PM Finds Next Scapegoat, Banks
November 7, 2022
[Ardern] instead challenged banks to look at their own policies, and reflect on whether they were doing the right thing. She believed banks were well aware New Zealanders were facing increases in the cost of living.
“The question I would pose to them is they may be operating as other banks are, but are they demonstrating social license?
“Are they demonstrating commitment to the communities they’re serving by taking profits such as those in these current times?”
Ardern also wouldn’t say whether the Commerce Commission would investigate the sector, like it did for supermarkets, fuel, and building supplies.
On the cost of living, the Prime Minister acknowledged the government’s balance sheets were benefiting from the same forces as banks, such as additional tax revenue, but it was using its social license to support New Zealanders through things like the Family Tax Credit, fuel subsidies, and the extension to free childcare announced at the weekend.