8 Mar 2023

Christopher Luxon wants Select Committee inquiry into banks

From Morning Report, 7:44 am on 8 March 2023

National party leader Christopher Luxon says he would like to see a select committee inquiry into the banking sector. 

According to the most recent figures, it's understood the Australian-owned banks make more than $16 million in profit every day. 

The Reserve Bank and the Commerce Commission are calling for a market inquiry. 

Luxon told Morning Report it's important to look at whether there are barriers to competition in the market. 

Luxon said a quick study, rather than a full Commerce Commission inquiry, will get answers more quickly at a time when questions about the cost of living and interest rates are crucial.