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

Gordon Campbell:
On The Northland By-Election

Supposedly, Winston Peters’ victory in Northland has exposed the simmering dissatisfaction with the government that exists out in the provinces. Yet it remains to be seen whether this defeat will have much significance – and not simply because if and when Labour resumes business as usual in the Northland seat at the next election, Peters’ hold on it could simply evaporate.

On Saturday, National’s electorate vote declined by 7,000 votes, as the 9,000 majority it won last September turned into a 4,000 vote deficit – mainly because Labour supporters followed the nod and wink given by Labour leader Andrew Little, and voted tactically for Peters. In the process, Labour’s vote went down from nearly 9,000 votes six months ago, to only 1,315 on Saturday. More>>

 
 

PARLIAMENT TODAY:

Climate: Ministers Exclude Emissions From ‘Environment Reporting'

The National Party Government has today revealed that the national environmental report topics for this year will, incredibly, exclude New Zealand’s greenhouse gas emissions, the Green Party said today. More>>

ALSO:

No Retrial: Freedom At Last For Teina Pora

The Māori Party is relieved that the Privy Council has cleared the final legal hurdle for Teina Pora who was wrongfully convicted of murder and sent to prison for 22 years. More>>

ALSO:

Germanwings Crash: Privacy Act Supports Aviation Safeguards In New Zealand

Reports that German privacy laws may have contributed to the Germanwings air crash have prompted New Zealand’s Privacy Commissioner to reassure the public that the Privacy Act is no impediment to medical practitioners notifying appropriate authorities to a pilot’s health concerns. More>>

ALSO:

Treaty: Taranaki Iwi Ngāruahine Settles Treaty Claims For $67.5mln

The settlement includes a $13.5 million payment the government made in June 2013, as well as land in the Taranaki region. The settlement also includes four culturally significant sites, the Waipakari Reserve, Te Kohinga Reserve, Te Ngutu o te Manu and Te Poho o Taranaki. More>>

ALSO:

Gordon Campbell: On A Funeral In Asia, The Northland By-Election, And News Priorities

Supposedly, New Zealand’s destiny lies in Asia, and that was one of Foreign Minister Murray McCully’s rationales for his bungled reforms at MFAT. OK. So, if that’s the case why didn’t Prime Minister John Key attend the state funeral on Sunday of Singapore’s founding leader Lee Kuan Yew? More>>

ALSO:

Werewolf Satire: Not Flag-Waving; Flag-Drowning

The panel choosing the flag options has no visual artists at all. Now, I’ve kerned the odd ligature in my time and I know my recto from my French curve so I thought I’d offer a few suggestions before they get past their depth. More>>

ALSO:

IPCA Reports: Significant Problems In Police Custody

In releasing two reports today, the Independent Police Conduct Authority has highlighted a number of significant problems with the way in which Police deal with people who are detained in Police cells. More>>

ALSO:

Inspector-General of Intelligence and Security: Inquiry Into GCSB Pacific Allegations

The complaints follow recent public allegations about GCSB activities. The complaints, and these public allegations, raise wider questions regarding the collection, retention and sharing of communications data. More>>

ALSO:

TPPA Investment Leak: "NZ Surrender To US" On Corporates Suing Governments

Professor Jane Kelsey: ‘As anticipated, the deal gives foreign investors from the TPPA countries special rights, and the power to sue the government in private offshore tribunals for massive damages if new laws, or even court decisions, significantly affected their bottom line’. More>>

ALSO:

Werewolf: The Myth Of Steven Joyce

Gordon Campbell: The myth of competence that’s been woven around Steven Joyce – the Key government’s “Minister of Everything” and “Mr Fixit” – has been disseminated from high-rises to hamlets, across the country... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news