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30 Apr 2024 14:36
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  •   Home > News > Business

    An idea to get bank profits down without needing an inquiry

    An idea to get bank profits down without needing an inquiry


    Jacinda Ardern is telling banks to consider their social licence to operate, after ANZ announced a record profit of 2.3 billion dollars, and Westpac more than a billion.

    The Government says the Commerce Commission won't be called in to take a look.

    Simplicity Founder Sam Stubbs says we could try open banking - used in other developed nations - where books are opened to a financial provider, allowing easy comparisons.

    He says it means people could effectively transfer their bank account wherever they want, which would stimulate competition and get prices down.

    © 2024 Newstalk ZB, NZCity

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     Today's News

    Entertainment:
    Madonna has thanked her children for giving their "blood, sweat, and tears" at her 'Celebration Tour' shows as they approach the 80th concert of her latest jaunt 14:14

    Rugby League:
    The Warriors are relishing a rare 10-day build-up to Sunday's NRL fixture in Newcastle 14:07

    Politics:
    Concerns about New Zealand laws allowing prosecution of a young child 13:47

    Entertainment:
    Kim Kardashian returned to the White House on Thursday to discuss her criminal justice reform work 13:44

    Swimming:
    A pair of recent world champions headline the New Zealand swimming team for this year's Olympics 13:27

    Entertainment:
    'Young Sheldon' star Annie Potts has blasted CBS for axing the show, claiming: "It just seemed like such a stupid business move." 13:14

    Health & Safety:
    Good news for people needing medication for the rare Wilson Disease 13:07

    International:
    Mohamed Ahmed Omer, who stranded his wife in Sudan, becomes first man convicted of exit trafficking in Victoria 12:57

    Entertainment:
    Emma Stone would like to be known by her real name 12:44

    Law and Order:
    A man has been arrested with a toy gun at Auckland's Lynnmall centre this morning 12:27


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