COMMENT:

Australian banks reaping huge profits from their New Zealand customers is a perennial scab that gets ripped off every time financial results come in.

This year the scab is extra nasty following the misdeeds, abuse and general appalling behaviour revealed by Australia's royal commission report into the sector.

On this side of the Tasman the Reserve Bank and Financial Markets Authority are due to release early next week their own conduct and culture review of local banks, although this is not nearly as wide-reaching or detailed as the Australian inquiry.

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