Australia’s banks face new pressures in New Zealand, after the country’s competition regulator called for an acceleration of the open banking regime across the Tasman and criticised their underinvestment in technology.
A final report on personal banking services, released by the New Zealand Commerce Commission on Tuesday, also wants the Luxon government to invest more in Kiwibank, the government-owned NZ lender, noting it “lacks the scale and capital backing” to become a “maverick” competitor like Macquarie in Australia.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
