WESTPAC UPDATE 2013...ウエストパックアップデート2013 債券投資家向けプレゼンテーション 2013年2月 Westpac Banking Corporation ABN 33 007 457 141. Disclaimer

WESTPAC UPDATE 2013Fixed Income Investor PresentationFebruary 2013

Westpac Banking Corporation ABN 33 007 457 141.

ウエストパックプデアップデート 2013

債券投資家向けプレゼンテーション2013年2月

Westpac Banking Corporation ABN 33 007 457 141.

Disclaimer

The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) and its activities. It does not constitute a prospectus, offering memorandum or offer of securities. It should not be reproduced, distributed or transmitted to any person without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law orperson without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or regulation.

The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs.

Th t i l t i d i thi t ti i l d i f ti d i d f bli l il bl th t h t b i d d tl ifi d NThe material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

All amounts are in Australian dollars unless otherwise indicated.

Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation unless we specifically state that the information is incorporated by reference thereby forming part of the presentation. All references in this presentation to websites p y p y y g p p pare inactive textual references and are for information only.

Disclosure regarding forward-looking statements

This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933. The forward-looking statements include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions results of operations and financial condition including without limitation future loan loss provisions financial support to certainmarket conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.

We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us Should one or more of the risksbased upon management s expectations and beliefs concerning future developments and their potential effect upon us. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation. Factors that may impact on the forward-looking statements made include those described in the section entitled Risks to the Business, Etc. in Westpac’s Annual Securities Report for the fiscal year ended 30 September 2012 filed with the Director General of Kanto Local Finance Bureau of the Minister of Finance of Japan. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements

t i d i thi t ti

Westpac Group Fixed Income Investor Update | February 2013 2

contained in this presentation.

免責事項

The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (“Westpac”) and its activities. It does not constitute a prospectus, offering memorandum or offer of securities. It should not be reproduced, distributed or transmitted to any person without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law orperson without the consent of Westpac and is not intended for distribution in any jurisdiction in which such distribution would be contrary to local law or regulation.

The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs.

Th t i l t i d i thi t ti i l d i f ti d i d f bli l il bl th t h t b i d d tl ifi d NThe material contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.

All amounts are in Australian dollars unless otherwise indicated.

Information contained in or otherwise accessible through the websites mentioned in this presentation does not form part of the presentation unless we specifically state that the information is incorporated by reference thereby forming part of the presentation. All references in this presentation to websites p y p y y g p p pare inactive textual references and are for information only.

Disclosure regarding forward-looking statements

This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the US Securities Act of 1933. The forward-looking statements include statements regarding our intent, belief or current expectations with respect to our business and operations, market conditions results of operations and financial condition including without limitation future loan loss provisions financial support to certainmarket conditions, results of operations and financial condition, including, without limitation, future loan loss provisions, financial support to certain borrowers, indicative drivers, forecasted economic indicators and performance metric outcomes.

We use words such as ‘will’, ‘may’, ‘expect’, 'indicative', ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘probability’, ‘risk’, ‘forecast’, ‘likely’, ‘estimate’, ‘anticipate’, ‘believe’, or similar words to identify forward-looking statements. These statements reflect our current views with respect to future events and are subject to change, certain risks, uncertainties and assumptions which are, in many instances, beyond our control and have been made based upon management’s expectations and beliefs concerning future developments and their potential effect upon us Should one or more of the risksbased upon management s expectations and beliefs concerning future developments and their potential effect upon us. Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from the expectations described in this presentation. Factors that may impact on the forward-looking statements made include those described in the section entitled Risks to the Business, Etc. in Westpac’s Annual Securities Report for the fiscal year ended 30 September 2012 filed with the Director General of Kanto Local Finance Bureau of the Minister of Finance of Japan. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties and events. We are under no obligation, and do not intend, to update any forward-looking statements

t i d i thi t ti


contained in this presentation.

Australia remains well placed relative to developed economies

Australia UK Canada US Euro

Real GDP growth (%, year-ended)

99

RBA cash rate, 3 year swap (%, weekly average)

0

2

4

6

6

7

8

9

6

7

8

9

-6

-4

-2

Sep-96 Sep-00 Sep-04 Sep-08 Sep-122

3

4

5

2

3

4

5

D 01 D 03 D 05 D 07 D 09 D 11

Cash rate 3yr swap

Sep 96 Sep 00 Sep 04 Sep 08 Sep 12

5

CPI core inflation contained in RBA target band (% annual)

Sources: OECD, Westpac EconomicsDec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11

Sources: RBA, Bloomberg, Westpac Economics

100 1990 2000 2010 2017(f)

Net public debt levels (% GDP)

2

3

4

40

60

80

0

1


RBA 2%-3% target band

0

20

Australia UK Canada US Germany France1

Westpac Group Fixed Income Investor Update | February 2013

Sources: ABS, RBA, Westpac Economics Sources: Westpac Economics, IMF

1. German figure for 1990 is actually 1995 due to re-unification

3

豪経済は、他の先進国と比べ良好


実質 GDP 成長率 (%, 年末)

99

豪準備銀行 (RBA) 政策金利及び3年スワップレート (週平均、%)

0

2

4

6

6

7

8

9

6

7

8

9

-6

-4

-2


3

4

5

2

3

4

5

D 01 D 03 D 05 D 07 D 09 D 11

政策金利

3年スワップレート

Sep 96 Sep 00 Sep 04 Sep 08 Sep 12

5

CPIコアインフレ率はRBAのターゲットバンド内で推移 (年率､%)

Sources: OECD, Westpac EconomicsDec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11

Sources: RBA, Bloomberg, Westpac Economics

100 1990 2000 2010 2017(f)

純公的債務 (GDP比、%)

2

3

4

40

60

80

0

1


RBA ターゲットバンド2%-3%

0

20

Australia UK Canada US Germany France1


Sources: ABS, RBA, Westpac Economics Sources: Westpac Economics, IMF

1. German figure for 1990 is actually 1995 due to re-unification

3

...though conditions across sectors and regions have been diverse

AUD/USD and AUD/JPY

1 20 110USD JPY

Credit growth and deposit growth (% annual)

3030 Total Australian credit

0.80

0.90

1.00

1.10

1.20

80

90

100

110

10

15

20

25

30

10

15

20

25

30 Total Australian creditTotal Australian household deposits

Period averages

0.40

0.50

0.60

0.70

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-1350

60

70AUD/JPY (rhs)

AUD/USD (lhs)-10

-5

0

5

-10

-5

0

5

Dec-91 Dec-94 Dec-97 Dec-00 Dec-03 Dec-06 Dec-09 Dec-12

post-GFCpre-GFC

12Australia Canada UK US Euro

Unemployment rate (%)

Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13

30130net bal. net bal.

Consumer (lhs) Business * (rhs)monthly

Business confidence and consumer confidence

Sources: Bloomberg, Westpac Economics. Sources: RBA, Westpac Economics

Dec 91 Dec 94 Dec 97 Dec 00 Dec 03 Dec 06 Dec 09 Dec 12

6

8

10

12

-10

0

10

20

30

90

100

110

120

30 Consumer (lhs) Business (rhs)

2

4

6

Dec-96 Dec-00 Dec-04 Dec-08 Dec-12

S O C

-40

-30

-20

60

70

80

Jan-01 Jan-05 Jan-09 Jan-13

* Rebased to avg 0

S


Sources: OECD, Westpac EconomicsSources: Westpac MI, NAB, Westpac Economics

4

セクター、地域ごとに状況は多様化

豪ドル/米ドル、豪ドル/日本円

1 20 110USD JPY

信用と預金の伸び (% 年率)

3030 オーストラリア信用

0.80

0.90

1.00

1.10

1.20

80

90

100

110

10

15

20

25

30

10

15

20

25

30 オストラリア信用

オーストラリア家計預金

期間平均

0.40

0.50

0.60

0.70

Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-1350

60

70AUD/JPY (rhs)

AUD/USD (lhs)-10

-5

0

5

-10

-5

0

5


世界金融危機後世界金融危機前

12Australia Canada UK US Euro

失業率 (%)

Jan 07 Jan 08 Jan 09 Jan 10 Jan 11 Jan 12 Jan 13

30130純残高純残高

消費者 (左) 企業 * (右)月次

景況感、消費者心理

Sources: Bloomberg, Westpac Economics. Sources: RBA, Westpac Economics


6

8

10

12

-10

0

10

20

30

90

100

110

120

30 消費者 (左) 企業 (右)

2

4

6

Dec-96 Dec-00 Dec-04 Dec-08 Dec-12

S O C

-40

-30

-20

60

70

80

Jan-01 Jan-05 Jan-09 Jan-13

* Rebased to avg 0

S


Sources: OECD, Westpac EconomicsSources: Westpac MI, NAB, Westpac Economics

4

Westpac is delivering against its strategic priorities

A strengthened balance sheet• Common equity ratio 10.6% (Basel III

f ll h i d) 34b St blA strong company1

The world’s 12thfully harmonised), up 34bps; Stable funding ratio1 83%, up 600bps

Maintain ROE above 15%• ROE 15 5% (cash basis)

A strong company

Reorient to higher growth/higher 2

The world’s 12th largest bank by

market cap5

One of only 14 banks rated AA-• ROE 15.5% (cash basis)

• Above system growth in deposits2 and wealth3

Grow customer return on credit risk

return sectors and segments

3

banks rated AAor higher by S&P or Aa2 or higher

by Moody's6

Grow customer return on credit risk weighted assets4

• Customer return on credit risk weighted assets up 8bps to 4.09%

Continue building deeper customer relationships

3

4AustraliaNe Zealand

Total income by geography7 (%)

Maintain lowest expense to income ratio of peers• Expense to income (cash basis) down

70bps to 40.8%

Materially simplify products and processes

4

9%

16%

8%7%

New ZealandAsia, Pacific, Europe & Americas

Focus on leadership, diversity and flexibility• Employee engagement up 300bps to 84%One team approach

5 90%68%

89% 78%

Westpac ANZ CBA NAB


1. Stable funding ratio calculated as customer deposits + wholesale funding with a residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 2. APRA Banking Statistics September 2012. 3. Plan for Life June 2012 All Master Funds Admin. 4. Customer return calculated as operating income, less Treasury and Markets income, less operating expenses, divided by average credit risk weighted assets. 5. Source: IRESS, CapitalIQ and www.xe.com based in US dollars. As at 31 December 2012. 6. As at 31 December 2012. 7. Source: Company Annual Reports. Westpac, ANZ and NAB as at 30 September 2012. CBA as at 30 June 2012.

5

ウエストパックの戦略的優先順位に基づいた成果

強固なバランスシート• 普通株資本比率は34bps増の10.6% (バーゼル3準拠ベス) 安定調達比率1 は

健全な銀行

1ゼル3準拠ベース)、安定調達比率1 は600bps増の83%

ROE 15%以上を維持• ROE 15 5% (現金ベース)

健全な銀行

高成長／高利益のセクター2

ウエストパックは時価総額で世界第

12位の銀行5

S&P格付AA-以上またはM d ‘ 格• ROE 15.5% (現金ベース)

• 預金2、資産3ともに平均的成長を上回る

顧客に対する信用リスク加重資産4の運

高成長／高利益のセクタ、セグメントを再構築

3

またはMoody‘s格付Aa2 以上の14行

に含まれる 6

顧客に対する信用リスク加重資産の運用益を増大• 顧客への信用リスク加重資産の運用益は

8bps増の4.09%

引き続き顧客関係を強化

3

4AustraliaNew Zealand

地域別総収入7 (%)

費用収益比率は他行と比べ、最も低い• 費用対収益比率(現金ベース) は70bps減の40.8%商品と手続きを大幅に簡素化

4

9%

16%

8%7%

New ZealandAsia, Pacific, Europe & Americas

リーダーシップ、多様性、柔軟性にフォーカス• 従業員定着率は300bps増の 84%ワン・チーム・アプローチ

5 90%68%

89% 78%

Westpac ANZ CBA NAB


1. Stable funding ratio calculated as customer deposits + wholesale funding with a residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 2. APRA Banking Statistics September 2012. 3. Plan for Life June 2012 All Master Funds Admin. 4. Customer return calculated as operating income, less Treasury and Markets income, less operating expenses, divided by average credit risk weighted assets. 5. Source: IRESS, CapitalIQ and www.xe.com based in US dollars. As at 31 December 2012. 6. As at 31 December 2012. 7. Source: Company Annual Reports. Westpac, ANZ and NAB as at 30 September 2012. CBA as at 30 June 2012.

5

Balance sheet strength and productivity set Westpac apart

Common equity ratio1 (APRA Basel III) (%) Expense to income ratio1 (reported, %)

8.2 8.07.5

7.944.0

48.145.8

49.8

Westpac Peer 1 Peer 2 Peer 3Westpac Peer 1 Peer 2 Peer 3

Impairment losses on loans to average gross loans1 (bps)

54

Short term funding to total funding including equity1,2 (%)

24

2430

21

1719

2124



1 Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year

6

バランスシートの強さと生産性で際立つウエストパック

普通株資本比率1 (APRA バーゼル3) (%) 費用収益率1 (報告ベース, %)

8.2 8.07.5

7.944.0

48.145.8

49.8


平均総貸付金に対する減損損失1 (bps)

54

株式を含む総調達に対する短期調達比率1,2 (%)

24

2430

21

1719

2124



1 Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year

6

A strong financial result in 2012

Earnings FY12 changeFY12– FY11

Cash earnings (A$m)

Net profit after tax $5.970bn Down 15%

Cash earnings $6.598bn Up 5%5,047 4,675

5,8796,301 6,598

4,000

6,000

8,000

Cash EPS 215.9c Up 3%

Revenue, cash basis $18.076bn Up 6% 0

2,000

2008 2009 2010 2011 2012

Net interest margin, cash basis 2.17% Down 5bps

Expense to income ratio, cash basis 40.8% Down 70bps

2.6 NIM NIM excluding Treasury and Markets

Westpac net interest margin (cash basis, %)

2008 2009 2010 2011 2012

Return on equity, cash basis 15.5% Down 50bps

Asset Quality 2.182.2

2.4

Impairment charges to average gross loans 24bps Up 4bps

Net write-offs to average loans annualised 32bps Down 6bps

2.03

1.8

2.0

1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12


2012年度概要―堅調な業績

業績 2012年度前年度比現金利益 (A$m)

税引後純利益 $5.970bn 15%減

現金利益 $6.598bn 5%増5,047 4,675

5,8796,301 6,598

4,000

6,000

8,000

現金EPS 215.9c 3%増

純業務収益（現金ベース） $18.076bn 6%増 0

2,000

2008 2009 2010 2011 2012

純利鞘（現金ベース） 2.17% 5bps減

費用収益比率（現金ベース） 40.8% 70bps減2.6 純利鞘純利鞘（財務部門業務・金融市場業務を除く）

ウエストパック純利鞘 (%、現金ベース)

2008 2009 2010 2011 2012

ROE（現金ベース） 15.5% 50bps減

資産の質2.18

2.2

2.4

平均総貸付金に対する減損費用の比率

24bps 4bps増

年換算平均貸付金に対する正味貸倒償却費の比率

32bps 6bps減

2.03

1.8

2.0

1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12


Focus on deeper customer relationships driving earnings

s

• Westpac Retail and Business Banking: Retail and business banking for Australian consumers, SMEs and commercial customers

Contribution to NPAT (%)

ncia

l Ser

vice

s

− Cash earnings of $2.1billion in FY12, up 14% on FY11− Investment in Westpac Local continues to deliver

• St.George Banking Group: Australian retail and business bankingunder the St.George, Bank SA, Bank of Melbourne and RAMS brands35

18

1125 9 2

0

stra

lian

Fina

n

− Cash earnings of $1.2billion, flat on FY11− Improved momentum in 2H12 with cash earnings up 14% on 1H12

• BT Financial Group: Westpac’s Australian wealth division with $56.5billion FUM at 30 Sep 12; $87.9billion FUA at 30 Sep 12

C h i f $653 illi i FY12 d 10% FY11

Westpac RBB St.GeorgeBT WIBNew Zealand Pacific BankingGroup (inc Treasury)

nal

Au − Cash earnings of $653 million in FY12, down 10% on FY11− Positive flows and insurance sales offset by weak equities markets

and increased investment spend

Group (inc. Treasury)

• Westpac Institutional Bank: Leading Australasian wholesale bank, with b h d t ti ffi i A t li NZ US UK d A i

Customers with 4+ Products (%)

Westpac RBB St.GeorgeIn

stitu

tion branches and representative offices in Australia, NZ, US, UK and Asia

− Cash earnings of $1.5billion in FY12, up 3% on FY11− Core earnings up 13%, improved revenues offset by impairment

charges26.828.5

30.2

24 2

26.6

28.6

NZ

• Westpac New Zealand: One of New Zealand’s largest banks, providing banking and wealth services to consumers, businesses and institutions− Cash earnings of NZ$707million in FY12, up 22% on FY11− Strong deposit growth, improved margins, uplift in wealth cross-sell

24.2

FY10 FY11 FY12


業績を後押しする顧客関係の向上に注力

• ウエストパック・リテール及びビジネスバンキング: オーストラリアの消費者顧客、中小企業顧客、商業顧客向けのリテール及びビジネスバンキング

年度現金利益は昨年度比 %増 $

税引後純利益への寄与 (%)

金融

サービス

− 2012年度の現金利益は、昨年度比14%増の$2.1billion− ウエストパック・ローカルへの投資は継続

• セントジョージ・バンキング・グループ: セントジョージ、バンクSA、バンクオブメルボルン、RAMSブランド下のオーストラリアのリテール及びビジネスバンキング

年度現金利益は昨年度から変わらず$

3518

1125 9 2

0

オーストラリア金 − 2012年度の現金利益は、昨年度から変わらず$1.2billion

− 上半期の現金利益14%増に伴い、下半期はモメンタムが好転

• BTファイナンシャル・グループ: ウエストパックのオーストラリア資産運用部門は2012年9月30日現在、運用資産が$56.5billion、管理資産が$87.9billion

Westpac RBB St.GeorgeBT WIBNew Zealand Pacific BankingGroup (inc Treasury)

客オ − 2012年度の現金利益は、昨年度から10%減の$653 million

− フローと保険販売は好調であったが、株式市場の弱含みと投資費用拡大により相殺

Group (inc. Treasury)

• ウエストパック・インスティテューショナル・バンク: オーストラリア最大級のホールセール

バクオジドカギジ諸支店

4つ以上の商品を購入している顧客 (%)

Westpac RBB St.George法人顧客

ﾞ

バンクで、オーストラリア、ニュージーランド、アメリカ、イギリス、アジア諸国に支店、代理店を構える

− 2012年の現金利益は、昨年度比3%増の$1.5billion− 中核となる収益は13%増。売上は改善したものの、減損費用により相殺26.8

28.5

30.2

24 2

26.6

28.6

ﾆｭｰｼﾞｰﾗﾝﾄﾞ • ウエストパック・ニュージーランド: ニュージーランド最大規模。消費者顧客、企業顧

客、法人顧客に対しバンキング、資産運用サービスを提供

− 2012年度の現金利益は、昨年度比22%増のNZ$707million− 預金の大きな伸びと利鞘の増幅が資産運用のクロスセリングを後押し

24.2

FY10 FY11 FY12


Strong common equity ratio against global peers

15.7

Global peer comparison of Basel III pro-forma common equity ratios (%)

15.4

13.3

11.0 11.0 10.6 10.6 10.5

10.0 9 8 Average 9 7%9.8

9.3 9.3 9.3 9.3 9.3 9.2 9.1 9.0 8.7 8.7 8.6 8.6 8.5 8.4 8.2 8.1 8.0 7.9 7.8 7.8

Average 9.7%

n k B R a c k d d Z A A o it B k y R f a er G Q p C n C p o ar a s

Sve

nska

H

ande

lsba

nken

Swed

bank

SE

B

DnB

NO

R

Nor

dea

Wes

tpac

Dan

ske

Ban

k

Stan

dard

Cha

rtere

d

AN

Z

CB

A

BB

VA

Inte

sa

Sanp

aolo

Uni

cred

i

NA

B

Rai

ffeis

en B

ank

Mor

gan

Stan

ley

BK

IR

Ban

k o

Am

eric

a

Sant

ande IN

G

BO

Q

Citi

grou

p

CIB

C

JPM

orga

nC

hase

HS

BC

US

Banc

orp

Wel

ls F

argo

Banc

o Po

pula

UB

I Ban

ca

Gol

dman

Sac

hs


Source: Credit Suisse, Company data (latest reporting date as at 26 October 2012)

9

他行に比べ高い普通株資本比率

15.7

プロ・フォルマベースのバーゼル3 普通株資本比率 (%)

15.4

13.3

11.0 11.0 10.6 10.6 10.5

10.0 9 8 平均 9 7%9.8

9.3 9.3 9.3 9.3 9.3 9.2 9.1 9.0 8.7 8.7 8.6 8.6 8.5 8.4 8.2 8.1 8.0 7.9 7.8 7.8

平均 9.7%

n k B R a c k d d Z A A o it B k y R f a er G Q p C n C p o ar a s

Sve

nska

H

ande

lsba

nken

Swed

bank

SE

B

DnB

NO

R

Nor

dea

Wes

tpac

Dan

ske

Ban

k

Stan

dard

Cha

rtere

d

AN

Z

CB

A

BB

VA

Inte

sa

Sanp

aolo

Uni

cred

i

NA

B

Rai

ffeis

en B

ank

Mor

gan

Stan

ley

BK

IR

Ban

k o

Am

eric

a

Sant

ande IN

G

BO

Q

Citi

grou

p

CIB

C

JPM

orga

nC

hase

HS

BC

US

Banc

orp

Wel

ls F

argo

Banc

o Po

pula

UB

I Ban

ca

Gol

dman

Sac

hs


Source: Credit Suisse, Company data (latest reporting date as at 26 October 2012)

9

Strong capital position, up on all measures

Key capital ratios (%) 2H11 1H12 2H12• Westpac’s new preferred range for common equity ratio of 8.0% to 8.5%,

based on APRA Basel III standards

Common equity ratio (APRA Basel 2.5) 8.1 8.0 8.4

Common equity ratio (APRA Basel III) 7.4 7.7 8.2

Common equity ratio (BCBS Basel III) 9.8 10.3 10.6

– Range takes into consideration

– Regulatory minimums and capital conservation buffer

– Stress testing to maintain an appropriate buffer in a downturn

– Quarterly volatility of capital ratios under Basel III from dividends

Tier 1 ratio (APRA Basel 2.5) 9.7 9.8 10.3

Total capital ratio (APRA Basel 2.5) 11.0 10.8 11.7

Risk weighted assets $280bn $300bn $298bn

– Range equivalent to minimum of 10.0% under BCBS fully harmonised Basel III

• New AUD Tier 1 hybrid security offer announced 30 January 2013

– Issue size approximately $500m, with the ability to raise more or lessg $ $ $

– An issue of $500m would add approximately 16bps to Tier 1 capital

10 62H11 1H12 2H12

Westpac common equity ratio (%)Westpac regulatory capital base (%)

8.17.4

9.8

8.0 7.7

10.3

8.4 8.2

10.6

72%16%

12%

Common equity (after APRA deductions)

Residual Tier 1

APRA Basel 2.5 APRA Basel III BCBS Basel III

72%Tier 2


全基準で伸びを示す強固な資本基盤

主要資本比率 (%) 2H11 1H12 2H12• APRAバーゼル3基準に基づき、ウエストパックが新たに目指す普通株資本比率は8.0%から8.5%

ジはを考慮普通株資本比率 (APRA バーゼル2.5) 8.1 8.0 8.4

普通株資本比率 (APRA バーゼル3) 7.4 7.7 8.2

普通株資本比率 (BCBS バーゼル3) 9.8 10.3 10.6

– このレンジは以下を考慮

– 規制最低要件及び資本保全バッファー

– ストレス時に備えた適切なバッファーを確保するためのストレステスト

– 配当による、バーゼル3基準の資本比率の四半期ボラティリティ

Tier 1 比率 (APRA バーゼル2.5) 9.7 9.8 10.3

自己資本比率 (APRA バーゼル2.5) 11.0 10.8 11.7

リスク加重資産 $280bn $300bn $298bn

– このレンジは、バーゼル銀行監視委員会（BCBS）によるバーゼル3準拠ベースでの最低要件10.0%に相当

• 2013年1月30日には、AUD建てのTier 1ハイブリッド証券の発行を発表

– 発行額の柔軟性を保ちつつ、およそ$500mを想定リク加重資産 $ $ $

– $500mの発行により、Tier 1資本が16bps増強される見通し

10 62H11 1H12 2H12

ウエストパック普通株資本比率 (%)ウエストパック法定資本基盤 (%)

8.17.4

9.8

8.0 7.7

10.3

8.4 8.2

10.6

72%16%

12%普通株(APRA調整後)

その他Tier 1

APRA Basel 2.5 APRA Basel III BCBS Basel III

72%Tier 2


Funding profile materially improved

Funding composition by residual maturity (%)Customer deposit growth

Westpac deposit growth funding loan growth

1410

169 7 Wholesale Onshore <1Yr

Wholesale Offshore <1Yr

SFR3 64% SFR3 83%SFR3 77%

down $31bn

59.662.5 63.2

67.6

55

60

65

70

15

20

25

30

p gNet loan growthCustomer deposits to net loans ratio

($bn) (%)

21211

45

20

Wholesale Onshore >1Yr

Wholesale Offshore >1Yr

8.6

21.3

9.8

27.8

6.612.4 9.5 8.3

40

45

50

55

0

5

10

15

1H11 2H11 1H12 2H12

5

77

1

2

2

10

124

Securitisation

Equity4Cash, goverment and semi-government bondsPrivate securities and government guaranteed paper

Liquid assets ($bn)

1

4452

58

Customer depositsup $38bn

10329

31 2534 3533 43

Private securities and government guaranteed paperSelf securitisation 103

8274

45

110

FY08 FY11 FY122

7 11 1839 4238 29 29

FY08 FY09 FY10 FY11 FY12 Short term outstanding

debt

2

5


1 Private securities include Bank paper, RMBS, and Supra-nationals. 2 2008 does not include St.George. 3 SFR is the stable funding ratio calculated on the basis of customer deposits + wholesale funding with residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 4 Equity excludes FX translation, Available for Sale Securities and Cash Flow Hedging Reserves. 5 Includes long term wholesale funding with a residual maturity less than 1 year.

11

資金調達プロファイルは大幅に改善

残存期間別ウエストパック資金調達内訳(%)

顧客預金の伸び

ウエストパック預金、貸出の伸び

SFR：安定調達比率

1410

169 7 ホールセール・オンショア

（1年以下）

ホールセール・オフショア

（1年以下）

SFR3 64% SFR3 83%SFR3 77%

$31bn減

59.662.5 63.2

67.6

55

60

65

70

15

20

25

30

顧

純貸出の伸び

純貸出に対する顧客預金の比率（%)($bn) (%)

21211

45

20ホールセール・オンショア

（1年以上）

ホールセール・オフショア

（年上）

8.6

21.3

9.8

27.8

6.612.4 9.5 8.3

40

45

50

55

0

5

10

15

1H11 2H11 1H12 2H12

5

77

1

2

2

10

124

（1年以上）

証券化

株式

顧客預金

4

現金、政府債、準政府債私募証券・政府保証債

流動性資産 ($bn)1

4452

58

顧客預金$38bn増

31 253435

33 43

自己証券化103

8274

45

110

FY08 FY11 FY122

7 11 1839 42

103

38 29 29

31 2534

FY08 FY09 FY10 FY11 FY12 短期調達残高

45

2 5


1 Private securities include Bank paper, RMBS, and Supra-nationals. 2 2008 does not include St.George. 3 SFR is the stable funding ratio calculated on the basis of customer deposits + wholesale funding with residual maturity greater than 12 months + equity + securitisation, as a proportion of total funding. 4 Equity excludes FX translation, Available for Sale Securities and Cash Flow Hedging Reserves. 5 Includes long term wholesale funding with a residual maturity less than 1 year.

11

A well-balanced approach to funding

200

Short term funding1 ($bn)• Lowest short term funding of peers

• Term wholesale issuance and maturities well managed and

$103bn $104bn

$134bn

$150bn

100

150

200 gin line with domestic peers

• Considered execution to support secondary performance

• Approach to funding built around diversity and flexibilityDi it t it d t i t d

-

50

Westpac Peer 1 Peer 2 Peer 3

– Diversity across currency, maturity, products, investors and geography

– Flexibility to access the widest range of funding markets and meet changes in investor preferences

50Westpac Peer 1 Peer 2 Peer 3

Term wholesale issuance and maturities2 ($bn)

estpac ee ee ee 3

5yr benchmark UST-spread performance3 (bps)

160180

20

30

40 Issuance Maturities

6080

100120140160

WBC 2.00% 17s

0

10

FY11 FY12 FY13 FY14 FY150

204060

20-Jul-12 19-Aug-12 18-Sep-12 18-Oct-12 17-Nov-12 17-Dec-12 16-Jan-13


1 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year. Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Source: Company reports. Westpac, Peer 2 and Peer 3 issuance as at 30 September 2011 (FY11) and 30 September 2012 (FY12). Peer 1 issuance as at 30 June 2011 (FY11) and 30 June 2012 (FY12). Peer 2 and Peer 3 FY13, FY14 and FY15 maturities estimated from chart disclosures as at 30 September 2012. 3. Source: Citi. 5 Year US$ Secondary Benchmarks Performance: 13th July 2012 to 17th Jan 2013. Bonds include NAB 2.75% 17s, WSTP 2.0% 17s, ANZ 1.875% 17s, CBAAU 1.9% 17s

12

均衡の取れた調達アプローチ

200

短期資金調達1 ($bn)• 短期資金調達の割合は他行と比べ低い

• ホールセールタームデットの発行及び償還は、国内他行と同様

$103bn $104bn

$134bn

$150bn

100

150

200 ホルセルタムデットの発行及び償還は、国内他行と同様適切に管理

• セカンダリー市場でのパフォーマンスを支えるため考慮されたエグゼキューション

• 多様性・柔軟性を軸に調達を行う

-

50

Westpac Peer 1 Peer 2 Peer 3

多様性柔軟性を軸に調達を行う

– 通貨、年限、プロダクト内容、投資家、地域などを多角化

– 多様な調達市場にアクセスでき、投資家の選好変化に対応できる柔軟性

50Westpac Peer 1 Peer 2 Peer 3

タームデットホールセール発行額及び償還2 ($bn)

estpac ee ee ee 3

5年物の対ベンチマーク米国債スプレッド推移3 (bps)

160180

20

30

40 発行償還

6080

100120140160

WBC 2.00% 17s

0

10

FY11 FY12 FY13 FY14 FY150

204060

20-Jul-12 19-Aug-12 18-Sep-12 18-Oct-12 17-Nov-12 17-Dec-12 16-Jan-13


1 Short term funding includes Central Bank deposits and long term wholesale funding with a residual maturity less than 1 year. Source: Company reports. Westpac, Peer 1 and Peer 3 as at 30 September 2012. Peer 2 as at 30 June 2012. 2 Source: Company reports. Westpac, Peer 2 and Peer 3 issuance as at 30 September 2011 (FY11) and 30 September 2012 (FY12). Peer 1 issuance as at 30 June 2011 (FY11) and 30 June 2012 (FY12). Peer 2 and Peer 3 FY13, FY14 and FY15 maturities estimated from chart disclosures as at 30 September 2012. 3. Source: Citi. 5 Year US$ Secondary Benchmarks Performance: 13th July 2012 to 17th Jan 2013. Bonds include NAB 2.75% 17s, WSTP 2.0% 17s, ANZ 1.875% 17s, CBAAU 1.9% 17s

12

FY12 term issuance highly diverse

Covered Bond Hybrid Senior Govt Guaranteed Sub Debt

Term debt issuance and maturity profile2 ($bn) Australian covered bond issuance (A$bn)Issued (lhs)($bn) (%)

20

30

40Covered Bond Hybrid Senior Govt Guaranteed Sub Debt

Issuance Maturities

$23bn

$28bn

$21bn$18bn 38%

32%50%

75%

100%

30

45Remaining capacity (8% cap & OC) (lhs) % of capacity utilised (rhs)

($bn) (%)

0

10

FY11 FY12 FY13 FY14 FY15 FY16 FY17 >FY17

$16bn$18bn

$11bn

32%22%

32%

0%

25%

0

15

ANZ CBA NAB Westpac

8% 4%9%

FY12 new term issuance by type2 (%)

4% 1% 6%1%

FY12 new term issuance by original tenor1,2 (%)

Sources: Westpac, Bloomberg, Company reports

C estpac

47%33%

8%44%

34%

11%11%

24%8%

38%

18%

Senior UnsecuredCovered BondsRMBSHybridSubordinated Debt

AUD USD

EUR JPY

GBP Other1 Year 2 Years 3 Years 4 Years 5 Years >5 years


1 Excludes securitisation. 2 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months, excluding US Commercial paper. Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY17 maturity bucket.

13

2012年度タームデットの起債は大幅に多様化

カバードボンドハイブリッド証券シニア債政府保証債劣後債

タームデット発行と償還プロファイル2 ($bn) 豪州カバードボンド発行 (A$bn)発行額（左）($bn) (%)

20

30

40カバドボンドハイブリッド証券シニア債政府保証債劣後債

発行償還

$23bn

$28bn

$21bn$18bn 38%

32%50%

75%

100%

30

45 残存キャパシティ（8%の上限と超過担保）（左）

キャパシティ利用度 %（右）

($bn) (%)

0

10

FY11 FY12 FY13 FY14 FY15 FY16 FY17 >FY17

$16bn$18bn

$11bn

32%22%

32%

0%

25%

0

15

ANZ CBA NAB Westpac

8% 4%9%

種類別 2012年度タームデット新規発行2 (%)

4% 1% 6%1%

年限別 2012年度タームデット新規発行 1,2 (%)

Sources: Westpac, Bloomberg, Company reports

C estpac

47%33%

8%44%

34%

11%11%

24%8%

38%

18%

無担保シニア債カバードボンド住宅ローン担保証券ハイブリッド証券劣後債

AUD USD

EUR JPY

GBP Other1 Year 2 Years 3 Years 4 Years 5 Years >5 years


1 Excludes securitisation. 2 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months, excluding US Commercial paper. Contractual maturity date for hybrids and callable subordinated instruments is the first scheduled conversion date or call date for the purposes of this disclosure. Perpetual sub-debt has been included in >FY17 maturity bucket.

13

Downward trend in stressed exposures

4 0 Impaired

Stressed exposures as a % of TCE1 (%)

5 2H11 1H12 2H127

Stressed exposures by industry ($bn)

4.0 Impaired

90+ days past due well secured

Watchlist & substandard (performing grades) 4

5 2H11 1H12 2H12

6

7

3.0

2.17%

35

1.24

2.0

1

2

0.35

1.0

0

&

ic

es

ding

e,

hing

ale

rade

urin

g

ices

atio

n

ctio

n

ort &

ge ni

ng

ther

2

0.58

0.02007 2008 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

Pro

perty

&bu

sine

ss s

erv

Con

sum

er le

nd

Agr

icul

ture

fore

stry

& fi

sh

Who

lesa

& re

tail

tr

Man

ufac

tu

Ser

v

Acc

omm

oda

& c

afes

Con

stru

c

Tran

spo

stor

ag Min

Ot


1 Includes St.George from 1H09 onwards. 2. Other includes Government, administration and defence, and utilities sectors.

14

ストレス・エクスポージャーは減少傾向

4 0 減損

コミッテッド・エクスポージャー合計1 に対するストレス・エクスポージャーの割合 (%)

5 2H11 1H12 2H127

産業別ストレス・エクスポージャー ($bn)

4.0 減損

90日超延滞であるが十分な担保付

ウォッチリスト及びサブスタンダード 4

5 2H11 1H12 2H12

6

7

3.0

2.17%

35

1.24

2.0

1

2

0.35

1.0

0

ス業

融業

産業

売業

造業

ス業

ービ

設業

庫業

鉱業

ス業

2

0.58

0.02007 2008 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

不動産サービス

消費者金融

農林水産

卸売業及

び小売

製造

サービス

宿泊・飲食

サー

ス業

建設

運輸・

倉庫鉱

その他サービス


1 Includes St.George from 1H09 onwards. 2. Other includes Government, administration and defence, and utilities sectors.

14

Provision levels remain at upper end of peers

Provisioning coverage ratios 2H11 1H12 2H12 Provisioning ($m)

4,968

IAP CAP (ex. Econ overlay) Economic overlay Collectively assessed provisions to credit RWA 126bps 122bps 113bps

Collectively assessed provisions to performing non-housing loans 169bps 164bps 155bps

347

346 345363

4,414 4,391 4,241 Impairment provisions to impaired assets 36% 38% 37%

Total provisions to gross loans 88bps 86bps 82bps

2,841

2,607 2,564 2,408Asset Quality FY12 changeFY12 – FY11

1 780

Stressed exposures to total committed exposures 2.17% Down 31bps

Impaired assets to total committed exposures 58bps Down 4bps

1,7801,461 1,482 1,470

1H11 2H11 1H12 2H12

Impaired assets to gross loans 85bps Down 7bps

Net write-offs to average loans annualised 32bps Down 6bps


引当金の高さは業界トップ

個別評価引当金

引当金のカバー率 2H11 1H12 2H12

資産す括

引当金 ($m)

4,968

個別評価引当金

一括評価引当金 (エコノミック・オーバーレイを除く)

エコノミック・オーバーレイ

信用リスク加重資産に対する一括評価引当金の比率

126bps 122bps 113bps

不良化していない非住宅ローンに対する一括評価引当金の比率

169bps 164bps 155bps

347

346 345363

4,414 4,391 4,241 減損資産に対する減損引当金の比率

36% 38% 37%

総貸付金に対する総引当金の比率 88bps 86bps 82bps

2,841

2,607 2,564 2,408資産の質2012年度

前年度比

1 780

コミッテッド・エクスポージャー合計に対するストレス・エクスポージャーの比率

2.17% 31bps減

コミッテッド・エクスポージャー合計に対する減損資産の比率

58bps 4bps減1,780

1,461 1,482 1,470

1H11 2H11 1H12 2H12

総貸付金に対する減損資産の比率 85bps 7bps減

年換算平均貸付金に対する正味貸倒償却費の比率

32bps 6bps減


Low losses and delinquencies in Australian housing portfolio

• Australian mortgage delinquencies remain below industry benchmarks

90+ Past Due Total 90+ First Home Buyer

Australian mortgages delinquencies and loss rates (%)

• Total portfolio 90+ days delinquencies 52bps, down 1bps on FY11

• Early cycle (30+ days) delinquencies 119bps, down 4bps on FY111.5

2.0

2.590 Past Due Total 90 First Home Buyer

90+ Low Doc 90+ Investor

30+ Past Due Loss Rates

• Properties in possession 289, down from 519 at FY11

• Actual loss rates in the mortgage portfolio $94m (net of insurance1 claims), up $50m on FY11

0.0

0.5

1.0

Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 p $

– 3bps annualised

– Increase over FY11 reflects softening property values in some regions

– Loss rates remain low by international

Sep 08 a 09 Sep 09 a 0 Sep 0 a Sep a Sep

Australian mortgage 90+ days delinquencies (%)

1 2ALL NSW/ACT VIC/TAS QLD WA SA/NT

– Loss rates remain low by international standards and reflect sound underwriting standards

0.6

0.8

1.0

1.2

0.0

0.2

0.4

Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12


1 Mortgage insurance claims 2H12 $17m (1H12 $13m and 2H11 $11m)

16

豪住宅ローンポートフォリオの損失・延滞は、低水準で推移

• オーストラリアの住宅ローン延滞は、業界ベンチマークを下回る

90+ Past Due Total 90+ First Home Buyer

オーストラリアにおける住宅ローンの延滞率及び損失率 (%)

• ポートフォリオ全体の90日超延滞比率は昨年度比1bps減の 52bps

• 早期 (30日超)延滞比率は昨年度比4bps減の119bps1.5

2.0

2.590+ Past Due Total 90+ First Home Buyer

90+ Low Doc 90+ Investor

30+ Past Due Loss Rates

• 差し押さえ物件数は昨年度の519件から289件へ減少

• 住宅ローンポートフォリオの実現損失率は、昨年度から$50m増の $94m (保険

0.0

0.5

1.0

Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12 (回収後1)

– 年率換算で3bps

– 損失率の前年度比上昇は、不動産の価値が下がった地域があったため

Sep 08 a 09 Sep 09 a 0 Sep 0 a Sep a Sep

オーストラリアの90日超延滞住宅ローン比率 (%)

1 2ALL NSW/ACT VIC/TAS QLD WA SA/NT の価値が下がった地域があったため

– 国際的な基準に照らすと損失率は低い水準にあり、健全な引受方針であることを示している

0.6

0.8

1.0

1.2

0.0

0.2

0.4

Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12


1 Mortgage insurance claims 2H12 $17m (1H12 $13m and 2H11 $11m)

16

“THE AUSTRALIAN ECONOMY HAS DEMONSTRATED CONSIDERABLEDEMONSTRATED CONSIDERABLE RESILIENCE IN THE FACE OF THE GLOBAL FINANCIAL CRISIS, AND ISGLOBAL FINANCIAL CRISIS, AND IS IN A STRONG POSITION TO RESPOND TO ANY EXTERNAL SHOCKS.”TO ANY EXTERNAL SHOCKS.INTERNATIONAL MONETARY FUND 15 NOVEMBER 2012


“豪州経済は世界的な金融危機に直面しながらも顕著な回復力を示しいかなる外的がらも顕著な回復力を示し、いかなる外的ショックにも対応できる強力なポジションにある”あるINTERNATIONAL MONETARY FUND 15 NOVEMBER 2012


The Australian economy has monetary and fiscal flexibility


Major countries’ policy rates (%)• In contrast to most other developed economies, Australian policy makers continue to enjoy considerable flexibility

• Australia’s official cash rate is currently 3 00%

45678

Australia UK Canada US Euro• Australia s official cash rate is currently 3.00%

− Low by historical standards but still leaves ample scope for additional easing if required

− Policy rate changes also continue to have an immediate impact on lending rates for both new and existing loans (85% of

0123


g g (mortgages are on variable rate terms)

• Plenty of fiscal scope

− Net public debt levels are very low at 8% of GDP

− While Government is currently focused on fiscal consolidation

ManufacturingC t ti

Australia’s economy diversified and flexible (% of GDP)1


Sources: RBA, OECD, Westpac Economics

While Government is currently focused on fiscal consolidation there is ample scope for discretionary fiscal easing if needed

10 8

103

812

45

11 6ConstructionMiningRuralUtilities & transportWholesale & retailProperty, business services

1013 FinanceCommunicationsHousehold servicesEducation & healthGovernment

S ABS W t E i


1. Excludes ownership of dwellings and taxes less subsidies.

Sources: ABS, Westpac Economics

18

金融・財政面で柔軟性のある豪州経済


主要各国の政策金利 (%)• その他先進国と異なり、オーストラリアでは、金融・財政政策での柔軟性が今もなお高い

• オストラリアの政策金利は現在3 00%

45678

Australia UK Canada US Euro• オーストラリアの政策金利は現在3.00%

− 過去の水準と比べると低いが、必要に応じて追加緩和が可能な余地を十分に残している

− 政策金利の変更は、新規・既存の貸付における貸付金利に直接影響(住宅ローンの85%は変動金利)

0123


(住宅ンの %は変動金利)

• 財政面での余裕

− 純公的債務は非常に低くGDPの8%

− 現在政府は財政再建に注力しているものの、必要に応じて自発的に財政出動を実施する余地も十分にある

製造業

建設業

オーストラリアの多様かつ柔軟な経済 (GDP比、%)1


Sources: RBA, OECD, Westpac Economics

財政出動を実施する余地も十分にある

10 8

103

812

45

11 6建設業

鉱業

農業

公共事業・交通

卸売・小売業

不動産サービス業1013 金融業

通信業

家事サービス業

教育・医療

政府

S ABS W t E i


1. Excludes ownership of dwellings and taxes less subsidies.

Sources: ABS, Westpac Economics

18

Australia’s mining boom entering a transition phase

• Australia’s mining boom is best described as 3 separate but overlapping stages led by the cycles in:

1. Prices; indexindex

Price cycle volatile around a high average level

;2. Investment; and3. Exports/production

• Upswing in Australia’s commodity prices now matured - most prices peaking in 2008

• Investment cycle still ramping up (led most recently by very large 250

300

350

400

500

600

700 Bulks* (lhs)Exchange traded* (rhs)

y p g p ( y y y ground of gas projects)− Expected to mature some time in 2H 2013 with mining investment

likely to become a drag on growth in 2013-14 • This will coincide with the beginning of a sustained upturn in resource

exports as projects come on line. Will also see a smaller net 100

150

200

100

200

300

Mar-06 Mar-08 Mar-10 Mar-12 Mar-14

* Bulks includes iron ore and all grades of coal. Exchange traded includes rural, crude oil, base metals and gold.

contribution to growth nationally and fewer jobs in the mining sectorSources: Westpac Economics, Bloomberg, ABS.

66 ppts pptscontribution to GDP growth

Net exports will contribute to GDP as mining boom matures

1414$bn $bnQuarterly 3qtr moving avg.

Gas projects dominate; half way through investment ramp up

0

2

4

0

2

4 3.4%2.9%3.7%

6

8

10

12

6

8

10

12

Westpac’s

Peak: 2013 H2

-4

-2

-4

-2

'98-'07 '10-'13 '15-'20

Net X Public MiningNon-mining inv. Consumer * GDP0

2

4

6

0

2

4

6

Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16

quarterly estimates


Sources: ABS, Westpac Economics. * Includes housingSources: Westpac Economics, Access “Investment Monitor”

19

オーストラリアの鉱業ブームは過渡期に

• オーストラリアの鉱業ブームは、以下要因のサイクルに左右される、個別で重複した3つのステージにたとえることができる

1. 価格インデックスインデックス

価格サイクルは変動幅が大きいが平均的に高い水準で推移

価格

2. 投資

3. 輸出・生産

• オーストラリアにおける商品価格の上昇は現在落ち着いており、多くの物価は2008年にピークに達した

• 投資サイクルは上昇中（直近では、大規模なガスプロジェクトがあったた

250

300

350

400

500

600

700 Bulks* (左)Exchange traded* (右)

投資サイクルは上昇中（直近では、大規模なガスプジクトがあったため）

− 鉱業への投資は、2013年下半期ごろ頭打ちになると思われ、 2013-14年ごろには成長を阻む要素になる可能性がある

• プロジェクトが実現すると、投資が弱含むと共に、資源輸出の持続的成長が始まる。また、国内成長への寄与は小さくなり、鉱業セクターの雇用も減

100

150

200

100

200

300

Mar-06 Mar-08 Mar-10 Mar-12 Mar-14

* Bulks：鉄鉱、石炭などを含むExchange：農業、原油、ベースメタル、金を含む

る見込みSources: Westpac Economics, Bloomberg, ABS.

66 ppts pptsGDP成長への寄与

鉱業ブームが飽和するにつれ、純輸出がGDPに寄与

1414$bn $bn

四半期毎四半期移動平均

投資の大半はガスプロジェクトによるもので、投資は拡大基調の途中

0

2

4

0

2

4 3.4%2.9%3.7%

6

8

10

12

6

8

10

12

ウエストパックの

ピーク: 2013 H2

-4

-2

-4

-2

'98-'07 '10-'13 '15-'20

Net X Public MiningNon-mining inv. Consumer * GDP0

2

4

6

0

2

4

6

Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16

四半期予測


Sources: ABS, Westpac Economics. * Includes housingSources: Westpac Economics, Access “Investment Monitor”

19

Chinese growth finding a sustainable level

• The Chinese economy is in the middle stages of its development - it is no longer poor but it is still far from rich

• Westpac estimates Chinese potential growth is now between 7% and 30

% * Goods & services ^ Total primary energy supply

China’s share: world activity & Australian exports (%)

8%, with a bias towards the top of that range− The 10% average of the 2000s, was achieved in a unique period

of history. China benefited from a number of growth accelerating factors concentrated in a short timeframe, including WTO entry, supportive demographics and urbanisation, the global credit bubble and a reform dividend from sound decisions taken in the

25

30

1980 2000 2010

Goods & services. ^ Total primary energy supply `` From fossil fuel combustion. # 1980 figure is a Westpac estimate. All national accounts related shares are in 2005 constant US dollars.

bubble and a reform dividend from sound decisions taken in the 1990s (SOE, banks, housing, fiscal)

• As a $US7 trillion economy, China grew at 10%. As a $US10 trillion economy, we expect it to grow at 7%.− That represents an equivalent incremental contribution to global

absorptive capacity at higher levels of energy protein metal and

15

20 1980 2000 2010

absorptive capacity, at higher levels of energy, protein, metal and consumer goods demand per head.

• • The current potential growth estimates are based on a lower degree of support from demographics and external demand and strong but still somewhat diminished investment rates Productivity growth will

5

10

1515%ytd %ytd

Chinese economic growth (% ytd)

still somewhat diminished investment rates. Productivity growth will also slow, but to a modest extent. China’s household sector, its central government, its banks and the private corporate sector all have sound balance sheets. We are coming to the end of the cyclical correction driven by the end of the stimulus package, the tight policy of 2011 and the global slowdown of 2012.

0

cons

umpt

ion

pita

l for

mat

ion

Exp

orts

*

Impo

rts*

g va

lue

adde

d

n va

lue

adde

d

s va

lue

adde

d

PP

P G

DP

lian

expo

rts*#

2 em

issi

ons`

`

Ener

gy u

se^

10

11

12

13

14

10

11

12

13

14 Real GDP growth

Filtered growth rate

f’casts

Hou

seho

ld

Gro

ss fi

xed

cap

Man

ufac

turin

g

Con

stru

ctio

n

Ser

vice

s

Aus

tral

CO

6

7

8

9

6

7

8

9

Mar-92 Mar-95 Mar-98 Mar-01 Mar-04 Mar-07 Mar-10 Mar-13


Sources: CEIC, Westpac Sources: UN, IMF, IEA, Westpac Economics.

20

中国の成長は持続可能なレベルに達しつつある

• 中国経済は、発展の過程にある。もはや貧困国ではないが、豊かな国からはほど遠い

30% * 商品・サビス ^ 一次エネルギ供給合計

中国のシェア: 世界の活動と豪州の輸出 (%)

• ウエストパックでは現在、中国の潜在的成長率を7～8%とし、このレンジの後半寄りであると予測

− 平均10%成長を達成した2000年代は特殊な時期であった。中国のWTOへの加盟、人口動態、都市化、世界的な信用危機、また1990年代に国有企業、銀行、住宅、財政面の改革で下された適切な判断の

25

30

1980 2000 2010

商品・サービス ^ 一次エネルギー供給合計`` 化石燃料燃焼による # 1980年の数値はウエストパックの推計。全ての国内勘定に関するシェアは2005年のUSドル実質値

代国有、銀、、財改成果など、短期間に成長を促す要因が多く集中したことが後押しした

• 中国経済は7兆ドル規模で10%の成長率を記録したが、10兆ドル規模の現在では7%で成長すると予想

− その規模は、エネルギー、プロテイン、金属、消費財に対する一人当15

201980 2000 2010

その規模は、ネルギ、プロテイン、金属、消費財に対する人当たりの需要増につき、世界的に吸収できるレベルといえる

5

10

1515%年初来 %年初来

中国の経済成長 (% 年初来)

0

5

計消費

本形成

輸出

*

輸入

*

加価値

加価値

加価値

PP

P)

輸出

*#

出量

``

費量

^

10

11

12

13

14

10

11

12

13

14 実質GDP成長率

フィルター後成長率

予測

家計

総固定資本

輸輸

製造業付加

建築業付加

サービス業付加

GD

P(P

豪州輸

CO

2 排出

エネルギー消費

6

7

8

9

6

7

8

9

Mar-92 Mar-95 Mar-98 Mar-01 Mar-04 Mar-07 Mar-10 Mar-13


Sources: CEIC, Westpac Sources: UN, IMF, IEA, Westpac Economics.

20

Australian and New Zealand economic forecasts

Key economic indicators as at January 2013 (%)Calendar year

2011 2012f 2013f 2014f

World GDP 3.9 2.9 3.5 3.2

Australia GDP 2.4 3.5 2.7 2.5

Private consumption 3.3 3.5 2.7 3.4

B i i t t1 2 17 0 16 0 5 5 0 5Business investment1, 2 17.0 16.0 5.5 –0.5

Unemployment – end period 5.2 5.6 5.4 5.4

CPI headline – year end 3.0 2.2 2.3 3.0

Interest rates – cash rate 4.50 3.00 2.75 3.25

Credit growth, Total – year end 3.5 3.5 4.5 5.5

Credit growth, Housing – year end 5.4 4.6 5.2 6.2

Credit growth, Business – year end 1.3 2.5 3.5 4.5

New Zealand GDP 1.5 2.3 3.2 3.2

Unemployment – end period 6.4 7.0 6.1 5.3

Consumer prices 1.8 0.9 2.5 2.4

Interest rates – official cash rate 2 5 2 5 3 0 4 5Interest rates official cash rate 2.5 2.5 3.0 4.5

Credit growth – Total 0.9 3.4 4.3 4.8

Credit growth – Housing 1.2 3.6 4.8 4.8

Credit growth – Business (incl. agri) 0.8 3.3 3.9 4.9


Source: Westpac Economics 1 GDP and component forecasts were updated following the release of quarterly national accounts. 2 Business investment adjusted to exclude the effect of private sector purchases of public assets.

21

オーストラリア・ニュージーランド経済見通し

主要経済指標（2013年1月現在） (%)暦年

2011 2012f 2013f 2014f

全世界 GDP 3.9 2.9 3.5 3.2

オーストラリア GDP 2.4 3.5 2.7 2.5

個人消費 3.3 3.5 2.7 3.4

設備投資1 2 17 0 16 0 5 5 0 5設備投資1, 2 17.0 16.0 5.5 –0.5

失業率 – 期末 5.2 5.6 5.4 5.4

総合CPI – 年末 3.0 2.2 2.3 3.0

金利 – 政策金利 4.50 3.00 2.75 3.25

信用の伸び（全体） – 年末 3.5 3.5 4.5 5.5

信用の伸び（住宅） – 年末 5.4 4.6 5.2 6.2

信用の伸び（ビジネス） – 年末 1.3 2.5 3.5 4.5

ニュージーランド GDP 1.5 2.3 3.2 3.2

失業率 – 期末 6.4 7.0 6.1 5.3

消費者物価 1.8 0.9 2.5 2.4

金利 – 政策金利 2 5 2 5 3 0 4 5金利政策金利 2.5 2.5 3.0 4.5

信用の伸び – 全体 0.9 3.4 4.3 4.8

信用の伸び – 住宅 1.2 3.6 4.8 4.8

信用の伸び – ビジネス（農業含む） 0.8 3.3 3.9 4.9


Source: Westpac Economics 1 GDP and component forecasts were updated following the release of quarterly national accounts. 2 Business investment adjusted to exclude the effect of private sector purchases of public assets.

21

THE AUSTRALIAN MORTGAGE MARKET ANDMARKET AND WESTPAC’S HIGH QUALITY RESIDENTIAL MORTGAGERESIDENTIAL MORTGAGE PORTFOLIO


オーストラリアの住宅ローン市場及びウエストパックの良質な住宅ローンウエストパックの良質な住宅ロンポートフォリオ


Australian house prices have eased in an orderly fashion;Housing affordability has improvedHousing affordability has improved

Residex (monthly) RP Data-Rismark (monthly)

House prices (annual % change) Interest rates (%)

6

12

18

6

12

18

Residex (monthly) RP Data Rismark (monthly)ABS APM

2530354045

8

9

10

11standard variable mortgage rate (lhs) housing finance approvals (rhs)

f/c

-6

0

6

-6

0

6

Jun-02 Feb-04 Oct-05 Jun-07 Feb-09 Oct-10 Jun-12

*houses only05101520

4

5

6

7

Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

10yr avg

Sources: Residex, RP Data-Rismark, ABS, APM, REIA, Westpac Economics

66Australia Sydney Melbourne

Rental vacancy rates (%)

Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12

Sources: RBA, ABS, Westpac Economics

40median dwelling repayment to income ratio

House affordability: all dwellings (%)

3

4

5

6

3

4

5

6investor housing boom ... near historic

lows since 2007

152025303540

avg

0

1

2

0

1

2

Jun-82 Jun-87 Jun-92 Jun-97 Jun-02 Jun-07 Jun-1205

1015

Jun-80 Jun-84 Jun-88 Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12

*all dwellings, all regionsrepayments on mortgage at 75%LVR, as % after tax income per household

estimates based on capital cities prior to 1993


Sources: REIA, Westpac Economics Sources: RP Data-Rismark, Residex, Westpac Economics

23

オーストラリアの住宅価格は穏やかに下落し、値ごろ感が上昇

月次月次 ABS APM

住宅価格 (年間変動率、 % )

宅変金宅資

金利 (%)

6

12

18

6

12

18

Residex (月次) RP Data-Rismark (月次) ABS APM

2530354045

8

9

10

11標準的な住宅ローン変動金利（左）住宅融資認可比率（右）

予測

-6

0

6

-6

0

6

Jun-02 Feb-04 Oct-05 Jun-07 Feb-09 Oct-10 Jun-12

*戸建て住宅のみ05101520

4

5

6

7

Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

10年平均

Sources: Residex, RP Data-Rismark, ABS, APM, REIA, Westpac Economics

66オーストラリアシドニーメルボルン

賃貸空室率 (%)

Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12


40所得に対する住居返済額の割合（中央値）

住宅の値ごろ感: 全住居対象 (%)

3

4

5

6

3

4

5

6住宅投資ブーム

... 2007年以降

ほぼ過去最低水準

152025303540

平均

0

1

2

0

1

2

Jun-82 Jun-87 Jun-92 Jun-97 Jun-02 Jun-07 Jun-1205

1015

Jun-80 Jun-84 Jun-88 Jun-92 Jun-96 Jun-00 Jun-04 Jun-08 Jun-12

*全住居、全地域75% LVRでの住宅ローン返済。世帯ごとの税引後所得に対する割合

1993年以前の首都における数値をもとに推測


Sources: REIA, Westpac Economics Sources: RP Data-Rismark, Residex, Westpac Economics

23

A structural supply/demand imbalance in housing stock;Little evidence of speculative investor activityLittle evidence of speculative investor activity

estimated housing stock deficiency Aus dwelling approvals (SA annualised)

Australia’s housing stock deficiency1 (’000)

owner-occupiers investors

Investor boom ended 8 years ago* (annualised %)

150

200

250estimated housing stock deficiency Aus dwelling approvals (SA annualised)

Underlying demand f'casts

12

16

20owner occupiers investors

*percentage points (ppts) contribution to

annual growth in total housing credit

investor housing boom

0

50

100

Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

c.f. latest ‘official’ estimates from National Housing Supply Council: underlying demand rising at 160k pa; accumulated deficiency: 187k

0

4

8

Jun-91 Jun-94 Jun-97 Jun-00 Jun-03 Jun-06 Jun-09 Jun-12

avg 2.8pptssince 2004


Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12

350 population dwelling stock*

Population vs dwelling stock1 (annual average change, ’000)

Sources: RBA, Westpac Economics

Jun 91 Jun 94 Jun 97 Jun 00 Jun 03 Jun 06 Jun 09 Jun 12

Investor housing (Sydney) Australian shares

Investor returns: housing vs shares* (% per annum)

150

200

250

300* net of demolitions – implied by Census data to 2006; Westpac estimates thereafter

0

10

20

30

40Investor housing (national) Investor housing (Melbourne)

* avg annual return

0

50

100

1950s 1960s 1970s 1980s 1990s 2000s last 3 years-30

-20

-10

0


investor housing boom


Sources: RP Data-Rismark, Residex, Westpac Economics. Sources: REIA, RBA, Westpac Economics

24

住宅戸数における構造的な需給の不均衡があり

投資家の投機的な動きは見られない投資家の投機的な動きは見られない

推定住宅在庫不足豪住宅着工許可件数（半期年率換算）

オーストラリアにおける住宅の不足1 (’000)

家主投資家

住宅への投資ブームは8年前に終焉* (%、年率換算)

150

200

250推定住宅在庫不足豪住宅着工許可件数（半期、年率換算）

潜在需要予測

12

16

20家主投資家

*住宅融資全体における年間成長寄与率（ppts）

投資家による住宅投資ブーム

0

50

100

Dec-92 Dec-94 Dec-96 Dec-98 Dec-00 Dec-02 Dec-04 Dec-06 Dec-08 Dec-10 Dec-12

参照：National Housing Supply Councilによる直近の「公式」予測値。年間160,000件の潜在需要に対し、累計不足分は187,000件

0

4

8


2004年以降の平均2.8ppts


Dec 92 Dec 94 Dec 96 Dec 98 Dec 00 Dec 02 Dec 04 Dec 06 Dec 08 Dec 10 Dec 12

350 人口住宅在庫*

人口 vs 住宅在庫1 (年間平均変化, ’000)

Sources: RBA, Westpac Economics

Jun 91 Jun 94 Jun 97 Jun 00 Jun 03 Jun 06 Jun 09 Jun 12

住宅投資（シドニー）豪州株式

住宅投資（全国）住宅投資（メルボルン）

投資家の運用益: 住宅 vs 株式* (年間、%)

150

200

250

300* 正味解体戸数のデータはCensusによるもの（2006年まで）それ以降はウエストパックによる推計

0

10

20

30

40住宅投資（全国）住宅投資（メルボルン）

*年間平均運用益

0

50

100

1950s 1960s 1970s 1980s 1990s 2000s last 3 years-30

-20

-10

0


投資家による住宅投資ブーム


Sources: RP Data-Rismark, Residex, Westpac Economics. Sources: REIA, RBA, Westpac Economics

24

Australia’s mortgage performance amongst global best;Outlook remains positiveOutlook remains positive

90+ day prime arrears by country (%) • Australian mortgage loans continue to perform well, with very low arrears and loss levelsA t li UK US N th l d loss levels

• Quality underpinned by:

− Full recourse market

− Quality underwriting2

3

4 Australia UK US Netherlands

− Tax system encourages repayment and provides disincentive for speculation

− Home ownership culture

0

1

Sep

-03 Sep

-04 Sep

-05 Sep

-06 Sep

-07 Sep

-08 Sep

-09 Sep

-10 Sep

-11 Sep

-12

Source: S&P and Bloomberg.

Mortgage lending outlook versus house price expectation - Fitch • Fitch’s lowest average lifetime default probability expectations, between 2% and 6%, are for residential mortgage portfolios from European core markets, Australia and recent US prime market originations (Fitch Residential Mortgage Briefing, January 2013)


豪州住宅ローン市場のパフォーマンスは世界でも高く見通しは引き続き明るい見通しは引き続き明るい

国別 90日超延滞プライムローン比率 (%) • 豪州の住宅ローンは、延滞率と損失が非常に低く、引き続き順調

A t li UK US N th l d • 良好なパフォーマンスを支える要因：

− フルリコース市場

− 良質な引受

− 返済を促し、投機を阻害する税制2

3

4 Australia UK US Netherlands

返済を促し、投機を阻害する税制

− 持ち家文化

0

1

Sep

-03 Sep

-04 Sep

-05 Sep

-06 Sep

-07 Sep

-08 Sep

-09 Sep

-10 Sep

-11 Sep

-12

Source: S&P and Bloomberg.

住宅ローン貸付見通し vs 住宅価格推定値 – フィッチ • 欧州中核市場、オーストラリア、直近の米国プライム層での引受における住宅ローンポートフォリオについて、フィッチはデ

確率低値をフォルト確率2～6％と最低平均値を予測(Fitch Residential Mortgage Briefing, January 2013)


Westpac’s Australian housing portfolio

Australian bank mortgage market share (%)Westpac Australian housing portfolio1

FY11 FY12 2H12

27

16 15

16

Westpac (incl. St.George)

CBA (incl. BWA)

NAB

FY11Balance

FY12Balance

2H12Flow2

Total portfolio ($bn) 304.6 316.3 25.3

26 ANZ

Other banks

Owner-occupied (%) 48.8 48.2 49.0

Investment (%) 39.7 41.5 46.0

Source: APRA Banking Statistics August 2012 – Banking system market sharePortfolio loan/line of credit (%) 11.5 10.3 4.7

Variable rate / Fixed rate (%) 88 / 12 87 / 13 78 / 22

Westpac mortgage product features summary• Full recourse loan• Interest rate variable at Westpac’s discretion• Maximum term of 30 yearsbl

e an

s

Low Doc (%) 6.6 5.7 1.8

Proprietary channel (%) 60.1 58.4 56.8

Maximum term of 30 years• Additional repayments accepted • Re-draw available, up to scheduled amortisation balance • Top-up (increase existing loan, subject to credit approval) facilities available• 100% interest off-set feature available • Interest only payment option available

• Full recourse loan

Varia

bra

te lo

aFirst Home Buyer (incl. Low Doc) (%) 12.2 11.8 10.4

Mortgage insured (%) 27.0 25.8 15.6

• Fixed interest rate for periods of between 1 & 12 years, although majority of loans are fixed for between 3 & 5 years. Loans convert to variable rate loan at the end of the fixed period

• Additional repayments limited to $30,000 during the fixed rate period, then break costs apply

• Re-draw option available• No top-up option or 100% interest offset account feature available

Fixe

d ra

te

loan

s


1 Represents WRBB and St.George (including RAMS). 2 Flow is all new mortgage originations total settled amount originated during the 6 month period ended 30 September 2012 and excludes RAMS. 3 ABA Cannex August 2012

26

ウエストパックの豪州住宅ローン

豪州銀行間の住宅ローンマーケットシェア (%)ウエストパックの豪州ハウジング・ポートフォリオ1

FY11 FY12 2H12

27

16 15

16

Westpac (incl. St.George)

CBA (incl. BWA)

NAB

FY11Balance

FY12Balance

2H12Flow2

ポートフォリオの合計 ($bn) 304.6 316.3 25.3

26 ANZ

Other banks

持ち家住宅 (%) 48.8 48.2 49.0

投資用住宅 (%) 39.7 41.5 46.0

Source: APRA Banking Statistics August 2012 – Banking system market shareポートフォリオローン/信用枠(%) 11.5 10.3 4.7

変動金利/ 固定金利 (%) 88 / 12 87 / 13 78 / 22

ウエストパック住宅ローン商品

• フルリコースローン• 金利変動はウエストパックの裁量による• 最長期間30年利ー

ン

Low Doc ローン (%) 6.6 5.7 1.8

自己案件(%) 60.1 58.4 56.8

最長期間30年• 追加返済可能• ローン引き直し可能（予定されている定期返済残額まで）• 追加ローン可能（信用審査次第で既存融資の追加）• 100% 金利相殺が可能• 金利のみ返済型オプションあり

• フルリコースローン

変動

金住

宅ロー

初回住宅購入者(Low Docローンを含む) (%) 12.2 11.8 10.4

保険付き住宅ローン (%) 27.0 25.8 15.6

• 固定金利ローンは1~12年で組むことができるが、大半のローンは3~5年で組まれている。固定金利期間が終了すると変動金利に変換される

• 固定金利期間の追加返済は$30,000までに制限されており、それ以上についてはブレイクコストが発生

• ローン引き直しのオプションあり• 追加ローン並びに100%金利相殺は不可

固定

金利

住宅

ローン


1 Represents WRBB and St.George (including RAMS). 2 Flow is all new mortgage originations total settled amount originated during the 6 month period ended 30 September 2012 and excludes RAMS. 3 ABA Cannex August 2012

26

Australian housing portfolio well collateralised

Australian housing portfolio FY11 FY12 Australian mortgage portfolio1,2,3 LVR distribution of portfolio (%)Australian mortgages ahead on payments1,4 by balance (%)70 LVR at origination Dynamic LVR

Australian housing portfolio1,2,3

Average LVR at origination1 (%) 68 69

Average dynamic1,2,3 LVR (%) 47 48

A LVR f l 1 7 (%) 69 6930

40

50

60LVR at origination Dynamic LVR

Average LVR of new loans1,7 (%) 69 69

Average loan size ($’000) 210 214

Customers ahead on repayments1,4 (%) 61 590

10

20

30

0<=60 60<=70 70<=80 80<=90 90<=95 95+

50Sep-11 Sep-12

0 60 60 70 70 80 80 90 90 95 95

Australian home loan customers ahead of payments1,4

45 WRBB, St.George & RAMS All banks8

Australian housing portfolio by State (%)

20

30

40

50

15

30

0

10

Behind On Time < 1 Month < 1 Year < 2 Years > 2 Years5 6

0

15

NSW & ACT VIC & TAS QLD WA SA & NT


1 Includes WRBB and St.George (excl. RAMS). 2 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 3 Property valuation source Australian Property Monitors. 4 Customer loans ahead on payments exclude equity loans/line of credit products as there is no scheduled principal payments. 5 ‘Behind’ is more than 30 days past due. 6 ‘On time’ includes up to 30 days past due. 7 Average LVR of new loans is based on rolling 12 month window for each year end period. Includes WRBB and St.George (excl. RAMS). 8. ABA Cannex August 2012

27

十分に担保された豪州住宅ポートフォリオ

豪州住宅ポートフォリオ FY11 FY12 Australian mortgage portfolio1,2,3 LVR distribution of portfolio (%)Australian mortgages ahead on payments1,4 by balance (%)70

オリジネーション時LTV比率ダイナミックLTV比率

豪州住宅ポートフォリオ1,2,3

オリジネーション時平均LTV比率1 (%) 68 69

平均ダイナミック1,2,3 LTV比率 (%) 47 48

新規ロンの平均 LTV比率1 7 (%) 69 6930

40

50

60オリジネーション時LTV比率ダイナミックLTV比率

新規ローンの平均 LTV比率1,7 (%) 69 69

平均ローン額 ($’000) 210 214

期限前返済の顧客1,4 (%) 61 590

10

20

30

0<=60 60<=70 70<=80 80<=90 90<=95 95+

50Sep-11 Sep-12

0 60 60 70 70 80 80 90 90 95 95

豪州住宅ローン期限前返済の顧客1,4

45 WRBB, St.George & RAMS All banks8

オーストラリア州別住宅ポートフォリオ (%)

50Sep-11 Sep-12

20

30

40

50

15

30

20

30

40

50

0

10

Behind On Time < 1 Month < 1 Year < 2 Years > 2 Years5 6

0

15

NSW & ACT VIC & TAS QLD WA SA & NT0

10

20

延滞期日通り 1ヶ月未満 1年未満 2年未満 2年以上5 6


1 Includes WRBB and St.George (excl. RAMS). 2 Dynamic LVR represents the loan-to-value ratio taking into account the current outstanding loan balance, changes in security value and other loan adjustments. 3 Property valuation source Australian Property Monitors. 4 Customer loans ahead on payments exclude equity loans/line of credit products as there is no scheduled principal payments. 5 ‘Behind’ is more than 30 days past due. 6 ‘On time’ includes up to 30 days past due. 7 Average LVR of new loans is based on rolling 12 month window for each year end period. Includes WRBB and St.George (excl. RAMS). 8. ABA Cannex August 2012

27

Lenders mortgage insurance managing risk transfer

• Westpac Group has one captive mortgage insurer, Westpac Lenders Mortgage Insurance (WLMI)1, which insures mortgages originated through all brands and channels 3

Australian mortgage portfolio LMI coverage (%) at 30 September 2012

through all brands and channels

• Capital conservatively invested (cash and fixed interest) so returns primarily based on premium income and risk management

• All mortgages with origination LVR >90% insured with a third party since 2009 (prior to 2009 insured through WLMI)

7415

11

Not LMI insured Insured by WLMI Insured by third party3

• Mortgages with origination LVR between 80-90% and Low Doc between 60-80% are covered by WLMI. Westpac reduced its overall retained risk of higher LVR mortgages and further restructured the arrangement for mortgages originated from 1 October 2011

– WLMI reduced its retained risk to 40% for both WRBB and Lenders Mortgage Insurance (LMI) structure from 1 October 2011

St.George brands (down from 70%)

– Retained risk for RAMS brand remains at 40%

– Increased number of quota share providers from one to four parties (Genworth Australia, QBE LMI, Arch Re and Tokio Millennium)

External

LVR >80% to ≤ 90% and Low Doc LVR >60% to ≤ 80%

Covered by LMI

LVR >90%Covered by LMI

In-house• Additional stop loss insurance with a separate party to cover potential

extreme loss scenarios

• WLMI is strongly capitalised (separate from bank capital) and subject to APRA regulation. Capitalised at 1.33x MCR2

• Scenarios confirm sufficient capital to fund claims arising from events of

External Mortgage Insurance (third party provider)

Quota share reinsurance Retained risk

Mortgage Insurance(WLMI)

Scenarios confirm sufficient capital to fund claims arising from events of severe stress (up to 1 in 250 years)

– In a 1 in 250 years loss scenario, estimated losses for WLMI are $303m (net of re-insurance recoveries)

• 2H12 insurance claims $17m (1H12 $13m and 2H11 $11m)

Quota s a e e su a ce• 60% of WRBB,

St.George and RAMS risk

Stop loss reinsuranceProtects retained risk

eta ed s• 40% WRBB,

St.George and RAMS risk


1 WLMI provides cover for residential mortgages originated under WRBB, St.George and RAMS brand. 2 Minimum Capital Requirements (MCR) determined by Australian Prudential Regulation Authority. 3 Insured coverage is net of quota share.

28

リスク移転を管理する抵当権付住宅ローン貸付保険

• ウエストパックグループには自社専用の担保保険会社Westpac Lenders Mortgage Insurance (WLMI)1があり、グループ内全てのブランド、チャネルで組成された抵当権付住宅ローンを保証している 3

豪州モーゲージポートフォリオLMI カバレッジ (%) (2012年9月30日現在)

で組成された抵当権付住宅ロンを保証している

• 資本投資は慎重であり(現金及び固定金利)、運用益は主に保険料収入とリスクマネジメントによるものである

• 2009年以降、オリジネーション時のLTV比率が90%以上の抵当権付住宅ローンは全て第三者によって保証されている(2009年以前はWLMIが保証)

7415

11

保険なし WLMIによる保険第三者による保険3

• オリジネーション時のLTV比率が80-90%の抵当権付住宅ローンと、60-80%のLowDocローンは、WLMIが保証。ウエストパックでは、LTV比率の高い抵当権付住宅ローンに対するリスクを縮小し、2011年10月1日以降に組成された抵当権付住宅ローンのアレンジを組み直した

– WLMIは、WRBB、セント・ジョージブランド下のローンに対するリスクを2011年10月1日以降の抵当権付住宅ローン貸付保険 (LMI) 構造

70%から40%に縮小

– RAMSブランドのローンのリスクは40%で横ばい

– 比例再保険の提供会社を1社から4社へ増加(ジェンウォース・オーストラリア、QBE LMI、Arch Re、トウキョウ・ミレニアム)

LTV比率80%以上 90%以下のローン及びLTV比率60%以上 80%以下のLow Doc

ローンをLMIで保証

LTV比率90%以上のローンをLMIで保証

• 潜在的な大幅損失シナリオに備え、別団体と超過損害率再保険を設定

• WLMIは、オーストラリア金融監督局の規制に基づき、（銀行資本とは別に）十分な資本を備えている。資本規模は、MCR2（最低資本要件）の1.33倍

• 最大、250年に1度起きる程度の深刻なシナリオ下での保険金請求にも対応しうる資本がある

第三者による保険

比例再保険リスク

WLMIによる保険

しうる資本がある

– こういったシナリオ下でWLMIに想定される損失は、$303m(再保険の回収額を除く) と想定される

• 2012年下半期の保険金請求額は$17m(上半期$13m、前年同期$11m)

比例再保険• WRBB、セントジョージ、

RAMS のリスクは60%

超過損害率再保険リスクから守る

リスク• WRBB、セントジョージ、RAMSのリスクは40%


1 WLMI provides cover for residential mortgages originated under WRBB, St.George and RAMS brand. 2 Minimum Capital Requirements (MCR) determined by Australian Prudential Regulation Authority. 3 Insured coverage is net of quota share.

28

Australian investment property portfolio

• Investment property loans (IPLs) make up 41.5% of Westpac’s Australian mortgage portfolioTh j it (46%) f IPL l i i t d t 80% LVR t t k Owner Occupied IPLOwner Occupied IPL

Loan-to-value ratio at origination (%)

Application total gross income (%)

• The majority (46%) of IPL loans are originated at 80% LVR, to take advantage of tax deductions and avoid mortgage insurance costs

• While the majority of IPLs are interest-only, the amortisation profile closely tracks the P&I portfolio

• Compared to owner-occupied applicants, IPL applicants on average are ld h hi h i d hi h dit

10%

15%

20%

25%Owner Occupied IPL

20%

30%

40%

50%Owner Occupied IPL

older, have higher incomes and higher credit scores• Specific credit policies apply to IPLs to assist risk mitigation, for

example:– Holiday apartments subject to tighter acceptance requirements– Additional LVR restrictions apply to single industry towns

0%

5%

0<=5

0

50<=

75

75<=

100

100<

=125

125<

=150

150<

=200

200<

=500

500<

=1m

1m+0%

10%

0-60

60-7

0

70-7

5

75-8

0

80-8

5

85-9

0

90-9

5

95-9

7

97+

pp y g y• Reliance on rental income is limited, creating an income buffer and

vacancy rate for more than half of all IPL customers– 30% of applicants have no reliance on rental income– A further 27% have 25% or less of total income from rent

Westpac 90+ days delinquency by customer type (%)

All Non-IPL Mix Multi IPL Single IPL

2

• IPL portfolio performance has historically been better than the portfolio average– At FY12, IPL 90+ days delinquencies were 45bps compared to 52bps

for the portfolio• IPL customers with more than one investment loan perform better than 0.4%

0.6%

0.8%

1.0%

IPL customers with one investment loan and better than the overall portfolio– Approximately 45% of IPL customers have more than one investment

loan, a further 28% have a single IPL and 27% have both an IPL and an owner occupied loan

0.0%

0.2%

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep

-12


オーストラリア不動産投資ポートフォリオ

• 不動産投資ローン(IPLs) はウエストパックのオーストラリアにおけるモーゲージポートフォリオの41.5%を占める

税控除を受けるためまた抵当保険料が生じないようにするため不動産投持ち家目的投資目的持ち家目的投資目的

オリジネーション時LTV比率 (%) ローン申請者の所得合計（%）

• 税控除を受けるため、また抵当保険料が生じないようにするため、不動産投資ローンの大半(46%)はLTV比率80%で組まれる

• 多くの不動産投資ローンは金利のみ返済型であり、アモチゼーションのプロファイルはP&Iポートフォリオの動きにかなり近い

• 持ち家目的の不動産購入者より、投資目的の購入者の方が、年齢・収入・信用面で平均的に高い

10%

15%

20%

25%持ち家目的投資目的

20%

30%

40%

50%持ち家目的投資目的

信用面で平均的に高い

• 不動産投資ローンには、リスク緩和のため以下のような信用ポリシーが適用される:–リゾートマンションはローン承諾要件がより厳しい

–単一産業都市の場合、LTV比率がさらに制限される

0%

5%

0<=5

0

50<=

75

75<=

100

100<

=125

125<

=150

150<

=200

200<

=500

500<

=1m

1m+0%

10%

0-60

60-7

0

70-7

5

75-8

0

80-8

5

85-9

0

90-9

5

95-9

7

97+

• 家賃収入への依存が低く、不動産投資ローン顧客の半数以上に収入バッファーと空室率が生じる

–申請者の30%は家賃収入への依存がない

–更に27%の申請者で、総収入に対する家賃収入の割合が25%以下

従来動産投資ポパ全体ポ

ウエストパック顧客属性別90日超延滞比率 (%)

All Non-IPL Mix Multi IPL Single IPL

2

• 従来より、不動産投資ローンポートフォリオのパフォーマンスは、全体ポートフォリオの平均に比べて堅調

– 2012年度、不動産投資ローンで90日超の延滞があったのは45bpsで、全体ポートフォリオの52bpsを下回る

• 投資ローンが1件以上の不動産投資顧客は、1件のみの顧客と比べてパが高くポ全体も優れ

0.4%

0.6%

0.8%

1.0%

フォーマンスが高く、ポートフォリオ全体よりも優れている

–約45%の不動産投資ローン顧客は1件以上の投資ローンを組んでおり、更に28%の顧客は単一不動産投資のみ、残り27%は不動産投資ローンに加えて持ち家ローンも組んでいる

0.0%

0.2%

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep

-11

Nov

-11

Jan-

12

Mar

-12

May

-12

Jul-1

2

Sep

-12


Home loan evaluation process - originations

• Regardless of origination source, ll l bj t t W t ’

OriginationWestpacApproved third party

Automated credit decision

all loans are subject to Westpac’s standard underwriting criteria

• Credit decision and verification functions are retained by Westpac

Application

M l dit

Approved third party

Automated credit decisionScorecardUnderwriting standardsCredit bureau

Conditional

ReferralManual credit

decisionCredit Manager

Exception Conditional

approvalConditional approval

Mortgage insurance decision (if required) Valuation Savings evidence

(if required)

request

Application information verified

Documentation pack • Terms & conditions letter• Mortgage etc

Settlement/Drawdown


住宅ローン評価プロセス―オリジネーション

• 全ての貸出はオリジネーション

オリジネーションウエストパック認可済第三者

自動与信判断

全ての貸出はオリジネションソースに関わらずウエストパックの標準引受基準に沿っている

• 与信判断と確認作業はウエストパックが行う

申請

認可済第三者

自動与信判断スコアカード引受基準信用調査所

条件付承認

照会手動与信判断

審査マネジャー

例外要求条件付承認

条件付承認

抵当保険判断(必要な場合) 査定残高証明(必要な場合)申請情報確認

ドキュメンテーションパック• 融資条件通知書• 抵当など

セトルメント/ドローダウン


Arrears management and collections

• Customer delinquency management is segmented by risk:

− Risk is assessed based on historical loan and customer

Typical collections process (medium risk customer) Days

attributes

− Higher risk customers are contacted earlier and more assertively, leaving lower risk customers to self-cure or be contacted later by collections

SMS 3

Phone call 10

• Customers are contacted by SMS, letter and phone

• External property managers are used for the repossession and realisation process

• Properties are repossessed and then sold by the most di t th d

1st reminder letter + phone call 18

2nd reminder letter + phone call 22

Final letter + phone call 45expedient method

• Shortfall claims are submitted to insurer within 28 days from date of settlement

• Customers experiencing hardship are assessed and managed by Assist a dedicated hardship team that is part of collections

Final letter + phone call 45

Default notice issued 65+

Letter of demand sent 95+by Assist, a dedicated hardship team that is part of collections

Legal judgement sought and notice to vacate issued 95-120+

Valuation conducted by a panel valuer and appraisal obtained 134+pp

Agent appointed and marketing campaign initiated 140+

Security sold and settlement effected, proceeds applied to debt and shortfall (if any) realised 240+


延滞管理と回収

• 顧客の延滞管理はリスクによって区別される

− リスクは、過去のローンと顧客の属性によって評価される典型的な回収プロセス (リスク中程度の顧客の場合) 延滞期間

− 高リスクの顧客には早めに積極的な連絡を行い、低リスクの顧客には自己是正を求める、又は回収の際に連絡する

• 顧客への連絡は、ショートメッセージサービス、手紙、電話を用いる

• 担保権実行、換金手続きの際は外部資産管理者を利用する

ショートメッセージサービス 3

電話 10

担保権実行、換金手続きの際は外部資産管理者を利用する

• 資産の担保権が実行され、最適な方法で売却される

• 不足分については弁済の28日以内に保険業者に連絡

• 困窮にある顧客に対しては、Assistによって評価、管理される。Assistとは回収業務の端を担うチムで困難な状況にある顧

第1回リマインドレター + 電話 18

第2回リマインドレター + 電話 22

最終リマインドレター + 電話 45Assistとは回収業務の一端を担うチームで、困難な状況にある顧客に特化している

最終リマインドレタ + 電話 45

債務不履行通知発行 65+

催告書発送 95+

法的手段の模索、退去勧告の発行 95-120+

評価員から評価を受ける 134+

代理人を選任し、販売キャンペーンを行う 140+

担保売却、弁済の手続き。債務や不足分があった場合は手取金で対応

240+


WESTPAC’S AUSTRALIAN COVERED BOND PROGRAMMECOVERED BOND PROGRAMMEPROVIDES FURTHER FUNDING DIVERSITYDIVERSITY


ウエストパックの豪カバードボンドプログラムは調達源の更なる多様化に貢献は調達源の更なる多様化に貢献


Australian covered bonds amongst highest rated / lowest risk

Moody’s selected credit risk indicatorsrisk indicators for covered bonds (global)


Source: Moody’s Investors Service. All data as of 31 October 2012, except for sovereign ratings, which are as of 30 November 2012. German ship and aircraft mortgage-backed programmes are excluded. Key: Sovereign and issuer ratings: Green: Aaa-A3; Yellow: Baa1-Baa3; Red: <Baa3. Outlooks: Green: positive/stable; Yellow: negative/mixed; Red: on review for downgrade. TPIs: Green: Probable-High-Very High; Yellow: Probable; Red: Improbable/Very Improbable. TPI leeway: Green: 2+ notches; Yellow: 1-1.9 notches; Red: <1 notch/n/d. Rank ordering based on points (low to high): Green = 0 points; Yellow = 1 point; Red = 3 points; countries with equal points listed alphabetically.

33

豪カバードボンドは、高格付・低リスクで最高水準

ムーディーズによる、カバードボンド（グローバンド（グロバル）の主要クレジットリスク指標


Source: Moody’s Investors Service. All data as of 31 October 2012, except for sovereign ratings, which are as of 30 November 2012. German ship and aircraft mortgage-backed programmes are excluded. Key: Sovereign and issuer ratings: Green: Aaa-A3; Yellow: Baa1-Baa3; Red: <Baa3. Outlooks: Green: positive/stable; Yellow: negative/mixed; Red: on review for downgrade. TPIs: Green: Probable-High-Very High; Yellow: Probable; Red: Improbable/Very Improbable. TPI leeway: Green: 2+ notches; Yellow: 1-1.9 notches; Red: <1 notch/n/d. Rank ordering based on points (low to high): Green = 0 points; Yellow = 1 point; Red = 3 points; countries with equal points listed alphabetically.

33

Westpac covered bond programme

Issuer Westpac Banking Corporation

Issuer rating AA-/Aa2/AA- by S&P / Moody’s / Fitch

Format Legislative Covered Bond

C d B d i A / AAA b M d ’ / Fi hCovered Bond rating Aaa / AAA by Moody’s / Fitch

Programme size US$20 billion

Maturity options Soft and Hard BulletMaturity options Soft and Hard Bullet

Covered Bond Guarantor Westpac Covered Bond Trust, a special purpose vehicle (trust)

Covered Bond Guarantee Covered Bond Guarantor has guaranteed payments of interest and principal under the Covered Bonds secured over the Mortgage Loans and its other assets (limited in recourse to its assets)Bonds secured over the Mortgage Loans and its other assets (limited in recourse to its assets)

LVR cap in asset coverage test 80% (subject to indexation)

Asset percentage Subject to rating agency requirements, programme maximum 95%

Collateral Prime Australian residential mortgages

Listing London Stock Exchange


ウエストパックカバードボンドプログラム

発行体ウエストパック・バンキング・コーポレーション

発行体格付け AA-/Aa2/AA- （S&P / ムーディーズ / フィッチ）

フォーマット法定カバードボンド

カバドボド格付け / （ムデズ / ）カバードボンド格付け Aaa / AAA （ムーディーズ / フィッチ）

プログラム額 US$20 billion

満期オプションソフトブレット・ハードブレット満期オプションソフトブレットハドブレット

カバードボンド保証体ウエストパック・カバードボンド・トラスト（信託SPV）

カバードボンド保証カバードボンド保証体は、カバードボンドの利息及び元本（住宅ローン及び保証体のその他資産によって担保）の支払いを保証（保証体の資産にのみリコス）て担保）の支払いを保証（保証体の資産にのみリコース）

資産カバレッジテストでのLVRキャップ 80% （インデックス化により変化）

資産比率最高でプログラムの95%（格付機関の要件による）

担保オーストラリアのプライム住宅ローン

上場取引所ロンドン証券取引所


Program features

Structure Covered Bonds are issued by Westpac, backed by an unconditional and irrevocable guarantee by the Covered Bond Guarantor (the “CBT Guarantor”), which is limited in recourse to the assets in the Westpac Covered Bond Trust

SecuritySecurity comprises a pool of Australian residential mortgages which meet the eligibility criteria (the “cover pool”). It alsoincludes certain other assets such as cash and investments (subject to legislative and rating agency limits). Mortgages in the cover pool sold to the CBT Guarantor to ensure that covered bondholders have a priority claim over the cover pool in the event of Issuer insolvency

Prior to service of a Notice to Pay on the CBT Guarantor, an Asset Coverage Test will be run monthly to ensure the CBT Guarantor has sufficient assets to support the outstanding covered bonds. Defaulted loans will have nil value applied to them and remaining loans adjusted by the Asset Percentage. The Asset Percentage will be confirmed by the

Overcollateralisation rating agencies quarterly and is subject to a maximum of 95%, which represents a minimum level of overcollateralisation of just over 5%.

Following service of a Notice to Pay on the CBT Guarantor, an Amortisation Test is run monthly to ensure the CBT Guarantor has sufficient assets to meet the covered bond obligations

Asset Monitor

PricewaterhouseCoopers monitors the calculation of the Asset Coverage Test and the Amortisation Test on at least an annual basis.

They will also provide the asset monitor reporting requirements in relation to the legislation on at least a six monthly basis This includes verification of the asset register and provision of any other information APRA requiresbasis. This includes verification of the asset register and provision of any other information APRA requires

Hedging The Total Return Swap and Covered Bond Swap will be used to hedge any exposure of the CBT Guarantor to interest rate and currency risks


プログラムハイライト

ストラクチャーカバードボンドはウエストパックによって発行され、カバードボンド保証体（CBT保証体）によって無条件かつ取消不可能な形で保証される。ただし、保証はウエストパック・カバードボンド・トラストの資産にのみリコースする

担保

担保は、適格基準を満たすオーストラリアの住宅ローンのプール（カバープール）からなる

カバープールは現金及び投資など特定の他資産（法的・格付機関の制限に従う）を含む。カバードボンド保有者に保証を提供するためにCBT保証体に売却されたカバープール内の住宅ローンは、発行体が支払い不能となった場合、カバープールに対して優先請求権を有する

CBT保証体への保証履行請求通知書発行前、CBT保証体がカバードボンド未償還残高を保管するのに十分な資産を確保す

るために、資産カバレッジテストが月次で行われる。不履行ローンは資産において価値ゼロとみなし、残りのローンは資産比率

超過担保によって調整される。資産比率は格付機関によって四半期ごとに確認され、最高95%（超過担保は最低5%）までとする

CBT保証体への保証履行請求通知書発行後、CBT保証体がカバードボンド債務を履行するのに十分な資産を確保するために、アモチゼーションテストが月次で行われる

資産モニタリング

プライスウォーターハウスクーパース（PWC）が、資産カバレッジテスト及びアモチゼーションテストの計算を最低年1回ベースでモニタリングする

PWCはまた、最低6ヶ月に1回、法制に関連する資産モニタリング報告を提出する。報告には、資産登録の検証及びAPRAが求めるその他情報の提供を含むめるその他情報の提供を含む

ヘッジ総リターンスワップ及びカバードボンド・スワップが、金利・通貨リスクに対するCBT保証体のエクスポージャーをヘッジするために利用される


Westpac cover pool

Covered Bond Pool eligibility criteria• At the time of sale, each loan:

Is denominated and payable only in AUD in Australia Total pool loan balance1 A$19 443 052 702

Covered pool loan statistics as at 31 December 2012

– Is denominated and payable only in AUD in Australia– Is secured by a mortgage that constitutes a first ranking Australian

mortgage (second allowed as long as first held with the CBT Guarantor)

– Is secured by a mortgage over a property which has erected on it a residential dwelling

Total pool loan balance A$19,443,052,702

Number of loans 77,540

Average loan size A$250,749

Max loan size A$2,000,000residential dwelling– Was approved and originated by the seller in the ordinary course of

business– Is a loan under which the outstanding principal balance owed by the

borrower is not more than AUD$2,000,000

$ , ,

Weighted average current LVR (unindexed) 62.0%

Weighted average current LVR (indexed) 60.46%

– Is a loan under which the relevant borrower is required to repay the loan within 30 years of the relevant cut-off date

– Is not a delinquent mortgage or a defaulted loan and no legal demand has been served on the relevant borrower in respect of a payment on the loan

Mortgage Insured 16.58%

90 day + arrears 0.0%

Weighted average seasoning 43 months

Weighted average remaining term to– The sale of an interest in, or the sale of an interest in any related security, does not contravene or conflict with any law

– The relevant borrower is a resident of Australia– Not a loan with an interest only payment period of >10 years– The related mortgage has been or will be stamped

Weighted average remaining term to maturity 305 months

Max remaining term to maturity 359 months

Weighted average interest rate 5.92%– The related mortgage has been or will be stamped– Where applicable, all progress drawings have been made by the

borrower and the residential dwelling has been completed; and– The borrower has made at least one monthly payment or two

fortnightly payments in respect of the loan

Fixed / floating split (by bal) 18.24% / 81.76%

Interest only (by bal) 11.33%

Owner occupied security 80.23%


1 Pool loan balance excludes cash balances of A$556,947,298. Loans included in the cover pool are Westpac RBB originated mortgages and currently exclude Queensland loans.

36

ウエストパックのカバープール

カバープール適格基準• 売却時、各ローンは、

豪ド建オお豪ド支払われるカバープール・ローン残高1 A$19 443 052 702

カバープール・ローン内容（2012年12月31日現在）

– 豪ドル建てローンで、オーストラリアにおいて、豪ドルで支払われる

– オーストラリアの第1位順位不動産担保（CBT保証体が第1順位のときのみ第2順位でも可）によって担保される

– 物件上に住居が建設されている物件に設定された不動産担保によって担保される

カプルン残高 A$19,443,052,702

ローン件数 77,540

平均ローン額 A$250,749

最大ローン額 A$2,000,000– 通常の業務の過程において承認・オリジネートされた

– 債務者が負う未返済残高がAUD$2,000,000以下

– 債務者が当該基準日から30年以内のローン完済を求められる

– 延滞住宅ローンまたは不履行ローンではない。また、ローンの返済に関して債務者に対していかなる法的請求も行われていない

, ,

現加重平均 LTV比率 (インデックス化前) 62.0%

現加重平均LTV比率 (インデックス化後) 60.46%

保険付住宅 16 8%して債務者に対していかなる法的請求も行われていない

– ローンの権利または関連する担保の権利の売却が、いかなる法にも違反または抵触しない

– 債務者はオーストラリアの居住者である

– 金利のみ支払う期間が10年を超えないローンである

保険付住宅ローン 16.58%

90日超延滞ローン 0.0%

ローン期間（加重平均） 43 ヶ月

– 不動産担保は既に公証を受けている、または将来受ける

– すべての分割資金引出（該当する場合）が債務者によって既に行われ、住居が完成済みである

– 債務者はローンに関して最低1回の月返済または2回の隔週返済の実績がある

加重平均残存期間 305 ヶ月

最長残存期間 359 ヶ月

加重平均金利 5.92%がある

固定金利 / 変動金利 (残高ベース) 18.24% / 81.76%

金利のみ返済型ローン (残高ベース) 11.33%

自己所有物件担保 80.23%


1 Pool loan balance excludes cash balances of A$556,947,298. Loans included in the cover pool are Westpac RBB originated mortgages and currently exclude Queensland loans.

36

Pools statistics as at 31 December 2012 (cont.)

Geographic distribution by state (%)

35 C t LVR ( i d d) C t LVR (i d d)

Loan to value ratio by balance (%)

Queensland

NorthernTerritory$194 3

101520253035 Current LVR (unindexed) Current LVR (indexed)

Queensland$0m, 0%

Western Australia$2,589.6m, 13.3%

New South Wales$ 34 6 38 %

South Australia$1,038.3m, 5.34%

$194.3m, 1.0%

05

0-50

%

50-5

5%

55-6

0%

60-6

5%

65-7

0%

70-7

5%

75-8

0%

80-1

00%

> 10

0%

Victoria$5,328.7m,

27.4%

$7,534.6m, 38.75%

Tasmania

Australian Capital Territory

$524.9m, 2.7%

% of pool by balance (lhs) Number of loans (rhs)

Portfolio seasoning

Distribution by region Value of loans (A$m)

% of pool by value

$262.3m, 1.35%

6,0008,00010,00012,00014,000

10

15

20

25

30

Metropolitan 15,060 77%

Non-Metropolitan 4,383 23%02,0004,000

0

5

10

< 6Mth6 mths - 1yr

1yr -2yrs

2yrs -3yrs

3yrs -4yrs

4yrs -5yrs

5yrs -6yrs

6yrs -7yrs

7yrs -8yrs

8yrs -9yrs

9yrs -10yrs

> 10 yrs


プール内容 (2012年12月31日現在)

州別内訳(%)

35 現LTV (インデクス化前) 現LTV (インデクス化後)

LTV比率 (残高ベース、%)

クインズランド

ノーザンテリトリー$194 310

1520253035 現LTV (インデックス化前) 現LTV (インデックス化後)

クイーンズランド$0m, 0%

西オーストラリア$2,589.6m, 13.3%

ニューサウスウエールズ$ 34 6 38 %

南オーストラリア$1,038.3m, 5.34%

$194.3m, 1.0%

05

10

0-50

%

50-5

5%

55-6

0%

60-6

5%

65-7

0%

70-7

5%

75-8

0%

80-1

00%

> 10

0%

ビクトリア$5,328.7m,

27.4%

$7,534.6m, 38.75%

タスマニア

オーストラリア首都特別地域

$524.9m, 2.7%

8プールに占める割合（残高ベース）（左）ローン件数（右）

ポートフォリオ期間

地域別内訳ローン額

(A$m)プールに占める割合

(金額ベース)

$262.3m, 1.35%

6,000

8,000

10,000

12,000

14,000

10

15

20

25

30

都市部 15,060 77%

都市部以外 4,383 23%0

2,000

4,000

0

5

10

< 6Mth 6 mths - 1yr

1yr -2yrs

2yrs -3yrs

3yrs -4yrs

4yrs -5yrs

5yrs -6yrs

6yrs -7yrs

7yrs -8yrs

8yrs -9yrs

9yrs -10yrs

> 10 yrs


Pool statistics as at 31 December 2012

% of pool (lhs) Number of loans (rhs)

Interest rate split (%)Mortgage principal balance distribution

81.8

Fixed Floating

8,00012,00016,00020,00024,000

1015202530

% of pool (lhs) Number of loans (rhs)

18.204,000,

05

0-10

0K

100-

200k

200-

300k

300-

400k

400-

500k

500-

750k

750k

-1m

1m -

1.5m

> 1.

5m

1Interest only expiry date remaining period

% of interest only loans by balance (lhs) Number of loans (rhs)% of pool by balance (lhs) Number of loans (rhs)

Years to maturity (legal)

1,000

1,500

2,000

2,500

1520253035

30 00040,00050,00060,00070,00080,000

40

60

80

100

0

500

05

10

< 6 mths 6 mths -1yr

1yr - 2yrs 2yrs - 3yrs 3yrs - 4yrs 4yrs - 5yrs > 5 yrs010,00020,00030,000

0

20

40

< 1 yr 1yr - 5yrs 5yrs - 10yrs > 10 yrs


プール内容（2012年12月31日現在）

プルに占める割合（左）ロン件数（右）

固定／変動金利 (%)残高別住宅ローン

81.8

固定変動

8,00012,00016,00020,00024,000

1015202530

プールに占める割合（左）ローン件数（右）

18.204,000,

05

0-10

0K

100-

200k

200-

300k

300-

400k

400-

500k

500-

750k

750k

-1m

1m -

1.5m

> 1.

5m

1金利のみ返済型ローンの残存期間

金利のみ返済型ローンの割合（残高ベース）（左）ローン件数（右）プールに占める割合（残高ベース）（左）ローン件数（右）

残存年数（法定）

1,000

1,500

2,000

2,500

1520253035

30 00040,00050,00060,00070,00080,000

40

60

80

100

0

500

05

10

< 6 mths 6 mths -1yr

1yr - 2yrs 2yrs - 3yrs 3yrs - 4yrs 4yrs - 5yrs > 5 yrs010,00020,00030,000

0

20

40

< 1 yr 1yr - 5yrs 5yrs - 10yrs > 10 yrs


“A NUMBER OF POSITIVE DRIVERS SUPPORT THE WBC FRANCHISESUPPORT THE WBC FRANCHISE, INCLUDING: STRONG CREDIT PROFILE, HIGH LEVELS OFPROFILE, HIGH LEVELS OF PROVISIONING COVERAGE...”BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012


“クレジットの高さ、引当金カバレッジの高さなどいくつものポジティブな要素がWBCのフラどいくつものポジティブな要素がWBCのフランチャイズを支えている”BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012BANK OF AMERICA MERRILL LYNCH 5 NOVEMBER 2012


Balance sheet composition of Westpac and domestic peers

1% 1% 1%100%

Regulatory exposure mix1 (%)

4%6%

10%

11%

5% 7%7%

7%3% 3%

3%

2%1% 1%5%

1%

80%

100%

Other retail

Qualifying revolving

31%27%

34% 40%60%

y g g

Sovereign

3 %

40%

Bank

Corp, SME & Spec lending

56% 56%

40% 40%20%

Residential mortgages

0%Westpac Peer 1 Peer 2 Peer 3


1. Represents Exposure at Default. Source: Company reports at 30 June 2012. Includes Specialised Lending. Excludes Standardised exposures, Other Assets and Securitisation (representing 4% of Westpac, 14% of Peer 1, 5% of peer 2 and 11% of Peer 3). Exposure mix is re-baselined to total 100% for comparison.

40

バランスシート構成国内他行との比較

1% 1% 1%100%

規制に基づくエクスポージャー1 (%)

4%6%

10%

11%

5% 7%7%

7%3% 3%

3%

2%1% 1%5%

1%

80%

100%

その他リテール

適格リボルビング

31%27%

34% 40%60%

格リ

ソブリン

3 %

40%

銀行業務

法人、中小企業、投機的貸出

56% 56%

40% 40%20%

住宅ローン

0%Westpac Peer 1 Peer 2 Peer 3


1. Represents Exposure at Default. Source: Company reports at 30 June 2012. Includes Specialised Lending. Excludes Standardised exposures, Other Assets and Securitisation (representing 4% of Westpac, 14% of Peer 1, 5% of peer 2 and 11% of Peer 3). Exposure mix is re-baselined to total 100% for comparison.

40

High quality portfolio with bias to secured consumer lending

Housing Business lending Corporate Other consumerCash and balances with central banks

Asset composition as at 30 September 2012 (%)

6720

9

Housing Business lending Corporate Other consumer

2

11

5

76

Receivables due from other financial institutionsTrading securities, financial assets at fair value and available-for-sale securitiesDerivative financial instruments

94

On balance sheet lending

2

2

13

Loans

Life insurance assets

Other assetsTotal assets

1Exposure by risk grade1 as at 30 September 2012 ($m)

Standard and Poor’s risk grade Australia NZ / Pacific Americas Europe Asia Group % of Total

AAA to AA- 70,736 7,214 8,252 697 248 87,147 11%

A+ to A- 28 043 3 457 1 894 1 305 1 029 35,728 5%A+ to A 28,043 3,457 1,894 1,305 1,029 35,728 5%

BBB+ to BBB- 45,281 7,189 1,084 1,069 3,483 58,106 8%

BB+ to BB 57,878 7,040 245 312 1,214 66,689 9%

BB- to B+ 54,089 7,130 6 24 - 61,249 8%

<B+ 11,641 2,352 68 205 - 14,266 2%, , ,

Secured consumer 358,354 34,191 - - 598 393,143 52%

Unsecured consumer 38,077 3,836 - - 83 41,996 5%

Total committed exposure 664,099 72,409 11,549 3,612 6,655 758,324

Exposure by region (%) 88% 10% 2% <1% <1% 100%


1 Exposure by booking office.

p y g ( )

41

ポートフォリオは担保付消費者向け貸付が中心

住宅及び個人向け事業向け法人向け他消費者向け現金及び中央銀行預け金

資産構成（2012年9月30日現在）(%)

6720

9

住宅及び個人向け事業向け法人向け他消費者向け

2

11

5

76

他金融機関に対する債権

商品有価証券、公正価値で測定する金融

資産、売却可能有価証券金融派生商品

94

バランスシート上貸付

2

2

13

貸付金

生命保険に関する資産

その他資産総資産

1リスクグレード別エクスポージャー1 （2012年9月30日現在） ($m)

S＆P リスクグレードオーストラリアニュージーランド／他太平洋諸国

南北アメリカ大陸

欧州アジアグループ全体に占める

割合

AAA から AA- 70,736 7,214 8,252 697 248 87,147 11%

A+ から A- 28 043 3 457 1 894 1 305 1 029 35,728 5%A+ から A 28,043 3,457 1,894 1,305 1,029 35,728 5%

BBB+ から BBB- 45,281 7,189 1,084 1,069 3,483 58,106 8%

BB+ から BB 57,878 7,040 245 312 1,214 66,689 9%

BB- から B+ 54,089 7,130 6 24 - 61,249 8%

B+ 未満 11,641 2,352 68 205 - 14,266 2%未満 , , ,

担保付消費者ローン 358,354 34,191 - - 598 393,143 52%

無担保消費者ローン 38,077 3,836 - - 83 41,996 5%

コミッテッドエクスポージャー合計 664,099 72,409 11,549 3,612 6,655 758,324

地域別エクスポージャー (%) 88% 10% 2% <1% <1% 100%


1 Exposure by booking office.

( )

41

Diversification across industries and large exposures

Top 10 exposures to corporations and NBFIs as a % of TCE5 (%)

• Top 10 single name exposures to corporations and non-bank financial% 2% 1% 1% 1%

Exposures at default1 by sector ($m)

Top 10 single name exposures to corporations and non bank financial institutions (NBFIs) continue to be well below 2% of TCE

• Largest corporation/NBFI single name exposure represents 0.16% of TCE

3%

3%3%

2%2% 2% 2% 1%

2.0 2.0 1.91.4 1.3 1.1 1.2

53%

8%

4%

4%

2006 2007 2008 2009 2010 2011 2012

AA-

Top 10 exposures to corporations and NBFIs as at 30 Sep 2012 ($m)12%

BBB+BBB+

ABBB-

A-

g or

equ

ival

ent

Top 10 exposure risk grades have trended

Consumer Finance & insurance

Property Wholesale & Retail Trade

Manufacturing Government administration & defense

Services Property Services & business services

2

3

0 200 400 600 800 1,000 1,200

BBB+A

A+S&

P ra

tin downwards as a result of S&Ps credit rating methodology changes during the year

Services Property Services & business services

Agriculture, forestry & fishing Transport & storage

Construction Utilities

Accommodation, cafes & restaurants Mining

Other

4


1 Exposure at default represents an estimate of the amount of committed exposure expected to be drawn by the customer at the time of default and excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5. Includes St.George from 2009 onwards.

42

セクターの多様化と高いエクスポージャー

企業及びNBFIへのエクスポージャー上位10件の対TCE比率5 (%)

• 企業及びノンバンク系金融機関(NBFIs)へのエクスポージャー上位10件は、TCE% 2% 1% 1% 1%

セクター別デフォルト時エクスポージャー1 ($m)

企業及びノンンク系金融機関(NBFIs) のクスポジャ上位10件は、TCEの2%を下回っている

• 企業及びNBFIのシングルネームでのエクスポージャーは最大でTCE比率0.16%

3%

3%3%

2%2% 2% 2% 1%

2.0 2.0 1.91.4 1.3 1.1 1.2

53%

8%

4%

4%

2006 2007 2008 2009 2010 2011 2012

AA-

の

企業及びNBFIへのエクスポージャー上位10件(2012年9月30日現在) ($m)12%

BBB+BBB+

ABBB-

A-

たは

それ

に準

ずるもの

2012年にS&P信用格付手

法の変更があったため、上ポ

消費者金融・保険

不動産卸・小売

製造業行政・国防

サービス不動産サービス・ビジネスサービス

2

3

0 200 400 600 800 1,000 1,200

BBB+A

A+S&

P格付また位10件のエクスポージャー

リスクグレードは低下傾向にある

サビス不動産サビスビジネスサビス

農林水産輸送・保管

建設公共事業

宿泊・飲食鉱工業

その他

4


1 Exposure at default represents an estimate of the amount of committed exposure expected to be drawn by the customer at the time of default and excludes consumer lending. 2 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. 3 Property includes both residential and non-residential property investors and developers, and excludes real estate agents. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5. Includes St.George from 2009 onwards.

42

Commercial property portfolio comfortably within appetite

• Commercial property represents 6.8% of Total Committed Exposure (TCE) and 7.9% of gross lending at 30 September 2012, down from peak of 10 0% and 13 0% respectively in December 2008 Commercial property exposure ($bn)

Commercial property exposures size ($bn) and % of TCE

peak of 10.0% and 13.0% respectively in December 2008

• Current level of commercial property is well within risk appetite. The portfolio is well diversified across names, states and sectors

• Credit performance of commercial property portfolio continues to improve with the percentage identified as stressed at 7.7%, down 200b 1H12 d d i ifi tl f th k i FY10

9.69.1

8.0 7.7 7.1 6.56.9 6.8

10

p p y p ($ )Commercial Property as % of TCE

200bps on 1H12, and down significantly from the peak in FY10

• Upgrades, debt sales and refinancing has largely driven the improvement

• Low emergence of new stress, with most activity focused on working out existing stressed exposures

63 61 54 53 50 48 51 51

-210

1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12g p

219

Commercial property portfolio by sector and region (%)

09 09 0 0

Commercial property portfolio TCE classified as stressed (%)

21

151078

8

3154

18

199

12.5

15.2 15.513.7

11.79.7

7.7

NSW & ACT VIC

QLD SA & NT

WA NZ & Pacific

Institutional

Commercial offices & diversified groups

Residential

Retail

Industrial2H09 1H10 2H10 1H11 2H11 1H12 2H12


商用不動産ポートフォリオは十分リスク選好内

• 2012年9月30日現在、商用不動産は総コミッテッドエクスポージャー（TCE）の6.8%、総貸付の7.9%を占め、ピークである2008年12月の10 0%と13 0%を下回る商用不動産エクスポージャー額($bn)

商用不動産エクスポージャー額 ($bn) 及びTCEに占める割合（%)

10.0%と13.0%を下回る

• 直近の商用不動産は十分にリスク選好の範囲内。ポートフォリオは幅広い銘柄、州、セクターに分散している

• 商用不動産の信用パフォーマンスは改善を続けており、圧迫を受けている商用不動産の割合は、2012年上半期比200bps低下の7.7%。ピークに達した2010年度から著しく低下している

9.69.1

8.0 7.7 7.1 6.56.9 6.8

10

商用不動産クスポジャ額($bn)TCEに占める商用不動産の割合（%）

した2010年度から著しく低下している

• 格上げ、債券売上、借換えなどによって、信用は大幅に改善された

• 既存の圧迫されたエクスポージャーへの取り組みに注力しているため、新たなエクスポージャー発生の可能性は少ない

63 61 54 53 50 48 51 51

-210

1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

219

商用不動産ポートフォリオ（セクター・地域別） (%)

09 09 0 0

圧迫を受けている商用不動産ポートフォリオのTCE (%)

21

151078

8

3154

18

199

12.5

15.2 15.513.7

11.79.7

7.7

NSW & ACT VIC

QLD SA & NT

WA NZ & Pacific

Institutional

商業事務所及びさまざまなグループ

住宅

小売

産業2H09 1H10 2H10 1H11 2H11 1H12 2H12


Australian credit card portfolio continues sound performance

• Australian credit card portfolio has continued to perform well, largely driven by cautious consumer behaviour resulting in increased payment levels

Australian credit card average payments to balance ratio1 (%)

41.4

45.6 45.2

42.743.8 43.7

44.6 44.7 45.3 45.4

increased payment levels

• The average credit card payments to balance ratio continued its improving trend, up 12bps to 45.4% (up 72bps FY11/FY12)

• Balances increased moderately over recent periods reflecting

39.7 39.8

1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

– Low system growth

– Partially offset by some growth in both WRBB and St.George cards following new product launches and campaigns

• Total Australian credit card 90+ days delinquencies were down 26bps to 92bps (do n 12bps FY11/FY12) d e mainl to 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

Balances (LHS) 90+ days past due (RHS)

26bps to 92bps (down 12bps FY11/FY12) due mainly to consumer deleveraging, current low unemployment levels and improvement in risk and collections strategies

($m) (%)

Australian credit cards

0 51.01.52.02.53.0

8,500

9,000

9,500

10,000

0.00.5

8,000

Sep

-07

Dec

-07

Mar

-08

Jun-

08S

ep-0

8D

ec-0

8M

ar-0

9Ju

n-09

Sep

-09

Dec

-09

Mar

-10

Jun-

10S

ep-1

0D

ec-1

0M

ar-1

1Ju

n-11

Sep

-11

Dec

-11

Mar

-12

Jun-

12S

ep-1

2


1 Cards average payments to balance ratio is calculated using the average payment received compared to the average statement balance at the end of the reporting month.

44

豪州クレジットカードポートフォリオは引き続き堅調

• オーストラリアにおけるクレジットカードポートフォリオは引き続き堅調。消費者行動が慎重で返済水準が上昇したことが主な理由

オーストラリア残高に対するクレジットカード返済額の割合1 (%)

41.4

45.6 45.2

42.743.8 43.7

44.6 44.7 45.3 45.4• 残高に対する返済額の平均比率は上昇傾向にあり12bps増の

45.4% (昨年度比72bps増)

• 残高はここ最近、以下の理由により緩やかに増加している

– 平均的成長の低さ

39.7 39.8

1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

– 新規商品・キャンペーンに伴う、ウエストパック消費者向け及び企業向け銀行業務(WRBB) 及びセント・ジョージのクレジットカードの伸びにより部分的に相殺

• オーストラリアのクレジットカードでの90日超延滞は、26bps減の92b (昨年度比12b 減) これは主に消費者によるデレバレッジ 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10 1H11 2H11 1H12 2H12

残高（左） 90日超延滞(右)

92bps(昨年度比12bps減)。これは主に消費者によるデレバレッジ、最近の失業率の低さ、リスク対応及び回収戦略の改善による

($m) (%)

オーストラリアクレジットカード状況

0 51.01.52.02.53.0

8,500

9,000

9,500

10,000

0.00.5

8,000

Sep

-07

Dec

-07

Mar

-08

Jun-

08S

ep-0

8D

ec-0

8M

ar-0

9Ju

n-09

Sep

-09

Dec

-09

Mar

-10

Jun-

10S

ep-1

0D

ec-1

0M

ar-1

1Ju

n-11

Sep

-11

Dec

-11

Mar

-12

Jun-

12S

ep-1

2


1 Cards average payments to balance ratio is calculated using the average payment received compared to the average statement balance at the end of the reporting month.

44

Asset quality improving; impairment charges little changed in 2H12impairment charges little changed in 2H12

Aust Business

Impairment charges movement by business ($m)• In 2H12, impairment charges were $604m, or 1% lower than 1H12

– In the Australian business portfolio, impairment charges were a little

Aust ConsumerWIBNew ZealandOther (incl. PB, Eco. Overlay & wealth)

higher, due to a reduction in write backs and from some increase in stress in those sectors impacted by the higher $A and consumer caution

– Australian consumer impairments were significantly lower as low unemployment and consumer caution has contributed to lower d li i i b th th t d d tf li

361530 608577

879

604

delinquencies in both the mortgage, and unsecured portfolios

– Institutional asset quality has remained solid and combined with the sale of some stressed assets contributed to a small fall in impairment charges

– New Zealand impairment charges continued to improve reflecting a

272

246194 274

222 255

463p g p g

further decline in stressed assets and significant improvements in mortgage and other consumer delinquencies which were down 15bps and 16bps respectively

– The rise in impairment charges in the Other category was due to a rise in charges in Pacific Banking (both higher collective and

7(49) (72)

42 8 66166

109 10576

7672

73

50

(74)

6562

221258 212

237 149individually assessed provisions) and the topping up of economic overlay provisions held in Group Businesses

• In FY12, impairment charges increased by $219m to $1,212m. This was mainly driven by

– New collectively assessed provisions were $366m higher as benefits ( ) (72)(22)

(74)

1H10 2H10 1H11 2H11 1H12 2H12

New collectively assessed provisions were $366m higher as benefits from improving asset quality were smaller

– A $74m reduction in write-backs, mostly in WIB

– A $17m increase in economic overlays, compared to a $107m reduction in overlays in FY11


資産の質は向上2012年下半期、減損費用はほぼ変わらず2012年下半期、減損費用はほぼ変わらず

Aust Business

事業別減損費用の動き ($m)• 2012年下半期、減損費用は前期比1%減の$604m

– 戻入れの減少と、豪ドル高や消費者の警戒感に影響されたセクターでのビ Aust Consumer

WIBNew ZealandOther (incl. PB, Eco. Overlay & wealth)

ストレス上昇により、オーストラリアのビジネスポートフォリオでは減損費用がやや増加

– オーストラリアの消費者向け業務における減損費用は大幅に低下。これは、失業率の低さと消費者の警戒感から、抵当権付住宅貸付や無担保ポートフォリオの延滞が減ったためである

361530 608577

879

604

– 法人顧客の資産の質は依然堅実。ストレスを受けた資産の売却もあり、減損費用はわずかに減少

– ニュージーランドにおける減損費用は引き続き改善。これは、ストレス・アセットの更なる減少に加え、抵当権付住宅貸付の延滞が15bps低下、その他消費者向け貸付の延滞も16bps低下と著しく下がったためである

272

246194 274

222 255

463p

– 他カテゴリーでの減損費用の増加は、太平洋地域銀行業務における費用増(一括・個別評価引当金)及びグループビジネスでのエコノミックオーバーレイ引当金の補充による

• 2012年度の減損費用は、$219m増の$1,212m。主な理由は以下のとおり

7(49) (72)

42 8 66166

109 10576

7672

73

50

(74)

6562

221258 212

237 149– 資産の質の改善による効果が小さく、新規の一括評価引当金が$366m増加

– 主にWIB（ウエストパック・インスティテューショナル・バンク）にて戻入れがA$74m減少

– 2011年度にエコノミックオーバーレイが$107m減少したのに比べ 2012 ( ) (72)(22)

(74)

1H10 2H10 1H11 2H11 1H12 2H12

2011年度にエコノミックオバレイが$107m減少したのに比べ、2012年度は$17mの増加


Leading wealth business offers strong growth opportunities

• Westpac’s wealth business, BT Financial Group (BTFG), continues to provide strong growth opportunities

Whil diffi lt k t diti h i t d i d l i

Key metrics 1H12 2H12 Change

• While difficult market conditions have impacted earnings, underlying business momentum is solid

• Focus on growth in superannuation and retail life insurance, expanding wealth distribution and further integration of banking and wealth

• Less balance sheet intensive than traditional banking

Avg Funds under management ($bn) 52.2 54.4 4%

Avg Funds under administration ($bn) 82.5 85.5 4%

Life Insurance market share (%)4 8.2 8.9 72bpsg

• BTFG leads the industry on many key metrics:

− Cross-sell driving improvements in wealth penetration1 –Westpac Group leading the sector at 18.4%

− Maintained #1 share of annual net funds under administration

( ) p

Home and Contents market share (%) 4.1 4.2 10bps

BT Super for Life (retail) FUM ($bn)5 2.0 2.3 18%

Total deposits ($bn) 19.5 19.9 2%

Wealth penetration1 (%)

20.8%Peer 1,2 & 3 SGB WRBB WBC Group

flows in 2012, at 87%2

− Increased funds under administration share in All Platforms, including corporate super, by 10bps to 20.8%2

− Sector leading revenue per adviser3 for WRBB Financial Planners SGB Financial Planners above Bank sector median

Total deposits ($bn) 19.5 19.9 2%

14 1%

18.4%

15.0%14.9%

18.4%

Planners, SGB Financial Planners above Bank sector median

• Strong growth in Life and General Insurance driven by extended distribution of Life products through network and increased bank sales of General Insurance

− Above system insurance premium growth414.1%

Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12

− Life Insurance growing new business sales at nearly twice the rate of market over FY12 (up 30% versus 14% for market4)

1. Data based on Roy Morgan Research, Respondents aged 14+. Wealth penetration is defined as the number of Australians who have Managed Investments, Superannuation or Insurance with each group and


who also have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group as a proportion of the total number of Australians who have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group. 12 month rolling average to Sep 2012. 2. Plan for Life, June 2012, All Master Funds Admin. 3 Comparator September 2012 data from 1 July 2004 to 30 June 2012. 4 Plan for Life data (new sales includes sales, premium re-rates, age and CPI indexation), June 2012. 5 Excludes Westpac Staff Super Plan of $3.0bn and St.George Staff Super plan of $0.3bn..

46

資産管理ビジネスによる成長の可能性

• ウエストパックの資産管理ビジネスであるBT・ファイナンシャル・グループ(BTFG)は大きな成長の機会を生み出し続けている

市況低迷より業績が影響を受けたも底流あるビジネ

主な測定基準 1H12 2H12 変化

• 市況の低迷により業績が影響を受けたものの、底流にあるビジネスモメンタムは堅調

• 退職年金商品とリテール向け生命保険商品の成長に注力し、資産の配分を拡大。銀行業務と資産管理業務の統合を進める

• 従来の銀行業務に比べ、バランシート集約型ではない

平均管理ファンド ($bn) 52.2 54.4 4%

平均運用ファンド($bn) 82.5 85.5 4%

生命保険マーケットシェア (%)4 8.2 8.9 72bps従来銀行業務比、ランシ集約型はな

• さまざまな点から業界を牽引するBTFG:

− クロスセリングによってwealth penetration1 が18.4%に拡大。ウエストパックグループがセクターを牽引

− 2012年、年間純管理資産フローのシェアは87%2で1位

命保険ケッシア ( ) p

家財保険マーケットシェア (%) 4.1 4.2 10bps

BT Super for Life (リテール) 管理ファンド($bn)5 2.0 2.3 18%

預金総額 ($ ) 19 19 9 2%

Wealth penetration1 (%)

20.8%Peer 1,2 & 3 SGB WRBB WBC Group

− 企業年金も含むAll Platformsにて、管理ファンドシェアは10bps増の20.8%2に拡大

− WRBB Financial Planners及びSGB Financial Plannersにおけるアドバイザー1人あたりの収益3は、銀行セクターの中央値以上

預金総額 ($bn) 19.5 19.9 2%

14 1%

18.4%

15.0%14.9%

18.4%

• 生命保険及び損害保険の大きな伸びは、ネットワークを通じた生命保険の流通が拡大し、銀行での損害保険の売上が伸びたことに起因する

− 平均を上回る保険料の成長4

− 2012年度、生命保険の新規ビジネス売上は、市場の2倍近くの割合で伸びている(市場14%に対し30%の伸び4) 14.1%

Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Mar-12 Sep-12

で伸びている(市場14%に対し30%の伸び )

1. Data based on Roy Morgan Research, Respondents aged 14+. Wealth penetration is defined as the number of Australians who have Managed Investments, Superannuation or Insurance with each group and


who also have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group as a proportion of the total number of Australians who have a Deposit or Transaction Account, Mortgage, Personal Lending or Major Card with that group. 12 month rolling average to Sep 2012. 2. Plan for Life, June 2012, All Master Funds Admin. 3 Comparator September 2012 data from 1 July 2004 to 30 June 2012. 4 Plan for Life data (new sales includes sales, premium re-rates, age and CPI indexation), June 2012. 5 Excludes Westpac Staff Super Plan of $3.0bn and St.George Staff Super plan of $0.3bn..

46

Australia’s superannnuation sector

Expected growth in Australia’s superannuation assets (A$tn)2• As at 30 June 2011, Australians had approx. A$1.34trillion1 in superannuation savings

• Projected to increase to over $6trillion by 2030 driven by

4

6

8

Estimated value of

9% CAGR

• Projected to increase to over $6trillion by 2030, driven by compulsory superannuation contributions of 9% (rising to 12% in 2013), population growth and the ageing population

• Compulsory superannuation sees a large portion of Australian retirement savings directed away from bank deposits into managed funds

0

2

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

Australian superannuation

assets ($tn)

funds

• These funds are then “borrowed” by Australian banks from super funds, and appear as wholesale borrowings on bank balance sheets

• Only a small amount of superannuation savings are directed to fixed income

35% Corporate Industry Public sector Retail Total

Asset allocation of default investment strategy1,3

(year end June 2011, entities with more than four members)

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2income

450

Superannuation assets by fund type1

5%10%15%20%25%30%

300

($ b

illio

n)

Corporate

Industry

Public sector

0%Aust'n shares

Int'l shares

Listed property

Unlisted property

Aust'n fixed

interest

Int'l fixed interest

Cash Other assets

0

150

Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11

Retail

Small


1. Source: APRA. 2. Source: BT Financial Group. 3. Funds may have more than one default investment strategy, in which instance the largest default strategy is generally reported. Where there is no default strategy, funds may report the strategy of the largest option or the strategy of the whole fund.

47

オーストラリアの老齢年金及び退職年金セクター

豪州老齢年金及び退職年金資産残高の拡大予想 (A$tn)2• 2011年6月30日現在、オーストラリアには約A$1.34trillion1の老齢年金及び退職年金制度の資産残高がある

• その金額は雇用主に義務付けられている所定の最低水準の退職年金

4

6

8

豪州老齢年金及び退職

年複利成長率9%

• その金額は、雇用主に義務付けられている所定の最低水準の退職年金拠出金（従業員給与の9%、2013年より12%へ引き上げ）、人口増加、高齢化によって、2030年までに$6trillionを超えると予想されている

• 強制老齢年金及び退職年金により、オーストラリアにおける退職後の蓄えの多くが、銀行預金から離れ運用ファンドへと流れている

0

2

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

豪州老齢年金及び退職年金資産残高（予想）

($tn)• こうしたファンド資金は豪銀が「借入れ」し、銀行のバランスシート上ではホールセール借入れの扱いとなる

• 資産残高のうち債券に向けられるのはごく一部

35% 企業産業公的リテール合計

既定の投資ストラテジーにおける資産配分1,3

(2011年度末6月、従業員4名以上の事業所)

2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2

450

ファンドタイプ別老齢年金及び退職年金1

5%10%15%20%25%30%

300

($ b

illio

n)

Corporate

Industry

Public sector

0%

0

150

Jun 02 Jun 03 Jun 04 Jun 05 Jun 06 Jun 07 Jun 08 Jun 09 Jun 10 Jun 11

Retail

Small


1. Source: APRA. 2. Source: BT Financial Group. 3. Funds may have more than one default investment strategy, in which instance the largest default strategy is generally reported. Where there is no default strategy, funds may report the strategy of the largest option or the strategy of the whole fund.

47

Appendix 1: Cash earnings adjustments

Cash earnings adjustment 2H12 1H12 FY12 FY11

Reported NPAT 3,003 2,967 5,970 6,991Reported NPAT 3,003 2,967 5,970 6,991

tem

s

TPS revaluations 3 24 27 21

Treasury shares 15 12 27 (6)

Fair value gain/(loss) on economic hedges (13) 20 7 36

erge

r rel

ated

i g ( ) g ( )

Ineffective hedges 1 (8) (7) 13

Buyback of government guaranteed debt - (5) (5) 5

Tax provision - - - 70

Non

-me

Supplier program 46 93 139 -

Amortisation of intangible assets 3 2 5 -

Significant item 78 – 78 -

St.G

eorg

e m

erge

r la

ted

item

s Merger transaction and integration expenses – – - 66

Amortisation of intangible assets 74 72 146 146

Fair value amortisation of financial instruments 28 18 46 69

S rel

Tax consolidation adjustment - – - (1,110)

TOFA tax consolidation adjustment 165 - 165 -

Cash earnings 3,403 3,195 6,598 6,301


付録資料1: 現金利益調整

現金利益調整 2H12 1H12 FY12 FY11

税引後純利益（報告ベース） 3,003 2,967 5,970 6,991税引後純利益（報告ス） 3,003 2,967 5,970 6,991

TPS の再評価 3 24 27 21

自己株式 15 12 27 (6)

経済的ヘッジに係る公正価値利益／（損失） (13) 20 7 36

合併

関連以外

経済係価損失 ( )

非有効ヘッジ 1 (8) (7) 13

政府保証債の買戻し - (5) (5) 5

納税引当金 - - - 70合

サプライヤープログラム 46 93 139 -

無形資産の償却 3 2 5 -

重要な項目（訴訟引当金） 78 – 78 -

ント・ジョージ

合併

関連

合併取引及び統合費用 – – - 66

無形資産の償却 74 72 146 146

金融商品の公正価値償却 28 18 46 69

セン

連結納税の調整 - – - (1,110)

TOFA 連結納税の調整 165 - 165 -

現金利益 3,403 3,195 6,598 6,301


Appendix 2: Cash earnings adjustments by segment

FY12 Segment Results (A$m)

Westpac Retail &

Business Banking

St.George Banking Group

BT Financial Group

(Australia)

Westpac Institutional

BankNew Zealand Pacific

BankingGroup

BusinessesBanking ( )

Reported NPAT 2,114 1,102 631 1,473 548 107 (5)

TPS revaluations - - - - - - 27

Treasury shares - - - - - - 27

ger r

elat

ed it

ems

Fair value gain/(loss) on economic hedges - - - - - - 7

Ineffective hedges - - - - - - (7)

Buyback of government guaranteed debt - - - - - - (5)

Non

-mer

g

Tax provision - - - - - - -

Supplier program - - - - - - 139

Amortisation of intangible assets - 129 22 - - - -

Liti ti i i 78Litigation provision - - - - - - 78

eorg

e m

erge

r at

ed it

ems

Merger transaction and integration expenses - - - - - - -

Amortisation of intangible assets - - - - - - -

Fair value amortisation of financial instruments - - - - - - 46

St.G

ere

la

Tax consolidation adjustment - - - - - - -

TOFA tax consolidation adjustment - - - - - - 165

Cash earnings 2,114 1,231 653 1,473 548 107 472


付録資料 2: セグメント別現金利益調整

2012年度セグメント別実績 (A$m)

ウエストパック消費者向け及び企業向け

セント・ジョージ・バンキング・グ

BTファイナン

シャル・グループ(オース

ウエストパック・インスティテュー

ショナルバ

ウエストパック・ニュージーランド

太平洋地域銀行業務

グループビジネス

銀行業務ループ(

トラリア) ショナル・バンク

ジーランド

税引前純利益（報告ベース） 2,114 1,102 631 1,473 548 107 (5)

TPSの再評価 - - - - - - 27

自己株式 27

関連

以外

自己株式 - - - - - - 27

経済的ヘッジに係る公正価値利益／（損失） - - - - - - 7

非有効ヘッジ - - - - - - (7)

政府保証債の買戻し - - - - - - (5)

合併

関

債買 ( )

納税引当金 - - - - - - -

サプライヤープログラム - - - - - - 139

無形資産の償却 - 129 22 - - - -

訴訟引当金 - - - - - - 78

・ジ

ョー

ジ併

関連

合併取引及び統合費用 - - - - - - -

無形資産の償却 - - - - - - -

セン

ト・

合併

金融商品の公正価値償却 - - - - - - 46

連結納税の調整 - - - - - - -

TOFA 連結納税の調整 - - - - - - 165

現金利益 2 114 1 231 653 1 473 548 107 472


現金利益 2,114 1,231 653 1,473 548 107 472

49

Appendix 3: APRA to BCBS Basel III reconciliation

• The Australian Prudential Regulation Authority (APRA) has maintained a conservative stance under its Basel III capital standards, resulting in a significant variance between capital measured under APRA standards and under the fully harmonised Basel III standards

• Key differences between APRA’s Basel III and fully harmonised Basel III under Basel Committee on Banking Supervision (BCBS) are highlighted in

Description Common equity ratio

Common equity ratio under APRA Basel III 8.16%

y y g p ( ) g gthe table below

Common equity ratio under APRA Basel III 8.16%

Concessional thresholds: Under BCBS, supervisors have the option of applying concessional thresholds when determining the capital requirements of deferred tax assets, investments in non-consolidated subsidiaries (NCS) and equity investments. Risk weighted asset treatments apply in lieu of common equity deductions if these items are individually less than 10% and together less than 15% of common equity. To the extent the amounts are greater than the concessional thresholds, common equity deductions apply

APRA has chosen not to apply this concessional treatment and requires a 100% deduction from common equity for deferred tax assets, investments in non-consolidated financial institutions, NCS, equity investments in commercial entities held in the banking book, and all under-writing positions in financial and commercial institutions held for more than 5 business days

+134bps

Mortgage risk weights: Mortgage risk weights under APRA are based on a minimum loss given default (LGD) of 20% whereas BCBS sets a minimum LGD of 10%. APRA’s higher minimum means that Australian mortgage risk weights are typically higher than those calculated using the lower BCBS LGD minimum

+67bps

Interest rate risk in the banking book (IRRBB): APRA applies a risk weighted asset requirement to IRRBB This is notInterest rate risk in the banking book (IRRBB): APRA applies a risk weighted asset requirement to IRRBB. This is not currently considered under BCBS Basel III requirements +29bps

Other differences +17bps

Fully Harmonised Basel III under BCBS 10.63%


付録資料 3: APRA から BCBS バーゼル3への調整

• オーストラリア金融監督局(APRA)は独自のバーゼル3資本基準を用い、保守的な姿勢を維持している。結果として、APRA基準とバーゼル3準拠の資本水準では大きな違いが生じる

• APRAの定めるバーゼル3に基づく自己資本比率と、バーゼル銀行監督委員会（BCBS）の定めるバーゼル3に基づく自己資本比率の主な違いは以下の通り

概要自己資本比率

APRAの定めるバーゼル3に基づく普通株資本比率 8.16%

の定めるゼル3に基く自己資本比率と、ゼル銀行監督委員会（ C S）の定めるゼル3に基く自己資本比率の主な違は以下の通り

APRAの定めるバゼル3に基づく普通株資本比率 8.16%

Concessional thresholds (優遇措置): BCBSでは、各国規制当局は繰延税金資産、非連結の金融機関への投資、株式投資に係る所要自己資本を決定する際に、concessional thresholdsを適用できる。もし繰延税金資産、非連結の金融機関への投資、株式投資がそれぞれ自己資本の10%未満かつ、合算しても15%未満となる場合は、自己資本控除の代わりにリスク加

重資産の扱いが適用される。一方、繰延税金資産、非連結の金融機関への投資、株式投資が前述の比率を超過する場合は自己資本控除が適用される

APRAでは、この優遇措置を適用していない。繰延税金資産、非連結の金融機関への投資、銀行勘定内で保有される商業エンティティへの株式投資や、金融機関・一般事業会社に係る引受ポジションのうち5営業日以上保有するポジションに関しては、100%の自己資本控除を求めている

+134bps

抵当権付住宅ローンのリスクウエイト: APRAにおけるリスクウエイトが最小デフォルト時損失率(LGD)の20%に基づいている一方で、BCBSではこれを10%としている。APRAの最小水準がより高いのは、オーストラリアでの抵当権付住宅ローンのリスクウエイトが、最小LGDの低いBCBSを用いて計算されたリスクウエイトより一般的に高いからである

+67bps

銀行勘定内での金利リスク(IRRBB): APRAは IRRBBに対しリスク加重資産の要件を課しているこれは現在 BCBSに銀行勘定内での金利リスク(IRRBB): APRAは、IRRBBに対しリスク加重資産の要件を課している。これは現在、BCBSによるバーゼル3準拠の要件として考慮されていない

+29bps

その他の違い +17bps

BCBSの定めるバーゼル3に基づく普通株資本比率 10.63%


Contacts

For further information For further information go to:

www.westpac.com.au/investorcentreCurt ZuberTreasurer, Westpac Banking Corporation+61 2 8253 [email protected]

Joanne DawsonD t T W t B ki C ti

www.westpac.com.au/investorcentreand click on ‘Fixed income investors’

or visit our Bloomberg page ‘WBCT’

Deputy Treasurer, Westpac Banking Corporation+61 2 8204 [email protected]

Philip ChristieDirector, Global Funding+61 2 8253 4314+61 2 8253 [email protected]

Alexander Bischoff Associate Director, Global Funding+61 2 8253 [email protected]@westpac.com.au

Jacqueline BoddySenior Manager, Debt Investor Relations+61 2 8253 [email protected]

Tanya WardManager, Debt Investor Relations+61 2 8253 [email protected]


照会先

詳細は以下にお問い合わせ下さい詳細は

www.westpac.com.au/investorcentreCurt ZuberTreasurer, Westpac Banking Corporation+61 2 8253 [email protected]

Joanne DawsonD t T W t B ki C ti

www.westpac.com.au/investorcentre‘Fixed income investors’をクリック

またはブルームバーグ ‘WBCT’ページをご覧下さい

Deputy Treasurer, Westpac Banking Corporation+61 2 8204 [email protected]

Philip ChristieDirector, Global Funding+61 2 8253 4314+61 2 8253 [email protected]

Alexander Bischoff Associate Director, Global Funding+61 2 8253 [email protected]@westpac.com.au

Jacqueline BoddySenior Manager, Debt Investor Relations+61 2 8253 [email protected]

Tanya WardManager, Debt Investor Relations+61 2 8253 [email protected]


WESTPAC UPDATE 2013...ウエストパック アップデート2013 債券投資家向けプレゼンテーション 2013年2月 Westpac Banking Corporation ABN 33 007 457 141. Disclaimer

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WESTPAC UPDATE 2013...ウエストパックアップデート2013 債券投資家向けプレゼンテーション 2013年2月 Westpac Banking Corporation ABN 33 007 457 141. Disclaimer