Month: June 2023

Peak interest rates and the long road ahead

With interest rates rising sharply to combat inflation and the cost of living, combined with severe flooding and cyclone damage in the North Island, the first half of 2023 has been eventful to say the least. While some commentators are saying the cost of borrowing appears to have peaked, what lies in store for consumers… Read more »

Bank profits fall to lowest level in 18 months

The head of the Banking Association, Roger Beaumont, said many households had cushioned themselves from the impact of rising rates and a slowing economy by getting ahead in mortgage repayments.

New Zealand launches inquiry into Australian-dominated banking sector

“We believe the inquiry will ease any concerns in the community about competition and innovation in the banking industry,” he said. “We have a competitive banking sector, with 16 retail banks operating in New Zealand and easy bank switching.”

Culture and conduct not part of bank competition study

Bankers Association chief executive Roger Beaumont says switching banks is easy. “A customer’s new bank can arrange everything including transferring funds from the previous bank and setting up recurring payments to new accounts.” Beaumont says this can be done within five working days, and people don’t even need to talk to their previous bank.

Inquiry into competitiveness of NZ retail banking market

NZ Bankers Association CEO Roger Beaumont gave an indication of the banks’ line of defence, saying they are among the country’s biggest businesses “so their profits look big” and they “also contribute their fair share to New Zealand”.