The Taxpayers’ Union is calling on ASB Bank CEO Vittoria Shortt to put her money where her mouth is and make a donation to the Government given her call for New Zealanders to be taxed even more.

Stuff reports that Ms Shortt says “New Zealand has to collect more tax to invest in the infrastructure the country so desperately needs.”

“Ms Shortt needs to get out more,” says Jordan Williams, a spokesman for the Taxpayers’ Union. “The Infrastructure Commission reports that despite New Zealand spending a higher percentage of GDP on public infrastructure than Australia and the OECD median, we rank near the bottom of high-income countries for infrastructure efficiency.”

“Contrary to what the banker says, it’s not that we’re under-taxed or are under spending, rather it’s a productivity problem.”

“Since 2017 tax revenue to the Government increased by 59%. Inflation over the same period was just 27%. The Government does not have a revenue problem – it already collects more than enough. The Government has a spending problem and has no metrics that it can use to evaluate the efficiency of the spending and whether it’s delivering value for money.“

“If Shortt is serious, we invite her to donate some of her reported $5million annual salary to the Government. Or did she only mean for her ASB customers to pay more?”

ASB Bank takes distinct position from Australian parent on bank excess profit tax

“We also note Shortt’s comments appear to contradict the views of her Australian bosses.” said Williams.

Six weeks ago the Commonwealth Bank chief executive, Matt Comyn, described a proposed excessive profits tax for Australian banks as “insidious populism” and labelled criticism of profitable businesses as “fact-free rhetoric” that is damaging trust in public institutions. (see https://www.theguardian.com/news/article/2024/aug/29/commonwealth-bank-ceo-labels-greens-tax-policy-insidious-populism-after-firms-98bn-profit)

“Is ASB saying that they support a tax on the extra-ordinary profits the Australian-owned banks are making on their New Zealand operations? If not, why is what Shortt says is good for the goose, not good for the gander?” asked Williams.

NOTES:

The Taxpayers' Union is advised by Treasury that donations to the Crown can be made to following account: 03-0049-0000327-25 (a copy of the deposit clip can be viewed at https://d3n8a8pro7vhmx.cloudfront.net/taxpayers/pages/1429/attachments/original/1587429510/Tsy_CrownRec_Account_Deposit_Slip.pdf?1587429510). Treasury requests that donors include the name of the payee and purpose of payment i.e. “Donation” (or perhaps in this case "Banker's vanity payment")

The New Zealand Taxpayers’ Union is an independent and membership-driven activist group, dedicated to being the voice for Kiwi taxpayers in the corridors of power. Its mission, lower taxes, less waste, more accountability, is supported by 200,000 subscribed members and supporters.

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