Bank profits soar while economy crawls

With a massive resurgence in profits that significantly outperforms growth in the rest of the economy it is time for the Australian banks to sign up to a Better Banking Charter, Finsec said today. The big four Australian owned banks posted profits of nearly $2 billion in the last financial year.

Both Finsec and its sister union the Finance Sector Union of Australia are calling on the banks to sign up to our Better Banking Charter to increase accountability for the sector.

“In Australia these banks are facing customer and community outrage over interest rate and fee gouging and massive CEO bonuses. It is time to set some fair rules to ensure that we don’t see more of these tricks in New Zealand,” said Finsec Campaigns Director Andrew Campbell.

“The charter sets out what the average Kiwi would consider fair. That banks don’t increase interest rates more than they have to and that jobs are not sent overseas or cut while profits rise,” said Campbell.


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