New Zealand's Co-operative bank will share out a rebate of NZ$2.1 million between 115,000 customers, taking the total rebates paid since 2013 to over NZ$10 million. The bank yesterday announced its annual results, with its profit before rebates and tax up 1.2 per cent to NZ$16.7 million. Mortgage lending increased by 8.5 per cent and retail deposits up 8.1 per cent. Co-Operative Bank CEO David Cunningham took the opportunity at the release of the bank's annual results for a jibe at the Australian-owned banks, saying the Hayne royal commission hasn't shown these institutions in a favourable light. "I believe a strong factor in Co-op's continued growth is concern about the scale of banking profits - close to NZ$5 million - sent offshore to Australia each year," he said. The Productivity Commission's draft report into the superannuation system released this morning criticises it for the unintended multiple accounts and entrenched poor performance, saying the flaws in the system hurt the young and the poor the most. "The impact is highly regressive. It causes great harm to young people, workers on low incomes and workers in and out of the workforce," the Commission's Deputy Chair Karen Chester wrote. "With default funds being tied to the employer and not the employee, many members end up with another account every time they change job," she said. A third of accounts (totalling about 10 million) are unintended multiples, with excess fees and insurance premiums amounting to A$2.6 billion every year.  The Commission recommends moving to a New Zealand-style system of members being defaulted only once when they start working for the first time.