Basic theme



John,



I’ve just made a big announcement and I wanted to make sure you heard the news.



The cost of living is top of mind for many Kiwis, and we need to make sure there’s a competitive market among banks so people can be confident that they’re getting the best deal possible.



There’s been long standing concerns that the market is not working well for Kiwis. Banks have consistently made high profits over a number of years and their returns have outperformed their peers in other countries.



That’s why our Government has agreed to a market study into competition in the banking sector for personal banking services to ensure the market is working well for New Zealanders.



New Zealand’s banking sector is dominated by a small number of big players. Four major banks make up around 85% of the mortgage and other lending market and hold a 90% share of total bank deposits. Loans by smaller lenders are growing but remain small in comparison.



This market study is the first step in understanding banking competition issues, and it’s another way that we’re working to support Kiwis with the cost of living.



The Commerce Commission will focus on examining barriers to new competitors entering or expanding in the market, the introduction of innovative products and services and consumers’ ability to switch between banks. They will also examine banks’ profitability and other financial measures to assess competition in the sector.



The study will be completed by the end of August next year, but there’s every possibility that actions can be taken to fix some issues ahead of the final report. We’re also getting on with our work on open banking and establishing a consumer data rights regime, to deliver a better deal for New Zealanders.



I’ll be back in touch soon with more on how we’re supporting households with the cost of living, but for now, please make sure to share this email with those who might have missed today’s news. 



Thanks, 

Duncan 



P.S. You can find out a bit more about how we’re supporting households with the cost of living, here <[link removed]>. 



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