The Government is taking action and giving Kiwibank a financial boost in order to bolster banking competition.
A new Commerce Commission report on banking has found the sector isn't competitive enough - and offered up14 recommendations.
Harbour Asset Management spokesperson Shane Solly says this is an important step - and signals key changes to come.
LISTEN ABOVE

Enda Brady: UK correspondent on Prime Minister Starmer indicating the UK will be growing partnership with EU
04:36

Sam Dickie: Fisher Funds expert on the ongoing economic costs of the Iran war
03:25

Jamie Mackay: The Country host on farmer voicing concerns about long-term impacts of Iran conflict
03:27