Bank changes

Whangarei Report - - OPINION -

The like­li­hood of a Shane Jones visit to the Re­serve Bank stop­ping the Aussie-owned banks clos­ing pro­vin­cial branches is zilch, nada.

It would be eas­ier to get ve­hi­cle en­gines to run on wa­ter.

That would at least save us a bun­dle on cli­mate change costs, and fuel costs, by al­low­ing us to fill up from our rain­wa­ter tanks, eas­ing the over­load­ing on stormwa­ter in­fra­struc­ture. While he’s right that the Aussie banks ex­tract nearly $5 bil­lion profit each year from the pock­ets of Ki­wis and ex­port it over­seas, he would be bet­ter off talk­ing to his Cabi­net col­leagues about get­ting Ki­wibank to take over where those banks close up shop.

Even bet­ter would be if he con­vinced the Gov­ern­ment to do its own bank­ing with Ki­wibank in­stead of with the Aussies.

But the re­ally big win from Mr Jones’ talk with the Re­serve Bank would be if he could con­vince it to be­come the source of funds for the Gov­ern­ment, as So­cial Credit sug­gests.

That would free up the $4.7b in in­ter­est paid ev­ery year on gov­ern­ment bor­row­ing — tax­payer money that could be used for much needed spend­ing on health, ed­u­ca­tion and build­ing in­fra­struc­ture.

That, Shane, would be some­thing worth mak­ing a noise about.

_ Chris Leitch Whangarei

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