National calls for banking enquiry; Banks think it's a good idea

Finance spokesperson Nicola Willis has written to the committee asking for what she said would be a “short, sharp enquiry” into any potential competition issues in New Zealand’s retail banking sector.

“New Zealanders enduring a prolonged cost of living crisis will have been concerned to hear the Reserve Bank join a chorus of voices casting doubt on the competitiveness of the retail banking market,” Willis said.

There have been several calls for a full market study by the Commerce Commission into banking competitiveness.

These have come from the Simplicity chief executive Sam Stubbs as well as the founder of 2 Degrees, and now anti-monopoly campaigner, Tex Edwards.