Tell ‘im ‘e’s dreamin’

Someone needs to tell James Shaw that Kiwibank would need a whole lot more capital than $100 million to allow it to compete with the Aussie banks.

Kiwibank would get a $100 million capital injection to turbo-charge its expansion and create more competition in the banking sector, under Green Party policy.

In announcing the policy today, co-leader James Shaw said a lack of competition among the big Australian-owned banks meant Kiwis were missing out on lower mortgage rates.

“Beefing up” Kiwibank would lead to lower interest rates and could save homeowners hundreds of dollars, Mr Shaw said.

“Under our plan, a first-home buyer in Auckland with a $500,000 mortgage could save $690 a year, meaning they pay off their mortgage earlier.”  

Across the entire economy, these mortgage savings alone translate into savings of $312 million a year.

That’s a massive saving for NZ Inc.

“We’ll help Kiwibank to grow faster by injecting $100 million of capital into the bank and let it retain more of its profits.”

What a load of rubbish. There is not guarantee that chucking $100 million into Kiwibank would do anything of the sort.

In fact all that allows Kiwibank to do is fund 100 million dollar houses in Auckland.

Maybe if he was promising to capitalise Kiwibank with a billion dollars he might be believed…then mocked for such an outrageous promise.

Yet again the Greens and James Shaw prove how inept and as a consequence of the that ineptness just how dangerous they are.

Daryll Kerrigan needs to call James Shaw and tell ‘im ‘e’s dreamin’.

 

– NZ Herald


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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

To read Cam’s previous articles click on his name in blue.

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