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


Leaked Agreement would lock in failed neoliberal model

Media Release: FIRST Union

20 June 2014

Leaked Financial Services Agreement would lock in failed neoliberal model

Today Wikileaks released the secret draft text of the Trade in Services Agreement (TISA) Financial Services Annex, ahead of the next round of TISA negotiations in Geneva next week.

The leak shows the negotiation is being spearheaded by the US and EU and the New Zealand government is willing to unquestioningly accept these rules, says FIRST Union General Secretary Robert Reid.

“We’ve long lobbied against the highly undemocratic nature of similar multilateral negotiations like the TPPA, but this appears to be even worse. This has the fingerprints of the world’s largest banks, finance and insurance companies all over it,” said Reid.

“What we see in this leak is these same banks and finance companies seeking to lock in the failed neoliberal model and circumvent regulation that could affect their future profitability, while governments are aiming to deregulate our financial sector and those of our major trading partners even further.

“New Zealand was largely insulated from the GFC due to the fact that our banks are Australian-owned, where the financial industry is more tightly regulated.

“There are already dire warnings from Australia that TISA will threaten these rules. Where their banks go, ours go too. Greater risk, more competition and higher profits for the Australian banks threatens their New Zealand customers and the jobs of our members in the finance industry."

"New Zealand has done little to tighten the rules in response to the financial crisis, and the finance company and other home-grown scandals. The last thing we need is to take the hands further off the rudder."

“We desperately require a public debate on how to reform our super-profitable financial sector that currently rewards and encourages damaging risk-taking behaviour. The government should abandon these ill-conceived negotiations and focus on putting the financial house in order at home".


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On A Trade War With China

As things currently stand, the White House has NOT included New Zealand on its list of allies whose steel and aluminium exports to the US will be exempted from US President Donald Trump’s recent hike in tariffs.

Given that the tariffs in question have been imposed under section 232 of the 1962 US Trade Expansion Act (whereby the national security of the US is supposedly at stake) this American failure to treat New Zealand as an ally is historically significant. After all, our troops have fought and died alongside the US in every major global conflict – the two world wars, Korea, Vietnam, Afghanistan etc – for the past hundred years or more. More>>


Gordon Campbell: On Credibility In Politics

Credibility is always such a fickle, unstable element in politics. You know it when you see it, though. More>>

A Step Closer: Regional Fuel Tax For Auckland?

Legislation to allow regions to apply for a regional fuel tax, initially for Auckland, will be introduced to Parliament today, Transport Minister Phil Twyford has announced.More>>


SSC Findings: DHB Exec Misused Travel Funds

A State Services Commission investigation into the expenditure of former Waikato District Health Board chief executive Dr Nigel Murray found that more than half of his claims for travel and accommodation were unjustified.More>>


RNZ Explainer: Why You Should Care About Cambridge Analytica

Facebook's shares have lost billions of dollars in value after something to do with data used by Cambridge Analytica. Confused? Here's what it means, and what could come next. Cambridge Analytica is a London-based consulting firm. It is under pressure over allegations it uses illegally obtained data and social media manipulation to influence elections.More>>


Further $700,000: Teacher Supply Initiative Extended

Acting Minister of Education Tracey Martin has announced a further $700,000 to help more teachers into classrooms, with the extension of the Teacher Education Refresh (TER) Programme... More>>


Dotcom v Obama: High Court Declines to Subpoena Obama

The former President of the United States of America, Barack Obama, is in New Zealand for three days. The plaintiffs have filed an application for an order for his examination before a Judge while he is in New Zealand... More>>


Supporting Disabled People Into Work: Guidelines Launched

The Minister for Disability Issues Carmel Sepuloni and Minister of Employment Willie Jackson welcome the launch of the new Employment Support Practice Guidelines: How to support disabled people to get the job they want... More>>


OIO and Forestry: Regime Amendments Proposed

Hon David Parker Associate Minister of Finance 20 March 2018 Amendments proposed to forestry rights screening regime Investments in sensitive land involving forestry rights will be brought into the scope of the Overseas Investment Act ... More>>





Featured InfoPages