The Silicon Valley Bank logo displayed on a phone screen and an illustrative stock chart from on a laptop screen in a multiple exposure. Photo / Jakub Porzycki, NurPhoto via Getty Images
Bank returns preferred
Much has been stated recently regarding possible excessive profits generated by the banking sector and a need for a government inquiry. In the past year, profits have increased as loans have grown 5.5 per cent and improved margins have stemmed from higher mortgage rates. With banks’ vast financial assets, the return on capital may not be as excessive as first thought. Instead, divert attention to the current instability confronting some Californian banks and be thankful our banking industry is tightly regulated and profitable as witnessed during the Global Financial Crisis when the international banking system was threatened yet Australasian banks retained stability, much to our relief.
P.J. Edmondson, Tauranga.
Counter offers
If then, banks are making record profits why are their services to their customers being seriously curtailed?Branches are closing, there are no banking consultants that you can discuss banking issues with at a desk, everything has to be done through a teller and with all due respect to the hard-working tellers, they are not banking consultants.
Stephen Rod, Forrest Hill.
Blessings counted
Wow, Jock Mac Vicar’s letter, (Herald, March 13), made me want to pull the covers up over my head. Undoubtedly New Zealand has many problems to overcome, but it does have one advantage: People. Those people, having lost everything in the floods, still went to help their neighbours. Those people, returned again and again to the hell of White Island to rescue as many people as possible. Those people, running toward a gun-toting extremist to try and prevent further carnage, and many more unassuming heroes who are daily examples of humanity. We don’t solve our issues at the end of a semi-automatic weapon. When we go to an A&E we may have to wait, but we don’t get a bill for $2701 for a 15-minute consultation with a harried doctor, and charged $260 for plasters and two Tylenols, as happened to my son in New York. All our difficulties, well enumerated every day by the Opposition, can be improved because New Zealand has one of the lowest public debts amongst OECD countries. Sorry Jock, we can’t miraculously fix the ABs, but our Tall Blacks and our Black Ferns make us proud.
Mary Hearn, Glendowie.
Drivers of crime
In response to Keith Duggan’s comment (NZ Herald, March 13) about National being churlish blaming Labour for the increased crime rate inferring Covid, climate change and the Ukraine war are the contributing factors; it also seems equally churlish to blame National. I am sure the last thing on a criminal’s mind when ram-raiding or undertaking a criminal act is any of these activities. As widely reported, crime rates in New Zealand have mushroomed in the last few years. Ineffective policy and interventionist approaches combined with weak punishment outcomes seem more likely causes.
Eric Haslam, Albany.
Social mobility
It was encouraging to read (NZ Herald, March 13) that Prime Minister Chris Hipkins spoke of the need to encourage New Zealanders to pursue opportunities and that he wants to “enshrine the promise of social mobility”. But it is difficult to accept such statements when the main potential coalition partner of Labour after the election would be the Green Party, now campaigning on the promise of a wealth tax that would add taxes to the family home, and place an asset tax on any savings of New Zealanders. Such a tax with a very low threshold on savings and the family home would kill any incentive to invest in New Zealand. It would make sense for business people, or those with homes worth a million dollars, to simply sell and leave for Australia.
Dan McGuire, Nelson.
For art’s sake
Simon Wilson’s article (NZ Herald, March 13) on the impact of the proposed cuts to the arts is timely. It is not just the arts that are to be affected by proposed cuts. Mayor Wayne Brown queried our gallery (along with most other art galleries, Te Papa in particular) having the bulk of its collection in the basement. He has a point. If an artwork, bequest or not, is to spend most of the time languishing out of sight, it might just as well be sold and the funds used to support the gallery or distributed among some of the other arts organisations mentioned in Wilson’s article. As for Auckland being a “City of Culture”, indeed we are, the best in the country by far. A pity so few of Auckland’s 20 councillors ever mention this.
Roger Hall, Takapuna.
Eyes of admirers
Since it opened in 2011, roughly one in five interstate and international tourists to Tasmania visit MONA, the Museum of Old and New Art. It has generated over 1000 direct and indirect jobs, and contributes millions to the Tasmanian economy. Even ignoring all the social and cultural good that the arts do, politicians that look beyond the next election cycle would be wise to appreciate the arts sector and what it can achieve.
Huw Dann, Mt Eden.
Tip and fill
The disposal of the contents of our recycling bins came up in a Fair Go programme, and it appears Auckland Council, among other councils send the contents of recycle bins to the tip. In Auckland’s case, it is going to the Albany tip. Can anyone explain why we are paying a large proportion of our rates to waste disposal with a two-truck collection every fortnight, when both bin contents are going to the same tip? Why are we urged to wash our plastic bottles and meat trays? Auckland Council wishes to save money. Well, here is a thought. How about we put all our rubbish in one bin on a weekly basis? That would save on diesel emissions, and Auckland Council might start thinking about building a plastic recycling centre. It might even make money selling recycled plastic to our factories.
Patricia Guptill, Wattle Downs.
Jumping ship
Your writer Patrick Smellie alludes to the fact that some members of the Royal New Zealand Yacht Squadron are resigning due to Grant Dalton, CEO of Team New Zealand, taking our defence of the America’s Cup to Barcelona. I wonder why? And that’s not the only reason members are resigning. I became a member of the Squadron in 1957 and reluctantly resigned recently after 65 years. No longer owning a yacht, which I did for 50-odd years, there was no need to part with my annual subscription when anyone can walk in off the street and enjoy the club’s facilities. I’m not the only one. Let’s remember the holder of the America’s Cup is The Royal New Zealand Yacht Squadron - not Grant Dalton.
Dennis Ross, Glendowie.
Home run
For the first time in a while, I caught the ferry to downtown Auckland from Half Moon Bay; great way to travel. On the return journey, the ferry was cancelled and a bus was put on as a replacement. After waiting half an hour, passengers were advised the bus was also cancelled and would be replaced by Ubers. After another half hour, the Uber arrived and we were transported back to Half Moon Bay. Next time, I’ll take my car and, on wanting to get home, hope I won’t find it’s been cancelled.
Bary Williams, Sunnyhills.
Tough ask
Gregor Paul writes correctly (NZ Herald, March 15) about serious questions over why there are probably only two applicants for All Blacks Coach “the best job in world rugby”. First, the All Blacks are no longer the best team in the world of rugby; and second, the NZ Rugby Union are not the best employers in world rugby. A third point is contained in Phil Gifford’s brilliant analysis (NZ Herald, March 14) in ranking the greatest All Blacks Coaches of all time. There is a long history of rocky relations between the NZ Rugby board, management, employees and players which persists today. More recent corporate sponsorship will only add to the pressures. All the many successful New Zealand coaches around the world of rugby know how well off they are not applying for the All Blacks coaching job. Will it ever change? Just a thought, Andy Farrell looks good?
Gary Carter, Gulf Harbour.
On speeds
Now that the Government has seen sense and given up on reducing speed limits, will Auckland Transport do the same and leave West Auckland rural roads alone? I see it’s too late for poor Whenuapai. Mark Enfield, Kumeū.
On banks
The US bank failures make this the ideal time for our Government to initiate deposit insurance here in New Zealand. And no waiting for the results of another study. Robert Myers, Auckland Central.
On Brown
Auckland has the largest Polynesian population in the world, and yet our Mayor didn’t attend Polyfest, nor is he planning to go to the upcoming Pasifika. Who is advising him, or has he sacked them too? Susan Wilson, Surfdale.
On Luxon
When Christopher Luxon stops sniping at Chris Hipkins and becomes more positive in his overall approach and outlook, he may well find his status in the polls may change. Ian Doube, Rotorua.
On benefits
It should be clearly remembered that the benefits Increase is just the 7.22 per cent increase that this Government has caused inflation to increase by and no more. Mike Baker, Tauranga.
On Lineker
Unlike certain so-called preachers we endure here in New Zealand, Gary Lineker gives a thoughtful insight into a humanitarian problem which deserves wider debate. John Norris, Whangamatā.
City Rail Link cost jumps by $1b, completion delayed
A 62 per cent increase in cost and lots of excuses - just how accurate was the original quote? If the same people are working on the light rail project, can we trust them and its promoters to be accurate? Gerald M.
Like all big projects, the original estimates are just that, estimates to get initial sign-off and funding. Then the real costs emerge, but too late to put a halt, knowing that the taxpayers will be forced to pay for completion. Chris B.
Thank you to everyone who is working hard on the project to improve Auckland’s transport infrastructure. Can’t wait for its completion. Every business has been impacted by cost increases over the last few years, so while unfortunate, the budget increase shouldn’t be unexpected. It’s going to transform the city for the better. Brent K.
I wonder if anyone got one project right in New Zealand say within 5-10 per cent variance. It looks like the project cost is made to suit the business case and after that, oh well, now there is no going back. Roy K.
So it’s confirmed, CRL would be ready now and be at least $1 billion cheaper if we had funded and begun construction when experts said we should have. Auckland congestion is now worse than I’ve ever experienced it. More cars and even more buses aren’t fixing this. We need to stop the short-term mentality and plan for the future. Delaying infrastructure only costs us billions more in the long term. Jackson P.
You have to wonder where these estimates come from. Transmission Gully, the Puhoi Motorway, and this. Do the estimators say between themselves: “They’ll never go for that figure, better halve it and we’ll increase it as we go along - the government/councils fall for it all the time.” Steve N.
One man is charged with manslaughter, and another with being an accessory after the fact.