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‘Need a maverick’: RBNZ wants a Kiwi Macquarie

Lucas Baird

New Zealand must encourage a Macquarie-like “maverick” bank to shake up subdued home loan competition in its big four-dominated market rather than lowering hurdles for smaller lenders to grow, the Reserve Bank of New Zealand says.

It represents a major rejection of the New Zealand Commerce Commission’s draft report into the sector, which said the central bank’s capital settings pushed up loan pricing and argued that fewer anti-money laundering rules would benefit competitor banks and fintechs.

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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com

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    Original URL: https://www.afr.com/companies/financial-services/need-a-maverick-rbnz-wants-a-kiwi-macquarie-20240423-p5flx6