Australia’s big four banks could be hit with tougher policies to boost competition in New Zealand, including more investment by NZ’s government into its Kiwibank to create a “maverick” rival like Macquarie.
Recommendations from a draft report on competition in retail banking, released by the NZ Commerce Commission on Thursday, also asked the Reserve Bank of New Zealand to explore tilting capital rules to favour smaller lenders.
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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
