“There have long been concerns that the market is not working well for New Zealanders“New Zealand Finance Minister Grant Robertson said in statements reported by Reuters.
The head of economic policy has also stated that banks have consistently made high profits for several years and their returns have outperformed their peers in other countries.
“Competition issues in New Zealand banking have not been fully explored for some timeand New Zealand lags behind other countries, such as Australia and the United Kingdom, when carrying out a detailed analysis of banking services“Robertson added.
He himself asks that examine the profitability of the country’s banks and investigate whether competition in the sector works well for consumers.
Previously, the New Zealand Treasury had stated that domestic demand is being held back by high interest rates.
Source: Fx Street
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