Friday, 15 September 2023 09:25

Rural sector 'didn't ask for banking inquiry'

Written by  Sudesh Kissun
NZ First candidate Mark Patterson (right) says his party would go after banks and supermarkets. NZ First candidate Mark Patterson (right) says his party would go after banks and supermarkets.

Agriculture Minister Damien O’Connor says the Government didn’t hold an inquiry into rural banking because the sector didn’t ask for one.

Speaking at the Rural Issues Debate last night in Hamilton, O’Connor backed Federated Farmers’ call for the next government to hold an independent inquiry into rural banking.

But he criticised Feds for not standing up to the banks earlier.

“I say, good on you Federated Farmers for stepping up for farmers.

“But this hasn’t been done before: Federated Farmers have never stood up and taken on the banks, as they should have.”

O’Connor says the farming sector is wary of talking on the banks because they all have mortgages.

“It’s very hard to take them on if you are beholden to them and they can be quite vindictive and vicious.”

In June, the Government announced that the Commerce Commission is to look into competition in the banking sector for personal banking services. Finance Minister Grant Robertson said then that record high profits had raised concerns the industry was not working well for New Zealanders.

O’Connor says the Government would have included rural banking into that inquiry had Federated Farmers asked for it.

“But if the sector isn’t saying there’s a problem, why would the Government overreach.”

O’Connor blasted National for planning to remove debt mediation legislation put in place by Labour.

But National ag spokesman Todd McClay claimed the Commerce Commission inquiry on the eve of the election was “to divert attention from high interest rates faced by homeowners and consumers”.

“If you were serious, this would have been done much earlier or you would have joined National when we called for an inquiry into banking in Parliament.”

NZ First candidate Mark Patterson says his party would go after banks and supermarkets.

Patterson says there should be an inquiry into rural banking.

More like this

Ewe Zealand First

OPINION: After all the criticism that Winston Peters leveled at the India/NZ FTA, it seemed just a trifle ironic to the Hound that the first NZ politician to visit India after Prime Minister Modi's visit was a member of the Ewe Zealand First party.

Featured

Editorial: The Price of Progress

OPINION: Alistair Carmichael raises some interesting questions about striking a balance between profitability in farming and preserving the character of rural communities.

NZ Ploughing Champions' Gear Stuck at Sea Before Worlds

Ploughing champions Mark Dillon and Malcolm Taylor earned the right to represent the country at the World Ploughing Championships in Osijek, Croatia, on 5 and 6 September, after winning their titles at the New Zealand Ploughing Championships in Middlemarch in 2025.

National

Machinery & Products

 

 

» Latest Print Issues Online

The Hound

True Reflection?

A fair question has been raised about how member-funded organisations should conduct themselves when taking a public position on any…

Civil Circus!

OPINION: It really is getting harder to lampoon government bureaucrats when they do such a good job of it themselves.…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter