Why are our banks making record profits?

It would take a Kiwi worker earning median hourly wages a quarter of a century to earn what the bosses of the big Aussie-owned banks get paid in just one year. Banks make eye-watering profits and are accused of chasing short-term bonuses for themselves. We’re being told ‘‘open banking’’ is the way to get a better deal. What is it and does it have cross party support or is this yet another policy which will be repealed and get us nowhere? An MP from each side of the House gives their views.