For God’s sake Grant – windfall tax the bloody banks!
Comrade.
These bloody banks are making obscene profits at a time when we are struggling to rebuild post Covid.
It is not acceptable for citizens of Aotearoa 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%.
Net interest income was up 10%. Chief executive Antonia Watson said the 8% increase in profit was a result of a combination of pent-up economic activity after the pandemic and a buoyant housing market.
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 Grant, 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.
It’s the least a Labour Finance Minister should do.
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I’m not the only one who wonders how banks that can make such a huge profit can be failing so dismally with our kiwisaver accounts.
I’m honestly better off leaving mine in a jam jar under the bed where it isn’t loosing money hand over fist.
The signs were there in plain sight @ Urinalbushrat. You should have done what I did and got the fuck out while the getting was good (or maybe you’re not at, or nearing retirement age).
We’re in an age where the politics of identity now trump the politics of those now trying to earn a reasonable living.
The best bet has always been to reduce your debt and be in hoc to no one. The deck is stacked, but eventually it’ll bite those owed often artificially constructed debt in the bum.
I’m pretty sure Grant and Alf don’t yet get that, but there are others (Labour Party stalwarts for example) that’ve had to learn the hard way – there’s a fair bit of dirty linen associated with the treatment of those that didn’t follow the new economic orthodoxy). And then of course there are those that are of an age where they’ve known (letalone EXPERIENCED) anything else.
I say tax the bank, and pay off debt. Do not spend as it will just fill up coffers of some consulting company, further fueling inflation.