Banks pocket OCR cut while making $90m a week

new-zealand-labour-party

Thu Mar 17 2016 13:00:00 GMT+1300 (New Zealand Daylight Time)

Banks pocket OCR cut while making $90m a week

Thursday, 17 March 2016, 9:10 am
Press Release: New Zealand Labour Party

15 March 2016 MEDIA STATEMENT

The Government must pressure Australian trading banks, which pocket almost $90million in profit each week, to pass on the recent OCR interest rate cut and help not only struggling farmers but all New Zealanders, Leader of the Opposition Andrew Little says.

“Offshore banks send billions of dollars overseas each year while the Prime Minister talks about a thousand dairy farmers being forced off their land because of bank debt.

“That’s not right. Those who have profited during dairy’s good times must now come to the table to work through a long-term solution. That should start with passing on interest rate cuts and doing everything possible to keep Kiwi farmers on their land.

“Forced sales will only mean more of our productive land will end up in overseas ownership.

“That’s not good for farmers and it’s not good for our economy. John Key needs to stand up for New Zealanders by telling the banks now is the time to give something back to the industry and to New Zealand.

“It’s in everyone’s interests for New Zealand farmers to be helped through this crisis so that our land remains in Kiwi ownership. Overseas banks need to be reminded of that,” Andrew Little says.

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