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Why Westpac is investing in western Sydney’s future

12:01am October 18 2022

Western Sydney is now the nation's third largest economy. (Walker Group)

The scale of transformation taking place in the city of Parramatta and across western Sydney is extraordinary.

Not only has the region’s skyline changed dramatically, its economy has grown exponentially, now ranking as the nation’s third largest after Sydney CBD and Melbourne; its social structures are shifting; and the population, now topping 2.5 million, continues to swell.

And there’s much more to come.

Since emerging from the worst of the COVID pandemic, the region’s transformation has ramped right up again on the back of huge planned private and public investments pouring into the region’s infrastructure, health, education, culture, recreation and amenity improvements.

In fact, the City of Parramatta Council has an ambitious vision for the city which would create around 43,000 new jobs and 12,000 new homes over the next 40 years. Just 36 kilometres away, the Western Sydney Airport – planned to begin operations in 2026 – will be at the centre of a thriving Aerotropolis expected to contribute towards 200,000 new jobs.

I can’t help but reflect on how different the region is from when Westpac opened its first branch in Parramatta almost 150 years ago. Back then, the bank was operating out of a few rooms in the Australian Arms Hotel, servicing builders, fruit growers, a publican and a confectioner.

While a lot has changed, the one thing that remains is the bank’s enduring commitment to supporting the prosperity of the people of western Sydney.

Now, we’re doubling down on that commitment, by investing in new premises for the bank at Parramatta Square, the fresh commercial precinct in the heart of Parramatta.

This new workspace, over eight floors in the tower, will host around 3,000 Westpac employees. We see this as an important investment for the bank and the region, by increasing our presence to better serve customers while also creating more employment opportunities in western Sydney.

Notably, we’ve chosen Parramatta Square as the location for the bank’s new financial crime prevention hub. More than 500 fraud and scam prevention specialists will relocate to this hub, which will become the centre from which the bank will continue to intensify efforts to fight back at financial criminals.

Being at the heart of Parramatta and western Sydney’s ongoing dynamic transformation ideally positions Westpac to ramp up the role it is playing in the region’s economic development over the next 150 years and beyond.

Peter was appointed Westpac Group Chief Executive Officer in April 2020. Peter previously held this role on an acting basis between December 2019 and March 2020. Prior to this, he was Chief Financial Officer since April 2014, with responsibility for Westpac's finance, group audit, tax, treasury and investor relations functions, following three years as Deputy CFO. Since joining Westpac in 1994, Peter has held senior finance positions across the Group, including in Group Finance, Business and Consumer Banking, Business and Technology Services, Treasury and Financial Markets. He commenced his career at Deloitte Touche Tohmatsu.

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