Westpac make $1.16Billion profit! For the love of Christ NZ – when are we going to Windfall tax the Banks?

I’m not looking for socialism from Labour any longer, just basic regulated Capitalism and when corporations gain the type of dominance the 4 Australian Banks have, there is an obligation to step in.

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Another Aussie Bank posting an obscene profit while children go hungry in a land of plenty…

Westpac profit rises by 12% to $1.16 billion, as country faces recession

Westpac has announced an annual after-tax profit for its 2022 financial year of $1.16 billion​, an increase of 12% on the previous year, even as households struggle with rising home loan rates.

That betters its result last year, when the bank earned its first billion-dollar profit, with after-tax cash earnings of $1.01b.

…these bloody banks are making obscene profits at a time when we are struggling to rebuild post Covid.

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It is not acceptable for citizens of Aotearoa New Zealand 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%.

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, 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.

National don’t need policies, they’ll allow the toxicity of public debate defeat Labour & implement tax cuts that will see $6b go to the richest 5% – I know many males who formally voted Labour are pissed off with the Woke Left but don’t pretend voting National is a solution and don’t pretend the Banks aren’t laughing at our collective weakness.

On the Left we need far less alienating woke bullshit that keeps making enemies of possible voters and far more attention on the rich who are screwing us!

We need to be kinder to individuals (even if they are heteronormative white cis males) and far crueller to corporations.

What about the latest poll showing Greens and Labour losing to National and ACT isn’t getting through to the activist base yet?

 

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24 COMMENTS

  1. Like our high meth costs we have one of the highest interest rates in the world too. NZ is great place to make world class profits – giving gang leaders money and putting politicians on bank boards certainly has advantages for high profits. No banking commission of enquiry here like OZ! We want to rip them off. OZ enquiry into sky city, in NZ, we love free market gambling and money laundering!

  2. Yes, its all legal, and government both blue and right will do nothing about it. Now that beneficiary fraud……!

    • All too true RB. I noticed Grant Robertson was talking about banks social license and “doing the right thing” the other day. John Key said the same of multinationals and corporate taxation when he was PM. Key said companies should “do the right thing”. What does that mean and for who?

      While it can’t be underestimated how much power can be exercised by consumers, and what that can do to a company’s share price, when a company is essentially doing nothing wrong in a legal or moral sense it’s really up to the government or regulators to set the right taxation policies and rules. The head of a company is hardly going to tell shareholders that they thought they would make less money because it didn’t feel right (I mean that within the confines of the law).

      What is laughable is that there is a load of people out there that will deride the banks and multinationals but at the same time refute the idea that they should pay tax on their capital gains (from taking a punt on property or local shares).

  3. If you don’t like the bank’s making excellent profit and paying good dividends for it’s investors, maybe consider moving to another country.

    Any business, especially publicly traded companies has the right to make as much profit as possible for it’s investors!

    • They really don’t have the systems or clout or capital to do large scale commercial banking, nor become the banker for the government. You have to remember that not all of the profit is made from mum and dad banking…….

      • @ Thomas. What bullshit. We’re an agricultural export country bigger then the UK but with only 5.2 million people. A fucking high school kid with a computer could take care of banking business.
        The real reason why banking is mysterious and untouchable here is because of what they collaboratively hide in terms of revenue. It’s all legal of course. The greatest and most enduring corruptions always are. Nine multi billionaires, most people wedged into Auckland, primary export industry is agricultural commodities and edible tourists. Our AO/NZ is a beautiful, prosperous, rich-as in natural resources market garden feeding millions of people globally and it’s also a festering fucking lie and only our farmers can change that by striking to squeeze the scum out of the bankster boil on AO/NZ’s fat lazy urban arse. ( One should always be careful of snorting in indignation lest you blow snot all over your computer screen. Just find that out did you?

  4. Without banks u don’t have captalism. Can’t live without them. Profits get put back into the community. Westpac helicopter. ASB Classic tennis etc..

    • LINO says…govts can’t do anything…a blatant lie
      we rely on the heart and soul of banks to do the right thing….yup that’s hell freezing over you can see.

    • well marco that must the most expensive helicopter in the world right there if you’re right (I suspected the gold plated rotors where a bridge too far)…and as for tennis well…….

    • Which of the banks are you working for? It’s obscene that the banks are making huge profits off the banks of poor people in NZ, while there are hungry children, homeless families and more people living below the poverty level than ever before. Labour can’t (or won’t) fix it, National definitely won’t fix it, and the rest are just too weak or self-centered to do anything about it. let’s face it, we’re stuffed.

  5. It ain’t never ever gunna happen with LINO or National at the wheel.

    Need the world to collapse economically before that will happen.

  6. ” Prime Minister Jacinda Ardern says the one big idea she would have if money was not a factor would be to make early childhood education completely free ”

    All that and more can be paid from a windfall tax on bank profits but Adern and Robbo won’t go near that with a ten foot barge pole. The banks are a law unto themselves and nothing would scare the hobbits more than the banks threatening dire consequences if they were forced to hand over the cash. The scaremongering would be horrendous while so many rely on bank security where their homes are concerned.

    Robbo has worked hard at his conservative , financially responsible restraint credentials as F.M and that means more to him than funding many of the areas of the economy that need it and have been run down in order for the corporates and our own cartels to financially extort the people of New Zealand.

    http://norightturn.blogspot.com/2022/11/labours-morally-indefensible-choices.html

  7. And… can I ask? Where the FUCK are our politicians when foreign owned banksters are stealing OUR fucking money!
    I read the usual apologist wankers here arguing for reason based on faux logic and bullshit arguments for kowtowing to a foreign boardroom full of flash cunts mincing about in their frilly little bloke-gal panties while they giggle and flounce at the thought of the frisson that’s fucking us AO/NZ’ers over. If that’s not a call to war I’m fucked if I know what is. Actually, the real war, the New War is surely against the wanker-bankers. The pasty money fiddlers. The wee blue knob ends on the skinny little white dicks that poke at our feverish, sleeping minds.
    Well then. Wake the fuck up!

  8. As they slide in the polls Jacinda has suddenly woken up to the fact that banks are creaming it . That is not a fault as a rich bank can help when times are tough a failed bank would really be something to complain about as every one loses their money .
    This has happened before and could happen again

  9. When you consider that the employees of these banks were having to strike to get pay rises tells you what the banks think about anybody here.
    Labour needs to do more than just finger waving because there is no way the banks will change without regulation to force them to.

  10. If you don’t like Aussie bank profits you can go to Kiwibank or TSB.

    What am I missing?

    Beyond that remember when electricity prices were regulated down and supply starting failing – don’t wish that on banking.

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