Tuesday, 20 August 2024 09:55

Submissions open for banking inquiry

Written by  Staff Reporters
Federated Farmers banking spokesperson Richard McIntyre. Federated Farmers banking spokesperson Richard McIntyre.

Farmers are welcoming the broad scope of a parliamentary inquiry into banking competition.

The terms of reference announced last week include looking at the price of banking services, with a particular focus on business and rural lending products and the return on capital from business, rural and residential mortgage lending.

Federated Farmers banking spokesperson Richard McIntyre says the broad scope of the inquiry will hit the mark for farmers and rural communities.

“We’re pleased to see the Government announce a wide-ranging inquiry that will leave the banks with nowhere to hide,” McIntyre says.

“Farmers have been asking serious questions about the levels of competition, profitability and transparency in rural lending for a long time now – and it looks like they’re about to get answers.

“This inquiry is well placed to shine a bright light on parts of our rural banking system that, until now, have been allowed to operate in the shadows.”

The chair of primary production select committee, Mark Cameron, is urging the rural sector to make their voices heard.

“Anyone on the back of a rural loan, whether you are a horticulture, sheep and beef, arable or dairy farmer, should make sure their voices are heard – be part of the process,” he told Dairy News.

The public submission period runs for six weeks.

More like this

Meat sector unity

Farmers are welcoming potential collaboration between the country's two major meat processors.

Featured

Better animal genetic gain system

A governance group has been formed, following extensive sector consultation, to implement the recommendations from the Industry Working Group's (IWG) final report and is said to be forming a 'road map' for improving New Zealand's animal genetic gain system.

SIDE 2025's new schedule, venue

Annual farmer gathering, the South Island Dairy Event (SIDE), is set to make history as it heads to Timaru for the first time.

Taranaki piggery goes solar

Installing 400 solar panels at their Taranaki piggery and cropping operation will have significant environmental, financial and animal welfare benefits for the Stanley family.

National

OSPRI's costly software upgrade

Animal disease management agency OSPRI has announced sweeping governance changes as it seeks to recover from the expensive failure of…

Machinery & Products

Entries open for innovation award

Fieldays and its renowned Innovation Awards are celebrating their 57th year, marking a longstanding tradition in the agricultural calendar, with…

Milk Sustainability Centre launched

The recently announced Milk Sustainability Centre – a collaboration between global giant John Deere and milking and feed specialists De…

» Latest Print Issues Online

Milking It

Chinese strategy

OPINION: Fonterra may have sold its dairy farms in China but the appetite for collaboration with the country remains strong.

Not fair

OPINION: The Listener's latest piece on winter grazing among Southland dairy farmers leaves much to be desired.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter