Do we like Westpac?
Big Australian bank (retail, business and institutional banking, plus NZ), based in Sydney. Also owns St.George, BankSA and Bank of Melbourn
Our score: 5 out of 10. Mixed. It has cleaned up since a record money-laundering fine, but a fresh court penalty and ongoing fossil-fuel lending criticism mean we wouldn't back it with much enthusiasm.
Westpac is one of Australia's big four banks, with its head office in Sydney. It runs consumer, business and wealth, and institutional banking, plus a New Zealand arm. Anthony Miller, an ex-Goldman Sachs and Deutsche Bank banker, took over as CEO in December 2024 from Peter King. Steven Gregg is chair.
The big scandal was money laundering. In 2020 the Federal Court ordered Westpac to pay A$1.3bn, which AUSTRAC called the highest civil penalty in Australian history. The court declared breaches on over 19 million occasions. Then-CEO Brian Hartzer resigned over it, and Westpac's CEO and chair stepped down.
Trouble hasn't stopped. In 2026 the Federal Court ordered A$26m in penalties for failing to answer over 200 hardship requests on time between 2017 and 2023. The judge called Westpac's offer of A$10m 'derisory'. ASIC said the bank failed customers 'when they needed it most'.
Climate is the other sore spot. Campaign group Market Forces says Westpac and ANZ are backing a new wave of fossil-fuel expansion. Shareholders voted down a climate resolution at the 2025 AGM. Westpac says its fossil-fuel exposure is small and that it is Australia's biggest renewables lender.
Financially it's fine. It posted a flat full-year profit of about A$6.99bn excluding notable items, and warned of a steep housing downturn. That doesn't change our view. With heavy fines on the record and a weak climate story, we score it a middling 5.