Item 1. Business. This Annual Report on Form 10-K relates to the Series 1999-1G WST Trust (the "Trust") and the Class A and Class B Mortgage Backed Floating Rate Notes, Series 1999-1G (the "Notes") issued pursuant to the Note Trust Deed dated as of May 13, 1999, between Westpac Securities Administration Limited, as Trustee (the "Issuer Trustee"); Westpac Securitisation Management Pty Limited (the "Trust Manager") as trust manager; and Citibank, London Office, as Principal Paying Agent. Capitalised terms used in this Form 10-K and not defined have the same meanings ascribed to such terms in the Prospectus for the above-referenced Notes. The only business of the Trust is the collection and distribution of payments on the residential mortgage loans in the manner described in the Registration Statement on Form S-11 (File No. 333-64199) (the "Registration Statement"). Accordingly, there is no relevant information to report in response to Item 101 of Regulation S-K.
Item 2.
Item 2. Properties The Registrant and the Trust do not have any physical properties. . Information regarding the residential mortgage loans is furnished under Item 14 - Exhibit 99.2
Item 3.
Item 3. Legal Proceedings. The Trust Manager knows of no material legal proceedings involving any Trust, the Trust Manager, the Servicer or the Issuer Trustee which were pending as of June 30, 2002, or as of the date of this report.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders No votes or consents of Noteholders were solicited during the fiscal year for any purpose.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters The Notes are not traded on any nationally recognised exchange in the United States. The Class A Notes are listed and exchanged on the London Stock Exchange. Since the Trust pays no dividends with respect to the Notes, the information required by Item 201 of Regulation S-K regarding dividends is inapplicable to the Trust. See Exhibit 99.1 for information with respect to distributions to Noteholders.
Item 6.
Item 6. Selected Financial Data. The regular quarterly Noteholders Reports, which is required to be included with each quarterly distribution of the Trusts assets to Noteholders, sets forth for the prior quarter, as well as cumulatively, all of the relevant financial information required by the Note Trust Deed to be reported to Noteholders. The Noteholders Reports for the Payment Dates in November, 2001, February, 2002, May, 2002 and August, 2002 are incorporated herein by reference and aggregated totals for the fiscal year are incorporated herein as Exhibit No. 99.1. The foregoing presents all relevant financial information relating to the Trust. Because of the limited business activity of the Trust, the Selected Financial Data specified in Item 301 of Regulation S-K would not provide any meaningful additional information.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation Because of the limited business activity of the Trust, the presentation of Managements Discussion and Analysis of Financial Condition and Results of Operations, as otherwise required by Item 303 of Regulation S-K, would not be meaningful. All relevant information is contained in the Noteholders Reports (filed under Current Reports on Form 8-K) as described above.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk Currency Exchange Control Risk Interest and principal payments to holders of Class A Notes are paid in United States dollars ("U.S. dollars"). However payments on the Housing Loans are received by the Issuer Trustee, in Australian dollars, in Australia (the "Collections"). Pursuant to certain swap agreements (the "Swap Agreements") the Issuer Trustee is required to pay a portion of the Collections to certain swap counterparties (the "Currency Swap Providers") who in turn pays ("Swap Currency Exchange"), at the direction of the Issuer Trustee, U.S. dollars to the Noteholders, (the "Currency Swap"). It is possible that in the future Australia may impose exchange controls that affect the availability of Australian dollar payments for making payments under the Currency Swap. The holders of the Class A Notes will bear the risk of the imposition of foreign exchange controls by the Australian government that impact upon the Issuer Trustee's ability to exchange the Collections for U.S. dollars. The Issuer Trustee has no control over such risk, which will generally be affected by economic and political events in Australia. If the Issuer Trustee does not pay some or all of the amount in Australian dollars which it is required to pay the Currency Swap Provider under the Currency Swap, the Currency Swap Provider is only required to pay the U.S. dollar equivalent of the amounts it actually receives. In such event, it is unlikely that the Trust would have sufficient U.S. dollars to make the payments due on the Class A Notes.
Under temporary Australian foreign exchange controls, which may change in the future, buying, borrowing, selling, lending or exchanging foreign currency (where the transaction relates to property, securities or funds) by an Australian resident to, or on behalf of the following payees is subject to restrictions:
- - the Government of Iraq or its agencies or nationals; - - certain persons including supporters of the former Milosevic regime; - - the Embassy of the Federal Republic of Yugoslavia ; - - the Consulate-General of the Federal Republic of Yugoslavia; - - Narodna Banka Jugoslavije; - - the National Union for Total Independence of Angola as an organization, senior officials of UNITA or adult members of the immediate families of senior officials of UNITA.
Under the Charter of the United Nations (Anti-terrorism Measures) Regulations 2001 (the "UN Regulations") (as administered by the Department of Foreign Affairs and Trade in Australia), restrictions exist in relation to dealings with the assets of persons or entities mentioned in paragraph 1(c) of United Nations Security Council Resolution 1373 (2001), as proscribed by the Minister for Foreign Affairs in Australia pursuant to Regulation 7 of the UN Regulations.
Currency Exchange Risk. Interest and principal on the Notes is payable in U.S. dollars and the Trust's primary source for funding its payments on the Class A Notes is its Collections on the Housing Loans, which will be sourced in Australian dollars. If the Currency Swap Provider were to fail to perform under the Currency Swap or were to be discharged from such performance because of a default thereunder by the Trust, the Trust might have to exchange its Australian dollars for U.S. dollars at an exchange rate that is less favourable to the Trust than when the currency swap was entered into and might therefore not have sufficient U.S. dollars to make timely payments on the Class A Notes, even though the delinquency and loss experience on the Housing Loans may be acceptable.
Item 8.
Item 8. Financial Statements and Supplementary Data As discussed above, furnishing the financial information required by Item 8 of Form 10-K would not add any relevant information to that provided by the foregoing statements. Because the Notes are essentially "pass-through" securities, the Trust will have "income" only in the limited sense of collecting payments on the residential mortgage loans. The only material items of "expense" for the Trust will be the amounts paid as servicing compensation and potentially certain payments relating to any credit enhancement facilities. The Noteholders Reports (filed under Current Reports on Form 8-K) provide complete information on the amounts of the "income" and "expenses" of the Trust.
Item 9.
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure none.
PART III
Item 10.
Item 10. Directors and Executive Officers of the Registrant Since the Trust will not have any directors or executive officers, this item is not applicable.
Item 11.
Item 11. Executive Compensation Since the Trust will not have any directors or executive officers, this item is not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management. The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of the Class A Notes or Class B Notes; (ii) the principal amount of the Class of Notes owned by each, if known, and (iii) the percent that the principal amount of the Class of Notes owned represents of the outstanding principal amount of the Class of Notes. The information set forth in the table is based upon information obtained by the Trust Manager from the Trustee and from The Depository Trust Company as of August 28, 2002. The Trust Manager is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Notes.
Amount Owned All dollar amounts are in thousands
Name and Address Principal Percent
Class A Noteholders
Bank of New York 925 Patterson Plank Road Secaucus, NJ 07094
$46,250 5.23%
Boston Safe Deposit and Trust Company 525 William Penn Place, Suite 3631 Pittsburgh, PA 15259
$106,620 12.06%
Citibank, N.A. 3800 Citicorp Center Tampa Tampa, FL 33610-9122
$72,500 8.20%
Deutshe Bank Trust Company Americas 648 Grassmere Park Road Nashville, TN 37211
$206,720 23.39%
Harris Trust and Savings Bank 11 W.Monroe Street Chicago, IL 60603
$68,370 7.74%
JPMorgan Chase Bank 14201 Dallas Pkwy Dallas, Tx 75254
$160,380 18.14%
State Street Bank and Trust Company 1776 Heritage Drive Quincy, Ma 02171
$162,410 18.37%
Class B Noteholders
State Street Capital Pty Limited Level 38 88 Phillip Street Sydney NSW Australia 2000
$33,750 AUD 100.00%
Item 13.
Item 13. Certain Relationships and Related Transactions The Registrant received Trust Manager Fee payments from the Trust in accordance with the terms of the Master Trust Deed and the Series Notice.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K 	(a) (1) and (2): Incorporated herein as Exhibit 99.1 are the aggregate totals of the Noteholders Reports to the Trust for the fiscal year ended June 30, 2002. Copies of the Custodial Services Audit Report and Officers Certificate of Compliance are attached hereto and are incorporated herein by reference as Exhibit No. 99.2 and Exhibit No. 99.3, respectively. 	(a) (3) EXHIBITS Designation	Description	 Method of Filing Exhibit 99.1	Aggregate Totals for Fiscal Year 99.1 Exhibit 99.2	Custodial Services Audit Report	 99.2 Exhibit 99.3	Officers Certificate of Compliance	99.3
(b) On November 27, 2001, February 21, 2002, May 28, 2002 and August 19, 2002 reports on form 8-K were filed by the company during the preceding fiscal year in order to provide the statements for quarterly distributions to the noteholders. No other reports on form 8-K have been filed during the last fiscal year covered by this report.
Documents incorporated by reference Form 8-K for the November 19, 2001 Payment Date Form 8-K for the February 19, 2002 Payment Date Form 8-K for the May 20, 2002, Payment Date Form 8-K for the August 19, 2002 Payment Date
Exhibit 99.1
AGGREGATE TOTALS FOR THE FISCAL YEAR NOTEHOLDERS REPORT - SERIES 1999-1G WST TRUST
Housing Loan Collection Period 10-Aug-01 to 09-Aug-02 (inclusive) (inclusive) Days in Collection Period 365 Coupon Period 20-Aug-01 to 19-Aug-02 (inclusive) (exclusive) Days in Coupon Period 364
3 month BBSW (average) 4.6380% 3 Month USD-LIBOR (average) 2.3708%
Foreign Exchange Rate 0.6550
				 AUD
Available Income 38,319,141 Total Available Funds 38,319,141 Accrued Interest Adjustment 0 Redraws Made 86,203,912 Redraw Shortfall 0 Redraw Facility Draw 0 RFS Issued This Period 0 Trust Expenses 1,923,058 Total Payment 33,295,861 Payment Shortfall 0 Principal Draw This Period 0 Total Principal Draws Outstanding 0 Gross Principal Collections 316,952,708 Principal Collections 230,748,796 Excess Available Income 5,023,280 Excess Collections Dist. 5,023,280 Liquidity Shortfall 0 Liquidity Net Draw / (Repayment) this period 0 Remaining Liquidity Shortfall 0 Liquidation Loss 0 Principal Charge Offs 0 Prepayment Benefit Shortfall 0 Average Daily Balance 547,251,815 Subordinated Percentage 5.6041% Initial Subordinated Percentage 2.4400% Average Yearly Percentage 0.4417%
Stated Amount - AUD Equiv. Percentage Forex % Chargeoffs Class A 414,439,492.51 94.39586% 1.00000 Class B 26,385,722.38 5.60414% RFS 0.00 0.00000 TOTAL 440,825,214.89 100.00000% 100.00000%
Stated Amount - USD Bond Factor Class A 271,457,867.60 0.3071138 0.00 Class B 17,282,648.16 0.7817992 0.00 RFS 0.00 0.00 0.00 TOTAL 288,740,515.75 0.3186959 0.00
$A Scheduled principal 20,097,731 Unscheduled principal 210,651,066 --------------- Principal Collections 230,748,797 ---------------
Fixed Interest Rate Housing Loan 108,477,273 Variable Rate Housing Loans 332,347,942 --------------- 440,825,215 ---------------
Exhibit 99.2
PRICEWATEHOUSECOOOPERS LETTERHEAD
Westpac Securities Administration Limited 4th Floor, Endeavour House 50 Pitt Street SYDNEY, NSW 2000 Attention: Mr Robert Hamilton
The Mortgage Company Pty Limited Level 25 60 Martin Place Sydney NSW 2000 Attention: Mr Andrew Carriline
Dear Sirs
Scope
We have audited the control procedures of The Mortgage Company Pty Limited (the "Servicer") in relation to its role as custodian as at 25 February 2002 in order to express an opinion about their effectiveness based upon the requirements of Clause 3.3 of the Westpac Securitisation Trusts ("WST") Servicing Agreement (the " Agreement").
The control procedures operating in relation to the Series 1999-1 G WST Trust were audited as part of the overall custody audit of the WST Securitisation Program.
Unless otherwise defined, terms and phrases have the same definition as those appearing in the WST Transaction Documents.
The criteria required by Schedule 2 of the Agreement are that:
1. the custodial duties and responsibilities of the Servicer, as outlined in Section 3 of the Agreement, are met;
2. the Relevant Documents are capable of identification, segregated by reference to the relevant Portfolio of Receivables and from other mortgage title documents held by the Servicer;
3. the Relevant Documents may not be removed or tampered with except with appropriate authorisation; and
4. an appropriate tracking system is in place such that the location of the Relevant Documents can be detected at any time.
The Servicer, under the delegation of the Trustee, is responsible for maintaining an effective internal control structure for the custodial operations of Series 1999-1 G WST Trust. We have conducted an independent audit of the control procedures in order to express an opinion on them to the Trustee and the Servicer .
Our audit of the control procedures has been conducted in accordance with Australian Auditing Standard AUS 810 "Special Purpose Reports on the Effectiveness of Control Procedures" and accordingly included such tests and procedures as we considered necessary in the circumstances. These procedures have been undertaken to form an opinion whether in all material respects, the control procedures in relation to the Servicer's role as custodian were adequately designed so as to achieve the criteria referred to above, and were operating effectively at the time of our audit.
This report has been prepared for distribution to the Trustee and the Servicer for the purpose of monitoring the Servicer's custodial role. We disclaim any assumption of responsibility for any reliance on this report to any person other than those mentioned, or for any purpose other than that for which it was prepared.
Inherent Limitations
Because of the inherent limitations of any internal control structure it is possible that errors or irregularities may occur and not be detected. Further, the internal control structure, within which the control procedures that we have audited operate, has not been audited and no opinion is expressed as to its effectiveness.
An audit is not designed to detect all weaknesses in control procedures as it is not performed continuously throughout the period and the tests performed are on a sample basis.
Any projection of the evaluation of control procedures to future periods is subject to the risk that the procedures may become inadequate because of changes in conditions, or that the degree of compliance with them may deteriorate.
The audit opinion expressed in this report has been formed on the above basis.
Audit Opinion
In our opinion the Servicer maintained, in all material respects, effective control procedures in relation to the custodial operations of the WST Securitisation Program, which includes Series 1999-1G WST Trust, as at 25 February 2002 based on the criteria referred to above.
/s/ PricewaterhouseCoopers - -------------------------------------- PricewaterhouseCoopers Chartered Accountants
/s/ MJ Codling - -----------------------
Partner Sydney, 7 March 2002
Exhibit 99.3
WESTPAC SECURITISATION MANAGEMENT PTY LIMITED OFFICER'S CERTIFICATE OF COMPLIANCE
The undersigned officer of Westpac Securitisation Management Pty Limited, a company organized under the laws of New South Wales, Australia ("WSM"), hereby certifies on behalf of WSM and on his own behalf for purposes of the Series 1999-1G WST Trust Class A and Class B Mortgage Backed Floating Rate Notes (collectively, the "Notes"), as follows:
1. I am a duly appointed, qualified and acting Director of WSM;
2. I am duly authorized to execute and deliver this Officer's Certificate on behalf of WSM; and
3. To the best of my knowledge, the Issuer Trustee has complied with all conditions and covenants under the Transaction Documents, for the Series 1999-1G WST Trust issue of Notes for the period between July 1, 2001 and June 30, 2002.
Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Note Trust Deed related to the above- referenced issue of Notes.
IN WITNESS WHEREOF, I have signed my name as of 4 September, 2002.
/s/ Chris Bannister ---------------- By: Chris Bannister
Director Westpac Securitisation Management Pty Limited
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Westpac Securitisation Management Pty Limited ____________________________________________________
By /s/ Peter Walden - Director ____________________________________________________ 4 September, 2002
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/ Chris Bannister - Director ____________________________________________________ 4 September, 2002
By /s/ Rob Whitfield - Director ____________________________________________________ 4 September, 2002
CIVIL CERTIFICATION
SERIES 1999-1G WST TRUST
I, Peter Walden, Director and Principal Financial Officer of Westpac Securitisation Management Pty Limited, certify that:
1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing Noteholder Reports filed in respect of periods included in the year covered by this annual report, of Westpac Securitisation Management Pty Limited (the Trust Manager and Registrant);
2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of material fact or omit to state a material fact necessary to make the statements made in light of the circumstances under which such statement were made, not misleading as of the last day of the period covered by this annual report;
3. Based on my knowledge, the noteholder information required to be provided to the Trustee by the Trust Manager under the Transaction Documents are included in these reports;
Signature: /s/ Peter Walden 	_____________________________ 	4 September 2002
Title: Principal Financial Officer