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Home / New Zealand

Letters: The folly of foreign investment; banks closing Auckland branches and sending profits overseas

NZ Herald
11 Feb, 2025 04:00 PM5 mins to read

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Prime Minister Christopher Luxon has pledged to use "every tool in the box" to increase foreign investment and improve the economy. Photo / Mark Mitchell

Prime Minister Christopher Luxon has pledged to use "every tool in the box" to increase foreign investment and improve the economy. Photo / Mark Mitchell

Letters to the Editor

The folly of foreign investment

The Government’s plans to invite overseas investors to place a few billion dollars into New Zealand’s economy is a fool’s errand (Feb 11).

These investors are not interested in making Kiwis wealthier or healthier. They will use our labour, land, water etc to create real wealth and send this to their shareholders and investors in other countries.

Anyone with a modicum of business experience would know the average New Zealander can never become wealthy working for wages. If we want to secure our future we need to own the business and keep the profits in our country.

This Government strategy will ensure a continuation of New Zealand’s decline from being a high-income to a low-income country. This is madness on a grand scale. God defend New Zealand.

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Eddie Mann, Remuera.

Lifesaver bracelet

The case of Kate McCombs in respect to her life-saving MedicAlert bracelet highlights some real and actually very scary inadequacies in our health system (Feb 10).

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It was reported that there were ongoing errors with her NHI number despite her potentially being exposed to life-threatening allergy conditions and that these errors had prevented a hospital team getting access at a crucial time to that urgently needed information.

Her MedicAlert bracelet luckily turned out to be a lifesaver. A bracelet no doubt is very valuable to first responders but when incorrect information limits a hospital team’s response then surely that needs to be remedied immediately.

How many other such cases like this are out there and surely any data with respect to life-threatening conditions should be linked to a patient’s NHI number, which is both correct and readily accessible to any professional medical people.

Paul Beck, West Harbour.

Bank branch closures

I rang up the ASB Bank hotline for seniors to inquire when the Smales Farm branch would have staff attending. The automatic computer answering machine informed me that the branch had been closed in December and they only had ATM machines.

The nearest to it, they suggested, was at Takapuna. Thanks to Auckland Council the parking there is terrible.

Not so many years ago there used to be ASB branches at Milford, Northcote and Smales Farm. Now they are all closed, and although there may be ATM machines scattered around, one can only get $20 and $50 notes from them. To turn these into smaller notes, or to make personal inquiries with a teller, is now hopeless.

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The ASB, once the Auckland Savings Bank, was sold off to one of the Australian banks, and while it is happy to send billions of dollars in profits back to its offshore shareholders, it is also happy to close down as many local branches in New Zealand to also assist its profits. Perhaps the Government should not be so concerned about attracting multimillionaire oligarchs for its crony economy but consider the needs of ordinary people on wages and salaries.

Is the current Government going to make sure it doesn’t repeat the previous National administration’s mistakes in its pursuit of money, money, money?

As an ordinary taxpayer I would prefer to have an accessible banking system available in Auckland now.

David Speary, Northcote.

Direction question

The question in the 1News-Verian political poll as to whether the country is heading in the right direction is almost meaningless (Feb 11). It depends entirely on the respondent’s focus at the time. Is it the economy, law and order, Treaty issues, trade, unemployment, cost of living, education etc? As for leadership, consider New Zealand’s current talks with the US and Europe. Who would seriously choose Chris Hipkins and Rawiri Waititi over Christopher Luxon and Winston Peters?

David Howard, Pakūranga.

Publicity junkie

David Seymour has become a publicity junkie for all the wrong reasons as he tries to upstage the Prime Minister and Deputy PM in advance of his taking the latter’s role at the end of May. He relishes any and all publicity, good or bad, as long as his face is constantly seen on news sites. Not accepting that as an MP he crossed the line interfering with a police murder investigation, his arrogance representing only 9% of voters knows no bounds. Does New Zealand deserve a person who has created division and angst in society with his Treaty bill standing in as Prime Minister on occasions? I think not.

Coralie van Camp, Remuera.

New holiday

Correspondent Bruce Eliott proposes a new holiday to be called “Thanksgiving Day” or “National Unity” (Feb 10). He rightly concedes that the country cannot afford another statutory holiday, which means we’ll need to retire an existing one. I suggest January 2 fits this bill. My diary informs me that Australians only require one day to recover from New Year’s Eve revelry. What does it say about us that we require two?

Doug Hannan, Mount Maunganui.

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