Dr Bryce Edwards: The Banking oligopoly has been saved from radical reform

The champagne corks were surely popping last night in the Sydney headquarters of the “Big Four” Australian banks. The owners of ASB, ANZ, Westpac, and BNZ would have been highly relieved to receive the New Zealand Commerce Commission’s final report on competition in the banking sector and realise that the status quo would be retained. There would be some minor reforms, but none of the more radical proposals were being considered. The owners will be able to continue siphoning mega-profits – $7.21bn this year – back to Australia.

Professor Robert MacCulloch: How to Break NZ's Bank Oligopoly right now...

How to Break NZ's Bank Oligopoly right now, in three lines, at no taxpayer cost. (Forget the Commerce Commission).

Every day Kiwis are ripped off by the Big Banks. Every day you use Pay Wave the Banks pinch money out of your account. That's how banks make their dough these days. They hire a team of lawyers from one of NZ's big firms and ask them, "How can we legally steal money from our customers?", and the lawyers duly oblige. Now the Commerce Commission comes up with a report telling us what we already knew - that they're a big fat oligopoly.