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Banks cashing in? Commerce Commission highlights profit concerns

Banks are the next organisations in the Commerce Commission’s spotlight – and it has already indicated that they appear to be making big profits.

The competition watchdog has released its preliminary issues paper in its market study, seeking feedback.

As part of that, it made several early observations about the state of competition in New Zealand’s banking sector.

The Commerce Commission were too weak and spineless to deal to the Supermarket Duopoly, they will do jack shit to the Banks.

While any actual regulation is laughed at, another NZ Banks rakes in billions in profits…

Major bank records net profit of more than $1.5 billion

ASB has reported a net full-year profit of $1.56 billion for the 12 months to June 30 this year.

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It’s a 6% increase on the previous year and was boosted by a wider interest margin and lending and deposit growth.

The bank’s chief executive Vittoria Shortt said the result reflects a strong first half, with performance softening for the six months to June 30.

She said ASB is seeing clear signs that growth is slowing, which is a reflection of the current economic environment.

“However, our balance sheet remains strong and resilient which positions us well to continue to support our customers and the New Zealand economy.”

…ANOTHER OBSCENE PROFIT FOR BANKS?

Come on people!

The Australian Banks make more here than they do in Australia because they price gouge us and are pimps fuelling the property speculation!

Asking if Bank profits are ‘excessive’ misses the point – with 27 000 on emergency housing wait lists, 100 000 food parcels a month & underfunded health, education & welfare social infrastructure collapsing, Bank profits are obscene!

Windfall tax those rich pricks!

If you are going to turn a blind eye to the obscene profits made by foreign banks using the rigged casino of oligopoly can we all at least agree on one thing, that when the economy predictably ruptures this year and the corporate banks come to the Government with their giant golden begging bowl, encrusted with diamonds, emeralds and sapphires, carried into the room on the backs of homeless children, when the 4 big Foreign Banks come begging to be bailed out, we collectively tell them to go fuck themselves right?

Surely you simpering gimps sucking up to the banks by refusing to tax their obscene profits can collectively agree not to bail these greedy pricks out when the economy goes belly up right?

RIGHT?

Look at how the wealthy and rich are rushing to support the Right…

…Bernard Hickey has argued, “We could have gotten $200 billion in extra tax revenues if only there had been a fair tax system which meant that capital gains were taxed at the same rate as every other type of income.”

In a liberal progressive democracy, it doesn’t matter what role you play in the complex super structure of our society and economy.

It doesn’t matter of you are a garbage collector, a dr, a nurse, a drain layer, teacher or tradie – if you all stopped doing your jobs the system can’t work.

Everyone deserves to share the collective harvest of civil society with public services and policies focused on the public good enshrined in the intrinsic civil liberties each individual has.

Wealthy individuals who become mega rich thanks to the landscape generated by those values are required to pay more back into the system they have benefited from beyond the bare necessity of ruthless accountancy practices.

These rich pricks have designed the system for themselves, ‘you can’t tax unrealised capital gains’ the Right scream, like bullshit we can’t!

Council rates are based on valuation and you can borrow against that capital gain.

If it means the mega rich have to sell a mansion or two to pay the tax bill, so fucking be it!

There are 14 Billionaires in NZ + 3118 ultra-high net worth individuals, let’s start with them, then the Banks, then the Property Speculators, the Climate Change polluters and big industry.

Aking these levels of extreme profit right before the looming recession of late stage capitalism is an outrage!

Forget Canary in the Coal Mine, NZ is the Kiwi in the minefield 

Next month the books are opened and the scale of exposure to the Chinese slowdown will be made painfully apparent to a shocked electorate.

Global markets will be watching our imploding economic situation as evidence of a slowdown in China that is far more bleak than being currently appreciated.

The post covid death and serious illness rates are far more damaging than China admitted, the property industry has simply become more destabilised and indebted while the geopolitical tensions with America keep ratcheting up.

Let’s not forget the catastrophic climate events that are burning and drowning China at the same time.

China has become one of our largest trading partners, but their new mega dairy farms are supplementing their need for our product.

We put all our cows in one Beijing Paddock thanks to John Key who is out there once again  singing the praises of his Chinese Overlords.

When our books are opened it will expose how vulnerable NZ is to China’s downturn and that downturn is far worse than the Market is currently try pricing in.

Expect a heavy stock market drop as cash gets sucked overseas which will hurt many KiwiSaver accounts as inflation continues to burn.

We are in for an enormous economic reckoning and voters aren’t prepared.

 

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