Social Credit is calling on the government to change all its banking business to the now fully owned Kiwibank.
It took full ownership of the Bank in August yet almost all its banking business is done with Westpac or ANZ.
Westpac handles all deposits and payments for the Inland Revenue Department for example.
The current regime means taxpayers are funding the profits of Australian owned banks through fees for banking business of the government and its various departments and State Owned Enterprises.
That’s a transfer of wealth out of the pockets of taxpayers’ and directly into the pockets of wealthy overseas bank shareholders.
Those massive profits put an enormous strain on the economy as they are exported to the overseas shareholders, using precious overseas funs earned by our exporters to do so.
Taxpayers already funded the $2 billion borrowed to complete the purchase and are having to pay the interest on it.
If Kiwibank provided all government banking services the profits from the bank would go back to the government offsetting those interest charges and could also be spent on health, housing, education, police and a host of other services which desperately need a boost in their budget allocation.
For the government not to make the change is an acknowledgement that Kiwibank does not have the capability to provide those services – hardly a vote of confidence in the bank the government now owns.
Taxpayers have the right to see their hard earned tax dollars supporting New Zealand enterprises not those on Wall Street or in the City of London.
isn’t tsb kiwi owned too? split the business between them, but it’ll never happen until the brown envelopes stop flowing, we need to address lobbying any ‘present’ to a pollie from a free biro to a golf trip to the bahamas should be illegal it’s that simple….you can’t ‘tame’ corruption but tinkering with the rules of how it’s allowed
Yes apparently TSB is 100% NZ owned (I didn’t know that).
KB don’t have the systems and software capabilities for government banking (anecdotally they don’t have competent staff either). Didn’t the have a failed software development fiasco a few years back as well?
It is otherwise nonsensical that government banks with foreign owned Westpac. It’s actually shocking that nothing ever gets done about it too, imo
and who points out kiwibanks ‘inadiquacies’? analysts and taking heads funded by westpac by any chance? juz askin, juz askin.