[6-K] WESTPAC BANKING CORP Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Westpac Banking Corporation reported that Australia’s prudential regulator, APRA, has lifted its enforceable undertaking and removed Westpac’s operational risk capital overlay.

The removal of the $500 million overlay will increase Westpac’s Common Equity Tier 1 (CET1) capital ratio by approximately 17 basis points, driven by a reduction in risk‑weighted assets of $6,250 million. The change applies with immediate effect.

Westpac notes the improvement reflects progress in risk management. The company also states that the information in this report, including Exhibit 1, is incorporated by reference into its Form F-3 prospectuses, as they may be amended or supplemented.

Insights

Bank capital and regulatory analyst

Regulatory overlay removed; CET1 lifts by ~17 bps immediately.

APRA has removed Westpac’s operational risk capital overlay of $500 million after confirming improvement in risk management. This reduces risk‑weighted assets by $6,250 million, which mechanically adds about 17 basis points to the bank’s CET1 ratio.

The change applies immediately, indicating the capital position strengthens without new capital issuance. The filing does not discuss uses of the additional capital capacity, distributions, or changes to targets.

Subsequent disclosures may detail how the higher CET1 buffer interacts with internal capital settings and any ongoing regulatory expectations.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

October 15, 2025

Commission File Number 1-10167

WESTPAC BANKING CORPORATION

(Translation of registrant’s name into English)

275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports

under cover of Form 20-F or Form 40-F.

Form 20-F    x    Form 40-F   ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Incorporation by Reference

The information contained in this Report on Form 6-K, including the information set forth in Exhibit No. 1, but excluding the information set forth in Exhibit No. 2 and Exhibit No. 3 shall be incorporated by reference in the prospectuses relating to the Registrant’s securities contained in the Registrant’s Registration Statements on Form F-3 (File Nos. 333-283007 and 333-283008), as such prospectuses may be amended or supplemented from time to time.

Removal of operational risk capital overlay

Westpac acknowledges the decision by the Australian Prudential Regulation Authority (APRA) to lift its enforceable undertaking and confirm Westpac’s improvement in risk management.

The removal of the $500 million capital overlay will mean Westpac’s Common Equity Tier 1 (CET1) capital ratio will increase by approximately 17 basis points, reflecting a reduction in risk weighted assets of $6,250 million. This change will apply with immediate effect.

Index to Exhibits

Exhibit No.		Description
1		Removal of operational risk capital overlay

Disclosure regarding forward-looking statements

The information contained in this Report on Form 6-K contains statements that constitute “forward-looking statements” within the meaning of section 21E of the U.S. 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 Report and include statements regarding our current intent, belief or expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition and performance, capital adequacy and liquidity 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.

Words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘objective’, ‘ambition’ or other similar words, are used to identify forward-looking statements. These 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 current expectations or beliefs concerning future developments and their potential effect upon Westpac.

Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this Report. Such statements are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this Report.

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 Westpac’s 2025 Interim Financial Results on Form 6-K filed with the U.S. Securities and Exchange Commission. When relying on forward-looking statements to make decisions with respect to us, investors and others relying on information in this Report 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 in this Report, whether from new information, future events, conditions or otherwise, after the date of this Report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	WESTPAC BANKING CORPORATION
	(Registrant)
Date: October 15, 2025	By:	/s/ Esther Choi
		Esther Choi
		Tier One Attorney

FAQ

What did APRA decide regarding Westpac (WBKCY)?

APRA lifted its enforceable undertaking and removed Westpac’s operational risk capital overlay.

How does the overlay removal affect Westpac’s CET1 ratio?

Westpac expects its CET1 capital ratio to increase by approximately 17 basis points.

What change occurs to Westpac’s risk‑weighted assets (RWA)?

Risk‑weighted assets decrease by $6,250 million.

When do these changes take effect for Westpac?

The filing states the change will apply with immediate effect.

What is the size of the operational risk capital overlay removed?

The overlay removed is $500 million.

Is this 6-K incorporated by reference into Westpac’s registration statements?

Yes, the information in this report, including Exhibit 1, is incorporated by reference into Westpac’s Form F-3 prospectuses, excluding Exhibits 2 and 3.