“It’s fair enough as well. It’s right that it’s transparent. So from my view, whilst I don’t like it, it comes … with the territory.
“I recognise that I get paid a lot of money.
“I’m very lucky and have worked hard.”
Westpac’s latest annual report showed McGrath received a “total realised remuneration” of A$1,794,346 in 2024 and A$3,525,643 this year. Those figures convert to NZ$2,059,657 and NZ$4,047,042 respectively.
Westpac CEO Catherine McGrath: The bank’s latest annual report showed she received a “total realised remuneration” of NZ$2,059,657 last year and NZ$4,047,042 this year. Photo / Cameron Pitney
The jump from McGrath’s pay last year to this year comes to an increase of 96%.
A Westpac NZ spokesman said: “Our CEO Catherine McGrath’s remuneration is calibrated to reflect a range of factors, including performance and current market rates. It is broadly in line with competitor bank CEOs’ pay, having been well below in previous years.
“The increase in Ms McGrath’s total remuneration compared to 2024 is almost entirely due to deferred performance-based financial awards vesting from 2022.
“This structure is designed to ensure CEO pay is closely linked to long-term business performance. Excluding the vesting of these long-term awards, the year-on-year increase to fixed pay was 6%.”
Westpac NZ’s net profit after tax rose by 13% over the past year, as it received more interest from borrowers relative to what it paid savers.
The New Zealand branch of the Australian-owned bank reported a net profit after tax of $1.20 billion in the year to September – an increase from $1.06b the prior year.
ASB’s chief executive, Vittoria Shortt, made A$3,467,847 this year, while making A$4,711,962 last year, nearly NZ$4m and NZ$5.4m respectively.
ANZ’s New Zealand chief executive, Antonia Watson, made A$2,113,139 last year, according to “actual remuneration received” listed in the bank’s 2024 annual report. It converts to more than NZ$2.4m.
BNZ’s chief executive, Daniel Huggins, made $3,371,070 in 2024.
Statistics New Zealand’s most recent wage figures showed median hourly earnings were $35 in the June 2025 quarter, coming to $72,800 when extrapolated over a year.
Raphael Franks is an Auckland-based reporter who covers business, breaking news and local stories from Tāmaki Makaurau. He joined the Herald as a Te Rito cadet in 2022.
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