A distinctly colonial institution, banking has long ignored te ao Māori. Teaho Pihama believes investment in tikanga Māori at Kiwibank can have significant, positive outcomes for Māori. In early 90s Tāmaki Makaurau, when Teahooterangi (Teaho) Pihama was growing up riding his bike around the streets of Kingsland until the streetlights came on, the inner city … Read more
The finance minister went to Martinborough today to open a new regional banking hub. But as Alex Braae reports, many see it as too small a measure to address a serious issue for regional New Zealand. There hasn’t been a bank branch in the south Wairarapa centre of Martinborough for a long time, and there … Read more
Good morning and welcome to The Bulletin. In today’s edition: New wave of bank closures hitting the regions, Australia rocked by war crimes report, and ten years since Pike River marked. A massive wave of bank branch closures is coming, with BNZ shutting down 38 locations over the next year. They’re in both cities and towns, … Read more
If you own a small- or medium-sized business, finding and accessing financial support amid all the noise and information can be overwhelming. So we’ve put together a list of what’s out there. Government support The Covid-19 wage subsidy With $11 billion paid out over the past three months, the government’s wage subsidy is the first … Read more
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
Every few years, as the Māori economy grows, someone floats the idea of an iwi-owned financial institution. The list of pros and cons is long, writes business advisor and Treaty commentator Joshua Hitchcock. It has been a challenging period for the banking industry in New Zealand. Moves by the Reserve Bank to strengthen capital carrying … Read more
John Key insisted that the CEO of the bank had been treated in the same way a junior teller would be. Can anyone take that seriously, asks Cat MacLennan When I was a lawyer at Manukau, we used to sit in the lawyers’ room and marvel at the lenient sentences given to the rich, to … 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
Good morning, and welcome to The Bulletin. In today’s edition: Sir John Key fronts up over bank boss departure, social workers defend Oranga Tamariki actions, and major proposed Wellington festival falls over. Anyone who watched politics over the last decade will have got used to press conferences fronted by Sir John Key. The blithe reassurances, repeated use … Read more
One of the country’s highest paid chief executives has lost his job after an embarrassing brouhaha over personal expenses. Business editor Maria Slade tries to make sense of the mess. Who is David Hisco? David Hisco was the CEO of ANZ New Zealand from 2010 until Monday. He started out working for a local branch … 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
Good morning, and welcome to The Bulletin. In today’s edition: Banking in spotlight as Australian saga rumbles on, refugee quota rise confirmed, and more tricky questions over Thompson and Clark. Across two major issues right now, banks are under pressure to prove that they’re capable and committed to decency and ethical business practices. Part of the reason … Read more
ANZ’s latest recruit is a virtual assistant designed by hi-tech New Zealand company Soul Machines. Intrigued, Jihee Junn decided to give her a whirl, chatting about film, literature, and “closing the pod bay doors”. First she was Rachel, then she was Sophie, and now, dressed in a light blue shirt and thick-framed glasses, she’s Jamie … 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
For close to three decades, Eftpos has been New Zealand’s preferred payment method. But how long will it last? Justin Gregory for RNZ looks back on the growth of electronic banking and what comes next. A few years back, a Kiwi actor flew out to Shanghai to film a TV ad. The shoot would only … Read more
There are no physical branches and no paper statements, but UK banking app Monzo has managed to capture a loyal and growing following among New Zealanders living in Britain and struggling to open a traditional bank account. Nicola Kean caught up with Monzo’s Kiwi ‘squad captain’ Fred Morgan to find out what the future of … 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
Good morning, and welcome to The Bulletin. In today’s edition: Australian banking scandal described as a wake up call for NZ, Commonwealth wide free trade deal being talked up, and nurses union voting on strike opens. Scandalous banking misconduct in Australia is being described as a wake up call for New Zealand, reports Radio NZ. A … Read more
Who is bigger and badder than the banks? Apple. The tech giant is slowly capturing the mobile payments market – but is it good for consumers? You may have heard a low-frequency grinding noise emanating from the central business district recently. It’s the sort of noise produced when honeyed words are forced out through furiously … Read more