Finance Minister Nicola Willis has ordered an inquiry into the state of competition in New Zealand banking.
One bank warns Kiwis will be left "with an even smaller share of the economic pie".
"In the Commission's view these are longstanding, systemic breaches."
Here's how open banking works.
"We thought the survey results six months ago were bad but these are even worse."
New research from the Federal Reserve Bank of New York shows stark differences between age groups.
It comes as other major banks cut their rates this week.
"We intend to do as much as we can to take the pressure off our existing homeowners and prospective home buyers."
It's going to be a long winter grind for the economy, Westpac warns.
New Zealand's largest bank has reported a flat six-monthly profit of $1,155 million.
Macquarie Bank customers won't be able to withdraw or deposit cash or cheques later this month.
"High interest rates and cost of living pressures" impact BNZ's half year profit.
Reserve Bank governor Adrian Orr has said a recession is needed to tame inflation.
A select committee will investigate farmers' claims of disparity between rural and urban bank lending practices.
Why does the Commerce Commission want to accelerate its progress?
It is New Zealand's first competition study into personal banking services.
GDP figures are expected to show no or little economic growth, with one bank saying "it's not going to be flash".
Collective profits for the sector rose 0.3 percent to a record $7.21 billion in 2023.
"It is inconsistent with the bank's single mandate to focus on price stability."
It follows similar moves from ANZ and ASB.
The move comes just days after the Reserve Bank (RBNZ) held the Official Cash Rate at 5.5 percent.
The Government is demanding "immediate and concerted" action from banks.
He admitted people who are doing it tough will find it even tougher.
"It's the right time for me to step back on my commitments."
The economic environment is still "uncertain", she says.
"Tricked into giving money to fake dating accounts."
The Reserve Bank plans to bring in the long-expected debt to income ratios (DTI) but ease the loan to value ratios.
The amount of money withdrawn due to financial hardship has doubled compared to last year.
New Zealand's economy has been under strain from the aggressive hiking of interest rates between October 2021 and May this year.
