Do you know what? I think we need to get on and have an official inquiry into bank profits.

If only to stop the moaning that happens like clockwork every time the banks report their profits.

You can blame the Reserve Bank for this.

Earlier this week, their Chief Economist Paul Conway said: "I think the banking sector would be an appropriate focus for a market study, should the Government wish to go there." 

Tex Edwards has now weighed in. He's the 2 Degrees founder who now runs pro competition body  Monopoly Watch.

He's proposed draft terms of reference for the Commerce Commission to use in a market study of the banking sector. 

I don’t know if a market study by the Commerce Commission will find anything.

Certainly bank profits have never been higher than those reported last year, it was the first time they’ve ever cracked $6 billion. And certainly their net interest margin is the highest it’s been in eight years.

But then, it's not as if the Commerce Commission has a great track record. It's done market studies into supermarkets, petrol retailers and the construction industry.

Supermarket prices have never been higher, petrol prices are so high the Government’s had to give us all a tax break on fuel, and the strongest telling off to the construction sector was to stop offering rebates to big retailers.

It’s also, by the way, a bit rich of the Reserve Bank to have a crack at bank profits when they’re the ones who printed money, sending the country on a house buying spree that brought more business to the banks.

It's like the Reserve Bank turned on the sprinklers then complained that the banks lawns are green.

But honestly, we have this debate every single time the banks books look healthy. Every single time they report big profits, someone has a moan.

Last November, it was memorably then Prime Minister Jacinda Ardern who said bank profits were “unjustifiable”. 

So let’s do it. Let's find out if they really are “unjustifiable”.

Yes it’ll cost, but it’s money worth spending to most likely satisfy the whingers that there’s nothing dodgy going on.

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