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Speaker 1: MP's here's the headline, MPs struggle to identify silver bullet solutions.

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Speaker 1: We speak of banking, MP struggle to identify silver bullet solutions.

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Speaker 1: So I read the headline Friday, A Jene Tibshrainy detailed

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Speaker 1: a year's worth of work by the Finance and Expenditure

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Speaker 1: Committee that's come up with nothing. Oh, they made recommendations,

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Speaker 1: don't get me wrong. I mean imagine what it would

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Speaker 1: look like if they'd been toiling away for a whole

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Speaker 1: year and came up with a blank piece of paper,

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Speaker 1: but without telling you I told you so. I told

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Speaker 1: you so. And here is the difference between us and them. Right.

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Speaker 1: They entered this particular exercise with the banks with an

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Speaker 1: ideological or conspiratorial bent the opposition, and their ideas involved

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Speaker 1: public ownership of banks, Marrie banking theories, all sorts of

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Speaker 1: psychobabble that's got nothing to do with competition. The government

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Speaker 1: has the Nicola Willis idea that this is all a scam,

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Speaker 1: the banks are crooks, they're ripping us off. Now I've

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Speaker 1: argued there is no scam. There is plenty of competition,

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Speaker 1: and I have become increasingly convinced the issue really lies

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Speaker 1: in the reserve bank and their desire for retail banks

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Speaker 1: to hold gargantuan amounts money in reserve just in case labor.

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Speaker 1: They buy into this thinking, which is why they appointed

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Speaker 1: Adrian Or who introduced the rules in the first place.

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Speaker 1: The evidence is all around us. Ask yourself some questions.

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Speaker 1: Is their choice? Do people swap banks a lot? Do

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Speaker 1: banks openly compete for customers? Can you do deals through

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Speaker 1: brokers or directly? Yes, yes, yes, yes, yes, and yes.

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Speaker 1: Would more banks help probably, But there's nothing stopping them opening.

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Speaker 1: So the committee has no silver bullet. You know why,

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Speaker 1: because there isn't one. Because guess what. The system isn't broken. No,

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Speaker 1: it's not perfect. It's what happens in limited markets and

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Speaker 1: small populations. As I've said to Nicola, willis all along.

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Speaker 1: If you've got an answer, do it, pull the trigger,

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Speaker 1: show us your trick, wave your wand But one year

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Speaker 1: of searching tells you one thing. If you look at

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Speaker 1: things with an open mind, you wouldn't have gone down

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Speaker 1: the rabbit hole. For more from the Mic Asking Breakfast,

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Speaker 1: listen live to news talks it'd be from six am weekdays,

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Speaker 1: or follow the podcast on iHeartRadio.