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

 


Westpac profits, admits manufacturing is faltering

5 November 2012

Westpac profits, admits manufacturing is faltering


Westpac today announced record profits while at the same time admitting that it was a tough time to be an exporter or an import-competing manufacturer, the Green Party said today.

Westpac New Zealand reported $707 million in after-tax cash earnings for the year to September 30, a 22 percent jump from last year's result.

“Westpac’s record profits come at the same time as Westpac confirmed the difficulties in the manufacturing and export sectors,” said Green Party Co-leader Dr Russel Norman.

Westpac’s November Economic Overview states that ‘Conditions have become more challenging for exporters and import-competing manufacturers, as a deepening global economic downturn has coincided with a persistently high NZ dollar.’

“Westpac is confirming that the New Zealand economy is heading in the wrong direction – it is becoming more imbalanced,” said Dr Norman

“The non-tradable sector, including banks, is doing well. But the tradable sector, including manufacturers, is suffering under the high dollar policy of this Government and Reserve bank.

“This is the exact opposite of a sustainable economy, and the worsening current account deficit figures confirm this reality.

“It seems that the only group in denial about the manufacturing crisis is the Government. It’s time for them to wake up and join the Manufacturing Inquiry.”

The dividend and interest payments the big four Australian banks pay offshore constitute the single biggest income outflow of our current account deficit.

“Westpac is the fourth Australian-owned bank to announce record final profits this year – profits which flow offshore leaving the country poorer as a result,” said Dr Norman.

“One way to help address the profit outflow is to change banks.

“The Government’s banking contract with Westpac – the biggest banking contract in New Zealand – has been held uncontested by Westpac for 23 years.

“It doesn’t take four years to change banks.
“When you combine the loss of skilled labour to Australia and now capital, in the form of excess bank profits, one has to wonder in whose interests National is running this economy.”

Westpac economic overview (p3):
http://www.westpac.co.nz/assets/Business/Economic-Updates/2012/Monthly-reports/QuarterlyEconomicOverviewNOV12.pdf



© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Greens: Oil Drilling Face-Off With Labour

The plan is the second component of the Party’s environmental priority this election: Rivers clean enough to swim in again, and beaches safe from oil spills.

The Green Party loves New Zealand and will create a cleaner environment where our beaches remain open for swimming, not closed for oil spills.

The key policy points in the Green Party’s plan to protect our beaches from oil spills are to:
1. Prohibit deep sea oil drilling;
2. Implement compulsory shipping lanes for coastal shipping;
3. Build Maritime New Zealand’s oil spill response capability; and
4. Introduce a stronger legal framework so that when accidents do happen, the New Zealand taxpayer does not have to pay for the clean-up. More>>

 

Parliament Today:

Minister Told Of FBI Investigation, Says INZ: Coleman Must Quit Or Be Sacked Over Dotcom Case - Harré

Immigration New Zealand has done the right thing in distancing itself from Jonathan Coleman’s claims that ministers were not aware of FBI involvement in Kim Dotcom’s residency application, says the Internet Party. More>>

ALSO:

Valedictory Season: Maori Party Founders Say Goodbye

Two major Maori MPs gave there farewell speeches to Parliament Thursday outlining their history, experiences, triumphs and regrets. More>>

ALSO:

Resignation Not Accepted: Transport Minister Breaches Aviation Security Rules

"Running late for a plane at Christchurch Airport, I without thought breached airport and airline security rules by entering the gate lounge through a door usually used for exit only..." More>>

ALSO:

TAIC Report: Urgent Recommendations After Melling Rail Accident

The Transport Accident Investigation Commission has made four urgent recommendations to KiwiRail following the accident two months ago (27 May) when a Matangi passenger train collided with a stop block at Melling Station, Lower Hutt. More>>

ALSO:

Red Tape: Local Regulations Go Under Microscope

The Government says it is accepting nearly all of the recommendations the Productivity Commission has made on ways to improve local regulations. More>>

ALSO:

Spending Questions: Claudette Hauiti To Step Aside At Election

National Party President Peter Goodfellow confirms that he has received notification from List MP Claudette Hauiti that she plans to step aside at the 20 September election. More>>

ALSO:

EPA: Board Of Inquiry Rejects Basin Flyover By Majority Of 3 To 1

The independent Board of Inquiry delegated to decide on the Basin Bridge Proposal has, by a majority decision (3 to 1), cancelled the Transport Agency’s Notice of Requirement and declined its resource consent applications for the construction, operation and maintenance of a flyover on State Highway 1 in Wellington City... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news