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# Asking the Big Banks to Cut Their Own Profits?
- URL: https://goodoil.news/asking-the-big-banks-to-cut-their-own-profits/
- Published: 2024-12-22T21:30:30.000Z
- Updated: 2024-12-22T21:30:30.000Z
- Description: Good luck to the finance minister convincing KiwiSaver funds to start investing more in smaller banks.
- Author: Reproduced with permission
- Tags: NZ Politics, Business

[**Robert MacCulloch**](https://www.downtoearth.kiwi/post/news-flash-government-to-ask-big-bank-anz-westpac-asb-kiwi-saver-funds-to-better-capitalize-ki?ref=goodoil.news)  
*Robert MacCulloch is a native of New Zealand and worked at the Reserve Bank of NZ before he travelled to the UK to complete a PhD in Economics at Oxford University.*

The government is going to crack down on the Big Banks. I bet they are scared. The finance minister has a cunning plan. The best part is that it costs her no money. Instead she wants to use your money. 

The Beehive says, *“The Commerce Commission has proven what’s been long-suspected: NZ’s banking sector is uncompetitive and Kiwis are not well served by a highly profitable, two-tier oligopoly.”*

> *I have asked Treasury to engage with Kiwibank’s parent company Kiwi Group Capital on options for raising new capital, including from KiwiSaver funds ... I will take proposals to Cabinet no later than December this year.* 

So who controls the biggest KiwiSaver funds? Who directs where Kiwis invest their money? Here are (by far) the 10 biggest in the country, managing a large chunk of those funds:

**ANZ KIWISAVER GROWTH FUND**

**ANZ KIWISAVER BALANCED GROWTH FUND**

**ANZ KIWISAVER BALANCED FUND**

**ASB KIWISAVER GROWTH FUND**

**ASB BALANCED FUND**

**ASB KIWISAVER CONSERVATIVE FUND**

**WESTPAC KIWISAVER GROWTH FUND**

**WESTPAC KIWISAVER CONSERVATIVE FUND**

**WESTPAC KIWISAVER BALANCED FUND**

**FISHER FUNDS KIWISAVER GROWTH FUND**

Oh gosh, nine out of 10 are controlled by the Big Banks: ANZ, Westpac and ASB. Only one in is not – Fisher Funds. Good luck to the finance minister convincing KiwiSaver funds to start investing way more in smaller banks like Kiwibank to make banking more competitive – so those Big Banks can have their profits slashed. I mean, you couldn’t make it up.

This article was originally publised by [Down to Earth Kiwi](https://www.downtoearth.kiwi/post/news-flash-government-to-ask-big-bank-anz-westpac-asb-kiwi-saver-funds-to-better-capitalize-ki?ref=goodoil.news).