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Other Westpac securities

Westpac hybrid securities, preference shares, capital notes and subordinated notes listed on the Australian Securities Exchange.

Westpac Capital Notes – Target Market Determinations

From October 2021, new product design and distribution obligations (DDO Laws) became effective that require Westpac to create a Target Market Determination (TMD) to describe the class of investors to whom new Westpac Capital Notes are targeted (the Target Market), and conditions around how those new Westpac Capital Notes are distributed. This is to help ensure that retail investors are, or are reasonably likely to be, within the Target Market.

Westpac has created a TMD for each Westpac Capital Notes issue since October 2021, which ares available in the table below.

ASIC has published guidance on how to choose a financial adviser on its MoneySmart website at

The new DDO Laws only apply to the primary offer of new securities, and do not apply to the purchase or sale of securities on-market.

For holders of Westpac Capital Notes issued prior to October 2021, there is no change to your current investment(s) and you can continue to buy or sell these securities on the ASX as you have always done. 



ASX code

Start Date


Target Market Determination

Westpac Capital Notes 10 WBCPM 20 November 2023 Active  Westpac Capital Notes 10 Target Market Determination (PDF 57KB)

Westpac Capital Notes 9


21 June 2022


Westpac Capital Notes 9 Target Market Determination (PDF 88KB)

Westpac Capital Notes - amendment by Government of hybrid mismatch rules

Westpac notes that the Government amended the hybrid mismatch rules in September 2020.

Prior to this amendment, the hybrid mismatch rules had potential application to Westpac’s hybrid capital securities issued after 9 May 2017, which include Westpac Capital Notes 5, Westpac Capital Notes 6 and Westpac Capital Notes 7 (Relevant Westpac Capital Notes).

The relevant provision of the hybrid mismatch rules, being the so-called “anti-hybrid” provision in section 207-158 of the Income Tax Assessment Act 1997 (Cth), can apply when a franked distribution gives rise to a foreign income tax deduction for the issuer of certain types of equity instruments.

However, following the recent legislative amendment to the anti-hybrid provision, it is now clear that this provision will not apply to deny franking credits or tax offsets to holders on their distributions on Relevant Westpac Capital Notes.

Holders of Relevant Westpac Capital Notes do not need to take any action at this time in respect of this recent amendment to the anti-hybrid provision.

Westpac's Guide to Bank Hybrids

Westpac's Guide to Bank Hybrids, a web-based guide to help investors understand some of the typical features and risks associated with an investment in bank hybrid securities. The Guide to Bank Hybrids provides a brief overview of hybrid investments, including how to invest in an Australian bank and the typical features and risks of different types of bank hybrids.

Latest distribution/interest/dividend payments

Security Payment date Rate per annum Amount per note/share
Westpac Capital Notes 6   18 September 2023 5.6107% $1.4142
Westpac Capital Notes 8 21 September 2023
5.0285% $1.2675
Westpac Capital Notes 5 22 September 2023 5.2649% $1.3270
Westpac Capital Notes 7 22 September 2023 5.4049% $1.3623
Westpac Capital Notes 9 22 September 2023 5.4049% $1.3623

Upcoming distribution/interest/dividend payments

Security Payment date Rate per annum Amount per note/share
Westpac Capital Notes 6    18 December 2023 5.4779%1 $1.36571
Westpac Capital Notes 8 21 December 2023 4.9319%1 $1.22961
Westpac Capital Notes 5    22 December 2023 5.1372%1 $1.28081
Westpac Capital Notes 7 22 December 2023 5.2772%1 $1.31571
Westpac Capital Notes 9 22 December 2023 5.2772%1 $1.31571

1 Expected rate/amount per note/share


Securities currently on issue

Security ASX code Issue date
Westpac Capital Notes 9 WBCPL July 2022
Westpac Capital Notes 8 WBCPK September 2021
Westpac Capital Notes 7 WBCPJ December 2020
Westpac Capital Notes 6 WBCPI  December 2018 
Westpac Capital Notes 5                              WBCPH March 2018

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