Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Are Australian Banks Bullies?

Monday , 4th April 2005
For immediate release

Are Australian Banks Bullies?

Comments by the Australian owners of New Zealand banks in Friday’s New Zealand Herald of the New Zealand Reserve Bank’s draft proposals on off-shoring have drawn strong criticism from Finsec, the union for bank workers. Australian bank owners claimed the Reserve Bank proposals would cost them up to $326 million per annum in lost efficiencies and increase prices to customers. Andrew Casidy, General Secretary of Finsec, rejected the claims, describing them as “a typical bullying reaction by Australian banks to not getting their own way”.

“They talked about ‘lost efficiencies’ that, for the most part, don’t yet exist. So threatening customers with higher prices is just blatant bullying. Especially given the huge profits these businesses already make for their owners at the expense of New Zealand customers. We have to agree with Massey University’s Director of Banking Studies, David Tripe, when he says the estimated losses seem ‘unbelievable’ and ‘far too high’.” said Casidy.

“The Reserve Bank is endeavouring to protect the integrity and stability of the New Zealand banking system. Many overseas central banks are currently considering exactly the same issues. The response from Australian owned banks is a complete overreaction.” he said.

“It speaks volumes about where the interests of these businesses really lie and is even more proof, if it were needed, of why it is vital that New Zealand retains its own independent Reserve Bank to oversee our banking system.” said Casidy.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news