Exhibit 1

ASX Release 6 March 2024 Moody’s upgrades ratings for Westpac Banking Corporation Today Moody’s Investors Service (Moody’s) upgraded its ratings for Westpac Banking Corporation. The changes to Westpac’s ratings are summarised below: Previous rating New rating Adjusted Baseline Credit Assessment a2 a2 Long Term Issuer Rating Aa3 Aa2 Senior Unsecured debt Aa3 Aa2 Subordinated debt Baa1 (hyb) A3 (hyb) Long term bank deposits (local currency) Aa3 Aa1 Long term bank deposits (foreign currency) Aa3 Aa2 The outlook for the bank’s ratings remain stable. There is no change to Moody’s ratings for Westpac’s short term debt. The ratings actions resulted from the application of Moody’s Advanced Loss Given Failure (LGF) analysis. Moody’s applied their Advanced LGF analysis to banks that are subject to operational resolution regimes, which for certain Australian banks is the Australian Prudential Regulation Authority’s loss-absorbing capacity framework that will come into effect from 1 January 2026. The analysis assesses the potential impact of a bank's failure on its various debt classes and deposits, taking into account the subordination of more junior liabilities and the volume of each class of liabilities. For further information: Hayden Cooper Jacqueline Boddy Group Head of Media Relations Head of Debt Investor Relations 0402 393 619 0448 064 012 This document has been authorised for release by Tim Hartin, Company Secretary. Level 18, 275 Kent Street Sydney, NSW, 2000