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, finance, payments, regulation and emerging technologies. Based in Sydney, he is a former legal and investment banking editor at the AFR and has been a business journalist for more than 20 years. Email James at jeyers@afr.com.au
