Keys is right...Labour had plenty of opportunity. We should be very thakful in NZ that largely the global recession passed us by. In some countries (for anyone capable of reading a newspaper) large numbers of people have left their homes and mortgages, and many lost their entire savings in banks that folded. Labour needs to think of something useful and helpful to make NZ even better. Just think, if interest rates dropped to European or US levels, what would the elderly in NZ live on when their money only gets 1%. That would be a far worse crime.
Really BarrySurely it should come down to the price one pays to be with the best. Kiwi Bank has now been around for 4 years+. If it was the best, people had all this time to switch!!!
jim 12th Nov; People cannot afford to change banks whilst they are charged exorbitant fees to move from a foreigen bank to a genuine NZ bank
The OCR does not drive interest rates. Kiwibank is a NZ bank that is set up to compete and their rates are not cheaper. TSB as well. I don't fully understand myself what is driving the rates, but it is more complex than people think.
So, if the Aussie banks are so terrible, why is not all Kiwi's going to Kiwi Bank? Maybe, it is because Kiwi Bank is not that great!!!
i totally agree with wolfman !!!!! who can you trust!! action speck louder than words.
Neville, I think you'll find that the Section 59 bill was first introduce and given headyway in Jun/Jul 05, with 1st, 2nd & 3rd readings under Labour I would be very hesitant in taring National with that brush.I also agree that there could be more given in respect to margin on mortgage rates however for those that know and understand the markets it's not simply the OCR that dictates, in fact that has only a very small bearing on the consumer rates, with a balance being required between OCR, wholesale market rates, offshore funding lines, local deposit rates etc etc. Let's makle sure that if someone is going to cast an opinion that they do so armed with all the information to ensure a balanced well rounded outcome - unfortunately this isn't the case here and is nothing more than grandstanding.
What a bunch of hypocrites this Labour, Green and Progressive bunch are. They had 9 years to sort out the banks and did nothing, and now they are blaming the National Party. Goff and his Cronies should start shutting their mouths, as everytime they open them they put all their feet in them. But saying this, of course Key will do nothing, after all he was a banker and that's how he made his millions. Go Figure.
This is a mistake Key has made. It shows he is out of touch with those paying mortages and are struggling.It also shows that he is out of touch for kiwi business who are paying higher rates here then similar businesses in Australia.Lets face it, Australian banks are milking us, and the government are prepared to accept it.I also dont like Keys comments on saying Labour had 9 years to do something about it, so why should he do something. John, stop blaming the previous government, you are the PM now, so act like one.Key has now got cocky over the polls. He is living in falls paradise.
This was the biggest waste of money ever.They come up with what everyone knows.The intrest rates where what when Labour was in? They should of done something when we were all paying 9+%.
