Westpac Investors Get NO DIVIDEND!, page-30

These guys have a very big gun held to their head in the form of impending fines from the RC.
The government and the regulator have both given them very clear guidance on what their expectations are regarding payment of dividends and they are playing it safe.
They have reserved for the fines and it's possible while not probable that they've over reserved if actions like this are viewed favourably and in that case there will be releases.
This decision not to pay a first half div is painful but prudent management in my view.
The banks have been long term blue chip stocks and if a vaccine can be found they will all recapture value faster than the broader market IMO.
If no vaccine is found we've all got much bigger problems.
DYOR.