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


Banks some of the biggest beneficiaries

Finsec Media Statement
17 May 2007
For immediate release

Banks some of the biggest beneficiaries of budget tax bonanza

Overseas shareholders in Australian owned banks will benefit hugely from the corporate tax handouts announced in today’s budget says Finsec, the bank workers union. Finsec estimates the business tax cut could see the profits of Australian owned banks increase by up to $124 million or a staggering 18% of the total tax cuts being given.

Finsec urged the Government to exempt Australian owned banks from any tax cuts in its submission on the Business Tax Review.

"This tax cut will disproportionately benefit the already profitable Australian owned banks. Bank workers are calling on the banks to exercise their corporate social responsibility and invest this tax windfall in their New Zealand business, rather than sending it to overseas shareholders", said Finsec Campaigns Director Andrew Campbell.

"It is unfair that banks get two bites of the cherry. Bank profits are at record highs as a result of the booming housing market and now they get a tax handout too", said Campbell.

"Consistent with the Finance Ministe's call, bank workers want to see investment in the New Zealand business. Improving customer service through increasing staffing levels, training and improvements to staff wages and savings schemes are better uses of the tax windfall than handing it over to shareholders", said Campbell.

"It is in the economic interests of New Zealanders to retain more of the banks wealth here and invest it in this country. Investing more in their New Zealand businesses is the least the banks can do given the historic profits they are already making", said Campbell.


© 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