Banking report: time for RBNZ to look in the mirror

(Image: Getty)

Thu, 04 Apr 2024

Thu, 04 Apr 2024

The Commerce Commission’s draft report on personal banking services creates a meaningful opportunity to catalyse more effective competition and greater innovation in New Zealand’s financial services and credit markets. Reducing unnecessary regulatory burdens is vital for competition. Competition in these markets is, in turn, important for reducing NZ’s cost of capital and providing a quick win for our productivity.The report presents a lot of evidence clearly and concisely and draws sound conclusions. It also provi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets

Forsyth Barr upbeat on Tower

The company reports in May.

Victoria Young 5:00am

Law & Regulation

Bronwyn Heenan: H&S reform back with a vengeance

With all these changes, let's watch this space and wait for the details.

Bronwyn Heenan 5:00am

Economy

Trump’s tariffs may spur a more dovish RBNZ

The risk appears more weighted to the RBNZ cutting the OCR further than otherwise.

Rebecca Howard 5:00am

Trump’s tariffs may spur a more dovish RBNZ

Sponsored

New life in property market

Tax rule changes are bringing back mum-and-dad investors.

Fletcher Living

Sponsored

Commercial property trends: AI, sustainability and growing confidence

Falling rates and green tech shape property investment’s future.

PMG

More Law & Regulation

Law & Regulation

Bronwyn Heenan: H&S reform back with a vengeance

With all these changes, let's watch this space and wait for the details.

Bronwyn Heenan 5:00am

Law & Regulation

Telco fined $325k for misleading 'free' roaming claim

Telco 2degrees has been fined $325,000 after admitting it made misleading claims about its “free” Aussie business roaming plans.The Commerce Commission took action last year after claims made by 2degrees in its advertising campaign between 2020 and 2023 created an impression that...

Staff reporters 03 Apr 2025