Comrade.
These bloody banks are making obscene profits at a time when we are struggling to rebuild post Covid.
It is not acceptable for citizens of Aotearoa to bear the yoke of taxation while corporations manipulate monopoly, duopoly and oligopoly structures to milk rentals like this from New Zealand!
ANZ made $2billion in profits???
ANZ records first $2b profit: ‘Keeping close eye on recent home-buyers’
ANZ’s chief executive says the bank is keeping a close eye on borrowers who were stress-tested for their home loans at a rate below current market interest rates.
The country’s largest bank posted its first $2 billion annual profit on Thursday.
In the 12 months to September 30, it made a cash net profit after tax of $2.064b, up 8% compared with the year before. Its statutory net profit after tax, which includes gains and losses from economic hedges, was $2.229b, up 20%.
Net interest income was up 10%. Chief executive Antonia Watson said the 8% increase in profit was a result of a combination of pent-up economic activity after the pandemic and a buoyant housing market.
As interest rates rise and a global recession looms, NZ’s corporates continue to make disgusting monopoly rentals from our economy!
Why on earth are we not talking about the obscene wealth the NZ Banks have made over Covid?
ASB made $1.4billion in profit…
ASB bank posts increased annual profit of $1.42 billion
…and the Banks collectively made $6billion in profit…
Record profit: NZ banks made over $6 billion in 2021, KPMG report
…while charging Kiwis $5billion in interest…
Banks post record profits and close in on $5 billion in interest income as mortgage costs spiral
…why aren’t we hitting them with a windfall tax so we can rebuild the infrastructure that will allow us to grow back from Covid?
Britain passed windfall tax on Gas and Oil profits, why can’t we do it on our banks?
We have survived a once in a century pandemic, but if this Government refuses to use the MMP majority they gained from the 2020 election to actually challenge the power of the richest and most powerful to lessen the tax burden on the poor, then what was the point of winning in 2017?
I’m not looking for socialism from Labour any longer Grant, just basic regulated Capitalism and when corporations gain the type of dominance the 4 Australian Banks have, there is an obligation to step in.
Tax the Banks with a windfall profit tax and put that money into building capacity in our social infrastructure.
It’s the least a Labour Finance Minister should do.
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Said it before, Martyn – we could share in the obscene profits by, as individuals buying shares in those banks. Or the government could through the NZ Super Fund or ACC. Actually there probably are some of those shares already in those funds – buy more. Someone on the radio the other day said that ANZ, for instance, had $200 billion of assets – is it really obsence to gain 1% on your existing asset base? You do have to build up profits in good times for when the tide turns – as you keep alluding to, Martyn. Also someone posted, pretty sure on this blog, the ownership of the big four banks. It certainly wasn’t Australians – Citigroup, JP Morgan, HSBC and others featured heavily as the main shareholders. Imagine if we did institute a windfall profits tax and the big four decided to quit New Zealand – oops, Aotearoa – where would we be then?
@ T. They are round and they roll.
“where would we be then?” Are you kidding? You’re kidding right? You’re joking surely.
Firstly, we’d be multiples of billions of dollars better off immediately.
Secondly, we make food for export. Who’s going to cock their snoot at that just because we booted out the Americlone-Aussi/ B-wanks?
As usual good balanced sensible comments as usual.
Refreshing from the usual droll comments.
ANZ threatened to leave NZ and WPAC floated the idea of a sale.
All b/s.NZ would do just fine without these craven parasites,but the American overlords would take a very dim view on losing out on 6billion per an in profits.
Good balanced sensible comments Thomas.
Refreshing.
Hey, Beavis, he said
“You do have to build up profits in good times for when the tide turns ”
he, he, he.
… and the taxpayer via the government will bail them out if their gambling goes bad.
a lot better off thomas, a lot better off
You do know that they revalue their assets so that their profits look acceptable? It is one of the most common corporate rorts going, power companies, phone companies, etc all decide that their assets are worth more than the existing book value (based on the increased cost for new assets) and then increase the price of whatever service they provide so that management/shareholders get a bonus while the customers get fleeced while constantly telling us that their profit/assets ratio is acceptable.
Great idea Thomas, we should enrich these Australian looters even more.
Ah no. I don’t think so. Seize their assets.
who do you think is going to employ him when he leaves politics?…..debate over, moving on.
I wouldn’t be too concerned about Grant’s ability to earn a crust.
There’s always the Revolving Doors (lobbyists and public service), Local Body polytiks (Wellington Councils and Mayoralty), an economic think tank or two, a diplomatic post, or perhaps even a supermarket franchise.
I think Gagarin expects a bank to employ Robertson. Not an unrealistic expectation imo.
Watch the first seven minutes of this documentary and you’ll see what foreign owned banks did to Iceland’s otherwise healthy economy, with the help of a local traitor, of course. There’s always at least one. He bought a super boat and a private jet and had it painted in pinstripes. And he destroyed Iceland’s well and truly healthy, pre bankster multi billion dollar economy.
If you haven’t seen it, you should watch it.
Here it is. Go on! It’s Sunday. Treat yourself, just make sure you have a Gin handy.
https://youtu.be/T2IaJwkqgPk
( Shhhh…. Here’s the big secret…. Written in a whisper..)
” We don’t need foreign owned banks in Aotearoa / New Zealand. We. Don’t. Need. Them. They pretend they’re essential, respectable, almost royal. They cement, within our exploited minds, that kind of friendly old uncle figure with highly respected fireside opinions about finances and general bleached perineum life and living values but actually, really, truly, honestly… we don’t need them. So fuck them. Shhhhhhh…. )
A blast from the recent past ,,,, Aussie based banks almost stiffed NZ for $2.2 Billion.
Thanks to high court judges justice Wild & Rhys Harrison they had to cough up. https://www.scoop.co.nz/stories/BU0910/S00242.htm
For some reason tax dodger google makes it hard to find the old news story’s related to this scam….
Icelanders eventually locked those pricks up in the remotest prison they have.
I’m not the only one who wonders how banks that can make such a huge profit can be failing so dismally with our kiwisaver accounts.
I’m honestly better off leaving mine in a jam jar under the bed where it isn’t loosing money hand over fist.
Kiwi Saver in the diverse models include investments in equities, bonds and fixed interest.Not directly related to Banks.
Kiwi Saver has to be viewed over a longer term than what is happening now.
Ok. I’ll have to look into it. I’m a bit of an ignorant bugger.
But how do kiwisaver funds created and managed by their own bank, fail to see that their investments are so crap when compared to their own companies return?
How can we tie our kiwisaver accounts fortunes with those of their bank?
The signs were there in plain sight @ Urinalbushrat. You should have done what I did and got the fuck out while the getting was good (or maybe you’re not at, or nearing retirement age).
We’re in an age where the politics of identity now trump the politics of those now trying to earn a reasonable living.
The best bet has always been to reduce your debt and be in hoc to no one. The deck is stacked, but eventually it’ll bite those owed often artificially constructed debt in the bum.
I’m pretty sure Grant and Alf don’t yet get that, but there are others (Labour Party stalwarts for example) that’ve had to learn the hard way – there’s a fair bit of dirty linen associated with the treatment of those that didn’t follow the new economic orthodoxy). And then of course there are those that are of an age where they’ve known (letalone EXPERIENCED) anything else.
Fat chance of that Martyn. This government’s too busy with their social engineering agenda. Kiri Tapu Allen has just promised “hate speech” legislation before the next election: https://www.scoop.co.nz/stories/PA2210/S00227/kiri-allan-guarantees-hate-speech-laws-act-guarantees-repeal.htm
I say tax the bank, and pay off debt. Do not spend as it will just fill up coffers of some consulting company, further fueling inflation.
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