This is edition 2024/136 of the Ten@10 newsletter.
Welcome to the Ten@10, where I collate and summarise ten news items you generally won't see in the mainstream media.
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Enjoy!
1. The Banking oligopoly has been saved from radical reform
Bryce Edwards
- 💼 The Commerce Commission's report on NZ banking spared major reforms, maintaining the status quo favorable to the Big Four banks.
- 🏦 The NZ Banking Association welcomed the report, suggesting readiness to implement minimal changes.
- 🗣️ Finance Minister Nicola Willis criticized the report's soft approach, advocating for tougher reforms to benefit consumers.
- 🛠️ Radical proposals like structural separation of big banks were sidelined, disappointing advocates of market shake-ups.
- 💬 Public skepticism remains high despite promises of open banking and KiwiBank expansion as potential solutions.
