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Social impact framework

Our approach to community investment is guided by our social impact framework, which brings our company's vision to life and focuses our efforts where we are best placed to make a difference. The four focus areas of our social impact framework are:

Advancing the nation through social change

Setting the agenda for responsible banking and leading on meaningful social progress in Australia and beyond

Westpac is recognised as a leading player in sustainability and corporate responsibility both in Australia and globally. What we do and how we do it is a core part of our approach to creating social impact. This pillar articulates the work we have already started and seeks to further push the boundaries in order that we lead on shaping and progressing the social change agenda in Australia and beyond. It focuses specifically on bringing to life our commitment to women in leadership, Indigenous Australians and greater cultural awareness, and on playing a proactive role in the implementation of truly responsible business practices.

Social Impact Goals:

  • We are investing in the leaders of tomorrow, enabling those looking to create social change to receive the education, training and opportunities they need to achieve their aspirations;
  • Our employees are better able to apply a social impact lens to their everyday jobs (i.e. to consider the creation of positive outcomes for individuals and the broader community through their activities and decisions);
  • We are playing an active role in making the financial sector more responsible and inclusive in Australia and beyond (in particular for Indigenous people); and
  • We are working alongside community partners and suppliers to develop long-term solutions to social challenges material to our business.

Current Examples:

  • Westpac Group Reconciliation Action Plan
  • Westpac Diversity and Women in Leadership achievements
  • Westpac Sustainable Sourcing
  • CleanTech and environmental services lending
  • Social and affordable housing sector lending and investment
  • Sustainable Finance products and services
  • Westpac Scholars

Helping out in times of need

Providing emergency relief to communities during disasters, and helping people recover faster and better from financial crises

We believe that helping communities in emergency situations is our responsibility as a corporate citizen and is a foundational element to our ability to help people and communities prosper and grow. We will leverage our networks, branches, funds and people to provide relief in any way we can (online and on the ground) when people and communities need it most, whether they are hit by natural disasters, life-threatening emergencies or face a financial crisis.

Social Impact Goals:

  • Individuals and communities have improved access to help and relief during natural disasters and other emergency situations (including financial crisis or homelessness resulting from disasters)
  • Individuals and communities are able to recover from natural disasters and other emergencies better and faster (i.e. improved resilience)
  • Community organisations are better able to reach and provide assistance to the community in times of crisis (including those caused by natural disasters or those caused by sudden change in economic or financial conditions); and
  • More individuals and families access financial support that is appropriate to help reduce financial stress during an emergency situation or financial crisis.

Current Examples:

  • Westpac Lifesaver Rescue Helicopter Service
  • Natural Disaster Recovery Grants
  • Salvation Army Red Shield Appeal and associated fundraising
  • Bank of Melbourne Foundation
  • Westpac Assist
  • Matching Gifts

Enabling more inclusive banking and building financial capability

Supporting people facing financial hardship and breaking down barriers to inclusion by enabling access to fair and appropriate financial services and financial education

Our commitment to creating social impact is linked to our ability to leverage our current expertise, assets, financial products and services to enable people and communities to prosper and grow. We will focus on improving the financial inclusion of vulnerable and disadvantaged groups and the access to fair and appropriate services to those who may not be able to access them otherwise. We will also seek to provide support to people facing hardship so that they may build the capabilities and confidence to improve their financial situations.

Social Impact Goals:

  • More individuals and families facing financial hardship (e.g. long-term sickness, loss of job, etc.) have access to financial services and support to prevent hardship, stabilise their financial situation or avoid a downward spiral (i.e. preventative);
  • More individuals and families affected by financial hardship have access to appropriate financial services and support to proactively manage their financial situation and/or transition out of hardship (managing long-term hardship);
  • More people that are financially excluded or in under-served communities have improved access to basic financial services that are safe, fair and appropriate for them (whether through Westpac Group or another organisation);
  • People that are at risk of financial exclusion or financial hardship are demonstrating improved levels of financial literacy, capability and confidence in managing their finances; and
  • Westpac is creating accessible products and services that enhance financial capabilities.

Current examples:

  • Salvation Army MoneyCare program
  • Many Rivers Microfinance Program
  • St. George and Wesley Mission Financial Literacy Program
  • Westpac Foundation Social Enterprise Program
  • Westpac Assist

Investing in economic wellbeing and greater prosperity

Identifying, piloting and financing innovative ideas and partnerships to create opportunities for economic participation and increase financial wellbeing and prosperity

Westpac's commitment to helping people and communities prosper and grow is inextricably linked to our capacity to create positive social impact through our advice, our people, our products and services. It also means that we have a role to play in supporting economic participation by facilitating and enabling the growth of SMEs and the creation of training opportunities and sustainable jobs. This pillar focuses specifically on cross-functional collaboration within and across Westpac, developing multi-sectoral partnerships and prototyping innovative and scalable solutions to enhance economic wellbeing and prosperity.

Social Impact Goals:

  • More people (including small business owners, social entrepreneurs and people from culturally diverse or disadvantaged communities) receive appropriate financial support and advice to set-up their business with strong foundations, become financially sustainable or grow;
  • More people (including small business owners, social entrepreneurs and people from culturally diverse or disadvantaged communities) access financial services and advice that help their business become financially sustainable, grow or scale up;
  • People and organisations with innovative ideas to improve economic wellbeing (e.g. access to training or jobs, improved living conditions or housing affordability, managing wealth during retirement) are able to receive seed funding or investment from Westpac; and
  • Innovative solutions to improve economic wellbeing are being pioneered or incubated within Westpac.

Current examples:

  • Westpac Social Sector Banking
  • Davidson Institute
  • Jawun Indigenous Corporate Partnerships
  • Westpac Foundation Grants Program
  • NZ Manage your Money Program
  • Sustainable Finance products and services