1
00:00:00,120 --> 00:00:03,120
Speaker 1: Parliament's Banking Inquiry has finally released its report. There's no

2
00:00:03,240 --> 00:00:06,760
Speaker 1: silver bullet in it. Recommendations include things already underway, including

3
00:00:06,800 --> 00:00:09,760
Speaker 1: the capitalization of Kiwi Bank, but also banks being more

4
00:00:09,760 --> 00:00:13,680
Speaker 1: transparent with Farmers Ax Finance spokesperson Todd Stevenson was on

5
00:00:13,720 --> 00:00:14,200
Speaker 1: the committee.

6
00:00:14,200 --> 00:00:16,680
Speaker 2: Hey Todd, Hi, Hey, how are you well?

7
00:00:16,680 --> 00:00:18,360
Speaker 1: Thanks mate. Now none of this is actually going to

8
00:00:18,360 --> 00:00:20,560
Speaker 1: massively change the game competition wise, is it.

9
00:00:21,680 --> 00:00:23,680
Speaker 2: Look No, as you said, there's no silver bullet. I

10
00:00:23,720 --> 00:00:26,759
Speaker 2: never we never really thought nackted there would be. But look,

11
00:00:26,760 --> 00:00:29,080
Speaker 2: there are some things that do need to be addressed.

12
00:00:29,520 --> 00:00:32,000
Speaker 2: And look, I think the bank inquiries had some success already, Heather.

13
00:00:32,120 --> 00:00:35,280
Speaker 2: You mentioned Reserve Banks already looking at its capital requirements.

14
00:00:35,280 --> 00:00:38,040
Speaker 2: They announced that during this inquiry, which I think is

15
00:00:38,080 --> 00:00:39,519
Speaker 2: quite interesting. I think they could see what.

16
00:00:39,560 --> 00:00:42,440
Speaker 1: Was said, come on now. That was because Nikola was

17
00:00:42,440 --> 00:00:44,160
Speaker 1: giving them the hard word in the meetings.

18
00:00:44,920 --> 00:00:46,800
Speaker 2: Ah. Look, no, people were turning up at the Select

19
00:00:46,800 --> 00:00:49,120
Speaker 2: Committee saying it was a real problem, and I think

20
00:00:49,120 --> 00:00:50,600
Speaker 2: they saw where it was going to hit you. I

21
00:00:50,640 --> 00:00:52,879
Speaker 2: mean the other one too is open banking, with some

22
00:00:52,920 --> 00:00:55,280
Speaker 2: progress has been made on that too during the of

23
00:00:55,280 --> 00:00:56,160
Speaker 2: course the inquiry.

24
00:00:57,120 --> 00:00:59,000
Speaker 1: Why do you say that there is no silver bullet

25
00:00:59,000 --> 00:01:02,040
Speaker 1: do you think do you think there is no competition problem.

26
00:01:02,840 --> 00:01:05,800
Speaker 2: No, there's definitely a competition problem. I agree with that.

27
00:01:05,880 --> 00:01:07,960
Speaker 2: It's just that you've got to do a number of

28
00:01:08,000 --> 00:01:11,400
Speaker 2: things to actually increase that competition. And you mentioned rural banking.

29
00:01:11,480 --> 00:01:15,200
Speaker 2: I mean, well, I think looking at the capital requirements

30
00:01:15,240 --> 00:01:17,320
Speaker 2: and making sure that they are appropriate and we can

31
00:01:17,360 --> 00:01:21,319
Speaker 2: actually get new players into New Zealand, whether they're local

32
00:01:21,440 --> 00:01:25,040
Speaker 2: or overseas, that's definitely an area that needs focus, and

33
00:01:25,319 --> 00:01:28,480
Speaker 2: that's around capital requirements, around the other rules, and just

34
00:01:28,520 --> 00:01:30,600
Speaker 2: making sure it's actually entered easier to enter the New

35
00:01:30,680 --> 00:01:31,199
Speaker 2: Zealand market.

36
00:01:31,280 --> 00:01:32,800
Speaker 1: Yeah. Do you reckon Farmer is going to be stoked

37
00:01:32,800 --> 00:01:34,360
Speaker 1: with your recommendations. I think they might be.

38
00:01:35,440 --> 00:01:38,640
Speaker 2: Look, you know, my colleague Mark Cameron was relentless at

39
00:01:38,800 --> 00:01:42,280
Speaker 2: questioning what was going on around particularly rural lending. Some

40
00:01:42,360 --> 00:01:45,280
Speaker 2: things obviously have come out about the different kind of

41
00:01:45,920 --> 00:01:49,720
Speaker 2: risks and interest rates that rural customers are forced to

42
00:01:49,960 --> 00:01:52,520
Speaker 2: kind of deal with, and so yeah, I think we're

43
00:01:52,520 --> 00:01:53,920
Speaker 2: going to see some progress there, Tod.

44
00:01:53,960 --> 00:01:56,120
Speaker 1: Thanks for your time, mate, Todd Stevenson, member of the

45
00:01:56,160 --> 00:01:57,760
Speaker 1: Finance and Expenditure Committee.

46
00:01:58,320 --> 00:02:01,480
Speaker 2: For more from Hither Duplic on Drive, Listen live to

47
00:02:01,600 --> 00:02:04,640
Speaker 2: news Talks it B from four pm weekdays, or follow

48
00:02:04,680 --> 00:02:06,440
Speaker 2: the podcast on iHeartRadio