(Left to right): Cassandra Spies, Emily Pyke, Jessica Armstrong, Leah Kaslar, Djookian & Melisha Sirisena, .

Westpac has announced the five winners of the inaugural Westpac Female Founder Awards, a national awards program recognising female entrepreneurs building businesses across Australia.

The winners are:

• Female Founder of the Year: Emily Pyke, UndaTech
• Thrive Award: Cassandra Spies, Twisted Healthy Treats
• Trailblazer Awards (joint winners): Leah Kaslar, and Jessica Armstrong, Fuca Skincare
• Greater Good Award: Melisha Sirisena, Kids Hearing

The five winners were selected from 15 finalists announced in early August. Open to Westpac customers and non-customers, the awards build on Westpac’s support for women in business, with the bank providing more than $1 billion in lending to over 2,200 women starting or growing a business over the past three years.

“$1 billion in lending isn’t just a number, it’s thousands of businesses now employing people, paying suppliers and growing the local economy,” said Paul Fowler, Westpac Chief Executive, Business & Wealth.

“These five winners represent the ambition, innovation and determination we see every day from women building businesses across Australia. Backing these founders means backing Australian jobs, stronger communities and economic growth across the country.”

Prizes

Female Founder of the Year winner, Emily Pyke, will receive $30,000 cash, a national advertising campaign valued at $120,000 and the choice of coaching, media training or mentoring.

 The category winners will each receive $10,000 cash and their choice of coaching, media training or mentoring. They will also feature in a digital advertising campaign.

“The calibre of this year’s applicants was extraordinary,” said Tamara Bryden, Westpac’s Managing Director of Business Lending.

“This year’s winners show just how broad female-led innovation in Australia really is. Representation on a national stage matters because it recalibrates what the next investor and the next aspiring founder believes is possible.”

Meet the winners

Founder of the Year Award: Emily Pyke, Undatech 

Emily Pyke is the CEO and Co-Founder of UndaTech, developing fire-resistant and protective undergarments for women in high-risk roles across defence, emergency services, mining and construction. After 13 years in the Royal Australian Navy, Emily saw first-hand the safety gap left by women wearing everyday synthetic undergarments under body armour and protective equipment, in environments where fire, explosions and electrical hazards are a daily risk.

“This recognition means so much to our small but mighty team. UndaTech started because my time in Defence gave me exposure to a wide range of high-risk roles, environments and protective equipment, and I saw the same gap show up across all of them. It is incredibly special to have Westpac recognise the importance of designing protective gear around the people who wear it, and this award helps us keep pushing to get better, safer products to the women who need them,” Emily said.

Trailblazer Award: Jessica Armstrong, Fuca Skincare

Jessica founded Fuca Skincare after going through chemotherapy for breast cancer and finding few products suited to compromised skin. Drawing on her background in product development and marketing, Jessica created a brand focused on gentle, low-tox skincare and representation for women with sensitive skin, not just those living with cancer. A percentage of all proceeds is donated to Breast Cancer Network Australia, while Fuca’s campaigns feature women who have experienced cancer, helping build a face-to-face community centred on around shared experience and support.

“This recognition is a full-circle moment I never could have imagined during the darkest days of my cancer diagnosis. Fuca has always been about more than skincare. It is about helping women going through cancer feel seen, supported and part of something bigger, and this award is a beautiful reminder of why that community matters so much,” Jessica said.

Trailblazer Award: Leah Kaslar, Djookian

Leah co-founded Djookian to help mining and infrastructure businesses decarbonise their projects and fleets, while creating meaningful job pathways for women and Indigenous Australians. The 100% female-run business uses hybrid technology and real-time carbon and load tracking to show customers how lower-emissions equipment can also deliver practical performance and cost benefits.

“We started Djookian because we wanted to make real change in industries where we did not always see people like us represented. This award from Westpac helps show that smart, sustainable ideas can create value for customers while opening doors for more women and Indigenous Australians to build careers in the energy transition,” Leah said.

Thrive Award: Cassandra Spies, Twisted Healthy Treats

Cassandra founded Twisted Healthy Treats after struggling to find delicious desserts she felt good about sharing with her family. The Australian-owned business makes better-for-you frozen treats using 100% Australian dairy, with the products stocked in 85% of school canteens and across national supermarket retailers, including Woolworths, Coles, ALDI and Costco. The business has grown to employ more than 80 people and has recently expanded into international markets, including the USA, Taiwan and China.

“As Australia’s only female-founded frozen dessert brand with our own manufacturing operation, we are incredibly proud of what we have built – from our factory in Ingleburn to products now reaching families across Australia and overseas. Building a business in food manufacturing takes a lot of persistence, so to receive this recognition from Westpac, and to have a banking partner that understands our growth journey, is incredibly meaningful,” Cassandra said.

Greater Good Award: Melisha Sirisena, Kids Hearing

Melisha is a paediatric audiologist and founder of Kids Hearing, a service working to make hearing checks more accessible for children. After years working at Westmead Children’s Hospital and in schools in Singapore, Melisha saw how routine hearing checks could identify issues before they affected a child’s learning, speech or confidence. She started Kids Hearing after a school screening pilot identified children with permanent hearing loss that had gone undetected for years.

“Behind every hearing check is a child and a family who we’ve been able to help get on the right track. To have Westpac recognise Kids Hearing is incredibly encouraging. It shows that what we’re doing matters and helps start important conversations about children’s hearing health and the need for hearing checks to be a routine part of their healthcare, just like dental and vision checks,” Melisha said.

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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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Anthony Miller

Westpac has announced it will extend its moratorium on regional branch closures and pilot a new way to deliver banking services to regional communities through a new Community Banking Service.

Westpac first implemented a pause on regional branch closures in 2023 which was extended earlier this year until mid-2027. Today’s announcement means the moratorium will remain in place through to 2030.

The bank has also today unveiled a raft of new initiatives over the next five years that will grow and improve its regional banking services, including:

• Piloting a new regional Community Banking Service. Westpac will commence a pilot program in partnership with local councils to deliver a visiting banking service to three regional towns, with plans to grow over time.
• Upgrades to 50 regional branches. An investment of more than $65 million to renovate the bank’s existing regional network with a modern fit-out.
• Regional graduate program. Dedicated placements launching in 2026 across ten key regional centres, offering training, development and employment opportunities with fast-tracked career pathways for talent in the regions.
• Community support. More than $1.5 million annually for local events and sponsorships.

Westpac CEO Anthony Miller says the new measures follow a full review of the bank’s regional banking services.

“Strong regional communities are vital for a strong Australia, and we want to make sure these areas have access to the services they need to prosper and grow,” Miller said.

“We’ve conducted a coast-to-coast review of our services and are increasing our investment in key areas to help build stronger regions.

“This has included opening our first new regional service centre last month in Moree, designed to bring the best of our digital banking capabilities together with face-to-face support to assist with daily banking tasks and business banking needs.”

The Moree service centre will be joined by new openings in Leongatha (VIC) and Smithton (TAS) in 2026. The service centres offer face-to-face support to assist with daily banking needs like ID verification, personal and business lending and fraud and scam support, with cash available through Westpac’s Smart ATMs.

Trialling a new way to deliver face-to-face banking in the regions

Westpac has also announced it will pilot a new Community Banking Service for regional Australia. Delivered in partnership with local councils and community organisations, the initiative will provide dedicated private spaces for mobile bankers to operate from through regular visits.

When in town, customers can visit the banker for assistance with general banking inquiries and referrals to specialist lenders.

“Personal relationships matter in regional areas, and we understand the value of sitting down across the table with someone who knows your business, your family and your goals,” Miller said.

“But we’re not chasing a one-size-fits-all model and we need to get the balance right.

“Approximately 96 per cent of all transactions are now completed digitally, so we need to consider how we can deliver world-class banking services that meet all needs of our customers in the regions – whether that’s physically, digitally or personally.”

Consultation with local councils and community organisations is underway, with the first three trial locations confirmed in Dungog, Bulahdelah and Manilla in regional New South Wales. The trial service will launch in early 2026.

Tamworth Regional Council General Manager, Paul Bennett, said: “Tamworth Regional Council is delighted to support this terrific community initiative by Westpac to improve access to banking services across our region. We look forward to a successful pilot and this innovative approach becoming a permanent fixture for our community.”

In its submission to the Economic Reform Roundtable, Westpac put forward a range of policy proposals addressing key issues including supporting regional Australia. Recommendations included growing Australia’s regional population by one million people by 2032 through targeted investment in up to ten regional cities.

“Regional Australia presents an untapped opportunity to drive the nation’s prosperity,” Miller added.

“While our biggest cities struggle with population growth, regional Australia is struggling to achieve the growth needed to achieve equivalent economic outputs. Targeted investment is therefore needed to build immediate momentum.”

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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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