ASX Release 21 August 2023 WESTPAC 3Q23 CAPITAL, FUNDING AND ASSET QUALITY UPDATE Following is Westpac’s 3Q23 slides covering capital, funding and asset quality, for the three months ended 30 June 2023. For further information: Hayden Cooper Justin McCarthy Group Head of Media Relations General Manager, Investor Relations 0402 393 619 0422 800 321 This document has been authorised for release by Tim Hartin, Company Secretary. Level 18, 275 Kent Street Sydney, NSW, 2000

FOR THE 3 MONTHS ENDED 30 JUNE 2023 WESTPAC BANKING CORPORATION ABN 33 007 457 141 This document should be read in conjunction with Westpac’s June 2023 Pillar 3 Report. Content principally covers and compares the 3Q23 and 1H23 quarterly average periods unless otherwise stated. All amounts are in Australian dollars. 3Q23 Capital, Credit Quality and Funding Update

3Q23 summary. Summary • Stressed assets to TCE4 1.16%, up 6bps • Mortgage 90+ day delinquencies: - Australia 0.80%, up 7bps - New Zealand 0.32%, up 3bps • CAP5 to credit RWA 137bps, up 4bps • Impairment charge of $275m - IAP6 charge of $19m mainly from a single exposure - CAP charge of $256m mainly due to write-offs, portfolio movements and forward looking economic forecasts Strong capital position Credit quality resilient - well provisioned, modest increase in stress • CET11 capital ratio of 11.86%, above target operating range2 • RWA3 up $7.1bn or 1.6% • LCR7 at 138%, up 3 ppts • NSFR8 at 118%, down 1 ppt • Deposit to loan ratio 84.1%, up 0.4 ppts • Well progressed on wholesale funding plans 2 Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 Level 2 common equity tier 1 (CET1). 2 Target operating range is 11.0-11.5%. 3 Risk weighted assets (RWA). 4 Total committed exposure (TCE). 5 Collectively assessed provisions (CAP). 6 Individually assessed provisions (IAP) includes new IAPs, write-backs and recoveries. 7 Liquidity coverage ratio (LCR). 8 Net stable funding ratio (NSFR). Strong funding and liquidity

12.28 0.37 11.86 (0.53) (0.21) (0.04) (0.01) Mar-23 Net profit excluding Notable Items 1H23 dividend RWA excluding FX Capital deductions and other items FX translation impacts Jun-23 RWA details on page 4 CET1 capital ratio 11.86%. 3 Capital Westpac Group 3Q23 Capital, Credit Quality and Funding Update Level 2 CET1 capital ratio movements (%) 1 The 30 June 2023 Tier 2 capital ratio is 5.7%. This reflects issuance of A$2.9 billion and redemptions of A$0.9 billion in June 2023. The net impact of these transactions was an increase in total capital of approximately 43bps. 2 Internationally comparable methodology references the ABA study on the comparability of APRA’s new capital framework and finalised reform released on 10 March 2023. The internationally comparable ratios for June 2022 reference APRA’s study titled ‘International Capital Comparison Study’ dated 13 July 2015. Key capital ratios (%) Jun-22 Mar-23 Jun-23 Level 2 CET1 capital ratio 10.8 12.3 11.9 Additional Tier 1 capital ratio 2.0 2.2 2.2 Tier 1 capital ratio 12.8 14.5 14.0 Tier 2 capital ratio1 4.4 5.3 5.7 Total regulatory capital ratio 17.2 19.8 19.7 Risk weighted assets (RWA)($bn) 478 453 460 Leverage ratio 5.4 5.5 5.4 Level 1 CET1 capital ratio 10.6 12.5 12.0 Internationally comparable ratios2 Leverage ratio (internationally comparable) 5.8 5.9 5.8 CET1 capital ratio (internationally comparable) 17.1 18.1 17.9

340.6 1.9 1.2 (0.2) (0.7) 342.8 Mar-23 Lending Credit quality Counterparty credit and mark-to-market risk FX translation Jun-23 452.9 2.2 7.9 460.0 (0.6) (1.5) (0.9) Mar-23 Credit Market IRRBB Operational Other Jun-23 Risk weighted assets movements. 4 Risk weighted assets (RWA) ($bn) • RWA up $7.1bn or 1.6%: - Credit RWA increased due to loan growth and modest credit deterioration - IRRBB1 RWA increased $7.9bn due to an increase in the regulatory embedded loss from higher interest rates and ongoing model changes of $2.5bn Movement in credit risk weighted assets ($bn) IRRBB RWA ($bn) Capital Up $2.2bn or 0.6% 12 27 43 43 44 35 43 1.28 2.60 3.63 4.05 4.04 3.41 4.32 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 3y Swap rate (%) Up $7.1bn or 1.6% Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 Interest rate risk in the banking book (IRRBB).

Forecasts for base case economic scenario3 Base case Downside 2023 2024 Trough / peak4 GDP growth 0.6% 1.0% (6%) Unemployment 4.4% 5.3% 11% Residential property prices 0.9% 5.1% (27%) 452 398 382 407 Commercial property prices (12.7%) 3.2% (32%) 947 981 1,011 1,035 1,691 1,837 1,980 2,200 845 870 830 809 700 706 720 4,635 647 4,792 4,923 5,098 Sep-22 Dec-22 Mar-23 Jun-23 Overlay Stage 1 CAP Stage 2 CAP Stage 3 CAP Stage 3 IAP Provision coverage. Forecasts used in economic scenarios Provisioning Total impairment provisions1 ($m) Provision coverage Sep-22 Dec-22 Mar-23 Jun-23 Provisions to credit RWA2 128bps 132bps 145bps 149bps CAP to credit RWA2 116bps 121bps 133bps 137bps Provisions to TCE 39bps 40bps 40bps 42bps Impaired provisions to impaired assets 48% 44% 43% 46% 5 Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 Includes provisions for debt securities. 2 Data from March 2023 onwards reflects the adoption of APRA’s revised capital framework. Prior periods have not been restated. 3 Forecast provided by Westpac Economics at 16 June 2023. 4 These key economic indicators represent trough or peak values that characterise the scenarios considered in setting downside severity. Residential and commercial forecasts represent cumulative reduction over a two-year period. NZ overlays reduced: - Mortgage risks now covered by modelled CAP - Weather overlay reduced Mostly driven by a single name in manufacturing Stage 2 CAP increased: - Modest deterioration in credit quality - NZ mortgage model change - Updated Westpac economics forecasts, largely impacting business lending

1.50 0.80 0.67 0.0 1.0 2.0 3.0 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 30+ day delinquencies 90+ day delinquencies 90+ excl. 6m serviceability 0.26 0.19 0.13 0.12 0.12 0.80 0.68 0.51 0.55 0.58 0.85 0.49 0.43 0.43 0.46 1.91 1.36 1.07 1.10 1.16 Sep-20 Sep-21 Sep-22 Mar-23 Jun-23 Watchlist & substandard Non-performing, not impaired Impaired Stressed exposures and delinquencies. 6 1 Excludes accounts reported as 90+ delinquent during the 6 month serviceability period after a hardship arrangement has ended. 2 Portfolio has been in run off since March 2022. Credit quality Australian consumer finance 90+ delinquencies (%) Westpac Group 3Q23 Capital, Credit Quality and Funding Update Stressed exposures as a % of TCE Australian mortgage delinquencies (%) 0.69 2.79 3.02 0.0 1.0 2.0 3.0 4.0 5.0 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Credit cards Personal loans Auto loans (consumer - portfolio in run off) COVID-19 deferrals 1 2

0.0 2.0 4.0 6.0 8.0 10.0 Finance & insurance Property Wholesale & retail trade Services Manufacturing Agriculture, forestry & fishing Property & business services Utilities Transport & storage Construction Accommodation cafes & restaurants Mining Sep-22 Mar-23 Jun-23 Exposure and credit quality by sector Sector Finance & Insurance1 Property2 Wholesale & retail trade Services3 Manufacturing Agriculture, forestry & fishing Property & business services Utilities Transport & storage Construction4 Accomm, cafes & restaurants Mining TCE ($bn) Jun-23 209.0 79.1 28.9 25.5 24.7 24.0 22.0 17.2 16.7 12.1 10.3 8.0 Mar-23 205.6 78.8 29.0 23.7 24.2 23.9 22.0 16.9 17.3 11.9 10.2 8.7 Stressed (%) 5,6 Jun-23 0.1 2.5 3.5 2.6 3.1 4.4 3.0 0.1 1.4 7.6 4.6 2.1 Mar-23 0.1 2.4 3.2 2.8 3.0 4.1 3.1 0.1 1.4 6.2 4.8 2.4 Impaired (%) 6 Jun-23 0.0 0.1 0.5 0.3 0.6 0.2 0.5 0.0 0.1 0.6 0.4 0.1 Mar-23 0.0 0.1 0.6 0.4 0.5 0.3 0.6 0.0 0.2 0.8 0.6 0.1 Credit quality across sectors. 1 Finance and insurance includes banks, non-banks, insurance companies and other firms providing services to the finance and insurance sectors. Includes assets held for liquidity portfolio. 2 Property includes both residential and non-residential property investors and developers and excludes real estate agents. 3 Services includes education, health & community services, cultural & recreational and personal & other services. 4 Construction includes building and non-building construction, and industries serving the construction sector. 5 Includes impaired exposures. 6 Percentage of portfolio TCE. 7 Corporate and business stressed exposures by industry sector (%) Credit quality Due to downgrade of a single name to watchlist Westpac Group 3Q23 Capital, Credit Quality and Funding Update Reflecting downgrades of a small number of exposures

27 25 19 20 19 52 40 29 21 11 8 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 >Sep-25 Expired Yet to expire Australian mortgage portfolio composition. 8 Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 Includes amortisation. Calculated at account level, where split loans represent more than one account. 2 Mortgage loss rates for Jun-23 are for the 3 months ending. Mortgage losses for Sep-22 and Mar-23 are for the 6 months ending. 3 Mortgage loss rates for Jun-23 balances are annualised, based on losses for the 9 months to June 2023. Mortgage loss rates for Mar-23 are annualised, based on losses for the 6 months to March 2023. Mortgage loss rates for Sep-22 are actual losses for the 12 months ending 30 September 2023. Mortgage credit quality Australian mortgage portfolio Sep-22 balance Mar-23 balance Jun-23 balance Total portfolio ($bn) 467.6 472.7 478.4 Owner occupied (OO) (%) 65.8 66.4 66.7 Investment property loans (IPL) (%) 32.6 32.2 31.9 Portfolio loan/line of credit (LOC) (%) 1.6 1.4 1.4 Variable rate / Fixed rate (%) 63/37 67/33 71/29 Interest only (I/O) (%) 13.5 13.3 13.1 Proprietary channel (%) 51.8 51.5 51.4 First home buyer (%) 10.1 9.6 9.4 Mortgage insured (%) 14.7 14.2 13.7 Sep-22 Mar-23 Jun-23 Average loan size1 ($’000) 286 292 297 Customers ahead on repayments including offset account balances (%) By accounts 74 74 74 By balances 68 69 69 Mortgage losses net of insurance2 ($m) 2 11 9 Annual mortgage loss rate3 (bps) 0.6 0.5 0.6 Hardship balances (% of portfolio) 0.53 0.50 0.60 Australian mortgage portfolio by product and repayment type (%) 2 10 22 3 63 2 10 22 3 64 2 10 22 3 64 LOC IPL-I/O IPL-P&I OO-I/O OO-P&I Sep-22 Mar-23 Jun-23 Chart does not add to 100 due to rounding Australian fixed rate mortgage expiry schedule ($bn)

Australian mortgage portfolio buffers. Mortgage credit quality • Equity position for existing loans remain strong: − 0.6% of loans in negative equity, down from 0.8% at Mar-23 − Loan-to-value ratios have improved, supported by recovery in house prices • Customers ahead on repayments little changed over 3Q23: − 31% of accounts more than 2 years ahead (21% of balances) • Offset account balances continue to provide an important buffer to mortgage customers 1 Dynamic LVR is the loan-to-value ratio taking into account the current loan balance, changes in security value, offset account balances and other loan adjustments. Property valuation source: CoreLogic. 2 Customer loans ahead on payments exclude equity/line of credit products as there are no scheduled principal payments. Includes mortgage offset accounts. ‘Behind’ is more than 30 days past due. ‘On time’ include up to 30 days past due. 3 Includes RAMS from Sep-20 onwards. Australian home loan customers ahead on repayments2 (% by accounts) 1 25 15 15 12 33 1 25 16 15 12 32 1 24 16 15 12 31 Behind On time < 1 mth < 6mths > 6 mths < 2 yrs > 2yrs Sep-22 Mar-23 Jun-23 Australian housing loan-to-value ratios (LVR) (%) 21 16 43 12 6 1 62 15 13 7 2 0.7 0.8 62 15 13 7 1 0.6 0.6 0<=60 60<=70 70<=80 80<=90 90<=95 95<=100 >100 LVR at origination Dynamic LVR at Mar-23 Dynamic LVR at Jun-23 9 Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 N/A 39 39 40 41 42 46 48 51 53 53 54 53 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Linked to I/O mortgages Linked to P&I mortgages . Offset account balances3 ($bn) Jun-23 Chart may not add due to rounding 1

52% 21% 19% 5% 2% 0<=60 60<=70 70<=80 80<=90 90+ New Zealand credit quality. New Zealand credit quality 10 Westpac Group 3Q23 Capital, Credit Quality and Funding Update 1 LVR based on current exposure and property valuation at the latest credit event. 0.3 0.2 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 2.2 1.6 1.3 1.9 2.0 2.6 2.0 1.5 2.2 2.4 Sep-20 Sep-21 Sep-22 Mar-23 Jun-23 Impaired Non-performing, not impaired Watchlist & substandard Mortgage delinquencies (%) Unsecured Consumer delinquencies (%) 1.04 2.15 0.0 1.0 2.0 3.0 4.0 5.0 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 90+ day past due 30+day past due 0.32 0.69 0.0 0.2 0.4 0.6 0.8 1.0 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 90+ day past due 30+ day past due Business stressed exposures to business TCE (%) Mortgage portfolio LVR1 (% of portfolio) 93% of mortgage portfolio has an LVR less than 80% Chart may not add due to rounding Chart may not add due to rounding

Funding and liquidity. Funding and liquidity 11 1 Based on residual maturity and FX spot currency translation. Includes all debt issuance with contractual maturity greater than 13 months excluding US Commercial Paper and Yankee Certificates of Deposit. 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 >FY28 maturity bucket, however Westpac has announced an intention to redeem on 29 September 2023. Maturities exclude securitisation amortisation. Key funding and liquidity measures Westpac Group 3Q23 Capital, Credit Quality and Funding Update Term debt issuance and maturity profile1 ($bn) Term debt issuance by program (%, financial year to date) 130 135 138 Jun-22 Mar-23 Jun-23 83.1 83.7 84.1 Jun-22 Mar-23 Jun-23 Customer deposits to net loans ratio (%) Quarterly average 123 119 118 Jun-22 Mar-23 Jun-23 Liquidity coverage ratio (%) Net stable funding ratio (%) Regulatory requirement 100% • High levels of liquidity maintained; increase in average HQLA over the quarter and a small decrease in net cash outflows • NSFR returning to pre-COVID operating levels; increase in required stable funding reflects upcoming TFF maturities • Maintaining good growth in customer deposits, in particular household deposits 14 12 32 34 31 35 43 29 15 41 33 27 24 24 27 FY18 FY19 FY20 FY21 FY22 FY23 YTD FY23 FY24 FY25 FY26 FY27 FY28 >FY28 Covered bond Additional Tier 1 capital Senior & Securitisation Tier 2 capital Term Funding Facility (Aus) Funding for Lending Programme (NZ) Issuance Maturities remaining 55 32 3 11 Senior Covered bonds RMBS Tier 2 capital Chart does not add due to rounding

For all shareholding enquiries relating to: • Address details and communication preferences • Updating bank account details, and participation in the dividend reinvestment plan Investor Relations Contact Share Registry Contact For all matters relating to Westpac’s strategy, performance and results 12 Justin McCarthy General Manager, Investor Relations Arthur Petratos Manager, Shareholder Services Rebecca Plackett Head of Corporate Reporting and ESG Andrea Jaehne Head of Investor Relations, Ratings Agencies and Analysis Jacqueline Boddy Head of Debt Investor Relations Contact us investorrelations@westpac.com.au westpac@linkmarketservices.com.au westpac.com.au/investorcentre investorcentre.linkmarketservices.com.au +61 2 9178 2977 1800 804 255 Investor Relations Team. James Wibberley Manager, Investor Relations Catherine Garcia Head of Investor Relations, Institutional Westpac Group 3Q23 Capital, Credit Quality and Funding Update Nathan Fontyne Graduate, Investor Relations

Disclaimer. The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. 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. The 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. This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934. Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy and risk management, including, without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data. We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s expectations or beliefs concerning future developments and their potential effect upon us. Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or performance will align with our expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the section titled ‘Risk factors' in our 2023 Interim Financial Results Announcement available at www.westpac.com.au. 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. Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation. Disclaimer 13 Westpac Group 3Q23 Capital, Credit Quality and Funding Update