On 14 August 2024, the Finance and Expenditure Committee (FEC) announced a comprehensive inquiry into banking services in New Zealand. This inquiry aims to assess the level of competition in the banking sector, the availability and affordability of banking services, and the impact of banking policies on consumers, businesses, and rural communities. The inquiry also considers barriers to entry for new market participants and the effectiveness of regulatory oversight.

CA ANZ has focused its submission on areas within its expertise, particularly business, tax, and corporate reporting. In this context, CA ANZ has provided insights on two issues:

• Climate-related risk disclosures: We continue to support climate-related risk disclosures as being in the best interests of New Zealand’s economy.
• Rural banking access: We believe the Government needs to continue to develop ways to improve access to banking for those in rural areas.