News of visit by Chinese Premier is belatedly posted on Beehive website – now we await official post of banking inquiry
Let the record show that the PM’s news about China’s Premier visiting New Zealand this week was posted on the government’s website yesterday, after Point of Order had published its June 11 Buzz report.
But RNZ reported his announcement the previous day-,
Chinese Premier Li Qiang to visit New Zealand
4:00 pm on 10 June 2024
Perhaps the PM’s publicity staff are being overworked and had not officially posted news of this development in NZ relationship with China when Point of Order published its Buzz news yesterday.
And maybe Finance Minister Nicola Willis’ publicity staff are being overworked, too, because RNZ has reported –
Government orders inquiry into banking competition
12:56 pm today
Point of Order could not find this announcement on the Beehive website while preparing this report.
What we did find was a solid dose of announcements related to the country’s foreign relationships and the toils of Foreign Affairs Minister Winston Peters. He –
- Has been waving the flag in the Philippines;
- Along with Defence Minister Judith Collins has announced an increase in the number of New Zealand Defence Force personnel deployed to the Republic of Korea; and
- Has announced that New Zealand will be represented at the Summit on Peace in Ukraine by Minister Mark Mitchell in Switzerland later this week.
Latest from the Beehive
11 JUNE 2024
New Zealand and Philippines are continuing to elevate our relationship, Foreign Minister Winston Peters says.
Workplace Relations and Safety Minister, Brooke van Velden says paid parental leave increase from 1 July will put more money in the pockets of Kiwi parents and give them extra support as they take precious time off to bond with their newborns.
11 JUNE 2024
The number of New Zealand Defence Force (NZDF) personnel deployed to the Republic of Korea is increasing, Defence Minister Judith Collins and Foreign Minister Winston Peters announced today.
New Zealand will be represented at the Summit on Peace in Ukraine by Minister Mark Mitchell in Switzerland later this week.
Farmers’ hard work is paying off in the fight against Mycoplasma bovis (M.
10 JUNE 2024
Prime Minister Christopher Luxon has announced that Chinese Premier Li Qiang will visit New Zealand later this week.
But there is no official posting – yet – of Nicola Willis ordering an inquiry into the state of competition in New Zealand banking, with a particular focus on rural areas.
According to RNZ, she has written to the chairs of the Finance and Primary Production committees, calling for the inquiry saying that “New Zealand deserve a banking sector that is as competitive as possible”.
This was agreed to as part of the coalition agreement between National and New Zealand First, said Willis.
“Growing the rural economy is critical to rebuilding New Zealand’s economy and with farmers’ satisfaction with banking services dropping in recent years, it’s critical we better understand the role of bank competition in that sector,” she said.
The Primary Production Committee had already been considering a probe into rural banking.
“That’s why I have asked the Primary Production Committee to work with the Finance and Expenditure Committee to jointly develop terms of reference, join meetings to hear submissions relevant to rural banking, and prepare a report on rural banking to feed into the overall inquiry.”
Willis expected the inquiry to examine the state of competition in the banking sector, including business and rural lending, barriers preventing further competition in the sector, and any possible impact of the regulatory environment on competition and efficient access to lending.
That would include seeking evidence during the from financial market regulators including the Reserve Bank, Commerce Commission, and Financial Markets Authority, she said.
“I would expect that the inquiry would, as a matter of course, hear submissions from those banks operating in New Zealand with chairpersons and chief executives being made available for questioning,” said Willis.
“A more competitive economy is a more productive economy – with more growth, innovation, and investment,” she said.
Earlier today, on the opening morning of Fieldays, Federated Farmers launched a petition to put pressure on the Government to announce an independent inquiry into rural banking.
Federated Farmers spokesperson Richard McIntyre said the feds were showing politicians “just how front of mind this issue really is for farmers at the moment. It’s the number-one issue.”
McIntyre stressed he is particularly keen to see a banking inquiry that looks specifically at rural banking issues and the impact they’re having on farmers and rural communities.
Point of Order is a blog focused on politics and the economy run by veteran newspaper reporters Bob Edlin and Ian Templeton
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