Better financial futures
Below are some of the initiatives we are progressing in each of our four focus areas.
What we are doing
Advancing the nation through social change
- Identifying opportunities to increasing lending to the social and affordable housing sector to build the stock of affordable housing.
- Partnered with CBA and Benevolent society to launch a $10 million social benefit bond to create the Resilient Families Service.
- Launched the Westpac Bicentennial Foundation in 2013, Australia's largest private education scholarship program, with $100 million to fund 100 scholarships a year forever.
- Launched our most ambitious Reconciliation Action Plan in 2014.
Helping out in times of need
- Provide hardship assistance packages and exploring new means of supporting customers prior to getting into hardship.
- Created a Natural Disaster Recovery Fund which issues grants to community organisations which support post-disaster recovery and resilience building.
- Fund long term partnerships with community organisations including Mission Australia, Salvation Army and the Westpac Lifesaver Rescue Helicopter Service.
More inclusive banking and building financial capability
- Partner with Many Rivers Microfinance to provide finance loans and business support to aspiring business owners who would otherwise be unable to access this type of support.
- Provide financial education programs to people seeking help to manage their money more effectively or those who have historically been excluded from financial system.
- Improving accessibility to banking services to people in Pacific Island nation and provided grants and awards to fund education and professional development for women and girls in the Pacific.
Investing in economic wellbeing and greater prosperity
- Introducing new services and products to help our customers to meet their financial goals in retirement.
- Leveraging our supply chain to increase business opportunities for groups that have traditionally been underrepresented in our community and economy.
- Through the Westpac Foundation, we back social entrepreneurs - the people with the passion and innovative ideas to drive social change - with financial and non-financial support.
- Through our four philanthropic foundations, we award financial grants to grass roots community organisations to strengthen local communities and build employment pathways.
Summary of key achievements
In the year to 30 September 2015:
- Lending to social and affordable housing sector reached $1.02bn
- 232 grants and scholarships awarded by Westpac Group foundations valued at $4.1m
- Employment pathways created by social enterprises backed by Westpac Foundation reached 1,932
- Grants and donations contributed to help communities recover from natural disasters valued at $500,000
- Participants in Westpac Group's financial literacy education programs totalled 67,122
- Provided more than 47,000 hardship assistance packages
Detailed commentary and metrics on our performance can be accessed in our: