Robertson considered 'supernormal' tax on bank profits, but there were issues

Robertson considered 'supernormal' tax on bank profits, but there were issues
Treasury officials presented a memo to Grant Robertson exploring options for taxing "supernormal" bank profits. (Image: Getty)
Dileepa Fonseka
Finance minister Grant Robertson received advice from Treasury on "supernormal" bank profits three months out from budget day.In an aide memoire from Treasury to Robertson on Feb 17, Treasury's tax strategy manager Stephen Bond and analyst Dan Doughty said the department was working on options to tax supernormal bank profits which could be put in place by budget day. "Our previous report noted that the elevated profitability of the four largest banks could indicate supernormal profits. "...

More Finance

Lenders referring borrowers in trouble to non-profit services
Finance

Lenders referring borrowers in trouble to non-profit services

Financiers pushing KiwiSaver withdrawals rather than acting responsibly, advisers say.

Maria Slade 13 Jun 2025
Mainland Capital delivers $50m raise for Chch hospital expansion
Finance

Mainland Capital delivers $50m raise for Chch hospital expansion

The oversubscribed raise will help fund a new state-of-the-art private hospital facility.

Oliver Lewis 13 Jun 2025
FNZ employee shareholders told success more likely
Finance

FNZ employee shareholders told success more likely

Account show loss at global fintech widens. 

Victoria Young 05 Jun 2025
NZ Super ahead of the curve on US equities
Finance

NZ Super ahead of the curve on US equities

New Zealand’s sovereign wealth fund has been overweight in European equities.

Gregor Thompson 03 Jun 2025