ANZ super $250m profit fails to trickle down to its workers
As the ANZ bank benefit from New Zealand’s ‘rock star’ economy, it needs to trickle those benefits down to its workers says the Green Party.
The Greens research team revealed today that ANZ New Zealand has increased its cash profit to NZ$1.68billion from NZ$1.43billion in the previous year.
That is equivalent to clearing NZ$475 every minute after taxes, expenses and overheads. But some of that profit has come at the expense of its own staff the Green Party industrial relations spokesperson Denise Roche said today.
“ANZ Bank is raking in the profits while its workers face low pay rises and insecure working conditions,” she says. “The ANZ bank needs to acknowledge the super profits it makes are coming at the expense of its workers.”
According to Green Party research this could be one of the biggest net profits for ANZ since 2004, if not the biggest.
“ANZ’s profits come about partly through the hard work and dedication of those who work for it. ANZ workers deserve a bigger slice of the profit this hard work generates.
“It’s ANZ’s contact centre workers that help the bank achieve its record profits not just those at the top. While ANZ fights to keep salary increases at around the level of inflation their CEO earns $4.1 million a year.
“ANZ needs to recognise that continually rewarding those at the top while ignoring the concerns of the vast majority of its workers is a recipe for disaster.”
ANZ’s drive for even bigger profits next year will see more burden and loosening of job security heaped on its workforce says Ms Roache.
“ANZ’s move towards casualisation means workers would only know month by month which days, and which start and finish times they will be working. At a time of super-profits, casualisation and tiny pay increases for workers is simply unacceptable.”
The solution to low wages and insecure work she adds, “is reasonable employers and employment negotiations, strong unions and good industrial law. Unfortunately the current National Government is attacking both,” concludes Ms Roche.