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Speaker 1: The government has been looking into the banking sector and

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Speaker 1: level of competition. We all know they think there's not

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Speaker 1: enough of it. The committee comes back with nineteen recommendations.

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Speaker 1: Government accepted all of them, so stuff like opening the

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Speaker 1: door toom all that overseas banks, reviewing fees, profits on

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Speaker 1: every day count, strengthening Kiwibank through further investment. Andrew Body,

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Speaker 1: financial markets banking expert, is with us on this. Andrew,

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Speaker 1: very good morning to you. Make in what camp are you?

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Speaker 1: I mean, have we got oligopolies and cartels operating here

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Speaker 1: or is it not that bad?

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Speaker 2: We've got an oligopoly here that my yesterday's response from

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Speaker 2: the government isn't going to change that rights. It's really

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Speaker 2: a recipe for paralysis by analysis. I'm afraid.

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Speaker 1: Okay, well that's good because I've been doing a lot

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Speaker 1: of reading. I just can't work out where I stand,

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Speaker 1: so I get where you stand. So the problem now

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Speaker 1: is we've got a problem, but yesterday's fix isn't.

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Speaker 2: Effects No, it's not. I mean, we know what the

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Speaker 2: problem has been. Well, well canvassed over the last two

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Speaker 2: and a half years with the Commerce Commission and then

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Speaker 2: with a very successful cross party supported banking inquiry by

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Speaker 2: the FEC and PPC. They did a great job and

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Speaker 2: we need to take action. Yesterday's response is about writing

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Speaker 2: reports mostly, and we've had that, We've done that. What

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Speaker 2: I think the Minister of Finance should be doing is

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Speaker 2: bringing Ian Rennie, Secretary of Treasury and saying Ian on

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Speaker 2: Monday morning at eight o'clock, I want a proposal for

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Speaker 2: legislative change to fix the clear problem with governance, and

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Speaker 2: I want a new policy remit to stand in the

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Speaker 2: place while we get the legislation through. And I want

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Speaker 2: a harmonization with Australia proposal that I can take to

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Speaker 2: the Prime Minister that he can talk to Anthony Ellen

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Speaker 2: easier about.

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Speaker 1: Well, hold on, then, what is she just jaw boning?

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Speaker 1: Because no one's talked to this up more than Nikola Willis.

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Speaker 1: So is she jaw boning or is she inconfident or

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Speaker 1: why isn't she doing what you're suggesting?

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Speaker 2: I think she's a very competent leader, but it's this

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Speaker 2: is a tough gig, you know, this is an environment

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Speaker 2: both politically and economically that's a challenging as I've seen

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Speaker 2: in my professional lifetime, and she maybe just needs to

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Speaker 2: be a bit braver on this. You know, she's not

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Speaker 2: running a court of appeal for RBNZ decisions in her office,

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Speaker 2: but she should be running a really critical eye over

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Speaker 2: governance failure, regulatory overreach at RBNZ.

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Speaker 1: Good stuff. I like your style, Andrew. You have a

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Speaker 1: good weekend too, Andrew Body, who's financial markets banking expert.

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Speaker 2: For more from The Mic Asking Breakfast, listen live to

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