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


‘Thanks for the profit, see you in six months'

3 May 2006

Finsec the finance workers' union

Westpac Australia: ‘thanks for the profit, see you in another six months’

The New Zealand component of Westpac’s profit to be announced tomorrow is likely to be over $350 million. That means that each of Westpac’s 1.3 million customers have made an average $270 contribution to Westpac’s Australian shareholders during the last six months. Finsec, the union representing bank workers, is asking Westpac to place less emphasis on taking New Zealand money across the Tasman, and more emphasis on its customer’s financial wellbeing.

“People sometimes say we don’t treat Australians very kindly here in New Zealand.” Said Finsec Campaigns Director, Karen Skinner. “But over the last half a year a third of New Zealanders have paid, from their own pockets, an average of $270 net to the wellbeing of one of Australia’s biggest banks. That’s the equivalent of each Westpac customer giving a new mobile phone to the bank.

“Our members are pleased to be working for a successful and profitable company. They’re pleased to have been a key part of creating that profit. But they don’t want to be incentivised each year to help the bank send another record profit off-shore and they want the bank to invest more in their New Zealand customers. They want a pay system that rewards customer service rather than one that encourages selling of debt.”

Westpac has promised to design a new pay system for its staff that will not be focused solely on encouraging its staff to sell customers more products. This latest profit figure shows that it can comfortably afford to design a system that will give customers a higher quality service, more staff and less focus on selling debt.


© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news