Simplicity founder Sam Stubbs today renewed calls for a royal commission on banking practises in New Zealand after it was reported that NZ banks have made a $5 billion in after tax profit in this country.

\"I hope the politicians in New Zealand don't make the same mistake of delaying and delaying this, because with a sector that's making that much money, and so important to the financial health of all New Zealanders, we need to have a look,\" Mr. Stubbs told TV One Breakfast this morning. 

Data has actually shown the big four Australian banks are making more money out of Kiwis than Australians, and they are 26 per cent more profitable in New Zealand than at home.

\"We need to have a really good look and just make sure this industry is just behaving properly and appropriately,\" Mr Stubbs said.

\"That profit number indicates that it might not be, let's have a look.\"

Mr Stubbs said a royal inquiry in the New Zealand banking sector would achieve two \"amazing\" things.

\"You would get banking chief executives before oath, unable to lie because it's a criminal offence - a condition that exposed several new scandals in Australia.

And, you would provide whistle blowers like bank tellers would be provided name protection and confidentiality to speak candidly.\"

New Zealand banking sector is already lobbying and claiming it's not necessary.

\"It's interesting isn't it? If the industry really had nothing to hide, wouldn't they be welcoming this commission, wouldn't they say let's get this sunlight in there, let's open the bonnet, let's have a look at what's going on?

\"It's exactly the opposite of what's going on. They're making a lot of noise right now to not have a banking inquiry. It leads me to believe that's exactly why we should have one.\"

Simplicity has come up with a list of 24 questions which it believes should form part of the royal commission. To see our list click here.