Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

ANZ’s record profits strip mining NZ of capital

3 November 2011

ANZ’s record profits are strip mining New Zealand’s economy of capital

Record profits posted by ANZ bank today highlight the on-going weakness of having 95 percent of our banking industry owned by Australians, said Green Party Co-leader Dr Russel Norman today.

Dr Norman was responding to the strong full-year profits posted by Australian-owned banks over the last week. ANZ New Zealand announced a 55 percent increase in after-tax profits to $904 million today.

“Over the last five years, the big four Australian-owned banks have sent $8.9 billion out of the country in the form of dividend payments to their parent banks,” said Dr Norman.

Dr Norman was quoting dividend data provided by the Minister of Finance in a response to parliamentary written questions.

“The big four Australian banks are strip mining our national economy of capital,” Dr Norman said.

“This capital out-flow is unsustainable and highlights the urgent need for greater local ownership of our banks.

“Only one bank — Kiwibank — approaches anything like a suitable rival to the big four Australian banks, but it controls just 2.5 percent of New Zealand’s total banking assets.

“The Green Party would invest further into Kiwibank to bring it up to the point where it can compete effectively with the big four Australian-owned banks,” said Dr Norman.

“Unfortunately, foreign ownership doesn’t trouble this Government. Their plans for our energy sector are heading in the same direction as our banking sector.

“Besides electing a new Government, the only thing New Zealanders can do about our dire banking situation is switch to New Zealand-owned banks, building societies, and credit unions.”


Link to further details of the Green Jobs Initiative:
www.greens.org.nz/greenjobs


ENDS

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On The Hong Kong Protest Movement

Nearly ten weeks after the huge Hong Kong protests began, managing to still get 1.7 million people onto the streets in the rain is a testament to how strong the pro-democracy movement has become...

The pro-democracy protests enjoy huge support among Hong Kong’s youth, partly because the democratic systems currently at risk have only a limited time span. More>>

ALSO:

 
 

Welfare: More Measures To Help Those Facing Homelessness

Ministers have announced $54 million in Government funding for initiatives which will support at-risk individuals and whānau to stay in their existing tenancies. The funding will also provide additional wrap around services. More>>

ALSO:


Corrections: New Strategy On Māori Reoffending And imprisonment

Authentic co-design with Māori, incorporating a Te Ao Māori worldview, and greater connectedness with whānau are key elements of Hōkai Rangi, Corrections’ new departmental strategy designed to address the long-term challenge of Māori reoffending and imprisonment. More>>

ALSO:

Pacific Island Forum: Australia v Everyone Else On Climate Action

Traditionally, communiques capture the consensus reached at the meeting. In this case, the division on display between Australia and the Pacific meant the only commitment is to commission yet another report into what action needs to be taken. More>>

ALSO:

Unscoped Or Missed Damage: Resolution For Canterbury Owners Of On-Sold Homes

People with over-cap on-sold* properties in Canterbury can now apply for a Government payment so they can get on and repair their homes. More>>

ALSO:

Hamilton-Auckland: First Urban Growth Partnership Signed

New Zealand’s first urban growth partnership between the Government, local councils and mana whenua was signed at a meeting of mayors, chairs and ministers in Hampton Downs today. More>>

ALSO:

Vote On Action Next Week: Secondary Principals Walk From Negotiations

“Unfortunately we consider there is no further value in continuing negotiations at this point. The government has not been able to table an offer that will be acceptable to our members.” More>>

Patrol Car Stolen, Glocks Taken: Manhunt In Gore

The driver rammed the patrol car before fleeing on foot with Police chasing, also on foot. The man has then circled back around, stolen the patrol vehicle, which had the keys left in it, and rammed another Police car... Two Police-issued Glock pistols were stolen. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels