PM Luxon criticises banks for ‘political posturing’ after refusal to fund coal mining, petrol stations

• Prime Minister Christopher Luxon criticised banks for “political posturing” after some refused to fund coal mining and petrol stations.
• Luxon floated corporate tax cuts but denied Act’s David Seymour’s claim about leaving the Paris Agreement.
• Luxon confirmed he would spend Waitangi Day at Ōnuku Marae in Akaroa with Ngāi Tahu.

Prime Minister Christopher Luxon has hit out at banks engaging in “political posturing” instead of financing “Kiwis' needs”.

He also floated corporate tax cuts during this Budget but disputed claims made by Act’s David Seymour that they were considering pulling out of the Paris Agreement.

Luxon told Newstalk ZB’s Mike Hosking the bank’s attempt to stop funding to service stations and coal mines was “utterly unacceptable”.

He said he hoped the CEOs were taking note of their language and understood the Government was rigid in its decision.

“They need to finance things that Kiwis need, and not financing service stations or coal companies, those are things that Kiwis need, big time.”

Prime Minister Christopher Luxon appears on Newstalk ZB Mike Hosking Breakfast. Photo / Michael Craig.

He said it was not the banks' decision and plans to cut funding for service stations in provincial areas was “not acceptable”.

“I think the banks need to realise that the people of New Zealand want a fair and better deal, they don’t want this political posturing going on.

“I don’t know how much clearer we can be, but are losing a lot of patience.

“If the CEOs are hearing me clearly right now, we are incredibly frustrated by it, it’s not right.”

Luxon also floated the idea of playing with corporate tax cuts during this budget.

“We are looking at different taxation measures to stimulate economic growth.

“I am not going to talk about what those measures may be.”

Luxon disputed claims made by Act’s David Seymour that they were floating pulling out of the Paris Agreement.

“We are acting in New Zealand’s national interest … pulling out of Paris is not the way we grow the economy, that would just punish farmers.”

He said he was acting “brutally” in New Zealand’s national interest.

Meanwhile, Luxon confirmed yesterday he would spend Waitangi Day at Ōnuku Marae in Akaroa with Ngāi Tahu.

He had long referenced his view that prime ministers should celebrate the national day across the country.

“It has always been my intention to celebrate Waitangi Day around New Zealand. This year I am at Ōnuku marae near Akaroa,” he said.

“Akaroa is very dear to me – it was a place I used to tear around with my brothers during the long, hot Canterbury summers. My children learned to swim under the nor’west arch and I remember thinking then how very lucky we were to have the privilege of growing up in New Zealand.”

Labour leader Chris Hipkins said Luxon could easily attend Wednesday’s pōwhiri for MPs and celebrate on Thursday elsewhere.

He believed the decision not to attend revealed Luxon wasn’t interested in listening to criticism of his Government’s agenda, and the Treaty Principles Bill in particular.

Sign up to The Daily H, a free newsletter curated by our editors and delivered straight to your inbox every weekday.