ANZ boasts $2.26 billion cash profit, but warns tough times ahead
ANZ New Zealand is boasting a $2.26 billion cash profit for the last 12 months to September 30, 2023 – but is warning of potential tough times ahead for some customers.
The news comes after last week BNZ posted a net annual record of more than $1.5 billion, and Westpac $963m.
ANOTHER OBSCENE PROFIT FOR BANKS?
Come on people!
The Australian Banks make more here than they do in Australia because they price gouge us and are pimps fuelling the property speculation!
Asking if Bank profits are ‘excessive’ misses the point – with 24 000 on emergency housing wait lists, 600 000 needing food banks each month & underfunded health, education & welfare social infrastructure collapsing, Bank profits are obscene!
Windfall tax those rich pricks!
Bernard Hickey has argued, “We could have gotten $200 billion in extra tax revenues if only there had been a fair tax system which meant that capital gains were taxed at the same rate as every other type of income.”
In a liberal progressive democracy, it doesn’t matter what role you play in the complex super structure of our society and economy.
It doesn’t matter of you are a garbage collector, a dr, a nurse, a drain layer, teacher or tradie – if you all stopped doing your jobs the system can’t work.
Everyone deserves to share the collective harvest of civil society with public services and policies focused on the public good enshrined in the intrinsic civil liberties each individual has.
Wealthy individuals who become mega rich thanks to the landscape generated by those values are required to pay more back into the system they have benefited from beyond the bare necessity of ruthless accountancy practices.
These rich pricks have designed the system for themselves, ‘you can’t tax unrealised capital gains’ the Right scream, like bullshit we can’t!
Council rates are based on valuation and you can borrow against that capital gain.
If it means the mega rich have to sell a mansion or two to pay the tax bill, so fucking be it!
There are 14 Billionaires in NZ + 3118 ultra-high net worth individuals, let’s start with them, then the Banks, then the Property Speculators, the Climate Change polluters and big industry.
Making these levels of extreme profit right before the looming recession of late stage capitalism is an outrage!
Unfortunately the middle class woke Left are too focused on identity politics to fight for Economic Justice!
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Martyn writes and nails it — “It doesn’t matter of you are a garbage collector, a dr, a nurse, a drain layer, teacher or tradie – if you all stopped doing your jobs the system can’t work.” …..
This was a big lesson from the covid lock-downs ,,,,, if the average or poorly paid workers stopped everything falls over ,,,, if (most of) the highly paid ‘professionals stopped nobody noticed.
The system is rigged against the average honest people ,,,,, the worst bludgers live in mansions and drive expensive cars ……
Same there as here ,,,, Pinging Australia’s biggest freeloaders https://youtu.be/tu2dTgsbu_I
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Missing the point there Zelda. They are not our banks.
Every man, woman and child in NZ sends $1000 in bank profit to Aussie banks and their upstream US owners. How much more wealthy would we all be if they were our banks!
Hit them with a 50% or 80% mining royalty – it’s not like they would go someplace else and leave the last $2billion profit available to them.
Taking a quick look at their most recent annual report, the return to shareholders for the previous few years is all over the place:
2023 20%
2022 minus 14%
2021 70.7%
2020 minus 36.9%
2019 9.2%
Clearly banking is a risky business!
The left leaning media love to call out the “excess profits” but were strangely silent when they took a bath during other years. 😉
Another win for unintended consequences after 6 years of Labour lead dumbfuckery.
take your meds Zelda…
We need profitable banks. Just want to see them sponsor far more activities across the community.
Assuming 6 weeks annual leave, assuming a generous range of between 40 to 60 hour week for when he is actually doing anything, Westpac CEO believes he is worth anywhere between $24 and $34 per second for his time.
Plus perks, expenses and pension/severance payments.
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