National’s Westpac Mate Creams Kiwis

new-zealand-first-party

Mon Nov 14 2011 13:00:00 GMT+1300 (New Zealand Daylight Time)

National’s Westpac Mate Creams Kiwis

Monday, 14 November 2011, 3:35 pm
Press Release: New Zealand First Party

Rt. Hon Winston Peters Leader NZ First
November 14 2011

National’s Westpac Mate Creams Kiwis

New Zealand First says the multi-million dollar pay deal received by the Westpac bank boss shows how the Aussie banks are creaming it at the expense of New Zealanders.

Westpac New Zealand chief executive George Frazis was paid $5.4 million in the year to September, the second year in a row his pay has topped $5m.

The figure likely makes him the highest paid CEO in New Zealand this year.

Rt Hon Winston Peters says on top of his extortionate pay, Frazis was given a tax cut of more than five thousand dollars a week when the National Party increased GST and gave the rich tax cuts less than two years ago.

“Westpac took $454 million from New Zealand with a profit rise of more than 40 percent. No wonder this bank can afford to give truckloads of money to its New Zealand boss.”

Mr Peters says many New Zealanders may not be aware that Westpac handles the government accounts so a lot of its profits are coming straight from taxpayers.

“Westpac enjoys very good relations with the National Party. It has even hired a retiring National cabinet minister to help keep its profits flowing.

“It’s high time Kiwibank was revamped to take over the government accounts and it’s time New Zealand owned a bigger chunk of its own banking system,” says Mr Peters.

ENDS

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