March 14, 2023

“Little guy” milked as bank profits rampant

Peter Verschaffelt Posted On March 14, 2023

The Māori Party wants the Government to regulate banking, electricity and groceries.

Pressure is growing for a Commerce Commission or even a royal commission investigation of the banking sector, although National is trying to deflect that by calling for a select committee review.

Maori Party president John Tamihere says governments are there to regulate abuse and misuse of authority and power through cartels or monopolies.

“It’s not just banking. Have a look at electricity. Have a look at groceries. Have a look at everything. The little guy is just getting milked to death,” he says.

Mr Tamihere says Australian banks make higher profits out of New Zealand than they do across the Tasman, and an inquiry is long overdue.