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Interest.co.nz submission to Parliamentary Inquiry Sept2
This document contains the text from a submission to a multi-party inquiry into banking in New Zealand. It addresses several issues, including arguing that the main problem is New Zealand's structural settings that favor housing investment rather than bank profiteering. It also notes that wholesale and local funding costs for banks have increased while bank net interest margins have actually fallen. The submission suggests solutions such as a flatter tax system, more productive investment, less property speculation, and changes to capital adequacy rules and requirements.
Interest.co.nz submission to Parliamentary Inquiry Sept2
- 1. Submission to Multi-PartyInquiry into Banking by interest.co.nzParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 2. Why the problemis not bank profiteering. The problem is New Zealand’s structural settings favouring housing investment.Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 3. Who are weto say this?Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 4. NZers care anawful lot about interest ratesParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 5. Obviously banks areprofiteering…right?Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 6. That’s a biggap. They must be creaming it.Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 7. Wholesale funding costsare up 100 bpsParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 8. Local funding costsare up 150 basis pointsParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 9. Bank net interestmargins actually fellParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 10. And they’ve beenfalling for a long whileParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 11. The bias tofarm and housing lending worsened in 2009Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 12. And the connectionis a foreign debt blowoutParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 13. Who in thisroom has an LAQC or family trust?Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 14. Ever wonder whata loss of sovereignty might look like?Parliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 15. Reserve Bank GovernorParliamentaryBanking Inquiry- Wellington - Sept 2, 2009
- 16. Bank regulatorParliamentary BankingInquiry- Wellington - Sept 2, 2009
- 17. CurrencyParliamentary Banking Inquiry-Wellington - Sept 2, 2009
- 18. So what dowe do?Parliamentary Banking Inquiry- Wellington - Sept 2, 2009 Flatter, simpler tax system
- 19. More productiveinvestment
- 20. Less propertyspeculation
- 21. Land taxor Capital Gains Tax
- 22. GST onmortgages/rents?
- 23. Use capitaladequacy rules
- 24. Bigger capital‘top-ups’ And give this man a knighthoodParliamentary Banking Inquiry- Wellington - Sept 2, 2009
- 25. Thank you foryour timeParliamentary Banking Inquiry- Wellington - Sept 2, 2009
Editor's Notes
- #3 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
- #4 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #5 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #6 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #7 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #8 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #9 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #10 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #11 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #12 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #13 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #14 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #15 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #16 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.
- #17 Numbers at end of 2007. Net worth tripled since 1997. House value tripled since 1997. Mortgages tripled. Shares doubled.