The woman who conducted the Leaders Debates at the last Election, Jessica Mutch McKay, who worked for failing State-Owned One News as its Political Editor, resigned last year from that job to become Head of Government Relations & Corporate Responsibility at ANZ. Don't you love that euphemism, "Government Relations"? ANZ's present Chair & CEO were on the Air Force Jet with PM Luxon on his Japan trip. He says they're "A-listers". Apparently a Kiwi starting up an internet finance company to take business away from the Big Banks doesn't qualify. ANZ's Chief Economist, Sharon Zollner, is given free time & space across the Main Stream Media, including the likes of NewsTalkZB, to go on anytime to pretend to talk economics, but actually just advertise ANZ Bank. A few years ago, Infrastructure NZ invited the ANZ Chief Economist to interview the Secretary to the NZ Treasury at the start of its conference. Nice for some to have the inside track on the future of NZ, no doubt helping ANZ plan its financial future. None of my University colleagues have ever been invited to do that kind of thing. But then again, we're not a big corporate sponsor.
ANZ is the "Key, Premier Sponsor" of a conference this August, called Building Nations, in Auckland. Who are they paying for to speak (with your mortgage interest payments)? The likes of Ed Glaeser, Head of the Harvard Economics Department, who I already invited to NZ a few years ago on a non-partisan visit hosted by Auckland University & Motu in Wellington, during which time he spoke with everyone he needed to in government, Councils & private sector. What's the point of a repeat visit, other than a publicity stunt to generate headlines for ANZ? The ANZ CEO & Chief Economist will be sharing the stage and "networking" with Chris Bishop, Minister of Infrastructure, MP Simon Watts, MP Simon Court, Mayor of Auckland, and CEOs of the NZ Transport Agency & NZ Infrastructure, who will also be there.
John Judge, a former Chair of ANZ Bank is a Director of the NZ Initiative, which has become the Think Tank of the National Party, whilst pretending to be non-partisan. ANZ Bank is a fully paid-up Member of the Initiative. Its' former employee, Matt Burgess, is PM Luxon's Economic Adviser. Its' current employee, Michael Johnston, was appointed Chair of the Coalition's newly established Ministerial Advisory Group to review the primary school English, Maths & Statistics curricula in NZ. I could go on, filling pages on how ANZ Bank has become indistinguishable from the NZ Government. Its our very own East India Company. No wonder Kiwis are losing faith in capitalism. It has become dominated by those who pretend to support free markets, but in practice, behind our backs, push back against them. This claustrophobic, inbred side of NZ, whereby the "A-Listers" get together to carve up the country and put up the cost-of-living for C-listers has got to stop.
Sources:
ANZ is the "Key, Premier Sponsor" of a conference this August, called Building Nations, in Auckland. Who are they paying for to speak (with your mortgage interest payments)? The likes of Ed Glaeser, Head of the Harvard Economics Department, who I already invited to NZ a few years ago on a non-partisan visit hosted by Auckland University & Motu in Wellington, during which time he spoke with everyone he needed to in government, Councils & private sector. What's the point of a repeat visit, other than a publicity stunt to generate headlines for ANZ? The ANZ CEO & Chief Economist will be sharing the stage and "networking" with Chris Bishop, Minister of Infrastructure, MP Simon Watts, MP Simon Court, Mayor of Auckland, and CEOs of the NZ Transport Agency & NZ Infrastructure, who will also be there.
John Judge, a former Chair of ANZ Bank is a Director of the NZ Initiative, which has become the Think Tank of the National Party, whilst pretending to be non-partisan. ANZ Bank is a fully paid-up Member of the Initiative. Its' former employee, Matt Burgess, is PM Luxon's Economic Adviser. Its' current employee, Michael Johnston, was appointed Chair of the Coalition's newly established Ministerial Advisory Group to review the primary school English, Maths & Statistics curricula in NZ. I could go on, filling pages on how ANZ Bank has become indistinguishable from the NZ Government. Its our very own East India Company. No wonder Kiwis are losing faith in capitalism. It has become dominated by those who pretend to support free markets, but in practice, behind our backs, push back against them. This claustrophobic, inbred side of NZ, whereby the "A-Listers" get together to carve up the country and put up the cost-of-living for C-listers has got to stop.
Sources:
https://www.fool.com.au/2022/04/08/who-owns-anz-shares-take-a-look-you-might-be-surprised/
Professor Robert MacCulloch holds the Matthew S. Abel Chair of Macroeconomics at Auckland University. He has previously worked at the Reserve Bank, Oxford University, and the London School of Economics. He runs the blog Down to Earth Kiwi from where this article was sourced.
9 comments:
Between the A Listers and the elite part-Maori, it doesn’t appear there’s much left by way of pickings for the rest of us. Welcome to the proletariat.
Government policy is dictated by bankers and elitists, who are anything but representatives of the people.
Both sides seem to rely on outside help for where to go next and how to get there. Labour uses consultants that have no interest above their own. National pawn it out to groups like the NZ Initiative, who also have no interest higher than their own.
Which makes me think, why do we even have a parliament. The sitvin a fancy room, yelling insults at each other, then ask their advisors for a report card and how to improve.
We may as well get the consultants and NZ Initiative to set up a committee and hand over the reins. Close parliament down, along with all the hangers on. Save millions and at least have some continuity.
As for Infrastructure NZ, that is worse than ANZ, despite the name it is Chinese owned.
Fear not Robert your message is much appreciated down south.
Southland has achieved the most productive province in NZ , toppling Auckland this year . This proves that a province does not need ANZ style slaps on the back , high fives, costly unproductive get togethers for corporates and "A" listers to make captain calls .
There was a whisper on the waves in Foveaux strait amongst the blue cod ,oysters and crayfish that a special guest may arrive direct from her Harvard studies to assist ANZ , Building the Nation with empathy .
I note that ANZ have closed their high profile site in Queenstown and moved to the suburbs seemingly to escape tourism, travellers and pesky international customers.
Here's a thought.
Split NZ in two.
Ngai Tahu can go back to the North Island where it came from before invading the South Island and killing and eating the then locals. The North Island can become an independent Maori state along with the woke and the ANZ, governed by the Waitangi Tribunal and the media, out of Auckland. Who cares about the rest of the North Island.
The South Island likewise can become independent, home to the hard-working no nonsense types who create value for their communities , encourage you to actively participate and don't really care what your DNA is.
North Islanders can come for offshore holidays especially in Central Otago where they can be contained within the mountains, and where they can pay for the privilege.
Christchurch can remain the enclave of those who insist on a touch of snobbery, and Invercargill could be the place of government. Southland breeds hardy people and Invercargill is a very pleasant city albeit totally under-rated.
The economic hub could be Dunedin - again, the source of resilient types and understated wealth. I have no doubt that if the locals had their way, Otago University would resurrect itself as a centre of learning and academic integrity. Canterbury University would not be needed so can be closed. Maybe reinvented as housing? This could suit those desperate to emigrate from England bringing their pre-brexit euro stash with them.
Just a blue print. Constructive ideas welcome, including time line.
Anon@11.33, that's hardly a new idea. I remember it being around many decades ago as a potential Treaty settlement solution. You've forgotten an important step - once the relocation is complete, which would likely include many people moving south, the Cook Strait electricity cable is then terminated. It shouldn't be that many years before the North Island is again in the ownership of the majority. Of course, that assumes the northerners won't embrace nuclear technology, or whomsoever they sell out to won't.
Sometimes the old ideas are the best ideas.
Anon@1133, what a great idea. Sure it’s not new but it is highly likely to get a good deal of impetus over the next few years. It seems to meet everyone’s idea of utopia. Our tribal mates can restructure the NI to something resembling the conditions of 1760, as the more hysterical all seem to wish, while anyone not entirely satisfied with that approach could apply for SI citizenship. And if global warming delivers on all the promises the more chilly aspects of the southern climate may well be moderated to everyone’s satisfaction. Here’s hoping eh?
the whole banking situation in NZ is an enigma...
everyone hates the major banks as they ship profits out of NZ. yet, almost everyone i know has an account with them instead of local banks.
kiwi bank is fully local & even supported by the govt. yet, hardly anyone recommends using this bank and rarely do we hear any positive experience dealing with this bank. why is that?
if banking in nz is super profitable so the big banks are creaming off the money, why is it that kiwi bank is unable to do the same? why are we not having other banks knocking the doors of RBNZ asking them to allow entry?
despite the wonders of technology and interconnectedness of banks, why does it take almost a day to transfer funds between banks and you get no confirmation if & when funds were credited? how is it possible that a 3rd world country like india can do better than us on this front?
if rbnz is not 'insuring' the loans, why don't they let banks decide their risk appetite and allow free market to decide on margins, amounts & rates?
what is preventing a pure online bank fully owned locally that allows majority of kiwis to get a 'fair deal' on deposits and loans?
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