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New Zealand regulator lambasts banks for ‘sporadic’ competition

James Eyers
James EyersSenior Reporter

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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

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    Original URL: https://www.afr.com/companies/financial-services/new-zealand-regulator-lambasts-banks-for-sporadic-competition-20240820-p5k3oa