Piggy Bank taking off via Getty
Piggy Bank taking off via Getty

Lloyd Burr: The profits of these banks MAKES ME FURIOUS

Lloyd Burr 01/11/2021

OPINION: I’m a pretty level-headed guy. 

But when I saw Westpac report a billion-dollar annual profit today, my head nearly exploded. 

A billion dollars. 

And that’s not it’s Australia and NZ businesses combined, it’s just the NZ profit. 

A billion dollars! 

And last week, ANZ reported an annual profit of $1.2b. 

1.2 billion dollars. 

And that’s just the NZ arm of its Aussie-NZ business. 

Two banks, with a combined profit in NZ of nearly $3b. 

That is not ok. 

Surely that’s a sign that something is not right in our country. 

Especially at a time when New Zealanders are struggling, businesses in Auckland are on the verge of collapse, we have growing inequality, a worsening housing crisis, and a pandemic that’s ruining our lives. 

Is it time for the government to reign in the big banks and their big profits and ensure they’re not taking the mickey so flagrantly? 

I understand they need to make money, but these are mega-profits. 

This is simply taking the piss out of all of us. 

Taking thousands of our hard-earned dollars and handing to some fat cat investors living overseas. 

We’re better than that. 

It’s time to reign in the corporate greed. 

It’s time for some corporate responsibility. 

Catch Lloyd Burr Live every weekday from 4pm on Magic Talk.