Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

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

August 6, 2024

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, excluding the information set forth in Exhibit 1, 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. 333-260702 and 333-260703), as such prospectuses may be amended or supplemented from time to time.

Westpac closes RAMS to new business and retains existing RAMS loan portfolio

Westpac has completed its strategic review of the RAMS Financial Group Pty Limited (RAMS) and will further simplify its business by closing RAMS to new home loan applications from today. The review was first announced on 6 November 2023.

Existing RAMS customers’ loans will remain in place, and customers will continue to access service through the RAMS app, website and call centre. Westpac will also contact customers to assist them with current RAMS mortgage applications.

Westpac will retain the RAMS mortgage portfolio of loans¹. The closure to new RAMS home loan applications will not have a material impact on Westpac’s financial results for the year ending 30 September 2024.

Index to Exhibits

Exhibit No.		Description

1		Westpac closes RAMS to new business and retains existing RAMS loan portfolio

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 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.

¹$31.8 billion as at June 30, 2024.

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

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 2024 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 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 contained 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:       August 6, 2024	By:	/s/ Esther Choi
		Esther Choi
		Tier One Attorney

Exhibit 1

Level 18, 275 Kent Street
Sydney, NSW, 2000

6 August 2024

WESTPAC CLOSES RAMS TO NEW BUSINESS
AND RETAINS EXISTING RAMS LOAN PORTFOLIO

Westpac has completed its strategic review of the RAMS Financial Group Pty Limited (RAMS) and will further simplify its business by closing RAMS to new home loan applications from today. The review was first announced on 6 November 2023.

Westpac Managing Director Mortgages, Mr Damien MacRae, said: “We have delivered considerable portfolio simplification over recent years, and after a thorough review, have decided that offering home loans through RAMS franchisees is not right for Westpac.”

“We will help our customers, franchisees and our people through this process,” he said.

Existing RAMS customers’ loans will remain in place, and customers will continue to access service through the RAMS app, website and call centre. Westpac will also contact customers to assist them with current RAMS mortgage applications.

“We are also providing franchisees with mutually agreed support and there will be ongoing opportunities for RAMS employees within Westpac,” Mr MacRae said.

Westpac will retain the RAMS mortgage portfolio of loans1. The closure to new RAMS home loan applications will not have a material impact on Westpac’s financial results for the year ending 30 September 2024.

For further information: