Many New Zealanders are concerned about the high level of interest rates, difficult access to credit, and high profit-margins of our major retail banks.

The Reserve Bank is also concerned and has called on banks to reconsider their floating mortgage interest rates, noting that lower rates is crucial to New Zealand’s economic recovery.

Unfortunately, the National Government has tried until now to block attempts to hold an inquiry into banks operating in New Zealand.

By doing so, they have denied the New Zealand public and businesses a chance to ask some important questions of our banks and to have their say. An inquiry is essential if home-owners, farmers and businesses are to have confidence in the integrity of our banks and banking system.

That is why Labour, the Greens and the Progressives decided to act and launch their own banking inquiry. The inquiry was held over 2 days beginning on 2 September. The submissions to the inquiry and ultimately the report of the inquiry will be published here on this website.

UPDATE: The Report of the Inquiry is now available -  Download the Report