Wednesday, 20 November 2024 09:55

Bank reset

Written by The Hound

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OPINION: Adding to calls to get banks to 'back off', NZ Agri Brokers director Andrew Laming has revealed that the banking structure massively favours lending to housing, at the expense of the productive sectors, particularly agribusiness.

Between 2018-2024, lending to housing grew 45.54% while lending to agri grew 3.44%.

He says, put plainly, over the last 6 years, the main banks collectively advanced an extra $111 billion to houing and just $2 billion to agri.

"These structural issues also make lending to agri (& business) more expensive (the margins are almost double in agri on average and in some cases can be higher), even though agri lending losses are actually very low. This is a massive fiscal drag on the NZ productive sectors."

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