interim div guesstimate, page-31

I doubt it, the dividend is still 15% higher than last time. A return on equity of 11.3% for a big bank is not bad at all.
It is the outlook comment that is subject to interpretation:
While the Australian economy remains resilient with low unemployment and high population
growth, it is expected to slow over the remainder of 2023. Credit growth – both housing and
business – will ease. Intense mortgage competition is expected to negatively impact industry and
Westpac’s margins in the next half.
Westpac enters this environment from a position of strength. We’ve set the balance sheet for the
tougher outlook. We continue to run the bank conservatively, with the flexibility to support growth
and handle the more challenging conditions.
Perhaps they are holding more cash for the tough times ahead.