Westpac Banking (WEBNF) 6-K9 May 222022 Q2 Current report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	6 Months Ended
Document and Entity Information	Mar. 31, 2022
Document and Entity Information
Entity Registrant Name	WESTPAC BANKING CORP
Document Type	6-K
Document Period End Date	Mar. 31, 2022
Entity Central Index Key	0000719245
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated income statement

Consolidated income statement - AUD ($) $ in Millions	6 Months Ended
Consolidated income statement - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Interest income:
Calculated using the effective interest rate method	$ 10,109	$ 10,721	$ 11,411
Calculated using the effective interest rate method, percentage movement from prior period	(6.00%)
Calculated using the effective interest rate method, percentage movement from same period in prior year	(11.00%)
Other	$ 96	123	23
Other, percentage movement from prior period	(22.00%)
Total interest income	$ 10,205	10,844	11,434
Total interest income, percentage movement from prior period	(6.00%)
Total interest income, percentage movement from same period in prior year	(11.00%)
Interest expense	$ (1,917)	(2,334)	(3,086)
Interest expense, percentage movement from prior period	(18.00%)
Interest expense, percentage movement from same period of prior year	(38.00%)
Net interest income	$ 8,288	8,510	8,348
Net interest income, percentage movement from prior period	(3.00%)
Net interest income, percentage movement from same period of prior year	(1.00%)
Net fee income	$ 845	782	700
Net fee income, percentage movement from prior period	8.00%
Net fee income, percentage movement from same period of prior year	21.00%
Net wealth management and insurance income	$ 401	613	598
Net wealth management and insurance income, percentage movement from prior period	(35.00%)
Net wealth management and insurance income, percentage movement from same period of prior year	(33.00%)
Trading income	$ 343	277	442
Trading income, percentage movement from prior period	24.00%
Trading income, percentage movement from same period in prior year	(22.00%)
Other income	$ 353	354	598
Other income, percentage movement from same period of prior year	(41.00%)
Net operating income before operating expenses and impairment charges	$ 10,230	10,536	10,686
Net operating income before operating expenses and impairment charges, percentage movement from prior period	(3.00%)
Net operating income before operating expenses and impairment charges, percentage movement from same period of prior year	(4.00%)
Operating expenses	$ (5,373)	(7,314)	(5,997)
Operating expenses, percentage movement from prior period	(27.00%)
Operating expenses, percentage movement from same period of prior year	(10.00%)
Impairment (charges)/benefits	$ (139)	218	372
Profit before income tax expense	$ 4,718	3,440	5,061
Profit before income tax expense, percentage movement from prior period	37.00%
Profit before income tax expense, percentage movement from same period of prior year	(7.00%)
Income tax expense	$ (1,434)	(1,422)	(1,616)
Income tax expense, percentage movement from prior period	1.00%
Income tax expense, percentage movement from same period of prior year	(11.00%)
Net profit	$ 3,284	2,018	3,445
Net profit, percentage movement from prior period	63.00%
Net profit, percentage movement from same period of prior year	(5.00%)
Net profit attributable to non-controlling interests (NCI)	$ (4)	(3)	(2)
Net profit attributable to non-controlling interests (NCI), percentage movement from prior period	33.00%
Net profit attributable to non-controlling interests (NCI), percentage movement from same period of prior year	100.00%
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 3,280	$ 2,015	$ 3,443
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from prior period	63.00%
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from same period of prior year	(5.00%)
Earnings per share (cents)
Basic	$ 0.905	$ 0.549	$ 0.945
Basic, percentage movement from prior period	65.00%
Basic, percentage movement from same period of prior year	(4.00%)
Diluted	$ 0.857	$ 0.532	$ 0.864
Diluted, percentage movement from prior period	61.00%
Diluted, percentage movement from same period of prior year	(1.00%)

Consolidated statement of compr

Consolidated statement of comprehensive income - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Consolidated statement of comprehensive income
Net profit	$ 3,284	$ 2,018	$ 3,445
Net profit, percentage movement from prior period	63.00%
Net profit, percentage movement from same period of prior year	(5.00%)
Gains/(losses) recognised in equity on:
Debt securities measured at fair value through other comprehensive income (FVOCI)	$ (140)	(72)	650
Debt securities measured at fair value through other comprehensive income (FVOCI), percentage movement from prior period	94.00%
Cash flow hedging instruments	$ 1,222	175	121
Transferred to income statement:
Debt securities measured at FVOCI	$ (205)	(97)	(98)
Debt securities measured at FVOCI, percentage movement from prior period	111.00%
Debt securities measured at FVOCI, percentage movement from same period of prior year	109.00%
Cash flow hedging instruments	$ (10)	(33)	72
Cash flow hedging instruments, percentage movement from prior period	(70.00%)
Loss allowance on debt securities measured at FVOCI	$ (2)	1	1
Exchange differences on translation of foreign operations (net of associated hedges)	$ (166)	261	(210)
Exchange differences on translation of foreign operations (net of associated hedges), percentage movement from same period of prior year	(21.00%)
Income tax on items taken to or transferred from equity:
Debt securities measured at FVOCI	$ 100	49	(168)
Debt securities measured at FVOCI, percentage movement from prior period	104.00%
Cash flow hedging instruments	$ (359)	(41)	(56)
Items that will not be reclassified subsequently to profit or loss
Gains/(losses) on equity securities measured at FVOCI (net of tax)	146	4	44
Own credit adjustment on financial liabilities designated at fair value (net of tax)	45	(10)
Remeasurement of defined benefit obligation recognised in equity (net of tax)	$ 58	(122)	241
Remeasurement of defined benefit obligation recognised in equity (net of tax), percentage movement from same period in prior year	(76.00%)
Other comprehensive income (net of tax)	$ 689	115	597
Other comprehensive income (net of tax), percentage movement from same period of prior year	15.00%
Total comprehensive income	$ 3,973	2,133	4,042
Total comprehensive income, percentage movement from prior period	86.00%
Total comprehensive income, percentage movement from same period of prior year	(2.00%)
Attributable to:
Owners of WBC	$ 3,970	2,128	4,043
Owners of WBC, percentage movement from prior period	87.00%
Owners of WBC, percentage movement from same period of prior year	(2.00%)
NCI	$ 3	5	(1)
NCI, percentage movement from prior period	(40.00%)
Total comprehensive income	$ 3,973	$ 2,133	$ 4,042

Consolidated balance sheet

Consolidated balance sheet - AUD ($) $ in Millions	6 Months Ended
Consolidated balance sheet - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Assets
Cash and balances with central banks	$ 102,410	$ 71,353	$ 33,877
Cash and balances with central banks, percentage movement from prior period	44.00%	111.00%
Cash and balances with central banks, percentage movement from same period of prior year		137.00%
Collateral paid	$ 7,374	$ 4,232	3,917
Collateral paid, percentage movement from prior period	74.00%
Collateral paid, percentage movement from same period of prior year	88.00%
Trading securities and financial assets measured at fair value through income statement (FVIS)	$ 23,738	21,101	20,928
Trading securities and financial assets measured at fair value through income statement (FVIS), percentage movement from prior period	12.00%
Trading securities and financial assets measured at fair value through income statement (FVIS), percentage movement from same period of prior year	13.00%
Derivative financial instruments	$ 18,269	19,353	22,373
Derivative financial instruments, percentage movement from prior period	(6.00%)
Derivative financial instruments, percentage movement from same period of prior year	(18.00%)
Investment securities	$ 70,442	83,417	91,303
Investment securities, percentage movement from prior period	(16.00%)
Investment securities, percentage movement from same period of prior year	(23.00%)
Loans	$ 719,556	709,784	688,218
Loans, percentage movement from prior period	1.00%
Loans, percentage movement from same period of prior year	5.00%
Other financial assets	$ 4,896	6,394	3,312
Other financial assets, percentage movement from prior period	(23.00%)
Other financial assets, percentage movement from same period of prior year	48.00%
Current tax assets	$ 214	31	221
Current tax assets, percentage movement from same period of prior year	(3.00%)
Life insurance assets			3,416
Life insurance assets, percentage movement from same period of prior year	(100.00%)
Investment in associates	$ 41	58	78
Investments in associates, percentage change from prior period	(29.00%)
Investments in associates, percentage change from same period of prior year	(47.00%)
Property and equipment	$ 2,614	2,853	3,337
Property and equipment, percentage movement from prior period	(8.00%)
Property and equipment, percentage movement from same period of prior year	(22.00%)
Deferred tax assets	$ 1,831	2,437	2,352
Deferred tax assets, percentage movement from prior period	(25.00%)
Deferred tax assets, percentage movement from same period of prior year	(22.00%)
Intangible assets	$ 10,064	10,109	10,908
Intangible assets, percentage movement from same period of prior year	(8.00%)
Other assets	$ 600	567	820
Other assets, percentage movement from prior period	6.00%
Other assets, percentage movement from same period of prior year	(27.00%)
Assets held for sale	$ 2,700	4,188	4,359
Assets held for sale, percentage movement from prior period	(36.00%)
Assets held for sale, percentage movement from same period of prior year	(38.00%)
Total assets	$ 964,749	935,877	889,419
Total assets, percentage movement from prior period	3.00%
Total assets, percentage movement from same period of prior year	8.00%
Liabilities
Collateral received	$ 2,170	2,368	2,504
Collateral received, percentage movement from prior period	(8.00%)
Collateral received, percentage movement from same period of prior year	(13.00%)
Deposits and other borrowings	$ 645,606	626,955	585,401
Deposits and other borrowings, percentage movement from prior period	3.00%
Deposits and other borrowings, percentage movement from same period of prior year	10.00%
Other financial liabilities	$ 51,345	50,309	42,996
Other financial liabilities, percentage movement from prior period	2.00%
Other financial liabilities, percentage movement from same period of prior year	19.00%
Derivative financial instruments	$ 25,347	18,059	20,303
Derivative financial instruments, percentage movement from prior period	40.00%
Derivative financial instruments, percentage movement from same period of prior year	25.00%
Debt issues	$ 133,629	128,779	127,850
Debt issues, percentage movement from prior period	4.00%
Debt issues, percentage movement from same period of prior year	5.00%
Current tax liabilities	$ 21	71	26
Current tax liabilities, percentage movement from prior period	(70.00%)
Current tax liabilities, percentage movement from same period of prior year	(19.00%)
Life insurance liabilities			1,070
Life insurance liabilities, percentage movement from same period of prior year	(100.00%)
Provisions	$ 3,035	3,571	3,820
Provisions, percentage movement from prior period	(15.00%)
Provisions, percentage movement from same period of prior year	(21.00%)
Deferred tax liabilities	$ 164	90	107
Deferred tax liabilities, percentage movement from prior period	82.00%
Deferred tax liabilities, percentage movement from same period of prior year	53.00%
Other liabilities	$ 3,379	3,679	3,938
Other liabilities, percentage movement from prior period	(8.00%)
Other liabilities, percentage movement from same period of prior year	(14.00%)
Liabilities held for sale	$ 684	837	3,049
Liabilities held for sale, percentage movement from prior period	(18.00%)
Liabilities held for sale, percentage movement from same period of prior year	(78.00%)
Total liabilities excluding loan capital	$ 865,380	834,718	791,064
Total liabilities excluding loan capital, percentage movement from prior period	4.00%
Total liabilities excluding loan capital, percentage movement from same period of prior year	9.00%
Loan capital	$ 29,036	29,067	26,294
Loan capital, percentage movement from same period of prior year	10.00%
Total liabilities	$ 894,416	863,785	817,358
Total liabilities, percentage movement from prior period	4.00%
Total liabilities, percentage movement from same period of prior year	9.00%
Net assets	$ 70,333	72,092	72,061
Net assets, percentage movement from prior period	(2.00%)
Net assets, percentage movement from same period of prior year	(2.00%)
Share capital:
Ordinary share capital	$ 39,667	41,601	41,604
Ordinary share capital, percentage movement from prior period	(5.00%)
Ordinary share capital, percentage movement from same period of prior year	(5.00%)
Treasury shares	$ (651)	(606)	(603)
Treasury shares, percentage movement from prior period	7.00%
Treasury shares, percentage movement from same period of prior year	8.00%
Reserves	$ 2,901	2,227	1,954
Reserves, percentage movement from prior period	30.00%
Reserves, percentage movement from same period of prior year	48.00%
Retained profits	$ 28,362	28,813	29,057
Retained profits, percentage movement from prior period	(2.00%)
Retained profits, percentage movement from same period of prior year	(2.00%)
Total equity attributable to owners of WBC	$ 70,279	72,035	72,012
Total equity attributable to owners of WBC, percentage movement from prior period	(2.00%)
Total equity attributable to owners of WBC, percentage movement from same period of prior year	(2.00%)
NCI	$ 54	57	49
NCI, percentage movement from prior period	(5.00%)
NCI, percentage movement from same period of prior year	10.00%
Total shareholders' equity and NCI	$ 70,333	$ 72,092	$ 72,061
Total shareholders' equity and NCI, percentage movement from prior period	(2.00%)
Total shareholders' equity and NCI, percentage movement from same period of prior year	(2.00%)

Consolidated statement of chang

Consolidated statement of changes in equity - AUD ($) $ in Millions	Total equity attributable to owners of WBCImpact from a change in accounting policy	Total equity attributable to owners of WBCRestated opening balance	Total equity attributable to owners of WBC	Share capitalRestated opening balance	Share capital	ReservesRestated opening balance	Reserves	Retained profitsImpact from a change in accounting policy	Retained profitsRestated opening balance	Retained profits	NCIRestated opening balance	NCI	Impact from a change in accounting policy	Restated opening balance	Total
Balance at Sep. 30, 2020	$ (40)	$ 67,983	$ 68,023	$ 39,946	$ 39,946	$ 1,544	$ 1,544	$ (40)	$ 26,493	$ 26,533	$ 51	$ 51	$ (40)	$ 68,034	$ 68,074
Net profit			3,443							3,443		2			3,445
Net other comprehensive income/(expense)			600				359			241		(3)			597
Total comprehensive income			4,043				359			3,684		(1)			4,042
Transactions in capacity as equity holders
Dividends on ordinary shares			(1,120)							(1,120)					(1,120)
Dividend reinvestment plan			401		401										401
Dividend reinvestment plan underwrite			719		719										719
Other equity movements
Share-based payment arrangements			59				59								59
Purchase of shares			(25)		(25)										(25)
Net acquisition of treasury shares			(40)		(40)										(40)
Other			(8)				(8)					(1)			(9)
Total contributions and distributions			(14)		1,055		51			(1,120)		(1)			(15)
Balance at Mar. 31, 2021			72,012		41,001		1,954			29,057		49			72,061
Net profit			2,015							2,015		3			2,018
Net other comprehensive income/(expense)			113				245			(132)		2			115
Total comprehensive income			2,128				245			1,883		5			2,133
Transactions in capacity as equity holders
Dividends on ordinary shares			(2,127)							(2,127)					(2,127)
Other equity movements
Share-based payment arrangements			27				27								27
Purchase of shares			(3)		(3)										(3)
Net acquisition of treasury shares			(3)		(3)										(3)
Other			1				1					3			4
Total contributions and distributions			(2,105)		(6)		28			(2,127)		3			(2,102)
Balance at Sep. 30, 2021			72,035		40,995		2,227			28,813		57			72,092
Net profit			3,280							3,280		4			3,284
Net other comprehensive income/(expense)			690				587			103		(1)			689
Total comprehensive income			3,970				587			3,383		3			3,973
Transactions in capacity as equity holders
Dividends on ordinary shares			(2,201)							(2,201)					(2,201)
Other equity movements
Off-market share buy-back			(3,502)		(1,901)					(1,601)					(3,502)
Share-based payment arrangements			60				60								60
Purchase of shares			(33)		(33)										(33)
Net acquisition of treasury shares			(45)		(45)										(45)
Other			(5)				27			(32)		(6)			(11)
Total contributions and distributions			(5,726)		(1,979)		87			(3,834)		(6)			(5,732)
Balance at Mar. 31, 2022			$ 70,279		$ 39,016		$ 2,901			$ 28,362		$ 54			$ 70,333

Consolidated statement of cha_2

Consolidated statement of changes in equity (Parenthetical) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Final dividend (in dollars per share)	$ 0.60		$ 0.31
Final dividend	$ 2,201		$ 1,120
Interim dividend (in dollars per share)		$ 0.58
Interim dividend		$ 2,127
Dividend tax rate (as a percent)	30.00%	30.00%	30.00%
Value of shares acquired in off-market buy back	$ 3,502
Ordinary shares
Number of shares acquired in an off-market share buy-back	167,464,114

Consolidated cash flow statemen

Consolidated cash flow statement - AUD ($) $ in Millions	6 Months Ended
Consolidated cash flow statement - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Cash flows from operating activities
Interest received	$ 10,091	$ 10,840	$ 11,590
Interest received, percentage movement from prior period	(7.00%)
Interest received, percentage movement from same period in prior year	(13.00%)
Interest paid	$ (1,779)	(2,354)	(3,323)
Interest paid, percentage movement from prior period	(24.00%)
Interest paid, percentage movement from same period in prior year	(46.00%)
Dividends received excluding life business	$ 3	2	2
Dividends received excluding life business, percentage movement from prior period	50.00%
Dividends received excluding life business, percentage movement from same period in prior year	50.00%
Other non-interest income received	$ 1,686	1,361	1,979
Other non-interest income received, percentage movement from prior period	24.00%
Other non-interest income received, percentage movement from same period in prior year	(15.00%)
Operating expenses paid	$ (5,139)	(4,748)	(6,193)
Operating expenses paid, percentage movement from prior period	8.00%
Operating expenses paid, percentage movement from same period in prior year	(17.00%)
Income tax paid excluding life business	$ (1,282)	(1,158)	(1,481)
Income tax paid excluding life business, percentage movement from prior period	11.00%
Income tax paid excluding life business, percentage movement from same period in prior year	(13.00%)
Life business:
Receipts from policyholders and customers	$ 466	510	466
Receipts from policyholders and customers, percentage movement from prior period	(9.00%)
Interest and other items of similar nature	$ 1	13	9
Interest and other items of similar nature, percentage movement from prior period	(92.00%)
Interest and other items of similar nature, percentage movement from same period in prior year	(89.00%)
Dividends received	$ 8	9	3
Dividends received, percentage movement from prior period	(11.00%)
Dividends received, percentage movement from same period in prior year	167.00%
Payments to policyholders and suppliers	$ (312)	(497)	(671)
Payments to policyholders and suppliers, percentage movement from prior period	(37.00%)
Payments to policyholders and suppliers, percentage movement from same period in prior year	(54.00%)
Income tax paid	$ (51)		(49)
Income tax paid, percentage movement from same period in prior year	4.00%
Cash flows from operating activities before changes in operating assets and liabilities	$ 3,692	3,978	2,332
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from prior period	(7.00%)
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from same period in prior year	58.00%
Net (increase)/decrease in:
Collateral paid	$ (3,293)	(166)	471
Trading securities and financial assets measured at FVIS	(2,106)	(574)	19,890
Derivative financial instruments	$ 3,004	4,610	(7,030)
Derivative financial instruments, percentage movement from prior period	(35.00%)
Loans	$ (12,636)	(17,066)	1,968
Loans, percentage movement from prior period	(26.00%)
Other financial assets	$ 726	(702)	428
Other financial assets, percentage movement from same period in prior year	70.00%
Life insurance assets and liabilities	$ 133	(216)	(377)
Other assets	$ (17)	72	(66)
Other assets, percentage movement from same period in prior year	(74.00%)
Net increase/(decrease) in:
Collateral received	$ (184)	(251)	344
Collateral received, percentage movement from prior period	(27.00%)
Deposits and other borrowings	$ 21,758	35,347	(1,610)
Deposits and other borrowings, percentage movement from prior period	(38.00%)
Other financial liabilities	$ 1,382	5,268	3,768
Other financial liabilities, percentage movement from prior period	(74.00%)
Other financial liabilities, percentage movement from same period in prior year	(63.00%)
Other liabilities	$ 3	(35)	27
Other liabilities, percentage movement from same period in prior year	(89.00%)
Net cash provided by/(used in) operating activities	$ 12,462	30,265	20,145
Net cash provided by/(used in) operating activities, percentage movement from prior period	(59.00%)
Net cash provided by/(used in) operating activities, percentage movement from same period in prior year	(38.00%)
Cash flows from investing activities
Proceeds from investment securities	$ 19,145	16,413	17,653
Proceeds from investment securities, percentage movement from prior period	17.00%
Proceeds from investment securities, percentage movement from same period in prior year	8.00%
Purchase of investment securities	$ (9,837)	(7,642)	(21,198)
Purchase of investment securities, percentage movement from prior period	29.00%
Purchase of investment securities, percentage movement from same period in prior year	(54.00%)
Proceeds from disposal of controlled entities and other businesses, net of cash disposed	$ 1,388	1,272
Proceeds from disposal of controlled entities and other businesses, net of cash disposed, percentage movement from prior period	9.00%
Purchase of controlled entities	$ (14)
Proceeds from disposal of associates		36	9
Proceeds from disposal of associates, percentage movement from prior period	(100.00%)
Proceeds from disposal of associates, percentage movement from same period in prior year	(100.00%)
Purchase of associates		(1)	(7)
Purchase of associates, percentage movement from prior period	(100.00%)
Purchase of associates, percentage movement from same period in prior year	(100.00%)
Proceeds from disposal of property and equipment	$ 24	42	20
Proceeds from disposal of property and equipment, percentage movement from prior period	(43.00%)
Proceeds from disposal of property and equipment, percentage movement from same period in prior year	20.00%
Purchase of property and equipment	$ (69)	(131)	(103)
Purchase of property and equipment, percentage movement from prior period	(47.00%)
Purchase of property and equipment, percentage movement from same period in prior year	(33.00%)
Purchase of intangible assets	$ (422)	(392)	(348)
Purchase of intangible assets, percentage movement from prior period	8.00%
Purchase of intangible assets, percentage movement from same period in prior year	21.00%
Net cash provided by/(used in) investing activities	$ 10,215	9,597	(3,974)
Net cash provided by/(used in) investing activities, percentage movement from prior period	6.00%
Cash flows from financing activities
Proceeds from debt issues (net of issue costs)	$ 39,912	22,482	24,317
Proceeds from debt issues (net of issue costs), percentage movement from prior period	78.00%
Proceeds from debt issues (net of issue costs), percentage movement from same period in prior year	64.00%
Redemption of debt issues	$ (26,785)	(25,925)	(39,347)
Redemption of debt issues, percentage movement from prior period	3.00%
Redemption of debt issues, percentage movement from same period in prior year	(32.00%)
Payments for the principal portion of lease liabilities	$ (236)	(247)	(260)
Payments for the principal portion of lease liabilities, percentage movement from prior period	(4.00%)
Payments for the principal portion of lease liabilities, percentage movement from same period in prior year	(9.00%)
Issue of loan capital (net of issue costs)	$ 3,016	2,169	5,459
Issue of loan capital (net of issue costs), percentage movement from prior period	39.00%
Issue of loan capital (net of issue costs), percentage movement from same period in prior year	(45.00%)
Redemption of loan capital	$ (1,039)	(379)	(1,169)
Redemption of loan capital, percentage movement from prior period	174.00%
Redemption of loan capital, percentage movement from same period in prior year	(11.00%)
Payment for off-market share buy-back	$ (3,502)
Proceeds from dividend reinvestment plan underwrite			719
Proceeds from dividend reinvestment plan underwrite, percentage movement from same period in prior year	(100.00%)
Purchase of shares relating to share-based payment arrangements	$ (33)	(3)	(25)
Purchase of shares relating to share-based payment arrangements, percentage movement from same period in prior year	32.00%
Purchase of Restricted Share Plan (RSP) treasury shares	$ (45)	(3)	(40)
Purchase of Restricted Share Plan (RSP) treasury shares, percentage movement from same period in prior year	13.00%
Payment of dividends	$ (2,201)	(2,127)	(719)
Payment of dividends, percentage movement from prior period	3.00%
Payment of dividends to NCI	$ (5)		(2)
Payment of dividends to NCI, percentage movement from same period in prior year	150.00%
Net cash provided by/(used in) financing activities	$ 9,082	(4,033)	(11,067)
Net increase/(decrease) in cash and balances with central banks	$ 31,759	35,829	5,104
Net increase/(decrease) in cash and balances with central banks, percentage movement from prior period	(11.00%)
Effect of exchange rate changes on cash and balances with central banks	$ (701)	862	(564)
Effect of exchange rate changes on cash and balances with central banks, percentage movement from same period in prior year	24.00%
Net (increase)/decrease in cash and balances with central banks included in assets held for sale	$ (1)	785	(792)
Net (increase)/decrease in cash and balances with central banks included in assets held for sale, percentage change from same period of prior year	(100.00%)
Cash and balances with central banks as at beginning of period	$ 71,353	33,877	30,129
Cash and balances with central banks as at end of period	$ 102,410	$ 71,353	$ 33,877
Cash and balances with central banks, percentage movement from prior period	44.00%	111.00%
Cash and balances with central banks, percentage movement from same period of prior year		137.00%

Financial statements preparatio

Financial statements preparation	6 Months Ended
Financial statements preparation	Mar. 31, 2022
Financial statements preparation
Financial statements preparation	4.7 Notes to the consolidated financial statements Note 1. Financial statements preparation This general purpose Interim Financial Report for the half year ended 31 March 2022 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting Corporations Act 2001 (Cth) The Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year ended 30 September 2021 and any relevant public announcements made by Westpac during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) The Interim Financial Report complies with current Australian Accounting Standards (AAS) as they relate to interim financial reports. The Interim Financial Report was authorised for issue by the Board of Directors on 8 May 2022. All amounts have been rounded in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, to the nearest million dollars, unless otherwise stated. Accounting policies The accounting policies adopted in the preparation of this Interim Financial Report are consistent with those in the Annual Financial Report for the year ended 30 September 2021. As such, balances as at 31 March 2021 for deferred income tax assets, intangibles, other assets and retained profits has been restated for changes in accounting policy in relation to Software-as-a-Service (refer to Note 1 of the 2021 Annual Report for further details). Critical accounting assumptions and estimates In preparing the Interim Financial Report, the application of the Group’s accounting policies requires the use of judgement, assumptions and estimates. The areas of judgement, assumptions and estimates in the Interim Financial Report, including the key sources of estimation uncertainty, are consistent with those in the Annual Financial Report for the year ended 30 September 2021. Details on specific judgements in relation to the calculation of provisions for ECL including overlays are included in Note 10. Amendments to Accounting Standards effective this period No new accounting standards have been adopted by the Group for the half year ended 31 March 2022. There have been no amendments to existing accounting standards that have had a material impact to the Group. 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. Interest rate benchmark reform (IBOR) The IBOR reform and the enterprise-wide IBORs Transition Programme the Group has established to manage the impacts of this reform are detailed in Note 21 of the Group’s 2021 Annual Report. A number of IBORs had a 31 December 2021 cessation date. The Group ceased to enter into new contracts referencing these rates and the Group’s existing exposures at 30 September 2021 have either matured or transitioned to an alternative reference rate (ARR) with the exception of a small number of trades with immaterial balances. These remaining balances will be valued using synthetic rates, however no new trades will be entered into referencing these synthetic rates. Certain US LIBOR tenors have not yet transitioned to an ARR as they have a cessation date of 30 June 2023. The Group has monitoring controls in place to assess US LIBOR exposures on a regular basis. These include assessing customers and counterparties for readiness to transition or the inclusion of fallback provisions as well as compliance with an overall Programme objective to transition away from USD LIBOR transactions. In addition, the Group’s exposure to new contracts referencing these rates is limited by regulatory guidelines whereby transactions from 31 December 2021 can only be entered into for risk management purposes.

Segment reporting

Segment reporting	6 Months Ended
Segment reporting	Mar. 31, 2022
Segment reporting
Segment reporting	Note 2. Segment reporting Operating segments are presented on a basis consistent with information provided internally to Westpac’s key decision makers and reflects the management of the business, rather than the legal structure of the Group. Internally, Westpac uses an adjusted AAS measure of performance referred to as ‘cash earnings’ in assessing the financial performance of its segments. 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: ● Items that key decision makers at Westpac believe do not reflect ongoing operations; ● Items that are not typically considered when dividends are recommended, mainly economic hedging impacts; and ● Accounting reclassifications between individual line items that do not impact statutory results. Segment restatements On 17 March 2021, Westpac announced that it was bringing together the leadership of its Consumer and Business segments into a new Consumer and Business segment. For the 2022 Interim Financial Report we have updated our reporting and restated comparatives for this change and changes in the allocations of certain revenue and expense items across segments, to align with changes in the information presented internally to key decision makers. The key changes include: ● All Australian mortgages (both business and consumer) are now included in the Mortgage line of business (LOB). ● Revenue sharing ceased from the sale of certain institutional products (i.e. Foreign exchange and interest rate hedging). This reduces non-interest income across Consumer and Business segments with all income for these products recorded in WIB. ● The addition of the share broking business in Consumer from Specialist Businesses. Reportable operating segments We are one of Australia’s leading providers of banking and selected financial services, operating under multiple brands, and predominantly in Australia and New Zealand, with a small presence in Europe, North America and Asia. We operate through a significant online capability supported by an extensive branch and ATM network, call centres and specialist relationship and product managers. Our operations comprise the following key segments: ● Consumer and Business Banking: – Consumer provides banking products and services, including mortgages, credit cards, personal loans, and savings and deposit products to Australian retail customers. – Business serves the banking needs of Australian small business, Agribusiness and Commercial customers. ● 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. We have entered into a sales agreement for Westpac Life Insurance which is expected to finalise in 2022 (regulatory approvals have been obtained). Other operations include investment product and services, 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. ● Group Businesses includes support functions such as Treasury, Customer Services and Technology, Corporate Services and Enterprise Services. It also includes Group-wide elimination entries arising on consolidation, centrally raised provisions and other unallocated revenue and expenses. Note 2. Segment reporting (continued) The tables present the segment results on a cash earnings basis for the Group: Consumer and Westpac Westpac New Business Institutional Zealand Specialist Group $m Consumer Business Banking Bank (A$) Businesses Businesses Group Half Year March 2022 Net interest income 4,377 1,323 5,700 481 1,041 242 564 8,028 Net fee income 265 162 427 302 86 29 1 845 Net wealth management and insurance income 26 — 26 — 39 336 — 401 Trading income — — — 267 25 20 27 339 Other income 33 1 34 19 120 165 8 346 Net operating income before operating expenses and impairment charges 4,701 1,486 6,187 1,069 1,311 792 600 9,959 Operating expenses 1 (2,369) (982) (3,351) (577) (534) (584) (320) (5,366) Impairment (charges)/benefits 27 (158) (131) (58) 9 38 3 (139) Profit before income tax expense 2,359 346 2,705 434 786 246 283 4,454 Income tax (expense)/benefit (713) (107) (820) (128) (189) (111) (107) (1,355) Net profit attributable to NCI — — — — — (3) (1) (4) Cash earnings 1,646 239 1,885 306 597 132 175 3,095 Net cash earnings adjustments — — — — 5 — 180 185 Net profit attributable to owners of WBC 1,646 239 1,885 306 602 132 355 3,280 Balance sheet Loans 2 465,697 80,949 546,646 73,950 87,361 11,730 (131) 719,556 Deposits and other borrowings 2 276,161 134,716 410,877 104,661 75,622 8,362 46,084 645,606 Half Year Sept 2021 Net interest income 4,722 1,451 6,173 458 991 246 377 8,245 Net fee income 232 172 404 312 67 25 (26) 782 Net wealth management and insurance income 25 — 25 — 69 536 (19) 611 Trading income — — — 229 15 18 — 262 Other income 6 2 8 85 5 211 30 339 Net operating income before operating expenses and impairment charges 4,985 1,625 6,610 1,084 1,147 1,036 362 10,239 Operating expenses 1 (2,522) (1,165) (3,687) (1,887) (562) (738) (428) (7,302) Impairment (charges)/benefits 82 318 400 (154) (13) (13) (2) 218 Profit before income tax expense 2,545 778 3,323 (957) 572 285 (68) 3,155 Income tax (expense)/benefit (765) (236) (1,001) 126 (167) (235) (60) (1,337) Net profit attributable to NCI — — — — — (5) 2 (3) Cash earnings 1,780 542 2,322 (831) 405 45 (126) 1,815 Net cash earnings adjustments — — — — 1 — 199 200 Net profit attributable to owners of WBC 1,780 542 2,322 (831) 406 45 73 2,015 Balance sheet Loans 2 462,699 78,385 541,084 67,749 88,409 12,550 (8) 709,784 Deposits and other borrowings 2 266,445 128,550 394,995 99,349 75,756 8,744 48,111 626,955 1. Impairment of assets (including goodwill and other intangible assets) were insignificant for all segments except for the following: - Specialist Businesses: First Half 2022: $167 million (Second Half 2021: $52 million, First Half 2021: $89 million); - Westpac Institutional Bank: First Half 2022 $nil (Second Half 2021: $1,156 million, First Half 2021: $36 million). 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 17 for further details). Note 2. Segment reporting (continued) Consumer and Westpac Westpac New Business Institutional Zealand Specialist Group $m Consumer Business Banking Bank (A$) Businesses Businesses Group Half Year March 2021 Net interest income 4,764 1,536 6,300 467 996 248 458 8,469 Net fee income 217 173 390 302 73 40 (105) 700 Net wealth management and insurance income 27 — 27 — 44 609 (85) 595 Trading income — — — 379 43 15 16 453 Other income 11 2 13 6 7 1 555 582 Net operating income before operating expenses and impairment charges 5,019 1,711 6,730 1,154 1,163 913 839 10,799 Operating expenses 1 (2,376) (1,053) (3,429) (708) (500) (740) (604) (5,981) Impairment (charges)/benefits 102 107 209 (8) 92 79 — 372 Profit before income tax expense 2,745 765 3,510 438 755 252 235 5,190 Income tax (expense)/benefit (818) (230) (1,048) (140) (210) (138) (115) (1,651) Net profit attributable to NCI — — — — — 3 (5) (2) Cash earnings 1,927 535 2,462 298 545 117 115 3,537 Net cash earnings adjustments — — — — (3) — (91) (94) Net profit attributable to owners of WBC 1,927 535 2,462 298 542 117 24 3,443 Balance sheet Loans 2 451,595 77,662 529,257 63,125 83,151 12,687 (2) 688,218 Deposits and other borrowings 2 254,025 123,654 377,679 92,692 71,019 4,598 39,413 585,401 1. Impairment of assets (including goodwill and other intangible assets) were insignificant for all segments except for the following: - Specialist Businesses: First Half 2022: $167 million (Second Half 2021: $52 million, First Half 2021: $89 million); - Westpac Institutional Bank: First Half 2022 $ nil (Second Half 2021: $1,156 million, First Half 2021: $36 million). 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 17 for further details). Reconciliation of cash earnings to reported results Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Cash earnings 3,095 1,815 3,537 71 (12) Fair value (gain)/loss on economic hedges 204 184 (46) 11 large Ineffective hedges (19) 16 (48) large (60) Total cash earnings adjustment (post-tax) 185 200 (94) (8) large Net profit attributable to owners of WBC 3,280 2,015 3,443 63 (5)

Net interest income

Net interest income	6 Months Ended
Net interest income	Mar. 31, 2022
Net interest income
Net interest income	Note 3. Net interest income Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 46 15 15 large large Collateral paid 4 6 10 (33) (60) Investment securities 506 574 626 (12) (19) Loans 9,547 10,063 10,693 (5) (11) Other financial assets — — 2 — (100) Assets held for sale 6 63 65 (90) (91) Total interest income calculated using the effective interest rate method 10,109 10,721 11,411 (6) (11) Other Net ineffectiveness on qualifying hedges (27) 22 (68) large (60) Trading securities and financial assets measured at FVIS and loans 123 101 91 22 35 Assets held for sale — — — — — Total other 96 123 23 (22) large Total interest income 10,205 10,844 11,434 (6) (11) Interest expense Calculated using the effective interest rate method Collateral received (4) (2) (2) 100 100 Deposits and other borrowings (712) (730) (1,071) (2) (34) Debt issues (851) (904) (957) (6) (11) Loan capital (440) (440) (409) — 8 Other financial liabilities (45) (83) (29) (46) 55 Liabilities held for sale — (3) (8) (100) (100) Total interest expense calculated using the effective interest rate method (2,052) (2,162) (2,476) (5) (17) Other Deposits and other borrowings (49) (31) (36) 58 36 Trading liabilities 2 452 157 (279) 188 large Debt issues (31) (35) (29) (11) 7 Bank levy (177) (197) (195) (10) (9) Other interest expense (60) (66) (70) (9) (14) Liabilities held for sale — — (1) — (100) Total other 135 (172) (610) large large Total interest expense (1,917) (2,334) (3,086) (18) (38) Net interest income 8,288 8,510 8,348 (3) (1) 1. In First Half 2022, interest income was increased by $9 million in relation to compliance, regulation and remediation costs for provisions no longer required. In Second Half 2021, interest income was reduced by $57 million (First Half 2021: $49 million reduced) for these costs. Refer to Note 14 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income

Non-interest income	6 Months Ended
Non-interest income	Mar. 31, 2022
Non-interest income
Non-interest income	Note 4. Non-interest income 1 Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Net fee income Facility fees 344 348 369 (1) (7) Transaction fees 556 501 492 11 13 Other non-risk fee income 72 47 (47) 53 large Fee income 972 896 814 8 19 Credit card loyalty programs (60) (46) (55) 30 9 Transaction fee related expenses (67) (68) (59) (1) 14 Fee expenses (127) (114) (114) 11 11 Net fee income 845 782 700 8 21 Net wealth management and insurance income Wealth management income 361 346 311 4 16 Life insurance premium income 520 548 529 (5) (2) General insurance and lenders mortgage insurance (LMI) net premium earned — 131 256 (100) (100) Life insurance investment and other income 2 (129) 36 23 large large General insurance and LMI investment and other income — 39 37 (100) (100) Total insurance premium, investment and other income 391 754 845 (48) (54) Life insurance claims, changes in life insurance liabilities and other expenses (351) (439) (328) (20) 7 General insurance and LMI claims and other expenses — (48) (230) (100) (100) Total insurance claims, changes in insurance liabilities and other expenses (351) (487) (558) (28) (37) Net wealth management and insurance income 401 613 598 (35) (33) Trading income 343 277 442 24 (22) Other income Dividends received from other entities 3 2 2 50 50 Net gain/(loss) on sale/de-recognition of associates 13 36 7 (64) 86 Net gain/(loss) on disposal of assets (2) (3) 10 (33) large Net gain/(loss) on hedging of overseas operations (1) (2) (6) (50) (83) Net gain/(loss) on derivatives held for risk management purposes 3 7 — 4 — 75 Net gain/(loss) on financial instruments measured at fair value 16 75 580 (79) (97) Net gain/(loss) on disposal of controlled entities and other businesses 289 188 — 54 — Rental income on operating leases 9 19 22 (53) (59) Share of associates’ net profit/(loss) (3) (3) (3) — — Other 22 42 (18) (48) large Total other income 353 354 598 — (41) Total non-interest income 1,942 2,026 2,338 (4) (17) 1. Non-interest income included items relating to compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, net wealth management income and other income of $8 million (Second Half 2021: $89 million, First Half 2021: $231 million). Refer to Note 14 for further details. 2. Includes policyholder tax recoveries. 3. Income from derivatives held for risk management purposes reflects the impact of economic hedges on earnings.

Operating expenses

Operating expenses	6 Months Ended
Operating expenses	Mar. 31, 2022
Operating expenses
Operating expenses	Note 5. Operating expenses 1 Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Staff expenses Employee remuneration, entitlements and on-costs 2,584 2,897 2,472 (11) 5 Superannuation expense 278 244 231 14 20 Share-based payments 46 51 46 (10) — Restructuring costs 74 71 22 4 large Total staff expenses 2,982 3,263 2,771 (9) 8 Occupancy expenses Operating lease rentals 79 91 73 (13) 8 Depreciation and impairment of property and equipment 261 526 429 (50) (39) Other 58 50 57 16 2 Total occupancy expenses 398 667 559 (40) (29) Technology expenses Amortisation and impairment of software assets 2 337 723 517 (53) (35) Depreciation and impairment of IT equipment 85 142 118 (40) (28) Technology services 342 422 398 (19) (14) Software maintenance and licences 248 297 234 (16) 6 Telecommunications 72 88 93 (18) (23) Data processing 41 51 45 (20) (9) Total technology expenses 1,125 1,723 1,405 (35) (20) Other expenses Professional and processing services 460 682 728 (33) (37) Amortisation and impairment of intangible assets and deferred expenditure 122 509 90 (76) 36 Postage and stationery 74 82 74 (10) — Advertising 81 104 116 (22) (30) Non-lending losses 45 156 78 (71) (42) Other expenses 86 128 176 (33) (51) Total other expenses 868 1,661 1,262 (48) (31) Total operating expenses 5,373 7,314 5,997 (27) (10) 1. Included in operating expense are costs related to compliance, regulation and remediation of $17 million (Second Half 2021: $161 million; First Half 2021: $198 million). Refer to Note 14 for further details. 2. These balances included impairment of capitalised software assets for First Half 2022 of $54 million (Second Half 2021: $352 million, First Half 2021: $133 million).

Income tax

Income tax	6 Months Ended
Income tax	Mar. 31, 2022
Income tax
Income tax	Note 6. Income tax The income tax expense is reconciled to the profit before income tax as follows: Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Profit before income tax 4,718 3,440 5,061 37 (7) Tax at the Australian company tax rate of 30% 1,415 1,032 1,518 37 (7) The effect of amounts which are not deductible/(assessable) in calculating taxable income: Hybrid capital distributions 28 31 28 (10) — Life insurance: Tax adjustment on policyholder earnings — 1 2 (100) (100) Adjustment for life business tax rates — — — — — Other non-assessable items (34) (4) (2) large large Other non-deductible items 47 176 76 (73) (38) Adjustment for overseas tax rates (15) (6) (10) 150 50 Income tax (over)/under provided in prior periods 7 1 2 large large Other items (14) 191 2 large large Total income tax expense 1 1,434 1,422 1,616 1 (11) Effective income tax rate 30.39% 41.34% 31.93% large ( 154 bps) 1. As the Bank levy is not a levy on income, it is not included in income tax. It is included in Note 3.

Earnings per share

Earnings per share	6 Months Ended
Earnings per share	Mar. 31, 2022
Earnings per share
Earnings per share	Note 7. Earnings per share Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares on issue during the period, adjusted for treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive potential ordinary shares are converted. Half Year March 2022 Half Year Sept 2021 Half Year March 2021 Basic Diluted Basic Diluted Basic Diluted Net profit attributable to shareholders ($m) 3,280 3,280 2,015 2,015 3,443 3,443 Adjustment for RSP dividends 2 (2) — (1) — (1) — Adjustment for potential dilution: Distributions to convertible loan capital holders 3 — 100 — 109 — 109 Adjusted net profit attributable to shareholders 3,278 3,380 2,014 2,124 3,442 3,552 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,626 3,626 3,669 3,669 3,644 3,644 Treasury shares (including RSP share rights) 2 (4) (4) (3) (3) (3) (3) Adjustment for potential dilution: Share-based payments — 3 — 4 — 3 Convertible loan capital 3 — 321 — 323 — 468 Adjusted weighted average number of ordinary shares 3,622 3,946 3,666 3,993 3,641 4,112 Earnings per ordinary share (cents) 90.5 85.7 54.9 53.2 94.5 86.4 2. 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. 3. The Group has issued convertible loan capital which may convert into ordinary shares in the future. These convertible loan capital instruments are potentially dilutive instruments, and diluted EPS is therefore calculated as if the instruments had been converted at the beginning of the respective period or, if later, the instruments’ issue date.

Average balance sheet and inter

Average balance sheet and interest rates	6 Months Ended
Average balance sheet and interest rates	Mar. 31, 2022
Average balance sheet and interest rates
Average balance sheet and interest rates	Note 8. Average balance sheet and interest rates Half Year March 2022 Half Year Sept 2021 Half Year March 2021 Average Average Average Average Average Average balance Interest rate balance Interest rate balance Interest rate $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid 6,261 4 0.1 9,762 6 0.1 14,708 10 0.1 Trading securities and financial assets measured at FVIS 22,243 123 1.1 20,428 101 1.0 27,172 91 0.7 Investment securities 77,779 506 1.3 87,790 574 1.3 87,628 626 1.4 Loans and other receivables 1 764,946 9,566 2.5 702,821 10,100 2.9 680,286 10,642 3.1 Assets held for sale 846 6 1.4 5,125 63 2.5 3,156 65 4.1 Total interest earning assets and interest income 872,075 10,205 2.3 825,926 10,844 2.6 812,950 11,434 2.8 Non-interest earning assets Derivative financial instruments 18,283 18,740 21,879 Life insurance assets — (3,105) 3,575 Assets held for sale 3,048 7,895 1,267 All other assets 2 64,427 61,198 61,760 Total non-interest earning assets 85,758 84,728 88,481 Total assets 957,833 910,654 901,431 Liabilities Interest bearing liabilities Collateral received 4,239 4 0.2 5,891 2 0.1 6,483 2 0.1 Repurchased agreements 35,740 38 0.2 37,106 30 0.2 30,047 26 0.2 Deposits and other borrowings 570,842 761 0.3 537,943 761 0.3 524,723 1,107 0.4 Loan capital 30,504 440 2.9 27,642 440 3.2 25,540 409 3.2 Other interest bearing liabilities 3 145,068 674 0.9 133,426 1,098 1.6 141,162 1,533 2.2 Liabilities held for sale — — — 1,338 3 0.4 1,332 9 1.4 Total interest bearing liabilities and interest expense 786,393 1,917 0.5 743,346 2,334 0.6 729,287 3,086 0.8 Non-interest bearing liabilities Deposits and other borrowings 69,413 63,569 60,473 Derivative financial instruments 19,035 17,142 24,101 Life insurance liabilities — (783) 1,295 Liabilities held for sale 775 3,840 1,610 All other liabilities 4 11,087 11,383 15,031 Total non-interest bearing liabilities 100,310 95,151 102,510 Total liabilities 886,703 838,497 831,797 Shareholders’ equity 71,073 72,108 69,583 NCI 57 49 51 Total equity 71,130 72,157 69,634 Total liabilities and equity 957,833 910,654 901,431 Loans and other receivables 1 Australia 648,399 7,986 2.5 594,388 8,696 2.9 576,394 9,163 3.2 New Zealand 97,814 1,486 3.0 93,882 1,336 2.8 89,570 1,411 3.2 Other overseas 18,733 94 1.0 14,551 68 0.9 14,322 68 1.0 Deposits and other borrowings Australia 489,642 489 0.2 463,114 558 0.2 452,206 842 0.4 New Zealand 61,263 243 0.8 60,482 182 0.6 59,648 236 0.8 Other overseas 19,937 29 0.3 14,347 21 0.3 12,869 29 0.5 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stage 1 and 2 provisions for ECL are not included in the average interest earning assets balance, as interest income is determined based on the gross value of loans and other receivables. 2. Includes property and equipment, intangible assets, deferred tax assets, non-interest bearing loans relating to mortgage offset accounts and all other non-interest earning financial assets. 3. Includes net impact of Treasury balance sheet management activities and the Bank Levy. 4. Includes other financial liabilities, provisions, current and deferred tax liabilities and all other non-interest bearing liabilities.

Loans

Loans	6 Months Ended
Loans	Mar. 31, 2022
Loans
Loans	Note 9. Loans As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Australia Housing 458,278 455,604 443,557 1 3 Personal 14,128 14,737 16,458 (4) (14) Business 156,763 148,453 142,965 6 10 Total Australia 629,169 618,794 602,980 2 4 New Zealand Housing 57,780 58,081 53,530 (1) 8 Personal 1,116 1,175 1,293 (5) (14) Business 29,294 29,991 29,119 (2) 1 Total New Zealand 88,190 89,247 83,942 (1) 5 Total other overseas 6,392 6,332 6,209 1 3 Total loans 723,751 714,373 693,131 1 4 Provision for expected credit losses (ECL) on loans (Note 10) (4,195) (4,589) (4,913) (9) (15) Total net loans 1,2 719,556 709,784 688,218 1 5 1. Total net loans included securitised loans of $4,808 million as at 31 March 2022 (30 September 2021: $4,829 million, 31 March 2021: $6,144 million). The level of securitised loans excludes loans where Westpac is the holder of related debt securities. 2. Total net loans included assets pledged for the covered bond programs of $35,052 million as at 31 March 2022 (30 September 2021: $26,921 million, 31 March 2021: $33,841 million).

Provisions for expected credit

Provisions for expected credit losses	6 Months Ended
Provisions for expected credit losses	Mar. 31, 2022
Provisions for expected credit losses
Provisions for expected credit losses	Note 10. Provision for expected credit losses Loans and credit commitments The following table shows the provision for ECL on loans and credit commitments by stage: As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Performing - Stage 1 1,078 936 1,022 15 5 Performing - Stage 2 2,107 2,091 2,568 1 (18) Non-performing - Stage 3 1,490 1,972 1,892 (24) (21) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Presented as: Provision for ECL on loans (Note 9) 4,195 4,589 4,913 (9) (15) Provision for ECL on loans included in assets held for sale (Note 17) — 7 85 (100) (100) Provision for ECL on credit commitments (Note 14) 480 401 477 20 1 Provision for ECL on credit commitments included in liabilities held for sale (Note 17) — 2 7 (100) (100) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Of which: Individually assessed provisions 501 832 564 (40) (11) Collectively assessed provisions 4,174 4,167 4,918 — (15) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Gross loans and credit commitments 924,937 915,486 893,738 1 3 Coverage ratio on loans (%) 0.58% 0.64% 0.72% (6 bps) (14 bps) Coverage ratio on loans and credit commitments (%) 0.51% 0.55% 0.61% (4 bps) (10 bps) Movement in provisions for ECL on 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: ● “Transfers between stages” lines represent transfers between Stage 1, Stage 2 and Stage 3 prior to remeasurement of the provision for ECL; Note 10. Provision for expected credit losses (continued) ● “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; ● “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 in portfolio overlays, changes due to forward-looking economic scenarios and partial repayments and additional draw-downs on existing facilities over the year; and ● “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. Non- Consolidated Performing performing $m Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Transfers to Stage 1 695 (662) (33) — Transfers to Stage 2 (112) 719 (607) — Transfers to Stage 3 (3) (244) 247 — Business activity during the period 52 (107) (171) (226) Net remeasurement of provision for ECL (689) (8) 688 (9) Write-offs — — (431) (431) Exchange rate and other adjustments (5) (5) 26 16 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 Transfers to Stage 1 551 (466) (85) — Transfers to Stage 2 (88) 571 (483) — Transfers to Stage 3 (5) (263) 268 — Business activity during the period 70 (116) (172) (218) Net remeasurement of provision for ECL (595) (192) 915 128 Write-offs — — (405) (405) Exchange rate and other adjustments (19) (11) 42 12 Balance as at 30 September 2021 936 2,091 1,972 4,999 Transfers to Stage 1 461 (398) (63) — Transfers to Stage 2 (102) 509 (407) — Transfers to Stage 3 (8) (198) 206 — Business activity during the period 255 (149) (200) (94) Net remeasurement of provision for ECL (463) 264 535 336 Write-offs — — (566) (566) Exchange rate and other adjustments (1) (12) 13 — Balance as at 31 March 2022 1,078 2,107 1,490 4,675 The following table provides further details of the provision for ECL by class and stage: Non- Performing performing $m Stage 1 Stage 2 Stage 3 Total Housing 180 704 830 1,714 Personal 184 331 208 723 Business 658 1,533 854 3,045 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 Housing 160 741 607 1,508 Personal 153 355 174 682 Business 623 995 1,191 2,809 Balance as at 30 September 2021 936 2,091 1,972 4,999 Housing 264 680 498 1,442 Personal 124 315 150 589 Business 690 1,112 842 2,644 Balance as at 31 March 2022 1,078 2,107 1,490 4,675 Note 10. Provision for expected credit losses (continued) Impact of overlays on the provision for ECL The following table attributes the provision for ECL between modelled ECL and portfolio overlays. Portfolio overlays are used to capture risk of increased uncertainty relating to forward-looking economic conditions, or areas of potential risk and uncertainty in the portfolio, that are not captured in the underlying modelled ECL. As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Modelled provision for ECL 3,539 4,352 4,580 Overlays 1,136 647 902 Total provision for ECL 4,675 4,999 5,482 Details of changes related to forward-looking economic inputs and portfolio overlays, 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 represent the Group’s view of the forward-looking distribution of potential loss outcomes. The change in provisions as a result of changes in modelled ECL are reflected through the “net remeasurement of provision for ECL” line. Portfolio overlays are used to capture potential risk and uncertainty in the portfolio, that are not captured in the underlying modelled ECL. The base case scenario uses Westpac Economics forecasts which estimates a rebound in the economy as it emerges from COVID-19 restrictions. Westpac Economics forecasts used for the different reporting periods are as follows: Key economic assumptions for base case scenario 31 March 2022 1 30 September 2021 31 March 2021 Annual GDP Forecast growth of 5.5% for calendar year 2022 and 2.7% for calendar year 2023 Forecast growth of 0.1% for calendar year 2021 and 7.4% for calendar year 2022 Forecast growth of 4% for calendar year 2021 and 3% for calendar year 2022. Commercial property index Forecast price contraction of 3.1% for calendar year 2022 and growth of 2.1% for calendar year 2023 Forecast price contraction of 0.7% for calendar year 2021 and 4.7% for calendar year 2022 Forecast price contraction of 15% for calendar year 2021. Residential property prices Forecast price appreciation of 1.6% for calendar year 2022 and contraction of 7.0% for calendar year 2023 Forecast price appreciation of 11.8% for calendar year 2021 and 5.0% for calendar year 2022 Forecast annualised price growth of 10% for both calendar years 2021 and 2022 . Cash rate Forecast to increase to 50 bps by December 2022 and then to 150 bps by December 2023 Forecast to remain at 10 bps over calendar years 2021 and 2022 Forecast to remain at 10 bps over calendar years 2021 and 2022 . Unemployment rate: Australia Forecast rate of 3.8% at December 2022 and 3.9% at December 2023 Forecast rate of 5.4% at December 2021 and 4% at December 2022 Forecast rate of 6% at December 2021. New Zealand Forecast rate of 3.0% at December 2022 and 3.3% at December 2023 Forecast rate of 4.2% at December 2021 and 3.5% at December 2022 Forecast rate of 4.9% at December 2021. 1. The ECL at 31 March 2022 has been calculated using Westpac Economic forecasts at 21 February 2022. Westpac has monitored subsequent updates from this date, noting revised cash rate forecasts of 2% for December 2023 and 2024 . These updates have not resulted in a significant change to the modelled ECL. The downside scenario is a more severe scenario with expected credit losses higher than the base case. The more severe loss outcome for the downside is generated under a recession in which the combination of negative GDP growth, declines in commercial and residential property prices and an increase in the unemployment rate simultaneously impact expected credit losses across all portfolios from the reporting date. The assumptions in this scenario and relativities to the base case 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. Note 10. Provision for expected credit losses (continued) The following sensitivity table shows the reported provision for ECL based on the probability weighted scenarios and what the provisions for ECL would be assuming a 100% weighting to the base case scenario and to the downside scenario (with all other assumptions, held constant). As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Reported probability-weighted ECL 4,675 4,999 5,482 100% base case ECL 2,993 3,411 3,902 100% downside ECL 6,752 7,399 7,865 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 $205 million (30 September 2021: $252 million, 31 March 2021: $244 million) for the Group based on applying the average provision coverage ratios by stage to the movement in the gross exposure by stage. The following table indicates the economic weights applied by the Group at 31 March 2022, 30 September 2021 and 31 March 2021: As at As at As at 31 March 30 Sept 31 March Economic scenario weightings (%) 2022 2021 2021 Upside 5 5 5 Base 50 55 55 Downside 45 40 40 The increase in weighting to the downside reflects an elevated level of uncertainty in potential credit losses driven by new geopolitical and economic headwinds, supply chain disruptions, capacity constraints and rising inflation. Portfolio overlays Portfolio overlays are used to address areas of risk, including significant uncertainties that are 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. Overlays are continually reassessed and if the risk is judged to have changed (increased or decreased), or is subsequently captured in the modelled ECL, the overlay will be released or remeasured. Portfolio overlays were increased by $489 million due to additional uncertainty arising from the current geopolitical and economic environment and the recent flooding events in Queensland and New South Wales. The Group’s total overlays at 31 March 2022 were $1,136 million (30 September 2021: $647 million; 31 March 2021: $902 million) and comprises: ● $549 million relating to COVID-19 impacts, primarily relating to the risk of an expected emergence of losses as conditions continue to normalise (30 September 2021: $557 million; 31 March 2021: $827 million); ● $247 million overlay relating to certain industries reflecting expected impacts primarily due to supply chain disruptions and labour shortages ( nil at 30 September 2021 and 31 March 2021); ● $270 million overlay for consumers reflecting serviceability concerns from the expected economic environment, including the potential for falling house prices and other inflationary pressures ( $90 million at 30 September 2021 and $7 million 31 March 2021); and ● $70 million for extreme weather events reflecting the expected impact on customers of recent flooding in Queensland and New South Wales (30 September 2021: nil ; 31 March 2021: $68 million relating to the impact of drought conditions). The change in provisions as a result of changes in portfolio overlays are reflected through the “net remeasurement of provision for ECL” line in Movement in provisions for ECL table. Note 10. Provision for expected credit losses (continued) Reconciliation of impairment charges Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Loans and credit commitments: Business activity during the period (94) (218) (226) Net remeasurement of the provision for ECL 336 128 (9) Impairment charges for debt securities at amortised cost 1 (19) (6) Impairment charges for debt securities at FVOCI (2) 1 1 Recoveries (102) (110) (132) Impairment charges/(benefits) 139 (218) (372)

Credit Quality

Credit Quality	6 Months Ended
Credit Quality	Mar. 31, 2022
Credit Quality
Credit Quality	Note 11. Credit quality Credit risk ratings system The principal objective of the credit risk rating system is to reliably 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 probability of default (PD). Each facility is assigned a loss given default (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 – AAA – – B A1 – A+ – – C Baa1 – BBB+ – – Good/satisfactory D Ba1 – BB+ – Westpac Rating Weak E Watch list F Special Mention Weak/default/non-performing G Substandard/Default H Default Note 11. Credit quality (continued) Program-managed portfolio The program-managed portfolio generally includes retail products including mortgages, personal lending (including credit cards) as well as 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). The following table shows the credit quality of loans and undrawn credit commitments. As at 31 March 2022 As at 30 Sept 21 As at 31 March 2021 $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans - housing Strong 401,201 24,367 — 425,568 398,043 21,165 — 419,208 394,406 6,679 — 401,085 Good/satisfactory 48,746 24,248 — 72,994 55,631 17,851 — 73,482 62,371 14,499 — 76,870 Weak 2,057 11,216 4,568 17,841 3,245 12,659 5,461 21,365 4,509 8,912 5,722 19,143 Total loans - housing 452,004 59,831 4,568 516,403 456,919 51,675 5,461 514,055 461,286 30,090 5,722 497,098 Loans - personal Strong 4,890 84 — 4,974 4,608 69 — 4,677 5,020 105 — 5,125 Good/satisfactory 8,092 1,113 — 9,205 8,780 1,327 — 10,107 10,188 1,034 — 11,222 Weak 288 530 253 1,071 310 539 286 1,135 464 606 334 1,404 Total loans - personal 13,270 1,727 253 15,250 13,698 1,935 286 15,919 15,672 1,745 334 17,751 Loans - business Strong 76,014 784 — 76,798 71,336 446 — 71,782 62,004 1,947 — 63,951 Good/satisfactory 94,954 13,197 — 108,151 93,457 10,674 — 104,131 91,049 13,761 — 104,810 Weak 185 3,897 3,067 7,149 175 4,562 3,749 8,486 188 6,544 2,789 9,521 Total loans - business 171,153 17,878 3,067 192,098 164,968 15,682 3,749 184,399 153,241 22,252 2,789 178,282 Held for sale loans Strong — — — — 180 — — 180 48 5 — 53 Good/satisfactory — — — — 786 56 — 842 1,229 243 — 1,472 Weak — — — — — — — — 12 266 101 379 Total held for sale loans — — — — 966 56 — 1,022 1,289 514 101 1,904 Undrawn credit commitments 1 Strong 154,459 2,590 — 157,049 153,712 1,546 — 155,258 150,965 2,741 — 153,706 Good/satisfactory 37,519 5,369 — 42,888 38,377 5,119 — 43,496 38,891 4,484 — 43,375 Weak 116 812 321 1,249 130 933 274 1,337 133 1,253 236 1,622 Total undrawn credit commitments 192,094 8,771 321 201,186 192,219 7,598 274 200,091 189,989 8,478 236 198,703 Total strong 636,564 27,825 — 664,389 627,879 23,226 — 651,105 612,443 11,477 — 623,920 Total good/ satisfactory 189,311 43,927 — 233,238 197,031 35,027 — 232,058 203,728 34,021 — 237,749 Total weak 2,646 16,455 8,209 27,310 3,860 18,693 9,770 32,323 5,306 17,581 9,182 32,069 Total loans and undrawn credit commitments 828,521 88,207 8,209 924,937 828,770 76,946 9,770 915,486 821,477 63,079 9,182 893,738 1. Includes credit commitments on held for sale assets of nil as at 31 March 2022 (30 September 2021: $828 million, 31 March 2021: $439 million) .

Deposits and other borrowings

Deposits and other borrowings	6 Months Ended
Deposits and other borrowings	Mar. 31, 2022
Deposits and other borrowings
Deposits and other borrowings	Note 12. Deposits and other borrowings 1 As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Australia Certificates of deposit 27,048 31,506 26,273 (14) 3 Non-interest bearing, repayable at call 54,829 52,819 49,467 4 11 Other interest bearing at call 361,609 345,416 315,218 5 15 Other interest bearing term 104,865 102,775 110,470 2 (5) Total Australia 548,351 532,516 501,428 3 9 New Zealand Certificates of deposit 2,783 3,293 3,020 (15) (8) Non-interest bearing, repayable at call 14,706 14,066 12,588 5 17 Other interest bearing at call 30,188 31,354 29,022 (4) 4 Other interest bearing term 27,945 27,042 26,389 3 6 Total New Zealand 75,622 75,755 71,019 — 6 Other overseas Certificates of deposit 14,903 11,839 7,859 26 90 Non-interest bearing, repayable at call 1,008 919 — 10 — Other interest bearing at call 1,696 1,751 753 (3) 125 Other interest bearing term 4,026 4,175 4,342 (4) (7) Total other overseas 21,633 18,684 12,954 16 67 Total deposits and other borrowings 645,606 626,955 585,401 3 10 1. Non-interest bearing relates to instruments which do not carry a rate of interest.

Fair values of financial assets

Fair values of financial assets and financial liabilities	6 Months Ended
Fair values of financial assets and financial liabilities	Mar. 31, 2022
Fair values of financial assets and financial liabilities
Fair values of financial assets and financial liabilities	Note 13. Fair values of financial assets and financial liabilities Fair Valuation Control Framework The Group uses a Fair Valuation Control Framework where the fair value is either determined or validated by a function independent of the transaction. This framework formalises the policies and procedures used to achieve compliance with relevant accounting, industry and regulatory standards. The framework includes specific controls relating to: ● The revaluation of financial instruments; ● Independent price verification; ● Fair value adjustments; and ● Financial reporting. A key element of the framework is the Revaluation Committee, comprising senior valuation specialists from within the Group. The Revaluation Committee reviews the application of the agreed policies and procedures to assess that a fair value measurement basis has been applied. The method of determining fair value differs depending on the information available. Fair value hierarchy A financial instrument’s categorisation within the valuation hierarchy is based on the lowest level input that is significant to the fair value measurement. The Group categorises all fair value instruments according to the hierarchy described below. Valuation techniques The Group applies market accepted valuation techniques in determining the fair valuation of over the counter (OTC) derivatives. This includes Credit Value Adjustment (CVA) and Funding Value Adjustment (FVA), which incorporate credit risk and funding costs and benefits that arise in relation to uncollateralised derivative positions, respectively. The specific valuation techniques, the observability of the inputs used in valuation models and the subsequent classification for each significant product category are outlined as follows: Level 1 instruments (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 All these instruments are traded in liquid, active markets where prices are readily observable. No modelling or assumptions are used in the valuation. FX products Derivatives FX spot and futures contracts Equity products Derivatives Trading securities and financial assets measured at FVIS Other financial liabilities Listed equities and equity indices 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 Life insurance assets included in assets held for sale Listed equities, exchange traded derivatives and short sale of listed equities within controlled managed investment schemes Note 13. Fair values of financial assets and financial liabilities (continued) 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. Commodity products Derivatives Commodity and 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. Note 13. Fair values of financial assets and financial liabilities (continued) Instrument Balance sheet category Includes Valuation 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. 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 debt securities with low observability, usually 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. The following tables summarise the attribution of financial instruments measured at fair value to the fair value hierarchy. $m Level 1 Level 2 Level 3 Total As at 31 March 2022 Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,474 18,260 4 23,738 Derivative financial instruments 38 18,204 27 18,269 Investment securities 11,838 57,287 439 69,564 Loans — 217 32 249 Assets held for sale 1,057 1,422 — 2,479 Total financial assets measured at fair value on a recurring basis 18,407 95,390 502 114,299 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 44,743 — 44,743 Other financial liabilities 1,090 5,767 — 6,857 Derivative financial instruments 26 25,288 33 25,347 Debt issues — 6,294 — 6,294 Liabilities held for sale — 414 — 414 Total financial liabilities measured at fair value on a recurring basis 1,116 82,506 33 83,655 Note 13. Fair values of financial assets and financial liabilities (continued) $m Level 1 Level 2 Level 3 Total As at 30 September 2021 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 Derivative financial instruments 22 19,305 26 19,353 Investment securities 19,282 62,923 277 82,482 Loans — 74 36 110 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 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 46,665 — 46,665 Other financial liabilities 1,478 4,968 — 6,446 Derivative financial instruments 35 17,992 32 18,059 Debt issues — 5,514 — 5,514 Liabilities held for sale — 447 — 447 Total financial liabilities measured at fair value on a recurring basis 1,513 75,586 32 77,131 As at 31 March 2021 Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,579 14,749 600 20,928 Derivative financial instruments 26 22,335 12 22,373 Investment securities 17,792 72,778 368 90,938 Loans — 108 20 128 Life insurance assets 119 3,297 — 3,416 Assets held for sale — 282 7 289 Total financial assets measured at fair value on a recurring basis 23,516 113,549 1,007 138,072 Total financial assets measured at fair value on a non-recurring basis Assets held for sale — — 376 376 Total financial assets measured at fair value 23,516 113,549 1,383 138,448 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 37,212 — 37,212 Other financial liabilities 225 3,632 — 3,857 Derivative financial instruments 31 20,253 19 20,303 Debt issues — 5,639 — 5,639 Life insurance liabilities — 1,070 — 1,070 Liabilities held for sale — — 6 6 Total financial liabilities measured at fair value on a recurring basis 256 67,806 25 68,087 Note 13. Fair values of financial assets and financial liabilities (continued) Reconciliation of non-market observables The following table summarises the changes in financial instruments measured at fair value derived from non-market observable valuation techniques (Level 3). Half Year March 2022 Trading securities and financial assets Total Total measured at Investment Level 3 Level 3 $m FVIS Securities Other 1 assets Derivatives liabilities Balance as at beginning of period 5 277 62 344 32 32 Gains/(losses) on assets / (gains)/losses on liabilities recognised in: Income statement — — 3 3 7 7 Other comprehensive income — 146 — 146 — — Acquisitions and issues — 33 3 36 — — Disposals and settlements (1) (17) (8) (26) (1) (1) Transfer into or out of non-market observables — — — — (5) (5) Foreign currency translation impacts — — (1) (1) — — Balance as at end of period 4 439 59 502 33 33 Unrealised gains/(losses) recognised in the income statement for financial instrument held as at end of period — — 4 4 (7) (7) 1. Other is comprised of derivative financial assets and certain loans. 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 period fair values. Day one profit or loss The closing balance of unrecognised day one profit for the period was $1 million (30 September 2021: $1 million profit, 31 March 2021: $3 million). Financial instruments not measured at fair value The following table summarises the estimated fair value of financial instruments not measured at fair value for the Group. As at 31 March 2022 As at 30 Sept 2021 As at 31 March 2021 Carrying Fair Carrying Fair Carrying Fair $m amount value amount value amount value Financial assets not measured at fair value Cash and balances with central banks 102,410 102,410 71,353 71,353 33,877 33,877 Collateral paid 7,374 7,374 4,232 4,232 3,917 3,917 Investment securities 878 878 935 935 365 365 Loans 719,307 716,281 709,674 710,284 688,090 689,606 Other financial assets 4,896 4,896 6,394 6,394 3,312 3,312 Assets held for sale 26 26 1,041 1,041 3,208 3,208 Total financial assets not measured at fair value 834,891 831,865 793,629 794,239 732,769 734,285 Financial liabilities not measured at fair value Collateral received 2,170 2,170 2,368 2,368 2,504 2,504 Deposits and other borrowings 600,863 600,982 580,290 580,112 548,189 548,167 Other financial liabilities 44,488 44,488 43,863 43,863 39,139 39,139 Debt issues 2 127,335 127,247 123,265 124,569 122,211 123,576 Loan capital 2 29,036 29,413 29,067 30,147 26,294 27,137 Liabilities held for sale 17 17 28 28 2,208 2,208 Total financial liabilities not measured at fair value 803,909 804,317 778,881 781,087 740,545 742,731 2. The estimated fair values of debt issues and loan capital include the impact of changes in Westpac’s credit spreads since origination. A detailed description of how fair value is derived for financial instruments not measured at fair value is disclosed in Note 22 of the 2021 Annual Report

Provisions, contingent liabilit

Provisions, contingent liabilities, contingent assets and credit commitments	6 Months Ended
	Mar. 31, 2022
Provisions, contingent liabilities, contingent assets and credit commitments
Provisions, contingent liabilities, contingent assets and credit commitments	Note 14. Provisions, contingent liabilities, contingent assets and credit commitments Provisions are recognised for present obligations arising from past events where a payment (or other economic transfer) is likely to be necessary to settle the obligation and can be reliably estimated. Provisions raised by the Group are set out in the table in the “Provisions” section below. Where it is not probable there will be an outflow of economic resources or where a liability cannot be reliably estimated a contingent liability may exist. Provisions As at 31 March 2022 Annual Compliance, leave and Litigation Provision for regulation Long other and non- impairment Lease Restructuring and service employee lending on credit restoration and other remediation $m leave benefits losses commitments obligations provisions provisions Total Balance as at beginning of period 531 803 117 401 201 376 1,142 3,571 Additions 43 560 40 79 4 79 130 935 Utilisation (27) (740) (36) — (8) (97) (379) (1,287) Reversal of unutilised provisions (38) (7) (12) — — (13) (114) (184) Balance as at end of period 509 616 109 480 197 345 779 3,035 Compliance, regulation and remediation provisions Provisions for the Half Year 2022 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. It is possible that the actual outcome for these matters may differ 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. Life insurance premium increases The Group has raised a provision for customer remediation to refund certain premium increases made in 2016 and 2017, following a review by the Group in relation to certain life insurance products issued by Westpac Life Insurance Services Limited (WLIS), with Product Disclosure Statements issued in the years 2010 to 2017. This is a complex review, the remediation plan is in its early stages (including consultations with regulators), and some aspects remain uncertain. As such, there is a risk that additional customer remediation may be required in the future in relation to other premium increases, and the amount provisioned may change. Further information is set out below in ‘Contingent Liabilities’. Certain litigation and regulatory proceedings As at 31 March 2022, the Group held provisions in respect of potential non-lending losses and costs connected with certain litigation including: ● an ongoing class action against BT Funds Management Limited (BTFM) and WLIS in the Federal Court of Australia in relation to aspects of BTFM’s BT Super for Life former cash investment option; ● the agreed resolution of ASIC’s proceedings against Westpac in the Federal Court of Australia in relation to the sale of consumer credit insurance (CCI) products to certain customers who Westpac has accepted did not request this product; and ● the resolution of six separate longstanding matters with ASIC, through agreed civil penalty proceedings in the Federal Court of Australia, in relation to: – the continued charging of advice service fees to customer accounts following the death of the relevant account holder; – the sale and assignment of credit card and flexi loan debts to third party debt purchasers; – Westpac’s systems and processes for accounts held by deregistered companies and Westpac’s approach to rectification and remediation of the relevant issues; – the adequacy of disclosure of contribution fees charged to customers for certain of our products and services; – the provision of home and contents insurance, including where some customers received duplicate policies or were issued policies without their consent; and – arrangements concerning the provision of insurance to some superannuation customers (including the charging of adviser insurance commissions in superannuation). Note 14. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Subsequent to 31 March 2022 the Federal Court made final penalty orders in respect of the seven ASIC matters referred to above. The provisions held reflect these final penalties and ASIC’s costs, which Westpac is required to pay. There remains considerable uncertainty as to the expenses that may be associated with matters that are yet to be determined by a Court and, in particular, the approach a Court may take in assessing any appropriate awards, penalties or damages. This includes where the parties may agree a proposed 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 an agreed or court determined resolution of the matters may be materially higher or lower than any provision. Restructuring provisions The Group carries restructuring provisions in relation to changes in business restructures primarily for separation and redundancy costs. The balance primarily relates to business sales entered into or completed during the current or prior reporting period. Refer to Note 17 for further details. 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 the Group’s Customer Remediation Policy. Domestic regulators such as ASIC, APRA, 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, reviews or inquiries, covering a range of matters involving the Group, that may include potential civil, civil penalty 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, and insurance in superannuation); and ● other areas such as: risk governance; RBNZ liquidity policy and associated risk culture; credit portfolio management; prudential standards compliance; conflicts management; hardship processes in relation to consumer / equipment finance; and anti-money laundering and counter-terrorism financing processes and procedures (including reporting). It is uncertain what (if any) actions will result following the conclusion of these investigations or matters. 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. Prior penalties and contraventions by Westpac in relation to similar issues can also affect penalties that may be imposed. Litigation There are ongoing Court proceedings, claims and possible claims 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. Note 14. Provisions, contingent liabilities, contingent assets and credit commitments (continued) Regulatory litigation ● On 5 May 2021, ASIC filed civil proceedings against Westpac alleging that it had engaged in insider trading and unconscionable conduct and failed to comply with its Australian Financial Services Licence obligations. The allegations relate to interest rate hedging activity during Westpac’s involvement in the 2016 Ausgrid privatisation transaction. Westpac has filed its Response to ASIC’s Concise Statement. A hearing date for this matter has been set down for 18 March 2024. 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 AUSTRAC civil 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 Banking Corporation, Westpac General Insurance Limited and WLIS in the Federal Court of Australia in relation to Westpac’s sale of CCI products to customers. A number of similar class actions have been filed against other industry participants. It is alleged 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 by the claim are unspecified. The three entities are defending the proceedings. The matter has been set down for an initial trial commencing in November 2022. ● On 16 July 2020, a class action was commenced against Westpac Banking Corporation 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 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. 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 at least one other class action (and possibly more) against Westpac entities is being investigated. For example, 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. Westpac has not been served with a claim in relation to this matter and has no further information about the scope of the proposed claim beyond the public statements issued by the law firm involved. 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, reputation and other relevant stakeholders. These internal reviews continue to identify 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 appropriate. These issues include, among other things, compliance with lending obligations (including responsible lending); payroll processes; regulatory reporting; sufficiency of training, policies and procedures; product disclosure; tax withholding processes for persons under 16; international funds transfer instruction reporting; storage and use of tax file numbers and other personal information; and impacts from inadequate product governance, including the way some product terms and conditions are operationalised. The Group is reviewing premium increases on certain life insurance products following several customer complaints. This review relates to life insurance products issued by WLIS, with Product Disclosure Statements issued in the years 2010 to 2017. Although a provision has been raised for some remediation aspects, this is a complex review where a number of the outcomes remain uncertain. There remains a risk that customer remediation may be required (over and above what has been provided for) as well as a risk of regulatory or other action against WLIS or other entities in the Group. The review is also considering the premium increases that can and should be made in the future, and there is a risk that the outcomes of the review, or regulatory responses to the review, could significantly 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 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. Even where Westpac has remediated or compensated customers and employees, there can still be the risk of regulators challenging the basis or scope of remediation, imposing penalties, enforceable Note 14. Provisions, contingent liabilities, contingent assets and credit commitments (continued) undertakings or other sanctions. 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. Australian Financial Complaints Authority Contingent liabilities 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. Financial Claims Scheme Under the Financial Claims Scheme (FCS), the Australian Government provides depositors a free guarantee of deposits in eligible ADIs of up to and including $250,000, per account holder, per protected account in an eligible ADI. The FCS applies to an eligible ADI if APRA has applied for the winding up of the ADI or a Banking Act statutory manager is in control of the ADI's business, and the responsible Australian Government minister has declared that the FCS applies to the ADI. The Financial Claims Scheme (ADIs) Levy Act 2008 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. Exposures to third parties relating to divested businesses The Group has potential exposures relating to warranties, indemnities, and other commitments it has provided to third 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 14. Parent entity guarantees and undertakings to subsidiaries Westpac Banking Corporation, as the parent entity of the Group makes the following guarantees and undertakings to its 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). Contingent assets The credit commitments shown in the following table also constitute contingent assets. These commitments would be classified as loans in the balance sheet on the contingent event occurring. Note 14. 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 of the 2021 Annual Report for further details of liquidity risk and credit risk management. Undrawn credit commitments excluding derivatives are as follows: As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Undrawn credit commitments Letters of credit and guarantees 1 11,716 11,323 11,528 3 2 Commitments to extend credit 2 189,415 188,768 187,106 — 1 Other 55 — 69 — (20) Total undrawn credit commitments 3 201,186 200,091 198,703 1 1 1. Standby letters of credit are undertakings to pay, against presentation documents, an obligation in the event of a default by a customer. Guarantees are unconditional undertakings given to support the obligations of a customer to third parties. The Group may hold cash as collateral for certain guarantees issued. 2. Commitments to extend credit include all obligations on the part of the Group to provide credit facilities. As facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. In addition to the commitments disclosed above, at 31 March 2022 the Group had offered $9.5 billion (30 September 2021: $9.7 billion, 31 March 2021: $9.6 billion) of facilities to customers, which had not yet been accepted. 3. Includes nil (30 September 2021: $0.8 billion, 31 March 2021: $0.4 billion) of undrawn credit commitments related to facilities which are held for sale.

Shareholders' equity

Shareholders' equity	6 Months Ended
Shareholders' equity	Mar. 31, 2022
Shareholders' equity
Shareholders' equity	Note 15. Shareholders’ equity As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Share capital Ordinary share capital, fully paid 39,667 41,601 41,604 Treasury shares 1 (651) (606) (603) Total share capital 39,016 40,995 41,001 NCI 54 57 49 1. 31 March 2022: 5,076,534 unvested RSP treasury shares held (30 September 2021: 4,363,329 , 31 March 2021: 4,322,935 ). Ordinary Shares Westpac does not have authorised capital and the ordinary shares have no par value. Ordinary shares entitle the holder to participate in dividends and, in the event of Westpac winding up, to a share of the proceeds in proportion to the number of and amounts paid on the shares held. Each ordinary share entitles the holder to one vote, either in person or by proxy, at a shareholder meeting. Reconciliation of movement in number of ordinary shares Half Year Half Year Half Year March Sept March 2022 2021 2021 Balance as at beginning of period 3,668,591,808 3,668,591,808 3,611,684,870 Dividend reinvestment plan 2 — — 20,213,205 Dividend reinvestment plan underwrite 3 — — 36,693,733 Issued shares for the period — — 56,906,938 Off-market share buy-back 4 (167,464,114) — — Balance as at end of period 3,501,127,694 3,668,591,808 3,668,591,808 2. The DRP for the 2021 final 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 10,286,188 ordinary shares (2021 interim dividend: 9,085,937 ordinary shares) at an average price of $22.34 (2021 interim dividend: $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 . 3. The Group entered to an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. This arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of the dividend that was paid to shareholders in cash were purchased by the DRP underwriter. The price per share for the issuance of shares in relation to the 2020 DRP underwrite was $19.59 . 4. On 14 February 2022, the Group announced the successful completion of its $3.5 billion off-market share buy-back of Westpac ordinary shares. 167,464,114 ordinary shares were bought back at $20.90 , and comprised a fully franked dividend component of $9.56 per share ($ 1,601 million) and a capital component of $11.34 per share ($ 1,901 million including transaction costs). The shares bought back were subsequently cancelled. Ordinary shares purchased on market Half Year March 2022 Average price Consolidated Number ($) For share-based payment arrangements: Employee share plan (ESP) 1,236,092 22.83 RSP 5 2,175,190 21.20 Westpac Performance Plan (WPP) - share rights exercised 223,497 23.72 Westpac Long Term Variable Reward Plan (LTVR) - share rights exercised 2,148 23.85 Net number of ordinary shares purchased/(sold) on market 3,636,927 5. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest. Note 15. Shareholders’ equity (continued) Reconciliation of movement in reserves Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Debt securities at FVOCI reserve Balance as at beginning of period 443 562 177 Net gains/(losses) from changes in fair value (142) (71) 649 Income tax effect 38 20 (197) Transferred to income statement (205) (97) (98) Income tax effect 62 29 29 Loss allowance on debt securities measured at FVOCI (2) 1 1 Other 29 (1) 1 Balance as at end of period 223 443 562 Equity securities at FVOCI reserve Balance as at beginning of period 44 40 (4) Net gains/(losses) from changes in fair value 146 7 43 Income tax effect — (3) 1 Balance as at end of period 190 44 40 Share-based payment reserve Balance as at beginning of period 1,806 1,779 1,720 Share-based payment expense 60 27 59 Balance as at end of period 1,866 1,806 1,779 Cash flow hedge reserve Balance as at beginning of period 196 95 (42) Net gains/(losses) from changes in fair value 1,222 175 121 Income tax effect (362) (51) (35) Transferred to income statement (10) (33) 72 Income tax effect 3 10 (21) Balance as at end of period 1,049 196 95 Foreign currency translation reserve Balance as at beginning of period (241) (502) (292) Exchange differences on translation of foreign operations (367) 515 (266) Gains/(losses) on net investment hedges 201 (254) 56 Balance as at end of period (407) (241) (502) Other reserves Balance as at beginning of period (21) (20) (15) Transactions with owners 1 (1) (5) Balance as at end of period (20) (21) (20) Total reserves 2,901 2,227 1,954

Notes to the consolidated cash

Notes to the consolidated cash flow statement	6 Months Ended
Notes to the consolidated cash flow statement	Mar. 31, 2022
Notes to the consolidated cash flow statement
Notes to the consolidated cash flow statement	Note 16. Notes to the consolidated cash flow stateme nt Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Reconciliation of net cash provided by/(used in) operating activities to net profit for the period Net profit 3,284 2,018 3,445 63 (5) Adjustments: Depreciation, amortisation and impairment 805 1,900 1,154 (58) (30) Impairment charges/(benefits) 241 (108) (240) large large Net decrease/(increase) in current and deferred tax 101 264 86 (62) 17 (Increase)/decrease in accrued interest receivable (59) 102 81 large large (Decrease)/increase in accrued interest payable 25 (84) (339) large large (Decrease)/increase in provisions (536) (249) (1,467) 115 (63) Other non-cash items (169) 135 (388) large (56) Cash flows from operating activities before changes in operating assets and liabilities 3,692 3,978 2,332 (7) 58 Net (increase)/decrease in: Collateral paid (3,293) (166) 471 large large Trading securities and financial assets measured at FVIS (2,106) (574) 19,890 large large Derivative financial instruments 3,004 4,610 (7,030) (35) large Loans (12,636) (17,066) 1,968 (26) large Other financial assets 726 (702) 428 large 70 Life insurance assets and liabilities 133 (216) (377) large large Other assets (17) 72 (66) large (74) Net increase/(decrease) in: Collateral received (184) (251) 344 (27) large Deposits and other borrowings 21,758 35,347 (1,610) (38) large Other financial liabilities 1,382 5,268 3,768 (74) (63) Other liabilities 3 (35) 27 large (89) Net cash provided by/(used in) operating activities 12,462 30,265 20,145 (59) (38) Note 16. Notes to the consolidated cash flow statement (continued) Details of the assets and liabilities over which control ceased Details of the businesses over which control ceased are provided in Note 17 and Note 37 of the 2021 Annual Report. Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Assets: Cash and balances with central banks — 50 — Trading securities and other financial assets measured at FVIS — 409 — Loans 965 369 — Other financial assets 12 688 — Life insurance assets 186 — — Property and equipment — 29 — Deferred tax assets — 4 — Intangible assets — 243 — Other assets 12 226 — Total assets 1,175 2,018 — Liabilities: Other financial liabilities 2 110 — Current tax liabilities 2 — — Life insurance liabilities (115) — — Provisions 4 9 — Deferred tax liabilities 34 — — Other liabilities 36 720 — Total liabilities (37) 839 — Total equity attributable to owners of WBC 1,212 1,179 — Cash proceeds received (net of transaction costs) 1,388 1,322 — Expected receivable (completion settlement)/(payable) (5) 8 — Deferred consideration 118 37 — Total consideration 1,501 1,367 — Gain/(loss) on disposal 289 188 — Reconciliation of cash proceeds from disposal: Cash proceeds received (net of transaction costs) 1,388 1,322 — Less: Cash deconsolidated - (50) — Cash consideration received (net of transaction costs and cash held) 1,388 1,272 — Non-cash financing activities Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Shares issued under the dividend reinvestment plan — — 401 — (100) Increase in lease liabilities 98 55 144 78 (32) On 15 September 2021, $1,152 million of Westpac Capital Notes (WCN) 4 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 20 December 2021, Westpac redeemed the remaining outstanding WCN4. Businesses acquired During Half Year March 2022, Westpac acquired MoneyBrilliant Pty Ltd (100% interest on 13 December 2021). 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 $480 million (30 September 2021: $445 million, 31 March 2021: $236 million) which are included in cash and balances with central banks. Included in assets held for sale are restricted cash balances with central banks totalling nil nil

Assets and liabilities held for

Assets and liabilities held for sale	6 Months Ended
Assets and liabilities held for sale	Mar. 31, 2022
Assets and liabilities held for sale
Assets and liabilities held for sale	Note 17. Assets and liabilities held for sale The businesses classified as held for sale during First Half 2022 do not constitute a major line of business, and therefore have not been classified as discontinued operations. Businesses held for sale as at 31 March 2022 Westpac Australian Life Insurance business On 9 August 2021, the Group announced that it would sell Westpac Life Insurance Services Limited to TAL Dai-ichi Life Australia Pty Limited (TAL) and enter into an exclusive 20 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 was 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. Required regulatory approvals have been obtained, and the transaction remains on track to complete in the second half of the 2022 calendar year. Transactions completed during First Half 2022 Westpac Motor Vehicle Dealer Finance and Novated Leasing business On 28 June 2021, the Group announced that it would sell its motor vehicle dealer finance and novated leasing business to Angle Auto Finance Pty Ltd, L.P. As part of the sale, Westpac would 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. Completion of the transaction occurred over several stages in First Half 2022, with wholesale dealer loans of approximately $1 billion transferred on 20 December 2021, and final completion occurring on 24 March 2022. A pre-tax gain on sale of $170 million was recognised during the period in non-interest income. Westpac has retained auto loans of around $9 billion. The loans will run down over the life of those loans. Westpac has also ceased 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 business was included in Specialist Businesses. 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 The sale was completed on 28 February 2022 for NZ$417 million resulting in a pre-tax gain on sale of A$119 million recognised in non-interest income. Ongoing payments to Westpac will be received in accordance with the distribution agreement. This entity was included in Westpac New Zealand. Note 17. Assets and liabilities held for sale (continued) Balance sheet presentation Details of the assets and liabilities that have been presented as held for sale are as follows: As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Assets held for sale Cash and balances with central banks 8 7 792 Trading securities and financial assets measured at FVIS — — 282 Derivative financial instruments — — 7 Investment securities — — 550 Loans — 1,015 1,819 Other financial assets 18 19 423 Life insurance assets 2,479 2,972 — Property and equipment — — 23 Deferred tax assets 43 8 25 Intangible assets — — 243 Other assets 152 167 195 Total assets held for sale 2,700 4,188 4,359 Liabilities held for sale Deposits and other borrowings — — 2,088 Other financial liabilities 17 28 120 Derivative financial instruments — — 6 Current tax liabilities — 14 1 Life insurance liabilities 414 447 — Provisions 65 35 20 Deferred tax liabilities 3 44 — Other liabilities 185 269 814 Total liabilities held for sale 684 837 3,049

Subsequent events

Subsequent events	6 Months Ended
Subsequent events	Mar. 31, 2022
Subsequent events
Subsequent events	Note 18. Subsequent events Since 31 March 2022, the Board has determined to pay a fully franked interim dividend of 61 cents per fully paid ordinary share. The dividend is expected to be $2,136 million. The dividend is not recognised as a liability at 31 March 2022. The proposed payment date of the dividend is 24 June 2022. The Board has determined to satisfy the DRP for the 2022 interim dividend by arranging for the purchase of existing shares by a third party. The Market Price used to determine the number of shares allocated to DRP participants will be set over the 10 trading days commencing on 25 May 2022 and will not include a discount. No other matters have arisen since the half year ended 31 March 2022, which are not otherwise dealt with in this 2022 Interim Financial Report, that have significantly affected or may significantly affect the operations of the Group, the results of its operations or the state of affairs of the Group in subsequent periods.

Financial statements preparat_2

Financial statements preparation (Policies)	6 Months Ended
Financial statements preparation (Policies)	Mar. 31, 2022
Financial statements preparation
Financial statements preparation	Financial statements preparation This general purpose Interim Financial Report for the half year ended 31 March 2022 has been prepared in accordance with Australian Accounting Standard AASB 134 Interim Financial Reporting Corporations Act 2001 (Cth) The Interim Financial Report does not include all the notes of the type normally included in an Annual Financial Report. Accordingly, this Interim Financial Report is to be read in conjunction with the Annual Financial Report for the year ended 30 September 2021 and any relevant public announcements made by Westpac during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) The Interim Financial Report complies with current Australian Accounting Standards (AAS) as they relate to interim financial reports. The Interim Financial Report was authorised for issue by the Board of Directors on 8 May 2022. All amounts have been rounded in accordance with ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191, to the nearest million dollars, unless otherwise stated. Accounting policies The accounting policies adopted in the preparation of this Interim Financial Report are consistent with those in the Annual Financial Report for the year ended 30 September 2021. As such, balances as at 31 March 2021 for deferred income tax assets, intangibles, other assets and retained profits has been restated for changes in accounting policy in relation to Software-as-a-Service (refer to Note 1 of the 2021 Annual Report for further details).
Critical accounting assumptions and estimates	Critical accounting assumptions and estimates In preparing the Interim Financial Report, the application of the Group’s accounting policies requires the use of judgement, assumptions and estimates. The areas of judgement, assumptions and estimates in the Interim Financial Report, including the key sources of estimation uncertainty, are consistent with those in the Annual Financial Report for the year ended 30 September 2021. Details on specific judgements in relation to the calculation of provisions for ECL including overlays are included in Note 10.
Amendments to Accounting Standards effective this period	Amendments to Accounting Standards effective this period No new accounting standards have been adopted by the Group for the half year ended 31 March 2022. There have been no amendments to existing accounting standards that have had a material impact to the Group.
Future developments in accounting standards	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.
Interest rate benchmark reform (IBOR)	Interest rate benchmark reform (IBOR) The IBOR reform and the enterprise-wide IBORs Transition Programme the Group has established to manage the impacts of this reform are detailed in Note 21 of the Group’s 2021 Annual Report. A number of IBORs had a 31 December 2021 cessation date. The Group ceased to enter into new contracts referencing these rates and the Group’s existing exposures at 30 September 2021 have either matured or transitioned to an alternative reference rate (ARR) with the exception of a small number of trades with immaterial balances. These remaining balances will be valued using synthetic rates, however no new trades will be entered into referencing these synthetic rates. Certain US LIBOR tenors have not yet transitioned to an ARR as they have a cessation date of 30 June 2023. The Group has monitoring controls in place to assess US LIBOR exposures on a regular basis. These include assessing customers and counterparties for readiness to transition or the inclusion of fallback provisions as well as compliance with an overall Programme objective to transition away from USD LIBOR transactions. In addition, the Group’s exposure to new contracts referencing these rates is limited by regulatory guidelines whereby transactions from 31 December 2021 can only be entered into for risk management purposes.

Segment reporting (Tables)

Segment reporting (Tables)	6 Months Ended
Segment reporting (Tables)	Mar. 31, 2022
Segment reporting
Schedule of segment results on a cash earnings basis	The tables present the segment results on a cash earnings basis for the Group: Consumer and Westpac Westpac New Business Institutional Zealand Specialist Group $m Consumer Business Banking Bank (A$) Businesses Businesses Group Half Year March 2022 Net interest income 4,377 1,323 5,700 481 1,041 242 564 8,028 Net fee income 265 162 427 302 86 29 1 845 Net wealth management and insurance income 26 — 26 — 39 336 — 401 Trading income — — — 267 25 20 27 339 Other income 33 1 34 19 120 165 8 346 Net operating income before operating expenses and impairment charges 4,701 1,486 6,187 1,069 1,311 792 600 9,959 Operating expenses 1 (2,369) (982) (3,351) (577) (534) (584) (320) (5,366) Impairment (charges)/benefits 27 (158) (131) (58) 9 38 3 (139) Profit before income tax expense 2,359 346 2,705 434 786 246 283 4,454 Income tax (expense)/benefit (713) (107) (820) (128) (189) (111) (107) (1,355) Net profit attributable to NCI — — — — — (3) (1) (4) Cash earnings 1,646 239 1,885 306 597 132 175 3,095 Net cash earnings adjustments — — — — 5 — 180 185 Net profit attributable to owners of WBC 1,646 239 1,885 306 602 132 355 3,280 Balance sheet Loans 2 465,697 80,949 546,646 73,950 87,361 11,730 (131) 719,556 Deposits and other borrowings 2 276,161 134,716 410,877 104,661 75,622 8,362 46,084 645,606 Half Year Sept 2021 Net interest income 4,722 1,451 6,173 458 991 246 377 8,245 Net fee income 232 172 404 312 67 25 (26) 782 Net wealth management and insurance income 25 — 25 — 69 536 (19) 611 Trading income — — — 229 15 18 — 262 Other income 6 2 8 85 5 211 30 339 Net operating income before operating expenses and impairment charges 4,985 1,625 6,610 1,084 1,147 1,036 362 10,239 Operating expenses 1 (2,522) (1,165) (3,687) (1,887) (562) (738) (428) (7,302) Impairment (charges)/benefits 82 318 400 (154) (13) (13) (2) 218 Profit before income tax expense 2,545 778 3,323 (957) 572 285 (68) 3,155 Income tax (expense)/benefit (765) (236) (1,001) 126 (167) (235) (60) (1,337) Net profit attributable to NCI — — — — — (5) 2 (3) Cash earnings 1,780 542 2,322 (831) 405 45 (126) 1,815 Net cash earnings adjustments — — — — 1 — 199 200 Net profit attributable to owners of WBC 1,780 542 2,322 (831) 406 45 73 2,015 Balance sheet Loans 2 462,699 78,385 541,084 67,749 88,409 12,550 (8) 709,784 Deposits and other borrowings 2 266,445 128,550 394,995 99,349 75,756 8,744 48,111 626,955 1. Impairment of assets (including goodwill and other intangible assets) were insignificant for all segments except for the following: - Specialist Businesses: First Half 2022: $167 million (Second Half 2021: $52 million, First Half 2021: $89 million); - Westpac Institutional Bank: First Half 2022 $nil (Second Half 2021: $1,156 million, First Half 2021: $36 million). 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 17 for further details). Note 2. Segment reporting (continued) Consumer and Westpac Westpac New Business Institutional Zealand Specialist Group $m Consumer Business Banking Bank (A$) Businesses Businesses Group Half Year March 2021 Net interest income 4,764 1,536 6,300 467 996 248 458 8,469 Net fee income 217 173 390 302 73 40 (105) 700 Net wealth management and insurance income 27 — 27 — 44 609 (85) 595 Trading income — — — 379 43 15 16 453 Other income 11 2 13 6 7 1 555 582 Net operating income before operating expenses and impairment charges 5,019 1,711 6,730 1,154 1,163 913 839 10,799 Operating expenses 1 (2,376) (1,053) (3,429) (708) (500) (740) (604) (5,981) Impairment (charges)/benefits 102 107 209 (8) 92 79 — 372 Profit before income tax expense 2,745 765 3,510 438 755 252 235 5,190 Income tax (expense)/benefit (818) (230) (1,048) (140) (210) (138) (115) (1,651) Net profit attributable to NCI — — — — — 3 (5) (2) Cash earnings 1,927 535 2,462 298 545 117 115 3,537 Net cash earnings adjustments — — — — (3) — (91) (94) Net profit attributable to owners of WBC 1,927 535 2,462 298 542 117 24 3,443 Balance sheet Loans 2 451,595 77,662 529,257 63,125 83,151 12,687 (2) 688,218 Deposits and other borrowings 2 254,025 123,654 377,679 92,692 71,019 4,598 39,413 585,401 1. Impairment of assets (including goodwill and other intangible assets) were insignificant for all segments except for the following: - Specialist Businesses: First Half 2022: $167 million (Second Half 2021: $52 million, First Half 2021: $89 million); - Westpac Institutional Bank: First Half 2022 $ nil (Second Half 2021: $1,156 million, First Half 2021: $36 million). 2. Specialist Businesses excludes balances presented as held for sale (refer to Note 17 for further details).
Schedule of reconciliation of cash earnings to net profit	Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Cash earnings 3,095 1,815 3,537 71 (12) Fair value (gain)/loss on economic hedges 204 184 (46) 11 large Ineffective hedges (19) 16 (48) large (60) Total cash earnings adjustment (post-tax) 185 200 (94) (8) large Net profit attributable to owners of WBC 3,280 2,015 3,443 63 (5)

Net interest income (Tables)

Net interest income (Tables)	6 Months Ended
Net interest income (Tables)	Mar. 31, 2022
Net interest income
Schedule of net interest income	Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Interest income 1 Calculated using the effective interest rate method Cash and balances with central banks 46 15 15 large large Collateral paid 4 6 10 (33) (60) Investment securities 506 574 626 (12) (19) Loans 9,547 10,063 10,693 (5) (11) Other financial assets — — 2 — (100) Assets held for sale 6 63 65 (90) (91) Total interest income calculated using the effective interest rate method 10,109 10,721 11,411 (6) (11) Other Net ineffectiveness on qualifying hedges (27) 22 (68) large (60) Trading securities and financial assets measured at FVIS and loans 123 101 91 22 35 Assets held for sale — — — — — Total other 96 123 23 (22) large Total interest income 10,205 10,844 11,434 (6) (11) Interest expense Calculated using the effective interest rate method Collateral received (4) (2) (2) 100 100 Deposits and other borrowings (712) (730) (1,071) (2) (34) Debt issues (851) (904) (957) (6) (11) Loan capital (440) (440) (409) — 8 Other financial liabilities (45) (83) (29) (46) 55 Liabilities held for sale — (3) (8) (100) (100) Total interest expense calculated using the effective interest rate method (2,052) (2,162) (2,476) (5) (17) Other Deposits and other borrowings (49) (31) (36) 58 36 Trading liabilities 2 452 157 (279) 188 large Debt issues (31) (35) (29) (11) 7 Bank levy (177) (197) (195) (10) (9) Other interest expense (60) (66) (70) (9) (14) Liabilities held for sale — — (1) — (100) Total other 135 (172) (610) large large Total interest expense (1,917) (2,334) (3,086) (18) (38) Net interest income 8,288 8,510 8,348 (3) (1) 1. In First Half 2022, interest income was increased by $9 million in relation to compliance, regulation and remediation costs for provisions no longer required. In Second Half 2021, interest income was reduced by $57 million (First Half 2021: $49 million reduced) for these costs. Refer to Note 14 for further details. 2. Includes net impact of Treasury balance sheet management activities.

Non-interest income (Tables)

Non-interest income (Tables)	6 Months Ended
Non-interest income (Tables)	Mar. 31, 2022
Non-interest income
Schedule of non-interest income	Non-interest income 1 Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Net fee income Facility fees 344 348 369 (1) (7) Transaction fees 556 501 492 11 13 Other non-risk fee income 72 47 (47) 53 large Fee income 972 896 814 8 19 Credit card loyalty programs (60) (46) (55) 30 9 Transaction fee related expenses (67) (68) (59) (1) 14 Fee expenses (127) (114) (114) 11 11 Net fee income 845 782 700 8 21 Net wealth management and insurance income Wealth management income 361 346 311 4 16 Life insurance premium income 520 548 529 (5) (2) General insurance and lenders mortgage insurance (LMI) net premium earned — 131 256 (100) (100) Life insurance investment and other income 2 (129) 36 23 large large General insurance and LMI investment and other income — 39 37 (100) (100) Total insurance premium, investment and other income 391 754 845 (48) (54) Life insurance claims, changes in life insurance liabilities and other expenses (351) (439) (328) (20) 7 General insurance and LMI claims and other expenses — (48) (230) (100) (100) Total insurance claims, changes in insurance liabilities and other expenses (351) (487) (558) (28) (37) Net wealth management and insurance income 401 613 598 (35) (33) Trading income 343 277 442 24 (22) Other income Dividends received from other entities 3 2 2 50 50 Net gain/(loss) on sale/de-recognition of associates 13 36 7 (64) 86 Net gain/(loss) on disposal of assets (2) (3) 10 (33) large Net gain/(loss) on hedging of overseas operations (1) (2) (6) (50) (83) Net gain/(loss) on derivatives held for risk management purposes 3 7 — 4 — 75 Net gain/(loss) on financial instruments measured at fair value 16 75 580 (79) (97) Net gain/(loss) on disposal of controlled entities and other businesses 289 188 — 54 — Rental income on operating leases 9 19 22 (53) (59) Share of associates’ net profit/(loss) (3) (3) (3) — — Other 22 42 (18) (48) large Total other income 353 354 598 — (41) Total non-interest income 1,942 2,026 2,338 (4) (17) 1. Non-interest income included items relating to compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, net wealth management income and other income of $8 million (Second Half 2021: $89 million, First Half 2021: $231 million). Refer to Note 14 for further details. 2. Includes policyholder tax recoveries. 3. Income from derivatives held for risk management purposes reflects the impact of economic hedges on earnings.

Operating expenses (Tables)

Operating expenses (Tables)	6 Months Ended
Operating expenses (Tables)	Mar. 31, 2022
Operating expenses
Schedule of operating expenses	Operating expenses 1 Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Staff expenses Employee remuneration, entitlements and on-costs 2,584 2,897 2,472 (11) 5 Superannuation expense 278 244 231 14 20 Share-based payments 46 51 46 (10) — Restructuring costs 74 71 22 4 large Total staff expenses 2,982 3,263 2,771 (9) 8 Occupancy expenses Operating lease rentals 79 91 73 (13) 8 Depreciation and impairment of property and equipment 261 526 429 (50) (39) Other 58 50 57 16 2 Total occupancy expenses 398 667 559 (40) (29) Technology expenses Amortisation and impairment of software assets 2 337 723 517 (53) (35) Depreciation and impairment of IT equipment 85 142 118 (40) (28) Technology services 342 422 398 (19) (14) Software maintenance and licences 248 297 234 (16) 6 Telecommunications 72 88 93 (18) (23) Data processing 41 51 45 (20) (9) Total technology expenses 1,125 1,723 1,405 (35) (20) Other expenses Professional and processing services 460 682 728 (33) (37) Amortisation and impairment of intangible assets and deferred expenditure 122 509 90 (76) 36 Postage and stationery 74 82 74 (10) — Advertising 81 104 116 (22) (30) Non-lending losses 45 156 78 (71) (42) Other expenses 86 128 176 (33) (51) Total other expenses 868 1,661 1,262 (48) (31) Total operating expenses 5,373 7,314 5,997 (27) (10) 1. Included in operating expense are costs related to compliance, regulation and remediation of $17 million (Second Half 2021: $161 million; First Half 2021: $198 million). Refer to Note 14 for further details. 2. These balances included impairment of capitalised software assets for First Half 2022 of $54 million (Second Half 2021: $352 million, First Half 2021: $133 million).

Income tax (Tables)

Income tax (Tables)	6 Months Ended
Income tax (Tables)	Mar. 31, 2022
Income tax
Schedule of income tax reconciled to profit before income tax	Note 6. Income tax The income tax expense is reconciled to the profit before income tax as follows: Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Profit before income tax 4,718 3,440 5,061 37 (7) Tax at the Australian company tax rate of 30% 1,415 1,032 1,518 37 (7) The effect of amounts which are not deductible/(assessable) in calculating taxable income: Hybrid capital distributions 28 31 28 (10) — Life insurance: Tax adjustment on policyholder earnings — 1 2 (100) (100) Adjustment for life business tax rates — — — — — Other non-assessable items (34) (4) (2) large large Other non-deductible items 47 176 76 (73) (38) Adjustment for overseas tax rates (15) (6) (10) 150 50 Income tax (over)/under provided in prior periods 7 1 2 large large Other items (14) 191 2 large large Total income tax expense 1 1,434 1,422 1,616 1 (11) Effective income tax rate 30.39% 41.34% 31.93% large ( 154 bps) 1. As the Bank levy is not a levy on income, it is not included in income tax. It is included in Note 3.

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
Earnings per share (Tables)	Mar. 31, 2022
Earnings per share
Schedule of earnings per share	Note 7. Earnings per share Basic earnings per share (EPS) is calculated by dividing the net profit attributable to shareholders by the weighted average number of ordinary shares on issue during the period, adjusted for treasury shares. Diluted EPS is calculated by adjusting the basic EPS by assuming all dilutive potential ordinary shares are converted. Half Year March 2022 Half Year Sept 2021 Half Year March 2021 Basic Diluted Basic Diluted Basic Diluted Net profit attributable to shareholders ($m) 3,280 3,280 2,015 2,015 3,443 3,443 Adjustment for RSP dividends 2 (2) — (1) — (1) — Adjustment for potential dilution: Distributions to convertible loan capital holders 3 — 100 — 109 — 109 Adjusted net profit attributable to shareholders 3,278 3,380 2,014 2,124 3,442 3,552 Weighted average number of ordinary shares (millions) Weighted average number of ordinary shares on issue 3,626 3,626 3,669 3,669 3,644 3,644 Treasury shares (including RSP share rights) 2 (4) (4) (3) (3) (3) (3) Adjustment for potential dilution: Share-based payments — 3 — 4 — 3 Convertible loan capital 3 — 321 — 323 — 468 Adjusted weighted average number of ordinary shares 3,622 3,946 3,666 3,993 3,641 4,112 Earnings per ordinary share (cents) 90.5 85.7 54.9 53.2 94.5 86.4 2. 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. 3. The Group has issued convertible loan capital which may convert into ordinary shares in the future. These convertible loan capital instruments are potentially dilutive instruments, and diluted EPS is therefore calculated as if the instruments had been converted at the beginning of the respective period or, if later, the instruments’ issue date.

Average balance sheet and int_2

Average balance sheet and interest rates (Tables)	6 Months Ended
Average balance sheet and interest rates (Tables)	Mar. 31, 2022
Average balance sheet and interest rates
Summary of the average daily balances of the Group's interest earning assets and interest bearing liabilities	Half Year March 2022 Half Year Sept 2021 Half Year March 2021 Average Average Average Average Average Average balance Interest rate balance Interest rate balance Interest rate $m $m % $m $m % $m $m % Assets Interest earning assets Collateral paid 6,261 4 0.1 9,762 6 0.1 14,708 10 0.1 Trading securities and financial assets measured at FVIS 22,243 123 1.1 20,428 101 1.0 27,172 91 0.7 Investment securities 77,779 506 1.3 87,790 574 1.3 87,628 626 1.4 Loans and other receivables 1 764,946 9,566 2.5 702,821 10,100 2.9 680,286 10,642 3.1 Assets held for sale 846 6 1.4 5,125 63 2.5 3,156 65 4.1 Total interest earning assets and interest income 872,075 10,205 2.3 825,926 10,844 2.6 812,950 11,434 2.8 Non-interest earning assets Derivative financial instruments 18,283 18,740 21,879 Life insurance assets — (3,105) 3,575 Assets held for sale 3,048 7,895 1,267 All other assets 2 64,427 61,198 61,760 Total non-interest earning assets 85,758 84,728 88,481 Total assets 957,833 910,654 901,431 Liabilities Interest bearing liabilities Collateral received 4,239 4 0.2 5,891 2 0.1 6,483 2 0.1 Repurchased agreements 35,740 38 0.2 37,106 30 0.2 30,047 26 0.2 Deposits and other borrowings 570,842 761 0.3 537,943 761 0.3 524,723 1,107 0.4 Loan capital 30,504 440 2.9 27,642 440 3.2 25,540 409 3.2 Other interest bearing liabilities 3 145,068 674 0.9 133,426 1,098 1.6 141,162 1,533 2.2 Liabilities held for sale — — — 1,338 3 0.4 1,332 9 1.4 Total interest bearing liabilities and interest expense 786,393 1,917 0.5 743,346 2,334 0.6 729,287 3,086 0.8 Non-interest bearing liabilities Deposits and other borrowings 69,413 63,569 60,473 Derivative financial instruments 19,035 17,142 24,101 Life insurance liabilities — (783) 1,295 Liabilities held for sale 775 3,840 1,610 All other liabilities 4 11,087 11,383 15,031 Total non-interest bearing liabilities 100,310 95,151 102,510 Total liabilities 886,703 838,497 831,797 Shareholders’ equity 71,073 72,108 69,583 NCI 57 49 51 Total equity 71,130 72,157 69,634 Total liabilities and equity 957,833 910,654 901,431 Loans and other receivables 1 Australia 648,399 7,986 2.5 594,388 8,696 2.9 576,394 9,163 3.2 New Zealand 97,814 1,486 3.0 93,882 1,336 2.8 89,570 1,411 3.2 Other overseas 18,733 94 1.0 14,551 68 0.9 14,322 68 1.0 Deposits and other borrowings Australia 489,642 489 0.2 463,114 558 0.2 452,206 842 0.4 New Zealand 61,263 243 0.8 60,482 182 0.6 59,648 236 0.8 Other overseas 19,937 29 0.3 14,347 21 0.3 12,869 29 0.5 1. Loans and other receivables are net of Stage 3 provision for ECL, where interest income is determined based on their carrying value. Stage 1 and 2 provisions for ECL are not included in the average interest earning assets balance, as interest income is determined based on the gross value of loans and other receivables. 2. Includes property and equipment, intangible assets, deferred tax assets, non-interest bearing loans relating to mortgage offset accounts and all other non-interest earning financial assets. 3. Includes net impact of Treasury balance sheet management activities and the Bank Levy. 4. Includes other financial liabilities, provisions, current and deferred tax liabilities and all other non-interest bearing liabilities.

Loans (Tables)

Loans (Tables)	6 Months Ended
Loans (Tables)	Mar. 31, 2022
Loans
Schedule of loans by industry classification	Note 9. Loans As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Australia Housing 458,278 455,604 443,557 1 3 Personal 14,128 14,737 16,458 (4) (14) Business 156,763 148,453 142,965 6 10 Total Australia 629,169 618,794 602,980 2 4 New Zealand Housing 57,780 58,081 53,530 (1) 8 Personal 1,116 1,175 1,293 (5) (14) Business 29,294 29,991 29,119 (2) 1 Total New Zealand 88,190 89,247 83,942 (1) 5 Total other overseas 6,392 6,332 6,209 1 3 Total loans 723,751 714,373 693,131 1 4 Provision for expected credit losses (ECL) on loans (Note 10) (4,195) (4,589) (4,913) (9) (15) Total net loans 1,2 719,556 709,784 688,218 1 5 1. Total net loans included securitised loans of $4,808 million as at 31 March 2022 (30 September 2021: $4,829 million, 31 March 2021: $6,144 million). The level of securitised loans excludes loans where Westpac is the holder of related debt securities. 2. Total net loans included assets pledged for the covered bond programs of $35,052 million as at 31 March 2022 (30 September 2021: $26,921 million, 31 March 2021: $33,841 million).

Provisions for expected credi_2

Provisions for expected credit losses (Tables)	6 Months Ended
Provisions for expected credit losses (Tables)	Mar. 31, 2022
Provisions for expected credit losses
Schedule of impact of overlays on the provision for ECL	As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Modelled provision for ECL 3,539 4,352 4,580 Overlays 1,136 647 902 Total provision for ECL 4,675 4,999 5,482
Summary of key macroeconomic assumptions for base case scenario	Key economic assumptions for base case scenario 31 March 2022 1 30 September 2021 31 March 2021 Annual GDP Forecast growth of 5.5% for calendar year 2022 and 2.7% for calendar year 2023 Forecast growth of 0.1% for calendar year 2021 and 7.4% for calendar year 2022 Forecast growth of 4% for calendar year 2021 and 3% for calendar year 2022. Commercial property index Forecast price contraction of 3.1% for calendar year 2022 and growth of 2.1% for calendar year 2023 Forecast price contraction of 0.7% for calendar year 2021 and 4.7% for calendar year 2022 Forecast price contraction of 15% for calendar year 2021. Residential property prices Forecast price appreciation of 1.6% for calendar year 2022 and contraction of 7.0% for calendar year 2023 Forecast price appreciation of 11.8% for calendar year 2021 and 5.0% for calendar year 2022 Forecast annualised price growth of 10% for both calendar years 2021 and 2022 . Cash rate Forecast to increase to 50 bps by December 2022 and then to 150 bps by December 2023 Forecast to remain at 10 bps over calendar years 2021 and 2022 Forecast to remain at 10 bps over calendar years 2021 and 2022 . Unemployment rate: Australia Forecast rate of 3.8% at December 2022 and 3.9% at December 2023 Forecast rate of 5.4% at December 2021 and 4% at December 2022 Forecast rate of 6% at December 2021. New Zealand Forecast rate of 3.0% at December 2022 and 3.3% at December 2023 Forecast rate of 4.2% at December 2021 and 3.5% at December 2022 Forecast rate of 4.9% at December 2021. 1. The ECL at 31 March 2022 has been calculated using Westpac Economic forecasts at 21 February 2022. Westpac has monitored subsequent updates from this date, noting revised cash rate forecasts of 2% for December 2023 and 2024 . These updates have not resulted in a significant change to the modelled ECL.
Summary of the the probability weighted scenarios	As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Reported probability-weighted ECL 4,675 4,999 5,482 100% base case ECL 2,993 3,411 3,902 100% downside ECL 6,752 7,399 7,865
Summary of macroeconomic scenario weightings	As at As at As at 31 March 30 Sept 31 March Economic scenario weightings (%) 2022 2021 2021 Upside 5 5 5 Base 50 55 55 Downside 45 40 40
Reconciliation of impairment charges	Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Loans and credit commitments: Business activity during the period (94) (218) (226) Net remeasurement of the provision for ECL 336 128 (9) Impairment charges for debt securities at amortised cost 1 (19) (6) Impairment charges for debt securities at FVOCI (2) 1 1 Recoveries (102) (110) (132) Impairment charges/(benefits) 139 (218) (372)
Loans and credit commitments
Provisions for expected credit losses
Schedule of provision for ECL	As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Performing - Stage 1 1,078 936 1,022 15 5 Performing - Stage 2 2,107 2,091 2,568 1 (18) Non-performing - Stage 3 1,490 1,972 1,892 (24) (21) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Presented as: Provision for ECL on loans (Note 9) 4,195 4,589 4,913 (9) (15) Provision for ECL on loans included in assets held for sale (Note 17) — 7 85 (100) (100) Provision for ECL on credit commitments (Note 14) 480 401 477 20 1 Provision for ECL on credit commitments included in liabilities held for sale (Note 17) — 2 7 (100) (100) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Of which: Individually assessed provisions 501 832 564 (40) (11) Collectively assessed provisions 4,174 4,167 4,918 — (15) Total provisions for ECL on loans and credit commitments 4,675 4,999 5,482 (6) (15) Gross loans and credit commitments 924,937 915,486 893,738 1 3 Coverage ratio on loans (%) 0.58% 0.64% 0.72% (6 bps) (14 bps) Coverage ratio on loans and credit commitments (%) 0.51% 0.55% 0.61% (4 bps) (10 bps)
Summary and changes in the provision for ECL	Non- Consolidated Performing performing $m Stage 1 Stage 2 Stage 3 Total Balance as at 30 September 2020 1,084 2,875 2,173 6,132 Transfers to Stage 1 695 (662) (33) — Transfers to Stage 2 (112) 719 (607) — Transfers to Stage 3 (3) (244) 247 — Business activity during the period 52 (107) (171) (226) Net remeasurement of provision for ECL (689) (8) 688 (9) Write-offs — — (431) (431) Exchange rate and other adjustments (5) (5) 26 16 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 Transfers to Stage 1 551 (466) (85) — Transfers to Stage 2 (88) 571 (483) — Transfers to Stage 3 (5) (263) 268 — Business activity during the period 70 (116) (172) (218) Net remeasurement of provision for ECL (595) (192) 915 128 Write-offs — — (405) (405) Exchange rate and other adjustments (19) (11) 42 12 Balance as at 30 September 2021 936 2,091 1,972 4,999 Transfers to Stage 1 461 (398) (63) — Transfers to Stage 2 (102) 509 (407) — Transfers to Stage 3 (8) (198) 206 — Business activity during the period 255 (149) (200) (94) Net remeasurement of provision for ECL (463) 264 535 336 Write-offs — — (566) (566) Exchange rate and other adjustments (1) (12) 13 — Balance as at 31 March 2022 1,078 2,107 1,490 4,675
Schedule of provision for ECL by class and stage	Non- Performing performing $m Stage 1 Stage 2 Stage 3 Total Housing 180 704 830 1,714 Personal 184 331 208 723 Business 658 1,533 854 3,045 Balance as at 31 March 2021 1,022 2,568 1,892 5,482 Housing 160 741 607 1,508 Personal 153 355 174 682 Business 623 995 1,191 2,809 Balance as at 30 September 2021 936 2,091 1,972 4,999 Housing 264 680 498 1,442 Personal 124 315 150 589 Business 690 1,112 842 2,644 Balance as at 31 March 2022 1,078 2,107 1,490 4,675

Credit Quality (Tables)

Credit Quality (Tables)	6 Months Ended
Credit Quality (Tables)	Mar. 31, 2022
Credit Quality
Schedule of credit quality of loans and credit commitments	As at 31 March 2022 As at 30 Sept 21 As at 31 March 2021 $m Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans - housing Strong 401,201 24,367 — 425,568 398,043 21,165 — 419,208 394,406 6,679 — 401,085 Good/satisfactory 48,746 24,248 — 72,994 55,631 17,851 — 73,482 62,371 14,499 — 76,870 Weak 2,057 11,216 4,568 17,841 3,245 12,659 5,461 21,365 4,509 8,912 5,722 19,143 Total loans - housing 452,004 59,831 4,568 516,403 456,919 51,675 5,461 514,055 461,286 30,090 5,722 497,098 Loans - personal Strong 4,890 84 — 4,974 4,608 69 — 4,677 5,020 105 — 5,125 Good/satisfactory 8,092 1,113 — 9,205 8,780 1,327 — 10,107 10,188 1,034 — 11,222 Weak 288 530 253 1,071 310 539 286 1,135 464 606 334 1,404 Total loans - personal 13,270 1,727 253 15,250 13,698 1,935 286 15,919 15,672 1,745 334 17,751 Loans - business Strong 76,014 784 — 76,798 71,336 446 — 71,782 62,004 1,947 — 63,951 Good/satisfactory 94,954 13,197 — 108,151 93,457 10,674 — 104,131 91,049 13,761 — 104,810 Weak 185 3,897 3,067 7,149 175 4,562 3,749 8,486 188 6,544 2,789 9,521 Total loans - business 171,153 17,878 3,067 192,098 164,968 15,682 3,749 184,399 153,241 22,252 2,789 178,282 Held for sale loans Strong — — — — 180 — — 180 48 5 — 53 Good/satisfactory — — — — 786 56 — 842 1,229 243 — 1,472 Weak — — — — — — — — 12 266 101 379 Total held for sale loans — — — — 966 56 — 1,022 1,289 514 101 1,904 Undrawn credit commitments 1 Strong 154,459 2,590 — 157,049 153,712 1,546 — 155,258 150,965 2,741 — 153,706 Good/satisfactory 37,519 5,369 — 42,888 38,377 5,119 — 43,496 38,891 4,484 — 43,375 Weak 116 812 321 1,249 130 933 274 1,337 133 1,253 236 1,622 Total undrawn credit commitments 192,094 8,771 321 201,186 192,219 7,598 274 200,091 189,989 8,478 236 198,703 Total strong 636,564 27,825 — 664,389 627,879 23,226 — 651,105 612,443 11,477 — 623,920 Total good/ satisfactory 189,311 43,927 — 233,238 197,031 35,027 — 232,058 203,728 34,021 — 237,749 Total weak 2,646 16,455 8,209 27,310 3,860 18,693 9,770 32,323 5,306 17,581 9,182 32,069 Total loans and undrawn credit commitments 828,521 88,207 8,209 924,937 828,770 76,946 9,770 915,486 821,477 63,079 9,182 893,738 1. Includes credit commitments on held for sale assets of nil as at 31 March 2022 (30 September 2021: $828 million, 31 March 2021: $439 million) .

Deposits and other borrowings (

Deposits and other borrowings (Tables)	6 Months Ended
Deposits and other borrowings (Tables)	Mar. 31, 2022
Deposits and other borrowings
Schedule of deposits and other borrowings	Deposits and other borrowings 1 As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Australia Certificates of deposit 27,048 31,506 26,273 (14) 3 Non-interest bearing, repayable at call 54,829 52,819 49,467 4 11 Other interest bearing at call 361,609 345,416 315,218 5 15 Other interest bearing term 104,865 102,775 110,470 2 (5) Total Australia 548,351 532,516 501,428 3 9 New Zealand Certificates of deposit 2,783 3,293 3,020 (15) (8) Non-interest bearing, repayable at call 14,706 14,066 12,588 5 17 Other interest bearing at call 30,188 31,354 29,022 (4) 4 Other interest bearing term 27,945 27,042 26,389 3 6 Total New Zealand 75,622 75,755 71,019 — 6 Other overseas Certificates of deposit 14,903 11,839 7,859 26 90 Non-interest bearing, repayable at call 1,008 919 — 10 — Other interest bearing at call 1,696 1,751 753 (3) 125 Other interest bearing term 4,026 4,175 4,342 (4) (7) Total other overseas 21,633 18,684 12,954 16 67 Total deposits and other borrowings 645,606 626,955 585,401 3 10 1. Non-interest bearing relates to instruments which do not carry a rate of interest.

Fair values of financial asse_2

Fair values of financial assets and financial liabilities (Tables)	6 Months Ended
	Mar. 31, 2022
Fair values of financial assets and financial liabilities
Summary of the attribution of financial instruments measured at fair value to the fair value hierarchy	$m Level 1 Level 2 Level 3 Total As at 31 March 2022 Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,474 18,260 4 23,738 Derivative financial instruments 38 18,204 27 18,269 Investment securities 11,838 57,287 439 69,564 Loans — 217 32 249 Assets held for sale 1,057 1,422 — 2,479 Total financial assets measured at fair value on a recurring basis 18,407 95,390 502 114,299 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 44,743 — 44,743 Other financial liabilities 1,090 5,767 — 6,857 Derivative financial instruments 26 25,288 33 25,347 Debt issues — 6,294 — 6,294 Liabilities held for sale — 414 — 414 Total financial liabilities measured at fair value on a recurring basis 1,116 82,506 33 83,655 Note 13. Fair values of financial assets and financial liabilities (continued) $m Level 1 Level 2 Level 3 Total As at 30 September 2021 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 Derivative financial instruments 22 19,305 26 19,353 Investment securities 19,282 62,923 277 82,482 Loans — 74 36 110 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 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 46,665 — 46,665 Other financial liabilities 1,478 4,968 — 6,446 Derivative financial instruments 35 17,992 32 18,059 Debt issues — 5,514 — 5,514 Liabilities held for sale — 447 — 447 Total financial liabilities measured at fair value on a recurring basis 1,513 75,586 32 77,131 As at 31 March 2021 Financial assets measured at fair value on a recurring basis Trading securities and financial assets measured at FVIS 5,579 14,749 600 20,928 Derivative financial instruments 26 22,335 12 22,373 Investment securities 17,792 72,778 368 90,938 Loans — 108 20 128 Life insurance assets 119 3,297 — 3,416 Assets held for sale — 282 7 289 Total financial assets measured at fair value on a recurring basis 23,516 113,549 1,007 138,072 Total financial assets measured at fair value on a non-recurring basis Assets held for sale — — 376 376 Total financial assets measured at fair value 23,516 113,549 1,383 138,448 Financial liabilities measured at fair value on a recurring basis Deposits and other borrowings — 37,212 — 37,212 Other financial liabilities 225 3,632 — 3,857 Derivative financial instruments 31 20,253 19 20,303 Debt issues — 5,639 — 5,639 Life insurance liabilities — 1,070 — 1,070 Liabilities held for sale — — 6 6 Total financial liabilities measured at fair value on a recurring basis 256 67,806 25 68,087
Summary of changes in financial instruments measured at fair value on a recurring basis derived from non-market observable valuation techniques (Level 3)	Half Year March 2022 Trading securities and financial assets Total Total measured at Investment Level 3 Level 3 $m FVIS Securities Other 1 assets Derivatives liabilities Balance as at beginning of period 5 277 62 344 32 32 Gains/(losses) on assets / (gains)/losses on liabilities recognised in: Income statement — — 3 3 7 7 Other comprehensive income — 146 — 146 — — Acquisitions and issues — 33 3 36 — — Disposals and settlements (1) (17) (8) (26) (1) (1) Transfer into or out of non-market observables — — — — (5) (5) Foreign currency translation impacts — — (1) (1) — — Balance as at end of period 4 439 59 502 33 33 Unrealised gains/(losses) recognised in the income statement for financial instrument held as at end of period — — 4 4 (7) (7) 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	As at 31 March 2022 As at 30 Sept 2021 As at 31 March 2021 Carrying Fair Carrying Fair Carrying Fair $m amount value amount value amount value Financial assets not measured at fair value Cash and balances with central banks 102,410 102,410 71,353 71,353 33,877 33,877 Collateral paid 7,374 7,374 4,232 4,232 3,917 3,917 Investment securities 878 878 935 935 365 365 Loans 719,307 716,281 709,674 710,284 688,090 689,606 Other financial assets 4,896 4,896 6,394 6,394 3,312 3,312 Assets held for sale 26 26 1,041 1,041 3,208 3,208 Total financial assets not measured at fair value 834,891 831,865 793,629 794,239 732,769 734,285 Financial liabilities not measured at fair value Collateral received 2,170 2,170 2,368 2,368 2,504 2,504 Deposits and other borrowings 600,863 600,982 580,290 580,112 548,189 548,167 Other financial liabilities 44,488 44,488 43,863 43,863 39,139 39,139 Debt issues 2 127,335 127,247 123,265 124,569 122,211 123,576 Loan capital 2 29,036 29,413 29,067 30,147 26,294 27,137 Liabilities held for sale 17 17 28 28 2,208 2,208 Total financial liabilities not measured at fair value 803,909 804,317 778,881 781,087 740,545 742,731 2. The estimated fair values of debt issues and loan capital include the impact of changes in Westpac’s credit spreads since origination.

Provisions, contingent liabil_2

Provisions, contingent liabilities, contingent assets and credit commitments (Tables)	6 Months Ended
	Mar. 31, 2022
Provisions, contingent liabilities, contingent assets and credit commitments
Schedule of changes in provisions	As at 31 March 2022 Annual Compliance, leave and Litigation Provision for regulation Long other and non- impairment Lease Restructuring and service employee lending on credit restoration and other remediation $m leave benefits losses commitments obligations provisions provisions Total Balance as at beginning of period 531 803 117 401 201 376 1,142 3,571 Additions 43 560 40 79 4 79 130 935 Utilisation (27) (740) (36) — (8) (97) (379) (1,287) Reversal of unutilised provisions (38) (7) (12) — — (13) (114) (184) Balance as at end of period 509 616 109 480 197 345 779 3,035
Summary of undrawn credit commitments and maturity analysis	Undrawn credit commitments excluding derivatives are as follows: As at As at As at % Mov’t 31 March 30 Sept 31 March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Undrawn credit commitments Letters of credit and guarantees 1 11,716 11,323 11,528 3 2 Commitments to extend credit 2 189,415 188,768 187,106 — 1 Other 55 — 69 — (20) Total undrawn credit commitments 3 201,186 200,091 198,703 1 1 1. Standby letters of credit are undertakings to pay, against presentation documents, an obligation in the event of a default by a customer. Guarantees are unconditional undertakings given to support the obligations of a customer to third parties. The Group may hold cash as collateral for certain guarantees issued. 2. Commitments to extend credit include all obligations on the part of the Group to provide credit facilities. As facilities may expire without being drawn upon, the notional amounts do not necessarily reflect future cash requirements. In addition to the commitments disclosed above, at 31 March 2022 the Group had offered $9.5 billion (30 September 2021: $9.7 billion, 31 March 2021: $9.6 billion) of facilities to customers, which had not yet been accepted. 3. Includes nil (30 September 2021: $0.8 billion, 31 March 2021: $0.4 billion) of undrawn credit commitments related to facilities which are held for sale.

Shareholders' equity (Tables)

Shareholders' equity (Tables)	6 Months Ended
Shareholders' equity (Tables)	Mar. 31, 2022
Shareholders' equity
Summary of share capital by class	As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Share capital Ordinary share capital, fully paid 39,667 41,601 41,604 Treasury shares 1 (651) (606) (603) Total share capital 39,016 40,995 41,001 NCI 54 57 49 1. 31 March 2022: 5,076,534 unvested RSP treasury shares held (30 September 2021: 4,363,329 , 31 March 2021: 4,322,935 ). Reconciliation of movement in number of ordinary shares Half Year Half Year Half Year March Sept March 2022 2021 2021 Balance as at beginning of period 3,668,591,808 3,668,591,808 3,611,684,870 Dividend reinvestment plan 2 — — 20,213,205 Dividend reinvestment plan underwrite 3 — — 36,693,733 Issued shares for the period — — 56,906,938 Off-market share buy-back 4 (167,464,114) — — Balance as at end of period 3,501,127,694 3,668,591,808 3,668,591,808 2. The DRP for the 2021 final 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 10,286,188 ordinary shares (2021 interim dividend: 9,085,937 ordinary shares) at an average price of $22.34 (2021 interim dividend: $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 . 3. The Group entered to an arrangement to fully underwrite the 2020 final dividend, referred to as a DRP underwrite. This arrangement ensured that the capital impact of the dividend was negated as new shares of equivalent value to the amount of the dividend that was paid to shareholders in cash were purchased by the DRP underwriter. The price per share for the issuance of shares in relation to the 2020 DRP underwrite was $19.59 . 4. On 14 February 2022, the Group announced the successful completion of its $3.5 billion off-market share buy-back of Westpac ordinary shares. 167,464,114 ordinary shares were bought back at $20.90 , and comprised a fully franked dividend component of $9.56 per share ($ 1,601 million) and a capital component of $11.34 per share ($ 1,901 million including transaction costs). The shares bought back were subsequently cancelled. Ordinary shares purchased on market Half Year March 2022 Average price Consolidated Number ($) For share-based payment arrangements: Employee share plan (ESP) 1,236,092 22.83 RSP 5 2,175,190 21.20 Westpac Performance Plan (WPP) - share rights exercised 223,497 23.72 Westpac Long Term Variable Reward Plan (LTVR) - share rights exercised 2,148 23.85 Net number of ordinary shares purchased/(sold) on market 3,636,927 5. Ordinary shares allocated to employees under the RSP are classified as treasury shares until the shares vest.
Schedule of reconciliation of movement in reserves	Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Debt securities at FVOCI reserve Balance as at beginning of period 443 562 177 Net gains/(losses) from changes in fair value (142) (71) 649 Income tax effect 38 20 (197) Transferred to income statement (205) (97) (98) Income tax effect 62 29 29 Loss allowance on debt securities measured at FVOCI (2) 1 1 Other 29 (1) 1 Balance as at end of period 223 443 562 Equity securities at FVOCI reserve Balance as at beginning of period 44 40 (4) Net gains/(losses) from changes in fair value 146 7 43 Income tax effect — (3) 1 Balance as at end of period 190 44 40 Share-based payment reserve Balance as at beginning of period 1,806 1,779 1,720 Share-based payment expense 60 27 59 Balance as at end of period 1,866 1,806 1,779 Cash flow hedge reserve Balance as at beginning of period 196 95 (42) Net gains/(losses) from changes in fair value 1,222 175 121 Income tax effect (362) (51) (35) Transferred to income statement (10) (33) 72 Income tax effect 3 10 (21) Balance as at end of period 1,049 196 95 Foreign currency translation reserve Balance as at beginning of period (241) (502) (292) Exchange differences on translation of foreign operations (367) 515 (266) Gains/(losses) on net investment hedges 201 (254) 56 Balance as at end of period (407) (241) (502) Other reserves Balance as at beginning of period (21) (20) (15) Transactions with owners 1 (1) (5) Balance as at end of period (20) (21) (20) Total reserves 2,901 2,227 1,954

Notes to the consolidated cas_2

Notes to the consolidated cash flow statement (Tables)	6 Months Ended
Notes to the consolidated cash flow statement (Tables)	Mar. 31, 2022
Notes to the consolidated cash flow statement
Summary of reconciliation of net cash provided by/(used in) operating activities to net profit for the year	Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Reconciliation of net cash provided by/(used in) operating activities to net profit for the period Net profit 3,284 2,018 3,445 63 (5) Adjustments: Depreciation, amortisation and impairment 805 1,900 1,154 (58) (30) Impairment charges/(benefits) 241 (108) (240) large large Net decrease/(increase) in current and deferred tax 101 264 86 (62) 17 (Increase)/decrease in accrued interest receivable (59) 102 81 large large (Decrease)/increase in accrued interest payable 25 (84) (339) large large (Decrease)/increase in provisions (536) (249) (1,467) 115 (63) Other non-cash items (169) 135 (388) large (56) Cash flows from operating activities before changes in operating assets and liabilities 3,692 3,978 2,332 (7) 58 Net (increase)/decrease in: Collateral paid (3,293) (166) 471 large large Trading securities and financial assets measured at FVIS (2,106) (574) 19,890 large large Derivative financial instruments 3,004 4,610 (7,030) (35) large Loans (12,636) (17,066) 1,968 (26) large Other financial assets 726 (702) 428 large 70 Life insurance assets and liabilities 133 (216) (377) large large Other assets (17) 72 (66) large (74) Net increase/(decrease) in: Collateral received (184) (251) 344 (27) large Deposits and other borrowings 21,758 35,347 (1,610) (38) large Other financial liabilities 1,382 5,268 3,768 (74) (63) Other liabilities 3 (35) 27 large (89) Net cash provided by/(used in) operating activities 12,462 30,265 20,145 (59) (38)
Summary of the assets and liabilities over which control ceased	Half Year Half Year Half Year March Sept March $m 2022 2021 2021 Assets: Cash and balances with central banks — 50 — Trading securities and other financial assets measured at FVIS — 409 — Loans 965 369 — Other financial assets 12 688 — Life insurance assets 186 — — Property and equipment — 29 — Deferred tax assets — 4 — Intangible assets — 243 — Other assets 12 226 — Total assets 1,175 2,018 — Liabilities: Other financial liabilities 2 110 — Current tax liabilities 2 — — Life insurance liabilities (115) — — Provisions 4 9 — Deferred tax liabilities 34 — — Other liabilities 36 720 — Total liabilities (37) 839 — Total equity attributable to owners of WBC 1,212 1,179 — Cash proceeds received (net of transaction costs) 1,388 1,322 — Expected receivable (completion settlement)/(payable) (5) 8 — Deferred consideration 118 37 — Total consideration 1,501 1,367 — Gain/(loss) on disposal 289 188 — Reconciliation of cash proceeds from disposal: Cash proceeds received (net of transaction costs) 1,388 1,322 — Less: Cash deconsolidated - (50) — Cash consideration received (net of transaction costs and cash held) 1,388 1,272 —
Schedule of non-cash financing activities	Half Year Half Year Half Year % Mov’t March Sept March Mar 22 Mar 22 $m 2022 2021 2021 - Sept 21 - Mar 21 Shares issued under the dividend reinvestment plan — — 401 — (100) Increase in lease liabilities 98 55 144 78 (32)

Assets and liabilities held f_2

Assets and liabilities held for sale (Tables)	6 Months Ended
Assets and liabilities held for sale (Tables)	Mar. 31, 2022
Assets and liabilities held for sale
Schedule of assets and liabilities that have been presented as held for sale	Details of the assets and liabilities that have been presented as held for sale are as follows: As at As at As at 31 March 30 Sept 31 March $m 2022 2021 2021 Assets held for sale Cash and balances with central banks 8 7 792 Trading securities and financial assets measured at FVIS — — 282 Derivative financial instruments — — 7 Investment securities — — 550 Loans — 1,015 1,819 Other financial assets 18 19 423 Life insurance assets 2,479 2,972 — Property and equipment — — 23 Deferred tax assets 43 8 25 Intangible assets — — 243 Other assets 152 167 195 Total assets held for sale 2,700 4,188 4,359 Liabilities held for sale Deposits and other borrowings — — 2,088 Other financial liabilities 17 28 120 Derivative financial instruments — — 6 Current tax liabilities — 14 1 Life insurance liabilities 414 447 — Provisions 65 35 20 Deferred tax liabilities 3 44 — Other liabilities 185 269 814 Total liabilities held for sale 684 837 3,049

Segment reporting - Segment res

Segment reporting - Segment results (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Income Statement
Net interest income	$ 8,288	$ 8,510	$ 8,348
Net fee income	845	782	700
Net wealth management and insurance income	401	613	598
Trading income	343	277	442
Net operating income before operating expenses and impairment charges	10,230	10,536	10,686
Operating expenses	(5,373)	(7,314)	(5,997)
Impairment (charges)/benefits	(139)	218	372
Profit before income tax expense	4,718	3,440	5,061
Income tax (expense)/benefit	(1,434)	(1,422)	(1,616)
Net profit attributable to NCI	(4)	(3)	(2)
Net profit attributable to owners of Westpac Banking Corporation (WBC)	3,280	2,015	3,443
Balance sheet
Loans	719,556	709,784	688,218
Deposits and other borrowings	645,606	626,955	585,401
Consumer and Business Banking
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	1,885	2,322	2,462
Balance sheet
Loans	546,646	541,084	529,257
Deposits and other borrowings	410,877	394,995	377,679
Consumer
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	1,646	1,780	1,927
Balance sheet
Loans	465,697	462,699	451,595
Deposits and other borrowings	276,161	266,445	254,025
Business
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	239	542	535
Balance sheet
Loans	80,949	78,385	77,662
Deposits and other borrowings	134,716	128,550	123,654
Westpac Institutional Bank
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	306	(831)	298
Balance sheet
Loans	73,950	67,749	63,125
Deposits and other borrowings	104,661	99,349	92,692
Impairment of intangible assets, including goodwill	0	1,156	36
Westpac New Zealand
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	602	406	542
Balance sheet
Loans	87,361	88,409	83,151
Deposits and other borrowings	75,622	75,756	71,019
Specialist Businesses
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	132	45	117
Balance sheet
Loans	11,730	12,550	12,687
Deposits and other borrowings	8,362	8,744	4,598
Impairment of intangible assets, including goodwill	167	52	89
Group Businesses
Income Statement
Net profit attributable to owners of Westpac Banking Corporation (WBC)	355	73	24
Balance sheet
Loans	(131)	(8)	(2)
Deposits and other borrowings	46,084	48,111	39,413
Operating segments
Income Statement
Net interest income	8,028	8,245	8,469
Net fee income	845	782	700
Net wealth management and insurance income	401	611	595
Trading income	339	262	453
Other income	346	339	582
Net operating income before operating expenses and impairment charges	9,959	10,239	10,799
Operating expenses	(5,366)	(7,302)	(5,981)
Impairment (charges)/benefits	(139)	218	372
Profit before income tax expense	4,454	3,155	5,190
Income tax (expense)/benefit	(1,355)	(1,337)	(1,651)
Net profit attributable to NCI	(4)	(3)	(2)
Cash earnings	3,095	1,815	3,537
Operating segments \| Consumer and Business Banking
Income Statement
Net interest income	5,700	6,173	6,300
Net fee income	427	404	390
Net wealth management and insurance income	26	25	27
Other income	34	8	13
Net operating income before operating expenses and impairment charges	6,187	6,610	6,730
Operating expenses	(3,351)	(3,687)	(3,429)
Impairment (charges)/benefits	(131)	400	209
Profit before income tax expense	2,705	3,323	3,510
Income tax (expense)/benefit	(820)	(1,001)	(1,048)
Cash earnings	1,885	2,322	2,462
Operating segments \| Consumer
Income Statement
Net interest income	4,377	4,722	4,764
Net fee income	265	232	217
Net wealth management and insurance income	26	25	27
Other income	33	6	11
Net operating income before operating expenses and impairment charges	4,701	4,985	5,019
Operating expenses	(2,369)	(2,522)	(2,376)
Impairment (charges)/benefits	27	82	102
Profit before income tax expense	2,359	2,545	2,745
Income tax (expense)/benefit	(713)	(765)	(818)
Cash earnings	1,646	1,780	1,927
Operating segments \| Business
Income Statement
Net interest income	1,323	1,451	1,536
Net fee income	162	172	173
Other income	1	2	2
Net operating income before operating expenses and impairment charges	1,486	1,625	1,711
Operating expenses	(982)	(1,165)	(1,053)
Impairment (charges)/benefits	(158)	318	107
Profit before income tax expense	346	778	765
Income tax (expense)/benefit	(107)	(236)	(230)
Cash earnings	239	542	535
Operating segments \| Westpac Institutional Bank
Income Statement
Net interest income	481	458	467
Net fee income	302	312	302
Trading income	267	229	379
Other income	19	85	6
Net operating income before operating expenses and impairment charges	1,069	1,084	1,154
Operating expenses	(577)	(1,887)	(708)
Impairment (charges)/benefits	(58)	(154)	(8)
Profit before income tax expense	434	(957)	438
Income tax (expense)/benefit	(128)	126	(140)
Cash earnings	306	(831)	298
Operating segments \| Westpac New Zealand
Income Statement
Net interest income	1,041	991	996
Net fee income	86	67	73
Net wealth management and insurance income	39	69	44
Trading income	25	15	43
Other income	120	5	7
Net operating income before operating expenses and impairment charges	1,311	1,147	1,163
Operating expenses	(534)	(562)	(500)
Impairment (charges)/benefits	9	(13)	92
Profit before income tax expense	786	572	755
Income tax (expense)/benefit	(189)	(167)	(210)
Cash earnings	597	405	545
Operating segments \| Specialist Businesses
Income Statement
Net interest income	242	246	248
Net fee income	29	25	40
Net wealth management and insurance income	336	536	609
Trading income	20	18	15
Other income	165	211	1
Net operating income before operating expenses and impairment charges	792	1,036	913
Operating expenses	(584)	(738)	(740)
Impairment (charges)/benefits	38	(13)	79
Profit before income tax expense	246	285	252
Income tax (expense)/benefit	(111)	(235)	(138)
Net profit attributable to NCI	(3)	(5)	3
Cash earnings	132	45	117
Operating segments \| Group Businesses
Income Statement
Net interest income	564	377	458
Net fee income	1	(26)	(105)
Net wealth management and insurance income		(19)	(85)
Trading income	27		16
Other income	8	30	555
Net operating income before operating expenses and impairment charges	600	362	839
Operating expenses	(320)	(428)	(604)
Impairment (charges)/benefits	3	(2)
Profit before income tax expense	283	(68)	235
Income tax (expense)/benefit	(107)	(60)	(115)
Net profit attributable to NCI	(1)	2	(5)
Cash earnings	175	(126)	115
Net cash earnings adjustment
Income Statement
Net cash earnings adjustments	185	200	(94)
Net cash earnings adjustment \| Westpac New Zealand
Income Statement
Net cash earnings adjustments	5	1	(3)
Net cash earnings adjustment \| Group Businesses
Income Statement
Net cash earnings adjustments	$ 180	$ 199	$ (91)

Segment reporting - Reconciliat

Segment reporting - Reconciliation of cash earnings to net profit (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Segment reporting
Net profit attributable to owners of Westpac Banking Corporation (WBC)	$ 3,280	$ 2,015	$ 3,443
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from prior period	63.00%
Net profit attributable to owners of Westpac Banking Corporation (WBC), percentage movement from same period of prior year	(5.00%)
Operating segments
Segment reporting
Cash earnings	$ 3,095	1,815	3,537
Cash earnings, percentage movement from prior period	71.00%
Cash earnings, percentage movement from same period of prior year	(12.00%)
Net cash earnings adjustment
Segment reporting
Total cash earnings adjustment (post-tax)	$ 185	200	(94)
Total cash earnings adjustment (post-tax), percentage movement from prior period	(8.00%)
Fair value gain/(loss) on economic hedges
Segment reporting
Total cash earnings adjustment (post-tax)	$ 204	184	(46)
Total cash earnings adjustment (post-tax), percentage movement from prior period	11.00%
Ineffective hedges
Segment reporting
Total cash earnings adjustment (post-tax)	$ (19)	$ 16	$ (48)
Total cash earnings adjustment (post-tax), percentage movement from same period of prior year	(60.00%)

Net interest income (Details)

Net interest income (Details) - AUD ($) $ in Millions	6 Months Ended
Net interest income (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Calculated using the effective interest rate method
Cash and balances with central banks	$ 46	$ 15	$ 15
Collateral paid	$ 4	6	10
Collateral paid, percentage movement from prior period	(33.00%)
Collateral paid, percentage movement from same period in prior year	(60.00%)
Investment securities	$ 506	574	626
Investment securities, percentage movement from prior period	(12.00%)
Investment securities, percentage movement from same period in prior year	(19.00%)
Loans	$ 9,547	10,063	10,693
Loans, percentage movement from prior period	(5.00%)
Loans, percentage movement from same period in prior year	(11.00%)
Other financial assets			2
Other financial assets, percentage movement from same period in prior year	(100.00%)
Assets held for sale	$ 6	63	65
Assets held for sale, percentage movement from prior period	(90.00%)
Assets held for sale, percentage movement from same period in prior year	(91.00%)
Total interest income calculated using the effective interest rate method	$ 10,109	10,721	11,411
Total interest income calculated using the effective interest rate method, percentage movement from prior period	(6.00%)
Total interest income calculated using the effective interest rate method, percentage movement from same period in prior year	(11.00%)
Other
Net ineffectiveness on qualifying hedges	$ (27)	22	(68)
Net effectiveness on qualifying hedges, percentage movement from same period in prior year	(60.00%)
Trading securities and financial assets measured at FVIS and loans	$ 123	101	91
Trading securities and financial assets designated at fair value, percentage movement from prior period	22.00%
Trading securities and financial assets designated at fair value, percentage movement from same period in prior year	35.00%
Total other	$ 96	123	23
Other, percentage movement from prior period	(22.00%)
Total interest income	$ 10,205	10,844	11,434
Interest income, percentage movement from prior period	(6.00%)
Interest income, percentage movement from same period of prior year	(11.00%)
Calculated using the effective interest rate method
Collateral received	$ (4)	(2)	(2)
Collateral received, percentage movement from prior period	100.00%
Collateral received, percentage movement from same period in prior year	100.00%
Deposits and other borrowings	$ (712)	(730)	(1,071)
Deposits and other borrowings, percentage movement from prior period	(2.00%)
Deposits and other borrowings, percentage movement from same period in prior year	(34.00%)
Debt issues	$ (851)	(904)	(957)
Debt issues, percentage movement from prior period	(6.00%)
Debt issues, percentage movement from same period in prior year	(11.00%)
Loan capital	$ (440)	(440)	(409)
Loan capital, percentage movement from same period in prior year	8.00%
Other financial liabilities	$ (45)	(83)	(29)
Other financial liabilities, percentage movement from prior period	(46.00%)
Other financial liabilities, percentage movement from same period in prior year	55.00%
Liabilities held for sale		(3)	(8)
Liabilities held for sale, percentage movement from prior period	(100.00%)
Liabilities held for sale, percentage movement from same period in prior year	(100.00%)
Total interest expense calculated using the effective interest rate method	$ (2,052)	(2,162)	(2,476)
Interest expense, percentage movement from prior period	(5.00%)
Interest expense, percentage movement from same period of prior year	(17.00%)
Other
Deposits and other borrowings	$ (49)	(31)	(36)
Deposits and other borrowings, percentage movement from prior period	58.00%
Deposits and other borrowings, percentage movement from same period in prior year	36.00%
Trading liabilities	$ 452	157	(279)
Trading liabilities, percentage movement from prior period	188.00%
Debt issues	$ (31)	(35)	(29)
Debt issues, percentage movement from prior period	(11.00%)
Debt issues, percentage movement from same period in prior year	7.00%
Bank levy	$ (177)	(197)	(195)
Bank levy, percentage movement from prior period	(10.00%)
Bank levy, percentage movement from same period in prior year	(9.00%)
Other interest expense	$ (60)	(66)	(70)
Other interest expense, percentage movement from prior period	(9.00%)
Other interest expense, percentage movement from same period in prior year	(14.00%)
Liabilities held for sale			(1)
Liabilities held for sale, percentage movement from same period in prior year	(100.00%)
Total other	$ 135	(172)	(610)
Total interest expense	$ (1,917)	(2,334)	(3,086)
Interest expense, percentage movement from prior period	(18.00%)
Interest expense, percentage movement from same period of prior year	(38.00%)
Net interest income	$ 8,288	8,510	8,348
Net interest income, percentage movement from prior period	(3.00%)
Net interest income, percentage movement from same period of prior year	(1.00%)
Increase in interest income related to compliance, regulation and remediation costs	$ 9
Decrease in interest income related to compliance, regulation and remediation costs		$ 57	$ 49

Non-interest income (Details)

Non-interest income (Details) - AUD ($) $ in Millions	6 Months Ended
Non-interest income (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Net fee income
Facility fees	$ 344	$ 348	$ 369
Facility fees, percentage movement from prior period	(1.00%)
Facility fees, percentage movement from same period in prior year	(7.00%)
Transactions fees	$ 556	501	492
Transactions fees, percentage movement from prior period	11.00%
Transactions fees, percentage movement from same period in prior year	13.00%
Other non-risk fee income	$ 72	47	(47)
Other non-risk fee income, percentage movement from prior period	53.00%
Fee income	$ 972	896	814
Fee income, percentage movement from prior period	8.00%
Fee income, percentage movement from same period in prior year	19.00%
Credit card loyalty programs	$ (60)	(46)	(55)
Credit card loyalty programs, percentage movement from prior period	30.00%
Credit card loyalty programs, percentage movement from same period in prior year	9.00%
Transaction fee related expenses	$ (67)	(68)	(59)
Transaction fee related expenses, percentage movement from prior period	(1.00%)
Transaction fee related expenses, percentage movement from same period in prior year	14.00%
Fee expenses	$ (127)	(114)	(114)
Fee expenses, percentage movement from prior period	11.00%
Fee expenses, percentage movement from same period in prior year	11.00%
Net fee income	$ 845	782	700
Net fee income, percentage movement from prior period	8.00%
Net fee income, percentage movement from same period of prior year	21.00%
Net wealth management and insurance income
Wealth management income	$ 361	346	311
Wealth management income, percentage movement from prior period	4.00%
Wealth management income, percentage movement from same period in prior year	16.00%
Life insurance premium income	$ 520	548	529
Life insurance premium income, percentage movement from prior period	(5.00%)
Life insurance premium income, percentage movement from same period in prior year	(2.00%)
General insurance and lenders mortgage insurance (LMI) net premium earned		131	256
General insurance and lenders mortgage insurance (LMI) net premium earned, percentage movement from prior period	(100.00%)
General insurance and lenders mortgage insurance (LMI) net premium earned, percentage movement from same period in prior year	(100.00%)
Life insurance investment and other income	$ (129)	36	23
General insurance and LMI investment and other income		39	37
General insurance and LMI investment and other income, percentage movement from prior period	(100.00%)
General insurance and LMI investment and other income percentage movement from same period in prior year	(100.00%)
Total insurance premium, investment and other income	$ 391	754	845
Total insurance premium, investment and other income, percentage movement from prior period	(48.00%)
Total insurance premium, investment and other income, percentage movement from same period in prior year	(54.00%)
Life insurance claims, changes in life insurance liabilities and other expenses	$ (351)	(439)	(328)
Life insurance claims, changes in life insurance liabilities and other expenses, percentage movement from prior period	(20.00%)
Life insurance claims, changes in life insurance liabilities and other expenses, percentage movement from same period in prior year	7.00%
General insurance and LMI claims and other expenses		(48)	(230)
General insurance and LMI claims and other expenses, percentage movement from prior period	(100.00%)
General insurance and LMI claims and other expenses, percentage movement from same period in prior year	(100.00%)
Total insurance claims, changes in insurance liabilities and other expenses	$ (351)	(487)	(558)
Total insurance claims, changes in insurance liabilities and other expenses, percentage movement from prior period	(28.00%)
Total insurance claims, changes in insurance liabilities and other expenses, percentage movement from same period in prior year	(37.00%)
Net wealth management and insurance income	$ 401	613	598
Net wealth management and insurance income, percentage movement from prior period	(35.00%)
Net wealth management and insurance income, percentage movement from same period of prior year	(33.00%)
Trading income	$ 343	277	442
Trading income, percentage movement from prior period	24.00%
Trading income, percentage movement from same period in prior year	(22.00%)
Other income
Dividends received from other entities	$ 3	2	2
Dividends received from other entities, percentage movement from prior period	50.00%
Dividends received from other entities, percentage movement from same period in prior year	50.00%
Net gain/(loss) on sale/de-recognition of associates	$ 13	36	7
Net gain/(loss) on sale/derecognition of associates, percentage movement from prior period	(64.00%)
Net gain/(loss) on sale/derecognition of associates, percentage movement from same period in prior year	86.00%
Net gain/(loss) on disposal of assets	$ (2)	(3)	10
Net gain/(loss) on disposal of assets, percentage movement from prior period	(33.00%)
Net gain/(loss) on hedging of overseas operations	$ (1)	(2)	(6)
Net gain/(loss) on hedging of overseas operations, percentage movement from prior period	(50.00%)
Net gain/(loss) on hedging of overseas operations, percentage movement from same period in prior year	(83.00%)
Net gain/(loss) on derivatives held for risk management purposes	$ 7		4
Net gain/(loss) on derivatives held for risk management purposes, percentage movement from same period in prior year	75.00%
Net gain/(loss) on financial instruments measured at fair value	$ 16	75	580
Net gain/(loss) on financial instruments measured at fair value, percentage movement from prior period	(79.00%)
Net gain/(loss) on financial instruments measured at fair value, percentage movement from same period in prior year	(97.00%)
Net gain/(loss) on disposal of controlled entities and other businesses	$ 289	188
Net gain/(loss) on disposal of controlled entities, percentage movement from prior period	54.00%
Rental income on operating leases	$ 9	19	22
Rental income on operating leases, percentage movement from prior period	(53.00%)
Rental income on operating leases, percentage movement from same period in prior year	(59.00%)
Share of associates' net profit/(loss)	$ (3)	(3)	(3)
Other	$ 22	42	(18)
Other, percentage movement from prior period	(48.00%)
Total other income	$ 353	354	598
Total other income, percentage movement from same period of prior year	(41.00%)
Total non-interest income	$ 1,942	2,026	2,338
Total non-interest income, percentage movement from prior period	(4.00%)
Total non-interest income, percentage movement from same period in prior year	(17.00%)
Compliance, regulation and remediation costs recognised as a reduction of non-risk fee income, wealth management income and other income	$ 8	$ 89	$ 231

Operating expenses (Details)

Operating expenses (Details) - AUD ($) $ in Millions	6 Months Ended
Operating expenses (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Staff expenses
Employee remuneration, entitlements and on-costs	$ 2,584	$ 2,897	$ 2,472
Employee remuneration, entitlements and on-costs, percentage movement from prior period	(11.00%)
Employee remuneration, entitlements and on-costs, percentage movement from same period in prior year	5.00%
Superannuation expense	$ 278	244	231
Superannuation expense, percentage movement from prior period	14.00%
Superannuation expense, percentage movement from same period in prior year	20.00%
Share-based payments	$ 46	51	46
Share-based payments, percentage movement from prior period	(10.00%)
Restructuring costs	$ 74	71	22
Restructuring costs, percentage movement from prior period	4.00%
Total staff expenses	$ 2,982	3,263	2,771
Total staff expenses, percentage movement from prior period	(9.00%)
Total staff expenses, percentage movement from same period in prior year	8.00%
Occupancy expenses
Operating lease rentals	$ 79	91	73
Operating lease rentals, percentage movement from prior period	(13.00%)
Operating lease rentals, percentage movement from same period in prior year	8.00%
Depreciation and impairment of property and equipment	$ 261	526	429
Depreciation and impairment of property and equipment, percentage movement from prior period	(50.00%)
Depreciation and impairment of property and equipment, percentage movement from same period in prior year	(39.00%)
Other	$ 58	50	57
Other, percentage movement from prior period	16.00%
Other, percentage movement from same period in prior year	2.00%
Total occupancy expenses	$ 398	667	559
Total occupancy expenses, percentage movement from prior period	(40.00%)
Total occupancy expenses, percentage movement from same period in prior year	(29.00%)
Technology expenses
Amortisation and impairment of software assets	$ 337	723	517
Amortisation and impairment of software assets, percentage movement from prior period	(53.00%)
Amortisation and impairment of software assets, percentage movement from same period in prior year	(35.00%)
Depreciation and impairment of IT equipment	$ 85	142	118
Depreciation and impairment of IT equipment, percentage movement from prior period	(40.00%)
Depreciation and impairment of IT equipment, percentage movement from same period in prior year	(28.00%)
Technology services	$ 342	422	398
Technology services, percentage movement from prior period	(19.00%)
Technology services, percentage movement from same period in prior year	(14.00%)
Software maintenance and licences	$ 248	297	234
Software maintenance and licences, percentage movement from prior period	(16.00%)
Software maintenance and licences, percentage movement from same period in prior year	6.00%
Telecommunications	$ 72	88	93
Telecommunications, percentage movement from prior period	(18.00%)
Telecommunications, percentage movement from same period in prior year	(23.00%)
Data processing	$ 41	51	45
Data processing, percentage movement from prior period	(20.00%)
Data processing, percentage movement from same period in prior year	(9.00%)
Total technology expenses	$ 1,125	1,723	1,405
Total technology expenses, percentage movement from prior period	(35.00%)
Total technology expenses, percentage movement from same period in prior year	(20.00%)
Other expenses
Professional and processing services	$ 460	682	728
Professional and processing services, percentage movement from prior period	(33.00%)
Professional and processing services, percentage movement from same period in prior year	(37.00%)
Amortisation and impairment of intangible assets and deferred expenditure	$ 122	509	90
Amortisation and impairment of intangible assets and deferred expenditure, percentage movement from prior period	(76.00%)
Amortisation and impairment of intangible assets and deferred expenditure, percentage movement from same period in prior year	36.00%
Postage and stationery	$ 74	82	74
Postage and stationery, percentage movement from prior period	(10.00%)
Advertising	$ 81	104	116
Advertising, percentage movement from prior period	(22.00%)
Advertising, percentage movement from same period in prior year	(30.00%)
Non-lending losses	$ 45	156	78
Non-lending losses, percentage movement from prior period	(71.00%)
Non-lending losses, percentage movement from same period in prior year	(42.00%)
Other expenses	$ 86	128	176
Other expenses, percentage movement from prior period	(33.00%)
Other expenses, percentage movement from same period in prior year	(51.00%)
Total other expenses	$ 868	1,661	1,262
Total other expenses, percentage movement from prior period	(48.00%)
Total other expenses, percentage movement from same period in prior year	(31.00%)
Total operating expenses	$ 5,373	7,314	5,997
Total operating expenses, percentage movement from prior period	(27.00%)
Total operating expenses, percentage movement from same period of prior year	(10.00%)
Compliance, regulation and remediation costs	$ 17	161	198
Capitalised software assets
Other expenses
Impairment	$ 54	$ 352	$ 133

Income tax (Details)

Income tax (Details) - AUD ($) $ in Millions	6 Months Ended
Income tax (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Income tax expense reconciled to profit before income tax
Profit before income tax	$ 4,718	$ 3,440	$ 5,061
Profit before income tax, percentage movement from prior period	37.00%
Profit before income tax, percentage movement from same period in prior year	(7.00%)
Tax at the Australian company tax rate of 30%	$ 1,415	1,032	1,518
Australian company tax rate (as a percent)	30.00%
Tax at the Australian company tax rate of 30%, percentage movement from prior period	37.00%
Tax at the Australian company tax rate of 30%, percentage movement from same period in prior year	(7.00%)
The effect of amounts which are not deductible/(assessable) in calculating taxable income:
Hybrid capital distributions	$ 28	31	28
Hybrid capital distributions, percentage movement from prior period	(10.00%)
Life insurance: Tax adjustment on policyholder earnings		1	2
Life insurance: Tax adjustment on policyholder earnings, percentage movement from prior period	(100.00%)
Life insurance: Tax adjustment on policyholder earnings, percentage movement from same period in prior year	(100.00%)
Other non-assessable items	$ (34)	(4)	(2)
Other non-deductible items	$ 47	176	76
Other non-deductible items, percentage movement from prior period	(73.00%)
Other non-deductible items, percentage movement from same period in prior year	(38.00%)
Adjustment for overseas tax rates	$ (15)	(6)	(10)
Adjustment for overseas tax rates, percentage movement from prior period	150.00%
Adjustment for overseas tax rates, percentage movement from same period in prior year	50.00%
Income tax (over)/under provided in prior years	$ 7	1	2
Other items	(14)	191	2
Total income tax expense	$ 1,434	$ 1,422	$ 1,616
Total income tax expense, percentage movement from prior period	1.00%
Total income tax expense, percentage movement from same period of prior year	(11.00%)
Effective income tax rate	30.39%	41.34%	31.93%
Effective income tax rate, percentage movement from same period in prior year	1.54%

Earnings per share - Basic (Det

Earnings per share - Basic (Details) - AUD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Earnings per share
Net profit attributable to shareholders	$ 3,280	$ 2,015	$ 3,443
Adjustment for RSP dividends	(2)	(1)	(1)
Adjusted net profit attributable to shareholders	$ 3,278	$ 2,014	$ 3,442
Weighted average number of ordinary shares (millions)
Weighted average number of ordinary shares on issue	3,626	3,669	3,644
Treasury shares (including RSP share rights)	(4)	(3)	(3)
Adjusted weighted average number of ordinary shares	3,622	3,666	3,641
Earnings per ordinary share (cents)	$ 0.905	$ 0.549	$ 0.945

Earnings per share - Diluted (D

Earnings per share - Diluted (Details) - AUD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Earnings per share
Net profit attributable to shareholders	$ 3,280	$ 2,015	$ 3,443
Adjustment for potential dilution:
Distributions to convertible loan capital holders	100	109	109
Adjusted net profit attributable to shareholders	$ 3,380	$ 2,124	$ 3,552
Weighted average number of ordinary shares (millions)
Weighted average number of ordinary shares on issue	3,626	3,669	3,644
Treasury shares (including RSP share rights)	(4)	(3)	(3)
Adjustment for potential dilution
Share-based payments	3	4	3
Convertible loan capital	321	323	468
Adjusted weighted average number of ordinary shares	3,946	3,993	4,112
Earnings per ordinary share (cents)	$ 0.857	$ 0.532	$ 0.864

Average balance sheet and int_3

Average balance sheet and interest rates - Assets (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Interest earning assets and interest income
Average balance	$ 872,075	$ 825,926	$ 812,950
Interest income	$ 10,205	$ 10,844	$ 11,434
Average rate %	2.30%	2.60%	2.80%
Non-interest earning assets
Average balance	$ 85,758	$ 84,728	$ 88,481
Total assets
Average balance	957,833	910,654	901,431
Collateral paid
Interest earning assets and interest income
Average balance	6,261	9,762	14,708
Interest income	$ 4	$ 6	$ 10
Average rate %	0.10%	0.10%	0.10%
Trading securities and financial assets measured at FVIS
Interest earning assets and interest income
Average balance	$ 22,243	$ 20,428	$ 27,172
Interest income	$ 123	$ 101	$ 91
Average rate %	1.10%	1.00%	0.70%
Investment securities
Interest earning assets and interest income
Average balance	$ 77,779	$ 87,790	$ 87,628
Interest income	$ 506	$ 574	$ 626
Average rate %	1.30%	1.30%	1.40%
Loans and other receivables
Interest earning assets and interest income
Average balance	$ 764,946	$ 702,821	$ 680,286
Interest income	$ 9,566	$ 10,100	$ 10,642
Average rate %	2.50%	2.90%	3.10%
Loans and other receivables \| Australia
Interest earning assets and interest income
Average balance	$ 648,399	$ 594,388	$ 576,394
Interest income	$ 7,986	$ 8,696	$ 9,163
Average rate %	2.50%	2.90%	3.20%
Loans and other receivables \| New Zealand
Interest earning assets and interest income
Average balance	$ 97,814	$ 93,882	$ 89,570
Interest income	$ 1,486	$ 1,336	$ 1,411
Average rate %	3.00%	2.80%	3.20%
Loans and other receivables \| Other overseas
Interest earning assets and interest income
Average balance	$ 18,733	$ 14,551	$ 14,322
Interest income	$ 94	$ 68	$ 68
Average rate %	1.00%	0.90%	1.00%
Derivative financial instruments
Non-interest earning assets
Average balance	$ 18,283	$ 18,740	$ 21,879
Life insurance assets
Non-interest earning assets
Average balance		(3,105)	3,575
Assets held for sale
Interest earning assets and interest income
Average balance	846	5,125	3,156
Interest income	$ 6	$ 63	$ 65
Average rate %	1.40%	2.50%	4.10%
Non-interest earning assets
Average balance	$ 3,048	$ 7,895	$ 1,267
All other assets
Non-interest earning assets
Average balance	$ 64,427	$ 61,198	$ 61,760

Average balance sheet and int_4

Average balance sheet and interest rates - Liabilities and Equity (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Interest bearing liabilities
Average balance	$ 786,393	$ 743,346	$ 729,287
Interest expense	$ 1,917	$ 2,334	$ 3,086
Average rate %	0.50%	0.60%	0.80%
Non-interest bearing liabilities
Average balance	$ 100,310	$ 95,151	$ 102,510
Total liabilities
Average balance	886,703	838,497	831,797
Shareholders' equity
Average balance	71,073	72,108	69,583
NCI
Average balance	57	49	51
Total equity
Average balance	71,130	72,157	69,634
Total liabilities and equity
Average balance	957,833	910,654	901,431
Collateral received
Interest bearing liabilities
Average balance	4,239	5,891	6,483
Interest expense	$ 4	$ 2	$ 2
Average rate %	0.20%	0.10%	0.10%
Repurchase agreements
Interest bearing liabilities
Average balance	$ 35,740	$ 37,106	$ 30,047
Interest expense	$ 38	$ 30	$ 26
Average rate %	0.20%	0.20%	0.20%
Deposits and other borrowings
Interest bearing liabilities
Average balance	$ 570,842	$ 537,943	$ 524,723
Interest expense	$ 761	$ 761	$ 1,107
Average rate %	0.30%	0.30%	0.40%
Non-interest bearing liabilities
Average balance	$ 69,413	$ 63,569	$ 60,473
Deposits and other borrowings \| Australia
Interest bearing liabilities
Average balance	489,642	463,114	452,206
Interest expense	$ 489	$ 558	$ 842
Average rate %	0.20%	0.20%	0.40%
Deposits and other borrowings \| New Zealand
Interest bearing liabilities
Average balance	$ 61,263	$ 60,482	$ 59,648
Interest expense	$ 243	$ 182	$ 236
Average rate %	0.80%	0.60%	0.80%
Deposits and other borrowings \| Other overseas
Interest bearing liabilities
Average balance	$ 19,937	$ 14,347	$ 12,869
Interest expense	$ 29	$ 21	$ 29
Average rate %	0.30%	0.30%	0.50%
Loan capital
Interest bearing liabilities
Average balance	$ 30,504	$ 27,642	$ 25,540
Interest expense	$ 440	$ 440	$ 409
Average rate %	2.90%	3.20%	3.20%
Other interest bearing liabilities
Interest bearing liabilities
Average balance	$ 145,068	$ 133,426	$ 141,162
Interest expense	$ 674	$ 1,098	$ 1,533
Average rate %	0.90%	1.60%	2.20%
Derivative financial instruments
Non-interest bearing liabilities
Average balance	$ 19,035	$ 17,142	$ 24,101
Life insurance liabilities
Non-interest bearing liabilities
Average balance		(783)	1,295
Liabilities held for sale
Interest bearing liabilities
Average balance		1,338	1,332
Interest expense		$ 3	$ 9
Average rate %		0.40%	1.40%
Non-interest bearing liabilities
Average balance	775	$ 3,840	$ 1,610
All other liabilities
Non-interest bearing liabilities
Average balance	$ 11,087	$ 11,383	$ 15,031

Loans (Details)

Loans (Details) - AUD ($) $ in Millions	6 Months Ended
Loans (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 719,556	$ 709,784	$ 688,218
Loans, percentage movement from prior period	1.00%
Loans, percentage movement from same period of prior year	5.00%
Securitised loans	$ 4,808	4,829	6,144
Assets pledged for covered bond programs	35,052	26,921	33,841
Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 723,751	714,373	693,131
Loans, percentage movement from prior period	1.00%
Loans, percentage movement from same period of prior year	4.00%
Provision \| Provision for ECL on loans
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ (4,195)	(4,589)	(4,913)
Loans, percentage movement from prior period	(9.00%)
Loans, percentage movement from same period of prior year	(15.00%)
Australia \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 629,169	618,794	602,980
Loans, percentage movement from prior period	2.00%
Loans, percentage movement from same period of prior year	4.00%
Australia \| Housing \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 458,278	455,604	443,557
Loans, percentage movement from prior period	1.00%
Loans, percentage movement from same period of prior year	3.00%
Australia \| Personal \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 14,128	14,737	16,458
Loans, percentage movement from prior period	(4.00%)
Loans, percentage movement from same period of prior year	(14.00%)
Australia \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 156,763	148,453	142,965
Loans, percentage movement from prior period	6.00%
Loans, percentage movement from same period of prior year	10.00%
New Zealand \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 88,190	89,247	83,942
Loans, percentage movement from prior period	(1.00%)
Loans, percentage movement from same period of prior year	5.00%
New Zealand \| Housing \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 57,780	58,081	53,530
Loans, percentage movement from prior period	(1.00%)
Loans, percentage movement from same period of prior year	8.00%
New Zealand \| Personal \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 1,116	1,175	1,293
Loans, percentage movement from prior period	(5.00%)
Loans, percentage movement from same period of prior year	(14.00%)
New Zealand \| Business \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 29,294	29,991	29,119
Loans, percentage movement from prior period	(2.00%)
Loans, percentage movement from same period of prior year	1.00%
Other overseas \| Gross amount
Loan portfolio, disaggregated by location of booking office and product type
Loans	$ 6,392	$ 6,332	$ 6,209
Loans, percentage movement from prior period	1.00%
Loans, percentage movement from same period of prior year	3.00%

Provisions for expected credi_3

Provisions for expected credit losses - Provision for ECL on loans and credit commitments by stage (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020
Loans and credit commitments
Loans and credit commitments
Gross loans and credit commitments	$ 924,937	$ 915,486	$ 893,738
Gross loans and credit commitments, percentage movement from prior period	1.00%
Gross loans and credit commitments, percentage movement from same period in prior year	3.00%
Coverage ratio (%)	0.51%	0.55%	0.61%
Coverage ratio, basis points movement from prior period	(0.0004)
Coverage ratio, basis points movement from same period in prior year	(0.0010)
Loans and credit commitments \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 4,675	$ 4,999	$ 5,482	$ 6,132
Provisions for expected credit losses, percentage movement from prior period	(6.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(15.00%)
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Individually assessed
Loans and credit commitments
Provisions for expected credit losses	$ 501	832	564
Provisions for expected credit losses, percentage movement from prior period	(40.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(11.00%)
Loans and credit commitments \| Provisions for ECL on loans and credit commitments \| Collectively assessed
Loans and credit commitments
Provisions for expected credit losses	$ 4,174	4,167	4,918
Provisions for expected credit losses, percentage movement from same period in prior year	(15.00%)
Loans and credit commitments \| Provision for ECL on loans
Loans and credit commitments
Provisions for expected credit losses	$ 4,195	4,589	4,913
Provisions for expected credit losses, percentage movement from prior period	(9.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(15.00%)
Loans and credit commitments \| Provision for ECL on loans included in assets held for sale
Loans and credit commitments
Provisions for expected credit losses		7	85
Provisions for expected credit losses, percentage movement from prior period	(100.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(100.00%)
Loans and credit commitments \| Provision for ECL on credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 480	401	477
Provisions for expected credit losses, percentage movement from prior period	20.00%
Provisions for expected credit losses, percentage movement from same period in prior year	1.00%
Loans and credit commitments \| Provision for ECL on credit commitments included in liabilities held for sale
Loans and credit commitments
Provisions for expected credit losses		2	7
Provisions for expected credit losses, percentage movement from prior period	(100.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(100.00%)
Loans and credit commitments \| Performing - Stage 1 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 1,078	936	1,022	1,084
Provisions for expected credit losses, percentage movement from prior period	15.00%
Provisions for expected credit losses, percentage movement from same period in prior year	5.00%
Loans and credit commitments \| Performing - Stage 2 \| Provisions for ECL on loans and credit commitments
Loans and credit commitments
Provisions for expected credit losses	$ 2,107	2,091	2,568	2,875
Provisions for expected credit losses, percentage movement from prior period	1.00%
Provisions for expected credit losses, percentage movement from same period in prior year	(18.00%)
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	$ 1,490	$ 1,972	$ 1,892	$ 2,173
Provisions for expected credit losses, percentage movement from prior period	(24.00%)
Provisions for expected credit losses, percentage movement from same period in prior year	(21.00%)
Loans Receivable
Loans and credit commitments
Coverage ratio (%)	0.58%	0.64%	0.72%
Coverage ratio, basis points movement from prior period	(0.0006)
Coverage ratio, basis points movement from same period in prior year	(0.0014)

Provisions for expected credi_4

Provisions for expected credit losses - Movement in provision for ECL on loans and credit commitments (Details) - Loans and credit commitments - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Provisions for expected credit losses
Business activity during the period	$ (94)	$ (218)	$ (226)
Net remeasurement of provision for ECL	336	128	(9)
Provisions for ECL on loans and credit commitments
Provisions for expected credit losses
Balance at the beginning of the period	4,999	5,482	6,132
Business activity during the period	(94)	(218)	(226)
Net remeasurement of provision for ECL	336	128	(9)
Write-offs	(566)	(405)	(431)
Exchange rate and other adjustments		12	16
Balance at the end of the period	4,675	4,999	5,482
Provisions for ECL on loans and credit commitments \| Collectively assessed
Provisions for expected credit losses
Balance at the beginning of the period	4,167	4,918
Balance at the end of the period	4,174	4,167	4,918
Provisions for ECL on loans and credit commitments \| Individually assessed
Provisions for expected credit losses
Balance at the beginning of the period	832	564
Balance at the end of the period	501	832	564
Performing - Stage 1 \| Provisions for ECL on loans and credit commitments
Provisions for expected credit losses
Balance at the beginning of the period	936	1,022	1,084
Transfers to Stage 1	461	551	695
Transfers to Stage 2	(102)	(88)	(112)
Transfers to Stage 3	(8)	(5)	(3)
Business activity during the period	255	70	52
Net remeasurement of provision for ECL	(463)	(595)	(689)
Exchange rate and other adjustments	(1)	(19)	(5)
Balance at the end of the period	1,078	936	1,022
Performing - Stage 2 \| Provisions for ECL on loans and credit commitments
Provisions for expected credit losses
Balance at the beginning of the period	2,091	2,568	2,875
Transfers to Stage 1	(398)	(466)	(662)
Transfers to Stage 2	509	571	719
Transfers to Stage 3	(198)	(263)	(244)
Business activity during the period	(149)	(116)	(107)
Net remeasurement of provision for ECL	264	(192)	(8)
Exchange rate and other adjustments	(12)	(11)	(5)
Balance at the end of the period	2,107	2,091	2,568
Non-performing - Stage 3 \| Provisions for ECL on loans and credit commitments
Provisions for expected credit losses
Balance at the beginning of the period	1,972	1,892	2,173
Transfers to Stage 1	(63)	(85)	(33)
Transfers to Stage 2	(407)	(483)	(607)
Transfers to Stage 3	206	268	247
Business activity during the period	(200)	(172)	(171)
Net remeasurement of provision for ECL	535	915	688
Write-offs	(566)	(405)	(431)
Exchange rate and other adjustments	13	42	26
Balance at the end of the period	$ 1,490	$ 1,972	$ 1,892

Provisions for expected credi_5

Provisions for expected credit losses - Provision for ECL by class and stage (Details) - Loans and credit commitments - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Provisions for expected credit losses
Provisions for ECL/Impairment charges	$ 4,675	$ 4,999	$ 5,482
Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL/Impairment charges	1,078	936	1,022
Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL/Impairment charges	2,107	2,091	2,568
Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL/Impairment charges	1,490	1,972	1,892
Housing
Provisions for expected credit losses
Provisions for ECL/Impairment charges	1,442	1,508	1,714
Housing \| Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL/Impairment charges	264	160	180
Housing \| Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL/Impairment charges	680	741	704
Housing \| Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL/Impairment charges	498	607	830
Personal
Provisions for expected credit losses
Provisions for ECL/Impairment charges	589	682	723
Personal \| Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL/Impairment charges	124	153	184
Personal \| Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL/Impairment charges	315	355	331
Personal \| Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL/Impairment charges	150	174	208
Business
Provisions for expected credit losses
Provisions for ECL/Impairment charges	2,644	2,809	3,045
Business \| Performing - Stage 1
Provisions for expected credit losses
Provisions for ECL/Impairment charges	690	623	658
Business \| Performing - Stage 2
Provisions for expected credit losses
Provisions for ECL/Impairment charges	1,112	995	1,533
Business \| Non-performing - Stage 3
Provisions for expected credit losses
Provisions for ECL/Impairment charges	$ 842	$ 1,191	$ 854

Provisions for expected credi_6

Provisions for expected credit losses - Impact of overlays on the provision for ECL (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Provisions for expected credit losses
Modelled provision for ECL	$ 3,539	$ 4,352	$ 4,580
Portfolio Overlays	1,136	647	902
Total provision for ECL	$ 4,675	$ 4,999	$ 5,482

Provisions for expected credi_7

Provisions for expected credit losses - Forecast assumptions (Details)	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Calendar year 2021
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)		0.10%	4.00%
Commercial property index, percentage of forecast growth (contraction)		(0.70%)	(15.00%)
Residential property prices, percentage of forecast appreciation (contraction)		11.80%	10.00%
Cash rate (in basis points)		0.0010	0.0010
Calendar year 2022
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)	5.50%	7.40%	3.00%
Commercial property index, percentage of forecast growth (contraction)	(3.10%)	(4.70%)
Residential property prices, percentage of forecast appreciation (contraction)	1.60%	5.00%	10.00%
Cash rate (in basis points)		0.0010	0.0010
Calendar year 2023
Provisions for expected credit losses
Annual GDP, percentage of forecast growth (contraction)	2.70%
Commercial property index, percentage of forecast growth (contraction)	2.10%
Residential property prices, percentage of forecast appreciation (contraction)	(7.00%)
December 2022
Provisions for expected credit losses
Cash rate (in basis points)	0.0050
December 2023
Provisions for expected credit losses
Cash rate (in basis points)	0.0150
Revision to cash rate percentage forecast	2.00%
December 2024
Provisions for expected credit losses
Revision to cash rate percentage forecast	2.00%
Australia \| December 2021
Provisions for expected credit losses
Unemployment rate, percentage forecast		5.40%	6.00%
Australia \| December 2022
Provisions for expected credit losses
Unemployment rate, percentage forecast	3.80%	4.00%
Australia \| December 2023
Provisions for expected credit losses
Unemployment rate, percentage forecast	3.90%
New Zealand \| December 2021
Provisions for expected credit losses
Unemployment rate, percentage forecast		4.20%	4.90%
New Zealand \| December 2022
Provisions for expected credit losses
Unemployment rate, percentage forecast	3.00%	3.50%
New Zealand \| December 2023
Provisions for expected credit losses
Unemployment rate, percentage forecast	3.30%

Provisions for expected credi_8

Provisions for expected credit losses - Sensitivity (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Provisions for expected credit losses
Percentage of gross exposure from loans and credit commitments stage 1 reflected in stage 2	1.00%	1.00%	1.00%
Staging sensitivity, increase in provision for ECL	$ 205	$ 252	$ 244
Upside scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	5.00%	5.00%	5.00%
Base case scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	50.00%	55.00%	55.00%
Downside scenario
Provisions for expected credit losses
Percentage of weight assigned to scenario	45.00%	40.00%	40.00%
Provision for ECL \| Reported probability-weighted ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	$ 4,675	$ 4,999	$ 5,482
Provision for ECL \| 100% base case ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	2,993	3,411	3,902
Provision for ECL \| 100% downside ECL
Provisions for expected credit losses
Adjustment to ECL based on probability weighted scenario	$ 6,752	$ 7,399	$ 7,865

Provisions for expected credi_9

Provisions for expected credit losses - Portfolio Overlays (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Provisions for expected credit losses
Increase in portfolio overlay	$ 489
Portfolio Overlays	1,136	$ 647	$ 902
COVID-19 impacts
Provisions for expected credit losses
Portfolio Overlays	549	557	827
Supply chain disruptions and labour shortages
Provisions for expected credit losses
Portfolio Overlays	247	0	0
Serviceability concerns from the expected economic environment
Provisions for expected credit losses
Portfolio Overlays	270	90	7
Extreme weather events
Provisions for expected credit losses
Portfolio Overlays	$ 70	$ 0	$ 68

Provisions for expected cred_10

Provisions for expected credit losses - Reconciliation of impairment charges (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Reconciliation of impairment charges
Recoveries	$ (102)	$ (110)	$ (132)
Impairment (charges)/benefits	139	(218)	(372)
Loans and credit commitments
Reconciliation of impairment charges
Business activity during the period	(94)	(218)	(226)
Net remeasurement of provision for ECL	336	128	(9)
Debt Securities \| Amortised cost
Reconciliation of impairment charges
Impairment charges	1	(19)	(6)
Debt Securities \| FVOCI
Reconciliation of impairment charges
Impairment charges	$ (2)	$ 1	$ 1

Credit Quality (Details)

Credit Quality (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Credit commitments on held for sale assets
Credit quality
Exposure to credit risk	$ 0	$ 828	$ 439
Credit risk \| Loans \| Housing
Credit quality
Exposure to credit risk	516,403	514,055	497,098
Credit risk \| Loans \| Housing \| Performing - Stage 1
Credit quality
Exposure to credit risk	452,004	456,919	461,286
Credit risk \| Loans \| Housing \| Performing - Stage 2
Credit quality
Exposure to credit risk	59,831	51,675	30,090
Credit risk \| Loans \| Housing \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	4,568	5,461	5,722
Credit risk \| Loans \| Housing \| Strong
Credit quality
Exposure to credit risk	425,568	419,208	401,085
Credit risk \| Loans \| Housing \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk	401,201	398,043	394,406
Credit risk \| Loans \| Housing \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk	24,367	21,165	6,679
Credit risk \| Loans \| Housing \| Good/satisfactory
Credit quality
Exposure to credit risk	72,994	73,482	76,870
Credit risk \| Loans \| Housing \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk	48,746	55,631	62,371
Credit risk \| Loans \| Housing \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk	24,248	17,851	14,499
Credit risk \| Loans \| Housing \| Weak
Credit quality
Exposure to credit risk	17,841	21,365	19,143
Credit risk \| Loans \| Housing \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk	2,057	3,245	4,509
Credit risk \| Loans \| Housing \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk	11,216	12,659	8,912
Credit risk \| Loans \| Housing \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	4,568	5,461	5,722
Credit risk \| Loans \| Personal
Credit quality
Exposure to credit risk	15,250	15,919	17,751
Credit risk \| Loans \| Personal \| Performing - Stage 1
Credit quality
Exposure to credit risk	13,270	13,698	15,672
Credit risk \| Loans \| Personal \| Performing - Stage 2
Credit quality
Exposure to credit risk	1,727	1,935	1,745
Credit risk \| Loans \| Personal \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	253	286	334
Credit risk \| Loans \| Personal \| Strong
Credit quality
Exposure to credit risk	4,974	4,677	5,125
Credit risk \| Loans \| Personal \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk	4,890	4,608	5,020
Credit risk \| Loans \| Personal \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk	84	69	105
Credit risk \| Loans \| Personal \| Good/satisfactory
Credit quality
Exposure to credit risk	9,205	10,107	11,222
Credit risk \| Loans \| Personal \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk	8,092	8,780	10,188
Credit risk \| Loans \| Personal \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk	1,113	1,327	1,034
Credit risk \| Loans \| Personal \| Weak
Credit quality
Exposure to credit risk	1,071	1,135	1,404
Credit risk \| Loans \| Personal \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk	288	310	464
Credit risk \| Loans \| Personal \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk	530	539	606
Credit risk \| Loans \| Personal \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	253	286	334
Credit risk \| Loans \| Business
Credit quality
Exposure to credit risk	192,098	184,399	178,282
Credit risk \| Loans \| Business \| Performing - Stage 1
Credit quality
Exposure to credit risk	171,153	164,968	153,241
Credit risk \| Loans \| Business \| Performing - Stage 2
Credit quality
Exposure to credit risk	17,878	15,682	22,252
Credit risk \| Loans \| Business \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	3,067	3,749	2,789
Credit risk \| Loans \| Business \| Strong
Credit quality
Exposure to credit risk	76,798	71,782	63,951
Credit risk \| Loans \| Business \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk	76,014	71,336	62,004
Credit risk \| Loans \| Business \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk	784	446	1,947
Credit risk \| Loans \| Business \| Good/satisfactory
Credit quality
Exposure to credit risk	108,151	104,131	104,810
Credit risk \| Loans \| Business \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk	94,954	93,457	91,049
Credit risk \| Loans \| Business \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk	13,197	10,674	13,761
Credit risk \| Loans \| Business \| Weak
Credit quality
Exposure to credit risk	7,149	8,486	9,521
Credit risk \| Loans \| Business \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk	185	175	188
Credit risk \| Loans \| Business \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk	3,897	4,562	6,544
Credit risk \| Loans \| Business \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	3,067	3,749	2,789
Credit risk \| Held for sale loans
Credit quality
Exposure to credit risk		1,022	1,904
Credit risk \| Held for sale loans \| Performing - Stage 1
Credit quality
Exposure to credit risk		966	1,289
Credit risk \| Held for sale loans \| Performing - Stage 2
Credit quality
Exposure to credit risk		56	514
Credit risk \| Held for sale loans \| Non-performing - Stage 3
Credit quality
Exposure to credit risk			101
Credit risk \| Held for sale loans \| Strong
Credit quality
Exposure to credit risk		180	53
Credit risk \| Held for sale loans \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk		180	48
Credit risk \| Held for sale loans \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk			5
Credit risk \| Held for sale loans \| Good/satisfactory
Credit quality
Exposure to credit risk		842	1,472
Credit risk \| Held for sale loans \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk		786	1,229
Credit risk \| Held for sale loans \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk		56	243
Credit risk \| Held for sale loans \| Weak
Credit quality
Exposure to credit risk			379
Credit risk \| Held for sale loans \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk			12
Credit risk \| Held for sale loans \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk			266
Credit risk \| Held for sale loans \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk			101
Credit risk \| Undrawn credit commitments
Credit quality
Exposure to credit risk	201,186	200,091	198,703
Credit risk \| Undrawn credit commitments \| Performing - Stage 1
Credit quality
Exposure to credit risk	192,094	192,219	189,989
Credit risk \| Undrawn credit commitments \| Performing - Stage 2
Credit quality
Exposure to credit risk	8,771	7,598	8,478
Credit risk \| Undrawn credit commitments \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	321	274	236
Credit risk \| Undrawn credit commitments \| Strong
Credit quality
Exposure to credit risk	157,049	155,258	153,706
Credit risk \| Undrawn credit commitments \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk	154,459	153,712	150,965
Credit risk \| Undrawn credit commitments \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk	2,590	1,546	2,741
Credit risk \| Undrawn credit commitments \| Good/satisfactory
Credit quality
Exposure to credit risk	42,888	43,496	43,375
Credit risk \| Undrawn credit commitments \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk	37,519	38,377	38,891
Credit risk \| Undrawn credit commitments \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk	5,369	5,119	4,484
Credit risk \| Undrawn credit commitments \| Weak
Credit quality
Exposure to credit risk	1,249	1,337	1,622
Credit risk \| Undrawn credit commitments \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk	116	130	133
Credit risk \| Undrawn credit commitments \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk	812	933	1,253
Credit risk \| Undrawn credit commitments \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	321	274	236
Credit risk \| Loans and undrawn credit commitments
Credit quality
Exposure to credit risk	924,937	915,486	893,738
Credit risk \| Loans and undrawn credit commitments \| Performing - Stage 1
Credit quality
Exposure to credit risk	828,521	828,770	821,477
Credit risk \| Loans and undrawn credit commitments \| Performing - Stage 2
Credit quality
Exposure to credit risk	88,207	76,946	63,079
Credit risk \| Loans and undrawn credit commitments \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	8,209	9,770	9,182
Credit risk \| Loans and undrawn credit commitments \| Strong
Credit quality
Exposure to credit risk	664,389	651,105	623,920
Credit risk \| Loans and undrawn credit commitments \| Strong \| Performing - Stage 1
Credit quality
Exposure to credit risk	636,564	627,879	612,443
Credit risk \| Loans and undrawn credit commitments \| Strong \| Performing - Stage 2
Credit quality
Exposure to credit risk	27,825	23,226	11,477
Credit risk \| Loans and undrawn credit commitments \| Good/satisfactory
Credit quality
Exposure to credit risk	233,238	232,058	237,749
Credit risk \| Loans and undrawn credit commitments \| Good/satisfactory \| Performing - Stage 1
Credit quality
Exposure to credit risk	189,311	197,031	203,728
Credit risk \| Loans and undrawn credit commitments \| Good/satisfactory \| Performing - Stage 2
Credit quality
Exposure to credit risk	43,927	35,027	34,021
Credit risk \| Loans and undrawn credit commitments \| Weak
Credit quality
Exposure to credit risk	27,310	32,323	32,069
Credit risk \| Loans and undrawn credit commitments \| Weak \| Performing - Stage 1
Credit quality
Exposure to credit risk	2,646	3,860	5,306
Credit risk \| Loans and undrawn credit commitments \| Weak \| Performing - Stage 2
Credit quality
Exposure to credit risk	16,455	18,693	17,581
Credit risk \| Loans and undrawn credit commitments \| Weak \| Non-performing - Stage 3
Credit quality
Exposure to credit risk	$ 8,209	$ 9,770	$ 9,182

Deposits and other borrowings -

Deposits and other borrowings - Summary (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Deposits and other borrowings
Deposits and other borrowings	$ 645,606	$ 626,955	$ 585,401
Deposits and other borrowings, percentage change from prior period	3.00%
Deposits and other borrowings, percentage movement from same period of prior year	10.00%
Australia
Deposits and other borrowings
Deposits and other borrowings	$ 548,351	532,516	501,428
Deposits and other borrowings, percentage change from prior period	3.00%
Deposits and other borrowings, percentage movement from same period of prior year	9.00%
Australia \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 27,048	31,506	26,273
Deposits and other borrowings, percentage change from prior period	(14.00%)
Deposits and other borrowings, percentage movement from same period of prior year	3.00%
Australia \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	$ 54,829	52,819	49,467
Deposits and other borrowings, percentage change from prior period	4.00%
Deposits and other borrowings, percentage movement from same period of prior year	11.00%
Australia \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 361,609	345,416	315,218
Deposits and other borrowings, percentage change from prior period	5.00%
Deposits and other borrowings, percentage movement from same period of prior year	15.00%
Australia \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 104,865	102,775	110,470
Deposits and other borrowings, percentage change from prior period	2.00%
Deposits and other borrowings, percentage movement from same period of prior year	(5.00%)
New Zealand
Deposits and other borrowings
Deposits and other borrowings	$ 75,622	75,755	71,019
Deposits and other borrowings, percentage movement from same period of prior year	6.00%
New Zealand \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 2,783	3,293	3,020
Deposits and other borrowings, percentage change from prior period	(15.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(8.00%)
New Zealand \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	$ 14,706	14,066	12,588
Deposits and other borrowings, percentage change from prior period	5.00%
Deposits and other borrowings, percentage movement from same period of prior year	17.00%
New Zealand \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 30,188	31,354	29,022
Deposits and other borrowings, percentage change from prior period	(4.00%)
Deposits and other borrowings, percentage movement from same period of prior year	4.00%
New Zealand \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 27,945	27,042	26,389
Deposits and other borrowings, percentage change from prior period	3.00%
Deposits and other borrowings, percentage movement from same period of prior year	6.00%
Other overseas
Deposits and other borrowings
Deposits and other borrowings	$ 21,633	18,684	12,954
Deposits and other borrowings, percentage change from prior period	16.00%
Deposits and other borrowings, percentage movement from same period of prior year	67.00%
Other overseas \| Certificates of deposit
Deposits and other borrowings
Deposits and other borrowings	$ 14,903	11,839	7,859
Deposits and other borrowings, percentage change from prior period	26.00%
Deposits and other borrowings, percentage movement from same period of prior year	90.00%
Other overseas \| Non-interest bearing, repayable at call
Deposits and other borrowings
Deposits and other borrowings	$ 1,008	919
Deposits and other borrowings, percentage change from prior period	10.00%
Other overseas \| Other interest bearing at call
Deposits and other borrowings
Deposits and other borrowings	$ 1,696	1,751	753
Deposits and other borrowings, percentage change from prior period	(3.00%)
Deposits and other borrowings, percentage movement from same period of prior year	125.00%
Other overseas \| Other interest bearing term
Deposits and other borrowings
Deposits and other borrowings	$ 4,026	$ 4,175	$ 4,342
Deposits and other borrowings, percentage change from prior period	(4.00%)
Deposits and other borrowings, percentage movement from same period of prior year	(7.00%)

Fair values of financial asse_3

Fair values of financial assets and financial liabilities - Hierarchy (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			$ 138,448
Level 1
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			23,516
Level 2
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			113,549
Level 3
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			1,383
Recurring
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	$ 114,299	$ 126,018	138,072
Financial liabilities measured at fair value	83,655	77,131	68,087
Recurring \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	44,743	46,665	37,212
Recurring \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6,857	6,446	3,857
Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	25,347	18,059	20,303
Recurring \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6,294	5,514	5,639
Recurring \| Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value			1,070
Recurring \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	414	447	6
Recurring \| Trading securities and financial assets measured at FVIS
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	23,738	21,101	20,928
Recurring \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	18,269	19,353	22,373
Recurring \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	69,564	82,482	90,938
Recurring \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	249	110	128
Recurring \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			3,416
Recurring \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	2,479	2,972	289
Recurring \| Level 1
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	18,407	26,834	23,516
Financial liabilities measured at fair value	1,116	1,513	256
Recurring \| Level 1 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	1,090	1,478	225
Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	26	35	31
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	5,474	6,221	5,579
Recurring \| Level 1 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	38	22	26
Recurring \| Level 1 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	11,838	19,282	17,792
Recurring \| Level 1 \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			119
Recurring \| Level 1 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,057	1,309
Recurring \| Level 2
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	95,390	98,840	113,549
Financial liabilities measured at fair value	82,506	75,586	67,806
Recurring \| Level 2 \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	44,743	46,665	37,212
Recurring \| Level 2 \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	5,767	4,968	3,632
Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	25,288	17,992	20,253
Recurring \| Level 2 \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	6,294	5,514	5,639
Recurring \| Level 2 \| Life insurance liabilities
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value			1,070
Recurring \| Level 2 \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	414	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	18,260	14,875	14,749
Recurring \| Level 2 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	18,204	19,305	22,335
Recurring \| Level 2 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	57,287	62,923	72,778
Recurring \| Level 2 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	217	74	108
Recurring \| Level 2 \| Life insurance assets
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			3,297
Recurring \| Level 2 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	1,422	1,663	282
Recurring \| Level 3
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	502	344	1,007
Financial liabilities measured at fair value	33	32	25
Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value	33	32	19
Recurring \| Level 3 \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities measured at fair value			6
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	5	600
Recurring \| Level 3 \| Derivative financial instruments
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	27	26	12
Recurring \| Level 3 \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	439	277	368
Recurring \| Level 3 \| Loans
Fair values of financial assets and financial liabilities
Financial assets measured at fair value	$ 32	$ 36	20
Recurring \| Level 3 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			7
Non-recurring \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			376
Non-recurring \| Level 3 \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets measured at fair value			$ 376

Fair values of financial asse_4

Fair values of financial assets and financial liabilities - Reconciliation of non-market observables (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Derivative financial instruments	$ 18,269	$ 19,353	$ 22,373
Day one profit or loss
Closing balance of unrecognised day one profit (loss)	1	$ 1	$ 3
At fair value \| Level 3
Assets
Balance at the beginning of the period	344
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements	3
Other comprehensive income	146
Acquisition and issues	36
Disposal and settlements	(26)
Foreign currency translation impacts	(1)
Balance at the end of the period	502
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	4
Liabilities
Balance at the beginning of the period	32
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements	7
Disposal and settlements	(1)
Transfer into or out of non-market observables	(5)
Balance at the end of the period	33
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of period	(7)
At fair value \| Level 3 \| Derivatives
Liabilities
Balance at the beginning of the period	32
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements	7
Disposal and settlements	(1)
Transfer into or out of non-market observables	(5)
Balance at the end of the period	33
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of period	(7)
At fair value \| Level 3 \| Trading securities and financial assets measured at FVIS
Assets
Balance at the beginning of the period	5
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Disposal and settlements	(1)
Balance at the end of the period	4
At fair value \| Level 3 \| Investment securities
Assets
Balance at the beginning of the period	277
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Other comprehensive income	146
Acquisition and issues	33
Disposal and settlements	(17)
Balance at the end of the period	439
At fair value \| Level 3 \| Other
Assets
Balance at the beginning of the period	62
Gains/(losses) on assets / (gains)/losses on liabilities recognised in:
Income statements	3
Acquisition and issues	3
Disposal and settlements	(8)
Foreign currency translation impacts	(1)
Balance at the end of the period	59
Unrealised gains/(losses) recognised in the income statements for financial instruments held as at end of year	$ 4

Fair values of financial asse_5

Fair values of financial assets and financial liabilities - Not measured at fair value (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Fair values of financial assets and financial liabilities
Financial assets, Fair Value			$ 138,448
Not measured at fair value
Fair values of financial assets and financial liabilities
Financial assets	$ 834,891	$ 793,629	732,769
Financial assets, Fair Value	831,865	794,239	734,285
Financial liabilities	803,909	778,881	740,545
Financial liabilities, Fair Value	804,317	781,087	742,731
Not measured at fair value \| Collateral received
Fair values of financial assets and financial liabilities
Financial liabilities	2,170	2,368	2,504
Financial liabilities, Fair Value	2,170	2,368	2,504
Not measured at fair value \| Deposits and other borrowings
Fair values of financial assets and financial liabilities
Financial liabilities	600,863	580,290	548,189
Financial liabilities, Fair Value	600,982	580,112	548,167
Not measured at fair value \| Other financial liabilities
Fair values of financial assets and financial liabilities
Financial liabilities	44,488	43,863	39,139
Financial liabilities, Fair Value	44,488	43,863	39,139
Not measured at fair value \| Debt issues
Fair values of financial assets and financial liabilities
Financial liabilities	127,335	123,265	122,211
Financial liabilities, Fair Value	127,247	124,569	123,576
Not measured at fair value \| Loan capital
Fair values of financial assets and financial liabilities
Financial liabilities	29,036	29,067	26,294
Financial liabilities, Fair Value	29,413	30,147	27,137
Not measured at fair value \| Liabilities held for sale
Fair values of financial assets and financial liabilities
Financial liabilities	17	28	2,208
Financial liabilities, Fair Value	17	28	2,208
Not measured at fair value \| Cash and balances with central banks
Fair values of financial assets and financial liabilities
Financial assets	102,410	71,353	33,877
Financial assets, Fair Value	102,410	71,353	33,877
Not measured at fair value \| Collateral paid
Fair values of financial assets and financial liabilities
Financial assets	7,374	4,232	3,917
Financial assets, Fair Value	7,374	4,232	3,917
Not measured at fair value \| Investment securities
Fair values of financial assets and financial liabilities
Financial assets	878	935	365
Financial assets, Fair Value	878	935	365
Not measured at fair value \| Loans
Fair values of financial assets and financial liabilities
Financial assets	719,307	709,674	688,090
Financial assets, Fair Value	716,281	710,284	689,606
Not measured at fair value \| Other financial assets
Fair values of financial assets and financial liabilities
Financial assets	4,896	6,394	3,312
Financial assets, Fair Value	4,896	6,394	3,312
Not measured at fair value \| Assets held for sale
Fair values of financial assets and financial liabilities
Financial assets	26	1,041	3,208
Financial assets, Fair Value	$ 26	$ 1,041	$ 3,208

Provisions, contingent liabil_3

Provisions, contingent liabilities, contingent assets and credit commitments - Provisions (Details) $ in Millions	6 Months Ended
	Mar. 31, 2022AUD ($)item
Reconciliation of changes in other provisions
Balance at beginning of period	$ 3,571
Additions	935
Utilisation	(1,287)
Reversal of unutilised provisions	(184)
Balance at end of the period	3,035
Guarantees \| Guarantees capped at $20 million per year
Parent Entity guarantees and undertakings
Maximum amount of initial guarantee	20
Automatic reinstatement guarantee amount	$ 20
Guarantees \| Guarantees capped at $2 million per year
Parent Entity guarantees and undertakings
Number of specific guarantees \| item	2
Maximum amount of initial guarantee	$ 2
Automatic reinstatement guarantee amount	2
Long service leave
Reconciliation of changes in other provisions
Balance at beginning of period	531
Additions	43
Utilisation	(27)
Reversal of unutilised provisions	(38)
Balance at end of the period	509
Annual leave and other employee benefits
Reconciliation of changes in other provisions
Balance at beginning of period	803
Additions	560
Utilisation	(740)
Reversal of unutilised provisions	(7)
Balance at end of the period	616
Litigation and non-lending losses
Reconciliation of changes in other provisions
Balance at beginning of period	117
Additions	40
Utilisation	(36)
Reversal of unutilised provisions	(12)
Balance at end of the period	109
Provision for impairment on credit commitments
Reconciliation of changes in other provisions
Balance at beginning of period	401
Additions	79
Balance at end of the period	480
Lease restoration obligations
Reconciliation of changes in other provisions
Balance at beginning of period	201
Additions	4
Utilisation	(8)
Balance at end of the period	197
Restructuring and provisions other
Reconciliation of changes in other provisions
Balance at beginning of period	376
Additions	79
Utilisation	(97)
Reversal of unutilised provisions	(13)
Balance at end of the period	345
Compliance, regulation and remediation provisions
Reconciliation of changes in other provisions
Balance at beginning of period	1,142
Additions	130
Utilisation	(379)
Reversal of unutilised provisions	(114)
Balance at end of the period	$ 779

Provisions, contingent liabil_4

Provisions, contingent liabilities, contingent assets and credit commitments - Undrawn credit commitments (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Undrawn credit commitments
Letters of credit and guarantees	$ 11,716	$ 11,323	$ 11,528
Letters of credit and guarantees, percentage change from prior period	3.00%
Letters of credit and guarantees, percentage change from same period of prior year	2.00%
Commitments to extend credit	$ 189,415	188,768	187,106
Commitments to Extend Credit, percentage change from same period of prior year	1.00%
Other	$ 55		69
Other, percentage change from same period of prior year	(20.00%)
Total undrawn credit commitments	$ 201,186	200,091	198,703
Total undrawn credit commitments, percentage change from prior period	1.00%
Total undrawn credit commitments, percentage change from same period of prior year	1.00%
Letters of credit and guarantees, commitments to customers which had not yet been accepted	$ 9,500	9,700	9,600
Undrawn credit commitments related to facilities held for sale	$ 0	$ 800	$ 400

Shareholders' equity - Share ca

Shareholders' equity - Share capital (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Shareholders' equity
Ordinary share capital, fully paid	$ 39,667	$ 41,601	$ 41,604
Total treasury shares	(651)	(606)	(603)
Total share capital	39,016	40,995	41,001
NCI	$ 54	$ 57	$ 49
Number of unvested RSP treasury shares held	5,076,534	4,363,329	4,322,935

Shareholders' equity - Movement

Shareholders' equity - Movement in number of ordinary shares (Details) $ / shares in Units, $ in Millions	Feb. 14, 2022AUD ($)$ / sharesshares	Mar. 31, 2022AUD ($)$ / sharesshares	Sep. 30, 2021$ / sharesshares	Mar. 31, 2021$ / sharesshares	Sep. 30, 2020$ / sharesshares
Reconciliation of movement in number of ordinary shares
Value of shares acquired in off-market buy back \| $		$ 3,502
Ordinary shares
Shareholders' equity
Par value \| $ / shares				$ 0
Number of votes per ordinary shares \| $ / shares				1
Reconciliation of movement in number of ordinary shares
Balance as at beginning of period		3,668,591,808	3,668,591,808	3,611,684,870
Dividend reinvestment plan				20,213,205
Dividend reinvestment plan underwrite				36,693,733
Issued shares for the period				56,906,938
Off-market share buy-back	(167,464,114)	(167,464,114)
Balance as at end of period		3,501,127,694	3,668,591,808	3,668,591,808	3,611,684,870
DRP - price per share for final dividend \| $ / shares		$ 22.34		$ 19.83
DRP - price per share for interim dividend \| $ / shares			$ 25.98
DRP underwrite - price per share \| $ / shares					$ 19.59
Value of shares acquired in off-market buy back \| $	$ 3,500
Number of shares acquired in an off-market share buy-back	167,464,114	167,464,114
Average price per share of shares repurchased in an off-market buy back \| $ / shares	$ 20.90
Fully franked dividend component, per share \| $ / shares	$ 9.56
Fully franked dividend component, aggregate value \| $	$ 1,601
Off-market share buy-back, capital component per share \| $ / shares	$ 11.34
Off-market share buy-back, transaction costs \| $	$ 1,901
Ordinary shares \| Shares purchased on the market for 2021 final dividend
Reconciliation of movement in number of ordinary shares
Dividend reinvestment plan		10,286,188
Ordinary shares \| Shares purchased on the market for 2021 interim dividend
Reconciliation of movement in number of ordinary shares
Dividend reinvestment plan			9,085,937

Shareholders' equity - Ordinary

Shareholders' equity - Ordinary shares purchased and sold on market (Details) - Ordinary shares	6 Months Ended
	Mar. 31, 2022$ / sharesshares
Share-based payments
Net number of ordinary shares purchased/(sold) on market	3,636,927
Employee Share Plan (ESP)
Share-based payments
Net number of ordinary shares purchased/(sold) on market	1,236,092
Average share price, ordinary shares \| $ / shares	$ 22.83
Restricted Share Plan (RSP)
Share-based payments
Net number of ordinary shares purchased/(sold) on market	2,175,190
Average share price, ordinary shares \| $ / shares	$ 21.20
Westpac Performance Plan (WPP) \| Share rights
Share-based payments
Net number of ordinary shares purchased/(sold) on market	223,497
Average share price, ordinary shares \| $ / shares	$ 23.72
Westpac Long Term Variable Reward Plan (LTVR)
Share-based payments
Net number of ordinary shares purchased/(sold) on market	2,148
Average share price, ordinary shares \| $ / shares	$ 23.85

Shareholders' equity - Reconcil

Shareholders' equity - Reconciliation of movement in reserves (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Debt securities at FVOCI reserve
Balance as at beginning of period	$ 443	$ 562	$ 177
Net gains/(losses) from changes in fair value	(142)	(71)	649
Income tax effect	38	20	(197)
Transferred to income statement	(205)	(97)	(98)
Income tax effect	62	29	29
Loss allowance on debt securities measured at FVOCI	(2)	1	1
Other	29	(1)	1
Balance as at end of period	223	443	562
Equity securities at FVOCI reserve
Balance as at beginning of period	44	40	(4)
Net gains/(losses) from changes in fair value	146	7	43
Income tax effect		(3)	1
Balance as at end of period	190	44	40
Share-based payment reserve
Balance as at beginning of period	1,806	1,779	1,720
Share-based payment expense	60	27	59
Balance as at end of period	1,866	1,806	1,779
Cash flow hedge reserve
Balance as at beginning of period	196	95	(42)
Net gains/(losses) from changes in fair value	1,222	175	121
Income tax effect	(362)	(51)	(35)
Transferred to income statements	(10)	(33)	72
Income tax effect	3	10	(21)
Balance as at end of period	1,049	196	95
Foreign currency translation reserve
Balance as at beginning of period	(241)	(502)	(292)
Exchange differences on translation of foreign operations	(367)	515	(266)
Gains/(losses) on net investment hedges	201	(254)	56
Balance as at end of period	(407)	(241)	(502)
Other reserves
Balance as at beginning of period	(21)	(20)	(15)
Transactions with owners	1	(1)	(5)
Balance as at end of period	(20)	(21)	(20)
Total reserves	$ 2,901	$ 2,227	$ 1,954

Notes to the cash flow statemen

Notes to the cash flow statements - Operating activities (Details) - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Reconciliation of net cash provided by/(used in) operating activities to net profit for the period
Net profit	$ 3,284	$ 2,018	$ 3,445
Net profit, percentage movement from prior period	63.00%
Net profit, percentage movement from same period of prior year	(5.00%)
Adjustments:
Depreciation, amortisation and impairment	$ 805	1,900	1,154
Depreciation, amortisation and impairment, percentage movement from prior period	(58.00%)
Depreciation, amortisation and impairment, percentage movement from same period in prior year	(30.00%)
Impairment charges/(benefits)	$ 241	(108)	(240)
Net decrease/(increase) in current and deferred tax	$ 101	264	86
Net decrease/(increase) in current and deferred tax, percentage movement from prior period	(62.00%)
Net decrease/(increase) in current and deferred tax, percentage movement from same period in prior year	17.00%
(Increase)/decrease in accrued interest receivable	$ (59)	102	81
(Decrease)/increase in accrued interest payable	25	(84)	(339)
(Decrease)/increase in provisions	$ (536)	(249)	(1,467)
(Decrease)/increase in provisions, percentage movement from prior period	115.00%
(Decrease)/increase in provisions, percentage movement from same period in prior year	(63.00%)
Other non-cash items	$ (169)	135	(388)
Other non-cash items, percentage movement from same period in prior year	(56.00%)
Cash flows from operating activities before changes in operating assets and liabilities	$ 3,692	3,978	2,332
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from prior period	(7.00%)
Cash flows from operating activities before changes in operating assets and liabilities, percentage movement from same period in prior year	58.00%
Net (increase)/decrease in:
Collateral paid	$ (3,293)	(166)	471
Trading securities and other financial assets measured at FVIS	(2,106)	(574)	19,890
Derivative financial instruments	$ 3,004	4,610	(7,030)
Derivative financial instruments, percentage movement from prior period	(35.00%)
Loans	$ (12,636)	(17,066)	1,968
Loans, percentage movement from prior period	(26.00%)
Other financial assets	$ 726	(702)	428
Other financial assets, percentage movement from same period in prior year	70.00%
Life insurance assets and liabilities	$ 133	(216)	(377)
Other assets	$ (17)	72	(66)
Other assets, percentage movement from same period in prior year	(74.00%)
Net increase/(decrease) in:
Collateral received	$ (184)	(251)	344
Collateral received, percentage movement from prior period	(27.00%)
Deposits and other borrowings	$ 21,758	35,347	(1,610)
Deposits and other borrowings, percentage movement from prior period	(38.00%)
Other financial liabilities	$ 1,382	5,268	3,768
Other financial liabilities, percentage movement from prior period	(74.00%)
Other financial liabilities, percentage movement from same period in prior year	(63.00%)
Other liabilities	$ 3	(35)	27
Other liabilities, percentage movement from same period in prior year	(89.00%)
Net cash provided by/(used in) operating activities	$ 12,462	$ 30,265	$ 20,145
Net cash provided by/(used in) operating activities, percentage movement from prior period	(59.00%)
Net cash provided by/(used in) operating activities, percentage movement from same period in prior year	(38.00%)

Notes to the cash flow statem_2

Notes to the cash flow statements - Details of the assets and liabilities over which control ceased (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Assets:
Cash and balances with central banks	$ 102,410	$ 71,353	$ 33,877
Trading securities and other financial assets measured at FVIS	23,738	21,101	20,928
Loans	719,556	709,784	688,218
Other financial assets	4,896	6,394	3,312
Life insurance assets			3,416
Property and equipment	2,614	2,853	3,337
Deferred tax assets	1,831	2,437	2,352
Intangible assets	10,064	10,109	10,908
Other assets	600	567	820
Total assets	964,749	935,877	889,419
Liabilities:
Other financial liabilities	51,345	50,309	42,996
Current tax liabilities	21	71	26
Provisions	3,035	3,571	3,820
Deferred tax liabilities	164	90	107
Other liabilities	3,379	3,679	3,938
Total equity attributable to owners of WBC	70,279	72,035	$ 72,012
Assets and liabilities over which control ceased
Assets:
Cash and balances with central banks		50
Trading securities and other financial assets measured at FVIS		409
Loans	965	369
Other financial assets	12	688
Life insurance assets	186
Property and equipment		29
Deferred tax assets		4
Intangible assets		243
Other assets	12	226
Total assets	1,175	2,018
Liabilities:
Other financial liabilities	2	110
Current tax liabilities	2
Life insurance liabilities	(115)
Provisions	4	9
Deferred tax liabilities	34
Other liabilities	36	720
Total Liabilities	(37)	839
Total equity attributable to owners of WBC	$ 1,212	$ 1,179

Notes to the cash flow statem_3

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	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Details of the assets and liabilities over which control ceased
Cash proceeds received (net of transaction costs)	$ 1,388	$ 1,322
Expected receivable (completion settlement)	(5)	8
Deferred consideration	118	37
Total consideration	1,501	1,367
Gain/(loss) on disposal	$ 289	$ 188

Notes to the cash flow statem_4

Notes to the cash flow statements - Reconciliation of cash proceeds from disposal (Details) - Assets and liabilities over which control ceased - AUD ($) $ in Millions	6 Months Ended
	Mar. 31, 2022	Sep. 30, 2021
Reconciliation of cash proceeds from disposal
Cash proceeds received (net of transaction costs)	$ 1,388	$ 1,322
Less: Cash deconsolidated		(50)
Cash consideration received (net of transaction costs and cash held)	$ 1,388	$ 1,272

Notes to the cash flow statem_5

Notes to the cash flow statements - Non-cash financing activities and restricted cash (Details) - AUD ($) $ / shares in Units, $ in Millions	Sep. 15, 2021	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021	Dec. 13, 2021
Non-cash financing activities
Shares issued under the dividend reinvestment plan				$ 401
Shares issued under the dividend reinvestment plan, percentage movement from same period in prior year		(100.00%)
Increase in lease liabilities		$ 98	$ 55	144
Increase in lease liabilities, percentage movement from prior period		78.00%
Increase in lease liabilities, percentage movement from same period in prior year		(32.00%)
Value of WCN4 transferred to the nominated party	$ 1,152
Value per note of WCN4 transferred to the nominated party	$ 100
Restricted cash
Restricted cash included in cash and balances with central banks		$ 480	445	236
Restricted cash included in assets held for sale		$ 0	$ 0	$ 174
MoneyBrilliant Pty Ltd
Businesses acquired
Percentage of voting equity interests acquired					100.00%

Assets and liabilities held f_3

Assets and liabilities held for sale - Summary (Details) $ in Millions, $ in Millions	Mar. 24, 2022AUD ($)	Feb. 28, 2022AUD ($)	Aug. 09, 2021AUD ($)	Jul. 06, 2021	Sep. 30, 2021AUD ($)	Mar. 31, 2022AUD ($)	Feb. 28, 2022NZD ($)	Dec. 20, 2021AUD ($)	Jun. 28, 2021AUD ($)
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
Amount of wholesale dealer loans transferred								$ 1,000
Amount of existing retail auto loans retained						$ 9,000
Westpac New Zealand Life Insurance business \| Exclusive agreement for the distribution of life insurance products
Assets and liabilities held for sale
Term of exclusive agreement				15 years
Held for sale \| 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
Held for sale \| 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
Disposed of by sale \| Westpac Motor Vehicle Dealer Finance and Novated Leasing business
Assets and liabilities held for sale
Pre-tax gain on sale	$ 170
Disposed of by sale \| Westpac New Zealand Life Insurance business
Assets and liabilities held for sale
Sale price							$ 417
Pre-tax gain on sale		$ 119

Assets and liabilities held f_4

Assets and liabilities held for sale - Balance sheet presentation (Details) - AUD ($) $ in Millions	Mar. 31, 2022	Sep. 30, 2021	Mar. 31, 2021
Assets and liabilities held for sale
Total assets held for sale	$ 2,700	$ 4,188	$ 4,359
Total liabilities held for sale	684	837	3,049
Held for sale
Assets and liabilities held for sale
Total assets held for sale	2,700	4,188	4,359
Total liabilities held for sale	684	837	3,049
Held for sale \| Deposits and other borrowings
Assets and liabilities held for sale
Total liabilities held for sale			2,088
Held for sale \| Other financial liabilities
Assets and liabilities held for sale
Total liabilities held for sale	17	28	120
Held for sale \| Derivative financial instruments
Assets and liabilities held for sale
Total liabilities held for sale			6
Held for sale \| Current tax liabilities
Assets and liabilities held for sale
Total liabilities held for sale		14	1
Held for sale \| Life insurance liabilities
Assets and liabilities held for sale
Total liabilities held for sale	414	447
Held for sale \| Provisions
Assets and liabilities held for sale
Total liabilities held for sale	65	35	20
Held for sale \| Deferred tax liabilities
Assets and liabilities held for sale
Total liabilities held for sale	3	44
Held for sale \| Other liabilities
Assets and liabilities held for sale
Total liabilities held for sale	185	269	814
Held for sale \| Cash and balances with central banks
Assets and liabilities held for sale
Total assets held for sale	8	7	792
Held for sale \| Trading securities and financial assets measured at FVIS
Assets and liabilities held for sale
Total assets held for sale			282
Held for sale \| Derivative financial instruments
Assets and liabilities held for sale
Total assets held for sale			7
Held for sale \| Investment securities
Assets and liabilities held for sale
Total assets held for sale			550
Held for sale \| Loans
Assets and liabilities held for sale
Total assets held for sale		1,015	1,819
Held for sale \| Other financial assets
Assets and liabilities held for sale
Total assets held for sale	18	19	423
Held for sale \| Life insurance assets
Assets and liabilities held for sale
Total assets held for sale	2,479	2,972
Held for sale \| Property and equipment
Assets and liabilities held for sale
Total assets held for sale			23
Held for sale \| Deferred tax assets
Assets and liabilities held for sale
Total assets held for sale	43	8	25
Held for sale \| Intangible assets
Assets and liabilities held for sale
Total assets held for sale			243
Held for sale \| Other assets
Assets and liabilities held for sale
Total assets held for sale	$ 152	$ 167	$ 195

Subsequent events (Details)

Subsequent events (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Mar. 31, 2022AUD ($)$ / shares
Subsequent events
Interim dividend per share determined by the Board \| $ / shares	$ 0.61
Proposed dividend \| $	$ 2,136