Sale of A.S.B. to Aust, opposed

Press, 25 February 1989, Page 2

Sale of A.S.B. to Aust, opposed

Political reporter , The National Party and Democratic Party yesterday warned that New Zealand was in danger of passing into Australian hands. , Commenting on reports that Australia’s Commonwealth Bank was buying the Auckland Savings Bank, the. Opposition spokeswoman on finance, Miss Ruth Richardson, said that before long the only currency would be Australian dollars. The sale of the Auckland Savings Bank to Australian interests underlined the importance of retaining local control of the Bank of New Zealand, she said. The . leader of the Democrats, Mr Garry Knapp, said New Zealanders had better wake up fast to what was happening. Otherwise, they would wake up one morning to find they had become Australians. “With Air New Zealand, Postßank, the BNZ and now the A.S.B. all in the sale pipeline, the pattern points to Federation with Australia before the end of the century.” He challenged the Minister of Finance, Mr Caygill, to withhold approval of the sale of the A.S.B. until its customers were asked their views.

The sale of the century was under way and there was no constitutional means to stop it, Mr Knapp said.