Articles tagged with Commerce Commission
Commerce Commission Proposes Cut to Company Card Fees Saving NZ Businesses $40M Annually
2 weeks ago | 196 viewsThe Commerce Commission has proposed reducing the fees businesses pay to accept company cards, potentially saving retailers around $40 million annually and contributing to a total expected saving of up to $290 million per year for businesses. Commerce Minister Cameron Brewer highlighted that current interchange fees in New Zealand are nearly double those in Australia and unfairly burden businesses, which often pass these costs onto consumers through higher prices. The draft decision is open for consultation, with a final ruling expected later this year, aiming to ensure fairer payment processing costs and benefits for both businesses and consumers.
Tags: Commerce Commission Cameron Brewer retailers interchange fees company cards businesses consumers New Zealand Government banksBudget 2026 Introduces Prudential Levy on NZ Banks and Financial Firms
3 weeks ago | 247 viewsBudget 2026 introduces a new prudential levy on banks, non-bank deposit takers, insurers, and financial market participants to cover Reserve Bank regulatory costs, aligning with international practices and ensuring taxpayers do not bear these expenses. The levy, expected to raise around $209 million over four years, will be paid to the Reserve Bank and returned to the government via increased dividends, with implementation planned for mid-2027 after consultation. This measure aims to strengthen New Zealand’s financial system by funding supervision, licensing, monitoring, and crisis management of regulated entities, including 27 banks, 14 non-bank deposit takers, 81 insurers, and five financial market infrastructures.
Tags: Budget 2026 prudential levy Reserve Bank Nicola Willis Financial Markets Authority Commerce Commission New Zealand banks insurers financial market participants financial regulationBudget 2026: New Prudential Levy on NZ Banks and Financial Market Players
3 weeks ago | 241 viewsBudget 2026 introduces a new prudential levy on banks, non-bank deposit takers, insurers, and financial market participants to fund the Reserve Bank’s regulatory and supervisory services, ensuring these costs are borne by the industry rather than taxpayers. The levy, estimated to raise around $209 million over four years, aligns with international practices and will be implemented by mid-2027 after sector consultation. It targets a broad range of financial entities, including 27 banks, 14 non-bank deposit takers, 81 insurers, and five financial market infrastructures, supporting the Reserve Bank’s role in maintaining financial stability.
Tags: Budget 2026 prudential levy Reserve Bank Nicola Willis Financial Markets Authority Commerce Commission New Zealand banks insurers financial market infrastructure financial regulationNew Governance Model to Strengthen New Zealand's Commerce Commission by 2027
3 months ago | 641 viewsNew Zealand is reforming its Commerce Commission to improve competition regulation by separating governance and regulatory functions, following an independent review that found the current structure ineffective. The new governance model, effective from July 2027, introduces an oversight board with external directors and a panel of expert commissioners to enhance decision-making and market competitiveness. Current leadership will provide continuity during the transition, with the Commerce (Commerce Commission Reform) Amendment Bill now under consideration by the Finance and Expenditure Committee.
Tags: Scott Simpson Dame Paula Rebstock Dr John Small Anne Callinan Commerce Commission Commerce Commission Reform Bill New Zealand Commerce and Consumer Affairs Finance and Expenditure Committee regulatory reformNew Commerce Commission Reform Bill to Strengthen Competition and Market Oversight in NZ
3 months ago | 603 viewsNew Zealand is reforming its Commerce Commission to enhance competition, innovation, and market fairness by separating governance and regulatory functions, following an independent review that found the current structure inadequate. The new model, effective from July 2027, introduces an oversight board with external directors, a panel of expert commissioners, and delegated regulatory decision-making to improve strategic focus and operational effectiveness. Leadership continuity will be maintained with Dr. John Small as chief commissioner and board chair until 2030, ensuring stability during the transition.
Tags: Scott Simpson Dame Paula Rebstock Dr John Small Anne Callinan Commerce Commission Commerce Commission Reform Bill New Zealand Commerce and Consumer Affairs Finance and Expenditure Committee regulatory reformNew Zealand Government Advances Infrastructure Funding Reforms to Boost Housing Growth
7 months ago | 662 viewsThe New Zealand Government is advancing reforms to improve infrastructure funding and financing to support housing and urban growth, focusing on land supply, infrastructure, and growth incentives through its Going for Housing Growth programme. Key initiatives include introducing the Infrastructure Funding and Financing (IFF) Amendment Bill, replacing development contributions with a new development levies system, and proposing the Commerce Commission as the regulator for development levies to ensure fairness and transparency. Public consultation on these reforms runs until February 2026, aiming to create a flexible, consistent system that enables faster housing development and better infrastructure delivery.
Tags: Chris Bishop Simon Watts Scott Simpson Housing Minister Local Government Minister Commerce and Consumer Affairs Minister Infrastructure Funding and Financing Development Levies Commerce Commission New Zealand GovernmentNew Zealand Hikes Penalties for Misleading Advertising to Protect Consumers
7 months ago | 695 viewsThe Government plans to significantly increase penalties for breaches of the Fair Trading Act, raising maximum fines to the greater of $5 million, three times the commercial gain, or the transaction value, to better deter misleading advertising and unfair business practices. The reforms will shift most breaches from criminal to civil liability, allowing the Commerce Commission to act on a lower standard of proof, while serious offenses remain criminal, aiming to create a fairer marketplace and protect consumers. These changes follow rising complaints and aim to align New Zealand’s laws with international standards, with legislation expected to pass next year after public consultation.
Tags: Nicola Willis Scott Simpson Government Fair Trading Act Commerce Commission Consumer NZ Pak’nSave Woolworths misleading advertising penaltiesGovernment Accepts Banking Competition Recommendations for Increased Innovation and Consumer Benefits
7 months ago | 677 viewsThe Government has accepted or partially accepted all recommendations from the Finance and Expenditure Committee's inquiry into banking competition, focusing on business, rural banking, and lending to Māori entities. The findings highlighted concerns about high banking profitability, market concentration, barriers to entry, and regulatory settings, aligning with the Commerce Commission's report. Actions include allowing Kiwibank's parent company to raise capital, emphasizing banking competition in policies, encouraging standardization of financial information, disclosing account profitability, expanding regulatory sandbox trials, developing a licensing model for innovation, and coordinating monitoring through the Treasury.
Tags: Government Finance and Expenditure Committee Nicola Willis Commerce Commission Kiwibank Reserve Bank Scott Simpson Financial Markets Authority Treasury Māori.New Bill Bans Surcharges on Foreign and Commercial Cards for Easier Payments: Impact on Businesses and Consumers
9 months ago | 888 viewsThe Government, led by Commerce and Consumer Affairs Minister Scott Simpson, is expanding the surcharge ban to include foreign-issued cards and commercial cards, aiming to simplify transactions for businesses and consumers. The Retail Payment System (Ban on Merchant Surcharges) Amendment Bill has passed its first reading, prohibiting surcharges on in-store EFTPOS, Visa, and Mastercard payments. The ban, set to be implemented within a month of passing the Bill, aims to save businesses up to $90 million annually and prevent surprise costs for Kiwi shoppers at payment terminals.
Tags: Government payment pain point surcharge ban foreign cards Commerce and Consumer Affairs Minister Scott Simpson Retail Payment System Amendment Bill Commerce Commission banking fees merchant service fees interchange feesNew Commerce Act Amendments Boost Public Protection and Business Certainty
9 months ago | 742 viewsThe Government is updating the Commerce Act after nearly 20 years to enhance protection for the public and provide more certainty for businesses, focusing on promoting competition, innovation, and fair markets. Key changes include preventing unfair tactics, clearer merger rules, strengthening the Commerce Commission, and facilitating beneficial collaborations among businesses. The amendments aim to ensure the Commerce Commission is more effective, separate governance and regulatory functions, and give the Commission stronger tools to assess mergers and competition concerns, ultimately promoting fairer markets and consumer choice.
Tags: Government Commerce Act Economic Growth Minister Nicola Willis Commerce and Consumer Affairs Minister Scott Simpson Competition Innovation Commerce Commission Collaboration Mergers ConsumersHave Your Say: Kiwis Invited to Shape Telecommunications Regulatory Changes
10 months ago | 920 viewsKiwis are encouraged to provide input on proposed regulatory changes in the telecommunications sector, as their feedback is crucial to the review process, according to Ministers David Seymour and Paul Goldsmith. The review focuses on key regulatory issues such as the Telecommunications Development Levy (TDL), shareholder caps, and service quality regulations. Proposed draft changes include implementing a consumer code, updating infrastructure obligations, eliminating outdated rules, and enhancing investor appeal for telecom companies to boost growth in the sector.
Tags: David Seymour Paul Goldsmith Telecommunications sector Regulatory change Telecommunications Development Levy Retail Service Quality Fibre Fixed Line Access Telecommunications service obligations Telecommunication services Commerce CommissionLocal Water Done Well: Government Legislation Benefits Communities Nationwide
10 months ago | 950 viewsThe Government's Local Water Done Well legislation aims to provide safe, reliable, and financially sustainable water services to local communities across the country. The legislation focuses on ensuring financial sustainability, oversight, and accountability in water service delivery, with the Commerce Commission overseeing economic regulation to ensure fair pricing and quality infrastructure. Councils are encouraged to submit water services delivery plans that meet the requirements and provide flexibility to make arrangements best-suited for their communities, ultimately benefiting Kiwis with improved water services.
Tags: Local Government Minister Simon Watts Commerce and Consumer Affairs Minister Scott Simpson Kiwis Watercare charter Three Waters policy Local Government (Water Services) Act Local Government (Water Services) (Repeals and Amendments) Act Commerce Commission councils water services delivery planGovernment Initiatives to Boost Banking Competition Unveiled by Finance Minister Nicola Willis
10 months ago | 1001 viewsFinance 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.
Tags: Finance Minister Nicola Willis FEC Inquiry banking competition Government Commerce Commission Kiwis Kiwibank Reserve Bank financial stabilityUpdate on Competition Policy Reforms for Economic Growth
10 months ago | 1051 viewsThe 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.
Tags: Government economy competition settings Commerce Act review Commerce Commission collaboration competition safeguards beneficial collaboration confidential information industry codesKiwibank Empowered to Challenge Big Four Aussie Banks with $500M Capital Boost
10 months ago | 1431 viewsKiwibank 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.
Tags: Kiwibank Nicola Willis Finance Minister Commerce Commission New Zealand Kiwi Group Capital Māori institutions New Zealand KiwiSaver funds stock market