Greens' Kiwibank stance criticised
The Greens have suggested a plan that would allow Kiwibank to compete more aggressively with the big four Australian banks in New Zealand, particularly in the commercial market.
They claim that more competition would drive lending rates down and pass on savings to households and businesses.
“By holding back Kiwibank’s ability to grow quickly and compete, the Government has let the big four banks make excessively large profits off Kiwis. When the Reserve Bank moved recently to cut the official cash rate by 25 basis points, three of the big four banks passed on only 10 basis points of those cuts.”
The Green Party would give $100 million for Kiwibank to move into commercial banking, allow it to keep more of its profits and change the NZ Post Group’s statement of corporate intent to make Kiwibank market leadership a higher priority.
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