Kiwis to have their say in inquiry into bank profits
This week Labour, the Greens and the Progressives announced they will hold a shadow inquiry into bank profits.
Many Kiwis and businesses are concerned about the high level of interest rates, difficult access to credit and profit margins of the major banks. Reserve Bank Governor Alan Bollard is also concerned.
The inquiry – to be run in the same way as a select committee – will allow the facts to be put on the table.
Despite the Government blocking a full Finance and Expenditure Select Committee inquiry into the issue we hope National and its support partners Act, the Maori Party and United Future will take part.
Labour is keen that this process be open to everyone. We will invite a wide range of New Zealand organisations and businesses – including banks – to take part, and would like Kiwis to have their say. Submissions can be made online at bankinquiry.org.nz.
We want to get started as soon as possible. More details will be announced over the coming days and weeks.
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Targeted policies needed for these extraordinary times
I received a distressing letter this week from one of John Key’s constituents in Helensville. The letter writer explained how her brother and his wife have had their lives turned upside down by the recession and yet the Government is doing nothing to help.
The couple have worked hard all their lives and rely on two incomes to get by. But since the husband lost his job a few months ago they face losing everything.
The letter was addressed to John Key and was sent to him weeks ago. I have left out some of the more harrowing details.
It captures why Labour is working on policy to extend its job search allowance for the unemployed.
The families we are trying to help during these tough times live on low and middle income, rely on two incomes to meet their outgoings and need transitional help while they search for jobs and undertake retraining.
They are the unemployed among the many hundreds of thousands of battling Kiwis whose household (not individual) income is closer to the national average of $66,000.
Through no fault of their own many now face losing their homes. They should get help to keep their lives together and to have training opportunities for when the economy picks up.
And they are growing in number. Last week alone 1324 additional people joined the dole queue and many more than that became unemployed. The number is forecast to rise to 180,000 next year. Communities cannot afford for the Government to sit by and do nothing.
Industry training in Auckland
I spent Monday in Auckland with list MP Carol Beaumont. We visited John Blakey and the team at Industry Training Organisation Competenz. They're doing great work with targeted on-the-job training across the manufacturing industry.
We went through Jack Links, a company which produces beef jerky and showed us how by working with staff and management, upskilling works for everyone.
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