Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


BNZ Strength Shows Room In The Market For Kiwi Ban

The Bank of New Zealand has contributed $389 million to its Australian owner in profits this year – up 8.1% on last year.

And Deputy Prime Minister Jim Anderton says the BNZ's very strong financial performance shows there is room in the market for a new publicly-owned, New Zealand bank.

The BNZ is owned by the National Australia Bank. NAB today declared a record profit of A$3.37 billion – up nearly 20% on last year.

The NAB's annual report, released today and available at, reveals the BNZ made an 'underlying' profit for the year to September of NZ$506 million. That's an increase of 16.3% on last year.

The BNZ's net interest income jumped 7.7% while 'other' operating income increased by an astonishing $99 million, or 22.9%. "Other operating income' includes higher fees and charges, with the bank singling out higher credit card fee income.

New Zealand Post has prepared a business case for a kiwi bank that would be established using the NZ Post branch network. The Government is due to consider the case soon.

"I am very pleased to see that the banking sector is so profitable, because it means that there must be room in the market for a kiwi bank offering lower fees, more branches and better services.

"The other advantage of a kiwi bank is that it keeps its profits in New Zealand which helps to benefit other kiwi businesses," Jim Anderton said.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Why New Zealand Needs To Change Its Defence Habits

In a flashback to the military displays of days gone by, one of our frigates recently joined a Carrier Strike show of force in the South China Sea, en route to a joint military exercise in Singapore with our traditional allies, called BersamaGold21. Reportedly, Anna Powles, from the Centre of Defence and Security Studies at Massey University felt this to be a case of us doing our bit to uphold international law, and the right of free transit through the region in question... More>>

Government: New COVID-19 Protection Framework Delivers Greater Freedoms For Vaccinated New Zealanders

Vaccinated New Zealanders will regain everyday freedoms when the country moves to a new simplified COVID-19 Protection Framework that doesn’t rely on nationwide lockdowns as the main measure to stop the virus spreading. In a suite of announcements that establish a pathway out of restrictions the Government is also providing up to $940 million per fortnight to support businesses through the challenging period... More>>



Government: Responds To Independent Review Into WorkSafe

The Government has clear expectations that WorkSafe must action the recommendations of the independent review into the regulator to improve its management of adventure activities following the tragedy at Whakaari White Island, Workplace Relations and Safety Minister Michael Wood says... More>>

Government: New Zealand Secures Historic Free Trade Deal With The United Kingdom
New Zealand and the United Kingdom have agreed in principle the details of a historic Free Trade Agreement (FTA), which will further accelerate our COVID-19 economic recovery say Prime Minister Jacinda Ardern and Minister for Trade and Export Growth Damien O’Connor... More>>


Ombudsman: Launches Investigation Into MIQ Booking System
The Chief Ombudsman Peter Boshier is launching a broad investigation into the Managed Isolation and Quarantine (MIQ) booking system after receiving hundreds of complaints... More>>


Pay Cheque To Pay Cheque: Half A Million New Zealanders Have No Savings
New findings from the Consumer NZ sentiment tracker found that 15% of New Zealanders had no savings, and a further 27% were anxious about their level of savings and would like to have more tucked away... More>>

Government: Mandatory Vaccination For Two Workforces

Large parts of two workforces critical to preventing the spread of COVID-19 will be required to be vaccinated, COVID-19 Response Minister Chris Hipkins said today. “Our education and health and disability workforces have done an incredible job throughout this pandemic to keep themselves and people safe,” Chris Hipkins said.... More>>

Green Party: Deeply Concerned Space Launches May Be Breaching Nuclear-free Laws

The Green Party is deeply concerned that space launches by Rocket Lab may be breaching nuclear-free laws, given our long-standing position as a signatory of the Nuclear Non-Proliferation Treaty... More>>




InfoPages News Channels