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    Jarrod Martin

    Research Analyst at Credit Suisse

    Jarrod Martin's questions to WESTPAC BANKING (WEBNF) leadership

    Jarrod Martin's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2022

    Question

    Jarrod Martin from Credit Suisse asked if the 10 basis point quarterly decline in product margin would persist through FY22 and requested more detail on the drivers of this decline, such as loan switching and competition.

    Answer

    CFO Michael Rowland explained that the margin pressure is primarily driven by the significant build-up of liquid assets and the continued customer shift to lower-margin fixed-rate mortgages. He noted that the flow into fixed-rate loans has recently started to moderate from a peak of mid-40% to the mid-30% range as fixed rates have increased.

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    Jarrod Martin's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021

    Question

    Jarrod Martin of Credit Suisse Group AG asked for guidance on full-year 2021 expenses, questioning if they could be contained within the $10.3B to $10.5B annualized range seen in recent periods.

    Answer

    CFO Michael Rowland confirmed that FY '21 expenses are expected to increase due to the 'Fix agenda,' and the lower first-quarter result was due to phasing. CEO Peter Francis King added that a more detailed update on the 3-year cost plan will be provided at the half-year results.

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