- Hon Nicola Willis
Finance Minister Nicola Willis has welcomed the release of the Finance and Expenditure Committee (FEC) Inquiry into banking competition today.
The inquiry examines banking competition with a focus on business and rural banking, as well as lending to Māori entities.
This work will support the Government's continuing efforts to improve competition in the banking sector, aimed at ensuring there are more effective and efficient services for Kiwis.
"Since the Commerce Commission's 2024 market study into personal banking services, the Government has made significant progress in creating better banking for Kiwis and communities.
"This includes open banking, competition in prudential policy decision-making, and giving Kiwibank scope to raise capital to become a disruptive competitor.
"Additionally, we look forward to the outcome of the Reserve Bank's review of key capital settings for deposit takers. We want to see settings that preserve financial stability while encouraging investment, job creation and income growth."
This review is due to be completed by end of 2025.
The FEC Inquiry received submissions from 148 submitters and public hearings were held between October 2024 and April 2025, including with the four largest banks.
Nicola Willis thanked the Committee for its work on the report.
The Government will review the report and its recommendations and will provide a response with proposed action items by November 2025.
