When even the Nats agree bank profits are out of control, it’s time for an excess profits tax

With calls growing for inquiries and action on bank profits, the Greens say the Government has all the information it needs to act now and put a levy on banks.

“Four Australian banks made $180 a second in the past year while lower income New Zealanders spent ever more of their income on essentials,” says Green Party revenue spokesperson, Chlöe Swarbrick.

“These banks make, on average, adjusted for income, 20% more from New Zealand customers than their Australian counterparts.

“There’s a clear and immediate solution and that’s an excess profits tax. A 10% tax on those excess billions would raise more than half a billion and go a very long way to supporting flood and cyclone impacted New Zealanders.

“When the Reserve Bank and Monopoly Watch argue there’s something far more sinister under the hood of these banks, politicians of course should take a deeper look. That’s why we also support an inquiry, of whatever form we can get across the line, to look at far more fundamental problems.

“The bottom line remains: the big banks are fleecing New Zealanders and should be taxed to help pay for the cyclone clean up. The only thing standing in the way is political willpower,” says Chlöe Swarbrick.

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