"If you look at where the profit growth has come from, it's all from personal, not from business and agriculture at all…

"Banks are not a leading indicator of the economy. They win when the economy goes up, they win when the economy goes down… where they're making the profits is on the personal side of things because we're not going to not pay our mortgages, right?

"It's not surprising."

https://www.rnz.co.nz/news/business/578527/really-insulting-can-anz-really-claim-its-record-profit-is-due-to-economy-improving

#nzpol #windfalltax #banks #profits #turnthecorner #rhymeswithbankers

'Really insulting': Can ANZ really claim its record profit is due to economy improving?

It's announced a full-year profit of more than $2.5 billion.

RNZ