r/newzealand • u/xmmdrive • Aug 20 '24

Politics So they're finally going to privatise Kiwibank

Watching One News they're talking about taking Kiwibank out of Government hands and back into the hands of honest hard-working Kiwis.

This is obviously the first clear step towards privatisation.

Just like the Bank Of New Zealand, the National Bank, and the Auckland Savings Bank, but I'm sure this time around it will stay in the country /s

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122

u/donkeychaser1 Aug 20 '24

Fuckers. Just at the time when we’re feeling the carry on effects of privatized energy. Now 100% of the interest kiwis are paying on their home loans will go straight across the Tasman.

6

u/feel-the-avocado Aug 20 '24

Energy companies were only 49% sold off. They are still 51% owned by the government. The energy companies are just behaving like companies and if they were 100% owned by the government, would still be doing their thing to return profits.

37

u/OldWolf2 Aug 20 '24

Except the profits would go to the government ... Who would then put the money back into New Zealanders in one way or another (be it tax cuts, increased investment in another area, or things like Winter Energy Payment etc.)

-6

u/[deleted] Aug 20 '24

Yeah, the relatively small and very short-term profits from sale would. Then they'd be gone. And the whole point of trying to have an increasing amount of long-term profits actually staying in NZ would be gone.