ANZ New Zealand has posted a record net profit after tax of nearly $2 billion. That’s a 12 percent increase on last year’s profit. ANZ is the country’s biggest home and business lender as well as the biggest KiwiSaver provider. New Zealand’s Financial Markets Authority review of banking practices is expected shortly.
The latest statistics on dobbing in highlighted by Radio NZ this week should send a shudder down the spines of every thinking person in New Zealand.
let us acknowledge that it has been a long harsh winter for far too many children. The Families Package was too slow coming, and for the 140,000+ children below the very lowest 40% poverty line it has been a drop in the bucket. Without a longer-term goal of systemic reform, short term improvements can seem like tinkering and band aids. Or even worse, they may create the illusion the problems are solved.
Blaming WFF for low wages is a bit like pointing to our high rate of suicide and blaming it on the existence of the mental health services. The true cause of low wages is found in casualised hours, precarious employment, automation, globalised labour markets and falling wage share of output due to loss of union power.
The debate about WFF including Matthew Hooton’s extreme view that WFF is communism by stealth is full of sound, fury and little substance. Eric Crampton contributes a more academic approach to support the view that Working for Families is an employer subsidy.
Matthew Hooton (19th July, NZ Herald) trots out the tired old John Key scarecrow of ‘Communism by stealth’ to debunk Working for Families (WFF). Hooton even wants to blame WFF for the nurses’ strike and low productivity.
An injustice that is so obvious requires immediate action- not delay until some report is written by the very people that don’t want change and have just argued that very position in court.
Better off people can simply save less in other funds if they are forced to contribute more, while the poor just get poorer. On retirement, low income workers may get little advantage from their forced saving as they will need a top-up to get just to the level of NZ Super.
There is an ample supply of housing overall, but it is poorly distributed in terms of size and price. Increasingly large gains in house values are accruing for the already wealthy while the poorest households suffer excessive rents or lose housing access to housing altogether.
Let’s be clear, the family poverty inherited from the last decade of entrenched poor policies, sheer neglect or deliberate attacks on living standards won’t be fixed overnight. We get that. We know the PM has solving child poverty at her core, and her values and integrity are the best thing that has happened to children for a very, very long time. But CPAG is the critical friend and has to say the hard stuff on behalf of children.