Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Competition, consumer issues and banking regulation

Hon Kris Faafoi

Minister of Commerce and Consumer Affairs

Minister of Customs

24 October 2018

MEDIA STATEMENT

Minister in Canberra to discuss competition, consumer issues and banking regulation

Commerce and Consumer Affairs Minister Hon Kris Faafoi travels to Canberra today and Melbourne tomorrow for meetings with Australian government Ministers and officials to discuss competition and consumer issues, banking regulation and tax issues relating to superannuation.

Mr Faafoi will meet with Hon Clare O’Neil, Shadow Minister for Financial Services and will discuss the Australian Royal Commission’s enquiry into misconduct in the banking, superannuation and financial services industry. The Commission’s recently released its interim report, and Mr Faafoi with Government colleagues has monitored findings.

“New Zealand agencies are taking seriously the issues that the Royal Commission has highlighted in Australia and are considering how its findings might relate to the New Zealand financial sector. Our RBNZ and FMA are undertaking a review, which is due for report back soon – so we are closely monitoring the Australian situation to ensure any matters relevant to New Zealand are addressed.

“I also look forward to discussing Australia’s approach to open banking with Hon Stuart Robert, Assistant Treasurer for the Australian Government. Australia is introducing a new right for consumers to access and use their data. This Consumer Data Right covers issues relating to open banking, and the Australian financial services sector will be the first sector to which this right will be applied.

“New Zealand is in a position of being able to learn from what Australia is doing, and at the same time, to progress its own regime.”

With Hon Stuart Nash, Minister for Small Business, Mr Faafoi will meet with Small Business and Family Enterprise Ombudsman Kate Carnel, and Council of Small Business chief executive Peter Strong.

“I intend to discuss the opportunities and challenges they see for small businesses from the implementation of open banking,” says Mr Faafoi. ”These meetings also provide a good opportunity to discuss Australia’s competition law, which is similar in many respects to a number of changes that we are about to pass in New Zealand.”

In Melbourne, Mr Faafoi will attend the Legislative and Governance Forum on Consumer Affairs (CAF). CAF consists of all Australian Commonwealth, State and Territory, and New Zealand Ministers responsible for fair trading and consumer protection laws.

CAF's role is to consider consumer affairs and fair trading matters of national significance and to develop consistent approaches to addressing these issues. CAF has contributed to achieving alignment between New Zealand and Australian consumer laws and in taking a joint approach to trans-Tasman consumer issues.

As Minister of Customs, Mr Faafoi will also visit Australia Post’s Melbourne Gateway Facility to understand how the company and Australian border agencies are responding to the challenge of increasing volumes of international e-commerce postal items, and what insights could be applied in the New Zealand context. Mr Faafoi returns to New Zealand late on Friday night.

ends

© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell: On What We Could Do For Hong Kong, If Only We Dared

There has been something repulsive about PM Jacinda Ardern’s assurances that our joint 5 Eyes criticism of China’s actions over Hong Kong – and China’s harsh reaction – are all well understood on both sides. According to Ardern, it has been a case of us saying the sort of things we’ve said before, them acknowledging our need to do so, and then them responding much as we would expect them to do. All neat and tidy. Frankly, if all of this is merely virtue signalling on our part, and huffy declarations of independence on their part, then what’s the point of this diplomatic dance..? More>>

 

New Zealand Government: Speech From The Throne

It is my privilege to exercise the prerogative of Her Majesty the Queen and open the 53rd Parliament.
In the October election, New Zealanders elected a majority Government for the first time under our Mixed Member Proportional electoral system... More>>

Grant Robertson: Government To Review Housing Settings

New Zealand’s stronger-than-expected economic performance has flowed through to housing demand, so the Government will review housing settings to improve access to the market, the Finance Minister Grant Robertson announced today. “Our focus More>>

ALSO:

Law Commission: Recommends New DNA Laws For Criminal Investigations

Te Aka Matua o te Ture | Law Commission today released a report that recommends a new, comprehensive regime to control how DNA is obtained, used and retained for criminal investigations. The report has revealed significant gaps in the operation ... More>>

ALSO:


Economy: Crown Accounts Reflect Govt’s Careful Economic Management

The better-than-expected Crown accounts released today show the Government’s careful management of the COVID-19 health crisis was the right approach to support the economy. As expected, the Crown accounts for the year to June 2020 show the operating balance ... More>>

ALSO:

Green Party: Announce Portfolio Reshuffle With Talented And Energised Caucus Team

“The Green Party caucus offers a breadth of talent and energy to the Parliament this term. In ten MPs you have a small business owner, a human rights lawyer, an academic, a climate negotiator, a transport planner, and so much more”, Green Party ... More>>

ALSO:

APEC: New Zealand Ready To Host Virtually

Prime Minister Jacinda Ardern took over the leadership of APEC earlier today, when she joined leaders from the 21 APEC economies virtually for the forum’s final 2020 meeting. “We look forward to hosting a fully virtual APEC 2021 next year. While ... More>>

ALSO:

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels