Interest.co.nz submission to Parliamentary Inquiry Sept2
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Interest.co.nz submission to Parliamentary Inquiry Sept2

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  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled. NZ$200k home loan 10% = NZ$384 week 6% = NZ$230week = NZ$150/week NZ$100k savings NZ$135/week = NZ$60 week
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
  • Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.

Interest.co.nz submission to Parliamentary Inquiry Sept2 Interest.co.nz submission to Parliamentary Inquiry Sept2 Presentation Transcript

  • Submission to Multi-Party Inquiry into Banking by interest.co.nz
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Why the problem is not bank profiteering. The problem is New Zealand’s structural settings favouring housing investment.
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Who are we to say this?
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • NZers care an awful lot about interest rates
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Obviously banks are profiteering…right?
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • That’s a big gap. They must be creaming it.
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Wholesale funding costs are up 100 bps
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Local funding costs are up 150 basis points
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Bank net interest margins actually fell
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • And they’ve been falling for a long while
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • The bias to farm and housing lending worsened in 2009
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • And the connection is a foreign debt blowout
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Who in this room has an LAQC or family trust?
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Ever wonder what a loss of sovereignty might look like?
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Reserve Bank Governor
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Bank regulator
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Currency
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • So what do we do?
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
    • Flatter, simpler tax system
    • More productive investment
    • Less property speculation
    • Land tax or Capital Gains Tax
    • GST on mortgages/rents?
    • Use capital adequacy rules
    • Bigger capital ‘top-ups’
  • And give this man a knighthood
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
  • Thank you for your time
    Parliamentary Banking Inquiry- Wellington - Sept 2, 2009