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

 

Top Calls for Royal Commission into Australian-Owned Banks

Top Calls for Royal Commission into Australian-Owned Banks

TOP began a guerilla campaign against New Zealand’s Australian-owned banks last night, stickering over a hundred ATMs in Auckland and Wellington.

The stickers inform users of the cash machines that ASB, Westpac, ANZ and BNZ are “Proud to be one of the banks sending $5 billion a year to Australia.”

The campaign is part of the political party’s call for a Royal Commission into New Zealand’s banking, finance, and insurance industries, similar to the recent Commission in Australia.

“Given what’s happened in Australia over the last couple of days with the resignations for money laundering that was enabling serious drug networks and pedophile rings, we think it’s time our own industry was investigated,” Party Leader Geoff Simmons says. “We’d like to be reassured their New Zealand operations aren’t involved in anything similar. Given how cavalier the initial response was from Westpac’s now former CEO, we’re not prepared to accept their word for it, either.”

TOP would also like a Royal Commission to investigate the overall competitiveness of the industry, and find out why New Zealand is one of the most profitable banking markets in the world. “The big four banks essentially operate as a cartel in this country,” Simmons says, “apparently with the blessing of successive Governments, which have failed to investigate them or hold them to account. We don’t believe that being a cash factory for the Australian banks is an indicator of economic success. In fact, we believe it’s a clear indicator of economic failure.”

While the big four banks are sending $14 million a day back to Australia, New Zealand also has one of the least affordable housing markets in the world. Simmons: “We have almost an entire generation now locked out of home ownership. I am regularly told by young people the only way they will own a house is when their parents die, and they inherit. Given this reality is created by bad policy choices, and greed on the part of the banks, this situation is simply unacceptable.”


New Zealand also pays more in fees than other countries, with New Zealand businesses paying twice as much for PayWave services as their Australian counterparts. New Zealand’s insurance commissions are also the highest in the world.

“A Royal Commission empowered to take a strong and independent look at the financial sector is the only way forward,” Simmons says. “If the banks have nothing to hide, then they will be happy to participate.”

Preempting criticism, Simmons says TOP is a strong supporter and advocate of open markets and the capitalist economy, but that it must be built on a foundation of fairness and plain dealing.

“At the moment, these banks are asking ordinary New Zealanders to lie back and think of England. Successive Governments have allowed a situation where we have some of the weakest competition laws in the world. A Royal Commission would also be expected to establish what needs to be done to encourage these banks to reinvest more of their profits here in this country, where they make them.”

Simmons says the public should look out for its sticker campaign at ATMs all around the country, and to show its support for the campaign by joining the Party.

“TOP is the only political party advocating for fundamental change.”


###
ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

PM's Statement Prime Deadly Eruption Of Whakaari / White Island

At this stage, we can confirm that amongst those currently listed as missing or injured are New Zealanders who were part of the tour operation, and tourists from Australia, the United States, the United Kingdom, China and Malaysia. That is to the best of our knowledge.

To those who have lost or are missing family and friends, we share in your unfathomable grief at this moment in time, and in your sorrow. Your loved ones stood alongside kiwis who were hosting you here. We grieve with you, and we grieve with them... More>>

Police Update: Five Confirmed Dead - Eight People Unaccounted For
Work has continued overnight to respond to the eruption on White Island. Enquiries with tour operators indicate that 47 people were on White Island at the time of the eruption. Police can now advise that in addition to the five people confirmed deceased, eight people remain unaccounted for following the eruption. More>>

 

Big, Bold, Permanent Change Needed: Children's Commissioner On 2019 Child Poverty Monitor

“I want to see family incomes dramatically raised by increasing benefits and making the minimum wage a living wage. And the Government needs to move much faster at increasing the supply of social housing..." More>>

ALSO:

RNZ Live Updates: Weather Mayhem Strands Tourists; Major Roads Closed

Hundreds of tourists are stranded on the West Coast, and on the other side of the South Island a flood-damaged bridge has closed State Highway 1, after a weekend of torrential rain... More>>

ALSO:

Policing: Armoured Specialist Police Vehicles

New Zealand Police has taken delivery of three Armoured Special Purpose Vehicles. The vehicles are unmarked and look like standard Toyota Land cruisers... They will not be used for patrol. More>>

Single Use PVC And Polystyrene Out: Next Steps On Plastic Waste

The Government will phase out more single-use plastics following the success of its single-use plastic bag ban earlier this year and the release today of a pivotal report for dealing with waste. More>>

ALSO:

Faafoi Statement: Minister's Suspicious Immigration Texts

I have apologised to the Prime Minister and understand I have let her down in regards to my dealings with Jason Kerrison over an immigration matter concerning his family. More>>

ALSO:

NZ First Conflicts Of Interest: New Details Around Timeline

New information has emerged showing it was the New Zealand First chief of staff who identified potential conflicts of interest between a forestry company and two senior government ministers, sparking a series of declarations. More>>

Earlier:

Donations:

Five New Cancer Meds In Six Months: Pharmac Funds More Cancer Medicines, Faster Assessment

PHARMAC has confirmed that two new medicines – olaparib for ovarian cancer and fulvestrant for breast cancer – have been approved for funding... Rituximab and bortezomib, which are already funded, have also been approved for widened access following successful commercial proposals from new suppliers. More>>

ALSO:

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels