Today the coalition government has announced that a select committee inquiry into banking competition will be led by the Finance and Expenditure Select Committee.
New Zealand First campaigned to take on foreign owned banks, and we committed to that in our coalition agreement by ensuring the inquiry has a broad and deep criteria that focuses on competitiveness, customer services, and profitability.
We must ensure that the banking sector operates in the interest of New Zealanders.
This inquiry will be another step forward in our plan to restore economic prosperity to our great country.
As we work to bring our country back into the black, New Zealand First welcomes this announcement as a statement of strength. At the same time, we have also seen concerns about rural lending which will be included in the terms of reference.
Kiwis have the right to work hard and get ahead without being ripped off at the ATM. We must focus on rebuilding the economy so that we can lift incomes and living standards.
This inquiry will ensure that the chairpersons and chief executives of banks operating in New Zealand are made available for questioning – and we will hold them to account for you.
We campaigned in 2023 to take on the foreign owned banks, charging more here than they do overseas. We are making progress and we will deliver on the promises we made.
With your support, we will continue to protect the interests of all New Zealanders.
