Westpac Banking Corporation · ASX:WBC
Westpac Banking — JP Morgan Australasian Investment Conference 2004
77 slides from Westpac Banking's conference presentation, Sep 30, 2004
Slide 1: Westpac – Australia's First Bank
Wifestpac Australia’s First Bank Westpac Banking Corporation Philip Chronican Chief Financial Officer October 2004
Slide 2: Westpac at a glance
Westpac at a glance * Established 1817 31 Mar 2004 e Top 100 b Total assets A$234bn Market cap A$32.5bn ° Dividend yield2 4.8% Tier 1 Ratio 7.2% AA-/ Aa3 ° 7.7 ustainability f une 2004 3 September 2004 Wlfestpac JP Morgan Australasian Investment Conference ~ Oct 2004 Australia's First Bank 2
Slide 3: Delivering consistent financial outcomes
Delivering consistent financial outcomes $m 4,000 4 | 5 Year CAGR | 3,500 4 : — Revenue 7% - 3,004 ll Expenses’ 3% 2,500 4 —#- Core earnings 12% 5 year CAGR Cash earnings 10% Cash EPS 11% ROE (5 year avg) 20% 500 TTT TTT Underlying basis (excl. significant items but not adjusted for acquisitions and
Slide 4: Financial position has never been stronger
Financial position has never been stronger * Strategy seeks to achieve an _ Composition of operating income optimal growth/return mix : ~ No sacrifice of returns for unprofitable growth | th i B 3%! Mortgages 13% Cards 6% Other 13% BCB - y/ Consumer 32% ~ Balanced business mix * Significant reductio
Slide 5: Returning value back to shareholders
Returning value back to shareholders * Strong record of returning excess capital to shareholders * Consistency in dividend trend * Prepared to endure some volatility in pay-out to maintain consistent dividend payment path _ Dividends per share (cents) 45 : : 4.2 40 1HOO ~2HOO ~1HO1 2HO4 ~4HOZ 2HO2 1
Slide 6: Medium term earnings scenarios
Medium term earnings scenarios * In 2002/03 Westpac ceased providing specific earnings Medium term earnings scenarios 7 t : Likely guidance given both business Ranges and regulatory considerations (%) ¢ Assuming stable macro- Interest Income ; ; : . : t di Implicit in this range is credit growth 5-8
Slide 7: Points of differentiation
Points of differentiation e Strategy - Focused on core markets of Australia, New Zealand and near Pacific ~ Customer centric organisational structure - Balanced wealth management position ~ Proven execution capability with strong management team Customer franchise - Large customer base skewed toward
Slide 8: Good progress in delivering our strategy
Good progress in delivering our strategy Core elements of strategy Embed a high performance culture What we have achieved in last 2 years Staff commitment up 5% Enhance customer satisfaction Customer satisfaction up 11% SME and middle market satisfaction up 18% Institutional banking - equal lead ban
Slide 9: An experienced executive team
An experienced executive team David Morgan Chief Executive Officer Mike Pratt Group Executive Business & Consumer Banking Philip Chronican David Clarke’ Chief Executive. Officer BT. Financial Group Chief Financial Officer Michael Coomer Phil Coffey Group Executive Institutional Bank Group Executive
Slide 10: Some noteworthy items in the 2004 full year result
Some noteworthy items in the 2004 full year result * Inthe 2004 result a few factors will effect expense lines but will have minimal impact on overall cash earnings: - One additional month of BT Financial Group Expenses — adds $15m to expenses - Consolidation of warehoused specialised capital entiti
Slide 11: Some noteworthy items in the 2004 full year result (cont.)
Some noteworthy items in the 2004 full year result cont... * The purchase of the Epic assets by Hastings Funds Management Limited for resale has implications: - Will be fully consolidated at balance date (30 Sept) - Increases assets by $360m - Results in a 20bps deduction from ACE and Total Regulato
Slide 12: Current regulatory issues being efficiently managed
Current regulatory issues being efficiently managed e IFRS ~ Group-wide program tracking to plan, with estimated cost of $26m over 2003/04 and 2004/05 e Basel II ~ Westpac will be capable of reporting under new accord by end 2006 with an estimated implementation cost of $20m e NZ Structured finance
Slide 13: IFRS - managing earnings volatility
IFRS - managing earnings volatility * The introduction of IFRS will significantly impact the volatility of Bank’s reported earnings * We have yet to reach a conclusion on acceptable degrees of earnings volatility * Preliminary assessment of potential volatility conducted * Assessing viability and co
Slide 14: Basel II progress
Basel Il progress * Basel Il developments: - Final accord released end June 2004 — recalibration of factors could still occur ~ Start date delayed to 2008 * Repeated quantitative impact studies show Westpac’s risk weighted assets falling by at least 25% * Initial capital release likely to be more mo
Slide 15: NZ structured finance
NZ structured finance « Westpac conducts certain structured finance transactions with exposure primarily to global financial institutions. « These transactions have been under review by the NZ Inland Revenue Department (IRD) since late 2003 « Westpac initially sought multiple layers of advice to ens
Slide 16: NZ Structured Finance – recent changes
NZ Structured Finance — recent changes * On 21 September 2004 the NZ government announced a change in taxation rules with the introduction of a thin capitalisation regime * New rules specific to banks will deny interest deductions if the Bank does not hold a level of capital equivalent to four perce
Slide 17: New Zealand corporate structure
New Zealand corporate structure e The Reserve Bank of New Zealand (RBNZ) has adopted a policy that systemically important NZ banks should be incorporated in NZ Westpac NZ currently operates as a branch in NZ and has been in discussion with the RBNZ over recent years, seeking to achieve an alternativ
Slide 18: Australasian economic prospects remain strong
Australasian economic prospects remain strong * Australia and New Zealand economic fundamentals sound due to: Key economic indicators Financial year ended Sep 04 Sep 05 % % ~ Solid domestic demand World (Calendar year) ~ Low unemployment GDP 45 40 * In addition, business surveys continue to paint a
Slide 19: Credit growth expected to ease as housing cools
Credit growth expected to ease as housing cools | Australian credit growth Forecasts (To Sep 2005) 24 24 | % : % (204 : : : L 20 16 | fF \S| 44 } -4 Sep-90 . Sep-92 . Sep-94 Sep-96 Sep-98. Sep-00, Sep-02 Sep-04 - Sep-05 ——— Housing mmr BUSINESS -+** Total Housing average —— Total (Aust) -»»» Total c
Slide 20: Some increase in competition evident
Some increase in competition evident * Medium term expectations are for margins to ease 5 to 10 basis points per annum * Some increase in competition at the margin on both lending and deposits, driven by: ~ Strong industry returns ~ Distraction of some established players ~ New entrants * Competitio
Slide 21: Supportive credit quality environment
Supportive credit quality environment * Forward indicators of credit quality _ ‘Households ‘stress’ not apparent remain strong pt ~ Unemployment at generationallow © a ~ Consumer confidence is at a . decade high, households positive 4 about their finances 45 —— Unemployment rate (ihs) 20 * Source: A
Slide 22: Summary
Summary * The Australasian economic environment remains accommodating * Signs of increased competition at the margin are consistent with long term trends * Current local and international regulatory trends are under control and are not expected to materially adversely impact earnings * With a strong
Slide 23: Wifestpac
Wifestpac Australia’s First Bank Investor Discussion Pack October 2004
Slide 24: Index
2 Index Note: All financial information is as at 31 March 2004 unless otherwise indicated. Cash earnings Segment contributions Market share Margin analysis Non-interest income Credit card interchange Financial Markets income Expenses Business markets strategy BT Financial Group Risk management Credi
Slide 25: 1H 2004 Cash earnings up 13%
1H 2004 Cash earnings up 13% Cash earnings i 1,500 + (98) 1,300 5 1,100.5 900 + 700 + 500 = T 1 T T Mar-03... “Net Interest Non- Expenses | Bad Debts Tax Other Mar-04 Income Interest Income Wlfestpac Investor Discussion Pack October 2004 Australia's First Bank
Slide 26: Cash earnings – half on half patterns
Cash earnings — half on half patterns * Movement in 2H03 to 1H04 was 4H oH % 2H- % 1H- more subdued than annual $m 1H 2H growth 2001 920 981 26 66 * This pattern of growth has been 2002 996 ~.1,067 1.5 7.1 consistent over time given: 2003 ...1.095.-- 1.176 26 -—7:4 ~ Dec/Jan are more subdued 2004 4.
Slide 27: Sound contribution across all businesses
Sound contribution across all businesses Cash earnings | Business & _ Consumer Banking BT | Institutional Bank H1.2003 OH2 2003 @ H1 2004 Growth’ 1H03 -.1H04 11% NZ % growth in AUD terms Investor Discussion Pack October 2004 Wlfestpac Australia’s First Bank
Slide 28: Market share enhanced over year
Market share enhanced over year * Westpac has consistently Australian financial system market share increased its market share in key 20% segments over the last three years | 4g, 4s (to 30 June): 16% * Business lending up 170bps 14% * Retail deposits up 110bps 12% * Cautious approach to housing over
Slide 29: Tax breakdown
7 Tax breakdown $m 1H04..-2H03 1H03 Taxexpense 431 395.~—s«333 Tax expense as a % NPBT 25.9% 25.8% 240% Adjustments Policy holder tax recoveries (11) (18) 13 Normalised tax expense 420 377 346 Normalised tax rate 25.3% 246% 24.9% Effective tax rate inc gross up! 31.8% 30.7% 29.2% 1. The tax equivale
Slide 30: Group margin dynamics
Group margin dynamics * Margins down 9 basis points over the year in line i Group margins 1HO3 — 1HO4 with long term expectations | —% * Spread down 21 basis points over year driven by 28 normal decline and some cyclical factors including . the change in the monetary policy cycle * Of the 9 basis po
Slide 31: Australian margins
Australian margins * The decline in Australian margins has been due to a variety of factors: Function Cash /30 Day bills spread Funding & portfolio - Transitory change in the cash/bills spread has impacted spread by around 6 basis points in 1H04 Assets mix - Strong lending growth not fully matched b
Slide 32: Non-interest income analysis
Non-interest income analysis $m 1,600.5 82 1,500; EEE (23) 1,400. (9) 1,300 5 1,200 - 1 T r r r 1 Mar-03 P'holder Rec. Financial Net card impact .-BT Adjustment Core Non- Mar-04 Markets. interest income Wlfestpac 10 Investor Discussion Pack October 2004 Australia's First Bank
Slide 33: Credit cards – fee impact of recent changes
11 Credit cards — fee impact of recent changes . Interchange reforms have been accompanied by a significant increase in competitive intensity: $m 1H03 2H03 1HO4 ¢ Introduction of new lower rate cards ¢ Entry of companion cards * More card users taking advantage of interest Interchange 403 106 76 fre
Slide 34: Financial markets income
12 Financial markets income . Financial markets income 20% lower than prior corresponding period and 6% below previous half. . Result consistent with expected volatility, although recent performance has been below average . Recent period accompanied by a small rise in the average value at risk (VaR)
Slide 35: Expense to income – now under 50%
Expense to income — now under 50% anking — expense to. income 60 55 50 45 40 35 30 41HO2 °° 2HO2 ~~ 1HO3 ~~ -2HO3 ~ 1HO4 48.7% ealth ~.expense to. income wo . 65 60 55 50 45 40 35 a 30 ——— r 1HO2 ~°-2HO2 °° -1HO3 °° 2HO3 ~1HO4 Group -.expense to income a) % 60, o7 se 49.6% Investor Discussion Pack O
Slide 36: Deferred expenses
Deferred expenses $m 1Hoa | 2Ho3 | 1Ho3 | 4, %,change Capitalised software 328 300 284 15 Other deferred expenditure 268 233 207 29 Deferred acquisition costs (funds management) 97 96 “90 8 Capitalised software - major projects $m period (anes) 4H04 | --4H03 tHe ae Loan process re-engineering (Pinna
Slide 37: Consistent strategy since 1999 to capture business market
15 Consistent strategy since 1999 to capture business market * Business lending (SME and Middle Market) up 18% against 1% market growth of around 6% 12% * Strategy focused on better meeting the needs of small and medium businesses Australian business .credit market share 11% 10% 9% 8% What small and
Slide 38: Business banking re-positioning began in 1999
Business banking re-positioning began in 1999 15% 5 Rigorous diagnostic started Efficiency program : Segmentation Streamlined loan & 9 Paaren . & packages simplified credit . solutions Market share of business credit (smoothed) Feet on the Street - new business branch roles Revamped SME Strategy { L
Slide 39: Industry specialisation – a key differentiator
Industry specialisation — a key differentiator * Ind ustry specialisation work Improvement since package started in 2000 introduced* Average * Ten industry sectors targeted Industry Number of Average product Connections | tings per.) penetration * Packages represent unique connection fae on solution
Slide 40: Customer satisfaction
18 Customer satisfaction Consumer Satisfaction -.% of main financial institution customers very or fairly satisfied 70% 65% 60% ~*~ Peer average WBC 55% Pu SH PP PR BP PR WP PR QP BW SME satisfaction 65% 60% + 55%. 4 5 Of, besescoarayncrrancapanonsencaseacesencoapacence == WBC. esresess 0% = Peer Av
Slide 41: BT integration – on track
BT integration — on track Integration progress Synergies People & sm Location iMCon plete 140.) OC Synergies estimated at acquisition : i : : : & Updated estimated synergies In progress’ | ‘lif. 2003 actual achieved 116 Systems pe oe 120.7 a 2004 run rate 100-5 Customer Contact a : 80-4 Investment M
Slide 42: Performance turnaround: Australian equities
Performance turnaround: Australian equities BT.Core Fund'.vs S&P/ASX300 BT Balanced fund performance. against market Accumulation Index 15 1.2% + + 6.0% r 0.8% + + 4.0% 0.4% is + 2.0% 10 porter receeecenenrereerenreces devereepeerend 0.0% + 0.0%. 0.4% + + +2.0% r 0.8% | 4.09 ~1.2% 0% 1.6% 4 y -6,0%
Slide 43: Net fund flows
21 Net fund flows / Net retail FUM against acquisition model Tracking _ BT funds acquired from September 02 @ Acquisition model ® Actual ae 12 Le Ehh Acquisition — value buffer Impact on assessed NPV Paid 80% of NPV $305m Additional BT synergies $328m Every $1bn in retail FUM $40m below acquisition
Slide 44: Growth in most wealth products remains strong
Growth in most wealth products remains strong : Share of new Current Australian market shar . e business Market : : Market share Product share (%) Rank (%) Rank Retail. 8.0 5 3.9 10 Corporate super 6.2 5 15.7 1 Wrap and master trust 10.7 3 20.2 2 Life and risk 6.7 7 10.3 3 Margin lending 13.6 2 4.8
Slide 45: Australian funds under management
Australian funds under management Sept 03 March 2004 Total Retail Retail Asset class $bn % Cash 7.6 8.5 4.9 57% Australian Fixed Interest 5.2 5.6 3.8 68% international Fixed Interest 2.8 3.6 1.1 31% Property 3.1 3.2 2.2 31% Australian.Equities 10.0 10.7 9.5 89% International Equities 8.1 7:3 5.6 77%
Slide 46: BT CEO Succession – Mr Rob Coombe
BT CEO Succession — Mr Rob Coombe * Mr Rob Coombe will replace Mr David Clarke as CEO BT Financial Group in February 2005 * Mr Coombe, 41, joined the Westpac with the acquisition of the BT Financial Group in 2002, where he was Executive Vice President with responsibility for the asset accumulation b
Slide 47: Risk management framework
25 Risk management framework Board Considers and approves the risk / reward strategy of the Group Approves key risk parameters and monitor the effectiveness of risk management by Westpac Review and approve Westpac’s Group risk management policies reiating to credit risk, market risk, operational ris
Slide 48: Forward credit indicators in good shape
26 Forward credit indicators in good shape Housing Portfolio -- 90 day delinquencies % 1.5 1.0 05 : 01g 0-18. 0.18 0.0 4 1 ‘ 1 v r r i r 1996 1997-1998 -1999 2000 2001 2002 2003 -1HO04 Aust. Business Banking - 90 day delinquencies % (3 month moving average) © 25 2.0 4.49 °° 1.47 1.5. 1.0 0.5 0.0 + r
Slide 49: Stressed exposures continue to decline
Stressed exposures continue to decline Categories of stressed exposures % Specific. provisions / impaired assets asa % of total commitments 0 40 1.8% Poonam STEREOS TAIT Lar eg rare 30 ; CWeichlist & substandard 20 eee oe oe i 4 90 days past due well 6.40 secured | 1.2% 0-7 r : 1 tr FY98. FY99.. FYO
Slide 50: Bad debt analysis
Bad debt analysis $m 1H04 2HO03 1H03 Write-offs = : . : : (128) (133) (142) Net transfer to/from, specific provisions _ . (73) -- (70) 17. Recoveries of debts previously WO : : 35 27 47 Bad debt charge-off ; , (166) (176) (78) increase in general provision : (41) (95) (136) Net bad debt expense : (2
Slide 51: Composition of portfolio
29 Composition of portfolio * Mortgages represent 42% of total commitments and 57% of funded lending exceed investment grade * Other consumer includes credit 65% business / corporate exposure cards, personal lending and margin lending | Ci Business / Corporate -lff Consumer Morigages -Ci Other Consu
Slide 52: Total exposure by region
Total exposure by region + Exposures outside core markets represent less than 3% of total committed exposures — sub investment grade represent less than 0.4% of total exposures (excluding core markets of Australia and New Zealand) 30 _— . Asia ex $m Australia Pacific Americas Europe Japan Japan Grou
Slide 53: Reduced single name concentration
31 Reduced single name concentration Top 10. exposures.to corporations and NBFls.— March 04. S&P. Rating or equivalent 0 200 400. 600 800 ~..1,000 | Top 10 exposures as a % of total committed exposure — March 04. 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 3.5% Total exposure of Top 10 = $5.1bn - March 2004
Slide 54: Housing market – beginning to slow
Housing market — beginning to slow * Overall housing lending up 13.5% —_ Australian housing finance inst system growth of 19.8% ef m2 agains system gro 1°) : .) i 38 — ‘st homebuyers Lg leading to market share easing by =x rie yee teqhs) 7 120 basis points over past year’ | #8 [é | | 4 * Strategy ha
Slide 55: Housing market – state of play
33 Housing market — state of play * Real housing prices have risen 76% over last 5 years * Credit growth similarly strong, averaging 16% over last 5 years * Recent growth driven by: - Second and subsequent home buyers - Spending on existing dwelling - Investment property lending (not by first home b
Slide 56: Drivers of housing credit growth
34 Drivers of housing credit growth * Housing credit growth will, on average, continue to grow ahead of nominal GDP, supported by: ~ Continuing positive population growth ~ Decrease in average household size ~ Ahigher proportion of earnings Drivers of household formation People 1.6 a 29 14.4 L 2.8 1
Slide 57: Mortgage portfolio characteristics
Mortgage portfolio characteristics * Market share of housing eased on Australian Mortgage Portfolio Proportion| strong volumes $ Bn of fotal ~ Owner occupied up 8% [1 Owner occupied 490 0 90 [ZZ] Investment R= 4 ~ Investment up 22% II qui Access cpek is . 12% ~ Equity Access up 66% 80 4 * Funding fo
Slide 58: Mortgages - broker introduced loans
Mortgages - broker introduced loans * 27% of outstanding mortgage Broker introduced jane : ‘ oon TO} iON O} portfolio is broker originated % eee Ness. 35 * Third party introduced loans represent 30% of new loans in 30 EE) oy Ext x ba Os 1H04 by value rilial * Same underwriting standards applied to a
Slide 59: Housing portfolio quality
Housing portfolio quality * Total bad debts less than 3 basis points Mortgage insurance structure + Delinquencies at acceptable levels Proportion of portfolio with initial LVR > 80% * 100% mortgage insurance where loan to value (LVR) ratio > 80%. Some exceptions include LVR 80-80.99, short-term /bri
Slide 60: Housing portfolio quality
Housing portfolio quality « Westpac constantly conducts stress testing of its portfolios to uncover potential risks ¢ Current stress testing on housing demonstrates the strength of the portfolio ¢« APRA stress testing has further confirmed overall industry strength Westpac 2003 Stress Test Results B
Slide 61: Tier and ACE ratios in target ranges
39 Tier 1 and ACE ratios in target ranges ACE Tier 1 ee as at 31 March 51% 7.2% 2004 TPS raising in April 04 oe +46bps" (US$ 525m) “May/June 2004 7 structured off-market -38bps ~38bps. buyback ($558.6m) duly 2004 ~ TOPrS : 7 called (US$ 322.5m) *Sbps 29bps Deduction for capitalised expenses (effecti
Slide 62: 2004 hybrid issue complicates reporting
2004 hybrid issue complicates reporting Historical practice 2004 Trust Preferred Securities USD issues accounted for as equity, no hedge accounting available Issued in USD.(525m) and funds used in NZ (NZD) - Typically swapped into NZD Swap put in place for risk management but not given hedge treatme
Slide 63: Conversion to IFRS
41 Conversion to IFRS Key areas of impact Business Financial Comments impact impact : All derivatives at fair value, stricter. hedge accounting Hedge Accounting H 6H requirements. Potential for. significant volatility if hedge accounting not achieved Current general provision levels will significant
Slide 64: WIB - Structure and distribution of alternative assets
42 WIB - Structure and distribution of alternative assets . . . Whole- Trust Single Multi Listed Unlisted Retail sale IPO Structure Asset Asset Electranet (Hastings Infrastructure v v v v v Fund) Halcyon Notes v v v Hastings Income Trust v v v v Foodland Property Trust v v v v Investor Discussion Pa
Slide 65: EPIC
EPIC . On 2 June 2004, Hastings Funds Management (51% owned by Westpac) acquired a 100 per cent holding in three strategically placed natural gas transmission pipeline assets (“EPIC”) via a trust structure including: ~ The Moomba to Adelaide Pipeline System in South Australia; ~ the South West Queen
Slide 66: Structured Finance – portfolio
Structured Finance — portfolio + Westpac conducts certain structured finance Structured finance portfolio by rating July 04 transactions with exposure primarily to global 9 . . financial institutions. 60% 51% 9, + Total portfolio size approx $10.6bn with a mix of 50% . asset and liability transactio
Slide 67: Structured Finance – recent changes
Structured Finance — recent changes * On 21 September 2004 the NZ government announced a change in taxation rules with the introduction of a thin capitalisation regime * New rules specific to banks will deny interest deductions if the Bank does not hold a level of capital equivalent to four percent
Slide 68: Quadrant – Westpac's private equity business
Quadrant — Westpac’s private equity business ¢ Westpac operates a number of small private equity funds principally investing in a small number of unlisted companies — the Quadrant funds « The funds have a 10 year life and source money from high net worth individuals along with seed capital from West
Slide 69: Australian and New Zealand economic outlook
47 Australian and New Zealand economic outlook * Australia and New Zealand economic fundamentals sound due to: Key economic indicators Financial year ended 2U" 04 Jun 05 % % - Solid domestic demand World (Calendar year) - Low unemployment GDP 4.4 4.0 * Export recovery to boost : economy i : Australi
Slide 70: Economy operating with a more sustainable mix
Economy operating with a more sustainable mix | Key.contributors to GDP 85 7:8 61 ™ 2000/01 2 2 1 2001/02 B44 8 m 2002/03 ; Fy mm 2003/04F Bo m 2004/05f 2 24 A a Domestic demand Net exports GDP. Source: ABS, Westpac Wlfestpac 48 Investor Discussion Pack October 2004 Australia's First Bank
Slide 71: Clear and simple strategy
Clear and simple strategy Vision Differentiator: Superio, Execution : Medium term “To. be a great Australian Objectives » ~ and NZ Company « Best practice employee Cc t commitment « A great place to work usiomer. * Service leadership in our « A superior customer Focus industry experience * Top quart
Slide 72: Improving sustainability – staff, customers, community
50 Improving sustainability — staff, customers, community Employee commitment % of employees reporting a positive score 70 2000 2001 2002 2003 ME Westpac s=a= Global high performing companies =@= Australian large company national norm © Global large financial services company norm 65 7 60 55 i . 50
Slide 73: Acquisition guidelines
51 Acquisition guidelines e No particular requirement to acquire customers ~ Customer franchise enhanced in Australia and New Zealand with three regional bank acquisitions 1995 — 1998 * Filled major strategic gaps ~ Wealth management capability enhanced with three acquisitions in 2002 * Subject to a
Slide 74: An experienced executive team
52 An experienced executive team Date joined Biography Group Executive Hana Atlas Group Executive People.| Nov 2002 .| Joined Westpac 2000, as Group Secretary and General Counsel. and Performance Previously Partner of a Major Law firm, Mailesons Stephen Jaques. -in current role since 2002 Philip Chr
Slide 75: Where are the risks?
53 Where are the risks? Risk Probability of occurrence * Irrational competition Medium * Housing market collapse Low * Blow-out in bad debts Low * Greater than expected funds outflows Low * Re-regulation Low * New wave of corporate collapses Low * Global economic recession Low Wlfestpac Investor Dis
Slide 76: Investor relations contacts
Investor relations contacts Westpac’s Investor Relations Team Andrew Bowden 61 2 9226 4008 Address andrewbowden@westpac.com.au Level 25 Hugh Devine 61 2 9226 1047 60 Martin Place hdevine@westpac.com.au Sydney NSW 2000 Australia Suzanne Evans 61 2 9226 3133 suzanneevans@westpac.com.au Natasha O’Reill
Slide 77: Disclaimer
55 Disclaimer The material contained in this presentation is intended to be general background information on Westpac Banking Corporation and its activities. The information is supplied in summary form and is therefore not necessarily complete. Also, it is not intended that it be relied upon as advi
Westpac Banking — JP Morgan Australasian Investment Conference 2004 on 6ix