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NZCTU welcomes Commerce Commission’s inquiry into banking sector

Commerce Commission’s inquiry into banking sector

The New Zealand Council of Trade Unions is today welcoming the release of the Commerce Commission interim issues paper on the market study into personal banking services.

NZCTU President Richard Wagstaff said the initial research was staggering.

“Yesterday, Westpac workers were on strike for better wages after an insulting offer. Today, we hear from the Commerce Commission that banks are more profitable here than in comparable economies over the past decade.”

The Commission has said that it will examine the level of profits being made by our biggest banks.

“As a country, we deserve a safe banking sector, one that looks after the needs of New Zealanders. That’s not the same thing as a sector that is drawing huge profits at the expense of consumers and workers.

“Everyone should be contributing to reducing our current cost of living challenges. We fully support the Commerce Commission in its decision to investigate this further – coming off the back of studies by the Reserve Bank and the Treasury which make similar findings.

“Higher profits within the sector should be rewarding those who are directly responsible for the generation – the workers in the banking sector. We would urge Westpac to work with FIRST Union to provide a solution to the current strike.”