Westpac will reportedly not renew its contract with controversial American software and data company Palantir, following pressure from activists and shareholders.

The major bank's contract with Palantir is reportedly worth a seven-figure sum and is expected to expire without renewal in the next 18 months, according to Capital Brief.

Westpac will also commission a third-party review of its responsible sourcing and human rights frameworks for technology suppliers, it confirmed in documents released this week.

Palantir's clients include both private companies and government intelligence agencies, and the firm has faced backlash for its partnerships with the United States military, US Immigration and Customs Enforcement (ICE), and Israel's Ministry of Defence.

Australian supermarket giant Coles confirmed in September that it would cut its ties with Palantir following criticism of its partnership with the technology company.

Westpac says Palantir can't access customer data

A spokesperson for Westpac would not confirm or deny the bank had decided to not renew its contract with Palantir, when contacted for comment.

The bank uses a Palantir platform in its cybersecurity and regulatory compliance work, but the US firm "does not have access to Westpac customer data", the spokesperson told Information Age.

"We use a range of technology solutions and all providers are subject to rigorous security, risk, governance and sustainability requirements," they said in a statement.

"Westpac maintains strict controls over data, including access management, encryption, security monitoring and ongoing oversight.

"The systems we use are under constant review and we have already commenced a program of work to reassess some of our suppliers as part of a broader technology simplification.

"This work is being carefully managed to maintain security, resilience and operational effectiveness throughout any transition."

Palantir told Information Age it would not comment on confidential commercial arrangements, but maintained its customers remain in control of their data and how it is used.

The company opened its Australian operations in 2009 with its first international offices outside the US, and currently has a local team of around 45 employees.


Westpac says it is reassessing some of its suppliers 'as part of a broader technology simplification'. Image: Shutterstock

Westpac's latest risk factors guidance for investors, also released this week, noted that the bank "may be exposed to social and human rights risks through our products and services, supply chain and business relationships".

"Failure to identify and manage these risks may cause, contribute to, or be directly linked to, adverse social and human rights impacts," the guidance said.

Activism directed at financial institutions, including those related to human rights, have "increased globally in recent years", the document said.

Activists celebrate apparent victory

Westpac faced pressure to dump Palantir from share trading platform Sustainable Investment Exchange (SIX), as well as activist group GetUp and dozens of organisations which formed the Dump Palantir Coalition.

More than 28,000 people signed a GetUp petition calling for Westpac to ditch Palantir.

SIX also filed a shareholder resolution with GetUp and support from 173 shareholders, which pushed for data privacy and human rights to be discussed at Westpac's upcoming Annual General Meeting (AGM) on 16 December.

This resolution was withdrawn after Westpac agreed to review its responsible sourcing and human rights frameworks, Information Age understands.

"Together, we have gotten Palantir, a company linked to human rights abuses and mass surveillance, out of both Coles and Westpac," SIX said on Wednesday.

"With GetUp, we will be keeping our eye on Westpac until their current Palantir contract comes to an end."

The Dump Palantir Coalition said advocates had also "emailed executives, lodged complaints and protested outside Westpac branches".

Coalition spokesperson Mustafa Saabi said Palantir cannot fix its "public relations problem" with better messaging.

"It’s a growing movement determined to cost them contracts, customers and money," he said on Thursday.

Australia's sovereign wealth Future Fund owned more than $100 million of Palantir shares as of 30 June 2026, while the government's financial intelligence agency AUSTRAC has an $8.3 million contract with the company until mid-2027.

“We’re coming for those relationships too," Dump Palantir Coalition spokesperson Subhi Awad said.

“We organised. We made Westpac dump them. And we’re not finished.”