New Zealand remains the only country in the OECD where the top four companies are all banks.
That's according to Sam Stubbs, the chief executive of Kiwisaver provider, Simplicity, responding to the latest first-half earnings of Westpac New Zealand.
Westpac's latest profit is down a third on a year earlier, largely on account of an increase in impairment provisions rather than a significant dent in revenue, which dipped by just two percent.
Mr Stubbs is pushing for a government inquiry into the profits of the big four Aussie banks.
Photo: RNZ / Dom Thomas
He spoke to Ingrid hipkiss.
