOCI
Investment securities
Investment securities	66,421	73,486
Government and semi-government debt securities \| Amortised cost \| Gross amount
Investment securities
Investment securities	900	881
Other debt securities
Investment securities
Investment securities	15,822
Other debt securities \| FVOCI
Investment securities
Investment securities	15,784	16,916
Other debt securities \| Amortised cost \| Gross amount
Investment securities
Investment securities	38	130
Equity securities
Investment securities
Investment securities	277
Equity securities \| FVOCI
Investment securities
Investment securities	277	153
Parent Entity
Investment securities
Investment securities	77,863	85,826
Parent Entity \| FVOCI
Investment securities
Investment securities	77,814	85,823
Parent Entity \| Amortised cost
Investment securities
Investment securities	49	3
Parent Entity \| Amortised cost \| Gross amount
Investment securities
Investment securities	50	3
Parent Entity \| Amortised cost \| Provision \| Provision for ECL on debt securities at amortised cost
Investment securities
Investment securities	(1)
Parent Entity \| Government and semi-government debt securities \| FVOCI
Investment securities
Investment securities	63,057	69,929
Parent Entity \| Government and semi-government debt securities \| Amortised cost \| Gross amount
Investment securities
Investment securities	48
Parent Entity \| Other debt securities \| FVOCI
Investment securities
Investment securities	14,682	15,826
Parent Entity \| Other debt securities \| Amortised cost \| Gross amount
Investment securities
Investment securities	2	3
Parent Entity \| Equity securities \| FVOCI
Investment securities
Investment securities	$ 75	$ 68

Investment securities - Maturit

Investment securities - Maturities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Maturities of the Group's investment securities
Investment securities	$ 83,417	$ 91,539
Up to 1 year
Maturities of the Group's investment securities
Investment securities	7,830
Over 1 year to 5 years
Maturities of the Group's investment securities
Investment securities	42,616
Over 5 Years to 10 Years
Maturities of the Group's investment securities
Investment securities	31,011
Over 10 Years
Maturities of the Group's investment securities
Investment securities	1,683
No Specific Maturity
Maturities of the Group's investment securities
Investment securities	277
Government and semi-government debt securities
Maturities of the Group's investment securities
Investment securities	$ 67,318
Weighted average yield	1.40%
Government and semi-government debt securities \| Up to 1 year
Maturities of the Group's investment securities
Investment securities	$ 5,476
Weighted average yield	2.80%
Government and semi-government debt securities \| Over 1 year to 5 years
Maturities of the Group's investment securities
Investment securities	$ 29,150
Weighted average yield	1.10%
Government and semi-government debt securities \| Over 5 Years to 10 Years
Maturities of the Group's investment securities
Investment securities	$ 31,009
Weighted average yield	1.50%
Government and semi-government debt securities \| Over 10 Years
Maturities of the Group's investment securities
Investment securities	$ 1,683
Weighted average yield	1.30%
Other debt securities
Maturities of the Group's investment securities
Investment securities	$ 15,822
Weighted average yield	1.00%
Other debt securities \| Up to 1 year
Maturities of the Group's investment securities
Investment securities	$ 2,354
Weighted average yield	1.30%
Other debt securities \| Over 1 year to 5 years
Maturities of the Group's investment securities
Investment securities	$ 13,466
Weighted average yield	1.00%
Other debt securities \| Over 5 Years to 10 Years
Maturities of the Group's investment securities
Investment securities	$ 2
Weighted average yield	1.90%
Equity securities
Maturities of the Group's investment securities
Investment securities	$ 277
Equity securities \| No Specific Maturity
Maturities of the Group's investment securities
Investment securities	277
Parent Entity
Maturities of the Group's investment securities
Investment securities	$ 77,863	$ 85,826

Loans - Loan portfolio (Details

Loans - Loan portfolio (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 709,784	$ 693,059
Securitised loans	4,829	7,367
Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	714,373	698,661
Provision \| Provision for ECL on loans
Loan portfolio, disaggregated by location of booking office and product type
Loans	(4,589)	(5,602)
Australia \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	618,794	605,598
Australia \| Housing \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	455,604	440,933
Australia \| Personal \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	14,737	17,081
Australia \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	148,453	147,584
New Zealand \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	89,247	82,350
New Zealand \| Housing \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	58,081	51,126
New Zealand \| Personal \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	1,175	1,360
New Zealand \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	29,991	29,864
Other overseas \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	6,332	10,713
Parent Entity
Loan portfolio, disaggregated by location of booking office and product type
Loans	618,413	607,824
Securitised loans	129,270	132,506
Parent Entity \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	622,315	612,517
Parent Entity \| Provision \| Provision for ECL on loans
Loan portfolio, disaggregated by location of booking office and product type
Loans	(3,902)	(4,693)
Parent Entity \| Australia \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	616,243	602,218
Parent Entity \| Australia \| Housing \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	455,599	440,926
Parent Entity \| Australia \| Personal \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	14,694	16,938
Parent Entity \| Australia \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	145,950	144,354
Parent Entity \| New Zealand \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	384	354
Parent Entity \| New Zealand \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	384	354
Parent Entity \| Other overseas \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 5,688	$ 9,945

Loans - Contractual maturities

Loans - Contractual maturities and interest rate segmentation (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Financial assets
Loans	$ 709,784	$ 693,059
Gross amount
Financial assets
Loans	714,373	698,661
Gross amount \| Australia
Financial assets
Loans	618,794	605,598
Gross amount \| Australia \| Housing
Financial assets
Loans	455,604	440,933
Gross amount \| Australia \| Personal
Financial assets
Loans	14,737	17,081
Gross amount \| Australia \| Business
Financial assets
Loans	148,453	147,584
Gross amount \| New Zealand
Financial assets
Loans	89,247	82,350
Gross amount \| New Zealand \| Housing
Financial assets
Loans	58,081	51,126
Gross amount \| New Zealand \| Personal
Financial assets
Loans	1,175	1,360
Gross amount \| New Zealand \| Business
Financial assets
Loans	29,991	29,864
Gross amount \| Other overseas
Financial assets
Loans	6,332	$ 10,713
Gross amount \| Up to 1 year
Financial assets
Loans	85,757
Gross amount \| Up to 1 year \| Australia
Financial assets
Loans	62,993
Gross amount \| Up to 1 year \| Australia \| Housing
Financial assets
Loans	7,314
Gross amount \| Up to 1 year \| Australia \| Personal
Financial assets
Loans	6,312
Gross amount \| Up to 1 year \| Australia \| Business
Financial assets
Loans	49,367
Gross amount \| Up to 1 year \| New Zealand
Financial assets
Loans	20,549
Gross amount \| Up to 1 year \| New Zealand \| Housing
Financial assets
Loans	232
Gross amount \| Up to 1 year \| New Zealand \| Personal
Financial assets
Loans	935
Gross amount \| Up to 1 year \| New Zealand \| Business
Financial assets
Loans	19,382
Gross amount \| Up to 1 year \| Other overseas
Financial assets
Loans	2,215
Gross amount \| Over 1 year to 5 years
Financial assets
Loans	112,123
Gross amount \| Over 1 year to 5 years \| Australia
Financial assets
Loans	96,968
Gross amount \| Over 1 year to 5 years \| Australia \| Housing
Financial assets
Loans	2,083
Gross amount \| Over 1 year to 5 years \| Australia \| Personal
Financial assets
Loans	7,111
Gross amount \| Over 1 year to 5 years \| Australia \| Business
Financial assets
Loans	87,774
Gross amount \| Over 1 year to 5 years \| New Zealand
Financial assets
Loans	11,440
Gross amount \| Over 1 year to 5 years \| New Zealand \| Housing
Financial assets
Loans	630
Gross amount \| Over 1 year to 5 years \| New Zealand \| Personal
Financial assets
Loans	228
Gross amount \| Over 1 year to 5 years \| New Zealand \| Business
Financial assets
Loans	10,582
Gross amount \| Over 1 year to 5 years \| Other overseas
Financial assets
Loans	3,715
Gross amount \| Over 5 years to 15 years
Financial assets
Loans	31,656
Gross amount \| Over 5 years to 15 years \| Australia
Financial assets
Loans	26,419
Gross amount \| Over 5 years to 15 years \| Australia \| Housing
Financial assets
Loans	18,238
Gross amount \| Over 5 years to 15 years \| Australia \| Personal
Financial assets
Loans	1,314
Gross amount \| Over 5 years to 15 years \| Australia \| Business
Financial assets
Loans	6,867
Gross amount \| Over 5 years to 15 years \| New Zealand
Financial assets
Loans	4,835
Gross amount \| Over 5 years to 15 years \| New Zealand \| Housing
Financial assets
Loans	4,797
Gross amount \| Over 5 years to 15 years \| New Zealand \| Personal
Financial assets
Loans	12
Gross amount \| Over 5 years to 15 years \| New Zealand \| Business
Financial assets
Loans	26
Gross amount \| Over 5 years to 15 years \| Other overseas
Financial assets
Loans	402
Gross amount \| Over 15 years
Financial assets
Loans	484,837
Gross amount \| Over 15 years \| Australia
Financial assets
Loans	432,414
Gross amount \| Over 15 years \| Australia \| Housing
Financial assets
Loans	427,969
Gross amount \| Over 15 years \| Australia \| Business
Financial assets
Loans	4,445
Gross amount \| Over 15 years \| New Zealand
Financial assets
Loans	52,423
Gross amount \| Over 15 years \| New Zealand \| Housing
Financial assets
Loans	52,422
Gross amount \| Over 15 years \| New Zealand \| Business
Financial assets
Loans	1
Gross amount \| Over 1 year
Financial assets
Loans	628,616
Gross amount \| Over 1 year \| Variable Interest Rates
Financial assets
Loans	378,901
Gross amount \| Over 1 year \| Fixed interest rate
Financial assets
Loans	249,715
Gross amount \| Over 1 year \| Australia
Financial assets
Loans	555,801
Gross amount \| Over 1 year \| Australia \| Variable Interest Rates
Financial assets
Loans	367,219
Gross amount \| Over 1 year \| Australia \| Fixed interest rate
Financial assets
Loans	188,582
Gross amount \| Over 1 year \| Australia \| Housing
Financial assets
Loans	448,290
Gross amount \| Over 1 year \| Australia \| Housing \| Variable Interest Rates
Financial assets
Loans	275,772
Gross amount \| Over 1 year \| Australia \| Housing \| Fixed interest rate
Financial assets
Loans	172,518
Gross amount \| Over 1 year \| Australia \| Personal
Financial assets
Loans	8,425
Gross amount \| Over 1 year \| Australia \| Personal \| Variable Interest Rates
Financial assets
Loans	2,777
Gross amount \| Over 1 year \| Australia \| Personal \| Fixed interest rate
Financial assets
Loans	5,648
Gross amount \| Over 1 year \| Australia \| Business
Financial assets
Loans	99,086
Gross amount \| Over 1 year \| Australia \| Business \| Variable Interest Rates
Financial assets
Loans	88,670
Gross amount \| Over 1 year \| Australia \| Business \| Fixed interest rate
Financial assets
Loans	10,416
Gross amount \| Over 1 year \| New Zealand
Financial assets
Loans	68,698
Gross amount \| Over 1 year \| New Zealand \| Variable Interest Rates
Financial assets
Loans	7,822
Gross amount \| Over 1 year \| New Zealand \| Fixed interest rate
Financial assets
Loans	60,876
Gross amount \| Over 1 year \| New Zealand \| Housing
Financial assets
Loans	57,849
Gross amount \| Over 1 year \| New Zealand \| Housing \| Variable Interest Rates
Financial assets
Loans	6,826
Gross amount \| Over 1 year \| New Zealand \| Housing \| Fixed interest rate
Financial assets
Loans	51,023
Gross amount \| Over 1 year \| New Zealand \| Personal
Financial assets
Loans	240
Gross amount \| Over 1 year \| New Zealand \| Personal \| Variable Interest Rates
Financial assets
Loans	237
Gross amount \| Over 1 year \| New Zealand \| Personal \| Fixed interest rate
Financial assets
Loans	3
Gross amount \| Over 1 year \| New Zealand \| Business
Financial assets
Loans	10,609
Gross amount \| Over 1 year \| New Zealand \| Business \| Variable Interest Rates
Financial assets
Loans	759
Gross amount \| Over 1 year \| New Zealand \| Business \| Fixed interest rate
Financial assets
Loans	9,850
Gross amount \| Over 1 year \| Other overseas
Financial assets
Loans	4,117
Gross amount \| Over 1 year \| Other overseas \| Variable Interest Rates
Financial assets
Loans	3,860
Gross amount \| Over 1 year \| Other overseas \| Fixed interest rate
Financial assets
Loans	$ 257

Provisions for expected credi_3

Provisions for expected credit losses/impairment charges - Loans and Credit Commitments (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Loans and credit commitments
Loans and credit commitments
Gross loans and credit commitments	$ 915,486	$ 895,602
Coverage ratio (%)	0.55%	0.68%
Loans and credit commitments \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 4,999	$ 6,132	$ 3,913
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Individually assessed
Loans and credit commitments
Provisions for expected credit losses	832	611
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	4,167	5,521
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	1,508	1,916	1,108
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	682	856	975
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	2,809	3,360	1,830
Loans and credit commitments \| Performing - Stage 1
Loans and credit commitments
Gross loans and credit commitments	$ 828,770	$ 812,450
Coverage ratio (%)	0.11%	0.13%
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 936	$ 1,084	884
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	936	1,084
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	160	192	163
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	153	216	268
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	623	676	453
Loans and credit commitments \| Performing - Stage 2
Loans and credit commitments
Gross loans and credit commitments	$ 76,946	$ 71,841
Coverage ratio (%)	2.72%	4.00%
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 2,091	$ 2,875	1,674
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	2,091	2,875
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	741	747	354
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	355	408	459
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	995	1,720	861
Loans and credit commitments \| Non-performing - Stage 3
Loans and credit commitments
Gross loans and credit commitments	$ 9,770	$ 11,311
Coverage ratio (%)	20.18%	19.21%
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,972	$ 2,173	1,355
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Individually assessed
Loans and credit commitments
Provisions for expected credit losses	832	611
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	1,140	1,562
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	607	977	591
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	174	232	248
Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 1,191	$ 964	516
Loans
Loans and credit commitments
Coverage ratio (%)	0.64%	0.80%
Loans \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 4,596	$ 5,602
Loans \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	1,496	1,904
Loans \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	611	774
Loans \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 2,489	$ 2,924
Loans \| Performing - Stage 1
Loans and credit commitments
Coverage ratio (%)	0.12%	0.14%
Loans \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 773	$ 902
Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	154	185
Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	124	180
Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 495	$ 537
Loans \| Performing - Stage 2
Loans and credit commitments
Coverage ratio (%)	2.70%	4.02%
Loans \| Performing - Stage 2 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 1,871	$ 2,537
Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	735	742
Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	314	362
Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 822	$ 1,433
Loans \| Non-performing - Stage 3
Loans and credit commitments
Coverage ratio (%)	20.56%	19.50%
Loans \| Non-performing - Stage 3 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 1,952	$ 2,163
Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	607	977
Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	173	232
Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	1,172	954
Loans, excluding loans included in assets held for sale \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	4,589	5,602
Loans, excluding loans included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	766	902
Loans, excluding loans included in assets held for sale \| Performing - Stage 2 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	1,871	2,537
Loans, excluding loans included in assets held for sale \| Non-performing - Stage 3 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	1,952	2,163
Loans included in assets held for sale \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	7
Loans included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	7
Credit commitments \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	403	530
Credit commitments \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	12	12
Credit commitments \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	71	82
Credit commitments \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	320	436
Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	163	182
Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	6	7
Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	29	36
Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	128	139
Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	220	338
Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	6	5
Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	41	46
Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	173	287
Credit commitments \| Non-performing - Stage 3 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	20	10
Credit commitments \| Non-performing - Stage 3 \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	1
Credit commitments \| Non-performing - Stage 3 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	19	10
Credit commitments, excluding credit commitments included in assets held for sale \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	401	530
Credit commitments, excluding credit commitments included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	161	182
Credit commitments, excluding credit commitments included in assets held for sale \| Performing - Stage 2 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	220	338
Credit commitments, excluding credit commitments included in assets held for sale \| Non-performing - Stage 3 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	20	10
Credit commitments included in liabilities held for sale \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	2
Credit commitments included in liabilities held for sale \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	2
Parent Entity \| Loans and credit commitments
Loans and credit commitments
Gross loans and credit commitments	$ 797,818	$ 784,496
Coverage ratio (%)	0.53%	0.66%
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 4,263	$ 5,172	3,378
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Individually assessed
Loans and credit commitments
Provisions for expected credit losses	724	520
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	3,539	4,652
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	1,344	1,688	1,033
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	589	715	843
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	2,330	2,769	1,502
Parent Entity \| Loans and credit commitments \| Performing - Stage 1
Loans and credit commitments
Gross loans and credit commitments	$ 720,659	$ 712,381
Coverage ratio (%)	0.11%	0.13%
Parent Entity \| Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 780	$ 913	747
Parent Entity \| Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	780	913
Parent Entity \| Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	118	149	141
Parent Entity \| Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	134	190	229
Parent Entity \| Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	528	574	377
Parent Entity \| Loans and credit commitments \| Performing - Stage 2
Loans and credit commitments
Gross loans and credit commitments	$ 68,179	$ 61,822
Coverage ratio (%)	2.54%	3.87%
Parent Entity \| Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,735	$ 2,390	1,420
Parent Entity \| Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	1,735	2,390
Parent Entity \| Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	674	635	335
Parent Entity \| Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	304	332	401
Parent Entity \| Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	757	1,423	684
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3
Loans and credit commitments
Gross loans and credit commitments	$ 8,980	$ 10,293
Coverage ratio (%)	19.47%	18.16%
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,748	$ 1,869	1,211
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Individually assessed
Loans and credit commitments
Provisions for expected credit losses	724	520
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	1,024	1,349
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	552	904	557
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	151	193	213
Parent Entity \| Loans and credit commitments \| Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 1,045	$ 772	$ 441
Parent Entity \| Loans
Loans and credit commitments
Coverage ratio (%)	0.63%	0.77%
Parent Entity \| Loans \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 3,909	$ 4,693
Parent Entity \| Loans \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	1,335	1,679
Parent Entity \| Loans \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	532	652
Parent Entity \| Loans \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 2,042	$ 2,362
Parent Entity \| Loans \| Performing - Stage 1
Loans and credit commitments
Coverage ratio (%)	0.11%	0.14%
Parent Entity \| Loans \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 634	$ 752
Parent Entity \| Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	114	145
Parent Entity \| Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	111	162
Parent Entity \| Loans \| Performing - Stage 1 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 409	$ 445
Parent Entity \| Loans \| Performing - Stage 2
Loans and credit commitments
Coverage ratio (%)	2.50%	3.84%
Parent Entity \| Loans \| Performing - Stage 2 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 1,546	$ 2,081
Parent Entity \| Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	669	630
Parent Entity \| Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	270	297
Parent Entity \| Loans \| Performing - Stage 2 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	$ 607	$ 1,154
Parent Entity \| Loans \| Non-performing - Stage 3
Loans and credit commitments
Coverage ratio (%)	19.81%	18.39%
Parent Entity \| Loans \| Non-performing - Stage 3 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 1,729	$ 1,860
Parent Entity \| Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Housing
Loans and credit commitments
Provisions for expected credit losses	552	904
Parent Entity \| Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Personal
Loans and credit commitments
Provisions for expected credit losses	151	193
Parent Entity \| Loans \| Non-performing - Stage 3 \| Provision for ECL on loans \| Business
Loans and credit commitments
Provisions for expected credit losses	1,026	763
Parent Entity \| Loans, excluding loans included in assets held for sale \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	3,902	4,693
Parent Entity \| Loans, excluding loans included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	627	752
Parent Entity \| Loans, excluding loans included in assets held for sale \| Performing - Stage 2 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	1,546	2,081
Parent Entity \| Loans, excluding loans included in assets held for sale \| Non-performing - Stage 3 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	1,729	1,860
Parent Entity \| Loans included in assets held for sale \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	7
Parent Entity \| Loans included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	7
Parent Entity \| Credit commitments \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	354	479
Parent Entity \| Credit commitments \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	9	9
Parent Entity \| Credit commitments \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	57	63
Parent Entity \| Credit commitments \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	288	407
Parent Entity \| Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	146	161
Parent Entity \| Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	4	4
Parent Entity \| Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	23	28
Parent Entity \| Credit commitments \| Performing - Stage 1 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	119	129
Parent Entity \| Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	189	309
Parent Entity \| Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Housing
Loans and credit commitments
Provisions for expected credit losses	5	5
Parent Entity \| Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Personal
Loans and credit commitments
Provisions for expected credit losses	34	35
Parent Entity \| Credit commitments \| Performing - Stage 2 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	150	269
Parent Entity \| Credit commitments \| Non-performing - Stage 3 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	19	9
Parent Entity \| Credit commitments \| Non-performing - Stage 3 \| Provision for ECL on credit commitments \| Business
Loans and credit commitments
Provisions for expected credit losses	19	9
Parent Entity \| Credit commitments, excluding credit commitments included in assets held for sale \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	352	479
Parent Entity \| Credit commitments, excluding credit commitments included in assets held for sale \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	144	161
Parent Entity \| Credit commitments, excluding credit commitments included in assets held for sale \| Performing - Stage 2 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	189	309
Parent Entity \| Credit commitments, excluding credit commitments included in assets held for sale \| Non-performing - Stage 3 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	19	$ 9
Parent Entity \| Credit commitments included in liabilities held for sale \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	2
Parent Entity \| Credit commitments included in liabilities held for sale \| Performing - Stage 1 \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 2

Provisions for expected credi_4

Provisions for expected credit losses/impairment charges - 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	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	$ 6,132	$ 3,913
Business activity during the year	(444)	195
Net remeasurement of provision for ECL	119	3,156
Write-offs	(836)	(1,170)
Exchange rate and other adjustments	28	38
Balance at the end of the year	4,999	6,132
Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,916	1,108
Business activity during the year	(187)	(170)
Net remeasurement of provision for ECL	(188)	1,078
Write-offs	(76)	(120)
Exchange rate and other adjustments	43	20
Balance at the end of the year	1,508	1,916
Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	856	975
Business activity during the year	(33)	(52)
Net remeasurement of provision for ECL	294	635
Write-offs	(461)	(728)
Exchange rate and other adjustments	26	26
Balance at the end of the year	682	856
Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	3,360	1,830
Business activity during the year	(224)	417
Net remeasurement of provision for ECL	13	1,443
Write-offs	(299)	(322)
Exchange rate and other adjustments	(41)	(8)
Balance at the end of the year	2,809	3,360
Performing - Stage 1
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,084	884
Transfers to Stage 1	1,246	1,578
Transfers to Stage 2	(200)	(345)
Transfers to Stage 3	(8)	(7)
Business activity during the year	122	212
Net remeasurement of provision for ECL	(1,284)	(1,233)
Exchange rate and other adjustments	(24)	(5)
Balance at the end of the year	936	1,084
Performing - Stage 1 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	192	163
Transfers to Stage 1	283	566
Transfers to Stage 2	(36)	(68)
Business activity during the year	42	25
Net remeasurement of provision for ECL	(322)	(492)
Exchange rate and other adjustments	1	(2)
Balance at the end of the year	160	192
Performing - Stage 1 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	216	268
Transfers to Stage 1	476	744
Transfers to Stage 2	(98)	(154)
Transfers to Stage 3	(1)	(1)
Business activity during the year	27	35
Net remeasurement of provision for ECL	(468)	(676)
Exchange rate and other adjustments	1
Balance at the end of the year	153	216
Performing - Stage 1 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	676	453
Transfers to Stage 1	487	268
Transfers to Stage 2	(66)	(123)
Transfers to Stage 3	(7)	(6)
Business activity during the year	53	152
Net remeasurement of provision for ECL	(494)	(65)
Exchange rate and other adjustments	(26)	(3)
Balance at the end of the year	623	676
Performing - Stage 2
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	2,875	1,674
Transfers to Stage 1	(1,128)	(1,528)
Transfers to Stage 2	1,290	1,161
Transfers to Stage 3	(507)	(955)
Business activity during the year	(223)	60
Net remeasurement of provision for ECL	(200)	2,474
Exchange rate and other adjustments	(16)	(11)
Balance at the end of the year	2,091	2,875
Performing - Stage 2 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	747	354
Transfers to Stage 1	(265)	(542)
Transfers to Stage 2	677	472
Transfers to Stage 3	(120)	(276)
Business activity during the year	(49)	(53)
Net remeasurement of provision for ECL	(253)	798
Exchange rate and other adjustments	4	(6)
Balance at the end of the year	741	747
Performing - Stage 2 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	408	459
Transfers to Stage 1	(469)	(732)
Transfers to Stage 2	281	368
Transfers to Stage 3	(202)	(342)
Business activity during the year	(25)	(37)
Net remeasurement of provision for ECL	360	694
Exchange rate and other adjustments	2	(2)
Balance at the end of the year	355	408
Performing - Stage 2 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,720	861
Transfers to Stage 1	(394)	(254)
Transfers to Stage 2	332	321
Transfers to Stage 3	(185)	(337)
Business activity during the year	(149)	150
Net remeasurement of provision for ECL	(307)	982
Exchange rate and other adjustments	(22)	(3)
Balance at the end of the year	995	1,720
Non-performing - Stage 3
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	2,173	1,355
Transfers to Stage 1	(118)	(50)
Transfers to Stage 2	(1,090)	(816)
Transfers to Stage 3	515	962
Business activity during the year	(343)	(77)
Net remeasurement of provision for ECL	1,603	1,915
Write-offs	(836)	(1,170)
Exchange rate and other adjustments	68	54
Balance at the end of the year	1,972	2,173
Non-performing - Stage 3 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	977	591
Transfers to Stage 1	(18)	(24)
Transfers to Stage 2	(641)	(404)
Transfers to Stage 3	120	276
Business activity during the year	(180)	(142)
Net remeasurement of provision for ECL	387	772
Write-offs	(76)	(120)
Exchange rate and other adjustments	38	28
Balance at the end of the year	607	977
Non-performing - Stage 3 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	232	248
Transfers to Stage 1	(7)	(12)
Transfers to Stage 2	(183)	(214)
Transfers to Stage 3	203	343
Business activity during the year	(35)	(50)
Net remeasurement of provision for ECL	402	617
Write-offs	(461)	(728)
Exchange rate and other adjustments	23	28
Balance at the end of the year	174	232
Non-performing - Stage 3 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	964	516
Transfers to Stage 1	(93)	(14)
Transfers to Stage 2	(266)	(198)
Transfers to Stage 3	192	343
Business activity during the year	(128)	115
Net remeasurement of provision for ECL	814	526
Write-offs	(299)	(322)
Exchange rate and other adjustments	7	(2)
Balance at the end of the year	1,191	964
Parent Entity
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	5,172	3,378
Business activity during the year	(387)	207
Net remeasurement of provision for ECL	163	2,655
Write-offs	(739)	(1,105)
Exchange rate and other adjustments	54	37
Balance at the end of the year	4,263	5,172
Parent Entity \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,688	1,033
Business activity during the year	(169)	(154)
Net remeasurement of provision for ECL	(146)	895
Write-offs	(63)	(111)
Exchange rate and other adjustments	34	25
Balance at the end of the year	1,344	1,688
Parent Entity \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	715	843
Business activity during the year	(22)	(38)
Net remeasurement of provision for ECL	316	584
Write-offs	(438)	(699)
Exchange rate and other adjustments	18	25
Balance at the end of the year	589	715
Parent Entity \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	2,769	1,502
Business activity during the year	(196)	399
Net remeasurement of provision for ECL	(7)	1,176
Write-offs	(238)	(295)
Exchange rate and other adjustments	2	(13)
Balance at the end of the year	2,330	2,769
Parent Entity \| Performing - Stage 1
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	913	747
Transfers to Stage 1	1,058	1,150
Transfers to Stage 2	(173)	(266)
Transfers to Stage 3	(7)	(6)
Business activity during the year	110	188
Net remeasurement of provision for ECL	(1,121)	(897)
Exchange rate and other adjustments		(3)
Balance at the end of the year	780	913
Parent Entity \| Performing - Stage 1 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	149	141
Transfers to Stage 1	246	376
Transfers to Stage 2	(32)	(44)
Business activity during the year	39	19
Net remeasurement of provision for ECL	(284)	(343)
Balance at the end of the year	118	149
Parent Entity \| Performing - Stage 1 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	190	229
Transfers to Stage 1	403	549
Transfers to Stage 2	(92)	(131)
Transfers to Stage 3	(1)	(1)
Business activity during the year	28	36
Net remeasurement of provision for ECL	(394)	(492)
Balance at the end of the year	134	190
Parent Entity \| Performing - Stage 1 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	574	377
Transfers to Stage 1	409	225
Transfers to Stage 2	(49)	(91)
Transfers to Stage 3	(6)	(5)
Business activity during the year	43	133
Net remeasurement of provision for ECL	(443)	(62)
Exchange rate and other adjustments		(3)
Balance at the end of the year	528	574
Parent Entity \| Performing - Stage 2
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	2,390	1,420
Transfers to Stage 1	(960)	(1,125)
Transfers to Stage 2	1,094	930
Transfers to Stage 3	(449)	(773)
Business activity during the year	(199)	64
Net remeasurement of provision for ECL	(140)	1,880
Exchange rate and other adjustments	(1)	(6)
Balance at the end of the year	1,735	2,390
Parent Entity \| Performing - Stage 2 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	635	335
Transfers to Stage 1	(237)	(365)
Transfers to Stage 2	624	391
Transfers to Stage 3	(115)	(233)
Business activity during the year	(43)	(45)
Net remeasurement of provision for ECL	(190)	552
Balance at the end of the year	674	635
Parent Entity \| Performing - Stage 2 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	332	401
Transfers to Stage 1	(401)	(547)
Transfers to Stage 2	251	313
Transfers to Stage 3	(182)	(307)
Business activity during the year	(20)	(31)
Net remeasurement of provision for ECL	324	503
Balance at the end of the year	304	332
Parent Entity \| Performing - Stage 2 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,423	684
Transfers to Stage 1	(322)	(213)
Transfers to Stage 2	219	226
Transfers to Stage 3	(152)	(233)
Business activity during the year	(136)	140
Net remeasurement of provision for ECL	(274)	825
Exchange rate and other adjustments	(1)	(6)
Balance at the end of the year	757	1,423
Parent Entity \| Non-performing - Stage 3
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	1,869	1,211
Transfers to Stage 1	(98)	(25)
Transfers to Stage 2	(921)	(664)
Transfers to Stage 3	456	779
Business activity during the year	(298)	(45)
Net remeasurement of provision for ECL	1,424	1,672
Write-offs	(739)	(1,105)
Exchange rate and other adjustments	55	46
Balance at the end of the year	1,748	1,869
Parent Entity \| Non-performing - Stage 3 \| Housing
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	904	557
Transfers to Stage 1	(9)	(11)
Transfers to Stage 2	(592)	(347)
Transfers to Stage 3	115	233
Business activity during the year	(165)	(128)
Net remeasurement of provision for ECL	328	686
Write-offs	(63)	(111)
Exchange rate and other adjustments	34	25
Balance at the end of the year	552	904
Parent Entity \| Non-performing - Stage 3 \| Personal
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	193	213
Transfers to Stage 1	(2)	(2)
Transfers to Stage 2	(159)	(182)
Transfers to Stage 3	183	308
Business activity during the year	(30)	(43)
Net remeasurement of provision for ECL	386	573
Write-offs	(438)	(699)
Exchange rate and other adjustments	18	25
Balance at the end of the year	151	193
Parent Entity \| Non-performing - Stage 3 \| Business
Reconciliation of provisions for ECL on loans and credit commitments
Balance at the beginning of the year	772	441
Transfers to Stage 1	(87)	(12)
Transfers to Stage 2	(170)	(135)
Transfers to Stage 3	158	238
Business activity during the year	(103)	126
Net remeasurement of provision for ECL	710	413
Write-offs	(238)	(295)
Exchange rate and other adjustments	3	(4)
Balance at the end of the year	$ 1,045	$ 772

Provisions for expected credi_5

Provisions for expected credit losses/impairment charges - Reconciliation of impairment charges (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of impairment charges
Recoveries	$ (242)	$ (193)	$ (172)
Impairment charges (Note 6)	(590)	3,178	$ 794
Impairment charges for debt securities at amortised cost
Reconciliation of impairment charges
Impairment	(25)	18
Impairment charges for debt securities at FVOCI
Reconciliation of impairment charges
Impairment	2	2
Loans and credit commitments \| Provisions for ECL on loans and credit commitments
Reconciliation of impairment charges
Business activity during the year	(444)	195
Net remeasurement of provision for ECL	119	3,156
Parent Entity
Reconciliation of impairment charges
Recoveries	(225)	(173)
Impairment charges (Note 6)	(447)	2,691
Parent Entity \| Impairment charges for debt securities at FVOCI
Reconciliation of impairment charges
Impairment	2	2
Parent Entity \| Loans and credit commitments \| Provisions for ECL on loans and credit commitments
Reconciliation of impairment charges
Business activity during the year	(387)	207
Net remeasurement of provision for ECL	$ 163	$ 2,655

Provisions for expected credi_6

Provisions for expected credit losses/impairment charges - Total write-offs net of recoveries to average loans (Details)	Sep. 30, 2021	Sep. 30, 2020
Provisions for expected credit losses/impairment charges
Total write-offs net of recoveries to average loans	0.08%	0.14%
Housing
Provisions for expected credit losses/impairment charges
Total write-offs net of recoveries to average loans	0.01%	0.02%
Personal
Provisions for expected credit losses/impairment charges
Total write-offs net of recoveries to average loans	1.46%	2.75%
Business
Provisions for expected credit losses/impairment charges
Total write-offs net of recoveries to average loans	0.15%	0.15%

Provisions for expected credi_7

Provisions for expected credit losses/impairment charges - Impact of Portfolio Overlays on the provision for ECL (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Provisions for expected credit losses/impairment charges
Modelled provision for ECL	$ 4,352	$ 5,480
Portfolio Overlays	647	652
Total provision for ECL	4,999	6,132
Parent Entity
Provisions for expected credit losses/impairment charges
Modelled provision for ECL	3,712	4,659
Portfolio Overlays	551	513
Total provision for ECL	$ 4,263	$ 5,172

Provisions for expected credi_8

Provisions for expected credit losses/impairment charges - Modelled provision for ECL (Details) - Base case scenario - item	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Calendar years 2021 and 2022
Provisions for expected credit losses/impairment charges
Cash rate, basis points	10
Calendar year 2021
Provisions for expected credit losses/impairment charges
Commercial property index, percentage of forecast growth (contraction)	(0.70%)	(19.30%)
Cash rate, basis points		10
Calendar year 2021 \| Australia
Provisions for expected credit losses/impairment charges
Annual GDP, percentage of forecast growth (contraction)	0.10%	2.50%
Residential property prices, percentage of forecast appreciation (contraction)	11.80%	0.40%
Calendar year 2021 \| New Zealand
Provisions for expected credit losses/impairment charges
Annual GDP, percentage of forecast growth (contraction)	5.60%	3.90%
Residential property prices, percentage of forecast appreciation (contraction)	20.00%	8.00%
Calendar year 2022
Provisions for expected credit losses/impairment charges
Commercial property index, percentage of forecast growth (contraction)	(4.70%)
Calendar year 2022 \| Australia
Provisions for expected credit losses/impairment charges
Annual GDP, percentage of forecast growth (contraction)	7.40%
Residential property prices, percentage of forecast appreciation (contraction)	5.00%
Calendar year 2022 \| New Zealand
Provisions for expected credit losses/impairment charges
Annual GDP, percentage of forecast growth (contraction)	2.30%
Residential property prices, percentage of forecast appreciation (contraction)	0.00%
February 2021 \| Australia
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast		7.90%
December 2020 \| New Zealand
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast		7.00%
December 2021 \| Australia
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast	5.40%	7.50%
December 2021 \| New Zealand
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast	4.20%	6.40%
December 2022 \| Australia
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast	4.00%
December 2022 \| New Zealand
Provisions for expected credit losses/impairment charges
Unemployment rate, percentage forecast	3.50%

Provisions for expected credi_9

Provisions for expected credit losses/impairment charges - Sensitivity analysis (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Provisions for expected credit losses/impairment charges
Percentage of gross exposure from loans and credit commitments stage 1 reflected in stage 2	1.00%
Provision for ECL
Provisions for expected credit losses/impairment charges
Amount of increase in provision for ECL	$ 252	$ 296
Provision for ECL \| Reported probability-weighted ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	4,999	6,132
Provision for ECL \| 100% base case ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	3,411	4,750
Provision for ECL \| 100% downside ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	7,399	8,315
Parent Entity \| Provision for ECL
Provisions for expected credit losses/impairment charges
Amount of increase in provision for ECL	200	266
Parent Entity \| Provision for ECL \| Reported probability-weighted ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	4,263	5,172
Parent Entity \| Provision for ECL \| 100% base case ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	2,877	4,051
Parent Entity \| Provision for ECL \| 100% downside ECL
Provisions for expected credit losses/impairment charges
Adjustment to ECL based on probability weighted scenario	$ 6,354	$ 6,956

Provisions for expected cred_10

Provisions for expected credit losses/impairment charges - Macroeconomic scenario weightings (Details)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Upside scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	5.00%	5.00%
Base case scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	55.00%	55.00%
Downside scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	40.00%	40.00%
Parent Entity \| Upside scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	5.00%	5.00%
Parent Entity \| Base case scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	55.00%	55.00%
Parent Entity \| Downside scenario
Provisions for expected credit losses/impairment charges
Percentage of weight assigned to scenario	40.00%	40.00%

Provisions for expected cred_11

Provisions for expected credit losses/impairment charges - Portfolio Overlays (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Provisions for expected credit losses/impairment charges
Portfolio Overlays	$ 647	$ 652
COVID-19
Provisions for expected credit losses/impairment charges
Portfolio Overlays	557	577
COVID-19 \| Deferral packages
Provisions for expected credit losses/impairment charges
Portfolio Overlays	347
Other risks
Provisions for expected credit losses/impairment charges
Portfolio Overlays	90	75
Parent Entity
Provisions for expected credit losses/impairment charges
Portfolio Overlays	551	513
Parent Entity \| COVID-19
Provisions for expected credit losses/impairment charges
Portfolio Overlays	461	438
Parent Entity \| COVID-19 \| Deferral packages
Provisions for expected credit losses/impairment charges
Portfolio Overlays	298
Parent Entity \| Other risks
Provisions for expected credit losses/impairment charges
Portfolio Overlays	$ 90	$ 75

Provisions for expected cred_12

Provisions for expected credit losses/impairment charges - Impact of changes in credit exposures on the provision for ECL (Details) - AUD ($) $ in Billions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Performing - Stage 1
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	$ 16.3	$ (52.9)
Increase (decrease) to due to staging methodology changes	(11.2)
Performing - Stage 2
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	5.1	34.3
Increase (decrease) to due to staging methodology changes	11.2
Non-performing - Stage 3
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	(1.5)	4.5
Parent Entity \| Performing - Stage 1
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	8.3	(51.9)
Parent Entity \| Performing - Stage 2
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	6.4	34.3
Parent Entity \| Non-performing - Stage 3
Provisions for expected credit losses/impairment charges
Net increase (decrease) in exposure to credit risk from loans due to transfers between stages	$ 1.3	$ 4.5

Other financial assets (Details

Other financial assets (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Other financial assets
Accrued interest receivable	$ 720	$ 905
Securities sold not delivered	3,542	2,358
Trade debtors	574	992
Interbank lending	592	299
Clearing and settlement balances	564	630
Accrued fees and commissions	264	170
Other	138	120
Total other financial assets	6,394	5,474
Parent Entity
Other financial assets
Accrued interest receivable	624	797
Securities sold not delivered	3,542	2,352
Trade debtors	397	502
Interbank lending	73	295
Clearing and settlement balances	524	558
Accrued fees and commissions	187	117
Other	139	124
Total other financial assets	$ 5,486	$ 4,745

Life insurance assets and lif_3

Life insurance assets and life insurance liabilities - Assets (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Investments held directly and in unit trusts
Life insurance assets		$ 3,593
Investments held directly and in unit trusts
Investments held directly and in unit trusts
Life insurance assets	$ 0	3,593
Unit Trusts
Investments held directly and in unit trusts
Life insurance assets	0	333
Debt Securities
Investments held directly and in unit trusts
Life insurance assets	0	2,818
Loans and other assets
Investments held directly and in unit trusts
Life insurance assets	0	442
Parent Entity
Investments held directly and in unit trusts
Life insurance assets	$ 0	$ 0

Life insurance assets and lif_4

Life insurance assets and life insurance liabilities - Liabilities (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Reconciliation of movements in policy liabilities
Balance as at beginning of year	$ 1,396	$ 7,377
Movements in policy liabilities reflected in the income statement	2	559
Contract contributions recognised in policy liabilities	1	368
Contract withdrawals recognised in policy liabilities	(15)	(8,322)
Contract fees, expenses and tax recoveries	(4)	(44)
Balances reclassified to liabilities held for sale (refer to Note 37)	(447)
Change in external unit holders of managed investment schemes	(933)	1,458
Balance as at end of year	0	1,396
Life investment contracts
Reconciliation of movements in policy liabilities
Balance as at beginning of year	1,887	8,206
Movements in policy liabilities reflected in the income statement	23	221
Contract contributions recognised in policy liabilities	1	368
Contract withdrawals recognised in policy liabilities	(15)	(8,322)
Contract fees, expenses and tax recoveries	(4)	(44)
Balances reclassified to liabilities held for sale (refer to Note 37)	(959)
Change in external unit holders of managed investment schemes	(933)	1,458
Balance as at end of year	0	1,887
Life insurance contracts
Reconciliation of movements in policy liabilities
Balance as at beginning of year	(491)	(829)
Movements in policy liabilities reflected in the income statement	(21)	338
Balances reclassified to liabilities held for sale (refer to Note 37)	512
Balance as at end of year	0	(491)
Parent Entity
Reconciliation of movements in policy liabilities
Balance as at beginning of year	0
Balance as at end of year	$ 0	$ 0

Deposits and other borrowings -

Deposits and other borrowings - Summary (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Deposits and other borrowings
Deposits and other borrowings	$ 626,955	$ 591,131	$ 563,247
Australia
Deposits and other borrowings
Deposits and other borrowings	532,516	504,531
Australia \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	31,506	25,647
Australia \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	52,819	48,303
Australia \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	345,416	304,761
Australia \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	102,775	125,820
New Zealand
Deposits and other borrowings
Deposits and other borrowings	75,755	68,473
New Zealand \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	3,293	2,773
New Zealand \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	14,066	10,711
New Zealand \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	31,354	26,300
New Zealand \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	27,042	28,689
Other overseas
Deposits and other borrowings
Deposits and other borrowings	18,684	18,127
Other overseas \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	11,839	7,258
Other overseas \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	919	868
Other overseas \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	1,751	1,864
Other overseas \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	4,175	8,137
Parent Entity
Deposits and other borrowings
Deposits and other borrowings	550,187	521,613
Parent Entity \| Australia
Deposits and other borrowings
Deposits and other borrowings	532,516	504,531
Parent Entity \| Australia \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	31,506	25,647
Parent Entity \| Australia \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	52,819	48,303
Parent Entity \| Australia \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	345,416	304,761
Parent Entity \| Australia \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	102,775	125,820
Parent Entity \| New Zealand
Deposits and other borrowings
Deposits and other borrowings		1
Parent Entity \| New Zealand \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings		1
Parent Entity \| Other overseas
Deposits and other borrowings
Deposits and other borrowings	17,671	17,081
Parent Entity \| Other overseas \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	11,839	7,258
Parent Entity \| Other overseas \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	357	333
Parent Entity \| Other overseas \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	1,446	1,559
Parent Entity \| Other overseas \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 4,029	$ 7,931

Deposits and other borrowings_2

Deposits and other borrowings - Average balances and average rates for major categories of deposits (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Australia
Deposits and other borrowings
Average balance	$ 507,267	$ 481,108
Australia \| Non-interest bearing, repayable at call
Deposits and other borrowings
Average balance	49,592	45,231
Australia \| Certificates of deposit
Deposits and other borrowings
Average balance	$ 28,242	$ 25,041
Average rate (as a percent)	0.10%	0.80%
Australia \| Other interest bearing at call
Deposits and other borrowings
Average balance	$ 322,333	$ 275,475
Average rate (as a percent)	0.20%	0.50%
Australia \| Other interest bearing term
Deposits and other borrowings
Average balance	$ 107,100	$ 135,361
Average rate (as a percent)	0.60%	1.50%
Overseas
Deposits and other borrowings
Average balance	$ 86,109	$ 92,417
Overseas \| Non-interest bearing, repayable at call
Deposits and other borrowings
Average balance	12,433	9,661
Overseas \| Certificates of deposit
Deposits and other borrowings
Average balance	$ 11,035	$ 14,376
Average rate (as a percent)	0.40%	1.40%
Overseas \| Other interest bearing at call
Deposits and other borrowings
Average balance	$ 30,231	$ 25,999
Average rate (as a percent)	0.20%	0.50%
Overseas \| Other interest bearing term
Deposits and other borrowings
Average balance	$ 32,410	$ 42,381
Average rate (as a percent)	1.10%	2.30%

Deposits and other borrowings_3

Deposits and other borrowings - Certificates of deposit and term deposits (Details) $ in Millions	Sep. 30, 2021AUD ($)
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	$ 46,638
Term deposits in excess of insured amounts	104,759
Interbank term deposits in excess of insured amounts	4,049
Up to 3 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	30,592
Term deposits in excess of insured amounts	52,172
Interbank term deposits in excess of insured amounts	2,331
Over 3 to 6 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	9,640
Term deposits in excess of insured amounts	23,804
Interbank term deposits in excess of insured amounts	1,661
Over 6 months to 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	6,388
Term deposits in excess of insured amounts	22,565
Interbank term deposits in excess of insured amounts	50
Over 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	18
Term deposits in excess of insured amounts	6,218
Interbank term deposits in excess of insured amounts	7
Australia
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	31,506
Term deposits in excess of insured amounts	73,546
Interbank term deposits in excess of insured amounts	3,917
Australia \| Up to 3 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	25,720
Term deposits in excess of insured amounts	36,929
Interbank term deposits in excess of insured amounts	2,199
Australia \| Over 3 to 6 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	5,503
Term deposits in excess of insured amounts	14,271
Interbank term deposits in excess of insured amounts	1,661
Australia \| Over 6 months to 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	265
Term deposits in excess of insured amounts	17,535
Interbank term deposits in excess of insured amounts	50
Australia \| Over 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	18
Term deposits in excess of insured amounts	4,811
Interbank term deposits in excess of insured amounts	7
New Zealand
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	3,293
Term deposits in excess of insured amounts	27,042
New Zealand \| Up to 3 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	2,490
Term deposits in excess of insured amounts	12,739
New Zealand \| Over 3 to 6 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	784
Term deposits in excess of insured amounts	8,840
New Zealand \| Over 6 months to 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	19
Term deposits in excess of insured amounts	4,100
New Zealand \| Over 1 year
Deposits and other borrowings
Term deposits in excess of insured amounts	1,363
Other overseas
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	11,839
Term deposits in excess of insured amounts	4,171
Interbank term deposits in excess of insured amounts	132
Other overseas \| Up to 3 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	2,382
Term deposits in excess of insured amounts	2,504
Interbank term deposits in excess of insured amounts	132
Other overseas \| Over 3 to 6 months
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	3,353
Term deposits in excess of insured amounts	693
Other overseas \| Over 6 months to 1 year
Deposits and other borrowings
Certificates of deposit in excess of insured amounts	6,104
Term deposits in excess of insured amounts	930
Other overseas \| Over 1 year
Deposits and other borrowings
Term deposits in excess of insured amounts	$ 44

Other financial liabilities (De

Other financial liabilities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Other financial liabilities
Repurchase agreements	$ 35,899	$ 27,763
Interbank placements	4,080	4,981
Accrued interest payable	944	1,367
Securities purchased not delivered	3,286	2,291
Trade creditors and other accrued expenses	1,392	1,250
Settlement and clearing balances	708	1,005
Securities sold short	2,331	846
Other	1,669	1,422
Total other financial liabilities	50,309	40,925
Parent Entity
Other financial liabilities
Repurchase agreements	33,346	27,763
Interbank placements	4,079	4,710
Accrued interest payable	829	1,169
Securities purchased not delivered	3,286	2,291
Trade creditors and other accrued expenses	1,124	1,045
Settlement and clearing balances	695	989
Securities sold short	2,331	846
Other	1,573	1,343
Total other financial liabilities	$ 47,263	$ 40,156

Debt issues - Summary of balanc

Debt issues - Summary of balances (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Debt issues
Short-term debt	$ 19,595	$ 16,477
Long-term debt	109,184	133,848
Total debt issues	128,779	150,325	$ 181,457
Own issuances
Debt issues
Short-term debt	19,595	16,477
Covered bonds
Debt issues
Long-term debt	31,374	36,051
Senior
Debt issues
Long-term debt	72,804	89,766
Securitisation
Debt issues
Long-term debt	5,000	8,000
Structured notes
Debt issues
Long-term debt	6	31
Parent Entity
Debt issues
Short-term debt	16,752	14,160
Long-term debt	91,458	113,506
Total debt issues	108,210	127,666	$ 156,674
Parent Entity \| Own issuances
Debt issues
Short-term debt	16,752	14,160
Parent Entity \| Covered bonds
Debt issues
Long-term debt	27,234	31,926
Parent Entity \| Senior
Debt issues
Long-term debt	$ 64,224	$ 81,580

Debt issues - Movement Reconcil

Debt issues - Movement Reconciliation (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement reconciliation
Balance as at beginning of year	$ 150,325	$ 181,457
Issuances	46,799	34,766
Maturities, repayments, buy backs and reductions	(65,272)	(65,160)
Total cash movements	(18,473)	(30,394)
FX translation impact	(1,428)	(1,977)
Fair value adjustments	(115)	81
Fair value hedge accounting adjustments	(1,674)	1,038
Other (amortisation of bond issue costs, etc.)	144	120
Total non-cash movements	(3,073)	(738)
Balance as at end of year	128,779	150,325
Parent Entity
Movement reconciliation
Balance as at beginning of year	127,666	156,674
Issuances	37,868	27,487
Maturities, repayments, buy backs and reductions	(54,425)	(55,761)
Total cash movements	(16,557)	(28,274)
FX translation impact	(1,311)	(2,005)
Fair value adjustments	(115)	81
Fair value hedge accounting adjustments	(1,607)	1,076
Other (amortisation of bond issue costs, etc.)	134	114
Total non-cash movements	(2,899)	(734)
Balance as at end of year	$ 108,210	$ 127,666

Debt issues - By currency (Deta

Debt issues - By currency (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Debt issues
Short-term debt	$ 19,595	$ 16,477
Long-term debt	109,184	133,848
AUD
Debt issues
Long-term debt	27,634	36,062
CHF
Debt issues
Long-term debt	3,052	3,177
EUR
Debt issues
Long-term debt	31,380	34,498
GBP
Debt issues
Long-term debt	3,049	3,440
JPY
Debt issues
Long-term debt	1,141	2,439
NZD
Debt issues
Long-term debt	3,522	3,519
USD
Debt issues
Long-term debt	36,031	45,917
Other
Debt issues
Long-term debt	3,375	4,796
Own issuances
Debt issues
Short-term debt	19,595	16,477
US commercial paper
Debt issues
Short-term debt	$ 19,595	13,864
Senior debt \| GBP
Debt issues
Short-term debt		2,437
Senior debt \| Other
Debt issues
Short-term debt		$ 176

Loan Capital - Summary (Details

Loan Capital - Summary (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Loan capital
Loan capital	$ 29,067	$ 23,949	$ 21,826
Additional Tier 1 (AT1) loan capital
Loan capital
Loan capital	10,216	9,364
Westpac capital notes (WCN)
Loan capital
Loan capital	8,403	7,423
USD AT1 securities
Loan capital
Loan capital	1,813	1,941
Tier 2 loan capital
Loan capital
Loan capital	18,851	14,585
Subordinated notes
Loan capital
Loan capital	18,362	14,090
Subordinated perpetual notes
Loan capital
Loan capital	489	495
Parent Entity
Loan capital
Loan capital	29,067	23,949	$ 21,826
Parent Entity \| Additional Tier 1 (AT1) loan capital
Loan capital
Loan capital	10,216	9,364
Parent Entity \| Westpac capital notes (WCN)
Loan capital
Loan capital	8,403	7,423
Parent Entity \| USD AT1 securities
Loan capital
Loan capital	1,813	1,941
Parent Entity \| Tier 2 loan capital
Loan capital
Loan capital	18,851	14,585
Parent Entity \| Subordinated notes
Loan capital
Loan capital	18,362	14,090
Parent Entity \| Subordinated perpetual notes
Loan capital
Loan capital	$ 489	$ 495

Loan Capital - Movement Reconci

Loan Capital - Movement Reconciliation (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Loan capital
Balance at beginning	$ 23,949	$ 21,826
Issuances	7,628	2,225
Maturities, repayments, buy backs and reductions	(1,548)	(262)
Total cash movements	6,080	1,963
Fx translation impact	(86)	(564)
Fair value hedge accounting adjustments	(902)	703
Other (amortisation of bond issue costs, etc.)	26	21
Total non-cash movements	(962)	160
Balance at ending	29,067	23,949
Parent Entity
Loan capital
Balance at beginning	23,949	21,826
Issuances	7,628	2,225
Maturities, repayments, buy backs and reductions	(1,548)	(262)
Total cash movements	6,080	1,963
Fx translation impact	(86)	(564)
Fair value hedge accounting adjustments	(902)	703
Other (amortisation of bond issue costs, etc.)	26	21
Total non-cash movements	(962)	160
Balance at ending	$ 29,067	$ 23,949

Loan Capital - Additional Tier

Loan Capital - Additional Tier 1 loan capital (Details) $ / shares in Units, $ in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021AUD ($)	Sep. 15, 2021AUD ($)$ / shares	Mar. 22, 2021AUD ($)$ / shares	Dec. 04, 2020AUD ($)$ / shares	Sep. 30, 2020USD ($)	Sep. 30, 2020AUD ($)	Sep. 30, 2019AUD ($)
Loan capital
Loan capital		$ 29,067					$ 23,949	$ 21,826
Amount of WCN3 transferred to the nominated party					$ 866
Amount per note of WCN3 transferred to the nominated party \| $ / shares					$ 100
Amount of WCN3 redeemed and cancelled				$ 458
Amount per note of WCN3 redeemed and cancelled \| $ / shares				$ 100
Amount of WCN4 transferred to the nominated party			$ 1,152
Amount per note of WCN4 transferred to the nominated party \| $ / shares			$ 100
Additional Tier 1 (AT1) loan capital
Loan capital
Loan capital		10,216					9,364
Number of business days for payment of dividend, distribution or interest	20 days
Number of business days prior to scheduled conversion date to determine share price	20 days
Discount rate on share price upon conversion	1.00%
Common Equity Tier 1 Capital ratio threshold percentage	5.125%
Number of business days prior to capital trigger event date or non-viability trigger event date to determine share price for conversion	5 days
Discount rate on share price determined based on capital trigger event date or non-viability trigger event date	1.00%
Percentage of share price to determine maximum conversion number	20.00%
Westpac capital notes (WCN)
Loan capital
Loan capital		8,403					7,423
AUD 1,311 million WCN2
Loan capital
Principal amount		1,311					1,311
Loan capital		$ 1,309					$ 1,307
AUD 1,311 million WCN2 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.05%	3.05%				3.05%	3.05%
AUD 1,324 million WCN3
Loan capital
Principal amount		$ 1,324					$ 1,324
Loan capital							$ 1,323
AUD 1,324 million WCN3 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	4.00%	4.00%				4.00%	4.00%
AUD 1,702 million WCN4
Loan capital
Principal amount		$ 1,702					$ 1,702
Loan capital		$ 549					$ 1,698
AUD 1,702 million WCN4 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	4.90%	4.90%				4.90%	4.90%
AUD 1,690 million WCN5
Loan capital
Principal amount		$ 1,690					$ 1,690
Loan capital		$ 1,682					$ 1,680
AUD 1,690 million WCN5 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.20%	3.20%				3.20%	3.20%
AUD 1,423 million WCN6
Loan capital
Principal amount		$ 1,423					$ 1,423
Loan capital		$ 1,417					$ 1,415
AUD 1,423 million WCN6 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.70%	3.70%				3.70%	3.70%
AUD 1,723 million WCN7
Loan capital
Principal amount		$ 1,723
Loan capital		$ 1,709
AUD 1,723 million WCN7 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.40%	3.40%
AUD 1,750 million WCN8
Loan capital
Principal amount		$ 1,750
Loan capital		$ 1,737
AUD 1,750 million WCN8 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	2.90%	2.90%
USD AT1 securities
Loan capital
Loan capital		$ 1,813					$ 1,941
USD 1,250 million securities
Loan capital
Principal amount	$ 1,250					$ 1,250
Loan capital		$ 1,813					$ 1,941
USD 1,250 million securities \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%				5.00%	5.00%
USD 1,250 million securities \| Five-year USD mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	2.89%	2.89%				2.89%	2.89%
Parent Entity
Loan capital
Loan capital		$ 29,067					$ 23,949	$ 21,826
Parent Entity \| Additional Tier 1 (AT1) loan capital
Loan capital
Loan capital		10,216					9,364
Parent Entity \| Westpac capital notes (WCN)
Loan capital
Loan capital		8,403					7,423
Parent Entity \| AUD 1,311 million WCN2
Loan capital
Principal amount		1,311					1,311
Loan capital		$ 1,309					$ 1,307
Parent Entity \| AUD 1,311 million WCN2 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.05%	3.05%				3.05%	3.05%
Parent Entity \| AUD 1,324 million WCN3
Loan capital
Principal amount		$ 1,324					$ 1,324
Loan capital							$ 1,323
Parent Entity \| AUD 1,324 million WCN3 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	4.00%	4.00%				4.00%	4.00%
Parent Entity \| AUD 1,702 million WCN4
Loan capital
Principal amount		$ 1,702					$ 1,702
Loan capital		$ 549					$ 1,698
Parent Entity \| AUD 1,702 million WCN4 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	4.90%	4.90%				4.90%	4.90%
Parent Entity \| AUD 1,690 million WCN5
Loan capital
Principal amount		$ 1,690					$ 1,690
Loan capital		$ 1,682					$ 1,680
Parent Entity \| AUD 1,690 million WCN5 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.20%	3.20%				3.20%	3.20%
Parent Entity \| AUD 1,423 million WCN6
Loan capital
Principal amount		$ 1,423					$ 1,423
Loan capital		$ 1,417					$ 1,415
Parent Entity \| AUD 1,423 million WCN6 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.70%	3.70%				3.70%	3.70%
Parent Entity \| AUD 1,723 million WCN7
Loan capital
Principal amount		$ 1,723
Loan capital		$ 1,709
Parent Entity \| AUD 1,723 million WCN7 \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.40%	3.40%
Parent Entity \| AUD 1,750 million WCN8
Loan capital
Principal amount		$ 1,750
Interest rate adjustments (as a percent)	2.90%	2.90%
Loan capital		$ 1,737
Parent Entity \| USD AT1 securities
Loan capital
Loan capital		1,813					$ 1,941
Parent Entity \| USD 1,250 million securities
Loan capital
Principal amount	$ 1,250					$ 1,250
Loan capital		$ 1,813					$ 1,941
Parent Entity \| USD 1,250 million securities \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%				5.00%	5.00%
Parent Entity \| USD 1,250 million securities \| Five-year USD mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	2.89%	2.89%				2.89%	2.89%

Loan Capital - Tier 2 loan capi

Loan Capital - Tier 2 loan capital (Details) € in Millions, ¥ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions	12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021AUD ($)	Sep. 30, 2021SGD ($)	Sep. 30, 2021NZD ($)	Sep. 30, 2021JPY (¥)	Sep. 30, 2021HKD ($)	Sep. 30, 2021EUR (€)	Sep. 30, 2020AUD ($)	Sep. 30, 2020SGD ($)	Sep. 30, 2020NZD ($)	Sep. 30, 2020JPY (¥)	Sep. 30, 2020HKD ($)	Sep. 30, 2019AUD ($)
Loan capital
Loan capital			$ 29,067						$ 23,949					$ 21,826
Subordinated notes
Loan capital
Loan capital			18,362						14,090
Percentage of share price to determine maximum conversion number	20.00%
Number of business days for immediate and irrevocable termination of rights after non-viability trigger event if conversion not occur	5 days
AUD 350 million 4.50% subordinated notes
Loan capital
Principal amount			350						350
Loan capital			$ 351						$ 361
AUD 350 million 4.50% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%
AUD 350 million 4.50% subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%
SGD 325 million subordinated notes
Loan capital
Principal amount				$ 325						$ 325
Loan capital			$ 337						$ 347
SGD 325 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%
SGD 325 million subordinated notes \| Five year SGD swap offer rate
Loan capital
Interest rate adjustments (as a percent)	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%
AUD 175 million subordinated notes
Loan capital
Principal amount			$ 175						$ 175
Loan capital			$ 181						$ 185
AUD 175 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%
AUD 175 million subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%
USD 100 million subordinated notes
Loan capital
Principal amount	$ 100	$ 100
Loan capital			$ 148						$ 175
USD 100 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
AUD 700 million subordinated notes
Loan capital
Principal amount			$ 700						$ 700
Loan capital									$ 700
AUD 700 million subordinated notes \| Floating 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
JPY 20,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 20,000						¥ 20,000
Loan capital			$ 249						$ 270
JPY 20,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%
JPY 10,200 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 10,200						¥ 10,200
Loan capital			$ 127						$ 137
JPY 10,200 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%
JPY 10,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 10,000						¥ 10,000
Loan capital			$ 124						$ 134
JPY 10,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%
NZD 400 million subordinated notes
Loan capital
Principal amount					$ 400						$ 400
Loan capital									$ 376
NZD 400 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%
NZD 400 million subordinated notes \| New Zealand 5 year swap rate
Loan capital
Interest rate adjustments (as a percent)	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
JPY 8,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 8,000						¥ 8,000
Loan capital			$ 99						$ 107
JPY 8,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%
JPY 8,000 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%
USD 1500 million 4.322% subordinated notes
Loan capital
Principal amount	$ 1,500	$ 1,500
Loan capital			$ 2,181						$ 2,320
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,500	$ 1,500
USD 1500 million 4.322% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%
USD 1500 million 4.322% subordinated notes \| Five-year USD mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%
JPY 12,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 12,000						¥ 12,000
Loan capital			$ 149						$ 161
JPY 12,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%
JPY 12,000 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%
JPY 13,500 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 13,500						¥ 13,500
Loan capital			$ 168						$ 181
JPY 13,500 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%
JPY 13,500 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%
HKD 600 million subordinated notes
Loan capital
Principal amount							$ 600						$ 600
Loan capital			$ 108						$ 111
HKD 600 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%
HKD 600 million subordinated notes \| Five year HKD mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%
AUD 350 million 4.334% subordinated notes
Loan capital
Principal amount			$ 350						$ 350
Loan capital			$ 350						$ 349
AUD 350 million 4.334% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%
AUD 350 million 4.334% subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%
AUD 185 million subordinated notes
Loan capital
Principal amount			$ 185						$ 185
Loan capital			$ 185						$ 185
AUD 185 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
AUD 250 million subordinated notes
Loan capital
Principal amount			$ 250						$ 250
Loan capital			$ 250						$ 250
AUD 250 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%
AUD 130 million subordinated notes
Loan capital
Principal amount			$ 130						$ 130
Loan capital			$ 130						$ 130
AUD 130 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
AUD 725 million subordinated notes
Loan capital
Principal amount			$ 725						$ 725
Loan capital			$ 724						$ 714
AUD 725 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%
USD 1,000 million 4.421% fixed rate subordinated notes
Loan capital
Principal amount	$ 1,000	$ 1,000
Loan capital			$ 1,481						$ 1,707
USD 1,000 million 4.421% fixed rate subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%
USD 1,250 million subordinated notes
Loan capital
Principal amount	$ 1,250	$ 1,250
Loan capital			$ 1,813						$ 1,970
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,250	$ 1,250
USD 1,250 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%
USD 1,250 million subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
AUD 1,000 million subordinated notes
Loan capital
Principal amount			$ 1,000						$ 1,000
Loan capital			$ 999						$ 1,000
AUD 1,000 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%
USD 1500 million 2.894% subordinated notes
Loan capital
Principal amount	$ 1,500	$ 1,500
Loan capital			$ 2,133						$ 2,220
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,500	$ 1,500
USD 1500 million 2.894% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%
USD 1500 million 2.894% subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%
USD 1500 million 2.668% subordinated notes
Loan capital
Principal amount	$ 1,500
Loan capital			$ 1,970
USD 1500 million 2.668% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.668%		2.668%	2.668%	2.668%	2.668%	2.668%	2.668%
USD 1500 million 2.668% subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	1.75%		1.75%	1.75%	1.75%	1.75%	1.75%	1.75%
USD 1,000 million 2.963% fixed rate subordinated notes
Loan capital
Principal amount	$ 1,000
Loan capital			$ 1,264
USD 1,000 million 2.963% fixed rate subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.963%		2.963%	2.963%	2.963%	2.963%	2.963%	2.963%
AUD 1,250 million subordinated notes
Loan capital
Principal amount			$ 1,250
Loan capital			$ 1,237
AUD 1,250 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.55%		1.55%	1.55%	1.55%	1.55%	1.55%	1.55%
EUR 1,000 million subordinated notes
Loan capital
Principal amount \| €								€ 1,000
Loan capital			$ 1,604
EUR 1,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.766%		0.766%	0.766%	0.766%	0.766%	0.766%	0.766%
EUR 1,000 million subordinated notes \| Five-year EUR mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	1.05%		1.05%	1.05%	1.05%	1.05%	1.05%	1.05%
Subordinated perpetual notes
Loan capital
Loan capital			$ 489						$ 495
Subordinated perpetual notes \| 6 month US$ LIBOR
Loan capital
Interest rate adjustments (as a percent)	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%	0.15%
Period prior to payment of dividend on share for payment of interest	12 months	12 months
Parent Entity
Loan capital
Loan capital			$ 29,067						$ 23,949					$ 21,826
Parent Entity \| Subordinated notes
Loan capital
Loan capital			18,362						14,090
Parent Entity \| AUD 350 million 4.50% subordinated notes
Loan capital
Principal amount			350						350
Loan capital			$ 351						$ 361
Parent Entity \| AUD 350 million 4.50% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%	4.50%
Parent Entity \| AUD 350 million 4.50% subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%	1.95%
Parent Entity \| SGD 325 million subordinated notes
Loan capital
Principal amount				$ 325						$ 325
Loan capital			$ 337						$ 347
Parent Entity \| SGD 325 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%	4.00%
Parent Entity \| SGD 325 million subordinated notes \| Five year SGD swap offer rate
Loan capital
Interest rate adjustments (as a percent)	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%	1.54%
Parent Entity \| AUD 175 million subordinated notes
Loan capital
Principal amount			$ 175						$ 175
Loan capital			$ 181						$ 185
Parent Entity \| AUD 175 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%	4.80%
Parent Entity \| AUD 175 million subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%	2.65%
Parent Entity \| USD 100 million subordinated notes
Loan capital
Principal amount	$ 100	$ 100
Loan capital			$ 148						$ 175
Parent Entity \| USD 100 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Parent Entity \| AUD 700 million subordinated notes
Loan capital
Principal amount			$ 700						$ 700
Loan capital									$ 700
Parent Entity \| AUD 700 million subordinated notes \| Floating 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%	3.10%
Parent Entity \| JPY 20,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 20,000						¥ 20,000
Loan capital			$ 249						$ 270
Parent Entity \| JPY 20,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%
Parent Entity \| JPY 10,200 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 10,200						¥ 10,200
Loan capital			$ 127						$ 137
Parent Entity \| JPY 10,200 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate adjustments (as a percent)	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%	1.16%
Parent Entity \| JPY 10,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 10,000						¥ 10,000
Loan capital			$ 124						$ 134
Parent Entity \| JPY 10,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%	0.76%
Parent Entity \| NZD 400 million subordinated notes
Loan capital
Principal amount					$ 400						$ 400
Loan capital									$ 376
Parent Entity \| NZD 400 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%	4.695%
Parent Entity \| NZD 400 million subordinated notes \| New Zealand 5 year swap rate
Loan capital
Interest rate adjustments (as a percent)	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%	2.60%
Parent Entity \| JPY 8,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 8,000						¥ 8,000
Loan capital			$ 99						$ 107
Parent Entity \| JPY 8,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%	0.9225%
Parent Entity \| JPY 8,000 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%	1.0005%
Parent Entity \| USD 1500 million 4.322% subordinated notes
Loan capital
Principal amount	$ 1,500	$ 1,500
Loan capital			$ 2,181						$ 2,320
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,500	$ 1,500
Parent Entity \| USD 1500 million 4.322% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%	4.322%
Parent Entity \| USD 1500 million 4.322% subordinated notes \| Five-year USD mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%	2.236%
Parent Entity \| JPY 12,000 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 12,000						¥ 12,000
Loan capital			$ 149						$ 161
Parent Entity \| JPY 12,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%	0.87%
Parent Entity \| JPY 12,000 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%	0.78%
Parent Entity \| JPY 13,500 million subordinated notes
Loan capital
Principal amount \| ¥						¥ 13,500						¥ 13,500
Loan capital			$ 168						$ 181
Parent Entity \| JPY 13,500 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%	0.868%
Parent Entity \| JPY 13,500 million subordinated notes \| Five year JPY mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%	0.778%
Parent Entity \| HKD 600 million subordinated notes
Loan capital
Principal amount							$ 600						$ 600
Loan capital			$ 108						$ 111
Parent Entity \| HKD 600 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%	3.15%
Parent Entity \| HKD 600 million subordinated notes \| Five year HKD mid-swap rate
Loan capital
Interest rate adjustments (as a percent)	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%	1.34%
Parent Entity \| AUD 350 million 4.334% subordinated notes
Loan capital
Principal amount			$ 350						$ 350
Loan capital			$ 350						$ 349
Parent Entity \| AUD 350 million 4.334% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%	4.334%
Parent Entity \| AUD 350 million 4.334% subordinated notes \| Five year AUD semi-quarterly mid-swap reference rate
Loan capital
Interest rate adjustments (as a percent)	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%	1.83%
Parent Entity \| AUD 185 million subordinated notes
Loan capital
Principal amount			$ 185						$ 185
Loan capital			$ 185						$ 185
Parent Entity \| AUD 185 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Parent Entity \| AUD 250 million subordinated notes
Loan capital
Principal amount			$ 250						$ 250
Loan capital			$ 250						$ 250
Parent Entity \| AUD 250 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%	1.40%
Parent Entity \| AUD 130 million subordinated notes
Loan capital
Principal amount			$ 130						$ 130
Loan capital			$ 130						$ 130
Parent Entity \| AUD 130 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%	5.00%
Parent Entity \| AUD 725 million subordinated notes
Loan capital
Principal amount			$ 725						$ 725
Loan capital			$ 724						$ 714
Parent Entity \| AUD 725 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%	1.80%
Parent Entity \| USD 1,000 million 4.421% fixed rate subordinated notes
Loan capital
Principal amount	$ 1,000	$ 1,000
Loan capital			$ 1,481						$ 1,707
Parent Entity \| USD 1,000 million 4.421% fixed rate subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%	4.421%
Parent Entity \| USD 1,250 million subordinated notes
Loan capital
Principal amount	$ 1,250	$ 1,250
Loan capital			$ 1,813						$ 1,970
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,250	$ 1,250
Parent Entity \| USD 1,250 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%	4.11%
Parent Entity \| USD 1,250 million subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%	2.00%
Parent Entity \| AUD 1,000 million subordinated notes
Loan capital
Principal amount			$ 1,000						$ 1,000
Loan capital			$ 999						$ 1,000
Parent Entity \| AUD 1,000 million subordinated notes \| Floating 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%	1.98%
Parent Entity \| USD 1500 million 2.894% subordinated notes
Loan capital
Principal amount	$ 1,500	$ 1,500
Loan capital			$ 2,133						$ 2,220
Principal amount of subordinated notes not subject to APRA's approval for redemption	$ 1,500
Parent Entity \| USD 1500 million 2.894% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%	2.894%
Parent Entity \| USD 1500 million 2.894% subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%	1.35%
Parent Entity \| USD 1500 million 2.668% subordinated notes
Loan capital
Principal amount	$ 1,500
Loan capital			$ 1,970
Parent Entity \| USD 1500 million 2.668% subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.668%		2.668%	2.668%	2.668%	2.668%	2.668%	2.668%
Parent Entity \| USD 1500 million 2.668% subordinated notes \| Five-year USD treasury rate
Loan capital
Interest rate adjustments (as a percent)	1.75%		1.75%	1.75%	1.75%	1.75%	1.75%	1.75%
Parent Entity \| USD 1,000 million 2.963% fixed rate subordinated notes
Loan capital
Principal amount	$ 1,000
Loan capital			$ 1,264
Parent Entity \| USD 1,000 million 2.963% fixed rate subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	2.963%		2.963%	2.963%	2.963%	2.963%	2.963%	2.963%
Parent Entity \| AUD 1,250 million subordinated notes
Loan capital
Principal amount			$ 1,250
Loan capital			$ 1,237
Parent Entity \| AUD 1,250 million subordinated notes \| 90 day bank bill rate
Loan capital
Interest rate adjustments (as a percent)	1.55%		1.55%	1.55%	1.55%	1.55%	1.55%	1.55%
Parent Entity \| EUR 1,000 million subordinated notes
Loan capital
Principal amount \| €								€ 1,000
Loan capital			$ 1,604
Parent Entity \| EUR 1,000 million subordinated notes \| Fixed interest rate
Loan capital
Interest rate (as a percent)	0.766%		0.766%	0.766%	0.766%	0.766%	0.766%	0.766%
Parent Entity \| EUR 1,000 million subordinated notes \| Five-year EUR mid-market swap rate
Loan capital
Interest rate adjustments (as a percent)	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%	1.05%
Parent Entity \| Subordinated perpetual notes
Loan capital
Loan capital			$ 489						$ 495

Derivative financial instrume_3

Derivative financial instruments - Carrying value of derivative instruments (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Derivative Assets Held for Trading
Gross derivative assets, trading	$ 43,376	$ 55,908
Impact of netting arrangements on derivative assets, trading	(25,010)	(34,402)
Total of net derivative assets held, trading	18,366	21,506
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(42,766)	(57,035)
Impact of netting arrangements on derivative liabilities, trading	25,240	34,819
Total of net derivative liabilities, trading	(17,526)	(22,216)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	4,317	7,427
Impact of netting arrangements on derivative assets, hedging	(3,330)	(5,566)
Total of net derivative assets, hedging	987	1,861
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,663)	(10,518)
Impact of netting arrangements on derivative liabilities, hedging	5,130	9,680
Total of net derivative liabilities, hedging	(533)	(838)
Total derivatives carrying value, Assets
Gross derivative assets	47,693	63,335
Impact of netting arrangements on derivative assets	(28,340)	(39,968)
Total of net derivative assets	19,353	23,367
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(48,429)	(67,553)
Impact of netting arrangements on derivative liabilities	30,370	44,499
Total of net derivative liabilities	(18,059)	(23,054)
Interest rate contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	30,607	44,541
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(29,752)	(42,903)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	3,530	5,916
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,437)	(10,331)
Total derivatives carrying value, Assets
Gross derivative assets	34,137	50,457
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(35,189)	(53,234)
Interest rate contracts \| Forward rate agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	1	14
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(1)	(14)
Total derivatives carrying value, Assets
Gross derivative assets	1	14
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(1)	(14)
Interest rate contracts \| Swap agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	30,491	44,366
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(29,630)	(42,724)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	3,530	5,916
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,437)	(10,331)
Total derivatives carrying value, Assets
Gross derivative assets	34,021	50,282
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(35,067)	(53,055)
Interest rate contracts \| Interest rate options
Derivative Assets Held for Trading
Gross derivative assets, trading	115	161
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(121)	(165)
Total derivatives carrying value, Assets
Gross derivative assets	115	161
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(121)	(165)
FX contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	12,527	10,955
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(12,639)	(13,869)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	787	1,511
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(226)	(187)
Total derivatives carrying value, Assets
Gross derivative assets	13,314	12,466
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(12,865)	(14,056)
FX contracts \| Spot and forward contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	5,896	5,595
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(5,554)	(4,797)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	38	61
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(51)	(46)
Total derivatives carrying value, Assets
Gross derivative assets	5,934	5,656
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(5,605)	(4,843)
FX contracts \| Cross currency swap agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	6,433	4,977
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(6,912)	(8,872)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	749	1,450
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(175)	(141)
Total derivatives carrying value, Assets
Gross derivative assets	7,182	6,427
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(7,087)	(9,013)
FX contracts \| Fx options
Derivative Assets Held for Trading
Gross derivative assets, trading	198	383
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(173)	(200)
Total derivatives carrying value, Assets
Gross derivative assets	198	383
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(173)	(200)
Credit default swaps
Derivative Assets Held for Trading
Gross derivative assets, trading	13	57
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(15)	(59)
Total derivatives carrying value, Assets
Gross derivative assets	13	57
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(15)	(59)
Credit default swaps \| Credit protection bought
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(15)	(59)
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(15)	(59)
Credit default swaps \| Credit protection sold
Derivative Assets Held for Trading
Gross derivative assets, trading	13	57
Total derivatives carrying value, Assets
Gross derivative assets	13	57
Commodity contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	227	352
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(360)	(204)
Total derivatives carrying value, Assets
Gross derivative assets	227	352
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(360)	(204)
Equities
Derivative Assets Held for Trading
Gross derivative assets, trading	2	3
Total derivatives carrying value, Assets
Gross derivative assets	2	3
Parent Entity
Derivative Assets Held for Trading
Gross derivative assets, trading	43,715	56,099
Impact of netting arrangements on derivative assets, trading	(25,299)	(34,521)
Total of net derivative assets held, trading	18,416	21,578
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(42,962)	(57,443)
Impact of netting arrangements on derivative liabilities, trading	25,365	35,175
Total of net derivative liabilities, trading	(17,597)	(22,268)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	3,752	6,663
Impact of netting arrangements on derivative assets, hedging	(3,041)	(5,447)
Total of net derivative assets, hedging	711	1,216
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,297)	(9,835)
Impact of netting arrangements on derivative liabilities, hedging	5,005	9,324
Total of net derivative liabilities, hedging	(292)	(511)
Total derivatives carrying value, Assets
Gross derivative assets	47,467	62,762
Impact of netting arrangements on derivative assets	(28,340)	(39,968)
Total of net derivative assets	19,127	22,794
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(48,259)	(67,278)
Impact of netting arrangements on derivative liabilities	30,370	44,499
Total of net derivative liabilities	(17,889)	(22,779)
Parent Entity \| Interest rate contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	30,895	44,686
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(29,886)	(43,287)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	3,228	5,749
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,261)	(9,807)
Total derivatives carrying value, Assets
Gross derivative assets	34,123	50,435
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(35,147)	(53,094)
Parent Entity \| Interest rate contracts \| Forward rate agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	1	14
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(1)	(14)
Total derivatives carrying value, Assets
Gross derivative assets	1	14
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(1)	(14)
Parent Entity \| Interest rate contracts \| Swap agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	30,779	44,511
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(29,764)	(43,108)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	3,228	5,749
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(5,261)	(9,807)
Total derivatives carrying value, Assets
Gross derivative assets	34,007	50,260
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(35,025)	(52,915)
Parent Entity \| Interest rate contracts \| Interest rate options
Derivative Assets Held for Trading
Gross derivative assets, trading	115	161
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(121)	(165)
Total derivatives carrying value, Assets
Gross derivative assets	115	161
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(121)	(165)
Parent Entity \| FX contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	12,579	11,001
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(12,701)	(13,893)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	524	914
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(36)	(28)
Total derivatives carrying value, Assets
Gross derivative assets	13,103	11,915
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(12,737)	(13,921)
Parent Entity \| FX contracts \| Spot and forward contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	5,929	5,641
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(5,603)	(4,821)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	5	14
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(2)	(19)
Total derivatives carrying value, Assets
Gross derivative assets	5,934	5,655
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(5,605)	(4,840)
Parent Entity \| FX contracts \| Cross currency swap agreements
Derivative Assets Held for Trading
Gross derivative assets, trading	6,452	4,977
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(6,925)	(8,872)
Derivative Assets Held for Hedging
Gross derivative assets, hedging	519	900
Derivative Liabilities Held for Hedging
Gross derivative liabilities, hedging	(34)	(9)
Total derivatives carrying value, Assets
Gross derivative assets	6,971	5,877
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(6,959)	(8,881)
Parent Entity \| FX contracts \| Fx options
Derivative Assets Held for Trading
Gross derivative assets, trading	198	383
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(173)	(200)
Total derivatives carrying value, Assets
Gross derivative assets	198	383
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(173)	(200)
Parent Entity \| Credit default swaps
Derivative Assets Held for Trading
Gross derivative assets, trading	13	57
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(15)	(59)
Total derivatives carrying value, Assets
Gross derivative assets	13	57
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(15)	(59)
Parent Entity \| Credit default swaps \| Credit protection bought
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(15)	(59)
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(15)	(59)
Parent Entity \| Credit default swaps \| Credit protection sold
Derivative Assets Held for Trading
Gross derivative assets, trading	13	57
Total derivatives carrying value, Assets
Gross derivative assets	13	57
Parent Entity \| Commodity contracts
Derivative Assets Held for Trading
Gross derivative assets, trading	227	352
Derivative Liabilities Held for Trading
Gross derivative liabilities, trading	(360)	(204)
Total derivatives carrying value, Assets
Gross derivative assets	227	352
Total derivatives carrying value, Liabilities
Gross derivative liabilities	(360)	(204)
Parent Entity \| Equities
Derivative Assets Held for Trading
Gross derivative assets, trading	1	3
Total derivatives carrying value, Assets
Gross derivative assets	$ 1	$ 3

Derivative financial instrume_4

Derivative financial instruments - Hedging instruments (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Financial instruments
Notional amounts	389,449	366,569
Gross hedged assets	$ 4,317	$ 7,427
Impact of netting arrangements on hedged assets	(3,330)	(5,566)
Carrying value, hedged assets	987	1,861
Gross hedged liabilities	(5,663)	(10,518)
Impact of netting arrangements on hedged liabilities	5,130	9,680
Carrying value, hedged liabilities	$ (533)	$ (838)
One-to-one hedge relationships
Financial instruments
Notional amounts	159,852	172,051
Gross hedged assets	$ 3,189	$ 5,906
Gross hedged liabilities	$ (5,115)	$ (8,997)
One-to-one hedge relationships \| Up to 1 year
Financial instruments
Notional amounts	28,870	33,613
One-to-one hedge relationships \| Over 1 year to 5 years
Financial instruments
Notional amounts	69,524	78,229
One-to-one hedge relationships \| Over 5 years
Financial instruments
Notional amounts	61,458	60,209
One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	124,946	133,985
Gross hedged assets	$ 2,402	$ 4,395
Gross hedged liabilities	$ (4,889)	$ (8,810)
One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Up to 1 year
Financial instruments
Notional amounts	11,674	16,748
One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	59,022	60,258
One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Over 5 years
Financial instruments
Notional amounts	54,250	56,979
One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk
Financial instruments
Notional amounts	13,572	14,664
Gross hedged assets	$ 227	$ 355
One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Up to 1 year
Financial instruments
Notional amounts	4,717	4,668
One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	5,251	8,381
One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Over 5 years
Financial instruments
Notional amounts	3,604	1,615
One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk
Financial instruments
Notional amounts	14,760	17,082
Gross hedged assets	$ 522	$ 1,095
Gross hedged liabilities	$ (175)	$ (141)
One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Up to 1 year
Financial instruments
Notional amounts	5,905	5,877
One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	5,251	9,590
One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Over 5 years
Financial instruments
Notional amounts	3,604	1,615
One-to-one hedge relationships \| Net investment hedges \| Forward contracts \| FX risk
Financial instruments
Notional amounts	6,574	6,320
Gross hedged assets	$ 38	$ 61
Gross hedged liabilities	$ (51)	$ (46)
One-to-one hedge relationships \| Net investment hedges \| Forward contracts \| FX risk \| Up to 1 year
Financial instruments
Notional amounts	6,574	6,320
Macro hedge relationships
Financial instruments
Notional amounts	229,597	194,518
Gross hedged assets	$ 1,128	$ 1,521
Gross hedged liabilities	$ (548)	$ (1,521)
Macro hedge relationships \| Portfolio fair value hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	28,258	19,907
Gross hedged assets	$ 60
Gross hedged liabilities	$ (24)	$ (187)
Macro hedge relationships \| Macro cash flow hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	201,339	174,611
Gross hedged assets	$ 1,068	$ 1,521
Gross hedged liabilities	$ (524)	$ (1,334)
Parent Entity
Financial instruments
Notional amounts	318,927	312,107
Gross hedged assets	$ 3,752	$ 6,663
Impact of netting arrangements on hedged assets	(3,041)	(5,447)
Carrying value, hedged assets	711	1,216
Gross hedged liabilities	(5,297)	(9,835)
Impact of netting arrangements on hedged liabilities	5,005	9,324
Carrying value, hedged liabilities	$ (292)	$ (511)
Parent Entity \| One-to-one hedge relationships
Financial instruments
Notional amounts	135,522	150,074
Gross hedged assets	$ 2,924	$ 5,304
Gross hedged liabilities	$ (4,873)	$ (8,672)
Parent Entity \| One-to-one hedge relationships \| Up to 1 year
Financial instruments
Notional amounts	18,762	23,327
Parent Entity \| One-to-one hedge relationships \| Over 1 year to 5 years
Financial instruments
Notional amounts	61,096	67,196
Parent Entity \| One-to-one hedge relationships \| Over 5 years
Financial instruments
Notional amounts	55,664	59,551
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	123,265	131,732
Gross hedged assets	$ 2,400	$ 4,390
Gross hedged liabilities	$ (4,837)	$ (8,644)
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Up to 1 year
Financial instruments
Notional amounts	11,283	16,125
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	57,732	58,628
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Interest rate swap \| Interest rate risk \| Over 5 years
Financial instruments
Notional amounts	54,250	56,979
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk
Financial instruments
Notional amounts	5,497	8,551
Gross hedged assets	$ 165	$ 252
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Up to 1 year
Financial instruments
Notional amounts	3,108	2,981
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	1,682	4,284
Parent Entity \| One-to-one hedge relationships \| Fair value hedges \| Cross currency swap \| Interest rate risk \| Over 5 years
Financial instruments
Notional amounts	707	1,286
Parent Entity \| One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk
Financial instruments
Notional amounts	5,497	8,551
Gross hedged assets	$ 354	$ 648
Gross hedged liabilities	$ (34)	$ (9)
Parent Entity \| One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Up to 1 year
Financial instruments
Notional amounts	3,108	2,981
Parent Entity \| One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Over 1 year to 5 years
Financial instruments
Notional amounts	1,682	4,284
Parent Entity \| One-to-one hedge relationships \| Cash flow hedges \| Cross currency swap \| FX risk \| Over 5 years
Financial instruments
Notional amounts	707	1,286
Parent Entity \| One-to-one hedge relationships \| Net investment hedges \| Forward contracts \| FX risk
Financial instruments
Notional amounts	1,263	1,240
Gross hedged assets	$ 5	$ 14
Gross hedged liabilities	$ (2)	$ (19)
Parent Entity \| One-to-one hedge relationships \| Net investment hedges \| Forward contracts \| FX risk \| Up to 1 year
Financial instruments
Notional amounts	1,263	1,240
Parent Entity \| Macro hedge relationships
Financial instruments
Notional amounts	183,405	162,033
Gross hedged assets	$ 828	$ 1,359
Gross hedged liabilities	$ (424)	$ (1,163)
Parent Entity \| Macro hedge relationships \| Portfolio fair value hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	2,872
Gross hedged assets	$ 7
Gross hedged liabilities	$ (1)
Parent Entity \| Macro hedge relationships \| Macro cash flow hedges \| Interest rate swap \| Interest rate risk
Financial instruments
Notional amounts	180,533	162,033
Gross hedged assets	$ 821	$ 1,359
Gross hedged liabilities	$ (423)	$ (1,163)

Derivative financial instrume_5

Derivative financial instruments - Weighted average FX rate related to significant hedging instruments in one-to-one hedge relationships (Details) - One-to-one hedge relationships - FX risk - item	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flow hedges \| Cross currency swap \| EUR:AUD
Financial instruments
Weighted average FX rate	0.6823	0.6687
Cash flow hedges \| Cross currency swap \| JPY:AUD
Financial instruments
Weighted average FX rate		81.4507
Cash flow hedges \| Cross currency swap \| EUR:NZD
Financial instruments
Weighted average FX rate	0.6086	0.6160
Cash flow hedges \| Cross currency swap \| HKD:NZD
Financial instruments
Weighted average FX rate		4.9670
Net investment hedges \| Forward contracts \| NZD:AUD
Financial instruments
Weighted average FX rate	1.0505	1.0838
Parent Entity \| Cash flow hedges \| Cross currency swap \| EUR:AUD
Financial instruments
Weighted average FX rate	0.6823	0.6687
Parent Entity \| Cash flow hedges \| Cross currency swap \| JPY:AUD
Financial instruments
Weighted average FX rate	79.6302	81.4507
Parent Entity \| Cash flow hedges \| Cross currency swap \| CHF:AUD
Financial instruments
Weighted average FX rate	0.7679
Parent Entity \| Cash flow hedges \| Cross currency swap \| CNH:AUD
Financial instruments
Weighted average FX rate	4.9359	4.9492
Parent Entity \| Net investment hedges \| Forward contracts \| NZD:AUD
Financial instruments
Weighted average FX rate	1.0460	1.0904

Derivative financial instrume_6

Derivative financial instruments - Impact of hedge accounting on balance sheet and reserves (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Derivative financial instruments
FVHA included in carrying amounts relating to hedged items that have ceased to be adjusted for hedging gains and losses, assets	$ 0	$ 0
FVHA included in carrying amounts relating to hedged items that have ceased to be adjusted for hedging gains and losses, liabilities	0	0
Fair value hedges \| Debt issues and loan capital
Derivative financial instruments
Carrying value of hedged liabilities	(84,776)	(96,605)
FVHA included in carrying amount, hedged liabilities	(1,983)	(4,559)
Fair value hedges \| Investment securities
Derivative financial instruments
Carrying value of hedged assets	60,657	68,862
FVHA included in carrying amount, hedged assets	117	3,285
Fair value hedges \| Loans
Derivative financial instruments
Carrying value of hedged assets	28,340	20,290
FVHA included in carrying amount, hedged assets	(59)	140
Parent Entity \| Fair value hedges \| Debt issues and loan capital
Derivative financial instruments
Carrying value of hedged liabilities	(76,634)	(90,287)
FVHA included in carrying amount, hedged liabilities	(1,931)	(4,440)
Parent Entity \| Fair value hedges \| Investment securities
Derivative financial instruments
Carrying value of hedged assets	59,008	66,529
FVHA included in carrying amount, hedged assets	101	3,175
Parent Entity \| Fair value hedges \| Loans
Derivative financial instruments
Carrying value of hedged assets	3,009	251
FVHA included in carrying amount, hedged assets	$ (5)	$ 8

Derivative financial instrume_7

Derivative financial instruments - Pre-tax impact of cash flow and net investment hedges on reserves (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Derivative financial instruments
Losses in cash flow hedge reserve relating to hedge relationships for which hedge accounting is no longer applied	$ 176	$ 43
FX risk
Derivative financial instruments
Loss relating to discontinued hedges	210	210
Cash Flow and Net Investment Hedges
Derivative financial instruments
Balance as at beginning of year	(59)	(182)
Net gains/(losses) from changes in fair value	296	(95)
Transferred to interest income	39	218
Balance as at end of year	276	(59)
Cash Flow and Net Investment Hedges \| Interest rate risk
Derivative financial instruments
Balance as at beginning of year	73	(99)
Net gains/(losses) from changes in fair value	352	(1)
Transferred to interest income	(31)	173
Balance as at end of year	394	73
Cash Flow and Net Investment Hedges \| FX risk
Derivative financial instruments
Balance as at beginning of year	(132)	(83)
Net gains/(losses) from changes in fair value	(56)	(94)
Transferred to interest income	70	45
Balance as at end of year	(118)	(132)
Net investment hedges
Derivative financial instruments
Net gains (losses) from changes in fair value of net investment hedges	(198)	9
Parent Entity
Derivative financial instruments
Losses in cash flow hedge reserve relating to hedge relationships for which hedge accounting is no longer applied	176	43
Parent Entity \| FX risk
Derivative financial instruments
Loss relating to discontinued hedges	214	214
Parent Entity \| Cash Flow and Net Investment Hedges
Derivative financial instruments
Balance as at beginning of year	30	(92)
Net gains/(losses) from changes in fair value	177	(28)
Transferred to interest income	(13)	150
Balance as at end of year	194	30
Parent Entity \| Cash Flow and Net Investment Hedges \| Interest rate risk
Derivative financial instruments
Balance as at beginning of year	83	(70)
Net gains/(losses) from changes in fair value	201	16
Transferred to interest income	(41)	137
Balance as at end of year	243	83
Parent Entity \| Cash Flow and Net Investment Hedges \| FX risk
Derivative financial instruments
Balance as at beginning of year	(53)	(22)
Net gains/(losses) from changes in fair value	(24)	(44)
Transferred to interest income	28	13
Balance as at end of year	(49)	(53)
Parent Entity \| Net investment hedges
Derivative financial instruments
Net gains (losses) from changes in fair value of net investment hedges	$ (41)	$ 17

Derivative financial instrume_8

Derivative financial instruments - Hedge effectiveness (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	$ 881	$ 1,483
Change in value of the hedged item used for calculating ineffectiveness	(928)	(1,396)
Hedge ineffectiveness recognised in interest income	(46)	87
Hedge ineffectiveness recognised in non-interest income	(1)
Fair value hedges \| Interest rate swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	957	1,403
Change in value of the hedged item used for calculating ineffectiveness	(959)	(1,372)
Hedge ineffectiveness recognised in interest income	(2)	31
Fair value hedges \| Cross currency swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	(171)	(110)
Change in value of the hedged item used for calculating ineffectiveness	168	108
Hedge ineffectiveness recognised in interest income	(3)	(2)
Cash flow hedges \| Interest rate swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	280	230
Change in value of the hedged item used for calculating ineffectiveness	(321)	(172)
Hedge ineffectiveness recognised in interest income	(41)	58
Cash flow hedges \| Cross currency swap \| FX risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	14	(49)
Change in value of the hedged item used for calculating ineffectiveness	(14)	49
Net investment hedges \| Forward contracts \| FX risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	(199)	9
Change in value of the hedged item used for calculating ineffectiveness	198	(9)
Hedge ineffectiveness recognised in non-interest income	(1)
Parent Entity
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	659	1,521
Change in value of the hedged item used for calculating ineffectiveness	(701)	(1,444)
Hedge ineffectiveness recognised in interest income	(42)	77
Parent Entity \| Fair value hedges \| Interest rate swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	683	1,408
Change in value of the hedged item used for calculating ineffectiveness	(683)	(1,377)
Hedge ineffectiveness recognised in interest income		31
Parent Entity \| Fair value hedges \| Cross currency swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	(107)	(73)
Change in value of the hedged item used for calculating ineffectiveness	105	72
Hedge ineffectiveness recognised in interest income	(2)	(1)
Parent Entity \| Cash flow hedges \| Interest rate swap \| Interest rate risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	120	200
Change in value of the hedged item used for calculating ineffectiveness	(160)	(153)
Hedge ineffectiveness recognised in interest income	(40)	47
Parent Entity \| Cash flow hedges \| Cross currency swap \| FX risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	4	(31)
Change in value of the hedged item used for calculating ineffectiveness	(4)	31
Parent Entity \| Net investment hedges \| Forward contracts \| FX risk
Determination of hedge effectiveness
Change in fair value of hedging instrument used for calculating ineffectiveness	(41)	17
Change in value of the hedged item used for calculating ineffectiveness	$ 41	$ (17)

Financial risk - Credit concent

Financial risk - Credit concentrations for each significant class of financial asset (Details)	Sep. 30, 2021	Sep. 30, 2020
Trading securities and financial assets measured at FVIS
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	42.00%	64.00%
Financial assets issued by government or semi-government authorities (as a percent)	53.00%	33.00%
Financial assets held in Australia (as a percent)	67.00%	79.00%
Investment securities
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	18.00%	18.00%
Financial assets issued by government or semi-government authorities (as a percent)	81.00%	82.00%
Financial assets held in Australia (as a percent)	92.00%	92.00%
Derivative financial instruments
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	78.00%	68.00%
Financial assets held in Australia (as a percent)	80.00%	76.00%
Parent Entity \| Trading securities and financial assets measured at FVIS
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	44.00%	67.00%
Financial assets issued by government or semi-government authorities (as a percent)	52.00%	31.00%
Financial assets held in Australia (as a percent)	74.00%	84.00%
Parent Entity \| Investment securities
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	19.00%	18.00%
Financial assets issued by government or semi-government authorities (as a percent)	81.00%	82.00%
Financial assets held in Australia (as a percent)	99.00%	98.00%
Parent Entity \| Derivative financial instruments
Fair value related to credit risk
Financial assets issued by financial institutions (as a percent)	78.00%	68.00%
Financial assets held in Australia (as a percent)	81.00%	78.00%

Financial risk - Credit risk by

Financial risk - Credit risk by industry (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Financial risk
Undrawn credit commitments	$ 200,091	$ 196,941
Credit risk
Financial risk
Loans	714,373	698,661
Total all other on balance sheet	206,514	195,379
Undrawn credit commitments	200,091	196,941
Total gross credit risk	1,120,978	1,090,981
Australia \| Credit risk
Financial risk
Loans	618,794	605,598
Total all other on balance sheet	164,703	154,596
Undrawn credit commitments	164,847	160,494
Total gross credit risk	948,344	920,688
New Zealand \| Credit risk
Financial risk
Loans	89,247	82,350
Total all other on balance sheet	22,204	18,826
Undrawn credit commitments	25,819	25,020
Total gross credit risk	137,270	126,196
Other overseas \| Credit risk
Financial risk
Loans	6,332	10,713
Total all other on balance sheet	19,607	21,957
Undrawn credit commitments	9,425	11,427
Total gross credit risk	35,364	44,097
Accommodation, cafes and restaurants \| Australia \| Credit risk
Financial risk
Loans	7,658	7,933
Total all other on balance sheet	13	23
Undrawn credit commitments	1,294	1,225
Total gross credit risk	8,965	9,181
Accommodation, cafes and restaurants \| New Zealand \| Credit risk
Financial risk
Loans	389	388
Total all other on balance sheet	1	1
Undrawn credit commitments	49	51
Total gross credit risk	439	440
Accommodation, cafes and restaurants \| Other overseas \| Credit risk
Financial risk
Loans	116	118
Undrawn credit commitments	9	10
Total gross credit risk	125	128
Agriculture, forestry and fishing \| Australia \| Credit risk
Financial risk
Loans	10,501	10,116
Total all other on balance sheet	32	43
Undrawn credit commitments	2,367	2,219
Total gross credit risk	12,900	12,378
Agriculture, forestry and fishing \| New Zealand \| Credit risk
Financial risk
Loans	9,371	9,101
Total all other on balance sheet	29	57
Undrawn credit commitments	724	632
Total gross credit risk	10,124	9,790
Agriculture, forestry and fishing \| Other overseas \| Credit risk
Financial risk
Loans	10	124
Undrawn credit commitments	2	5
Total gross credit risk	12	129
Construction \| Australia \| Credit risk
Financial risk
Loans	6,214	6,711
Total all other on balance sheet	16	15
Undrawn credit commitments	3,718	3,643
Total gross credit risk	9,948	10,369
Construction \| New Zealand \| Credit risk
Financial risk
Loans	438	509
Total all other on balance sheet	2	8
Undrawn credit commitments	481	429
Total gross credit risk	921	946
Construction \| Other overseas \| Credit risk
Financial risk
Loans	51	51
Undrawn credit commitments	111	118
Total gross credit risk	162	169
Finance and insurance \| Australia \| Credit risk
Financial risk
Loans	16,026	13,348
Total all other on balance sheet	86,412	68,154
Undrawn credit commitments	9,664	8,954
Total gross credit risk	112,102	90,456
Finance and insurance \| New Zealand \| Credit risk
Financial risk
Loans	3,344	3,427
Total all other on balance sheet	13,787	9,274
Undrawn credit commitments	1,984	1,782
Total gross credit risk	19,115	14,483
Finance and insurance \| Other overseas \| Credit risk
Financial risk
Loans	1,402	2,298
Total all other on balance sheet	16,106	16,896
Undrawn credit commitments	2,192	2,243
Total gross credit risk	19,700	21,437
Government, administration and defence \| Australia \| Credit risk
Financial risk
Loans	957	730
Total all other on balance sheet	72,343	79,452
Undrawn credit commitments	1,327	1,588
Total gross credit risk	74,627	81,770
Government, administration and defence \| New Zealand \| Credit risk
Financial risk
Loans	145	94
Total all other on balance sheet	6,919	7,739
Undrawn credit commitments	767	865
Total gross credit risk	7,831	8,698
Government, administration and defence \| Other overseas \| Credit risk
Financial risk
Loans	1	20
Total all other on balance sheet	3,316	4,767
Undrawn credit commitments		18
Total gross credit risk	3,317	4,805
Manufacturing \| Australia \| Credit risk
Financial risk
Loans	8,067	8,493
Total all other on balance sheet	570	755
Undrawn credit commitments	6,351	6,477
Total gross credit risk	14,988	15,725
Manufacturing \| New Zealand \| Credit risk
Financial risk
Loans	1,608	1,689
Total all other on balance sheet	80	115
Undrawn credit commitments	1,525	1,782
Total gross credit risk	3,213	3,586
Manufacturing \| Other overseas \| Credit risk
Financial risk
Loans	580	1,877
Total all other on balance sheet		31
Undrawn credit commitments	2,745	3,443
Total gross credit risk	3,325	5,351
Mining \| Australia \| Credit risk
Financial risk
Loans	3,003	2,975
Total all other on balance sheet	158	427
Undrawn credit commitments	3,527	3,735
Total gross credit risk	6,688	7,137
Mining \| New Zealand \| Credit risk
Financial risk
Loans	202	203
Total all other on balance sheet	3	5
Undrawn credit commitments	53	97
Total gross credit risk	258	305
Mining \| Other overseas \| Credit risk
Financial risk
Loans	339	336
Total all other on balance sheet		16
Undrawn credit commitments	805	1,194
Total gross credit risk	1,144	1,546
Property \| Australia \| Credit risk
Financial risk
Loans	45,645	44,468
Total all other on balance sheet	435	671
Undrawn credit commitments	12,792	10,869
Total gross credit risk	58,872	56,008
Property \| New Zealand \| Credit risk
Financial risk
Loans	6,840	6,667
Total all other on balance sheet	625	766
Undrawn credit commitments	1,239	977
Total gross credit risk	8,704	8,410
Property \| Other overseas \| Credit risk
Financial risk
Loans	363	416
Undrawn credit commitments	29	27
Total gross credit risk	392	443
Property services and business services \| Australia \| Credit risk
Financial risk
Loans	11,248	12,562
Total all other on balance sheet	100	150
Undrawn credit commitments	6,544	7,019
Total gross credit risk	17,892	19,731
Property services and business services \| New Zealand \| Credit risk
Financial risk
Loans	1,052	951
Total all other on balance sheet	40	82
Undrawn credit commitments	578	712
Total gross credit risk	1,670	1,745
Property services and business services \| Other overseas \| Credit risk
Financial risk
Loans	946	1,545
Total all other on balance sheet	41	107
Undrawn credit commitments	497	790
Total gross credit risk	1,484	2,442
Services \| Australia \| Credit risk
Financial risk
Loans	9,918	11,675
Total all other on balance sheet	437	247
Undrawn credit commitments	8,058	7,595
Total gross credit risk	18,413	19,517
Services \| New Zealand \| Credit risk
Financial risk
Loans	1,683	2,119
Total all other on balance sheet	24	49
Undrawn credit commitments	1,105	853
Total gross credit risk	2,812	3,021
Services \| Other overseas \| Credit risk
Financial risk
Loans	40	218
Total all other on balance sheet	1
Undrawn credit commitments	756	698
Total gross credit risk	797	916
Trade \| Australia \| Credit risk
Financial risk
Loans	13,165	13,268
Total all other on balance sheet	1,171	365
Undrawn credit commitments	9,535	10,171
Total gross credit risk	23,871	23,804
Trade \| New Zealand \| Credit risk
Financial risk
Loans	2,172	1,949
Total all other on balance sheet	32	76
Undrawn credit commitments	1,368	1,510
Total gross credit risk	3,572	3,535
Trade \| Other overseas \| Credit risk
Financial risk
Loans	1,130	1,553
Total all other on balance sheet	1	2
Undrawn credit commitments	1,911	1,931
Total gross credit risk	3,042	3,486
Transport and storage \| Australia \| Credit risk
Financial risk
Loans	7,681	8,218
Total all other on balance sheet	777	1,174
Undrawn credit commitments	5,734	5,136
Total gross credit risk	14,192	14,528
Transport and storage \| New Zealand \| Credit risk
Financial risk
Loans	1,129	1,176
Total all other on balance sheet	129	73
Undrawn credit commitments	919	871
Total gross credit risk	2,177	2,120
Transport and storage \| Other overseas \| Credit risk
Financial risk
Loans	504	732
Total all other on balance sheet	11	23
Undrawn credit commitments	237	276
Total gross credit risk	752	1,031
Utilities \| Australia \| Credit risk
Financial risk
Loans	5,445	4,962
Total all other on balance sheet	937	1,406
Undrawn credit commitments	5,206	4,918
Total gross credit risk	11,588	11,286
Utilities \| New Zealand \| Credit risk
Financial risk
Loans	1,341	1,303
Total all other on balance sheet	435	506
Undrawn credit commitments	1,599	1,681
Total gross credit risk	3,375	3,490
Utilities \| Other overseas \| Credit risk
Financial risk
Loans	413	950
Total all other on balance sheet		2
Undrawn credit commitments	74	615
Total gross credit risk	487	1,567
Retail lending \| Australia \| Credit risk
Financial risk
Loans	467,218	454,433
Total all other on balance sheet	481	553
Undrawn credit commitments	86,570	84,454
Total gross credit risk	554,269	539,440
Retail lending \| New Zealand \| Credit risk
Financial risk
Loans	59,341	52,584
Total all other on balance sheet	53	61
Undrawn credit commitments	13,249	12,596
Total gross credit risk	72,643	65,241
Retail lending \| Other overseas \| Credit risk
Financial risk
Loans	407	457
Total all other on balance sheet	2	2
Undrawn credit commitments	29	32
Total gross credit risk	438	491
Other \| Australia \| Credit risk
Financial risk
Loans	6,048	5,706
Total all other on balance sheet	821	1,161
Undrawn credit commitments	2,160	2,491
Total gross credit risk	9,029	9,358
Other \| New Zealand \| Credit risk
Financial risk
Loans	192	190
Total all other on balance sheet	45	14
Undrawn credit commitments	179	182
Total gross credit risk	416	386
Other \| Other overseas \| Credit risk
Financial risk
Loans	30	18
Total all other on balance sheet	129	111
Undrawn credit commitments	28	27
Total gross credit risk	187	156
Parent Entity
Financial risk
Undrawn credit commitments	174,481	171,979
Parent Entity \| Credit risk
Financial risk
Loans	622,315	612,517
Total all other on balance sheet	352,943	350,796
Undrawn credit commitments	174,481	171,979
Total gross credit risk	1,149,739	1,135,292
Parent Entity \| Australia \| Credit risk
Financial risk
Loans	616,243	602,218
Total all other on balance sheet	322,499	317,380
Undrawn credit commitments	164,832	160,474
Total gross credit risk	1,103,574	1,080,072
Parent Entity \| New Zealand \| Credit risk
Financial risk
Loans	384	354
Total all other on balance sheet	10,654	10,953
Undrawn credit commitments	524	558
Total gross credit risk	11,562	11,865
Parent Entity \| Other overseas \| Credit risk
Financial risk
Loans	5,688	9,945
Total all other on balance sheet	19,790	22,463
Undrawn credit commitments	9,125	10,947
Total gross credit risk	34,603	43,355
Parent Entity \| Accommodation, cafes and restaurants \| Australia \| Credit risk
Financial risk
Loans	7,613	7,857
Total all other on balance sheet	13	23
Undrawn credit commitments	1,294	1,225
Total gross credit risk	8,920	9,105
Parent Entity \| Accommodation, cafes and restaurants \| New Zealand \| Credit risk
Financial risk
Undrawn credit commitments		1
Total gross credit risk		1
Parent Entity \| Accommodation, cafes and restaurants \| Other overseas \| Credit risk
Financial risk
Loans	74	81
Undrawn credit commitments	9	10
Total gross credit risk	83	91
Parent Entity \| Agriculture, forestry and fishing \| Australia \| Credit risk
Financial risk
Loans	10,446	10,058
Total all other on balance sheet	32	43
Undrawn credit commitments	2,367	2,219
Total gross credit risk	12,845	12,320
Parent Entity \| Agriculture, forestry and fishing \| New Zealand \| Credit risk
Financial risk
Loans	6	4
Total all other on balance sheet	16	44
Undrawn credit commitments	4	4
Total gross credit risk	26	52
Parent Entity \| Agriculture, forestry and fishing \| Other overseas \| Credit risk
Financial risk
Loans	2	114
Undrawn credit commitments	1	1
Total gross credit risk	3	115
Parent Entity \| Construction \| Australia \| Credit risk
Financial risk
Loans	5,757	6,199
Total all other on balance sheet	16	14
Undrawn credit commitments	3,718	3,643
Total gross credit risk	9,491	9,856
Parent Entity \| Construction \| New Zealand \| Credit risk
Financial risk
Loans	2	4
Total all other on balance sheet	1	7
Undrawn credit commitments	34	35
Total gross credit risk	37	46
Parent Entity \| Construction \| Other overseas \| Credit risk
Financial risk
Loans	45	46
Undrawn credit commitments	110	114
Total gross credit risk	155	160
Parent Entity \| Finance and insurance \| Australia \| Credit risk
Financial risk
Loans	15,969	13,290
Total all other on balance sheet	244,440	231,468
Undrawn credit commitments	9,664	8,954
Total gross credit risk	270,073	253,712
Parent Entity \| Finance and insurance \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	8,413	8,173
Undrawn credit commitments	105	135
Total gross credit risk	8,518	8,308
Parent Entity \| Finance and insurance \| Other overseas \| Credit risk
Financial risk
Loans	1,399	2,295
Total all other on balance sheet	17,145	18,290
Undrawn credit commitments	2,171	2,217
Total gross credit risk	20,715	22,802
Parent Entity \| Government, administration and defence \| Australia \| Credit risk
Financial risk
Loans	954	709
Total all other on balance sheet	72,343	79,457
Undrawn credit commitments	1,327	1,588
Total gross credit risk	74,624	81,754
Parent Entity \| Government, administration and defence \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	1,605	1,743
Undrawn credit commitments	7	8
Total gross credit risk	1,612	1,751
Parent Entity \| Government, administration and defence \| Other overseas \| Credit risk
Financial risk
Loans	1	20
Total all other on balance sheet	2,464	3,882
Undrawn credit commitments		18
Total gross credit risk	2,465	3,920
Parent Entity \| Manufacturing \| Australia \| Credit risk
Financial risk
Loans	7,913	8,282
Total all other on balance sheet	570	755
Undrawn credit commitments	6,351	6,477
Total gross credit risk	14,834	15,514
Parent Entity \| Manufacturing \| New Zealand \| Credit risk
Financial risk
Loans	67	70
Total all other on balance sheet	80	114
Undrawn credit commitments	64	51
Total gross credit risk	211	235
Parent Entity \| Manufacturing \| Other overseas \| Credit risk
Financial risk
Loans	576	1,875
Total all other on balance sheet		30
Undrawn credit commitments	2,687	3,384
Total gross credit risk	3,263	5,289
Parent Entity \| Mining \| Australia \| Credit risk
Financial risk
Loans	2,979	2,955
Total all other on balance sheet	157	426
Undrawn credit commitments	3,527	3,735
Total gross credit risk	6,663	7,116
Parent Entity \| Mining \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	3	5
Total gross credit risk	3	5
Parent Entity \| Mining \| Other overseas \| Credit risk
Financial risk
Loans	319	314
Total all other on balance sheet		16
Undrawn credit commitments	802	1,134
Total gross credit risk	1,121	1,464
Parent Entity \| Property \| Australia \| Credit risk
Financial risk
Loans	45,598	44,468
Total all other on balance sheet	435	671
Undrawn credit commitments	12,792	10,868
Total gross credit risk	58,825	56,007
Parent Entity \| Property \| New Zealand \| Credit risk
Financial risk
Loans		1
Total all other on balance sheet	112	101
Total gross credit risk	112	102
Parent Entity \| Property \| Other overseas \| Credit risk
Financial risk
Loans	180	209
Undrawn credit commitments	11	10
Total gross credit risk	191	219
Parent Entity \| Property services and business services \| Australia \| Credit risk
Financial risk
Loans	10,815	11,843
Total all other on balance sheet	100	149
Undrawn credit commitments	6,544	7,019
Total gross credit risk	17,459	19,011
Parent Entity \| Property services and business services \| New Zealand \| Credit risk
Financial risk
Loans	10	7
Total all other on balance sheet	39	81
Undrawn credit commitments	16	16
Total gross credit risk	65	104
Parent Entity \| Property services and business services \| Other overseas \| Credit risk
Financial risk
Loans	886	1,478
Total all other on balance sheet	41	107
Undrawn credit commitments	495	786
Total gross credit risk	1,422	2,371
Parent Entity \| Services \| Australia \| Credit risk
Financial risk
Loans	9,677	11,334
Total all other on balance sheet	437	247
Undrawn credit commitments	8,058	7,595
Total gross credit risk	18,172	19,176
Parent Entity \| Services \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	22	46
Undrawn credit commitments	1
Total gross credit risk	23	46
Parent Entity \| Services \| Other overseas \| Credit risk
Financial risk
Loans	19	196
Undrawn credit commitments	754	695
Total gross credit risk	773	891
Parent Entity \| Trade \| Australia \| Credit risk
Financial risk
Loans	12,997	13,058
Total all other on balance sheet	1,171	367
Undrawn credit commitments	9,535	10,171
Total gross credit risk	23,703	23,596
Parent Entity \| Trade \| New Zealand \| Credit risk
Financial risk
Loans	298	263
Total all other on balance sheet	30	74
Undrawn credit commitments	159	157
Total gross credit risk	487	494
Parent Entity \| Trade \| Other overseas \| Credit risk
Financial risk
Loans	1,016	1,415
Total all other on balance sheet	1	2
Undrawn credit commitments	1,761	1,754
Total gross credit risk	2,778	3,171
Parent Entity \| Transport and storage \| Australia \| Credit risk
Financial risk
Loans	7,394	7,870
Total all other on balance sheet	775	1,174
Undrawn credit commitments	5,734	5,136
Total gross credit risk	13,903	14,180
Parent Entity \| Transport and storage \| New Zealand \| Credit risk
Financial risk
Loans	1	5
Total all other on balance sheet	26	71
Undrawn credit commitments	53	67
Total gross credit risk	80	143
Parent Entity \| Transport and storage \| Other overseas \| Credit risk
Financial risk
Loans	436	642
Total all other on balance sheet	11	23
Undrawn credit commitments	230	268
Total gross credit risk	677	933
Parent Entity \| Utilities \| Australia \| Credit risk
Financial risk
Loans	5,422	4,938
Total all other on balance sheet	937	1,404
Undrawn credit commitments	5,206	4,918
Total gross credit risk	11,565	11,260
Parent Entity \| Utilities \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	305	492
Undrawn credit commitments	80	83
Total gross credit risk	385	575
Parent Entity \| Utilities \| Other overseas \| Credit risk
Financial risk
Loans	390	894
Total all other on balance sheet		2
Undrawn credit commitments	53	511
Total gross credit risk	443	1,407
Parent Entity \| Retail lending \| Australia \| Credit risk
Financial risk
Loans	467,153	454,259
Total all other on balance sheet	478	549
Undrawn credit commitments	86,558	84,437
Total gross credit risk	554,189	539,245
Parent Entity \| Retail lending \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	1
Undrawn credit commitments		1
Total gross credit risk	1	1
Parent Entity \| Retail lending \| Other overseas \| Credit risk
Financial risk
Loans	324	359
Undrawn credit commitments	28	31
Total gross credit risk	352	390
Parent Entity \| Other \| Australia \| Credit risk
Financial risk
Loans	5,556	5,098
Total all other on balance sheet	595	633
Undrawn credit commitments	2,157	2,489
Total gross credit risk	8,308	8,220
Parent Entity \| Other \| New Zealand \| Credit risk
Financial risk
Total all other on balance sheet	1	2
Undrawn credit commitments	1
Total gross credit risk	2	2
Parent Entity \| Other \| Other overseas \| Credit risk
Financial risk
Loans	21	7
Total all other on balance sheet	128	111
Undrawn credit commitments	13	14
Total gross credit risk	$ 162	$ 132

Financial risk - Credit quality

Financial risk - Credit quality of financial assets (Details) - Credit risk - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Financial risk
Credit quality exposure risk	$ 1,080,634	$ 1,027,396
Strong
Financial risk
Credit quality exposure risk	815,230	744,448
Good/satisfactory
Financial risk
Credit quality exposure risk	232,492	248,490
Weak
Financial risk
Credit quality exposure risk	32,912	34,458
Loans \| Housing
Financial risk
Credit quality exposure risk	514,055	492,471
Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	419,208	389,521
Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	73,482	82,927
Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	21,365	20,023
Loans \| Personal
Financial risk
Credit quality exposure risk	15,919	18,452
Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	4,677	4,914
Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	10,107	12,122
Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	1,135	1,416
Loans \| Business
Financial risk
Credit quality exposure risk	184,399	187,738
Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	71,782	67,154
Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	104,131	110,137
Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	8,486	10,447
Debt Securities
Financial risk
Credit quality exposure risk	83,143	91,413
Debt Securities \| Strong
Financial risk
Credit quality exposure risk	82,536	90,826
Debt Securities \| Good/satisfactory
Financial risk
Credit quality exposure risk	48
Debt Securities \| Weak
Financial risk
Credit quality exposure risk	559	587
Debt securities measured at amortised cost
Financial risk
Credit quality exposure risk	938	1,011
Debt securities measured at amortised cost \| Strong
Financial risk
Credit quality exposure risk	331	424
Debt securities measured at amortised cost \| Good/satisfactory
Financial risk
Credit quality exposure risk	48	0
Debt securities measured at amortised cost \| Weak
Financial risk
Credit quality exposure risk	559	587
Assets held for sale
Financial risk
Credit quality exposure risk	1,048
Assets held for sale \| Strong
Financial risk
Credit quality exposure risk	206
Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	842
Other financial assets
Financial risk
Credit quality exposure risk	81,979	40,381
Other financial assets \| Strong
Financial risk
Credit quality exposure risk	81,563	39,871
Other financial assets \| Good/satisfactory
Financial risk
Credit quality exposure risk	386	470
Other financial assets \| Weak
Financial risk
Credit quality exposure risk	30	40
Undrawn credit commitments
Financial risk
Credit quality exposure risk	200,091	196,941
Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	155,258	152,162
Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	43,496	42,834
Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	1,337	1,945
Undrawn credit commitments classified as held for sale
Financial risk
Credit quality exposure risk	828	0
Performing - Stage 1
Financial risk
Credit quality exposure risk	993,311	943,292
Performing - Stage 1 \| Strong
Financial risk
Credit quality exposure risk	792,004	732,861
Performing - Stage 1 \| Good/satisfactory
Financial risk
Credit quality exposure risk	197,417	205,568
Performing - Stage 1 \| Weak
Financial risk
Credit quality exposure risk	3,890	4,863
Performing - Stage 1 \| Loans \| Housing
Financial risk
Credit quality exposure risk	456,919	449,338
Performing - Stage 1 \| Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	398,043	382,892
Performing - Stage 1 \| Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	55,631	62,324
Performing - Stage 1 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	3,245	4,122
Performing - Stage 1 \| Loans \| Personal
Financial risk
Credit quality exposure risk	13,698	15,779
Performing - Stage 1 \| Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	4,608	4,768
Performing - Stage 1 \| Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	8,780	10,607
Performing - Stage 1 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	310	404
Performing - Stage 1 \| Loans \| Business
Financial risk
Credit quality exposure risk	164,968	159,317
Performing - Stage 1 \| Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	71,336	65,091
Performing - Stage 1 \| Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	93,457	94,046
Performing - Stage 1 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	175	180
Performing - Stage 1 \| Debt Securities
Financial risk
Credit quality exposure risk	82,536	90,461
Performing - Stage 1 \| Debt Securities \| Strong
Financial risk
Credit quality exposure risk	82,536	90,461
Performing - Stage 1 \| Assets held for sale
Financial risk
Credit quality exposure risk	992
Performing - Stage 1 \| Assets held for sale \| Strong
Financial risk
Credit quality exposure risk	206
Performing - Stage 1 \| Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	786
Performing - Stage 1 \| Other financial assets
Financial risk
Credit quality exposure risk	81,979	40,381
Performing - Stage 1 \| Other financial assets \| Strong
Financial risk
Credit quality exposure risk	81,563	39,871
Performing - Stage 1 \| Other financial assets \| Good/satisfactory
Financial risk
Credit quality exposure risk	386	470
Performing - Stage 1 \| Other financial assets \| Weak
Financial risk
Credit quality exposure risk	30	40
Performing - Stage 1 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	192,219	188,016
Performing - Stage 1 \| Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	153,712	149,778
Performing - Stage 1 \| Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	38,377	38,121
Performing - Stage 1 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	130	117
Performing - Stage 2
Financial risk
Credit quality exposure risk	77,553	72,793
Performing - Stage 2 \| Strong
Financial risk
Credit quality exposure risk	23,226	11,587
Performing - Stage 2 \| Good/satisfactory
Financial risk
Credit quality exposure risk	35,075	42,922
Performing - Stage 2 \| Weak
Financial risk
Credit quality exposure risk	19,252	18,284
Performing - Stage 2 \| Loans \| Housing
Financial risk
Credit quality exposure risk	51,675	35,490
Performing - Stage 2 \| Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	21,165	6,629
Performing - Stage 2 \| Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	17,851	20,603
Performing - Stage 2 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	12,659	8,258
Performing - Stage 2 \| Loans \| Personal
Financial risk
Credit quality exposure risk	1,935	2,292
Performing - Stage 2 \| Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	69	146
Performing - Stage 2 \| Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	1,327	1,515
Performing - Stage 2 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	539	631
Performing - Stage 2 \| Loans \| Business
Financial risk
Credit quality exposure risk	15,682	25,354
Performing - Stage 2 \| Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	446	2,063
Performing - Stage 2 \| Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	10,674	16,091
Performing - Stage 2 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	4,562	7,200
Performing - Stage 2 \| Debt Securities
Financial risk
Credit quality exposure risk	607	952
Performing - Stage 2 \| Debt Securities \| Strong
Financial risk
Credit quality exposure risk		365
Performing - Stage 2 \| Debt Securities \| Good/satisfactory
Financial risk
Credit quality exposure risk	48
Performing - Stage 2 \| Debt Securities \| Weak
Financial risk
Credit quality exposure risk	559	587
Performing - Stage 2 \| Assets held for sale
Financial risk
Credit quality exposure risk	56
Performing - Stage 2 \| Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	56
Performing - Stage 2 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	7,598	8,705
Performing - Stage 2 \| Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	1,546	2,384
Performing - Stage 2 \| Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	5,119	4,713
Performing - Stage 2 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	933	1,608
Non-performing - Stage 3
Financial risk
Credit quality exposure risk	9,770	11,311
Non-performing - Stage 3 \| Weak
Financial risk
Credit quality exposure risk	9,770	11,311
Non-performing - Stage 3 \| Loans \| Housing
Financial risk
Credit quality exposure risk	5,461	7,643
Non-performing - Stage 3 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	5,461	7,643
Non-performing - Stage 3 \| Loans \| Personal
Financial risk
Credit quality exposure risk	286	381
Non-performing - Stage 3 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	286	381
Non-performing - Stage 3 \| Loans \| Business
Financial risk
Credit quality exposure risk	3,749	3,067
Non-performing - Stage 3 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	3,749	3,067
Non-performing - Stage 3 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	274	220
Non-performing - Stage 3 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	274	220
Parent Entity
Financial risk
Credit quality exposure risk	1,111,859	1,074,878
Parent Entity \| Strong
Financial risk
Credit quality exposure risk	884,171	833,578
Parent Entity \| Good/satisfactory
Financial risk
Credit quality exposure risk	198,409	213,141
Parent Entity \| Weak
Financial risk
Credit quality exposure risk	29,279	28,159
Parent Entity \| Loans \| Housing
Financial risk
Credit quality exposure risk	455,904	441,261
Parent Entity \| Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	371,703	351,467
Parent Entity \| Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	64,026	73,066
Parent Entity \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	20,175	16,728
Parent Entity \| Loans \| Personal
Financial risk
Credit quality exposure risk	14,699	16,946
Parent Entity \| Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	4,246	4,427
Parent Entity \| Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	9,564	11,447
Parent Entity \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	889	1,072
Parent Entity \| Loans \| Business
Financial risk
Credit quality exposure risk	151,712	154,310
Parent Entity \| Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	59,617	55,082
Parent Entity \| Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	85,049	90,605
Parent Entity \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	7,046	8,623
Parent Entity \| Debt Securities
Financial risk
Credit quality exposure risk	77,789	85,758
Parent Entity \| Debt Securities \| Strong
Financial risk
Credit quality exposure risk	77,741	85,758
Parent Entity \| Debt Securities \| Good/satisfactory
Financial risk
Credit quality exposure risk	48
Parent Entity \| Debt securities measured at amortised cost
Financial risk
Credit quality exposure risk	50	3
Parent Entity \| Debt securities measured at amortised cost \| Strong
Financial risk
Credit quality exposure risk	2	3
Parent Entity \| Debt securities measured at amortised cost \| Good/satisfactory
Financial risk
Credit quality exposure risk	48	0
Parent Entity \| Assets held for sale
Financial risk
Credit quality exposure risk	1,022
Parent Entity \| Assets held for sale \| Strong
Financial risk
Credit quality exposure risk	180
Parent Entity \| Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	842
Parent Entity \| Other financial assets
Financial risk
Credit quality exposure risk	236,252	204,624
Parent Entity \| Other financial assets \| Strong
Financial risk
Credit quality exposure risk	235,953	204,239
Parent Entity \| Other financial assets \| Good/satisfactory
Financial risk
Credit quality exposure risk	273	354
Parent Entity \| Other financial assets \| Weak
Financial risk
Credit quality exposure risk	26	31
Parent Entity \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	174,481	171,979
Parent Entity \| Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	134,731	132,605
Parent Entity \| Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	38,607	37,669
Parent Entity \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	1,143	1,705
Parent Entity \| Undrawn credit commitments classified as held for sale
Financial risk
Credit quality exposure risk	800	0
Parent Entity \| Performing - Stage 1
Financial risk
Credit quality exposure risk	1,034,652	1,002,439
Parent Entity \| Performing - Stage 1 \| Strong
Financial risk
Credit quality exposure risk	862,869	823,442
Parent Entity \| Performing - Stage 1 \| Good/satisfactory
Financial risk
Credit quality exposure risk	168,362	175,372
Parent Entity \| Performing - Stage 1 \| Weak
Financial risk
Credit quality exposure risk	3,421	3,625
Parent Entity \| Performing - Stage 1 \| Loans \| Housing
Financial risk
Credit quality exposure risk	402,389	402,793
Parent Entity \| Performing - Stage 1 \| Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	352,163	345,662
Parent Entity \| Performing - Stage 1 \| Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	47,301	54,065
Parent Entity \| Performing - Stage 1 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	2,925	3,066
Parent Entity \| Performing - Stage 1 \| Loans \| Personal
Financial risk
Credit quality exposure risk	12,821	14,657
Parent Entity \| Performing - Stage 1 \| Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	4,204	4,292
Parent Entity \| Performing - Stage 1 \| Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	8,386	10,071
Parent Entity \| Performing - Stage 1 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	231	294
Parent Entity \| Performing - Stage 1 \| Loans \| Business
Financial risk
Credit quality exposure risk	136,617	130,786
Parent Entity \| Performing - Stage 1 \| Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	59,224	53,321
Parent Entity \| Performing - Stage 1 \| Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	77,251	77,330
Parent Entity \| Performing - Stage 1 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	142	135
Parent Entity \| Performing - Stage 1 \| Debt Securities
Financial risk
Credit quality exposure risk	77,741	85,434
Parent Entity \| Performing - Stage 1 \| Debt Securities \| Strong
Financial risk
Credit quality exposure risk	77,741	85,434
Parent Entity \| Performing - Stage 1 \| Assets held for sale
Financial risk
Credit quality exposure risk	966
Parent Entity \| Performing - Stage 1 \| Assets held for sale \| Strong
Financial risk
Credit quality exposure risk	180
Parent Entity \| Performing - Stage 1 \| Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	786
Parent Entity \| Performing - Stage 1 \| Other financial assets
Financial risk
Credit quality exposure risk	236,252	204,624
Parent Entity \| Performing - Stage 1 \| Other financial assets \| Strong
Financial risk
Credit quality exposure risk	235,953	204,239
Parent Entity \| Performing - Stage 1 \| Other financial assets \| Good/satisfactory
Financial risk
Credit quality exposure risk	273	354
Parent Entity \| Performing - Stage 1 \| Other financial assets \| Weak
Financial risk
Credit quality exposure risk	26	31
Parent Entity \| Performing - Stage 1 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	167,866	164,145
Parent Entity \| Performing - Stage 1 \| Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	133,404	130,494
Parent Entity \| Performing - Stage 1 \| Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	34,365	33,552
Parent Entity \| Performing - Stage 1 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	97	99
Parent Entity \| Performing - Stage 2
Financial risk
Credit quality exposure risk	68,227	62,146
Parent Entity \| Performing - Stage 2 \| Strong
Financial risk
Credit quality exposure risk	21,302	10,136
Parent Entity \| Performing - Stage 2 \| Good/satisfactory
Financial risk
Credit quality exposure risk	30,047	37,769
Parent Entity \| Performing - Stage 2 \| Weak
Financial risk
Credit quality exposure risk	16,878	14,241
Parent Entity \| Performing - Stage 2 \| Loans \| Housing
Financial risk
Credit quality exposure risk	48,451	31,273
Parent Entity \| Performing - Stage 2 \| Loans \| Housing \| Strong
Financial risk
Credit quality exposure risk	19,540	5,805
Parent Entity \| Performing - Stage 2 \| Loans \| Housing \| Good/satisfactory
Financial risk
Credit quality exposure risk	16,725	19,001
Parent Entity \| Performing - Stage 2 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	12,186	6,467
Parent Entity \| Performing - Stage 2 \| Loans \| Personal
Financial risk
Credit quality exposure risk	1,620	1,960
Parent Entity \| Performing - Stage 2 \| Loans \| Personal \| Strong
Financial risk
Credit quality exposure risk	42	135
Parent Entity \| Performing - Stage 2 \| Loans \| Personal \| Good/satisfactory
Financial risk
Credit quality exposure risk	1,178	1,376
Parent Entity \| Performing - Stage 2 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	400	449
Parent Entity \| Performing - Stage 2 \| Loans \| Business
Financial risk
Credit quality exposure risk	11,687	20,935
Parent Entity \| Performing - Stage 2 \| Loans \| Business \| Strong
Financial risk
Credit quality exposure risk	393	1,761
Parent Entity \| Performing - Stage 2 \| Loans \| Business \| Good/satisfactory
Financial risk
Credit quality exposure risk	7,798	13,275
Parent Entity \| Performing - Stage 2 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	3,496	5,899
Parent Entity \| Performing - Stage 2 \| Debt Securities
Financial risk
Credit quality exposure risk	48	324
Parent Entity \| Performing - Stage 2 \| Debt Securities \| Strong
Financial risk
Credit quality exposure risk		324
Parent Entity \| Performing - Stage 2 \| Debt Securities \| Good/satisfactory
Financial risk
Credit quality exposure risk	48
Parent Entity \| Performing - Stage 2 \| Assets held for sale
Financial risk
Credit quality exposure risk	56
Parent Entity \| Performing - Stage 2 \| Assets held for sale \| Good/satisfactory
Financial risk
Credit quality exposure risk	56
Parent Entity \| Performing - Stage 2 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	6,365	7,654
Parent Entity \| Performing - Stage 2 \| Undrawn credit commitments \| Strong
Financial risk
Credit quality exposure risk	1,327	2,111
Parent Entity \| Performing - Stage 2 \| Undrawn credit commitments \| Good/satisfactory
Financial risk
Credit quality exposure risk	4,242	4,117
Parent Entity \| Performing - Stage 2 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	796	1,426
Parent Entity \| Non-performing - Stage 3
Financial risk
Credit quality exposure risk	8,980	10,293
Parent Entity \| Non-performing - Stage 3 \| Weak
Financial risk
Credit quality exposure risk	8,980	10,293
Parent Entity \| Non-performing - Stage 3 \| Loans \| Housing
Financial risk
Credit quality exposure risk	5,064	7,195
Parent Entity \| Non-performing - Stage 3 \| Loans \| Housing \| Weak
Financial risk
Credit quality exposure risk	5,064	7,195
Parent Entity \| Non-performing - Stage 3 \| Loans \| Personal
Financial risk
Credit quality exposure risk	258	329
Parent Entity \| Non-performing - Stage 3 \| Loans \| Personal \| Weak
Financial risk
Credit quality exposure risk	258	329
Parent Entity \| Non-performing - Stage 3 \| Loans \| Business
Financial risk
Credit quality exposure risk	3,408	2,589
Parent Entity \| Non-performing - Stage 3 \| Loans \| Business \| Weak
Financial risk
Credit quality exposure risk	3,408	2,589
Parent Entity \| Non-performing - Stage 3 \| Undrawn credit commitments
Financial risk
Credit quality exposure risk	250	180
Parent Entity \| Non-performing - Stage 3 \| Undrawn credit commitments \| Weak
Financial risk
Credit quality exposure risk	$ 250	$ 180

Financial risk - Non-performing

Financial risk - Non-performing loans and credit commitments (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Restructured loans and credit commitments \| Provision
Financial risk
Loans and credit commitments	$ 1	$ 4
Assets held for sale \| Provision
Financial risk
Loans and credit commitments	0	0
Liabilities held for sale \| Provision
Financial risk
Loans and credit commitments	0	0
Impaired exposures \| Restructured loans and credit commitments \| Gross amount
Financial risk
Loans and credit commitments	18	16
Impaired exposures \| Loans included in assets held for sale \| Gross amount
Financial risk
Loans and credit commitments	0	0
Impaired exposures \| Undrawn credit commitments \| Gross amount
Financial risk
Loans and credit commitments	0	0
Credit risk \| Impaired exposures
Financial risk
Loans and credit commitments	976	1,627
Credit risk \| Impaired exposures \| Gross amount
Financial risk
Loans and credit commitments	2,142	2,779
Credit risk \| Impaired exposures \| Provision
Financial risk
Loans and credit commitments	(1,166)	(1,152)
Credit risk \| Impaired exposures \| Australia \| Gross amount
Financial risk
Loans and credit commitments	1,868	2,231
Credit risk \| Impaired exposures \| Australia \| Provision
Financial risk
Loans and credit commitments	(1,009)	(900)
Credit risk \| Impaired exposures \| New Zealand \| Gross amount
Financial risk
Loans and credit commitments	148	193
Credit risk \| Impaired exposures \| New Zealand \| Provision
Financial risk
Loans and credit commitments	(85)	(96)
Credit risk \| Impaired exposures \| Other overseas \| Gross amount
Financial risk
Loans and credit commitments	126	355
Credit risk \| Impaired exposures \| Other overseas \| Provision
Financial risk
Loans and credit commitments	$ (72)	$ (156)

Financial risk - Collateral hel

Financial risk - Collateral held (Details)	Sep. 30, 2021	Sep. 30, 2020
Performing loans
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Performing loans \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	89.20%	87.60%
Performing loans \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	4.80%	5.90%
Performing loans \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	6.00%	6.50%
Performing loans \| Housing
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Performing loans \| Housing \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Performing loans \| Personal
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Performing loans \| Personal \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	9.90%	8.00%
Performing loans \| Personal \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	31.20%	32.50%
Performing loans \| Personal \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	58.90%	59.50%
Performing loans \| Business
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Performing loans \| Business \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	66.20%	62.80%
Performing loans \| Business \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	15.60%	18.90%
Performing loans \| Business \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	18.20%	18.30%
Performing loans \| Assets held for sale
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%
Performing loans \| Assets held for sale \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	5.90%
Performing loans \| Assets held for sale \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	92.50%
Performing loans \| Assets held for sale \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	1.60%
Non-performing loans
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Non-performing loans \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	72.20%	76.40%
Non-performing loans \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	13.10%	13.50%
Non-performing loans \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	14.70%	10.10%
Non-performing loans \| Housing
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Non-performing loans \| Housing \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	94.60%	95.20%
Non-performing loans \| Housing \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	5.40%	4.80%
Non-performing loans \| Personal
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Non-performing loans \| Personal \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	45.70%	49.40%
Non-performing loans \| Personal \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	54.30%	50.60%
Non-performing loans \| Business
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Non-performing loans \| Business \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	44.90%	39.20%
Non-performing loans \| Business \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	21.90%	30.70%
Non-performing loans \| Business \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	33.20%	30.10%
Parent Entity \| Performing loans
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Performing loans \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	89.70%	88.30%
Parent Entity \| Performing loans \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	4.50%	5.40%
Parent Entity \| Performing loans \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	5.80%	6.30%
Parent Entity \| Performing loans \| Housing
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Performing loans \| Housing \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Performing loans \| Personal
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Performing loans \| Personal \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	10.60%	8.70%
Parent Entity \| Performing loans \| Personal \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	33.50%	34.60%
Parent Entity \| Performing loans \| Personal \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	55.90%	56.70%
Parent Entity \| Performing loans \| Business
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Performing loans \| Business \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	66.60%	63.70%
Parent Entity \| Performing loans \| Business \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	14.80%	17.70%
Parent Entity \| Performing loans \| Business \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	18.60%	18.60%
Parent Entity \| Performing loans \| Assets held for sale
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%
Parent Entity \| Performing loans \| Assets held for sale \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	5.90%
Parent Entity \| Performing loans \| Assets held for sale \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	92.50%
Parent Entity \| Performing loans \| Assets held for sale \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	1.60%
Parent Entity \| Non-performing loans
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Non-performing loans \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	73.30%	79.00%
Parent Entity \| Non-performing loans \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	12.80%	11.80%
Parent Entity \| Non-performing loans \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	13.90%	9.20%
Parent Entity \| Non-performing loans \| Housing
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Non-performing loans \| Housing \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	94.70%	95.20%
Parent Entity \| Non-performing loans \| Housing \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	5.30%	4.80%
Parent Entity \| Non-performing loans \| Personal
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Non-performing loans \| Personal \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	47.80%	50.70%
Parent Entity \| Non-performing loans \| Personal \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	52.20%	49.30%
Parent Entity \| Non-performing loans \| Business
Collateral held
Secured loan to collateral value ratio (as a percent)	100.00%	100.00%
Parent Entity \| Non-performing loans \| Business \| Fully secured
Collateral held
Secured loan to collateral value ratio (as a percent)	47.10%	44.10%
Parent Entity \| Non-performing loans \| Business \| Partially secured
Collateral held
Secured loan to collateral value ratio (as a percent)	21.20%	26.40%
Parent Entity \| Non-performing loans \| Business \| Unsecured
Collateral held
Secured loan to collateral value ratio (as a percent)	31.70%	29.50%

Financial risk - Collateral h_2

Financial risk - Collateral held against financial assets other than loans (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Disclosure of credit risk exposure [line items]
Cash primarily for derivatives	$ 2,370	$ 2,252
Securities under reverse repurchase agreement	2,916	20,501
Securities under derivatives and stock borrowing	9	32
Total other collateral held	5,295	22,785
Parent Entity
Disclosure of credit risk exposure [line items]
Cash primarily for derivatives	2,191	1,864
Securities under reverse repurchase agreement	2,744	20,501
Securities under derivatives and stock borrowing	9	32
Total other collateral held	$ 4,944	$ 22,397

Financial risk - Liquid assets

Financial risk - Liquid assets (Details) - Liquidity risk - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Financial assets
Liquid assets	$ 227,553	$ 221,176
Average
Financial assets
Liquid assets	209,386	192,604
Cash
Financial assets
Liquid assets	70,381	29,099
Cash \| Average
Financial assets
Liquid assets	42,862	28,157
Trading securities and financial assets measured at FVIS
Financial assets
Liquid assets	6,940	29,364
Trading securities and financial assets measured at FVIS \| Average
Financial assets
Liquid assets	10,436	14,789
Investment securities
Financial assets
Liquid assets	83,032	91,097
Investment securities \| Average
Financial assets
Liquid assets	90,248	82,678
Loans
Financial assets
Liquid assets	66,610	71,616
Loans \| Average
Financial assets
Liquid assets	65,558	66,512
Other financial assets
Financial assets
Liquid assets	590
Other financial assets \| Average
Financial assets
Liquid assets	$ 282	$ 468

Financial risk - Funding compos

Financial risk - Funding composition and Term Funding Facility (Details) - AUD ($) $ in Millions	Nov. 11, 2020	Dec. 31, 2020	Mar. 31, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Group's total funding
Customer deposits					65.00%	65.00%
Wholesale term funding with residual maturity greater than 12 months					15.60%	15.70%
Wholesale funding with a residual maturity less than 12 months					10.80%	10.40%
Securitisation					0.60%	0.90%
Equity					8.00%	8.00%
Group's total funding					100.00%	100.00%
Movements in the Group's funding composition
Increase in customer deposits, amount					$ 25,000
Customer deposits to loan ratio					82.00%	80.00%
Long term wholesale funding raised					$ 34,600
Amount of drawn down from TFF				$ 12,000
Weighted average maturity period for short term funding portfolio					138 days
Increase in funding from equity					$ 3,400
Tier 1 capital securities
Movements in the Group's funding composition
New capital securities raised					3,500
Tier 2 capital securities
Movements in the Group's funding composition
New capital securities raised					6,200
Term Funding Facility (TFF)
Movements in the Group's funding composition
Total allowance				$ 30,000
Term of lending facility			3 years
Term Lending Facility (TLF)
Movements in the Group's funding composition
Total amount drawn down					100
Term of lending facility		5 years
Funding for Lending Programme (FLP)
Movements in the Group's funding composition
Total allowance	$ 4,800
Total amount drawn down					$ 1,900
Term of lending facility	3 years
Percentage of initial allocation of eligible loans	4.00%
Percentage of conditional additional allocation	2.00%
Total percentage of initial allocation of eligible loans	6.00%

Financial risk - Assets pledged

Financial risk - Assets pledged as collateral (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Assets pledged as collateral
Financial assets pledged to secure liabilities	$ 58,245	$ 43,198
Cash
Assets pledged as collateral
Financial assets pledged to secure liabilities	4,229	4,762
Cash deposit on stock borrowed
Assets pledged as collateral
Financial assets pledged to secure liabilities	3	16
Securities (including certificates of deposit)
Assets pledged as collateral
Financial assets pledged to secure liabilities	1,800	1,693
Securities pledged under repurchase agreements
Assets pledged as collateral
Financial assets pledged to secure liabilities	52,213	36,727
Parent Entity
Assets pledged as collateral
Financial assets pledged to secure liabilities	55,117	43,061
Parent Entity \| Cash
Assets pledged as collateral
Financial assets pledged to secure liabilities	4,052	4,625
Parent Entity \| Cash deposit on stock borrowed
Assets pledged as collateral
Financial assets pledged to secure liabilities	3	16
Parent Entity \| Securities (including certificates of deposit)
Assets pledged as collateral
Financial assets pledged to secure liabilities	1,800	1,693
Parent Entity \| Securities pledged under repurchase agreements
Assets pledged as collateral
Financial assets pledged to secure liabilities	$ 49,262	$ 36,727

Financial risk - Contractual ma

Financial risk - Contractual maturity of financial liabilities (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	$ 834,260	$ 818,025
Loan capital	38,285	28,531
Total undiscounted financial liabilities	872,545	846,556
Total undiscounted contingent liabilities and commitments	200,091	196,941
Up to 1 month
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	519,080	483,700
Loan capital	6	1
Total undiscounted financial liabilities	519,086	483,701
Total undiscounted contingent liabilities and commitments	200,091	196,941
Over 1 month to 3 months
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	63,670	80,430
Loan capital	105	68
Total undiscounted financial liabilities	63,775	80,498
Over 3 months to 1 year
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	121,253	119,485
Loan capital	1,034	387
Total undiscounted financial liabilities	122,287	119,872
Over 1 year to 5 years
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	104,256	108,702
Loan capital	6,517	6,665
Total undiscounted financial liabilities	110,773	115,367
Over 5 years
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	26,001	25,708
Loan capital	30,623	21,410
Total undiscounted financial liabilities	56,624	47,118
Collateral received
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,368	2,251
Collateral received \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,368	2,251
Deposits and other borrowings
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	627,601	596,841
Deposits and other borrowings \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	482,084	432,005
Deposits and other borrowings \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	58,731	67,944
Deposits and other borrowings \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	80,350	86,421
Deposits and other borrowings \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	6,369	10,408
Deposits and other borrowings \| Over 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	67	63
Other financial liabilities
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	49,537	39,563
Other financial liabilities \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	14,621	20,275
Other financial liabilities \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	1,243	1,129
Other financial liabilities \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	1,803	94
Other financial liabilities \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	31,870	18,065
Derivative financial instruments: Held for trading
Contractual maturity of financial liabilities
Derivative financial instruments	17,526	22,216
Derivative financial instruments: Held for trading \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments	17,526	22,216
Derivative financial instruments: Held for hedging purposes (net settled)
Contractual maturity of financial liabilities
Derivative financial instruments	308	652
Derivative financial instruments: Held for hedging purposes (net settled) \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments	24	29
Derivative financial instruments: Held for hedging purposes (net settled) \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Derivative financial instruments	23	43
Derivative financial instruments: Held for hedging purposes (net settled) \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Derivative financial instruments	119	179
Derivative financial instruments: Held for hedging purposes (net settled) \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Derivative financial instruments	128	379
Derivative financial instruments: Held for hedging purposes (net settled) \| Over 5 years
Contractual maturity of financial liabilities
Derivative financial instruments	14	22
Derivative financial instruments: Held for hedging purposes (gross settled)
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	9,623	9,338
Derivative financial instruments: Cash inflow	(8,876)	(9,155)
Derivative financial instruments: Held for hedging purposes (gross settled) \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	2,933	204
Derivative financial instruments: Cash inflow	(2,874)	(200)
Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	88	5,645
Derivative financial instruments: Cash inflow	(76)	(5,595)
Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	1,361	1,785
Derivative financial instruments: Cash inflow	(1,201)	(1,709)
Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	2,572	1,704
Derivative financial instruments: Cash inflow	(2,148)	(1,651)
Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 5 years
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	2,669
Derivative financial instruments: Cash inflow	(2,577)
Debt issues
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	136,145	156,319
Debt issues \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,370	6,920
Debt issues \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	3,661	11,264
Debt issues \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	38,821	32,715
Debt issues \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	65,465	79,797
Debt issues \| Over 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	25,828	25,623
Liabilities held for sale
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	28
Liabilities held for sale \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	28
Letters of credit and guarantees
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	11,323	12,610
Letters of credit and guarantees \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	11,323	12,610
Commitments to extend credit
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	188,768	184,064
Commitments to extend credit \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	188,768	184,064
Other commitments
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments		267
Other commitments \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments		267
Parent Entity
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	933,389	937,443
Loan capital	38,285	28,531
Total undiscounted financial liabilities	971,674	965,974
Total undiscounted contingent liabilities and commitments	174,481	171,979
Parent Entity \| Up to 1 month
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	489,401	458,560
Loan capital	6	1
Total undiscounted financial liabilities	489,407	458,561
Total undiscounted contingent liabilities and commitments	174,481	171,979
Parent Entity \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	53,006	70,571
Loan capital	105	68
Total undiscounted financial liabilities	53,111	70,639
Parent Entity \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	104,236	100,957
Loan capital	1,034	387
Total undiscounted financial liabilities	105,270	101,344
Parent Entity \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	106,259	111,660
Loan capital	6,517	6,665
Total undiscounted financial liabilities	112,776	118,325
Parent Entity \| Over 5 years
Contractual maturity of financial liabilities
Total financial liabilities excluding loan capital	180,487	195,695
Loan capital	30,623	21,410
Total undiscounted financial liabilities	211,110	217,105
Parent Entity \| Collateral received
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,189	1,863
Parent Entity \| Collateral received \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,189	1,863
Parent Entity \| Deposits and other borrowings
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	550,607	526,938
Parent Entity \| Deposits and other borrowings \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	430,949	389,498
Parent Entity \| Deposits and other borrowings \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	48,187	57,543
Parent Entity \| Deposits and other borrowings \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	66,438	71,368
Parent Entity \| Deposits and other borrowings \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	4,966	8,466
Parent Entity \| Deposits and other borrowings \| Over 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	67	63
Parent Entity \| Other financial liabilities
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	46,605	38,992
Parent Entity \| Other financial liabilities \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	13,689	19,704
Parent Entity \| Other financial liabilities \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	1,243	1,129
Parent Entity \| Other financial liabilities \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	1,712	94
Parent Entity \| Other financial liabilities \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	29,961	18,065
Parent Entity \| Derivative financial instruments: Held for trading
Contractual maturity of financial liabilities
Derivative financial instruments	17,597	22,268
Parent Entity \| Derivative financial instruments: Held for trading \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments	17,597	22,268
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled)
Contractual maturity of financial liabilities
Derivative financial instruments	258	485
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled) \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments	17	21
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled) \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Derivative financial instruments	17	28
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled) \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Derivative financial instruments	106	137
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled) \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Derivative financial instruments	104	277
Parent Entity \| Derivative financial instruments: Held for hedging purposes (net settled) \| Over 5 years
Contractual maturity of financial liabilities
Derivative financial instruments	14	22
Parent Entity \| Derivative financial instruments: Held for hedging purposes (gross settled)
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	760	2,581
Derivative financial instruments: Cash inflow	(691)	(2,553)
Parent Entity \| Derivative financial instruments: Held for hedging purposes (gross settled) \| Up to 1 month
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	105	7
Derivative financial instruments: Cash inflow	(103)	(7)
Parent Entity \| Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	67	2,110
Derivative financial instruments: Cash inflow	(65)	(2,088)
Parent Entity \| Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	11	9
Derivative financial instruments: Cash inflow	(3)	(21)
Parent Entity \| Derivative financial instruments: Held for hedging purposes (gross settled) \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Derivative financial instruments: Cash outflow	577	455
Derivative financial instruments: Cash inflow	(520)	(437)
Parent Entity \| Debt issues
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	115,130	133,166
Parent Entity \| Debt issues \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	1,543	6,596
Parent Entity \| Debt issues \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	2,593	10,915
Parent Entity \| Debt issues \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	32,270	24,980
Parent Entity \| Debt issues \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	55,824	66,305
Parent Entity \| Debt issues \| Over 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	22,900	24,370
Parent Entity \| Liabilities held for sale
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	3
Parent Entity \| Liabilities held for sale \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	3
Parent Entity \| Due to subsidiaries
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	200,931	213,703
Parent Entity \| Due to subsidiaries \| Up to 1 month
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	23,412	18,610
Parent Entity \| Due to subsidiaries \| Over 1 month to 3 months
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	964	934
Parent Entity \| Due to subsidiaries \| Over 3 months to 1 year
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	3,702	4,390
Parent Entity \| Due to subsidiaries \| Over 1 year to 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	15,347	18,529
Parent Entity \| Due to subsidiaries \| Over 5 years
Contractual maturity of financial liabilities
Non-derivative financial liabilities, excluding loan capital	157,506	171,240
Parent Entity \| Letters of credit and guarantees
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	10,796	12,069
Parent Entity \| Letters of credit and guarantees \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	10,796	12,069
Parent Entity \| Commitments to extend credit
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	163,685	159,644
Parent Entity \| Commitments to extend credit \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments	$ 163,685	159,644
Parent Entity \| Other commitments
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments		266
Parent Entity \| Other commitments \| Up to 1 month
Contractual maturity of financial liabilities
Total undiscounted contingent liabilities and commitments		$ 266

Financial risk - Expected matur

Financial risk - Expected maturity of financial assets and financial liabilities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Assets
Cash and balances with central banks	$ 71,353	$ 30,129
Collateral paid	4,232	4,778
Trading securities and financial assets measured at FVIS	21,101	40,667
Derivative financial instruments	19,353	23,367
Investment securities	83,417	91,539
Loans (net of provisions)	709,784	693,059
Other financial assets	6,394	5,474
Life insurance assets		3,593
Investments in associates	58	61
Assets held for sale	4,188
All other assets	15,997	19,279
Total assets	935,877	911,946
Liabilities
Collateral received	2,368	2,250
Deposits and other borrowings	626,955	591,131
Other financial liabilities	50,309	40,925
Derivative financial instruments	18,059	23,054
Debt issues	128,779	150,325
Life insurance liabilities		1,396
Liabilities held for sale	837
All other liabilities	7,411	10,842
Total liabilities excluding loan capital	834,718	819,923
Loan capital	29,067	23,949
Total liabilities	863,785	843,872
Net assets/(net liabilities)	72,092	68,074
Up to 1 year
Assets
Cash and balances with central banks	71,353	30,129
Collateral paid	4,232	4,778
Trading securities and financial assets measured at FVIS	14,010	32,591
Derivative financial instruments	9,955	13,583
Investment securities	8,064	6,824
Loans (net of provisions)	84,187	90,856
Other financial assets	6,394	5,474
Life insurance assets		3,450
Assets held for sale	4,188
All other assets	1,367	1,400
Total assets	203,750	189,085
Liabilities
Collateral received	2,368	2,250
Deposits and other borrowings	622,505	584,037
Other financial liabilities	18,610	22,861
Derivative financial instruments	9,990	13,157
Debt issues	43,356	49,070
Life insurance liabilities		1,809
Liabilities held for sale	837
All other liabilities	3,502	5,395
Total liabilities excluding loan capital	701,168	678,579
Loan capital	3,070	1,323
Total liabilities	704,238	679,902
Net assets/(net liabilities)	(500,488)	(490,817)
Over 1 year
Assets
Trading securities and financial assets measured at FVIS	7,091	8,076
Derivative financial instruments	9,398	9,784
Investment securities	75,353	84,715
Loans (net of provisions)	625,597	602,203
Life insurance assets		143
Investments in associates	58	61
All other assets	14,630	17,879
Total assets	732,127	722,861
Liabilities
Deposits and other borrowings	4,450	7,094
Other financial liabilities	31,699	18,064
Derivative financial instruments	8,069	9,897
Debt issues	85,423	101,255
Life insurance liabilities		(413)
All other liabilities	3,909	5,447
Total liabilities excluding loan capital	133,550	141,344
Loan capital	25,997	22,626
Total liabilities	159,547	163,970
Net assets/(net liabilities)	572,580	558,891
Parent Entity
Assets
Cash and balances with central banks	62,754	25,436
Collateral paid	4,055	4,641
Trading securities and financial assets measured at FVIS	18,779	38,030
Derivative financial instruments	19,127	22,794
Investment securities	77,863	85,826
Loans (net of provisions)	618,413	607,824
Other financial assets	5,486	4,745
Due from subsidiaries	175,346	180,979
Investment in subsidiaries	6,287	6,475
Investments in associates	34	57
Assets held for sale	1,015
All other assets	13,530	15,995
Total assets	1,002,689	992,802
Liabilities
Collateral received	2,189	1,862
Deposits and other borrowings	550,187	521,613
Other financial liabilities	47,263	40,156
Derivative financial instruments	17,889	22,779
Debt issues	108,210	127,666
Due to subsidiaries	178,816	186,263
Liabilities held for sale	10
All other liabilities	6,259	8,766
Total liabilities excluding loan capital	910,823	909,105
Loan capital	29,067	23,949
Total liabilities	939,890	933,054
Net assets/(net liabilities)	62,799	59,748
Parent Entity \| Up to 1 year
Assets
Cash and balances with central banks	62,754	25,436
Collateral paid	4,055	4,641
Trading securities and financial assets measured at FVIS	11,853	30,550
Derivative financial instruments	9,545	13,349
Investment securities	6,677	5,120
Loans (net of provisions)	63,725	70,453
Other financial assets	5,486	4,745
Due from subsidiaries	10,628	10,420
Assets held for sale	1,015
All other assets	596	796
Total assets	176,334	165,510
Liabilities
Collateral received	2,189	1,862
Deposits and other borrowings	547,101	516,391
Other financial liabilities	17,473	22,092
Derivative financial instruments	9,804	12,805
Debt issues	35,084	40,886
Due to subsidiaries	25,053	20,551
Liabilities held for sale	10
All other liabilities	2,897	3,770
Total liabilities excluding loan capital	639,611	618,357
Loan capital	3,070	1,323
Total liabilities	642,681	619,680
Net assets/(net liabilities)	(466,347)	(454,170)
Parent Entity \| Over 1 year
Assets
Trading securities and financial assets measured at FVIS	6,926	7,480
Derivative financial instruments	9,582	9,445
Investment securities	71,186	80,706
Loans (net of provisions)	554,688	537,371
Due from subsidiaries	164,718	170,559
Investment in subsidiaries	6,287	6,475
Investments in associates	34	57
All other assets	12,934	15,199
Total assets	826,355	827,292
Liabilities
Deposits and other borrowings	3,086	5,222
Other financial liabilities	29,790	18,064
Derivative financial instruments	8,085	9,974
Debt issues	73,126	86,780
Due to subsidiaries	153,763	165,712
All other liabilities	3,362	4,996
Total liabilities excluding loan capital	271,212	290,748
Loan capital	25,997	22,626
Total liabilities	297,209	313,374
Net assets/(net liabilities)	$ 529,146	$ 513,918

Financial risk - Value-at-Risk

Financial risk - Value-at-Risk (Details) - Net market risk	12 Months Ended
Financial risk - Value-at-Risk (Details) - Net market risk	Sep. 30, 2021
Key parameters of VaR
Holding period	1 day
Confidence level	99.00%
Period of historical data used	1 year

Financial risk - Traded market

Financial risk - Traded market risk (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Net market risk \| Maximum
Traded market risk
Value at risk	$ 41.5	$ 42	$ 45.3
Net market risk \| Minimum
Traded market risk
Value at risk	5.9	7.1	7.9
Net market risk \| Average
Traded market risk
Value at risk	17.9	20.4	14.4
Interest rate risk \| Maximum
Traded market risk
Value at risk	28.7	25.5	14.9
Interest rate risk \| Minimum
Traded market risk
Value at risk	5.1	7	6.6
Interest rate risk \| Average
Traded market risk
Value at risk	12.9	14.6	10.9
FX risk \| Maximum
Traded market risk
Value at risk	8.7	11.7	8.6
FX risk \| Minimum
Traded market risk
Value at risk	0.6	0.5	0.8
FX risk \| Average
Traded market risk
Value at risk	2	4	4.1
Equity risk \| Maximum
Traded market risk
Value at risk	3.2	0.7	0.2
Equity risk \| Minimum
Traded market risk
Value at risk	0	0	0
Equity risk \| Average
Traded market risk
Value at risk	0.2	0.2	0
Commodity risk \| Maximum
Traded market risk
Value at risk	7.9	3.4	42
Commodity risk \| Minimum
Traded market risk
Value at risk	0.4	0.6	1.7
Commodity risk \| Average
Traded market risk
Value at risk	1.2	1.9	8.2
Other market risks \| Maximum
Traded market risk
Value at risk	23.8	32.9	5.5
Other market risks \| Minimum
Traded market risk
Value at risk	1.6	2.4	2
Other market risks \| Average
Traded market risk
Value at risk	10.3	14.6	3.5
Diversification effect \| Average
Traded market risk
Value at risk	(8.7)	(14.9)	(12.3)
Parent Entity \| Net market risk \| Maximum
Traded market risk
Value at risk	41.5	42	45.3
Parent Entity \| Net market risk \| Minimum
Traded market risk
Value at risk	5.9	7.1	7.9
Parent Entity \| Net market risk \| Average
Traded market risk
Value at risk	17.9	20.4	14.4
Parent Entity \| Interest rate risk \| Maximum
Traded market risk
Value at risk	28.7	25.5	14.9
Parent Entity \| Interest rate risk \| Minimum
Traded market risk
Value at risk	5.1	7	6.6
Parent Entity \| Interest rate risk \| Average
Traded market risk
Value at risk	12.9	14.6	10.9
Parent Entity \| FX risk \| Maximum
Traded market risk
Value at risk	8.7	11.7	8.6
Parent Entity \| FX risk \| Minimum
Traded market risk
Value at risk	0.6	0.5	0.8
Parent Entity \| FX risk \| Average
Traded market risk
Value at risk	2	4	4.1
Parent Entity \| Equity risk \| Maximum
Traded market risk
Value at risk	3.2	0.7	0.2
Parent Entity \| Equity risk \| Minimum
Traded market risk
Value at risk	0	0	0
Parent Entity \| Equity risk \| Average
Traded market risk
Value at risk	0.2	0.2	0
Parent Entity \| Commodity risk \| Maximum
Traded market risk
Value at risk	7.9	3.4	42
Parent Entity \| Commodity risk \| Minimum
Traded market risk
Value at risk	0.4	0.6	1.7
Parent Entity \| Commodity risk \| Average
Traded market risk
Value at risk	1.2	1.9	8.2
Parent Entity \| Other market risks \| Maximum
Traded market risk
Value at risk	23.8	32.9	5.5
Parent Entity \| Other market risks \| Minimum
Traded market risk
Value at risk	1.6	2.4	2
Parent Entity \| Other market risks \| Average
Traded market risk
Value at risk	10.3	14.6	3.5
Parent Entity \| Diversification effect \| Average
Traded market risk
Value at risk	$ (8.7)	$ (14.9)	$ (12.3)

Financial risk - Non-traded mar

Financial risk - Non-traded market risk (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021AUD ($)	Sep. 30, 2020AUD ($)
Non-traded market risk
Time horizon for modelling of interest rate scenarios	3 years
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	3.35%	(0.27%)
Value at Risk - IRRBB
Value at Risk - IRBBB	$ 63.7	$ 202.4
Maximum
Non-traded market risk
Variance from current market yield used in modelling interest rate scenarios	2
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	3.35%	3.09%
Value at Risk - IRRBB
Value at Risk - IRBBB	$ 224.3	$ 219.7
Minimum
Non-traded market risk
Variance from current market yield used in modelling interest rate scenarios	1
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	(0.12%)	(1.22%)
Value at Risk - IRRBB
Value at Risk - IRBBB	$ 59.7	$ 31
Average
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	1.04%	(0.25%)
Value at Risk - IRRBB
Value at Risk - IRBBB	$ 127.8	$ 126.7
Parent Entity
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	2.86%	(0.38%)
Value at Risk - IRRBB
Value at Risk - IRBBB	$ 60	$ 208
Parent Entity \| Maximum
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	2.86%	2.35%
Parent Entity \| Minimum
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	(0.30%)	(0.89%)
Parent Entity \| Average
Net interest income-at-risk (NaR)
Net interest income-at-risk (as a percent)	0.51%	(0.10%)

Financial risk - Interest rate

Financial risk - Interest rate benchmark reform - Derivatives (Details) $ in Millions	Sep. 30, 2021AUD ($)	Sep. 30, 2020AUD ($)
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 18,366	$ 21,506
Trading Liability (carrying amount)	17,526	22,216
Hedging Asset (carrying amount)	987	1,861
Hedging Liability (carrying amount)	$ 533	$ 838
Hedging (notional amount)	389,449	366,569
Derivative financial assets	$ 19,353	$ 23,367
Derivative financial liabilities	18,059	$ 23,054
Financial instruments impacted by IBOR reform post transition date \| Derivatives
Interest rate benchmark reform
Trading Asset (carrying amount)	7,223
Trading Liability (carrying amount)	5,545
Hedging Asset (carrying amount)	1,293
Hedging Liability (carrying amount)	$ 221
Hedging (notional amount)	40,926	36,500
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	$ 321
Derivative financial liabilities	325
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| USD:GBP \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	240
Derivative financial liabilities	282
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Other currency pairs \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	81
Derivative financial liabilities	43
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| USD LIBOR
Interest rate benchmark reform
Trading Asset (carrying amount)	6,696
Trading Liability (carrying amount)	4,907
Hedging Asset (carrying amount)	1,219
Hedging Liability (carrying amount)	$ 221
Hedging (notional amount)	36,004	31,507
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| GBP LIBOR
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 315
Trading Liability (carrying amount)	527
Hedging Asset (carrying amount)	$ 37
Hedging (notional amount)	2,099	2,031
Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Other
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 212
Trading Liability (carrying amount)	111
Hedging Asset (carrying amount)	$ 37
Hedging (notional amount)	2,823	2,962
Parent Entity
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 18,416	$ 21,578
Trading Liability (carrying amount)	17,597	22,268
Hedging Asset (carrying amount)	711	1,216
Hedging Liability (carrying amount)	$ 292	$ 511
Hedging (notional amount)	318,927	312,107
Derivative financial assets	$ 19,127	$ 22,794
Derivative financial liabilities	17,889	$ 22,779
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives
Interest rate benchmark reform
Trading Asset (carrying amount)	7,223
Trading Liability (carrying amount)	5,545
Hedging Asset (carrying amount)	1,293
Hedging Liability (carrying amount)	$ 221
Hedging (notional amount)	40,926	36,500
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	$ 321
Derivative financial liabilities	325
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| USD:GBP \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	240
Derivative financial liabilities	282
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Other currency pairs \| Cross currency swap
Interest rate benchmark reform
Derivative financial assets	81
Derivative financial liabilities	43
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| USD LIBOR
Interest rate benchmark reform
Trading Asset (carrying amount)	6,696
Trading Liability (carrying amount)	4,907
Hedging Asset (carrying amount)	1,219
Hedging Liability (carrying amount)	$ 221
Hedging (notional amount)	36,004	31,507
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| GBP LIBOR
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 315
Trading Liability (carrying amount)	527
Hedging Asset (carrying amount)	$ 37
Hedging (notional amount)	2,099	2,031
Parent Entity \| Financial instruments impacted by IBOR reform post transition date \| Derivatives \| Other
Interest rate benchmark reform
Trading Asset (carrying amount)	$ 212
Trading Liability (carrying amount)	111
Hedging Asset (carrying amount)	$ 37
Hedging (notional amount)	2,823	2,962

Financial risk - Interest rat_2

Financial risk - Interest rate benchmark reform - Non-derivatives (Details) - Financial instruments impacted by IBOR reform post transition date - Non-derivative financial instruments $ in Millions	Sep. 30, 2021AUD ($)
Interest rate benchmark reform
Financial assets (carrying amount)	$ 3,383
Financial liabilities (carrying amount)	1,399
Undrawn credit commitments (Notional contractual amount)	553
USD LIBOR
Interest rate benchmark reform
Financial assets (carrying amount)	3,083
Financial liabilities (carrying amount)	1,399
Undrawn credit commitments (Notional contractual amount)	366
GBP LIBOR
Interest rate benchmark reform
Financial assets (carrying amount)	267
Undrawn credit commitments (Notional contractual amount)	182
Other
Interest rate benchmark reform
Financial assets (carrying amount)	33
Undrawn credit commitments (Notional contractual amount)	5
Parent Entity
Interest rate benchmark reform
Financial assets (carrying amount)	3,115
Financial liabilities (carrying amount)	1,344
Undrawn credit commitments (Notional contractual amount)	549
Parent Entity \| USD LIBOR
Interest rate benchmark reform
Financial assets (carrying amount)	2,846
Financial liabilities (carrying amount)	1,344
Undrawn credit commitments (Notional contractual amount)	364
Parent Entity \| GBP LIBOR
Interest rate benchmark reform
Financial assets (carrying amount)	254
Undrawn credit commitments (Notional contractual amount)	181
Parent Entity \| Other
Interest rate benchmark reform
Financial assets (carrying amount)	15
Undrawn credit commitments (Notional contractual amount)	$ 4

Fair values of financial asse_3

Fair values of financial assets and financial liabilities - Hierarchy (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Deposits and other borrowings
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	$ 46,661	$ 35,764
Other financial liabilities
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	6,446	4,649
Debt issues
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	5,357	5,062
Increase in fair value of financial liabilities	14	5
Recurring
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	126,018	158,743
Financial liabilities measured at fair value	77,131	70,196
Recurring \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	46,665	35,764
Recurring \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6,446	4,649
Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	18,059	23,054
Recurring \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,514	5,333
Recurring \| Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value		1,396
Recurring \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	447
Recurring \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	21,101	40,667
Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	19,353	23,367
Recurring \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	82,482	90,555
Recurring \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	110	561
Recurring \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value		3,593
Recurring \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	2,972
Recurring \| Level 1
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	26,834	26,718
Financial liabilities measured at fair value	1,513	430
Recurring \| Level 1 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	1,478	420
Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	35	10
Recurring \| Level 1 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	6,221	8,059
Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	22	10
Recurring \| Level 1 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	19,282	18,032
Recurring \| Level 1 \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value		617
Recurring \| Level 1 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,309
Recurring \| Level 2
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	98,840	131,626
Financial liabilities measured at fair value	75,586	69,753
Recurring \| Level 2 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	46,665	35,764
Recurring \| Level 2 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	4,968	4,229
Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	17,992	23,031
Recurring \| Level 2 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,514	5,333
Recurring \| Level 2 \| Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value		1,396
Recurring \| Level 2 \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	447
Recurring \| Level 2 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	14,875	32,387
Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	19,305	23,353
Recurring \| Level 2 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	62,923	72,370
Recurring \| Level 2 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	74	540
Recurring \| Level 2 \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value		2,976
Recurring \| Level 2 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,663
Recurring \| Level 3
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	344	399
Financial liabilities measured at fair value	32	13
Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	32	13
Recurring \| Level 3 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	5	221
Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	26	4
Recurring \| Level 3 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	277	153
Recurring \| Level 3 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	36	21
Parent Entity \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	43,367	32,990
Parent Entity \| Other financial liabilities
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	5,893	4,649
Parent Entity \| Debt issues
Fair values of financial assets and financial liabilities
Contractual outstanding amount payable at maturity	2,507	2,714
Increase in fair value of financial liabilities	14	5
Parent Entity \| Recurring
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	116,974	147,871
Financial liabilities measured at fair value	70,685	63,644
Parent Entity \| Recurring \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	43,372	32,991
Parent Entity \| Recurring \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,893	4,649
Parent Entity \| Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	17,889	22,779
Parent Entity \| Recurring \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	2,664	2,986
Parent Entity \| Recurring \| Due to subsidiaries
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	867	239
Parent Entity \| Recurring \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	18,779	38,030
Parent Entity \| Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	19,127	22,794
Parent Entity \| Recurring \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	77,814	85,823
Parent Entity \| Recurring \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	91	561
Parent Entity \| Recurring \| Due from subsidiaries
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,163	663
Parent Entity \| Recurring \| Level 1
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	22,792	22,798
Financial liabilities measured at fair value	1,513	430
Parent Entity \| Recurring \| Level 1 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	1,478	420
Parent Entity \| Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	35	10
Parent Entity \| Recurring \| Level 1 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	5,542	7,074
Parent Entity \| Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	22	10
Parent Entity \| Recurring \| Level 1 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	17,228	15,714
Parent Entity \| Recurring \| Level 2
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	94,062	124,787
Financial liabilities measured at fair value	69,140	63,201
Parent Entity \| Recurring \| Level 2 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	43,372	32,991
Parent Entity \| Recurring \| Level 2 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	4,415	4,229
Parent Entity \| Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	17,822	22,756
Parent Entity \| Recurring \| Level 2 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	2,664	2,986
Parent Entity \| Recurring \| Level 2 \| Due to subsidiaries
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	867	239
Parent Entity \| Recurring \| Level 2 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	13,233	30,763
Parent Entity \| Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	19,081	22,781
Parent Entity \| Recurring \| Level 2 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	60,511	70,040
Parent Entity \| Recurring \| Level 2 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	74	540
Parent Entity \| Recurring \| Level 2 \| Due from subsidiaries
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,163	663
Parent Entity \| Recurring \| Level 3
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	120	286
Financial liabilities measured at fair value	32	13
Parent Entity \| Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	32	13
Parent Entity \| Recurring \| Level 3 \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	4	193
Parent Entity \| Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	24	3
Parent Entity \| Recurring \| Level 3 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	75	69
Parent Entity \| Recurring \| Level 3 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	$ 17	$ 21

Fair values of financial asse_4

Fair values of financial assets and financial liabilities - Reconciliation of non-market observables (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Day one profit or loss
Closing balance of unrecognised day one profit (loss)	$ 1	$ 4
At fair value \| Level 3
Assets
Balance at the beginning of the year	399	399
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	568	(4)
OCI	50	(15)
Acquisition and issues	269	78
Disposal and settlements	(687)	(59)
Transfer into or out of non-market observables	(255)
Balance at the end of the year	344	399
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	28	(1)
Liabilities
Balance at the beginning of the year	13	29
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	16	(4)
Acquisition and issues	8	7
Disposal and settlements	(4)	(19)
Transfer into or out of non-market observables	(1)
Balance at the end of the year	32	13
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	(24)	(3)
At fair value \| Level 3 \| Derivative financial instruments
Liabilities
Balance at the beginning of the year	13	29
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	16	(4)
Acquisition and issues	8	7
Disposal and settlements	(4)	(19)
Transfer into or out of non-market observables	(1)
Balance at the end of the year	32	13
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	(24)	(3)
At fair value \| Level 3 \| Trading securities and financial assets measured at FVIS
Assets
Balance at the beginning of the year	221	220
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	548	(2)
Acquisition and issues	2	26
Disposal and settlements	(665)	(23)
Transfer into or out of non-market observables	(101)
Balance at the end of the year	5	221
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	3	(4)
At fair value \| Level 3 \| Investment securities
Assets
Balance at the beginning of the year	153	134
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
OCI	50	(15)
Acquisition and issues	257	40
Disposal and settlements	(7)	(6)
Transfer into or out of non-market observables	(176)
Balance at the end of the year	277	153
At fair value \| Level 3 \| Other
Assets
Balance at the beginning of the year	25	45
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	20	(2)
Acquisition and issues	10	12
Disposal and settlements	(15)	(30)
Transfer into or out of non-market observables	22
Balance at the end of the year	62	25
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	25	3
Parent Entity
Day one profit or loss
Closing balance of unrecognised day one profit (loss)	1	4
Parent Entity \| At fair value \| Level 3
Assets
Balance at the beginning of the year	286	303
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	23	(4)
OCI	(2)
Acquisition and issues	192	41
Disposal and settlements	(203)	(54)
Transfer into or out of non-market observables	(176)
Balance at the end of the year	120	286
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	28	(1)
Liabilities
Balance at the beginning of the year	13	28
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	16	(4)
Acquisition and issues	8	(7)
Disposal and settlements	(4)	(18)
Transfer into or out of non-market observables	(1)
Balance at the end of the year	32	13
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	(24)	(3)
Parent Entity \| At fair value \| Level 3 \| Derivative financial instruments
Liabilities
Balance at the beginning of the year	13	28
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	16	(4)
Acquisition and issues	8	(7)
Disposal and settlements	(4)	(18)
Transfer into or out of non-market observables	(1)
Balance at the end of the year	32	13
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	(24)	(3)
Parent Entity \| At fair value \| Level 3 \| Trading securities and financial assets measured at FVIS
Assets
Balance at the beginning of the year	193	193
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	3	(2)
Acquisition and issues	1	26
Disposal and settlements	(193)	(24)
Balance at the end of the year	4	193
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	3	(4)
Parent Entity \| At fair value \| Level 3 \| Investment securities
Assets
Balance at the beginning of the year	69	66
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
OCI	(2)
Acquisition and issues	183	3
Transfer into or out of non-market observables	(175)
Balance at the end of the year	75	69
Parent Entity \| At fair value \| Level 3 \| Other
Assets
Balance at the beginning of the year	24	44
Gains/(losses) on assets/(gains)/losses on liabilities recognised in:
Income statements	20	(2)
Acquisition and issues	8	12
Disposal and settlements	(10)	(30)
Transfer into or out of non-market observables	(1)
Balance at the end of the year	41	24
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	$ 25	$ 3

Fair values of financial asse_5

Fair values of financial assets and financial liabilities - Not measured at fair value (Details) - Not measured at fair value - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Fair values of financial assets and financial liabilities
Financial assets	$ 793,629	$ 733,863
Financial assets, Fair Value	794,239	735,629
Financial liabilities	778,881	762,834
Financial liabilities, Fair Value	781,087	764,483
Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities	2,368	2,250
Financial liabilities, Fair Value	2,368	2,250
Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities	580,290	555,367
Financial liabilities, Fair Value	580,112	555,621
Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities	43,863	36,276
Financial liabilities, Fair Value	43,863	36,276
Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities	123,265	144,992
Financial liabilities, Fair Value	124,569	146,402
Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities	29,067	23,949
Financial liabilities, Fair Value	30,147	23,934
Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities	28
Financial liabilities, Fair Value	28
Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets	71,353	30,129
Financial assets, Fair Value	71,353	30,129
Collateral paid
Fair values of financial assets and financial liabilities
Financial assets	4,232	4,778
Financial assets, Fair Value	4,232	4,778
Investment securities
Fair values of financial assets and financial liabilities
Financial assets	935	984
Financial assets, Fair Value	935	984
Loans
Fair values of financial assets and financial liabilities
Financial assets	709,674	692,498
Financial assets, Fair Value	710,284	694,264
Other financial assets
Fair values of financial assets and financial liabilities
Financial assets	6,394	5,474
Financial assets, Fair Value	6,394	5,474
Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets	1,041
Financial assets, Fair Value	1,041
Level 1
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	75,592	34,907
Financial liabilities, Fair Value	2,368	2,250
Level 1 \| Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	2,368	2,250
Level 1 \| Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	71,353	30,129
Level 1 \| Collateral paid
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	4,232	4,778
Level 1 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	7
Level 2
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	6,744	5,898
Financial liabilities, Fair Value	774,157	757,062
Level 2 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	576,293	552,192
Level 2 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	43,863	36,276
Level 2 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	123,826	144,660
Level 2 \| Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	30,147	23,934
Level 2 \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	28
Level 2 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	331	424
Level 2 \| Other financial assets
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	6,394	5,474
Level 2 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	19
Level 3
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	711,903	694,824
Financial liabilities, Fair Value	4,562	5,171
Level 3 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	3,819	3,429
Level 3 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	743	1,742
Level 3 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	604	560
Level 3 \| Loans
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	710,284	694,264
Level 3 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	1,015
Parent Entity
Fair values of financial assets and financial liabilities
Financial assets	854,475	811,227
Financial assets, Fair Value	850,109	813,719
Financial liabilities	862,939	860,644
Financial liabilities, Fair Value	864,979	861,967
Parent Entity \| Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities	2,189	1,862
Financial liabilities, Fair Value	2,189	1,862
Parent Entity \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities	506,815	488,622
Financial liabilities, Fair Value	506,608	488,744
Parent Entity \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities	41,370	35,507
Financial liabilities, Fair Value	41,370	35,507
Parent Entity \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities	105,546	124,680
Financial liabilities, Fair Value	106,713	125,896
Parent Entity \| Due to subsidiaries
Fair values of financial assets and financial liabilities
Financial liabilities	177,949	186,024
Financial liabilities, Fair Value	177,949	186,024
Parent Entity \| Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities	29,067	23,949
Financial liabilities, Fair Value	30,147	23,934
Parent Entity \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities	3
Financial liabilities, Fair Value	3
Parent Entity \| Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets	62,754	25,436
Financial assets, Fair Value	62,754	25,436
Parent Entity \| Collateral paid
Fair values of financial assets and financial liabilities
Financial assets	4,055	4,641
Financial assets, Fair Value	4,055	4,641
Parent Entity \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets	49	3
Financial assets, Fair Value	49	3
Parent Entity \| Loans
Fair values of financial assets and financial liabilities
Financial assets	618,322	607,263
Financial assets, Fair Value	619,061	608,602
Parent Entity \| Due from subsidiaries
Fair values of financial assets and financial liabilities
Financial assets	162,794	169,139
Financial assets, Fair Value	157,689	170,292
Long-term debt instruments with equity characteristics included in investments in subsidiaries	11,389	11,177
Parent Entity \| Other financial assets
Fair values of financial assets and financial liabilities
Financial assets	5,486	4,745
Financial assets, Fair Value	5,486	4,745
Parent Entity \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets	1,015
Financial assets, Fair Value	1,015
Parent Entity \| Level 1
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	66,809	30,077
Financial liabilities, Fair Value	2,189	1,862
Parent Entity \| Level 1 \| Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	2,189	1,862
Parent Entity \| Level 1 \| Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	62,754	25,436
Parent Entity \| Level 1 \| Collateral paid
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	4,055	4,641
Parent Entity \| Level 2
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	128,652	131,371
Financial liabilities, Fair Value	691,169	679,594
Parent Entity \| Level 2 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	505,367	487,452
Parent Entity \| Level 2 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	41,370	35,507
Parent Entity \| Level 2 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	106,713	125,896
Parent Entity \| Level 2 \| Due to subsidiaries
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	7,569	6,805
Parent Entity \| Level 2 \| Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	30,147	23,934
Parent Entity \| Level 2 \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	3
Parent Entity \| Level 2 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	2	3
Parent Entity \| Level 2 \| Due from subsidiaries
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	123,164	126,623
Parent Entity \| Level 2 \| Other financial assets
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	5,486	4,745
Parent Entity \| Level 3
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	654,648	652,271
Financial liabilities, Fair Value	171,621	180,511
Parent Entity \| Level 3 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	1,241	1,292
Parent Entity \| Level 3 \| Due to subsidiaries
Fair values of financial assets and financial liabilities
Financial liabilities, Fair Value	170,380	179,219
Parent Entity \| Level 3 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	47
Parent Entity \| Level 3 \| Loans
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	619,061	608,602
Parent Entity \| Level 3 \| Due from subsidiaries
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	34,525	$ 43,669
Parent Entity \| Level 3 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets, Fair Value	$ 1,015

Offsetting financial assets a_3

Offsetting financial assets and financial liabilities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Effects of offsetting in the balance sheet
Gross amounts	$ 82,979	$ 114,941
Amounts offset	(62,899)	(73,266)
Net amounts reported on the balance sheet	20,080	41,675
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,326)	(14,719)
Cash collateral	(2,370)	(2,252)
Financial instrument collateral	(2,925)	(20,428)
Net amount	3,459	4,276
Effects of offsetting in the balance sheet
Gross amounts	136,640	143,422
Amounts offset	(62,899)	(73,266)
Net amounts reported on the balance sheet	73,741	70,156
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,328)	(14,719)
Cash collateral	(3,910)	(4,524)
Financial instrument collateral	(37,033)	(29,358)
Net amount	21,470	21,555
Collateral received
Amounts subject to enforceable netting arrangements but not offset
Cash collateral, subject to enforceable netting arrangements with derivative financial assets and reverse repurchase agreements	2,368	2,250
Collateral paid
Amounts subject to enforceable netting arrangements but not offset
Cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and reverse repurchase agreements	3,910	4,524
Stock borrowing arrangements	3	16
Futures margin	319	238
Collateral received
Effects of offsetting in the balance sheet
Gross amounts	2,763	5,516
Amounts offset	(2,757)	(5,501)
Net amounts reported on the balance sheet	6	15
Amounts subject to enforceable netting arrangements but not offset
Net amount	6	15
Derivative financial instruments
Effects of offsetting in the balance sheet
Gross amounts	46,742	66,144
Amounts offset	(30,370)	(44,499)
Net amounts reported on the balance sheet	16,372	21,645
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,328)	(14,719)
Cash collateral	(3,895)	(4,426)
Financial instrument collateral	(1,149)	(1,693)
Net amount		807
Financial liabilities not subject to offsetting	1,687	1,409
Repurchase agreements
Effects of offsetting in the balance sheet
Gross amounts	35,899	27,763
Net amounts reported on the balance sheet	35,899	27,763
Amounts subject to enforceable netting arrangements but not offset
Cash collateral	(15)	(98)
Financial instrument collateral	(35,884)	(27,665)
Deposits and other borrowings
Effects of offsetting in the balance sheet
Gross amounts	51,236	43,999
Amounts offset	(29,772)	(23,266)
Net amounts reported on the balance sheet	21,464	20,733
Amounts subject to enforceable netting arrangements but not offset
Net amount	21,464	20,733
Collateral paid
Effects of offsetting in the balance sheet
Gross amounts	4,806	10,068
Amounts offset	(4,787)	(10,032)
Net amounts reported on the balance sheet	19	36
Amounts subject to enforceable netting arrangements but not offset
Financial instrument collateral	(3)	(16)
Net amount	16	20
Derivative financial instruments
Effects of offsetting in the balance sheet
Gross amounts	45,409	61,171
Amounts offset	(28,340)	(39,968)
Net amounts reported on the balance sheet	17,069	21,203
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,326)	(14,719)
Cash collateral	(2,357)	(2,247)
Financial instrument collateral	(6)	(16)
Net amount	3,380	4,221
Amounts subject to enforceable netting arrangements but not offset
Financial assets not subject to offsetting	2,284	2,164
Reverse repurchase agreements
Effects of offsetting in the balance sheet
Gross amounts	2,937	20,401
Net amounts reported on the balance sheet	2,937	20,401
Amounts subject to enforceable netting arrangements but not offset
Cash collateral	(13)	(5)
Financial instrument collateral	(2,916)	(20,396)
Net amount	8
Loans
Effects of offsetting in the balance sheet
Gross amounts	29,827	23,301
Amounts offset	(29,772)	(23,266)
Net amounts reported on the balance sheet	55	35
Amounts subject to enforceable netting arrangements but not offset
Net amount	55	35
Parent Entity
Effects of offsetting in the balance sheet
Gross amounts	82,594	114,386
Amounts offset	(62,899)	(73,266)
Net amounts reported on the balance sheet	19,695	41,120
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,294)	(14,586)
Cash collateral	(2,191)	(1,864)
Financial instrument collateral	(2,753)	(20,428)
Net amount	3,457	4,242
Effects of offsetting in the balance sheet
Gross amounts	133,917	143,152
Amounts offset	(62,899)	(73,266)
Net amounts reported on the balance sheet	71,018	69,886
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,294)	(14,586)
Cash collateral	(3,733)	(4,387)
Financial instrument collateral	(34,521)	(29,358)
Net amount	21,470	21,555
Parent Entity \| Collateral received
Amounts subject to enforceable netting arrangements but not offset
Cash collateral, subject to enforceable netting arrangements with derivative financial assets and reverse repurchase agreements	2,189	1,862
Parent Entity \| Collateral paid
Amounts subject to enforceable netting arrangements but not offset
Cash collateral, subject to enforceable netting arrangements with derivative financial liabilities and reverse repurchase agreements	3,733	4,387
Stock borrowing arrangements	3	16
Futures margin	319	238
Parent Entity \| Collateral received
Effects of offsetting in the balance sheet
Gross amounts	2,763	5,516
Amounts offset	(2,757)	(5,501)
Net amounts reported on the balance sheet	6	15
Amounts subject to enforceable netting arrangements but not offset
Net amount	6	15
Parent Entity \| Derivative financial instruments
Effects of offsetting in the balance sheet
Gross amounts	46,572	65,874
Amounts offset	(30,370)	(44,499)
Net amounts reported on the balance sheet	16,202	21,375
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,294)	(14,586)
Cash collateral	(3,718)	(4,289)
Financial instrument collateral	(1,190)	(1,693)
Net amount		807
Financial liabilities not subject to offsetting	1,687	1,404
Parent Entity \| Repurchase agreements
Effects of offsetting in the balance sheet
Gross amounts	33,346	27,763
Net amounts reported on the balance sheet	33,346	27,763
Amounts subject to enforceable netting arrangements but not offset
Cash collateral	(15)	(98)
Financial instrument collateral	(33,331)	(27,665)
Parent Entity \| Deposits and other borrowings
Effects of offsetting in the balance sheet
Gross amounts	51,236	43,999
Amounts offset	(29,772)	(23,266)
Net amounts reported on the balance sheet	21,464	20,733
Amounts subject to enforceable netting arrangements but not offset
Net amount	21,464	20,733
Parent Entity \| Collateral paid
Effects of offsetting in the balance sheet
Gross amounts	4,806	10,068
Amounts offset	(4,787)	(10,032)
Net amounts reported on the balance sheet	19	36
Amounts subject to enforceable netting arrangements but not offset
Financial instrument collateral	(3)	(16)
Net amount	16	20
Parent Entity \| Derivative financial instruments
Effects of offsetting in the balance sheet
Gross amounts	45,198	60,616
Amounts offset	(28,340)	(39,968)
Net amounts reported on the balance sheet	16,858	20,648
Amounts subject to enforceable netting arrangements but not offset
Other recognised financial instruments	(11,294)	(14,586)
Cash collateral	(2,178)	(1,859)
Financial instrument collateral	(6)	(16)
Net amount	3,380	4,187
Amounts subject to enforceable netting arrangements but not offset
Financial assets not subject to offsetting	2,269	2,146
Parent Entity \| Reverse repurchase agreements
Effects of offsetting in the balance sheet
Gross amounts	2,763	20,401
Net amounts reported on the balance sheet	2,763	20,401
Amounts subject to enforceable netting arrangements but not offset
Cash collateral	(13)	(5)
Financial instrument collateral	(2,744)	(20,396)
Net amount	6
Parent Entity \| Loans
Effects of offsetting in the balance sheet
Gross amounts	29,827	23,301
Amounts offset	(29,772)	(23,266)
Net amounts reported on the balance sheet	55	35
Amounts subject to enforceable netting arrangements but not offset
Net amount	$ 55	$ 35

Securitisation, covered bonds_3

Securitisation, covered bonds and other transferred assets (Details) $ in Millions	Sep. 30, 2021AUD ($)item	Sep. 30, 2020AUD ($)item
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	$ 92,516	$ 88,410
Carrying amount of associated liabilities	72,273	71,814
Fair value of transferred assets	5,035	8,072
Fair value of associated liabilities	5,044	7,994
Net fair value position	(9)	78
Securitisation
Securitisation, covered bonds and other transferred assets
Undrawn funding and liquidity facilities	435	492
Carrying amount of transferred assets	5,016	8,029
Carrying amount of associated liabilities	5,000	8,000
Fair value of transferred assets	5,035	8,072
Fair value of associated liabilities	5,044	7,994
Net fair value position	$ (9)	$ 78
Covered bonds
Securitisation, covered bonds and other transferred assets
Number of covered bond programs \| item	2	2
Carrying amount of transferred assets	$ 35,287	$ 43,654
Carrying amount of associated liabilities	31,374	36,051
Repurchase agreements
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	52,213	36,727
Carrying amount of associated liabilities	35,899	27,763
Parent Entity
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	220,095	215,076
Carrying amount of associated liabilities	202,752	200,689
Fair value of transferred assets	142,891	141,991
Fair value of associated liabilities	148,574	138,870
Net fair value position	(5,683)	3,121
Parent Entity \| Securitisation
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	142,724	141,660
Carrying amount of associated liabilities	142,172	141,000
Fair value of transferred assets	142,891	141,991
Fair value of associated liabilities	148,574	138,870
Net fair value position	(5,683)	3,121
Parent Entity \| Covered bonds
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	28,109	36,689
Carrying amount of associated liabilities	27,234	31,926
Parent Entity \| Repurchase agreements
Securitisation, covered bonds and other transferred assets
Carrying amount of transferred assets	49,262	36,727
Carrying amount of associated liabilities	$ 33,346	$ 27,763

Intangible assets - Useful life

Intangible assets - Useful life (Details) - Computer software	12 Months Ended
	Sep. 30, 2021
Minimum
Intangible assets
Useful life (in years)	3 years
Maximum
Intangible assets
Useful life (in years)	10 years

Intangible assets - Changes (De

Intangible assets - Changes (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Goodwill
Balance as at beginning of year	$ 8,397	$ 8,895
Disposals (refer to Note 36)	(243)
Impairment	(571)	(498)
Other adjustments	16
Balance as at end of year	7,599	8,397
Computer software
Intangible assets other than goodwill
Balance as at beginning of year	2,430	2,365
Additions	740	1,035
Impairment	(485)	(171)
Amortisation	(755)	(799)
Other adjustments	(90)
Balance as at end of year	1,840	2,430
Parent Entity
Goodwill
Balance as at beginning of year	6,728	6,844
Impairment	(487)	(116)
Balance as at end of year	6,241	6,728
Parent Entity \| Computer software
Intangible assets other than goodwill
Balance as at beginning of year	2,266	2,207
Additions	638	955
Impairment	(475)	(165)
Amortisation	(696)	(731)
Other adjustments	(80)
Balance as at end of year	$ 1,653	$ 2,266

Intangible assets - Balances (D

Intangible assets - Balances (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Total intangible assets
Goodwill	$ 7,599	$ 8,397	$ 8,895
Total intangible assets, including goodwill	10,109	11,497
Westpac Institutional Bank
Total intangible assets
Goodwill		487
Computer software
Total intangible assets
Intangible assets	1,840	2,430	2,365
Impairment	485	171
Computer software \| Software-as-a-Service (SaaS) arrangements
Total intangible assets
Impact from a change in accounting policy	94
Computer software \| Westpac Institutional Bank
Total intangible assets
Impairment	380
Computer software \| Westpac Institutional Bank \| Annual impairment testing
Total intangible assets
Impairment	344
Computer software \| Gross amount
Total intangible assets
Intangible assets	7,770	7,370
Computer software \| Accumulated amortisation and impairment
Total intangible assets
Intangible assets	(5,930)	(4,940)
Brand Names
Total intangible assets
Intangible assets	670	670
Brand Names \| Consumer
Total intangible assets
Intangible assets	382	382
Brand Names \| Business
Total intangible assets
Intangible assets	286	286
Brand Names \| Specialist Businesses
Total intangible assets
Intangible assets	2	2
Parent Entity
Total intangible assets
Goodwill	6,241	6,728	6,844
Total intangible assets, including goodwill	8,530	9,630
Parent Entity \| Westpac Institutional Bank
Total intangible assets
Goodwill		487
Parent Entity \| Computer software
Total intangible assets
Intangible assets	1,653	2,266	$ 2,207
Impairment	475	165
Parent Entity \| Computer software \| Software-as-a-Service (SaaS) arrangements
Total intangible assets
Impact from a change in accounting policy	80
Parent Entity \| Computer software \| Westpac Institutional Bank
Total intangible assets
Impairment	380
Parent Entity \| Computer software \| Gross amount
Total intangible assets
Intangible assets	6,681	6,372
Parent Entity \| Computer software \| Accumulated amortisation and impairment
Total intangible assets
Intangible assets	(5,028)	(4,106)
Parent Entity \| Brand Names
Total intangible assets
Intangible assets	636	636
Parent Entity \| Brand Names \| Consumer
Total intangible assets
Intangible assets	350	350
Parent Entity \| Brand Names \| Business
Total intangible assets
Intangible assets	$ 286	$ 286

Intangible assets - Goodwill al

Intangible assets - Goodwill allocation to CGUs (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Goodwill allocation
Goodwill	$ 7,599	$ 8,397	$ 8,895
Consumer
Goodwill allocation
Goodwill	3,359	3,359
Business
Goodwill allocation
Goodwill	3,205	3,205
Westpac Institutional Bank
Goodwill allocation
Goodwill		487
New Zealand
Goodwill allocation
Goodwill	504	488
Specialist Businesses
Goodwill allocation
Goodwill	531	858
Parent Entity
Goodwill allocation
Goodwill	6,241	6,728	$ 6,844
Parent Entity \| Consumer
Goodwill allocation
Goodwill	3,144	3,144
Parent Entity \| Business
Goodwill allocation
Goodwill	3,022	3,022
Parent Entity \| Westpac Institutional Bank
Goodwill allocation
Goodwill		487
Parent Entity \| Specialist Businesses
Goodwill allocation
Goodwill	$ 75	$ 75

Intangible assets - Impairment

Intangible assets - Impairment testing (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Goodwill allocation
Impairment of goodwill	$ 571	$ 498
Goodwill	7,599	8,397	$ 8,895
Westpac Lenders Mortgage Insurance Limited \| Annual impairment testing
Goodwill allocation
Impairment of goodwill	84
Westpac Lenders Mortgage Insurance Limited and Westpac Institutional Bank
Goodwill allocation
Goodwill	0
Specialist Businesses
Goodwill allocation
Goodwill	531	858
Westpac Institutional Bank
Goodwill allocation
Goodwill		$ 487
Westpac Institutional Bank \| Annual impairment testing
Goodwill allocation
Impairment of intangible assets, including goodwill	831
Impairment of goodwill	487
Other assets written down due to results of annual impairment testing	$ 325
Westpac Institutional Bank \| Discount rate
Significant assumptions used in recoverable amount for goodwill
Group's equity rate	10.40%	11.00%
Group's adjusted pre-tax equity rate	13.80%	14.40%
Westpac Institutional Bank \| Cash flows
Significant assumptions used in recoverable amount for goodwill
Forecast period	5 years	5 years
Terminal growth rate	1.80%	2.00%
New Zealand
Goodwill allocation
Goodwill	$ 504	$ 488
New Zealand \| Discount rate
Significant assumptions used in recoverable amount for goodwill
Group's equity rate	9.00%	11.00%
Group's adjusted pre-tax equity rate	12.20%	14.50%
New Zealand \| Cash flows
Significant assumptions used in recoverable amount for goodwill
Forecast period	3 years	3 years
Terminal growth rate	2.00%	2.00%
All other significant CGUs \| Discount rate
Significant assumptions used in recoverable amount for goodwill
Group's equity rate	9.00%	11.00%
All other significant CGUs \| Discount rate \| Minimum
Significant assumptions used in recoverable amount for goodwill
Group's adjusted pre-tax equity rate	12.50%	15.00%
All other significant CGUs \| Discount rate \| Maximum
Significant assumptions used in recoverable amount for goodwill
Group's adjusted pre-tax equity rate		15.20%
All other significant CGUs \| Cash flows
Significant assumptions used in recoverable amount for goodwill
Forecast period	3 years	3 years
Terminal growth rate	2.00%	2.00%
Computer software
Goodwill allocation
Impairment of intangible assets	$ 485	$ 171
Computer software \| Westpac Institutional Bank
Goodwill allocation
Impairment of intangible assets	380
Computer software \| Westpac Institutional Bank \| Annual impairment testing
Goodwill allocation
Impairment of intangible assets	344
Parent Entity
Goodwill allocation
Impairment of goodwill	487	116
Goodwill	6,241	6,728	$ 6,844
Parent Entity \| Westpac Lenders Mortgage Insurance Limited \| Annual impairment testing
Goodwill allocation
Impairment of goodwill	0
Parent Entity \| Specialist Businesses
Goodwill allocation
Goodwill	75	75
Parent Entity \| Westpac Institutional Bank
Goodwill allocation
Goodwill		487
Parent Entity \| Westpac Institutional Bank \| Annual impairment testing
Goodwill allocation
Impairment of intangible assets, including goodwill	831
Parent Entity \| Computer software
Goodwill allocation
Impairment of intangible assets	475	$ 165
Parent Entity \| Computer software \| Westpac Institutional Bank
Goodwill allocation
Impairment of intangible assets	$ 380

Provisions, contingent liabil_3

Provisions, contingent liabilities, contingent assets and credit commitments - Movements in provisions (Details) $ in Millions	12 Months Ended
	Sep. 30, 2021AUD ($)
Reconciliation of changes in other provisions
Balance at beginning of year	$ 5,287
Additions	2,497
Utilisation	(3,602)
Reversal of unutilised provisions	(567)
Transferred to purchaser on settlement of assets and liabilities held for sale	(9)
Balances reclassified to liabilities held for sale	(35)
Balance at end of the year	3,571
Long service leave
Reconciliation of changes in other provisions
Balance at beginning of year	511
Additions	92
Utilisation	(42)
Reversal of unutilised provisions	(22)
Transferred to purchaser on settlement of assets and liabilities held for sale	(1)
Balances reclassified to liabilities held for sale	(7)
Balance at end of the year	531
Annual leave and other employee benefits
Reconciliation of changes in other provisions
Balance at beginning of year	596
Additions	986
Utilisation	(743)
Reversal of unutilised provisions	(25)
Balances reclassified to liabilities held for sale	(11)
Balance at end of the year	803
Litigation and non-lending losses
Reconciliation of changes in other provisions
Balance at beginning of year	1,371
Additions	155
Utilisation	(1,377)
Reversal of unutilised provisions	(27)
Transferred to purchaser on settlement of assets and liabilities held for sale	(4)
Balances reclassified to liabilities held for sale	(1)
Balance at end of the year	117
Provision for ECL on credit commitments
Reconciliation of changes in other provisions
Balance at beginning of year	530
Reversal of unutilised provisions	(127)
Balances reclassified to liabilities held for sale	(2)
Balance at end of the year	401
Lease restoration obligations
Reconciliation of changes in other provisions
Balance at beginning of year	208
Additions	4
Utilisation	(11)
Balance at end of the year	201
Restructuring provisions
Reconciliation of changes in other provisions
Balance at beginning of year	176
Additions	371
Utilisation	(121)
Reversal of unutilised provisions	(50)
Balance at end of the year	376
Compliance, regulation and remediation provisions
Reconciliation of changes in other provisions
Balance at beginning of year	1,895
Additions	889
Utilisation	(1,308)
Reversal of unutilised provisions	(316)
Transferred to purchaser on settlement of assets and liabilities held for sale	(4)
Balances reclassified to liabilities held for sale	(14)
Balance at end of the year	1,142
Parent Entity
Reconciliation of changes in other provisions
Balance at beginning of year	4,983
Additions	2,259
Utilisation	(3,484)
Reversal of unutilised provisions	(497)
Balances reclassified to liabilities held for sale	(7)
Balance at end of the year	3,254
Parent Entity \| Long service leave
Reconciliation of changes in other provisions
Balance at beginning of year	482
Additions	92
Utilisation	(40)
Reversal of unutilised provisions	(22)
Balances reclassified to liabilities held for sale	(4)
Balance at end of the year	508
Parent Entity \| Annual leave and other employee benefits
Reconciliation of changes in other provisions
Balance at beginning of year	540
Additions	936
Utilisation	(711)
Reversal of unutilised provisions	(25)
Balances reclassified to liabilities held for sale	(1)
Balance at end of the year	739
Parent Entity \| Litigation and non-lending losses
Reconciliation of changes in other provisions
Balance at beginning of year	1,343
Additions	150
Utilisation	(1,364)
Reversal of unutilised provisions	(15)
Balance at end of the year	114
Parent Entity \| Provision for ECL on credit commitments
Reconciliation of changes in other provisions
Balance at beginning of year	479
Reversal of unutilised provisions	(125)
Balances reclassified to liabilities held for sale	(2)
Balance at end of the year	352
Parent Entity \| Lease restoration obligations
Reconciliation of changes in other provisions
Balance at beginning of year	179
Additions	2
Utilisation	(9)
Balance at end of the year	172
Parent Entity \| Restructuring provisions
Reconciliation of changes in other provisions
Balance at beginning of year	142
Additions	363
Utilisation	(103)
Reversal of unutilised provisions	(29)
Balance at end of the year	373
Parent Entity \| Compliance, regulation and remediation provisions
Reconciliation of changes in other provisions
Balance at beginning of year	1,818
Additions	716
Utilisation	(1,257)
Reversal of unutilised provisions	(281)
Balance at end of the year	$ 996

Provisions, contingent liabil_4

Provisions, contingent liabilities, contingent assets and credit commitments - Provisions and contingent liabilities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
New South Wales
Legislative liabilities
Assessed liabilities	$ 22	$ 22
Victoria
Legislative liabilities
Assessed liabilities	7	7
South Australia
Legislative liabilities
Assessed liabilities	7	6
Queensland
Legislative liabilities
Assessed liabilities	1	1
Australian Capital Territory
Legislative liabilities
Assessed liabilities	0	0
Northern Territory
Legislative liabilities
Assessed liabilities	0	0
Western Australia
Legislative liabilities
Assessed liabilities	1	1
Tasmania
Legislative liabilities
Assessed liabilities	1	1
Guarantees \| Guarantees capped at $20 million per year
Contingent liabilities
Maximum amount of initial guarantee	20
Automatic reinstatement guarantee amount	20
Guarantees \| Guarantees capped at $2 million per year
Contingent liabilities
Maximum amount of initial guarantee	2
Automatic reinstatement guarantee amount	$ 2
Provision in relation to the AUSTRAC civil proceedings
Provisions
Legal proceedings provision		$ 1,300

Provisions, contingent liabil_5

Provisions, contingent liabilities, contingent assets and credit commitments - Undrawn credit commitments (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Undrawn credit commitments
Letters of credit and guarantees	$ 11,323	$ 12,610
Commitments to extend credit	188,768	184,064
Other		267
Total undrawn credit commitments	200,091	196,941
Letters of credit and guarantees, commitments to customers which had not yet been accepted	9,700	4,900
Undrawn credit commitments related to facilities held for sale	800	0
Parent Entity
Undrawn credit commitments
Letters of credit and guarantees	10,796	12,069
Commitments to extend credit	163,685	159,644
Other		266
Total undrawn credit commitments	$ 174,481	$ 171,979

Shareholders' equity - Share ca

Shareholders' equity - Share capital (Details) - AUD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Share capital
Ordinary share capital, fully paid	$ 41,601	$ 40,509
RSP treasury shares	(661)	(618)
Other treasury shares	55	55
Total treasury shares	(606)	(563)
Total share capital	40,995	39,946
NCI	$ 57	$ 51
Ordinary shares purchased and sold on market
Number of unvested RSP treasury shares held	4,363,329	4,588,277
Number of other treasury shares held	0	0
Ordinary shares
Ordinary Shares
Par value	$ 0
Number of votes per ordinary shares	1
Reconciliation of movement in number of ordinary shares
Opening balance	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
Closing balance	3,668,591,808	3,611,684,870	3,489,928,773
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	3,463,265
Average price per share for share issuance		$ 24.81
DRP - number of shares purchased for transfer to participants	9,085,937
DRP - price per share for interim dividend	$ 25.98
DRP - price per share for final dividend		19.83	$ 25.17
DRP underwrite - price per share		$ 19.59
Ordinary shares \| Employee Share Plan (ESP)
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	1,178,527
Average share price, ordinary shares	$ 19.09
Ordinary shares \| Restricted Share Plan (RSP)
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	2,052,825
Average share price, ordinary shares	$ 21.09
Ordinary shares \| Westpac Performance Plan (WPP) \| Share rights
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	231,913
Average share price, ordinary shares	$ 21.89
Parent Entity
Share capital
Ordinary share capital, fully paid	$ 41,601	$ 40,509
RSP treasury shares	(661)	(618)
Other treasury shares	(3)	(3)
Total treasury shares	(664)	(621)
Total share capital	$ 40,937	$ 39,888
Reconciliation of movement in number of ordinary shares
Opening balance	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
Closing balance	3,668,591,808	3,611,684,870	3,489,928,773
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	3,463,265
Parent Entity \| Employee Share Plan (ESP)
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	1,178,527
Average share price, ordinary shares	$ 19.09
Parent Entity \| Restricted Share Plan (RSP)
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	2,052,825
Average share price, ordinary shares	$ 21.09
Parent Entity \| Westpac Performance Plan (WPP) \| Share rights
Ordinary shares purchased and sold on market
Net number of ordinary shares purchased/(sold) on market	231,913
Average share price, ordinary shares	$ 21.89
Parent Entity \| Ordinary shares
Ordinary shares purchased and sold on market
Average price per share for share issuance		$ 24.81
DRP - number of shares purchased for transfer to participants	9,085,937
DRP - price per share for interim dividend	$ 25.98
DRP - price per share for final dividend		19.83	$ 25.17
DRP underwrite - price per share		$ 19.59

Shareholders' equity - Reconcil

Shareholders' equity - Reconciliation of movement in reserves (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Debt securities at FVOCI reserve
Balance as at beginning of year	$ 177	$ (22)
Net gains/(losses) from changes in fair value	578	360
Income tax effect	(177)	(96)
Transferred to income statement	(195)	(79)	$ (29)
Income tax effect	58	15
Loss allowance on debt securities measured at FVOCI	2	2
Exchange differences		(3)
Balance as at end of year	443	177	(22)
Equity securities at FVOCI reserve
Balance as at beginning of year	(4)	17
Net gains/(losses) from changes in fair value	50	(21)
Income tax effect	(2)
Balance as at end of year	44	(4)	17
Share-based payment reserve
Balance as at beginning of year	1,720	1,642
Share-based payment expense	86	78	108
Balance as at end of year	1,806	1,720	1,642
Cash flow hedge reserve
Balance as at beginning of year	(42)	(129)
Net gains/(losses) from changes in fair value	296	(95)	(203)
Income tax effect	(86)	28
Transferred to income statements	39	218	197
Income tax effect	(11)	(64)
Balance as at end of year	196	(42)	(129)
Foreign currency translation reserve
Balance as at beginning of year	(292)	(179)
Exchange differences on translation of foreign operations	249	(177)
Gains/(losses) on net investment hedges	(198)	9
Transferred to income statements		55	(10)
Balance as at end of year	(241)	(292)	(179)
Other reserves
Balance as at beginning of year	(15)	(18)
Transactions with owners	(6)	3
Balance as at end of year	(21)	(15)	(18)
Total reserves	2,227	1,544
Parent Entity
Debt securities at FVOCI reserve
Balance as at beginning of year	125	(25)
Net gains/(losses) from changes in fair value	730	292
Income tax effect	(220)	(77)
Transferred to income statement	(195)	(79)
Income tax effect	58	15
Loss allowance on debt securities measured at FVOCI	2	2
Exchange differences	(1)	(3)
Balance as at end of year	499	125	(25)
Equity securities at FVOCI reserve
Balance as at beginning of year	0	(1)
Net gains/(losses) from changes in fair value	(2)	1
Balance as at end of year	(2)	0	(1)
Share-based payment reserve
Balance as at beginning of year	1,611	1,533
Share-based payment expense	86	78
Balance as at end of year	1,697	1,611	1,533
Cash flow hedge reserve
Balance as at beginning of year	20	(65)
Net gains/(losses) from changes in fair value	177	(28)
Income tax effect	(53)	9
Transferred to income statements	(13)	150
Income tax effect	4	(46)
Balance as at end of year	135	20	(65)
Foreign currency translation reserve
Balance as at beginning of year	(221)	(145)
Exchange differences on translation of foreign operations	40	(148)
Gains/(losses) on net investment hedges	(41)	17
Transferred to income statements		55
Balance as at end of year	(222)	(221)	(145)
Other reserves
Balance as at beginning of year	41	41
Balance as at end of year	41	41	$ 41
Total reserves	$ 2,148	$ 1,576

Capital adequacy (Details)

Capital adequacy (Details) - AUD ($) $ in Billions	Jan. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Sep. 30, 2021
Capital adequacy
Committed Liquidity Facility usage					$ 37
APRA Prudential Standards
Capital adequacy
Minimum requirement of Common Equity Tier 1 (CET1)					4.50%
Minimum requirement of Tier 1 capital ratio					6.00%
Minimum requirement of Total Regulatory Capital ratio					8.00%
Capital conservation buffer					3.50%
Capital conservation buffer, surcharge					1.00%
APRA Prudential Standards \| Australia and New Zealand
Capital adequacy
Countercyclical capital buffer					0
APRA Revised Standards \| Forecast
Capital adequacy
Risk weighted ratio, equity investments in subsidiaries				250.00%
Maximum risk weighted ratio, equity investments in subsidiaries, as a percentage of Level 1 CET1 capital per investment				10.00%
APRA Proposed Changes \| Forecast
Capital adequacy
Minimum requirement of Common Equity Tier 1 (CET1)		10.50%	8.00%
Capital conservation buffer	4.00%		2.50%
Countercyclical capital buffer	1
Capital management strategy
Capital adequacy
Minimum requirement of Common Equity Tier 1 (CET1)					8.00%
Industry minimum CET1 ratio					4.50%
Target Common Equity Tier 1 (CET1)					10.50%
Capital conservation buffer					3.50%

Dividends (Details)

Dividends (Details) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions	Dec. 21, 2021$ / shares	Nov. 01, 2021	Sep. 30, 2021AUD ($)$ / shares	Sep. 30, 2021NZD ($)$ / shares	Sep. 30, 2020AUD ($)$ / shares	Sep. 30, 2020NZD ($)$ / shares	Sep. 30, 2019AUD ($)$ / shares	Sep. 30, 2019NZD ($)$ / shares	Sep. 30, 2018AUD ($)
Dividends
Final dividend 60 cents per share (2020: 31 cents, 2019: 80 cents) all fully franked at 30%			$ 2,201		$ 1,120		$ 2,791		$ 3,227
Total dividends not recognised at year end			$ 2,201		$ 1,120		$ 2,791
Final dividend per share \| $ / shares	$ 0.60		$ 0.60		$ 0.31		$ 0.80
Dividend tax rate (as a percent)			30.00%	30.00%	30.00%	30.00%	30.00%	30.00%	30.00%
Shares Issued to satisfy DRP for 2020 final ordinary dividend
Dividends
Trading period to determine number of shares for dividend reinvestment plan		10 days
Off-market buy back of shares
Dividends
Maximum value of shares authorized for buy back			$ 3,500
New Zealand
Dividends
Imputation credits per share \| $ / shares				$ 0.07		$ 0.07		$ 0.07
Parent Entity
Dividends
Final dividend 60 cents per share (2020: 31 cents, 2019: 80 cents) all fully franked at 30%			2,201		$ 1,120		$ 2,791
Total dividends not recognised at year end			2,201		1,120
Parent Entity \| Australia
Dividends
Franking credits			$ 3,857		$ 3,448		$ 1,558
Parent Entity \| New Zealand
Dividends
Imputation credits				$ 820		$ 980		$ 860

Investments in subsidiaries a_3

Investments in subsidiaries and associates (Details) $ in Millions	Apr. 29, 2021	Feb. 08, 2019AUD ($)	Sep. 30, 2021AUD ($)item	Sep. 30, 2020item	Sep. 30, 2019AUD ($)
Investments in subsidiaries and associates
Number of associates material to the Group \| item			0
Number of businesses sold during the year \| item				0
Gain (loss) on businesses disposed during the year \| $			$ 188		$ 3
Reinventure Fund, I.L.P.
Investments in subsidiaries and associates
Percentage owned			99.00%	99.00%
Westpac Bank-PNG-Limited
Investments in subsidiaries and associates
Percentage owned			89.90%	89.90%
Westpac NZ Covered Bond Limited (WNZCBL) and Westpac NZ Securitisation Limited (WNZSL)
Investments in subsidiaries and associates
Percentage owned			19.00%
Westpac NZ Covered Bond Limited
Investments in subsidiaries and associates
Percentage owned			19.00%	19.00%
Westpac NZ Securitisation Limited
Investments in subsidiaries and associates
Percentage owned			19.00%	19.00%
Ascalon Capital Managers (Asia) Limited and Ascalon Capital Managers Limited
Investments in subsidiaries and associates
Gain (loss) on businesses disposed during the year \| $		$ 3
WNZL \| New Zealand
Investments in subsidiaries and associates
Maximum percentage of earnings which may be paid as dividends under COVID-19 restrictions	50.00%

Structured entities (Details)

Structured entities (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Structured entities
Total on-balance sheet exposures	$ 50,511	$ 45,099
Total notional amounts of off-balance sheet exposures	15,177	13,934
Maximum exposure to loss	65,688	59,033
Size of structured entities	229,907	193,172
Trading securities and financial assets measured at FVIS
Structured entities
Total on-balance sheet exposures	2,734	1,560
Investment securities
Structured entities
Total on-balance sheet exposures	5,352	6,105
Loans
Structured entities
Total on-balance sheet exposures	41,443	37,049
Life insurance assets
Structured entities
Total on-balance sheet exposures		333
Other assets
Structured entities
Total on-balance sheet exposures	55	52
Assets held for sale
Structured entities
Total on-balance sheet exposures	927
Investment in Third Party Mortgage and Other Asset-Backed Securities
Structured entities
Total on-balance sheet exposures	8,046	7,631
Maximum exposure to loss	8,046	7,631
Size of structured entities	74,925	59,324
Investment in Third Party Mortgage and Other Asset-Backed Securities \| Trading securities and financial assets measured at FVIS
Structured entities
Total on-balance sheet exposures	2,694	1,526
Investment in Third Party Mortgage and Other Asset-Backed Securities \| Investment securities
Structured entities
Total on-balance sheet exposures	5,352	6,105
Financing to Securitisation Vehicles
Structured entities
Total on-balance sheet exposures	23,028	20,094
Total notional amounts of off-balance sheet exposures	6,609	6,122
Maximum exposure to loss	29,637	26,216
Size of structured entities	29,637	26,216
Financing to Securitisation Vehicles \| Loans
Structured entities
Total on-balance sheet exposures	23,028	20,094
Group Managed Funds
Structured entities
Total on-balance sheet exposures	287	256
Total notional amounts of off-balance sheet exposures	15	44
Maximum exposure to loss	302	300
Size of structured entities	77,036	67,423
Group Managed Funds \| Life insurance assets
Structured entities
Total on-balance sheet exposures		204
Group Managed Funds \| Other assets
Structured entities
Total on-balance sheet exposures	55	52
Group Managed Funds \| Assets held for sale
Structured entities
Total on-balance sheet exposures	232
Interest in Other Structured Entities
Structured entities
Total on-balance sheet exposures	19,150	17,118
Total notional amounts of off-balance sheet exposures	8,553	7,768
Maximum exposure to loss	27,703	24,886
Size of structured entities	48,309	40,209
Interest in Other Structured Entities \| Trading securities and financial assets measured at FVIS
Structured entities
Total on-balance sheet exposures	40	34
Interest in Other Structured Entities \| Loans
Structured entities
Total on-balance sheet exposures	18,415	16,955
Interest in Other Structured Entities \| Life insurance assets
Structured entities
Total on-balance sheet exposures		$ 129
Interest in Other Structured Entities \| Assets held for sale
Structured entities
Total on-balance sheet exposures	$ 695

Share-based payments - Summary

Share-based payments - Summary of plans (Details)	12 Months Ended
Share-based payments - Summary of plans (Details)	Sep. 30, 2021AUD ($)
Westpac Long Term Variable Reward Plan (LTVR)
Share-based payments
Cost of shares allocated	$ 0
Vesting period	4 years
Westpac Long Term Variable Reward Plan (LTVR) \| 2020 and 2021 awards
Share-based payments
Performance period	4 years
Westpac Long Term Variable Reward Plan (LTVR) \| 2017, 2018 and 2019 awards
Share-based payments
Performance period	4 years
Performance period, average cash Return on Equity	3 years
Holding lock period	1 year
Westpac Performance Plan (WPP)
Share-based payments
Cost of shares allocated	$ 0
Restricted Share Plan (RSP)
Share-based payments
Cost of shares allocated	0
Employee Share Plan (ESP)
Share-based payments
Cost of shares allocated	0
Threshold amount of shares allocated at free of cost per employee	$ 1,000
Service conditions	3 years

Share-based payments - Westpac

Share-based payments - Westpac Long Term Incentive Plan, Westpac Performance Plan (WPP) & Restricted Share Plan (RSP) (Details)	12 Months Ended
	Sep. 30, 2021AUD ($)EquityInstrumentsOptions	Sep. 30, 2020AUD ($)EquityInstrumentsOptions
Share options
Outstanding at the beginning of the year \| Options	0
Outstanding at the end of the year \| Options		0
Westpac Long Term Variable Reward Plan (LTVR) \| Share rights
Equity instruments other than options
Outstanding at the beginning of the year	3,066,326	4,554,589
Granted during the year	1,383,986	779,581
Exercised during the year	1,571	0
Lapsed during the year	788,911	2,267,844
Outstanding at the end of the year	3,659,830	3,066,326
Outstanding and exercisable at the end of the year	2,148	3,719
Weighted average remaining contractual life	12 years 8 months 12 days	12 years 4 months 24 days
Weighted average fair value at grant date \| $	$ 6.56	$ 28.44
Westpac Performance Plan (WPP) \| Share rights
Equity instruments other than options
Outstanding at the beginning of the year	957,135	786,466
Granted during the year	241,520	438,858
Exercised during the year	240,197	175,957
Lapsed during the year	91,887	92,232
Outstanding at the end of the year	866,571	957,135
Outstanding and exercisable at the end of the year	171,561	164,219
Weighted average remaining contractual life	12 years 7 months 6 days	12 years 9 months 18 days
Weighted average fair value at grant date \| $	$ 18.27	$ 24.68
Westpac Performance Plan (WPP) \| Share rights \| One-year vesting period
Equity instruments other than options
Outstanding at the beginning of the year	206,241
Granted during the year	33,145
Exercised during the year	83,204
Lapsed during the year	36,041
Outstanding at the end of the year	120,141	206,241
Outstanding and exercisable at the end of the year	86,996
Westpac Performance Plan (WPP) \| Share rights \| Two-year vesting period
Equity instruments other than options
Outstanding at the beginning of the year	292,941
Granted during the year	34,352
Exercised during the year	85,090
Lapsed during the year	40,433
Outstanding at the end of the year	201,770	292,941
Outstanding and exercisable at the end of the year	63,704
Westpac Performance Plan (WPP) \| Share rights \| Three-year vesting period
Equity instruments other than options
Outstanding at the beginning of the year	76,848
Granted during the year	9,281
Exercised during the year	29,179
Lapsed during the year	630
Outstanding at the end of the year	56,320	76,848
Outstanding and exercisable at the end of the year	9,796
Westpac Performance Plan (WPP) \| Share rights \| Four-year vesting period
Equity instruments other than options
Outstanding at the beginning of the year	381,105
Granted during the year	164,742
Exercised during the year	42,724
Lapsed during the year	14,783
Outstanding at the end of the year	488,340	381,105
Outstanding and exercisable at the end of the year	11,065
Restricted Share Plan (RSP)
Equity instruments other than options
Outstanding at the beginning of the year	4,389,161	4,773,171
Granted during the year	2,165,046	2,100,030
Released	2,012,519	2,081,545
Forfeited during the year	226,613	402,495
Outstanding at the end of the year	4,315,075	4,389,161
Weighted average fair value at grant date \| $	$ 20.63	$ 23.88

Share-based payments - Employee

Share-based payments - Employee Share Plan (Details) - Employee Share Plan (ESP)	12 Months Ended
	Sep. 30, 2021AUD ($)EquityInstrumentsemployee$ / sharesshares	Sep. 30, 2020AUD ($)EquityInstrumentsemployee$ / sharesshares
Share-based payments
Number of participants \| employee	27,078	25,725
Average number of shares allocated per participant \| shares	52	38
Total number of shares allocated \| EquityInstruments	1,408,056	977,550
Market price per share \| $ / shares	$ 19.20	$ 26.20
Total fair value	$ 27,034,675	$ 25,611,810
Other employee benefits	$ 28,000,000	$ 28,000,000

Share-based payments - Fair val

Share-based payments - Fair value assumptions (Details) - Share options and share rights	12 Months Ended
	Sep. 30, 2021
Fair value assumptions
Risk-free rate	0.20%
Dividend yield	6.00%
Volatility rate	25.00%

Superannuation commitments (Det

Superannuation commitments (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Superannuation commitments
Funding surplus	$ 143	$ 154
Westpac Group Plan
Superannuation commitments
Percentage of contribution on member's salary	15.40%
Westpac New Zealand Superannuation Scheme
Superannuation commitments
Percentage of contribution on member's salary	17.00%

Superannuation commitments - Co

Superannuation commitments - Contributions and Expense recognised (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Superannuation commitments
Employer contributions		$ 33	$ 26
Member contributions		10	10
Current service cost		45	44	$ 33
Net interest cost on net benefit liability		12	8	(2)
Total defined benefit expense		57	52	$ 31
Defined benefit balances recognised
Benefit obligation		2,953	2,880
Fair value of plan assets		2,582	2,350
Defined benefit surplus included in other assets		64	71
Defined benefit deficit included in other liabilities		(435)	(601)
Net surplus/(deficit)		$ (371)	$ (530)
Average duration of the defined benefit obligation		15 years	14 years
Forecast
Superannuation commitments
Expected contribution from the employer	$ 23
Parent Entity
Superannuation commitments
Employer contributions		$ 31	$ 26
Member contributions		10	10
Current service cost		44	43
Net interest cost on net benefit liability		12	8
Total defined benefit expense		56	51
Defined benefit balances recognised
Benefit obligation		2,877	2,790
Fair value of plan assets		2,524	2,295
Defined benefit surplus included in other assets		64	71
Defined benefit deficit included in other liabilities		(417)	(566)
Net surplus/(deficit)		$ (353)	$ (495)

Superannuation commitments - Si

Superannuation commitments - Significant assumptions (Details)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Australia
Superannuation commitments
Discount rate	3.10%	2.60%
Salary increases	3.20%	2.70%
Inflation rate (pensioners received inflationary increase)	2.20%	1.70%
Life expectancy of a 60-year-old male	31 years 4 months 24 days	31 years 3 months 18 days
Life expectancy of a 60-year-old female	34 years 3 months 18 days	34 years 2 months 12 days
Overseas \| Minimum
Superannuation commitments
Discount rate	2.10%	0.70%
Salary increases	3.00%	3.00%
Inflation rate (pensioners received inflationary increase)	2.00%	2.00%
Life expectancy of a 60-year-old male	28 years 1 month 6 days	28 years 1 month 6 days
Life expectancy of a 60-year-old female	29 years 7 months 6 days	29 years 6 months
Overseas \| Maximum
Superannuation commitments
Discount rate	2.20%	1.50%
Salary increases	5.20%	4.60%
Inflation rate (pensioners received inflationary increase)	3.60%	3.10%
Life expectancy of a 60-year-old male	28 years 4 months 24 days	28 years 2 months 12 days
Life expectancy of a 60-year-old female	29 years 8 months 12 days	29 years 7 months 6 days
Parent Entity \| Australia
Superannuation commitments
Discount rate	3.10%	2.60%
Salary increases	3.20%	2.70%
Inflation rate (pensioners received inflationary increase)	2.20%	1.70%
Life expectancy of a 60-year-old male	31 years 4 months 24 days	31 years 3 months 18 days
Life expectancy of a 60-year-old female	34 years 3 months 18 days	34 years 2 months 12 days
Parent Entity \| Overseas \| Minimum
Superannuation commitments
Discount rate	2.10%	0.70%
Salary increases	3.00%	3.00%
Inflation rate (pensioners received inflationary increase)	2.00%	2.00%
Life expectancy of a 60-year-old male	28 years 1 month 6 days	28 years 1 month 6 days
Life expectancy of a 60-year-old female	29 years 7 months 6 days	29 years 6 months
Parent Entity \| Overseas \| Maximum
Superannuation commitments
Discount rate	2.20%	1.50%
Salary increases	5.20%	4.60%
Inflation rate (pensioners received inflationary increase)	3.60%	3.10%
Life expectancy of a 60-year-old male	28 years 4 months 24 days	28 years 2 months 12 days
Life expectancy of a 60-year-old female	29 years 8 months 12 days	29 years 7 months 6 days

Superannuation commitments - Se

Superannuation commitments - Sensitivity to changes in significant assumptions (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Discount rate
Superannuation commitments
Decrease in actuarial assumption (as a percent)	0.50%	0.50%
Increase in obligation	$ 235	$ 230
Annual salary increases
Superannuation commitments
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Increase in obligation	$ 12	$ 19
Inflation rate
Superannuation commitments
Increase in actuarial assumption (as a percent)	0.50%	0.50%
Increase in obligation	$ 215	$ 201
Expected lifetime
Superannuation commitments
Increase in term of life expectancy	1 year	1 year
Increase in obligation	$ 71	$ 68

Superannuation commitments - As

Superannuation commitments - Asset allocation (Details)	Sep. 30, 2021	Sep. 30, 2020
Australia
Superannuation commitments
Asset allocation percentage	100.00%	100.00%
Australia \| Cash
Superannuation commitments
Asset allocation percentage	5.00%	6.00%
Australia \| Equity instruments
Superannuation commitments
Asset allocation percentage	47.00%	45.00%
Australia \| Debt instruments
Superannuation commitments
Asset allocation percentage	25.00%	25.00%
Australia \| Property
Superannuation commitments
Asset allocation percentage	8.00%	8.00%
Australia \| Other assets
Superannuation commitments
Asset allocation percentage	15.00%	16.00%
Overseas
Superannuation commitments
Asset allocation percentage	100.00%	100.00%
Overseas \| Cash
Superannuation commitments
Asset allocation percentage	2.00%	1.00%
Overseas \| Equity instruments
Superannuation commitments
Asset allocation percentage	7.00%	9.00%
Overseas \| Debt instruments
Superannuation commitments
Asset allocation percentage	5.00%	4.00%
Overseas \| Property
Superannuation commitments
Asset allocation percentage	2.00%	1.00%
Overseas \| Other assets
Superannuation commitments
Asset allocation percentage	84.00%	85.00%

Auditor's remuneration (Details

Auditor's remuneration (Details) - AUD ($) $ in Thousands	12 Months Ended
Auditor's remuneration (Details) - AUD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020
Auditor's remuneration
Audit fees	$ 33,616	$ 32,962
Audit-related fees	1,677	4,511
Total audit and audit-related fees	35,293	37,473
Tax fees	35	57
Total audit and non-audit fees	35,328	37,530
PwC Australia
Auditor's remuneration
Audit fees	29,306	27,667
Audit-related fees	1,456	4,404
Tax fees	35	57
Overseas PwC network firms
Auditor's remuneration
Audit fees	4,310	5,295
Audit-related fees	221	107
Non-consolidated entities
Auditor's remuneration
Fees received by auditor from various entities related to Westpac	9,600	6,100
Parent Entity
Auditor's remuneration
Audit fees	29,684	28,372
Audit-related fees	1,456	4,404
Total audit and audit-related fees	31,140	32,776
Tax fees	35	57
Total audit and non-audit fees	31,175	32,833
Parent Entity \| PwC Australia
Auditor's remuneration
Audit fees	29,148	27,667
Audit-related fees	1,456	4,404
Tax fees	35	57
Parent Entity \| Overseas PwC network firms
Auditor's remuneration
Audit fees	$ 536	$ 705

Related party disclosures - Sup

Related party disclosures - Superannuation plans (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related party disclosures
Group contributions to defined contribution plans	$ 418	$ 361
Group contributions to defined benefit plans	$ 33	$ 26

Related party disclosures - Rem

Related party disclosures - Remuneration of KMP (Details) - AUD ($)	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Related party disclosures
Short-term benefits	$ 28,469,165	$ 22,506,249
Post employment benefits	730,700	967,898
Other long-term benefits	(29,003)	657,375
Termination benefits	3,101,006	1,176,487
Share-based payments	10,832,584	2,654,510
Total	43,104,452	27,962,519
Parent Entity
Related party disclosures
Short-term benefits	27,108,174	21,513,543
Post employment benefits	607,503	873,350
Other long-term benefits	(29,003)	657,375
Termination benefits	2,421,267	1,176,487
Share-based payments	9,631,777	2,147,884
Total	$ 39,739,718	$ 26,368,639

Related party disclosures - Oth

Related party disclosures - Other transactions with KMP (Details) - Key management personnel	12 Months Ended
	Sep. 30, 2021AUD ($)item	Sep. 30, 2020AUD ($)item
Related party disclosures
Interest payable for the year	$ 403,893	$ 549,257
Closing loan balance	$ 28,924,924	$ 15,779,157
Number of KMP with loans \| item	12	8

Related party disclosures - Opt

Related party disclosures - Options and share rights holdings (Details)	Sep. 30, 2021EquityInstruments	Sep. 30, 2020Options
Related party disclosures
Number of options outstanding \| Options		0
Managing Director & Chief Executive Officer \| Peter King
Related party disclosures
Number of Share Rights	460,630
Group Executive \| Scott Collary
Related party disclosures
Number of Share Rights	120,614
Group Executive \| Chris De Bruin
Related party disclosures
Number of Share Rights	100,676
Group Executive \| Carolyn McCann
Related party disclosures
Number of Share Rights	174,136
Group Executive \| Anthony Miller
Related party disclosures
Number of Share Rights	120,492
Group Executive \| Christine Parker
Related party disclosures
Number of Share Rights	280,816
Group Executive \| Simon Power
Related party disclosures
Number of Share Rights	38,122
Group Executive \| Michael Rowland
Related party disclosures
Number of Share Rights	99,415
Group Executive \| David Stephen
Related party disclosures
Number of Share Rights	514,052
Group Executive \| Les Vance
Related party disclosures
Number of Share Rights	98,441
Group Executive \| Jason Yetton
Related party disclosures
Number of Share Rights	180,201
Former Group Executive \| Richard Burton
Related party disclosures
Number of Share Rights	0
Former Group Executive \| Guil Lima
Related party disclosures
Number of Share Rights	179,017
Former Group Executive \| David McLean
Related party disclosures
Number of Share Rights	422,413
Former Group Executive \| Gary Thursby
Related party disclosures
Number of Share Rights	191,760
Former Group Executive \| Alastair Welsh
Related party disclosures
Number of Share Rights	0
Former Group Executive \| Curt Zuber
Related party disclosures
Number of Share Rights	0

Notes to the cash flow statem_2

Notes to the cash flow statements - Reconciliation of net cash provided by/(used in) operating activities to net profit (Details) - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Reconciliation of net cash provided by/(used in) operating activities to net profit for the year
Net profit for the year	$ 5,463	$ 2,292	$ 6,790
Adjustments:
Depreciation, amortisation and impairment	3,054	2,473	1,079
Impairment charges	(348)	3,371	966
Net decrease/(increase) in current and deferred tax	350	(1,112)	(541)
(Increase)/decrease in accrued interest receivable	183	239	132
(Decrease)/increase in accrued interest payable	(423)	(1,260)	(341)
(Decrease)/increase in provisions	(1,716)	1,925	1,143
Other non-cash items	(253)	(693)	(832)
Cash flows from operating activities before changes in operating assets and liabilities	6,310	7,235	8,396
Net (increase)/decrease in:
Collateral paid	305	348	(847)
Trading securities and other financial assets measured at FVIS	19,316	(8,756)	(7,629)
Derivative financial instruments	(2,420)	1,851	7,605
Loans	(15,098)	18,272	(4,188)
Other financial assets	(274)	273	336
Life insurance assets and life insurance liabilities	(593)	(277)	(134)
Other assets	6	70	(13)
(Decrease)/increase in other operating liabilities:
Collateral received	93	(1,096)	1,007
Deposits and other borrowings	33,737	28,910	1,113
Other financial liabilities	9,036	11,817	1,463
Other liabilities	(8)	4	(5)
Net cash provided by/(used in) operating activities	50,410	58,651	$ 7,104
Parent Entity
Reconciliation of net cash provided by/(used in) operating activities to net profit for the year
Net profit for the year	4,613	2,658
Adjustments:
Depreciation, amortisation and impairment	2,775	2,142
Impairment charges	(222)	2,864
Net decrease/(increase) in current and deferred tax	(195)	(937)
(Increase)/decrease in accrued interest receivable	173	208
(Decrease)/increase in accrued interest payable	(340)	(1,143)
(Decrease)/increase in provisions	(1,722)	2,003
Other non-cash items	1,067	(1,114)
Cash flows from operating activities before changes in operating assets and liabilities	6,149	6,681
Net (increase)/decrease in:
Collateral paid	339	329
Trading securities and other financial assets measured at FVIS	18,625	(8,266)
Derivative financial instruments	(1,874)	2,103
Loans	(11,228)	21,273
Other financial assets	258	283
Other assets	(23)	50
(Decrease)/increase in other operating liabilities:
Collateral received	312	(1,072)
Deposits and other borrowings	28,696	20,859
Other financial liabilities	6,500	11,866
Other liabilities	(4)	(7)
Net cash provided by/(used in) operating activities	$ 47,750	$ 54,099

Notes to the cash flow statem_3

Notes to the cash flow statements - Assets and liabilities over which control ceased (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Assets:
Cash and balances with central banks	$ 71,353	$ 30,129
Trading securities and other financial assets measured at FVIS	21,101	40,667
Loans	709,784	693,059
Other financial assets	6,394	5,474
Property and equipment	2,853	3,910
Deferred tax assets	2,437	3,064	$ 2,048
Intangible assets	10,109	11,497
Other assets	567	808
Total assets	935,877	911,946
Liabilities:
Other financial liabilities	50,309	40,925
Provisions	3,571	5,287
Other liabilities	3,679	5,359
Total liabilities	863,785	843,872
Total equity attributable to owners of WBC	72,035	68,023
Assets and liabilities over which control ceased
Assets:
Cash and balances with central banks	50		3
Trading securities and other financial assets measured at FVIS	409		3
Loans	369
Other financial assets	688		3
Property and equipment	29
Deferred tax assets	4
Intangible assets	243
Other assets	226
Total assets	2,018		9
Liabilities:
Other financial liabilities	110
Provisions	9
Other liabilities	720
Total liabilities	839
Total equity attributable to owners of WBC	1,179		9
Parent Entity
Assets:
Cash and balances with central banks	62,754	25,436
Trading securities and other financial assets measured at FVIS	18,779	38,030
Loans	618,413	607,824
Other financial assets	5,486	4,745
Property and equipment	2,386	3,447
Deferred tax assets	2,093	2,497	$ 1,925
Intangible assets	8,530	9,630
Other assets	499	421
Total assets	1,002,689	992,802
Liabilities:
Other financial liabilities	47,263	40,156
Provisions	3,254	4,983
Other liabilities	2,990	3,770
Total liabilities	939,890	933,054
Total equity attributable to owners of WBC	$ 62,799	$ 59,748

Notes to the cash flow statem_4

Notes to the cash flow statements - Other disclosures for entities over which control ceased (Details) - Assets and liabilities over which control ceased - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2019
Details of the assets and liabilities over which control ceased
Cash proceeds received (net of transaction costs)	$ 1,322	$ 2
Expected receivable (completion settlement)	8
Deferred consideration	37
Total consideration	1,367	2
Reserves reclassified to income statement		10
Gain/(loss) on disposal	$ 188	$ 3

Notes to the cash flow statem_5

Notes to the cash flow statements - Reconciliation of cash proceeds from disposal (Details) - Assets and liabilities over which control ceased - AUD ($) $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2019
Reconciliation of cash proceeds from disposal
Cash proceeds received (net of transaction costs)	$ 1,322	$ 2
Less: Cash deconsolidated	(50)	(3)
Cash consideration (paid)/received (net of transaction costs and cash held)	$ 1,272	$ (1)

Notes to the cash flow statem_6

Notes to the cash flow statements - Non-cash financing activities and restricted cash (Details) - AUD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019	Sep. 15, 2021	Mar. 22, 2021	Dec. 04, 2020
Non-cash financing activities
Shares issued under the dividend reinvestment plan	$ 401	$ 273	$ 1,489
Increase in lease liabilities	199	177
Amount of WCN3 transferred to the nominated party						$ 866
Amount per note of WCN3 transferred to the nominated party						$ 100
Amount of WCN3 redeemed and cancelled					$ 458
Amount per note of WCN3 redeemed and cancelled					$ 100
Amount of WCN4 transferred to the nominated party				$ 1,152
Amount per note of WCN4 transferred to the nominated party				$ 100
Parent Entity
Non-cash financing activities
Shares issued under the dividend reinvestment plan	401	273
Increase in lease liabilities	$ 114	$ 173

Notes to the cash flow statem_7

Notes to the cash flow statements - Cash and balances with central banks and restricted cash (Details) - AUD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Cash and balances with central banks
Cash and cash at bank	$ 16,504	$ 15,865
Exchange settlement accounts	54,587	13,978
Regulatory deposits with central banks	262	286
Total cash and balances with central banks	71,353	30,129
Restricted cash
Restricted cash included in cash and balances with central banks	445	457
Parent Entity
Cash and balances with central banks
Cash and cash at bank	16,156	15,335
Exchange settlement accounts	46,412	9,892
Regulatory deposits with central banks	186	209
Total cash and balances with central banks	62,754	25,436
Restricted cash
Restricted cash included in cash and balances with central banks	$ 369	$ 380

Assets and liabilities held f_3

Assets and liabilities held for sale - Businesses held for sale (Details) $ in Millions, $ in Millions	Aug. 09, 2021AUD ($)	Jul. 06, 2021AUD ($)	Sep. 30, 2021AUD ($)	Jul. 06, 2021NZD ($)	Jun. 28, 2021AUD ($)
Westpac Motor Vehicle Dealer Finance and Novated Leasing business
Assets and liabilities held for sale
Amount of existing retail auto loans not included in sale			$ 10,000
Earn-out period			2 years
Westpac New Zealand Life Insurance business
Assets and liabilities held for sale
Sale price		$ 375		$ 400
Westpac New Zealand Life Insurance business \| Agreement for the distribution of life insurance products
Assets and liabilities held for sale
Term of exclusive agreement		15 years
Westpac Australian Life Insurance business
Assets and liabilities held for sale
Sale price	$ 900
Expected loss on sale, pre-tax	$ 1,300
Separation and transaction costs			$ 224
Westpac Australian Life Insurance business \| Strategic alliance for the provision of life insurance products
Assets and liabilities held for sale
Term of exclusive agreement	20 years
Assets and liabilities held for sale \| Westpac Motor Vehicle Dealer Finance and Novated Leasing business
Assets and liabilities held for sale
Auto dealer and introducer agreements together with wholesale dealer loans					$ 1,000

Assets and liabilities held f_4

Assets and liabilities held for sale - Businesses no longer held for sale (Details) - AUD ($) $ in Millions	Aug. 31, 2021	Aug. 01, 2021	Jul. 01, 2021	Dec. 07, 2020	Dec. 02, 2020	Aug. 21, 2020	Mar. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2021
Westpac Bank-PNG-Limited
Assets and liabilities held for sale
Percentage owned								89.90%	89.90%
Westpac General Insurance Limited and Westpac General Insurance Services Limited
Assets and liabilities held for sale
Cash proceeds received from sale of business			$ 725
Pre-tax gain on sale, net of transaction and separation costs			$ 160
Earn-out payments										$ 25
Earn-out period			5 years
Westpac General Insurance Limited and Westpac General Insurance Services Limited \| Allianz agreement, distribution of general insurance products
Assets and liabilities held for sale
Term of exclusive agreement					20 years
Westpac Vendor Finance
Assets and liabilities held for sale
Pre-tax gain on sale		$ 29
Writedown of assets held for sale to their estimated fair value less costs to sell and recognition of related separation and transaction costs						$ 81
Westpac Lenders Mortgage Insurance Limited
Assets and liabilities held for sale
Pre-tax gain on sale	$ 0
Write down of goodwill, and recognition of related separation and transaction costs							$ 110
Westpac Lenders Mortgage Insurance Limited \| Exclusive supply agreement
Assets and liabilities held for sale
Term of exclusive agreement	10 years
Westpac Pacific \| Westpac Bank-PNG-Limited
Assets and liabilities held for sale
Writedown of assets held for sale to their estimated fair value less costs to sell and recognition of related separation and transaction costs							$ 121
Percentage owned				89.90%
Write back recognised upon termination of sale agreement								$ 60

Assets and liabilities held f_5

Assets and liabilities held for sale - Balance sheet presentation (Details) $ in Millions	Sep. 30, 2021AUD ($)
Assets and liabilities held for sale
Total assets held for sale	$ 4,188
Total liabilities held for sale	837
Assets and liabilities held for sale
Assets and liabilities held for sale
Total assets held for sale	4,188
Total liabilities held for sale	837
Assets and liabilities held for sale \| Other financial liabilities
Assets and liabilities held for sale
Total liabilities held for sale	28
Assets and liabilities held for sale \| Current tax liabilities
Assets and liabilities held for sale
Total liabilities held for sale	14
Assets and liabilities held for sale \| Life insurance liabilities
Assets and liabilities held for sale
Total liabilities held for sale	447
Assets and liabilities held for sale \| Provisions
Assets and liabilities held for sale
Total liabilities held for sale	35
Assets and liabilities held for sale \| Deferred tax liabilities
Assets and liabilities held for sale
Total liabilities held for sale	44
Assets and liabilities held for sale \| Other liabilities
Assets and liabilities held for sale
Total liabilities held for sale	269
Assets and liabilities held for sale \| Cash and balances with central banks
Assets and liabilities held for sale
Total assets held for sale	7
Assets and liabilities held for sale \| Loans
Assets and liabilities held for sale
Total assets held for sale	1,015
Assets and liabilities held for sale \| Other financial assets
Assets and liabilities held for sale
Total assets held for sale	19
Assets and liabilities held for sale \| Life insurance assets
Assets and liabilities held for sale
Total assets held for sale	2,972
Assets and liabilities held for sale \| Deferred tax assets
Assets and liabilities held for sale
Total assets held for sale	8
Assets and liabilities held for sale \| Other assets
Assets and liabilities held for sale
Total assets held for sale	167
Parent Entity
Assets and liabilities held for sale
Total assets held for sale	1,015
Total liabilities held for sale	10
Parent Entity \| Assets and liabilities held for sale
Assets and liabilities held for sale
Total assets held for sale	1,015
Total liabilities held for sale	10
Parent Entity \| Assets and liabilities held for sale \| Other financial liabilities
Assets and liabilities held for sale
Total liabilities held for sale	3
Parent Entity \| Assets and liabilities held for sale \| Provisions
Assets and liabilities held for sale
Total liabilities held for sale	7
Parent Entity \| Assets and liabilities held for sale \| Loans
Assets and liabilities held for sale
Total assets held for sale	$ 1,015

Subsequent events (Details)

Subsequent events (Details) - AUD ($) $ / shares in Units, $ in Millions	Dec. 21, 2021	Nov. 11, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2019
Subsequent events
Final dividend per share	$ 0.60		$ 0.60	$ 0.31	$ 0.80
Proposed dividend			$ 2,201	$ 1,120	$ 2,791
Proposed dividend
Subsequent events
Final dividend per share			$ 0.60
Proposed dividend			$ 2,201
Shares Issued to satisfy DRP for 2021 final ordinary dividend \| Forecast
Subsequent events
Trading period to determine number of shares for dividend reinvestment plan		10 days
Off-market buy back of shares
Subsequent events
Maximum value of shares authorized for buy back			$ 3,500