This is edition 2026/018 of the Ten@10 newsletter.
Hi all,
This is the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.
Enjoy!
A Chance to stop big business ripping off New Zealanders
Bryce Edwards
- 💸 Rip-Off New Zealand: Big businesses in key sectors (banking, supermarkets, energy, building materials) are making massive profits, while consumers suffer from uncompetitive markets.
- 🏦 Big Corporations' Profits: The "Big Four" banks account for 3% of NZ's GDP, while supermarkets earn $1 million in excess profits daily.
- 🔄 Proposed Reform: The Commerce (Promoting Competition and Other Matters) Amendment Bill aims to tackle monopolies but faces resistance and watering down from corporate lobbyists.
- 📊 Market Failures: Studies show concentrated markets lead to high prices and limited choice (groceries, fuel, banking, etc.), driving a push for competition reform.
- 🏛️ Government Support: Finance Minister Nicola Willis advocates for tougher regulations on monopolies, supported by both Labour and National, though NZ First and Act Party have reservations.
- 🚫 Weak Points of the Bill: Critics say it doesn't go far enough—missing mandatory merger notifications, sector-specific codes, and stronger anti-competition provisions.
- 🛑 Business Lobby Pushback: Law firms and business groups like Chapman Tripp are lobbying to water down reforms, citing concerns about "investor confidence" and regulatory burden.
- 🔧 Potential Solutions: Consumer advocates call for mandatory merger notifications, industry codes, better funding for the Commerce Commission, and stronger penalties.
- 🛍️ Impact on Democracy: High prices and market concentration erode public trust in businesses and elected officials, threatening democratic institutions.
- ⏳ Action Needed: Submissions for the proposed reforms close on February 4, 2026. Public input is crucial to strengthening the bill and addressing market monopolies.
