Record, excessive profits in the banking industry and the high level of foreign ownership of the banking sector is causing long-term damage to the economy, the Green Party said today. KPMG's latest Financial Institutions Performance Survey found New Zealand's banks posted record collective profits up 6.9 percent to reach an all-time high of $5.17 billion last year. Interest margins are also at ten-year highs at 2.28 percent. “The fact that over 90 percent of our banking sector is foreign-owned means...

The cost to New Zealanders of National’s asset sales has today hit $1 billion, according to figures released by the partially privatised power companies. The latest interim dividend figures from the partially privatised Mighty River Power, Genesis, and Meridian show that the Crown has forgone $945.14 million in dividends since the asset sales. The National Government spent $96 million on the asset sales programme, including bonus-share sweeteners for investors. Combined, that means the asset sales have a total cost of...

Pressure is building on the Government to rewrite its Residential Tenancies Amendment Bill as almost everyone who has submitted on the Bill has called for minimum standards to be set that keep people warm, dry and safe in their homes, the Green Party said today. MPs are hearing submissions on the Bill until the end of the week, and so far many have been in favour of the introduction of a rental housing warrant of fitness, as opposed to the...

New Zealand’s rivers and lakes should be swimmable and central Government needs to hurry up to enable it, the Green Party said today. The National Government’s ‘Next steps for fresh water’ consultation document was released today and is calling for public submissions. “Measures announced are a recipe for more dirty water, and a disappointment to many around the country who want swimmable rivers,” Green Party water spokesperson Catherine Delahunty said today. “If the water standard continues to be ‘wadable and...

The Australian’s Government’s “citizenship pathway” is welcome progress but there is still a long way to go, said the Green Party today.   Today, the Australian Government announced that New Zealanders will now have a pathway to citizenship, through permanent residence, if they have been living there for over five years and have met the income threshold. The pathway is retrospective and will not apply to those who arrive in Australia from today.   “This is a good start for New...

Unless National’s Bluegreens Forum at Lake Tekapo this weekend pushes for strong environmental changes, it will only provide an opportunity for the National Government to greenwash its poor environmental record, the Green Party said today.   “Under the National Government, net greenhouse gas emissions have risen by 11 per cent compared to 1990 levels, 62 per cent of monitored recreational swimming sites are too dirty to swim in, and the Department of Conservation (DOC) is dependent on corporates to do...

Government financial statements released today are further evidence that National is failing to manage the economy responsibly for long term stability, the Green Party said. The financial statements for six months to 31 December 2015 showed a deficit of $889 million, $92 million higher than forecast. Core Crown debt grew to $66.9 billion, $1.1 billion higher than forecast. “The latest statements show the National Government is struggling to get its books in order in the short term and in the...

John Key should use his trip to Australia and Sri Lanka as an opportunity to restore New Zealand’s strong reputation of promoting human rights and standing up for our unique values, said the Green Party today.

The turning of the sod for the SkyCity Convention Centre today is not a cause for celebration for Auckland, it’s a disaster for the entire country, the Green Party said. “John Key and Steven Joyce may be smiling as they rub shoulders with the SkyCity executives today, but in reality the expansion of the SkyCity casino empire is a disaster for New Zealand, not a day for celebration,” Green Party Internal Affairs spokesperson Denise Roche said. “The pokies-for-convention-centre deal symbolises...

Judith Collins’ abuse of information about prisoners in order to attack a Labour MP marks a dangerous return to her dirty politics-style way of doing Government business, the Green Party said today.   Corrections Minister Judith Collins went on the attack today, accusing a Labour Party MP of visiting notorious prisoner Arthur Taylor, and refusing to confirm how she knew about the supposed visits.   “Judith Collins’ dirty politics-style of running her ministries is designed to intimidate opposition MPs and others...