ANZ, Commbank, NAB, and Westpac are all being targeted after years of strong growth saw profits in New Zealand outstrip those in Australia and around the globe.
ANZ, Commbank, NAB, and Westpac -through local subsidiaries in the case of Commbank and NAB - account for about 90 per cent of deposits in the country, also raising questions about competition in the market.
Announcing the inquiry on Tuesday, Labour Finance Minister Grant Robertson said the country's market regulator would undertake research to ensure the system was"working well for New Zealanders." He added that banks had seen"consistently high" profits over a number of years and that outside of the four major banks the volume of loans from other lenders"remained small."
Instead, he emphasised the gap between NZ and other countries like Australia and the United Kingdom which he claimed do more regular and detailed analyses of their banking sectors. "New Zealand has a highly competitive banking sector with banks of all sizes and ownership structures, including a government-owned bank.
"At the same time, the study is an opportunity to demonstrate the value already being delivered to customers across our industry and to give New Zealanders confidence in our banks."We will continue to develop and evolve the products and services we offer and to actively support our customers as they navigate the challenging economic environment we are in."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Young boy dies after huffing deodorant in New ZealandThe boy had been huffing, also known as chroming, with two friends at the bus stop on Hamilton&x27;s Tasman Rd and was told off by a member of the public, the Coroner has confirmed.
Read more »
New Zealand abandons friendly with Qatar mid-game after allegations of racismTwo soccer matches are abandoned in Austria after allegations of racism against New Zealand and Irish players.
Read more »
‘Shock’: Man wielding axe attacks diners at Chinese restaurants in New ZealandA man with an axe attacked random diners at three neighboring Chinese restaurants in New Zealand, wounding four people, police and witnesses said.
Read more »
'Always cheating': Marnus ripped by Barmy ArmyThe Barmy Army was already up and about... 🔥 Then Marnus did this 🤐
Read more »
Ponting shuts down England rival in savage TV momentPunter's eyes were like dinner plates as KP bowled a long hop. 🔥 theashes2023 9WWOS
Read more »