Westpac New Zealand Economic and Sustainability Strategy Update
Asset quality
Business stressed exposures as a % of business TCE (%)
Watchlist & substandard
90+ day past due and not impaired
■Impaired
5.5
4.9
4.4
3.3
3.4
3.3
3.1
2.9
2.8
3.2
2.6
5.0
4.0
2.3
2.4
0.2
3.0
2.9
2.5
2.2
2.4
1.5
0.1
0.2
0.9
0.8
0.5 0.0
0.3-
0.1
0.0
0.1
10.1
0.2
0.3
0.1
0.11 0.3
0.3
Sep-13 Sep-14 Sep-15 Sep-16 Sep-17
Sep-18
Sep-19
Mar-20
Agribusiness portfolio
Sep-20 Mar-21
Milk price (NZ$)
17
19
4
4
47
9
■Property
■Manufacturing
■Agriculture, forestry
& fishing
■Wholesale trade
■Construction
■ Other
Mar-20
Sep-20
Mar-21
Kg Ms
$10
$9
Westpac
Economics
forecast
TCE (NZ$bn)
9.6
10.0
10.1
$8
$7
Agriculture as a % of total TCE (%)
7.6
$6
7.9
7.7
$5
$4
7.90
% of portfolio graded as 'stressed'¹ (%)
9.8
8.2
8.0
$3
6.12
6.69
7.14
6.35
$2
$1
% of portfolio in impaired (%)
0.48
0.48
0.29
$0
2016/17
2017/18
2018/19
2019/20
2020/21
1 Includes impaired exposures.
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