From the most recent quarterly: (a)s at 31 December 2017 the Company had 51,355oz gold sold forward at an average price of A$1,584/oz.
My take is that they will wind down this position gradually, meeting their hedging contracts with part of the inventory, and taking spot price with the remainder. I expect them to fulfill the hedging contracts with the highest prices first, so expect the number of ounces sold forward, and the average price at which they've been sold, to both come down in the next quarterly.
You are right that since the debt level has now been substantially reduced, Westpac's requirement for hedging will be reduced accordingly. It's a bit like an insurance policy that is unlikely to be needed, where the premium has been paid, and the cover hasn't yet run out. In any case, I wouldn't discourage the management team from taking out further hedging contracts at the now favourable spot price.
