Christopher Luxon: Prime Minister on investigating the banking sectors competitiveness and the difficulty of holding major events in New Zealand

The Mike Hosking Breakfast

The Prime Minister says it's too hard to hold events like SailGP in New Zealand.

The two-day event in Lyttelton over the weekend was overshadowed by CEO Sir Russell Coutts' comments after a dolphin spotting cancelled the first day of racing.

He claimed there's too much red tape around the event.

Christopher Luxon told Mike Hosking that there's a lot of obstructions when events are held in the country.

He says the Government wants to see a lot more international events in New Zealand, but we make it too hard.

The Government is also interested in looking at the banking sector's competitiveness.

A draft Commerce Commission report last week found the big four lack competition, have price matching strategies, and focus on profit margins which stifles innovation.

Luxon says the Government will agree and disagree with different aspects of the report.

He told Hosking that once a final version of the report is released, the Government will make a decision on how to respond.

Luxon says that could involve something like a Select Committee where the banks are questioned around profits.

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