An item on ONE News reported on KPMG's latest report showing that banks collectively made a record profit in the last financial year. In the second part of the item the reporter gave a 'very basic explanation' of how banks 'make their money'. The Authority declined to uphold complaints that the item was inaccurate and misleading because it was based on the 'money multiplier' model rather than the 'fractional reserve banking' model. Although simplified, the explanation was generally correct.
Not Upheld: Accuracy