KiwiBank Boost for Banking Competition
The Government is taking bold steps to boost competition, strengthen Kiwibank, and ensure fairer outcomes for Kiwi customers. Key changes include:
✅ Boosting Kiwibank's capital: Up to $500 million may be raised from KiwiSaver funds, NZ investment institutions, and professional investor groups to help Kiwibank compete with the "big four" Australian-owned banks.
✅ Exploring a public share offering: A potential IPO for Kiwibank is on the horizon (post-2028) after its digital transformation, offering more accessible growth options.
✅ Revised Reserve Bank focus: New directives for the Reserve Bank prioritize competition while maintaining financial stability, with reviews planned for:
❇️Risk weighting for lending.
❇️Minimum capital thresholds for new market entrants.
❇️Restrictions on the use of the word "bank."
❇️Barriers to lending on Māori freehold land.
✅ Improved services for consumers: Emphasis on open banking, better payment switching, and clearer home loan comparisons.
"Competition is king," as Nicola Willis puts it. These changes aim to create a level playing field for smaller players and better outcomes for Kiwi bank customers. What do you think?
#KIWIBANK #OpenBanking #kiwisaver #independentfinancialadvice #advicehq
Neighbourly Q&A: Consumer rights with CAB's Andrew Hubbard
What can you do if you buy something that breaks soon after you buy it? It's time for another helpful Q&A.
This week we have Andrew Hubbard from Citizens Advice Bureau New Zealand (CABNZ) who will be answering your questions about your consumer rights.
A little bit about Andrew:
Dr Andrew Hubbard is deputy chief executive of Citizens Advice Bureau New Zealand (CAB) and loves working for the CAB so much that he’s been there for more than fifteen years.
Andrew believes in the difference people can make working together in the community and loves being able to support the work of the more than 2000 CAB volunteers across the motu. Andrew’s background is in policy and he’s been actively involved in consumer issues for the fifteen years he’s been at the CAB.
Andrew and the CAB team are ready to answer your questions about your consumer rights. This might be questions about when you can get a refunds, your rights when buying via Facebook or overseas, product delivery issues and what to do if a retailer won't sort a problem out for you. Ask away!
Andrew will be here live on Wednesday at 9.30am, but go ahead, and add your question below now ⇩
From Antarctica to the Outback
For Rodnie and Bryan, retirement at Ryman’s Edmund Hillary Village is all about seizing every opportunity to explore. From trekking through Nepal and enduring the cold in Antarctica to immersing themselves in Aboriginal culture in the Australian Outback, their epic retirement proves that age is no barrier to discovery. Just as Sir Edmund Hillary pushed the limits of exploration, residents of his namesake village continue to chart their own extraordinary journeys.
“We’ll keep travelling for as long as we can,” says Rodnie.
Click read more for the full story.
Poll: Would you use a pet cemetery?
Dave Stephens has created a pet cemetery on his land.
The 10-acre site in Albany, Auckland, features graves nestled among beautifully manicured gardens and unique art pieces, offering a serene space where visitors can pay their respects in their own way.
Is a local pet cemetery something you think you would use? Share your thoughts below.
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31.2% Yes
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67.3% No
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1.5% Other - I'll share below
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