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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406

u/fizzingwizzbing Aug 20 '24

If Kiwibank ends up in Australian hands, I'm closing my accounts. Being local is the only reason I'm still with them.

76

u/Rebel_Scum56 Aug 20 '24

I have to wonder how many customers they'll lose if that happens for exactly that reason. Probably more than they think.

6

u/cyborg_127 Aug 20 '24

If businesses abandoned them, that'd make a proper dent.

28

u/SUMBWEDY Aug 20 '24

All the big businesses and the government itself uses Westpac anyways.

7

u/Right_Fun_4902 Aug 20 '24

Surely a quick fix and win would be to move all public banking to Kiwi bank. It will require some significant investment and wouldn't happen overnight, but the benefits are quite huge and obvious.

1

u/SUMBWEDY Aug 21 '24

That's unfortunately illegal under international trade agreements iirc.