Month: March 2023

Debate rages over call for bank levy and profits inquiry

“Last year banks made a net contribution to our economy of $1.92bn. They spent $9.1bn running their businesses and paying tax in New Zealand, compared to combined profits of $7.18bn,” Beaumont said.

Union calls for 5% levy on ‘excess bank profits’

New Zealand Banking Association chief executive Roger Beaumont said bank profits looked big because they were among the country’s biggest companies. “They employ over 28,000 people in New Zealand and lend over $540b to fund household and business needs. Last year banks made a net contribution to our economy of $1.92b. They spent $9.1b running… Read more »

Amid fears for small players, big banks agree to a competition inquiry

“We often hear about bank profits going overseas,” says chief executive Roger Beaumont. “That’s half the story. Banks also spend a lot of money here and pay a lot of tax. They actually spend more here than they take away in profits.” He says the net positive contribution to the economy is $1.92 billion. “And that’s… Read more »

Fasten your seatbelts

We continue to live in interesting times. Since the arrival of Covid-19 three years ago, provoking an unprecedented response around the world and in New Zealand, nothing seems quite the same. While New Zealand weathered the Covid onslaught relatively well compared to other countries, the economic consequences are still very much with us. Added to… Read more »