The revelations of misconduct arising from the Australian Banking Royal Commission has led to calls for a similar Royal Commission into New Zealand’s banking system from First Union – the union for New Zealand finance workers:
Stephen Parry, National Finance Sector Organiser, says the investigation into Australian banks has revealed troubling activity for consumers and the economy: “The Australian Banking Royal Commission has seen concerning revelations come to light about the culture and practices of the ‘Big Four’ Australian banks, which are the parent companies of ANZ, ASB, BNZ and Westpac in New Zealand. A similar enquiry in New Zealand is necessary for the public to be assured that our Banks are not engaging in the same behaviour as their Australian parents”.
