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
A Neighbourly Riddle! Don’t Overthink It… Or Do?😜
Do you think you know the answer? Simply 'Like' this post if you know the answer and the big reveal will be posted in the comments at 2pm on the day!
If you multiply this number by any other number, the answer will always be the same. What number is this?
Poll: Should the government levy industries that contribute to financial hardship?
As reported in the Post, there’s a $30 million funding gap in financial mentoring. This has led to services closing and mentors stepping in unpaid just to keep helping people in need 🪙💰🪙
One proposed solution? Small levies on industries that profit from financial hardship — like banks, casinos, and similar companies.
So we want to hear what you think:
Should the government ask these industries to contribute?
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60.5% Yes, supporting people is important!
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24% No, individuals should take responsibility
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15.4% ... It is complicated
Night-time chipsealing works on SH2
From 9 to 17 February, stop/go traffic management will be in place on SH2 between McPherson Road and Dimmock Road on multiple nights between 9pm and 5am (Sundays to Thursdays).
During the day, all lanes will be open, but speed restrictions will apply to allow the chipseal to set and to protect vehicles travelling over the newly laid surface.
There may be delays to your journey when travelling through the area. This is weather dependent so check NZTA Journey Planner before you travel.
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