Kiwibank workers will walk off the job today, striking from 12pm until 2pm over the bank’s 2.25% pay offer. The strike includes customer service workers in branches and on the phones, along with workers in other roles across the bank.
E tū members at Kiwibank have been bargaining for a fair pay rise this year, with talks going to mediation without an acceptable offer. The bank posted a net profit after tax of $174 million for the year to June 2026. That’s down on the $191 million it made the year before, which it put down to a lower interest margin. Over the same period it grew lending by $3.1 billion and deposits by $2.4 billion. CEO Steve Jurkovich says the bank is investing “more than ever” in technology and its branch network.
E tū delegate Marina Watson says the bargaining process has left workers feeling undervalued.
“It was hard being at bargaining and mediation this year as a union delegate. Sitting across from people, trying to convince them to their face that we’re worth their consideration, and just seeing blank faces and laptops with financial reports being read out. It was so demoralising.
“We shouldn’t need to ask ourselves what our dignity is worth when we know how much profit we bring to Kiwibank’s table. We’re asking to pay our bills and take care of our kids. How can we support Kiwi making Kiwi better off when we can’t take that motto home with us as employees?”
E tū Assistant National Secretary Mat Danaher says workers have been pushed to strike by an offer the bank can easily afford to improve.
“Nobody wants to walk off the job, but Kiwibank has left these workers with no other way to be heard,” Mat says.
“A $174 million profit is a strong result by anyone’s measure. Kiwibank can’t point to a smaller number than last year and pretend times are tough.
“This bank is growing faster than its competitors and telling everyone it’s investing more than ever. Then it turns to the people who actually do the work and offers them 2.25%. That doesn’t add up.
“Kiwibank workers open the accounts, answer the phones, and helped nearly 8,000 people into homes this year. They need a pay rise that lets them keep up with the cost of raising a family.
“This is a publicly owned bank. It should be setting the standard for how workers are treated, not making delegates like Marina plead to be valued while managers read out the balance sheet.
“Kiwibank says it wants to make Kiwi better off. It can start with its own workers.”