I, the Honourable Dr Duncan Webb, Minister of Commerce and Consumer Affairs, pursuant to section 51 of Part 3A of the Commerce Act 1986, require the Commerce Commission to carry out a competition study into any factors that may affect competition for the supply or acquisition of personal banking services. For the purposes of this study, personal banking services are banking services ordinarily acquired for personal, domestic, or household use.

Matters to be considered in the study may include, but are not restricted to:

• The structure of the industry and the nature of competition.
• The conditions for entry by potential competitors and the conditions for expansion.
• Any barriers to consumers comparing bank offers or switching banks, including the extent to which products or services may be tied or bundled.
• Any impediments to new or innovative banking products or services comparative indicators of bank financial performance (including profitability).

Should the Commission be of the view that one or more matters listed above, or any additional matters not listed, are likely to provide special insight into competition for the supply and acquisition of personal banking services then the Commission may focus on those aspects.

The Commerce Commission should make its report publicly available by 20 August 2024.

Consistent with previous market studies, I expect the Commission will produce a preliminary issues paper into the sector by the end of August 2023.

Dated this 19th day of June 2023.

Hon Dr DUNCAN WEBB, Minister of Commerce and Consumer Affairs.