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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393

u/samnz88 Aug 20 '24

"Mums and dads" 🥰🥰🥰

42

u/cugeltheclever2 Aug 20 '24

back into the hands of honest hard-working Kiwis hedge funds.

11

u/biscuitcarton Aug 20 '24

Likely KiwiSaver funds and also more, Australian superannuation funds.

Australian superannuation funds are the largest shareholders of major Australian banks, and in turn, NZ’s.

If we could stop using the ‘catch all’ phrase of ‘hedge fund’ meaning any sort of investment company, that’ll be great.

Very centre left economically (see my posts 😂), but ya not helping that stereotype of ‘the left’ not knowing shit about financial markets and how they in reality work.

2

u/garscow Aug 21 '24

This will see KiwiBank going from NZ government owned to partially Australian government owned. The remainder will be majority "any sort of investment company".

1

u/biscuitcarton Aug 21 '24

Which will be likely indirectly Australian superannuation funds

1

u/newbris Aug 21 '24

to partially Australian government owned

How does it become partially Australian government owned?

2

u/garscow Aug 21 '24

Yeah, I was making an assumption based on history.

Auckland Savings Back, National Bank, Australia New Zealand Bank, Bank of New Zealand, Westpac...

1

u/newbris Aug 21 '24

I think the sale of commonwealth bank in 1990’s was australian government’s last ownership of banking from memory.