Prime Minister Jacinda Ardern's latest post-cabinet conference touched on banks making record profits in a cost of living crisis impacting a substantial portion of New Zealanders.
Not long before her Monday afternoon press conference, Westpac announced that they had made a full year profit of one billion dollars before the end of the year, a full 12 percent from last year.
Jacinda Ardern says that banks need to demonstrate a social licence in this current climate and operate in a way that serves their communities.
Political editor Barry Soper explained what approaches Jacinda Ardern and Labour could take to addressing this current situation.
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