Mike Hosking: Home ownership and the 'rich'

If a problem is, by and large, one of perception, we seem to have very successfully managed to work ourselves into a weird sort of lather over home ownership.

The banks have all been announcing profits in the past week or so and there has been plenty of profit to announce.

Heather du Plessis-Allan: We need an official inquiry into bank profits

Do you know what? I think we need to get on and have an official inquiry into bank profits.

If only to stop the moaning that happens like clockwork every time the banks report their profits.

You can blame the Reserve Bank for this.

Earlier this week, their Chief Economist Paul Conway said: "I think the banking sector would be an appropriate focus for a market study, should the Government wish to go there."

Bryce Edwards: Will the Govt act on mega bank profits and reform the banking sector?

The corporate retail banks are making mega profits on the back of Government policies and indirect subsidies of recent years. As a result, there are calls from across almost the whole political spectrum for greater regulation of the banking sector, including windfall taxes. But will outrage turn into action?

Prime Minister Jacinda Ardern led the charge against the banks this week, warning the likes of ANZ – which announced recently that its profits were up 20 per cent to a record $2.3b – that they are at risk of losing their “social license” to operate here. The Prime Minister sounded tough, but she was also quick to admit that she has no intention of taking any action or changing the rules. The Finance Minister Grant Robertson was also fast to rule out any reforms or further investigations.