Union slams Aussie-owned banks 

Source: ONE NewsANZ Bank

Australian-owned banks are being accused of looking after their overseas shareholders at the expense of local jobs and the New Zealand economy.

The bank workers' union FINSEC says huge dividends have been handed out while jobs are being cut or contracted out  to offshore operators.

Spokesman Andrew Campbell says he is also unhappy at wage freezes and branch closures. He believes ANZ National is the biggest offender.

Campbell says it's time the government got tough over what he calls an immoral disregard to the local economy. He says all through the recession the banks have been turning healthy profits.