Gail Kelly collected nearly $12 million for her final four months work as Westpac's chief executive.
The bank's annual report shows Mrs Kelly received cash and share-based payments worth $11.76 million between October 1, 2014 and when she retired on February 1 this year.
Her successor, Brian Hartzer, received $4.1 million for his period in the top job from February 2 to the end of the bank's financial year on September 30.
The bulk of Mrs Kelly's remuneration package was made up of $9.5 million worth of share-based payments. She also received a $1 million salary and a $1.2 million cash bonus.
Mr Hartzer was paid a fixed salary of $2.4 million plus a $1.2 million cash bonus and $436,856 in share-based payments.
Writing in the bank's annual report, Mr Hartzer and chairman Lindsay Maxsted paid tribute to Mrs Kelly, saying she had left Westpac in good shape.
Both men also addressed the issue of the new regulatory requirements imposed on banks to bolster their capital reserves to protect against future financial shocks.
Australia's big four banks have tapped investors to raise about $20 billion this year in order to meet the new rules, and controversially lifted home loan rates to help cover the cost.
Mr Hartzer said the cost of ensuring the banks were "unquestionably strong" had to be borne by both shareholders and customers.
He said it was often forgotten that a bank's capital base is largely made up of the savings, retirement funds and superannuation balances of millions of Australians and that the bank had an obligation to deliver a return on their investment.
By lifting home loan rates and slowing the pace of growth of dividend payments to shareholders, Westpac had tried to strike a fair balance on how it covered the cost of meeting the new regulatory rules, he said.
Part of the reason for the new rules is because the big four banks have up to 70 per cent of their domestic lending tied up as mortgages.
Mr Hartzer said Westpac was not expecting a major housing downturn.
And while he recognised that housing affordability was an issue, he said Westpac did not believe the booming Sydney and Melbourne property markets were in "bubble" territory.
"We believe the economics of Australian housing are sound," he said.
"We are seeing genuine demand for housing that has consistently exceeded supply from both investors and owner-occupiers."
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