PHOTO: TOM PULLAR-STRECKER/STUFF – Kiwibank has never been a serious competitor to the big Australian banks.
Record profits from Australian-owned banks are being cited as proof that Kiwibank has failed in its brief to provide more competition in the New Zealand banking sector.
When it launched in 2002 Kiwibank was heralded as a beacon of hope that would put an end to soaring bank profits being siphoned overseas. But 16 years later, the four big Australian-owned banks are making more money than ever before for their overseas shareholders.
In the past week ANZ, Westpac and BNZ recorded combined after-tax profits of $4 billion. ANZ alone made a record $1.99b profit in New Zealand in the past year.
READ MORE VIA STUFF
