Last month, new Reserve Bank Governor Graeme Wheeler told Parliament that our banks aren’t excessively profitable – middle of the pack internationally. He was lying.
Russel Norman asked the RBNZ for its evidence. The graph they supplied was a desperate attempt at deception. It omitted Europe’s banks, it compared our banks’ after-tax profits to other countries’ pre-tax profits – and our banks were still the 5th most profitable!
Wheeler’s excuse is that he didn’t have the facts in front of him when he made his false statement to our Parliament – oh well, that’s alright then!
Don’t forget, the billions in banks profits that flow over the Tasman every year are the biggest contributor to our growing international debt, behind only oil imports.
Looks like we’ve got another Reserve Bank Governor who will put the interests of the Aussie banks ahead of New Zealanders and New Zealand jobs every time.