A finance expert has signalled his suspicion at the “enormous” profit the big four Australian banks are making off New Zealanders, indicating a royal commission into our banking sector may be needed.
Data has revealed the big four Australian banks are making more money out of Kiwis than Australians, with the reasons unclear.
Head of KiwiSaver provider Simplicity Sam Stubbs says the Aussie banks are making over $5 billion in profit after tax annually off New Zealanders, $1000 per person, but it’s unclear why it’s so large.
Mr Stubbs said he was unsure if Kiwis were bing ripped off by the banks, but said a royal commission into the sector like that undertaken in Australia could uncover similar malpractice in New Zealand.
“In Australia a whole lot of people were saying we don’t need a royal commission, we don’t need it. Actually when they had the royal commission, everyone’s apologised from the Prime Minister down and said ‘boy we needed this earlier’,”…