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
if
“Unfortunately the middle class woke Left are too focused on identity politics to fight for Economic Justice!”
But I don’t think they, or we, know what to do about [it] much less where to start.
I have ideas but where do I start? How do I begin to approach a politician who might be able to apply pressure for change? How does that happen? If we’re not happy with what the banks are getting away with in broad daylight then what can we do? And I ask that with solemn sincerity? We’re rapidly approaching a point whereby we know what the problems are but what can we do to motivate our politicians into literally DOING something about that which is WRONG.
It’s WRONG to allow banks to enslave us like this. It’s WRONG that our politicians are lobbied by banks into looking the other way as those same banks artificially inflate house prices and manipulate our cash economy so that we remain quite literally enslaved within an obscure maze of financial miasmas enabling old fashioned greed on their part.
The banks, the four now foreign owned banks particularly, are fucking us all without the kissing. They entrap us by using media transmitted, deep mind manipulations by creating anxiety and fear in us then they offer us opportunities to relieve ourselves by advancing money against the mythologies of rising property values.
We’re being hunted like animals then when we’re ensnared, they devour us. The banks literally steal our lives from us while we try to keep ahead of their rapacious greed. Of course, the banks will argue that we’re not obliged to borrow money but that’s not correct. The banks draft scripts that they corral us into by using instant gratification as a means for us to assuage our fears. The banks are fundamentally fucking evil and our well lubed and lobbied politicians are not doing their jobs and that’s on us for letting them get away with it and I bet that’s why voting isn’t mandated and yet being enrolled is. The banks have the stats while confidently knowing we’re powerless to resist. That has to change. We have to go back and fix it what they broke.
Te Ara.
https://teara.govt.nz/en/unions-and-employee-organisations/page-7
“When the Labour Party won the general election of 1984, restructuring speeded up. For the first time in a century, many unions were suddenly on the defensive. They were described as old-fashioned relics from an earlier age of state-regulated institutions, ‘overtaken by nimbler forms of evolution, like Treasury analysts’.1”
What Te Ara doesn’t mention were the pressures applied to inflame the unions to create disharmony to validate what scum bag douglas saw as the last obstacle to creating the multi-billionaires, the parasitic banks and the crippling hardship many people find themselves struggling with today.
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. 😉
Martyn – Didn’t Labour rule out a Royal Commission on the Banking Sector within NZ?
” 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.
” “Food insecurity and poverty are growing in Wellington and the high cost of rent and living in the city are the main drivers. People don’t have enough money to feed themselves during the week and are getting themselves into debt to try and keep their heads above water,” Neeve said ”
” ‘Meat The Need’ plans to address this issue with˜The Big Feed telethon, which aims to raise as many mince and milk meals as possible. Neeve hopes the whole country will get behind them.
“I cannot stress enough how important it is for us to get that support and how desperately protein is needed for our people and families. It’s a staple they wouldn’t otherwise get and it’s really, really appreciated by everyone,” he said.
“We see people every week where they’re not going to make it to the next and we can see from their bills that it’s a really tough financial situation and they might be with us for a while, said Neeve
But the AUSSIE shareholders are reaping the rewards from their Hobbit investments because the effects are 4155 KMs away and not subject to any negative publicity or implications for their financial peace of mind.
The land of the long white cloud and its indebted home owners and financial serfs continue to provide a good return for their investment despite the hardship that the rise in interest rates has caused but ensured the banking cartels are flush with cash.
So whatever did happen to Kiwibank? I see that government payments, like traffic fines, still go through Westpac. WTF?
Another win for unintended consequences after 6 years of Labour lead dumbfuckery.
We need profitable banks. Just want to see them sponsor far more activities across the community.
” 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!
Bomber big business , the property millionaires and the insanely stupid have voted for a continuation of what was clearly failing under Chipkins and the other enlightened members of his caucus.
The only ” windfall ” is for the donors , property millionaires , white collar criminals , MP’s , entitled wealth and corporate business.
Bomber its tax cuts not new taxes apparently and certainly no move to ask those who have so much to pay their fair share.
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.