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

 

Kiwis Should Move Their Accounts to a NZ Owned Bank

Kiwis should make a New Year’s resolution to move their bank accounts to Kiwibank, or one of the other wholly owned New Zealand banks, said Social Credit Leader Chris Leitch.

New Year is the ideal time for Kiwis to display some patriotism, and get themselves out of the clutches of the overseas owned banks.

The big four Aussie owned banks dragged over $6 billion in profit out of the back pockets of Kiwis last year – four times more profit than the 10 largest companies on the NZ Stock Exchange.

Those profits have increased substantially over the past few years, proving the banks are huge money-making machines and they ship most of their profits offshore to their Australian and US owners creating a major drain on the New Zealand economy.

Most of the profit was made by the banks charging fees and interest on money they didn’t have - money created on their computer keyboards at the time of the loan.

The idea that banks lend out money people deposit with them is a myth, a fact confirmed by Mervyn King, Governor of the Bank of England from 2003 to 2013 in a recent speech “When banks extend loans to their customers they create money by crediting their customer’s account”.

Had even a quarter of that massive profit gone instead to Kiwibank, through Kiwis having moved their accounts last year, dividends to the Government would have provided over $1.5 billion dollars extra for health care and education.

The government should take a lead by changing its banking services from Westpac to Kiwibank – a move that would save taxpayers hundreds of thousands of dollars.

If it had any backbone it would also instruct Kiwibank to marginally lower their lending rates and slightly increase their deposit rates as an incentive for people to make the switch.

This in turn would provide some real competition for the Aussie banks and benefit all New Zealanders through better borrowing and deposit rates.

That extra money in people’s pockets would further boost the New Zealand economy.

It’s time Kiwis stopped propping up the Aussie economy and supported their own by switching their accounts this New Year.


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On Chilling The Warm Fuzzies About The US/China Trade Deal

Hold the champagne, folks. This week’s China/US deal is more about a change in tone between the world’s two biggest economies – thank goodness they’re not slapping more tariffs on each other! - than a landmark change in substance. The high walls of US and Chinese tariffs built in recent years will largely remain intact, and few economists are predicting the deal will significantly boost the growth prospects for a slowing US economy. As the New York Times noted this morning, the likes of New Zealand will still face the trade barriers imposed by the Trump administration during the recent rounds of fighting. More>>

 

PGF Kaikōura $10.88M: Boost In Tourism & Business

The Provincial Growth Fund (PGF) is investing $10.88 million to boost business and tourism opportunities in Kaikōura, Parliamentary Undersecretary for Regional Economic Development, Fletcher Tabuteau announced today. More>>

ALSO:

Whitebaiting: Govt Plans To Protect Announced

With several native whitebait species in decline the Minister of Conservation Eugenie Sage has today released proposals to standardise and improve management of whitebait across New Zealand. More>>

ALSO:

Education: Resource For Schools On Climate Change

New resource for schools to increase awareness and understanding of climate change... More>>

ALSO:

In Effect April: New Regulations For Local Medicinal Cannabis

Minister of Health Dr David Clark says new regulations will allow local cultivation and manufacture of medicinal cannabis products that will potentially help ease the pain of thousands of people. More>>

ALSO:


RNZ: New Year Honours: Sporting Greats Among Knights And Dames

Six new knights and dames, including Silver Ferns coach Dame Noeline Taurua and economist Professor Dame Marilyn Waring, have been created in today's New Year's Honours List. The list of 180 recipients - 91 women and 89 men - leans heavily on awards for community service, arts and the media, health and sport.
More>>

ALSO:

Gordon Campbell: On What An Inquiry Might Look Like

Presumably, if there is to be a ministerial inquiry (at the very least) into the Whakaari/White Island disaster, it will need to be a joint ministerial inquiry. That’s because the relevant areas of responsibility seem to be so deeply interwoven... More>>

ALSO:


 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 


 

InfoPages News Channels