Tuesday, November 03, 2015


Its business results season, with the usual announcement that Australian banks are helicoptering huge piles of cash over the Tasman:

All four major Australian-owned banks have continued record runs of profitability, with a combined haul of $4.59 billion.

The staggering figure represents more than $1000 for every person in New Zealand, but an expert says the scale of the business justifies the rewards.

Really? To put that in context, our GDP is $240 billion. So, they're taking two percent of that, simply as profit. Its like an Aussie bank tax, but instead of being re-invested in New Zealand to benefit kiwis, it goes straight back to Australia.

This is why we need Kiwibank, and why ultimately we need to regain control of our own financial sector. Because Aussie banks are a huge drain on our economy, a permanent siphon which robs us of the capital we need to grow. They're leeches, sucking us dry.