Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Bankflation: The Big Four Banks Are Worsening The Cost Of Living Crisis

WHAT: ActionStation and FIRST Union are launching a campaign to deal with the issue of ‘Bankflation’, alongside the release of a short briefing paper into the matter. There will be a mobile billboard posted at Takutai Square. Bank workers will be joining the public launch of the ‘Stop Bankflation!’ campaign, which highlights bank profits during the cost-of-living crisis.

WHEN/ WHERE: Tuesday 26th September, 12:15pm, Takutai Square, Auckland CBD 

WHY: The briefing document explains the key information on bankflation and its impact on workers and customers.

"The cumulative profits of the Big Four banks have increased 80 percent in the last decade. Over that period, average annual profit increases have been running at triple the rate of the wage increases negotiated in collective agreements," said Edward Miller, FIRST Union Researcher and Policy Analyst.

"As workers grapple with a cost-of-living crisis, NZ banks’ net interest margins - the difference between lending and borrowing rates - have risen to a 17-year high, generating superprofits for offshore shareholders."

"While political parties quibble over government spending, the Big Four banks are quietly raking in mega profits off the backs of their own staff and customers. They appear to be benefitting from our primary policy response to quell inflation, sustaining the cost of living crisis. Their profits are literally our crisis, and there are still no solid solutions in sight," said Kassie Hartendorp, Executive Director of ActionStation Aotearoa.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
Business Headlines | Sci-Tech Headlines

GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More


Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.