Parliament

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

 

Why we need Our Bank

Research showing bank profits are becoming excessive shows why we need a publicly-owned kiwi-bank, Alliance leader Jim Anderton says.

A Massey University report by banking studies director David Tripe finds that banks are achieving 'excessive' profits.

'Bec ause New Zealand's banking system is predominantly foreign-owned, there is always a question as to whether the foreign owners are abusing their powers and making excessive levels of profits at the expense of the New Zealand public,' Mr Tripe said.

The Alliance wants a kiwi-owned bank set up using the New Zealand Post branch network.

'If foreign-owned banks are found by an independent analyst to be making excessive profits, then that is evidence that there is not enough real competition between the banks.

'That's why they all put their interest rates up at the same time, close branches in the same towns and increase their bank charges by the same amount.

'No one wants banks to be unprofitable. But that doesn't mean that any level of profit is justified. The Massey University study shows that the return on shareholders' assets achieved by foreign-own ed banks is far higher than can be justified.

'All those profits are simply flowing out of the country, enriching foreign shareholders at the expense of New Zealanders who are paying higher interest rates and higher bank charges than we should while far too many branches are being closed.

'A publicly-owned New Zealand-bank will mean lower interest rates, lower bank charges and more branches in provincial areas. And it will mean that profits made by the bank are retained in New Zealand,' Jim Anderton said.

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Welcoming The Major Health Reforms

Usually “reform” of government agencies is a cost cutting exercise in disguise, but this morning’s revision of the health system looks totally different. These reforms amount to the biggest shake-up of the health system since the neo-liberal reforms of the early 1990s, which have now been completely reversed. Good. The main ingredients announced by Health Minister Andrew Little this morning have included the setting up of a new and truly independent Maori Health Authority... More>>

 

NZ & Globe: Leaders’ Summit On Climate To Raise Ambition On Climate Action

Prime Minister Jacinda Ardern joined President Biden at the virtual Leaders’ Summit on Climate hosted by the United States overnight. The summit, held for Earth Day, brought world leaders together to galvanise efforts to reduce emissions this decade ... More>>

ALSO:

The Conversation: If We Want To Improve NZ’s Freshwater Quality, First We Need To Improve The Quality Of Our Democracy
Since the fatal Havelock North campylobacter outbreak in 2016, freshwater quality has rightfully been a major political issue in Aotearoa New Zealand... More>>

Government: Major Reforms Will Make Healthcare Accessible For All NZers

Putting a greater emphasis on primary healthcare and ensuring fairer access for all New Zealanders are two of the main drivers of health sector reforms announced today by Health Minister Andrew Little. “We are going to put the emphasis squarely ... More>>

ALSO:


Local Government: Independent Review To Explore Future

Local Government Minister Nanaia Mahuta says an independent review of local government will explore how councils can maintain and improve the wellbeing of New Zealanders in the communities they serve long into the future. More>>

ALSO:

PM Ardern And PM Morrison: Commencement Of Two-Way Quarantine-Free Travel Between Australia And New Zealand

Joint Statement by Prime Ministers Scott Morrison and Jacinda Ardern Commencement of two-way quarantine-free travel between Australia and New Zealand Today, Australia and New Zealand have fulfilled their commitment to establish two-way quarantine free ... More>>

Claire Breen: ACC’s Policy Of Not Covering Birth Injuries Is One More Sign The System Is Overdue For Reform

Claire Breen , University of Waikato Recent media coverage of women not being able to get treatment for birth injuries highlights yet another example of gender bias in healthcare in New Zealand. More>>

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels