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Govt banking should be done with Kiwibank

03 January 2023

by Chris Leitch, Leader

Social Credit is calling on the government to change all its banking business to the now fully owned Kiwibank.

It took full ownership of the Bank in August yet almost all its banking business is done with Westpac or ANZ.

Westpac handles all deposits and payments for the Inland Revenue Department for example.

The current regime means taxpayers are funding the profits of Australian owned banks through fees for banking business of the government and its various departments and State Owned Enterprises.

That's a transfer of wealth out of the pockets of taxpayers' and directly into the pockets of wealthy overseas bank shareholders.

Those massive profits put an enormous strain on the economy as they are exported to the overseas shareholders, using precious overseas funs earned by our exporters to do so.

Taxpayers already funded the $2 billion borrowed to complete the purchase and are having to pay the interest on it.

If Kiwibank provided all government banking services the profits from the bank would go back to the government offsetting those interest charges and could also be spent on health, housing, education, police and a host of other services which desperately need a boost in their budget allocation.

For the government not to make the change is an acknowledgement that Kiwibank does not have the capability to provide those services – hardly a vote of confidence in the bank the government now owns.

Taxpayers have the right to see their hard earned tax dollars supporting New Zealand enterprises not those on Wall Street or in the City of London.

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