Westpac Banking Corp Market Update Transcript

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

Question: Jonathan Mott - Barrenjoey Markets Pty Limited, Research Division - Analyst : (inaudible) If I could, about -- something you talked about at the very start (inaudible) managing community impact as the whole energy transition change. Over the last couple of weeks, we're seeing gas supply crunches. We're seeing ongoing discussion about the cost of utilities are going to have to increase materially as a result of the energy transition and [no one] is debating the need to get to net zero, but the impact on customers' needs to be taken into consideration. So could you talk about the impact that this will have on energy security in Australia and the ability for Australia to have reliable cheap sources of energy and how you'll support that through the transition process? And secondly, the impact it's going to have on cost of living. There's ongoing discussions about inflation, cost of living crunch and cost of living crisis in Australia, and this is going to have an impact on many customers. A lot of them have taken out mortgages in the last couple of years and are already facing very substantial increases in their repayments through this process. So it will be great to see -- hear your view on the impact of new security and cost of living from the transition process.