Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


Aussie banks shouldn’t get tax cuts

Aussie banks shouldn’t get tax cuts

Finsec, the finance workers’ union is calling on the government not to give tax cuts to the Australian owned banks as part of its review of the company tax rate.

“A tax cut to the Australian owned banks will not result in a fairer distribution of the tax burden – instead it will remove the burden from the very companies most able to meet it,” said Finsec’s Campaigns Director, Andrew Campbell.

“The review aims to promote productivity. There is little evidence to suggest that these Australian banks need to improve their productivity or their competitiveness. In the last six months the banks made a combined total of $1.445 billion. Why should even more money be sent off shore to line shareholders’ pockets, rather than spent on New Zealanders’ health and education,” said Campbell.

“We see no reason for the wealthiest corporates to be getting tax cuts while at the same time our hospitals and schools need additional funding,” said Campbell.

“Tax incentives provided to these Australian companies could also be at the expense of investment in their New Zealand workers, their families and fellow citizens”.

“The banks benefit enormously from the New Zealand tax system. The least the banks can do is make a fair contribution to the national infrastructure that they benefit from,” said Campbell.

Finsec’s full submission is available at www.finsec.org.nz/httpdocs/submissions.aspx


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Supreme Court: Worksafe Decision On Whittall Pike River Prosecution Unlawful

The question in issue on the appeal was whether WorkSafe New Zealand acted to give effect to an unlawful agreement of this nature when it offered no evidence on charges against Peter William Whittall for breaches of the Health and Safety in Employment Act 1992...

The Supreme Court... has found that the decision to offer no evidence was made under an unlawful agreement to stifle prosecution. It has granted a declaration to that effect. More>>


Cullen To Chair: Tax Working Group Terms Of Reference Announced

Finance Minister Grant Robertson and Revenue Minister Stuart Nash today announced the Terms of Reference for the Tax Working Group and that the Group will be chaired by Sir Michael Cullen. More>>


Gordon Campbell: On The New Pike River Agency (And The Air Strike Wing)

Much of the sympathy the public still feels for the families of the Pike River miners has been sustained by the sense that the previous government – let alone the mining company and the processes of receivership and litigation – has never dealt honestly, or fairly, with them. More>>


Not Going Swimmingly: Contractor Cut, New Dates For Christchurch Sports Centre

“As an incoming Minister, I have been conducting a thorough review of progress on the Anchor projects and to learn of a $75 million budget blowout on this project was very disappointing..." More>>


Tertiary: Allowances, Loan Living Costs To Get Boost

“From 1 January, student allowance base rates and the maximum amount students can borrow for living costs will rise by a net $50 a week,” says Education Minister Chris Hipkins... further adjusted from 1 April 2018 in line with any increase in the CPI. More>>


Foreign Affairs: Patrick Gower Interviews Jacinda Ardern

Prime Minister Jacinda Ardern says discussions have already begun on how to bring climate change refugees into New Zealand under a Pacific seasonal employment plan... More>>


Gordon Campbell: On The Centre Right’s Love Of ‘Nanny State’

You’d almost think it was 2005 again. That was a time when the rugged individualists of the centre-right were being beset by government regulations on the nature of light-bulbs, the size of shower heads, the junk food available at school tuck shops and other such essentials... More>>




Featured InfoPages

Opening the Election