Blog rate

For God’s sake Grant – windfall tax the bloody banks!


These bloody banks are making obscene profits at a time when we are struggling to rebuild after Covid.

It is not acceptable for the citizens of Aotearoa to bear the yoke of taxation as corporations manipulate monopoly, duopoly and oligopoly structures to milk rentals like this in New Zealand!

ANZ made $2 billion in profit???

ANZ posts first $2 billion profit: ‘Keep an eye out for recent buyers’

ANZ’s chief executive said the bank is closely monitoring borrowers who have been stress tested for their home loans at below current market interest rates.

The country’s largest bank released its first annual profit of $2 billion on Thursday.

In the 12 months to September 30, it had net income after tax of $2.064 billion, up 8% from a year earlier. Its statutory after-tax net profit, which includes gains and losses from economic hedges, was $2.229 billion, up 20%.

TDB recommends

Net interest income increased by 10%. Chief executive Antonia Watson said the 8% rise in profits was the result of a combination of pent-up post-pandemic economic activity and a buoyant real estate market.

As interest rates rise and a global recession looms, New Zealand corporations continue to make disgusting monopoly rentals to our economy!

Why the hell aren’t we talking about the obscene wealth New Zealand banks have created on Covid?

ASB made a profit of $1.4 billion…

ASB bank posts annual profit up $1.42 billion

…and the banks collectively made $6 billion in profits…

Record profit: New Zealand banks made more than $6 billion in 2021, KPMG report says

…while charging the Kiwis $5 billion in interest…

Banks post record profits and edge closer to $5 billion in interest income as mortgage costs soar

…why don’t we hit them with a windfall tax so we can rebuild the infrastructure that will allow us to grow from Covid?

Britain has passed a windfall tax on oil and gas profitswhy can’t we do it on our banks?

We have survived a pandemic that only happens once in a century, but if this government refuses to use the MMP majority it gained in the 2020 elections to challenge the power of the richest and most powerful to to ease the tax burden on the poor, so what was the point of winning in 2017?

I am no longer looking for Labor Grant socialism, just grassroots regulated capitalism and when corporations gain the type of dominance of the 4 Australian banks there is an obligation to intervene.

Tax the banks with a windfall tax and invest that money in building the capacity of our social infrastructure.

It is the least a Labor finance minister can do.

Having more and more independent opinions in a mainstream media environment that mostly echo each other has become more important than ever, so if you value having an independent voice – please donate here.

If you can’t contribute but want to help, feel free to share our blogs on social media.