“The Government has finally had a good idea around financial policy but it’s a pity it will take two years,” says ACT Leader David Seymour.

“It’s not often I praise the government for a policy that promotes opening markets and increasing competition but Open Banking should do just that.

“So much Labour policy is focused on more tax, more regulation, more bureaucracy. None of that makes the boat go faster. This initiative, however embryonic, is at least based on markets and competition, concepts that actually raise living standards

“This government will go into urgency at the drop of a hat to implement new policy. Parliament is in urgency right now. Labour is determined to rush through bad laws like the so-called Fair Pay Agreements, Hate Speech and Three Waters.

“But when we finally see a good policy idea, it comes five years into their terms and will take another two years to implement.

“ACT welcomes this policy, it will be good for all banking customers, it’s just a shame it will take so long.”

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David Seymour