An inquiry into New Zealand’s banking competition, or lack thereof, is currently underway.

Finance Minister Nicola Willis announced it in June, putting particular emphasis on rural banking and lending.

A ComCom market study has already, unsurprisingly, found a lack of competition among our largest financial institutions – with a full report due next month.

So, what does it all mean for the average Kiwi consumer – and is there hope on the horizon for some healthy competition?

Today, Victoria University of Wellington associate professor of economics Martien Lubberink takes us through the state of our banking sector, and ABC journalist Dan Ziffer explains what lessons could be learned from Australia’s massive Royal Commission into Banking.

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You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.

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Producer: Ethan Sills

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