Banking sector resembles 'cosy pillow fight' - Willis

Competition in New Zealand's banking sector more closeley resembles a "cosy pillow fight".That's the view of Finance Minister Nicola Willis, who's calling for a shake up of the sector to increase competition and get better deals for New Zealanders. Her comments follow the Commerce Commission's final report on personal banking that found the sector is dominated by the four big Australian banks, while the Reserve Bank's rules make it difficult for smaller banks and new entrants to challenge. It calls for making more money for available to Kiwibank, improved rules to help smaller banks grow and introducing open banking, Jemima Huston reports.