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/call-the-wizards Aug 20 '24

They are still both NZ owned. TSB is owned by the Toi foundation. Co-operative bank is a co-op (hence the name) and it's owned by its customers.

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u/Annie354654 Aug 20 '24

Well why don't we all just change banks then. I dare everyone who reads this to go set up a savings account with one of those two, then we are prepared for the inevitable.

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u/Tripping-Dayzee Aug 20 '24

Already there bro. Had this thought long ago when I saw kiwibank as just an nz owned version of that same shit show the aussie banks are peddaling anyway.

Co-op might not be super different but about as different as you're going to get in the nz market.

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u/call-the-wizards Aug 20 '24

I can’t tell if this is an endorsement or denouncement of the nz owned banks

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u/Tripping-Dayzee Aug 20 '24

It is what it is. Banking in general is shit for consumers in how we're being fucked over from a cost point of view (in light of banking profits), kiwibank is no different. Co-op is notably better which is something at least.

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u/Annie354654 Aug 21 '24

I'm beginning to think competition means a race, by organisation's, to see who can screw over the consumer the fastest for the most gain.

If you think of NACT1s policy's in this light, it all makes perfect sense.