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The Gossip - news from the Finance Sector

The latest news from the FIRST Union finance sector unofficial weblog!











  • IAG/AMI joint collective agreement

    Friday, August 22, 2014

    Hot on the heels of reports of IAG’s increasing profitability (making $199 million in the year to June 56.5% higher than the previous year), The Public Sector Association and FIRST Union have reached an agreement on the proposed Settlement Offer that is currently being presented to members at ratification meetings.

  • New insurer Youi on the scene

    Friday, August 22, 2014

    You may have seen advertisements for a new insurer, Youi, on the television recently. The South African company has made a bit of a stir by offering special incentives, such as paying policyholders $200 if they sink a hole in one on a NZ golf course or bowling a full house on an NZ bowling green. Or $200 for breaking an officially recognised international sporting record. Or $100 for having a baby. What’s going on here?

  • Vero update

    Friday, August 22, 2014

    The Collective Agreement for Vero has been ratified and (almost) signed. It is a one year agreement with an average increase across the matrix or 2.75%.

  • ANZ update

    Friday, August 22, 2014

    Despite the proposals ANZ have put forward at bargaining, ANZ workers have demonstrated they clearly understand the importance of past wins and building on those conditions for a better future.

    So, following a 99% rejection of the bank’s proposed offer the parties have agreed to return to the bargaining table on 28 August.

    The union is hopeful that the bank will come to the table with a revised position, although there is no indication at this stage that this will be the case.

  • If you can’t regulate em, replace em…?

    Friday, August 22, 2014

    Despite the fact the government failed to pass into law meaningful regulation around loan sharks that would cap interest rates, there are some positive changes taking place in this space.

    A pilot scheme offering low and no-interest loans in two of Auckland’s poorer suburbs was launched last week by Social Development Minister Paula Bennett, backed by $10 million of capital (provided by BNZ).

  • Unholy ghost apprehended

    Friday, August 22, 2014

    Anthony Stallard, a Hampshire man, has been fined by local police for pretending to be a ghost “and other rowdy behavior” in a cemetery.

    Stallard had been out drinking with friends when they went to the cemetery. A police spokesperson said “the witnesses reported the group engaging in rowdy behavior and one of them throwing their arms in the air and saying ‘wooooo’.”

  • Westpac wins equal pay gold, but what about targets?

    Friday, July 25, 2014

    Westpac have been awarded a gold medal at the inaugural Equal Pay Awards because it has worked towards pay equity at an advanced level.  “Westpac are engaging with pay equity best practices and can be held up as an organization role model in regards to pay equity,” said Doughty.

  • Historic march for Gaza

    Friday, July 25, 2014

    Last Saturday marches took place in both Auckland and Wellington to show solidarity for those suffering in Gaza and protest the Israeli ground invasion.

  • Dark side of the moon

    Friday, July 25, 2014

    Newly declassified documents have revealed that the US military once made plans to build a surveillance station on the moon.

    Details of the so-called ‘Project Horizon’ were released to mark the anniversary of Neil Armstrong’s historic moonwalk, and included a plan to build moon-based weapon systems to fire upon earth.

    Another report called The Kidnapping of the Lunik details how US operatives stole a Soviet space capsule to gather intelligence on Soviet space capacity.

  • Responsible lending code

    Friday, July 25, 2014

    The Ministry of Business, Innovation and Employment is currently developing a Responsible Lending Code to help lenders comply with new lender responsibility principles under the Credit Contracts and Consumer Finance Amendment Act 2014.

    Westforce Credit Union, meanwhile, have hit out against the Code, saying the government is effectively asking the loan sharks to participate in writing their own Code.



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