ANZ bank boss says NZ needs a capital gains tax | 30 with Guyon Espiner S2 Ep1 | RNZ
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- เผยแพร่เมื่อ 6 ต.ค. 2024
- ANZ bank chief exec Antonia Watson goes head to head with Guyon about billion dollar profits and if there’s enough competition in the banking sector. Plus, why someone needs the courage to kick off a capital gains tax. Watch 30 with Guyon Espiner every Wednesday at 3pm | Subscribe: @RNZVideo
Would Luxon dare want a capital gains tax on his 7 properties? This is exactly what NZ needs to do to discourage hoarding or houses by the wealthy.
The majority don't want a CGT, and rightly so.
National MP's own more individual property than any others. So to introduce it will be like voting for collective political suicide. They won't do it, instead it is going to be cut cut cut to the bloated back offices and consultants. And cut cut cut the build costs for new hospitals roads and building projects until the books look right.
@@saregama-r8td what about commercial or industrial. Are u allowed to invest in those?
Until you get to his position....
@saregama-r8td you might call it hoarding, but it is really called investment
HAS DONE FOR A LONG TIME! ITS PUSHED HOUSES OUTTA THE REACH OF ORDINARY PEOPLE. THE MARKET NEEDS A CORRECTION.
ANZ should have never been allowed to takeover postbank.
In 2022, Watson's total compensation package was reported to be over NZ$2 million, reflecting base salary, performance-based incentives, and other benefits typical for banking executives at this level. Gotta love it when the rich attempt to dictate policy.
Problem with CGT is inflation caused by failure of govt policy. Ie loose monetary policy, high immigration, restrictive planning rules. Why should victims of govt disfunction have to pay tax on nominal increase in property value, when purchasing power of currency decreased over time.
Tax the ultra rich and reduce inequality. Houses are so expensive and unaffordable. It's the only option for govt to obtain more taxes. It's not about the family home. It's about those who own multiple properties for capital gains.
How about a capital gains tax for the banks instead
If you want to fix a broken system, you have to pull money OUT, not put more money IN. If you put more money IN, the system interprets it as a reward and uses the money to become even more broken.
Get rid of the tap and go fee. It’s absurd. Additional credit card fees on transactions should also be banned.
That's the credit cards, not the banks. Visa is completely separate from ANZ
To pay for public infrastructuer we use we pay tax on what we earn ; why shouldn't capital gains be taxed ?
No country get ahead by btaxing more. Especially when so much is wasted.
@@JamesClark-cg1qk A capital gains tax actually raises more money for the government, thereby offsetting other costs and saving taxpayers dollars. It is beneficial enough to the point where governments can lower or remove taxes on certain products or areas. The average person only has to pay it when selling a house they own. There is literally no downsides unless you're a greedy businessman or landlord.
@JamesClark-cg1qk Yeah, you are so right! Norway, Finland, Sweden, Denmark.... they just pretend to tax more to try to prove our wonderful neoliberal masters wrong. But I'm with you I'm going to blindly follow my filthy rich landlord tax break masters and vote for another pale stale male with seven houses... in NZ. They are so cool how they hide their wealth in tax havens, the same place criminals do. So smart my dumb redneck gets so turned on by our overlord masters.
@@icefarrow7959 There is literally NO UPSIDE for anyone but BANKERS and POLITICIANS...wake up ffs.
@@icefarrow7959 lol they won't remove other taxes they will just spend more and give it away to their friends.
This is why the nz government needs to start nz own leading bank. in steed of paying rent subsidies, Banks making billions per year is far from being at risk
Kiwibank is a state owned bank and it has more competitive rates than all the dominant australian banks. The cooperative bank is another good kiwi bank (but not state owned). Unfortunately combined they have less than 10% market share so I would encourage every kiwi currently in an aussie bank to make the switch
No more shrimp buffet catering in the boardrooms then? Time for the RBNZ to drop mortgage rates.
Sorry the argument with Australia's same rate of return is simply wrong. Australian banking is an oligopoly like NZ and excess returns are being made.
There is nothing to say that population demographics as a whole of a country should be reflected equally in every job role, over skills, as proponents of DEI assume.
It is time to remove the bail in provision for banks. where they can legally steal their clients money.
Ban fees for switching fixed mortgages. Banks should compete on interest rates only.
Maybe if they worked out the inflammation on the assests and then refund if its a negative relative increase.
This is nuts, with the government policy creating inflation, and then wanting to put a tax on it !!! We have just had inflation times of 20%+ and already in a highly taxed environment. How to grind us all into poverty or drive us out of the country.
Tax banks more
Thank you that was interesting
Re CGT: how do you prove pupose of investment property is capital gain, when the concept is to be debt free, cashflow positive with passive income in retirement?
Tax capital gains, and lets start charging banks gst on their profit 😮😮😮😮😮
....you know what they say? Big Hands & Feet...is a Big Laho! 🤣👍✌️
She's talking her company's own book. In other words what's good for the ANZ.
I would argue that every home owner is already paying CGT via their rates, it's called gst. A tax on a tax😂
a great sensible conversation
ANZ is Blackrock. Own nothing and be happy is your future with them.
How much damage do you think she's done to the ANZ Bank brand in weighing into the capital gains tax political discussion? In my opinion quite a bit. You would think that a CEO would have sufficient common sense and IQ to know not to discuss this in a public forum, but it seems that common sense is lacking over there at management level in ANZ in my opinion. But then with a government looking to raise income maybe shes just trying to divert attention from raising the company tax rate and move it across to the little old New Zealand mum and dad who really are the one deserving to get their retirement nest egg ""kneecapped". Hmmmm maybe she's smarter than we think.
She earned my respect... Nice to know the Bank is run by someone who has principles and it's willing to speak their mind.
@@growtocycle6992lol ok..
If anything she’s gained my respect even though I own property. It takes a spine to call out the elephant in the room. CGT is only fair since other forms of income are taxed.
Property owners should move their mortgages to other banks given the ANZ CEO is undermining them by lobbying for a CGT
Imagine if you bought a second house as a bach or rental for $100k 30yrs ago, and you sell today for $1.1m realizing a capital gain of $1m. If taxed at marginal rate of 30% that would be govt stealing $300k, that was caused by their inflation!
And if you wanted to get back into the property market for your children, you'd then have to go to the bank to borrow the difference that IRD has just taken. This is an insane scenario, a conflict of interest and clearly unfair.
Wow %1100 inflation over 30 years when did that happen??
@@TheButterflykingdom8.5%pa compounding on Moneyhub compounding calculator
See 2:36 miricle of compounding interest
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
@KiwiCatherineJemma why tax the increase? During 2020 RBNZ created the biggest asset bubble in NZ history and have now engineered recession.
When asset orices are driven by monetary policy why not fix the root cause rather than consequences?
Introducing a CGT because other countries have done so? Have you looked at these countries' property prices, still just as high with or without the tax! Must be living in parallel realities.
We should bring in a breathing tax. Too many people breathing for free these days.
@@yingle6027 SPECIALLY POLITITIANS.
Bit of an ambush job on Antonia plus he kept interrupting and talking over her . She was barely given time to answer his questions.
Informative interesting
Thank you, I found that very interesting and informative, I always wondered about the profit margins!
Re switching banks.. there is no account number portability like telcos (you dont have to change phone no) or electricity (you dont have to change address)
She is trying to protect the low corporate tax
anz boss needs to start with her salary lol
Ban recourse mortgages. Banks shouldn’t be able to chase people forever for mortgage debt
In response Luxon backed by the riches and the property industry simply argues big banks want to make more money hahaha what the f....
Guyons argument doesnt make sense. If all big 4 banks are all independently arrive at optimal pricing position, how does that mean they are not competitive?
Would you expect a competitor to have drastically different prices offering same product in same market, without making a loss?
They aren’t fully competitive as the 4 main banks have 85%+ of the market. To have an unconcentrated market needs 6 to 7 banks with equal market shares.
Interesting......when Australian money is changed into NZ money? They get more for their dollar? Like other countries banks currency is weak or strong?
She or he is lying so much. They must be using multi-currencies & multi-jurisdictions here illegally.
@@ladyjusticewarriorqueenz2005 makes you think, our low dollar doesn't support anything, it's Australian owned banks.
Tell him to take a walk
Financial literacy, budgeting etc should be a subject in school, not the responsibility of private sector to teach.
Guyon had some good questions around lending to business and 30yr fixed loans
Its a pity she wasn't allowed to answer the questions.
Is middle class really a business owner?
Garcia Michael Jones Scott Johnson Carol
🤣👍💯🎯⚖️
Far Out is it a Man Tran? Those Hands Are Man Hands.
Call yourself a ladyjusticewarriorqueen. Idiot.
What NZ needs is to seriously reduce the huge Welfare State. Cut & eliminate benefits across the board. As many as possible in fact because welfare should never be enough to support actual lifestyles. It should never be race based, it should never be sex based. BILLIONS could be saved. So many i see who could work....don't because they now feel "entitled".
Agreed - however you do that - the crime rate goes up - they end up in prison - and the tax payer pays for them anyway 😂 Help these people. Instead of just cutting them iff because either way - the tax payer will pay for themanyways one way or another! And if you think that beneficiaries feel entitled then you get tf off the internet and actually GET OUT THERE in the real world.
And end up like America? No thanks!
Customers can use a broker to get best deal. Howcome Comcom doesnt recognise that?
True, generally family home tied up in trusts,makes it more complicated, and 75% of family home is sold for retirement village home and thy are not cheap,threshold estate also comes into play,not easy, ldo believe it cgt tax not far down the track.
Capital gains is already in place,2015 keys goverment, called bright line ,was two years you had to keep the home, family home always exempt, there are expenses you can claim, limits the tax you pay.
The so called "family home" being exempt, is a large part of the problem. How about a 50% CGT including on the "family home". If folks buy a house for $100,000 and then sell it a few years later for $1,100,000 then they should certainly pay some CGT. How about a portion of CGT goes to local councils to pay for services like water and keep the annual rate rises down ! People buy and sell cars and expect to lose a portion of the purchase price, partly as the car becomes more worn-out. Surely old houses which are more "worn out" should sell for cheaper prices. As a society we do not want people's houses to "be their biggest asset". We want them to save money in approved Kiwisaver and other similar schemes.
Right a fake capital gains tax. Come on don’t be disingenuous.
No way should a capital gains tax should be on a first home / family home,
capital gains tax will be ok for slum lords