Last year the Australian owned banks operating in New Zealand had profits of $7.15 billion, this year it will be on track to be even more excessive because of the interest rates going up.
An announcement from Labour to ‘ask the Commerce Commission’ to hold an inquiry is the pure definition of trying to close the gate after the horse has well and truly bolted.
New Zealand First has been consistently calling for a banking inquiry for many years. Over the years Australia has had a number of full-scale inquiries into the very same banks whenever they have been warranted – so why haven't we?
It is too late for a watered-down Commerce Commission inquiry, there needs to be a full-scale independent inquiry completed and fast-tracked. This is just another example of Labour’s promise for a ‘groceries commissioner’ they made fifteen months ago – and we are still waiting.
Kiwis are getting squeezed by these banks and are suffering through a cost of living crisis and have been for a very long time.
If the Commerce Commission were the right organisation to conduct this inquiry they would've done it years ago when it mattered.
This ‘faux-outrage’ at the excessive banking profits from Labour is not a coincidence popping up four months from an election.
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