Huge numbers of Kiwi customers don’t know who owns their bank, and it’s contributing to a multi-billion dollar profit for Australian-owned banks in New Zealand every year. In 2018, Australian banks made a profit of over $5b in New Zealand. That’s $14m every day being taken out of our economy. Yet a new survey shows … Read more
Daniel Ziffer’s rollicking account of Australia’s Royal Commission into banking is a jaw-dropping laundry list of scandals, heartbreaking stories, and ‘gotcha’ moments. The Hayne Commission was set up in 2017 to inquire into and report on misconduct in the Australian banking and financial services industry. The result was a litany of shocking revelations including charging … Read more
The scale of departing ANZ NZ CEO David Hisco’s public humiliation by his employer doesn’t fit the crime he’s said to have committed, Gareth Vaughan of interest.co.nz argues. ANZ New Zealand’s town square disgracing of David Hisco, its CEO of almost nine years, is extraordinary. He delivered in spades for ANZ NZ’s shareholders for almost … Read more
ANZ has been placed on the banking naughty step for potentially lending to New Zealanders without enough capital to protect deposits. How did this happen? Any journalist will tell you that Friday is a great time to issue an embarrassing press release. Journalists are humans with an eye on the weekend too, so they can … Read more
The exposure of New Zealand banking to the whims of the Australian owners of our four biggest banks are well known. But if one of those NZ banks fails, Australian taxpayers could find themselves cleaning up the mess, write Matthew Greenwood-Nimmo and Timothy Jackson of the University of Melbourne Australian banks have been under enormous scrutiny during the financial … Read more
As Australian banks make more and more money in New Zealand, they contribute less and less to the economy, says Sam Stubbs. Here’s what we can do about it. The Australian banking inquiry has been the greatest scandal in Australian corporate history. Heads are rolling, fines being handed out and criminal charges laid. And it’s far … Read more
The arguments against following Australia’s lead and holding a commission of inquiry into our banking and insurance industry don’t stack up. We’ve simply got to have one here, writes the head of one KiwiSaver provider Not long ago, Australian politicians, regulators, insurers and bankers were asked whether a Royal Commission into the banking and insurance industry … Read more
New Zealanders might complain about their banks but all signs suggest a Royal Commission into the industry here would fail to uncover serious problems, writes Massey Business School’s Dr Claire Matthews. One banking boss collapsed under cross-examination, another resigned after revelations that clients were charged for services they did not receive. There’s no doubt Australia’s … Read more