Half Year 2021 Westpac Banking Corp Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Victor German - Macquarie Research - Analyst : I had 2 questions as well, if possible. The first one, on deposits, if I could just follow up on some of the previous discussion. If I look on your Slide 17, TD portfolio cost over benchmark is still just sitting at around that 50 basis point level. When we look at the market rates, I mean, it looks like the cost of current TD is at, we can at least observe, is closer to 0. That suggested there's still quite a lot of upside or perhaps there's other deposits in your book that are -- they are not repricing. So just be interested to hear kind of how you're reconciling your comments with margins with respect to this chart, if possible. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 03, 2021 / 12:00AM, WBC.AX - Half Year 2021 Westpac Banking Corp Earnings Call

Question: Victor German - Macquarie Research - Analyst : And the second question -- okay. I'll ask my afterwards.

Question: Victor German - Macquarie Research - Analyst : No. That's helpful. And second question, just on costs. Obviously, very aggressive targets, and I'd just be interested in just a couple of clarifications. First one is on investment spend. You've provided a number there. Obviously, every bank is reporting slightly different base. I'd just be interested to hear kind of how you're thinking about your investment spend relative to peers. Peers are sort of saying that they're targeting kind of $1.5 billion per year. Sort of was your target in that sort of realm? And also, I think you've mentioned, Michael, that it was too early to take kind of restructure -- or announce restructuring charges. I mean, does that sort of suggest that restructuring charges are still coming? And kind of what sort of size do you think that might come?

Question: Victor German - Macquarie Research - Analyst : Peter, I was just going to say, in the past, if I look at the last 3, 4 years, you've averaged almost kind of $1.5 billion, $1.4 billion, $1.5 billion. And I'm assuming your target is for the next 3 years. So that suggests to me that investment spend is declining, not going up. Am I getting it wrong? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 03, 2021 / 12:00AM, WBC.AX - Half Year 2021 Westpac Banking Corp Earnings Call