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# Westpac under Anthony Miller: business growth strong, housing still lagging
- URL: https://www.benchmarkanalytics.com.au/westpac-anthony-miller-market-growth/
- Published: 2026-09-07T07:29:07.000Z
- Updated: 2026-09-07T07:29:07.000Z
- Description: Westpac is growing strongly in business lending and deposits under CEO Anthony Miller, but APRA data show it continues to lose relative ground in housing.
- Author: Nick Hossack
- Tags: Westpac, Anthony Miller, APRA, Bank Lending, Bank Deposits, #banking

Anthony Miller became Westpac Group CEO on **16 December 2024**, succeeding Peter King. Almost 20 months later, APRA’s banking statistics provide a useful first measure of how Westpac is travelling in the battle for market growth.

The picture is **positive, but uneven**.

Since Miller took over, Westpac’s **business lending** has increased **23.2%**, comfortably ahead of major banks at 18.8% and all ADIs at 16.5%. It has even narrowly beaten CBA’s 22.6%. Business lending covers loans and other credit provided to businesses.

Westpac has also performed well in **resident deposits** — money deposited with the bank by Australian households, businesses and other residents. Deposits have grown **14.1%**, compared with 13.4% across the majors and 13.9% for all ADIs.

Housing is the weakness. **Owner-occupied lending**, where the borrower lives in the property, has grown 7.6% since Miller’s appointment, below system growth of 9.8%. **Investment housing lending** has increased just 8.7%, against 13.3% system-wide. Consequently, total housing lending growth of **8.0%** trails the market’s 10.9%.

The implication is straightforward: **Westpac appears to be gaining ground in business banking and holding its own in deposits, while surrendering relative ground in mortgages — particularly investor housing.**

The data are from **APRA’s Monthly ADI Statistics for July 2026** and measure changes in outstanding loan and deposit balances, rather than new lending flows.

Westpac under Anthony Miller 

Growth in key markets since December 2024 

| Market                                        | Balance  | Growth | Majors | All ADIs |
| --------------------------------------------- | -------- | ------ | ------ | -------- |
| **Business lending** 16.6% market share       | $210.4bn | +23.2% | +18.8% | +16.5%   |
| **Investor housing** 21.4% market share       | $175.4bn | +8.7%  | +10.7% | +13.3%   |
| **Owner-occupied housing** 20.3% market share | $342.6bn | +7.6%  | +8.3%  | +9.8%    |
| **Total housing** 20.6% market share          | $518.0bn | +8.0%  | +9.1%  | +10.9%   |
| **Resident deposits** 19.3% market share      | $675.0bn | +14.1% | +13.4% | +13.9%   |

**Period:** 16 December 2024 to July 2026.  
**Source:** APRA Monthly ADI Statistics. Calculations: Benchmark Analytics.