| Priority areas |
Goals |
Half Year 2020 performance |
| Helping people make better financial decisions |
Help more people better understand their financial position, improving their financial confidence |
- Continued to offer financial health check programs for superannuation members, including the digital Wealth Review tool and My Wellbeing online portal;
- Delivered a range of financial literacy programs to individuals, businesses, not-for-profit organisations and community groups through Westpac’s Davidson Institute in Australia and the Managing Your Money program in New Zealand; and
- Delivered financial capability communications for different demographic segments including for young Australians, in partnership with Year 13 women, via Ruby Connection; and older Australians, via Starts at 60.
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| Helping people by being there when it matters most to them |
Help people recover from financial hardship |
- Helped customers experiencing financial hardship, issuing over 34,700 financial assistance packages.
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| Help people lift out of a difficult time and recover stronger |
- Refer to the ‘Bushfires and COVID-19’ updates provided in the Key developments section in the ASX Release.
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| Helping our most vulnerable customers |
- Developed a Vulnerable Customer Standard to provide guidance to staff when supporting customers in vulnerable circumstances;
- Assisted over 1,700 customers since launching the Priority Assist team to support customers experiencing vulnerable circumstances; including domestic and family violence and financial abuse;
- Enhanced our series of Life Moments tools and resources to assist customers and their families going through challenging circumstances such as the loss of a loved one, divorce or separation, with over 125,000 visits to the Life Moments web page; and
- Supported over 4,500 Indigenous Australians since the establishments in December 2018 of a dedicated Customer Care team to support remote Indigenous communities.
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| Helping people creating a prosperous nation |
Build the workforce of the future |
- Over 2,400 employees from our Consumer division completed ‘Own the Moment’ workshops – providing training to help frontline employees deepen their relationships with customers and deliver on Our Service Promise; and
- Partnered with Macquarie University to deliver our Core Lending Program, with over 800 business bankers completing this program since launching through The Business Institute.
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| Invest and back the people and ideas shaping Australia |
- Westpac Scholars Trust1 has awarded $3.9 million, in educational scholarships to the next 64 Westpac Scholars, bringing the total cohort to 479;
- Westpac Foundation2 job creation grants to social enterprises helped to create 539 jobs3 for vulnerable Australians;
- Added 208 businesses through Many Rivers partnership; cumulatively the partnership is currently supporting 2,495 people with jobs3, with 868 identifying as Indigenous;
- Maintained a portfolio of direct investment in nine early stage companies; and
- Current commitment to Reinventure of $150 million across three funds, supporting Reinventure’s investment in 27 early stage companies.
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| Back the growth of climate change solutions |
- Increased lending to climate change solutions, taking total committed exposure to $9.7 billion, progressing towards our 2020 target of $10 billion; and
- Facilitated $4.5 billion in funding for climate change solutions, exceeding our 2020 target of $3 billion.
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| Bring together partners and harness the Group's capacity to tackle pressing social issues that matter most to the nation |
- Continued involvement in the implementation of the Principles for Responsible Banking, an initiative of the United Nations Environment Programme Finance Initiative (UNEP FI); and
- Refer to the ‘AUSTRAC – Safer Children, Safer Communities’ update provided in the Key developments section in the ASX Release.
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| A culture that is caring, inclusive and innovative |
Promote an inclusive society, where our workforce reflects our customers, and where more people feel safe to speak up |
- Maintained 50% women in leadership4 roles; and
- 80 new-to-bank Aboriginal or Torres Strait Islander hires.
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| Increase channels where customers can provide feedback |
- Reduced non-external dispute resolution average time to solve for complaints from 9.4 days inn First Half 2019 to 6 days; and
- 74% complaints resolved within five days, compared to 62% in First Half 2019.
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| Continuing to lead on the Sustainability fundamentals |
Employees |
- Maintained lost time injury frequency rate (LTIFR) of 0.4 and achieved total recordable injury frequency rate (TRIFR) of 2.4, a 23% reduction from Full Year 2019; and
- Refer to the ‘Bushfires and COVID-19’ updates provided in the Key developments section in the ASX Release.
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| Human rights |
- Published our 2019 Slavery and Human Trafficking Statement in accordance with the requirements of the United Kingdom’s Modern Slavery Act 2015;
- Progressed work to meet the requirements of the Australian Modern Slavery Act (2018); and
- Joined the Australian Banking Association’s (ABA) Corporate Sustainability Working Group to promote the implementation of best practice approaches to Modern Slavery Act reporting within the ABA membership.
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| Sustainability lending and investment |
- Continued to embed the requirements of our updated Sustainability Risk Management Framework; and
- Announced first green loan developed for the superannuation sector, specifically for Local Government Property Fund (LGPF), managed by Local Government Super (LGS).
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| Environment5 |
- Maintained carbon neutral status6;
- On track to achieve an 8% reduction in GHG emissions compared to Full Year 2019 and 48% reduction compared to Full Year 2016;
- On track to achieve over 25% reduction in water consumption in our Australian workplaces7 compared to Full Year 2016; and
- Achieved 73% diversion of waste from landfill in our main Australian offices8.
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| Responsible sourcing |
- Sourced $6.1 million from diverse suppliers, including $1.4 million from Indigenous suppliers.
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| Community & social impact |
- 7.9% employees participated in our volunteering programs, with 362 Westpac employees involved with volunteering support to community partners and social enterprises to build their financial sustainability and social impact; and
- Refer to the ‘Bushfires and COVID-19’ updates provided in the ASX document – Key developments section in the ASX Release.
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