Westpac under Anthony Miller: business growth strong, housing still lagging
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.
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.