NEW Zealand First, the populist political party that shares ideas in common with Pauline Hanson’s One Nation, is on a rapid rise in New Zealand, according to opinion polls.
As a third party force, NZ First has surged past the Greens, who like their Australian counterparts, are simply a cultural Marxist arm of the Labor Party.
Led by the political veteran Winston Peters NZ First, with 15 seats in the Parliament, shares government with the libertarian ACT (8 seats) party and the so-called “centre right” National Party (39 seats). National is the Kiwi version of Australia’s Liberals, led by Prime Minister Christopher Luxon.
Peters is also surging in polls as a preferred prime minister, up to 11.6%. Luxon reclaims the top spot, gaining 1.0 point to 21.5% while Labor leader Chris Hipkins fell 2.7 points to 19%.
Peters has set the media and various economic experts chatting furiously by proposing that the NZ government buy the Bank of New Zealand (BNZ) and merge it with Kiwibank Limited, New Zealand’s state-owned bank and financial services provider. As of 2023, Kiwibank is the fifth-largest bank in New Zealand by assets.
Luxon himself, a so-called free-market economic rationalist, has poo-poohed the idea, claiming it’s not feasible, along with David Seymour, leader of ACT.
Consensus economic opinion canvassed by media says the buyback would cost about NZ$24 billion and that Kiwibank would be better served by “an injection of private capital”. Peters will announce the funding mechanism for the plan during the election campaign but has already posted an outline on his party website (see below)..
NZ First wants to make KiwiSaver enrolment compulsory at birth and there will be an automatic immediate Crown contribution of $1000 for New Zealand citizens only. This is a once-per-lifetime investment that compounds for decades.
Universal birth enrolment will ensure every child begins their financial life as a KiwiSaver member, with a meaningful balance already growing on their behalf.
This new policy will work in conjunction with our existing campaign policy of compulsory KiwiSaver enrolment for the wider workforce and increasing employee and employer contributions to 8% initially and eventually to 10%.
Four Australian owned banks control around 85 percent of the system. They lend our deposits back to us at margins that are materially higher than those earned by their parent groups in Australia. Billions of dollars of profits a year that flow across the Tasman.
New Zealand First will be proposing a buy-back of the Bank of New Zealand from National Australia Bank, which bought BNZ in late 1992 in a deal valued at what now seems like a paltry NZ$1.48 billion with key sellers being 57.3% shareholder the NZ government, and 27% holder Fay, Richwhite.
It will be merged with Kiwibank to form the National Bank of New Zealand (NBNZ) – a fully Crown (NZ government) owned, commercially run, systemically significant domestic bank with the scale to properly compete with ANZ, ASB and Westpac.
The National Party government sold BNZ to NAB in November 1992, when privatisation (globalisation) hysteria was at its peak. The bank then had six of every ten New Zealand banking customers.
Peters and NZ First say the purchase would create real competitive pressure on the Australian-owned banks – a domestically owned strategic lender capable of supporting agriculture, infrastructure, and small to medium enterprises growth on long-horizon terms.
Kiwibank, the only domestically owned bank of any scale, currently holds just under 8 percent of the mortgage market.
The Commerce Commission 2024 Personal Banking market study, showed a structurally uncompetitive market in which the major banks face no sustained pressure to compete on price, no realistic threat of new entry at scale, and no domestic ownership accountability.
Kiwibank was created in 2002 precisely to provide a domestic challenger. But after two decades it remains a marginal player.
Successive governments have starved it of the capital it would need to be a genuine system-shaping competitor.
“The National Bank of New Zealand would not be a government department. It would be a fully commercial bank with a Crown shareholder, but run on new management structure which we will outline in upcoming campaign announcements,” NZ First says on its website.
“The National Bank of New Zealand would exist to keep the major Australian banks honest and to keep New Zealand banking profits in New Zealand.
“The buy-back of the BNZ would not be funded from the operating budget. A blended funding stack would include:
- A New Zealand Sovereign Banking Bond issuance, marketed to domestic retail and KiwiSaver investors as a direct economic-sovereignty instrument.
- Long-dated Crown debt at current sovereign rates. BNZ currently generates more than $1.5 billion in annual cash earnings – comfortably servicing the debt and returning a surplus to the Crown.
- A limited tranche of the NZ Future Fund and ACC investment, structured as a commercial equity at arm’s length and a market rate of return.
- Retention of Kiwibank’s existing capital base.
“The buy-back is self-financing in expectation. The fiscal impact is a one-off balance-sheet expansion, not an ongoing cost. This is not nationalisation – this is taking back our country,” says Peters.
“Crown-owned commercial banks operating at scale are not radical. They are normal in serious economies – Singapore, Norway, Germany, Canada, France, all have large-scale state-owned banks that have serious stakes in the market.”
IMO Winston Peters plays games. As Foreign Minister he knows what is coming, how could he not?, Agenda 2030. Any populist idea he has is just to keep his skin in the game. None of it will matter. He is as Globalist as they come. No one stays in power that long without a good financial backing probably from the less than 1% usual power brokers that Politicians bend over for. Not that anyone is looking down there. Peters chose Ardern, who was an insignificant nobody in the halls of power at the time. Why? He would have known better, but denies he did. Denies he had no inkling of what was coming. He is rude old man, like a grumpy next door neighbour, rude to his own Journalists and a master of gas lighting refusing to answer the hard questions through tactics of intimidation and sneering. He wears the same ‘foreign scarf’ as the Orange lady we have in Australia but is wiley enough not make it obvious. NZ is being screwed over just like Australia is. The technocrats have rolled into the NZ cities and prime real estate, rolling out their high tech surveillance and 5G web, they have built their underground bunkers – and no one asks why?, arrived with their big money giving them residency rights under new preference laws, while the only ones running the show from the Freemasonic Beehive (yes, the Beehive is symbolic of Freemasonry) and are wings of the same bird.
Their politics follow the same scriptz and the New Zealanders are mostly none the wiser.
Maybe the Maori are. That’s the only difference between us and them.
A thorn in their Colonialist side.
For more info on my other comments about banking and the Landmark saga, below, please search the Facebook page, “HELP – Oz Farmers under ATTACK”
https://bit.ly/2OZfarmers
These days the banks have added another layer to trick people, with the help of various governments. It’s called securitization and involves using Trojan horse entities that contain the promissory notes and/or mortgages arranged in layers (tranches). Chunks of this are sold like shares to investors, including superannuation funds. It’s a pyramid scheme scam and should be a crime!
The classic example of this is shown by the ANZ involvement in farming using the Trojan horse entity called Landmark. Landmark masqueraded as a bank, even issuing bank like statements that appeared identical to the ANZ statement format. LM lured farmers (even to the last minute), with the ANZ planning to end the scheme around 2009, sweeping up farms and throwing out those that ANZ didn’t want.
They did it this way because ANZ knew that farmers wouldn’t go for it & LM’s “green” corporate colours were the perfect lure! Of course many considered suicide after that. Debt free family farmers were led to extend themselves using their farms and they ended up losing both. In one case, a maggot agent got a farmer to sign his loan application while the fire injured farmer was waiting to be airlifted to Perth and while he was drugged to the eyeballs.
Please stop perpetuating the myth that banks lend people’s deposits. This just keeps the banks laughing at our ignorance! By the way, “deposits”are unsecured loans to the bank and are subject to their rules.
If you sign a “loan application form” you are really issuing a bill of exchange (a financial instrument) – much like making a deposit. This is an asset to the bank and it is used to be deposited into your “loan” account. The bank has so far not lent you anything, but it should do so against your promissory note. (You don’t issue an IOU unless someone has actually lent you money first).
The bank then uses several techniques, including fooling you into making payments & that really more than doubles the money that they gain from selling your promissory note (LAF). They’re laffing all the way to the bank! If the bank defaults you it also claims on insurance & it might even sue you for “defaulting”. LIARS!
Don’t know how short a memory the Kiwis have, but it was Winston Peters stretched out balance of power and backroom deals that introduced Jacinda Ardern into power. And look how that turned out for them. As for their Banking Idea, nothing new in that we are rinsing and repeating and returning to State-Owned Enterprises (SOEs). A model China has not swayed from and the ideal model under communism for better or worse.
Maybe this is the sign that decades of transferring all things publicly owned into private enterprise with the view of being efficiently run with a supposed net return to Government coffers has been a disastrous failure.
Au contraire yourself commenter from Vic,
The banks are indeed the key, as long as the public accepts their tokens to surrender their birthright, or accepts tokens to become a minion, or minion enforcement officer, and they all do, the BIS system will remain intact. There should be more “will” amongst the people but they are too Useless, there will never be a “Triumph of the Will” amongst commoners, they will start squabbling and divide themselves and the minions will all run in a different direction. Look at Farage in the UK, he is being undermined by a toff he supported, “Restore” party, and the silly public has been split already. Look at Melbourne, they are still running after the stoopid Sherrin while their criminal leadership has stolen upwards of $15 billion from under their noses. People can’t organise and the leader they seem to require is always fake, compromised or assassinated.
Professor Joe Bogan said – “… North Korea has nukes to defend itself but NZ has nothing…”
Au contraire, Mon Professor, the Kiwis have the very same thing we ALL have everywhere across the Useless Eater Diaspora spread across the globe, namely NUMBERS, we OUTNUMBER the mass-murdering baby-eating mongrel arsehole bastards by a THOUSAND TO ONE.
And that’s what will count when Mr. Rope and Mr. Lamp Post finally ride into town in about five or six years time.
Meanwhile, the craven low-life sold-out paid-off foreign-owned blood-drenched Treasonous mongrel arsehole bastards will keep right on doing what they do in the entrenched belief that they’re completely UNTOUCHABLE…
[ youtube.com/watch?v=pnJQLmGn-Dg ]
… but Mr. Rope and Mr. Lamp post will be giving them ALL a remedial education focused on the anatomy of the NECK soon enough.
North Korea has nukes to defend itself but NZ has nothing, and they want to take over the banks, this seems very naive but the safeguard is that it will never happen. Banks of course are like casinos and currency is like the casino chips, they are not to be stored under the bed for decades, John Howard had a couple of good tips for all his shortcomings, one was to invest your money and I would add invest it as fast as you can don’t leave it sitting around. His other good tip was take a morning walk.
Aside from those two things I can’t think of anything good he did.