Anthony Miller

Westpac has announced a new strategic direction for its community and philanthropic investment, aligning all efforts to address the critical issue of education.

Under this new approach, the Westpac, St.George, BankSA and Bank of Melbourne Foundations will combine resources and direct investment towards maths and reading programs in Australian primary schools.

Westpac CEO Anthony Miller says improving literacy and numeracy is one of the nation’s most pressing challenges and will unlock opportunities for a better future.

“When we invest in education, we’re investing in Australia’s future,” Miller said.

“Today, one in three Australian kids is not meeting the benchmarks we’ve set in numeracy and literacy¹. This gap almost doubles in some of Australia’s most disadvantaged communities.

“Every child deserves the chance to unlock their potential, no matter where they live or what challenges they face, and that starts with the basics – being able to read and do maths.

“We’re refining the focus of Westpac Foundation and uniting all our philanthropic and community investment programs to drive a greater impact and scale.”

Investing in leading education charities

Through the new program, Westpac will invest $3 million to partner with three leading education charities working to deliver systemic change in schools:

1. Australian Schools Plus. A not-for-profit organisation founded following a recommendation in the first Gonski review, driving equity in education so all young Australians have the opportunity to thrive. Westpac will work with Schools Plus to deliver a new coaching model proven to support school leaders to improve students’ maths and reading outcomes.
2. The Australian Business and Community Network (ABCN). A not-for-profit organisation dedicated to connecting students from under-resourced communities with mentors to enhance their educational and career opportunities. Westpac will work with ABCN to develop a new mentoring program, connecting school principals and business mentors to build leadership capacity in schools.
3. Springboard Trust. An organisation that delivers mentoring and leadership programs for school principals in New Zealand’s education sector. Similar mentoring opportunities will be provided to Westpac NZ employees.

New education grants

In addition, the Westpac Foundation will launch a new, single grants program to support education charities working with local schools and organisations helping to keep children engaged and able to learn. The grants will launch in 2026 and are expected to award approximately $4 million annually through:

• School Grants:  $1 million per year for three years via a principal partner to schools in need.
• Innovation Grants: Eight multi-year grants for local organisations, totalling $400,000 per year.
• Collaboration Grants: Two multi-year grants to drive long-term impact, totalling $200,000 per year across two partner organisations.

The new focus of the Foundation will complement the existing work supporting education that’s underway through the Westpac Scholars Trust, which has a $100 million commitment to award 100 scholarships each year to university students, researchers and social innovators.

Sherrill Nixon, CEO, Australian Schools Plus said: “This investment is an exciting step forward in addressing one of Australia’s most pressing education challenges. By focusing on literacy and numeracy, this partnership will support schools to deliver meaningful and lasting improvements for students.”

Phil Gardner, CEO, Australian Business and Community Network said: “Strong school leadership is an effective way to strengthen literacy and numeracy outcomes for students. When principals are supported by experienced business mentors, they can create the conditions for students to thrive and build the foundational skills that support learning now and into the future.”

Westpac Foundation will appoint former NSW Education Minister Adrian Piccoli to its Board to help ensure the new strategy makes a credible contribution to the sector.

Mr Piccoli said: “Significant and persistent disparities remain in education outcomes for Australian children facing social, geographic and educational disadvantage. Narrowing and ultimately closing this gap is key to increased future productivity and prosperity for this country.”

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Matthew Hassan

More than one in three (35%) Gen Z Australians plan to buy their first home within five years, according to Westpac’s latest Home Ownership Report. Intentions have jumped five percentage points since January 2025, signalling a wave of growing confidence despite ongoing affordability challenges.

The renewed optimism among Gen Z is being driven by wanting to feel more financially secure (34%), up three per cent on January figures, and a desire for independence (37%). Just over one third (32%) of Gen Z buyers are motivated by not wanting to rent forever.

“Gen Z are leaning in despite higher hurdles,” said James Hutton, Westpac Managing Director, Mortgages.

“They’re maintaining flexibility in their plans, considering available support, and signalling they won’t stay renters forever. That upswing matters for supply and affordability conversations in Australia over the coming years.”

The drive to buy sooner is driving flexibility, with 80 per cent of all first home buyers open to purchasing in suburbs they hadn’t previously considered, and another 80 per cent actively changing their lifestyles – cutting back on non-essentials like food delivery to boost savings.

Gen Z buyers are also reshaping their property expectations. Interest in buying a house has slipped three percentage points since January, while plans to purchase an apartment have risen by two per cent. More than half of Gen Z buyers (55%) are even considering rent-vesting – a strategy that’s held in popularity since January.

According to the research, deposit hurdles remain for many. While most first home buyers aim for a 17.5 per cent deposit, nearly a third are targeting ten per cent. For Gen Z buyers, 53 per cent are moving ahead with plans for a deposit of 10 per cent or less of the purchase price.

“Demand from younger buyers is picking up, and the expanded government guarantee is likely to fast‑track purchase decisions,” said Westpac Senior Economist Matthew Hassan. “Affordability and supply remain big challenges for buyers. Listings are scarce, forcing many to broaden their search to new areas and property types. Addressing entrenched undersupply is a priority for governments, but material improvement is going to take time.”

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It’s about Australians supporting Australian businesses, who in turn support each other right through the economy.

Westpac has released new economic modelling revealing the powerful ripple effect of local spending. According to Westpac economists, Australia could benefit from a $16 billion boost in nominal GDP with approximately 38,000 new jobs if every household redirected $100 of their existing weekly budget into Australian products or businesses.

The analysis estimates more than one third of first-round gains would benefit industries dominated by small to medium enterprises (SMEs), particularly in the retail trade, manufacturing, and accommodation and hospitality sectors.

Westpac Chief Executive, Business & Wealth, Paul Fowler, says backing local businesses is essential for Australia’s prosperity.

“Australia is home to world-class innovators, farmers, winemakers, manufacturers, and service providers who are making an impact globally,” Fowler said.

“By backing local businesses, we’re celebrating what makes our country unique and increasing career opportunities in Australia.

“That’s why it’s more important than ever to make every dollar count. When you choose to spend locally, you’re not just buying a product or service, you’re investing in jobs, supporting your neighbours, and helping communities flourish.

“It’s not about spending more – we know budgets are tight. It’s about redirecting existing spending to support Australian businesses and our country.”

Westpac’s analysis also demonstrates the power of investing in Australian businesses which creates a strong multiplier effect.

“Every dollar you spend with an Australian business has a multiplier effect. Not only does that dollar pay the wages of the business, it travels down the supply chain benefiting other Australian businesses,” Fowler said.

“If you buy a coffee and cookie at your local café, for example, you’re not only helping to pay the wages of the workers in that café, you’re supporting the dairy farmer who produced the milk, the manufacturer who baked the cookie, and the farmers who supplied the eggs, sugar and flour to make that cookie.

“That’s the magic of the multiplier effect. It’s about Australians supporting Australian businesses, who in turn support each other right through the economy.

“Our message to Australian consumers is simple: When you’re at the supermarket, look for products that are Australian made and use Australian ingredients. Choose Aussie wines this celebration season, visit Aussie towns for your summer holiday and consider buying gifts from local businesses.”

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Matthew Hassan

The Westpac-Melbourne Institute Consumer Sentiment Index fell 6% in April, to 90.1 from 95.9 in March.

Matthew Hassan, Westpac Head of Australian Macro-Forecasting, said: “Consumers are showing deepening unease about developments abroad.

“Sentiment weakened sharply over the course of the survey week, with steep falls following the ‘reciprocal tariffs’ announced by US President Trump on April 2.

“Those surveyed before the announcement reported an index read of 93.9 down only slightly from March’s 95.9. Those surveyed after the announcement reported an index read of just 86.6, down nearly 10% compared to March.

“The scale and breadth of tariff increases, which included a 10% tariff on Australian goods, came as a major surprise, triggering a sell-off in global financial markets.

“With the situation still deteriorating, there is a clear risk of more significant sentiment declines in the months ahead.”

Read the report.

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“Many communities have been hit by the worst flooding in more than 50 years,” said National General Manager Regional and Agribusiness, Peta Ward.

“Farmers are now facing widespread livestock losses and infrastructure damage that represent generations of work swept away.”

“In response to these floods, we’re launching a comprehensive Disaster Relief Package to provide immediate financial assistance to those affected. By providing financial breathing room, we hope affected Queenslanders can focus on what truly matters, the safety of their families and friends, and the recovery of their communities,” said Ms Ward.

Support for affected Business customers:

• Cashflow support via temporary overdraft may be available to assist small businesses up to a maximum of $15,000 and larger businesses up to a maximum of $50,000 depending on size and needs of the business*.
• Business loan customers may apply to defer repayments.
• Business customers with merchant facilities may be eligible to receive assistance, including monthly terminal fee refunds.

Support for affected Consumer customers:

• Home loan customers may apply to defer repayments.
• Customers with home and contents insurance may be eligible to make a claim.
• Credit card customers may apply to defer repayments to their card, while customers experiencing hardship may also be offered a halt on all interest accrual on unsecured credit products for a period.
• Term deposit customers experiencing hardship may apply to waive the minimum notice period to access funds prior to maturity.

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* Applications will be assessed on an individual basis. Credit assessment criteria apply. Interest, fees and terms and conditions apply.

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Nell Hutton

Westpac has announced the launch of Australia’s first Social Tailored Deposit, a medium to long term investment product (1-5 years) with a minimum transaction amount of AUD $1 million, designed for customers seeking investments that are focussed on delivering improved social outcomes.

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Stacey Edmonds, Founder of ‘Creator of Dodgy or Not?’

Westpac’s $500 million female entrepreneurs fund will be expanded by another $500 million to $1 billion, to further address the challenges faced by women accessing finance to start or grow a business.

The commitment, launched two years ago, has just reached its $500 million target, supporting 1,155 women across a range of industries including retail, healthcare, hospitality and creative services.

Tamara Bryden, Westpac Managing Director, Business Lending, said: “I’m proud that we’ve helped more than a thousand women start or grow a business since launching the fund just two years ago.

“We know that female business leaders believe it’s harder for women to get finance than it is for men^[1]. Having a fund dedicated to addressing this issue means it is always a priority for us.

“I think our bankers also understand the barriers that women face when starting a business, such as unconscious bias, which may discourage them from seeking finance. You can’t argue with the results we’re seeing and that helps change perceptions.

“We’re seeing some incredible new business ideas come to life led by super savvy, entrepreneurial women, who are challenging the status quo and bringing great ideas to the table.”

Westpac’s Women in Business research1 shows the entrepreneurial spirit of female business leaders in Australia. Nearly half (45%) of female SME business leaders have started a business from scratch, compared to 27% of their male counterparts.

Of the women surveyed:

• 94% of women view running their own business as a path to wealth and financial independence and 9 in 10 believe that the social impact of their business is as important as the economic impact
• 38% of female SME business leaders are creating jobs
• 30% are sponsoring local events
• 24% are investing in social causes.

Westpac’s efforts have not only provided financial support for female entrepreneurs but also simplified the lending process for all eligible start-ups and scale-up businesses. Now Start Ups can apply for funding with a sound business plan and budget projections^[2].

This change has made it significantly easier for eligible early-stage businesses to access the necessary funds2.

Westpac customer case study

Business name: Lively a Learning Agency, Creator of Dodgy or Not?

Founder & Business Owner: Stacey Edmonds

Business Website: dodgyornot.com.au

Location: Sydney

Dodgy or Not? is an innovative gamified learning platform designed to enhance digital literacy and scam detection.

It teaches users to instinctively spot scams and cyber threats through experiential learning. The platform uses real scam data and behavioural science to create an engaging educational experience.

Co-founder Stacey Edmonds, a former teacher and Deloitte partner, leveraged her background in sociology, criminology, and technology to democratise learning and build this impactful tool.

With funding from Westpac, Dodgy or Not? launched a school program and new website, aiming to make scam awareness second nature for users globally.

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Notes:
[1] The research was commissioned by Westpac and conducted by Lonergan Research in October 2024 in accordance with the ISO 20252 standard. 1,010 Australian SME Business Leaders were surveyed throughout Australia including capital city and non-capital city areas. The survey was conducted online with data weighted to the latest population estimates sourced from the Australian Bureau of Statistics.

2 Terms & Conditions, fees & charges and eligibility and credit criteria apply.

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Damien MacRae

Westpac research has found more than half (54%) of first home buyers are considering ‘rent-vesting’ to get into the property market – up 4 per cent from this time last year.

The ‘rent-vesting’ concept involves buying in a growth market or more affordable area while renting where you want to live, with the intent to build equity that can be put towards buying your own home in the future.

Westpac’s annual Home Ownership Report shows New South Wales leads the way as the rent-vesting capital of Australia, with 61 per cent considering rent-vesting in the state, followed by Victoria at 54 per cent, and Queensland at 52 per cent.

Westpac’s research also found many aspiring homeowners are looking to buy sooner. This time last year, only 10 per cent of Australians were looking to have purchased a new home to live in by the end of the year. In 2025, the share is 13 per cent.

“More Australians are entering 2025 planning to purchase a property than last year, reflecting renewed optimism from aspiring home buyers. We’re continuing to see strong demand from customers seeking pre-approval for home purchases across both the owner-occupier and investor segments,” said Damien MacRae, Westpac Managing Director Mortgages.

“At the same time, rent-vesting is growing in popularity as more buyers look to get their foot on the property ladder sooner, particularly in capital cities where housing prices are typically higher.

“Our research shows that 82 per cent of Australians would be open to purchasing in an area they hadn’t originally considered, as buyers adjust their expectations in response to the market.”

Westpac Senior Economist Matthew Hassan says potential rate moves were a big motivator for would-be buyers in 2025.

“Interest rates are almost certainly having an influence here. Last year high rates deterred buyers, but the possibility rates will move lower appears to be shaping would-be buyer plans. For rent-vestors the potential rate moves bode well for increased buying power.”

Top tips for aspiring rent-vestors

• Have clearly defined investment objectives: Clearly outline the ultimate aim of this purchase – including timelines for selling, upgrading, or leveraging equity.
• Location, location: In addition to capital growth, consider areas where rental yields are robust. Investigate what type/s of properties are in demand in your target area/s.
• Consider product options: There are many different home loan types, including options specifically for investors. Westpac has a dedicated website for property investors, with handy tips and guides to help rent-vestors on their way.

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Nell Hutton

Westpac announced a new expanded contract with the New South Wales Government, continuing a partnership that spans nearly two centuries. The banking relationship has been a foundation of financial stability and innovation in Australia.

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Mr Herbert is currently Chief Operating Officer, Business & Wealth and will replace Anthony Miller, who begins as Westpac CEO on 16 December.

Mr Herbert is a seasoned banking executive who joined Westpac in 2020 after an extensive career at HSBC including as COO, Asia Pacific, Retail Banking & Wealth Management.

“Peter is an accomplished, engaging and accessible leader who has built a culture of innovation since joining Westpac,” Mr King said.

“He will provide stable and experienced leadership to the Business & Wealth division when Anthony steps into my role at the end of the year.”

“This change will also allow Anthony to spend time with me in a handover period before he begins as CEO.”

Peter Herbert will act in the position while a global search is undertaken for a permanent Chief Executive, Business & Wealth.

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