The local chief executive of global banking giant ING says retirees should be encouraged to downsize to free up more housing in major cities for younger buyers by being given concessions on stamp duty.

Mel Evans, a former Westpac executive, has run the country’s six-biggest mortgage lender since 2020. She told the Financial Review Banking Summit that governments should think more closely about how to free up existing homes close to city centres until they could encourage more supply.