Martien Lubberink: ComCom diagnoses the problem with NZ’s banking industry

ComCom diagnoses the problem with NZ’s banking industry – but will its solutions offer a real fix?

The New Zealand Commerce Commission recently released a draft report on the state of personal banking services in New Zealand. Unsurprisingly, the market study found a marked lack of competition among the largest financial institutions in Aotearoa New Zealand.

But will the government bailout of Kiwibank in 2022 or the arrival of fintechs make any long-term difference? If the commission’s report is to be believed – probably not.

Point of Order: Bigger benefits from tomorrow – bravo! But they might not buy as much as before

Ministers have been celebrating their wisdom in raising benefits substantially from April 1.

Social Development Minister Carmel Sepuloni led the chorus by telling Parliament it is the biggest lift to main benefits in decades. For many years, the rate of main benefits has fallen further behind the average wage, placing many people, including children, in undue hardship, she said.

That was an unusual admission, given the Labour Party has been in office for four years.

So now the good news: