"However, we felt it was necessary to bring the dividend payout ratio to a more sustainable medium-term range given the capital raising and lower return on equity." Given the weak outlook and share dilution from the larger than expected capital raising, analysts said Westpac could need to cut dividends further in the near term. "It's pretty clear. .. that the dividend will again be under pressure in 2020," Evans and Partners banking analyst Matthew Wilson said. Fellow "Big Four" bank Australia and New Zealand Banking Group Ltd last week cut its dividend franking tax rebate to 70 per cent for the first time in almost 20 years as it also missed expectations with a 3 per cent drop in second-half profit. Mr Hartzer's short-term bonus of A$1.61 million was scrapped, although he still received A$4.01 million in salary and vested bonuses. Westpac last year received a "first strike" when shareholders voted against executive remuneration.