Labour pledges to open New Zealand banking to new rivals

Labour’s election platform targets the concentration of banking assets, which the party says is held by ANZ, ASB, BNZ and Westpac subsidiaries. It proposes a new e-money licence to let digital-wallet providers compete and mandates that smaller firms gain equal access to essential banking and payments infrastructure. By 2030, Labour wants a secure, round-the-clock real-time payments network and a streamlined identity system to ease account opening and switching.

The party claims that more competition will lower costs for households and businesses that rely on banks for salaries, bills, mortgages and growth. Commerce spokeswoman Arena Williams highlighted that one outlet market leaves most New Zealanders with limited options.