Westpac make $1.16Billion profit! For the love of Christ NZ – when are we going to Windfall tax the Banks?
Another Aussie Bank posting an obscene profit while children go hungry in a land of plenty…
Westpac profit rises by 12% to $1.16 billion, as country faces recession
Westpac has announced an annual after-tax profit for its 2022 financial year of $1.16 billion, an increase of 12% on the previous year, even as households struggle with rising home loan rates.
That betters its result last year, when the bank earned its first billion-dollar profit, with after-tax cash earnings of $1.01b.
…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 New Zealand 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%.
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, 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.
National don’t need policies, they’ll allow the toxicity of public debate defeat Labour & implement tax cuts that will see $6b go to the richest 5% – I know many males who formally voted Labour are pissed off with the Woke Left but don’t pretend voting National is a solution and don’t pretend the Banks aren’t laughing at our collective weakness.
On the Left we need far less alienating woke bullshit that keeps making enemies of possible voters and far more attention on the rich who are screwing us!
We need to be kinder to individuals (even if they are heteronormative white cis males) and far crueller to corporations.
What about the latest poll showing Greens and Labour losing to National and ACT isn’t getting through to the activist base yet?
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Like our high meth costs we have one of the highest interest rates in the world too. NZ is great place to make world class profits – giving gang leaders money and putting politicians on bank boards certainly has advantages for high profits. No banking commission of enquiry here like OZ! We want to rip them off. OZ enquiry into sky city, in NZ, we love free market gambling and money laundering!
Change to Kiwibank-win win.
Correct.
Without banks u don’t have captalism. Can’t live without them. Profits get put back into the community. Westpac helicopter. ASB Classic tennis etc..
Which of the banks are you working for? It’s obscene that the banks are making huge profits off the banks of poor people in NZ, while there are hungry children, homeless families and more people living below the poverty level than ever before. Labour can’t (or won’t) fix it, National definitely won’t fix it, and the rest are just too weak or self-centered to do anything about it. let’s face it, we’re stuffed.
As they slide in the polls Jacinda has suddenly woken up to the fact that banks are creaming it . That is not a fault as a rich bank can help when times are tough a failed bank would really be something to complain about as every one loses their money .
This has happened before and could happen again
The Sin of Greed keeps winning.
This has gone way beyond silly, will the real Christians please stand up.
If you don’t like Aussie bank profits you can go to Kiwibank or TSB.
What am I missing?
Beyond that remember when electricity prices were regulated down and supply starting failing – don’t wish that on banking.