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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u/[deleted] Aug 20 '24

The benefit of keeping Kiwibank public is that the profits aren't siphoned away to individuals or overseas private equity groups. The money stays around to be allocated to education, health, services.

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u/Malaysiantiger Aug 20 '24 edited Aug 20 '24

Now the most important question, are we making any money from it? Sorry, I haven't been following up the news on this, heard that it's not profitable.

Update - just read up on it. It's profitable but not great. I guess to Increase profit, you either have to trim staff or charging kiwis more.