New Zealand Bank Market Needs 'Disruptive Force' to Lift Competition.

The New Zealand government is being urged by the country's antitrust watchdog to increase Kiwibank's access to capital in order to create more competition in the banking market. Currently, the market is dominated by four major Australian-owned lenders who prioritize maintaining profit margins. The lack of a disruptive force in the market leads to sporadic and unsustainable competition between these major players. The Commerce Commission also recommends that the Reserve Bank review its prudential capital settings to ensure fair competition and that open banking be fully operational by mid-2026. The draft report is subject to consultation before a final report is published in August. [Extracted from the article]