Banks in Australia do not need more capital, Westpac chair Lindsay Maxsted told the bank's annual meeting in Sydney yesterday."In recent weeks, we have seen some commentary about the financial strength of the Australian banks, including suggestions that the sector needs to hold more capital. I am on the record as saying that while these comments may have been relevant five years ago, they are not applicable today."On any comparable measure the Australian banks are very well capitalised - indeed Westpac's capital ratios place the group in the upper ranks of banks globally. "It is hard to ague that we as a sector are undercapitalised."Excessive regulation or capital would risk placing our institutions at a disadvantage against international peers and potentially limit the financial resources available to our economies."Westpac offered little new insight on the business, though Maxsted did say the bank's current IT investment program was "70 per cent complete."He also said the operating environment for the bank "remains challenging."Twelve per cent of shareholders voted against the bank's remuneration report.