Kiwibank Spin

the media are buying the spin that Kiwibank has made a $7.2 million profit.

As previously mentioned, a large proportion of the income and profit of Kiwibank comes from their agency services such as bill payments which were provided by NZ Post before Kiwibank was set up. So using pre-existing income streams to justify the $100 million or so taxpayers put into the bank is highly misleading.

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