CEO's Report



It is a privilege for me to report to you as Chief Executive Officer of Westpac, at the end of what has been a pivotal year for Westpac. We have seen a number of wide reaching and significant changes for Westpac – in our operating environment, in our leadership, and in our strategic direction, including through our proposed merger with St.George. We’ve built on our core strengths – our customer base, our people, our brand and our deep risk management expertise.

Operating environment
The global financial crisis has significantly impacted banks globally over the last year, through asset write downs, tighter funding and increased market volatility. These events are now beginning to significantly affect the global economy.

The most significant impacts for Westpac have been higher funding costs, weaker global investment markets and the deteriorating credit environment.

As outlined by the Chairman, recent government and regulatory actions around the world have begun to restore confidence in the financial system and improve access to funding. It will be some time before debt markets operate more normally and these initiatives are unlikely to avert a more severe and prolonged slowdown in global growth. In Australia, growth is already slowing but is expected to remain positive in 2009. Against this backdrop, let me outline our performance this financial year.

“We will achieve our vision through a very simple approach – by truly putting customers at the centre of all we do.” Gail Kelly

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