The period from 2019 to 2022 was the most damaging for Westpac’s relative position, with the bank shedding 2.2 percentage points in three years while competitors, particularly CBA and, later, Macquarie, aggressively expanded their broker-originated pipelines. Westpac’s broker relationships were significantly disrupted in this period by its response to the Royal Commission into Banking, which included a tightening of credit policy and a temporary withdrawal from some broker segments.