22 Aug 2025
1 year ago
1454 views
Finance Minister Nicola Willis has welcomed the release of the Finance and Expenditure Committee (FEC) Inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The inquiry supports the Government's efforts to enhance competition in the banking sector for better services for Kiwis. The report, based on submissions from 148 stakeholders and public hearings, will be reviewed by the Government for proposed action items by November 2025.
14 Aug 2025
1 year ago
1582 views
The Government is focused on growing the economy by improving competition settings, with updates on the Commerce Act review and Commerce Commission governance. Reforms to the Commerce Act aim to simplify collaboration processes, enhance confidentiality protections, and promote competition. Additionally, initiatives include strengthening banking competition, implementing open banking, regulating retail payments, and introducing a new water services regulatory regime under the Commerce Act to ensure efficiency and transparency.
30 Jul 2025
1 year ago
1944 views
Kiwibank has been authorized to enhance its competition with the dominant Australian-owned banks in New Zealand's banking sector by raising up to $500 million in capital for growth. This move is aimed at enabling Kiwibank to better compete with the big four Australian banks while preserving its New Zealand identity. The government has approved measures to ensure Kiwibank's New Zealand identity, including maintaining majority government ownership and requiring key operational aspects to remain in New Zealand.
28 Jul 2025
1 year ago
3505 views
Commerce and Consumer Affairs Minister Scott Simpson announced the axing of surcharges to benefit New Zealanders financially. The move aims to eliminate the hassle and unexpected costs shoppers face at the checkout. By banning surcharges for in-store payments by May 2026, consumers can shop confidently without being penalized for their payment method choice.
08 Jul 2025
1 year ago
1998 views
Selwyn District is the first council in the country to launch its new water services entity, Selwyn Water, meaning safe, reliable, and affordable drinking water and wastewater for ratepayers, Local Government Minister Simon Watts says. “The launch of Selwyn District’s water service entity today marks a significant milestone of water reform, and I look forward to seeing similar Local Water Done Well plans progress in the coming months,” Mr Watts says. “Selwyn District Council is also the first council to have a Water Services Delivery Plan accepted and approved by the Secretary for Local Government, Paul James and the first to establish a water services council-controlled organisation (CCO) under the Coalition Government’s Local Water Done Well policy.
26 Jun 2025
1 year ago
2419 views
Economic Growth Minister Nicola Willis has written to the major supermarkets to restate the basic expectation that they take all steps needed to comply with the Fair Trading Act and ensure Kiwi shoppers are not subjected to misleading price claims. “Supermarkets have statutory obligations under the Fair Trading Act to ensure that pricing information is accurate and does not mislead consumers. “I am disappointed that I have to spell out to some of New Zealand’s biggest and most sophisticated retail operators - Foodstuffs North Island, Foodstuffs South Island, and Woolworths - that they should have in place processes to prevent inaccurate pricing, institute and publicise refund policies, and train staff to ensure that when errors are reported, fixes occur system-wide.