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5 Comments
Not all of that 9% increase in personnel costs ($264m) would've gone straight to new staff salaries.
Our banks evidently had a profitable year and may have awarded generous bonus and pay hikes to a portion of its existing staff (management, sales & broking, treasury, etc.). These expenses are recorded as personnel costs as well.
This OZ banks cartel, is where the NZ economic jugular vein is held hostage. Whatever RBNZ & NZ govt do today and in the past, as well into the future? are all dictated/lobbied from this point. The house never loose.
They're there to suck up the goods, until nothing left - by then, it's their natural decision to leave.
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