‘Banking services play important role in communities’ - Catherine Wedd

Catherine Wedd, MP for Tukituki. Photo / Warren Buckland

By Catherine Wedd, MP for Tukituki

OPINION

The coalition Government has had a successful second quarter of the year continuing to build on the momentum we gained in the first 100 days.

We have now entered Quarter 3 with a new 40-action plan that spans our core priorities to rebuild the economy, deliver better public services and restore law and order.

Many of these actions continue our work on RMA reform to unlock development in infrastructure, housing and primary industries. As the local MP for Tukituki, I have seen first-hand the significant time and cost excessive red tape has placed on our primary sector. I am thrilled that we’re slashing red tape to allow the backbone of our economy, our farmers and growers, to do what they do best.

This is especially important for our region, the fruit bowl of New Zealand.

The introduction of the Resource Management (Freshwater and Other Matters) Amendment Bill last quarter was one step towards achieving this. It will clarify the application of the National Policy Statement on Freshwater Management, suspend Significant Natural Areas requirements, and repeal intensive winter grazing regulations and stock exclusion changes. These changes can take effect quickly to give our farmers and growers certainty.

We are also taking agriculture out of the ETS, establishing a new Pastoral Sector Group to tackle biogenic methane, and investing in R&D to lower on-farm emissions. We understand that farmers need the practical tools to reduce their emissions in a way that won’t reduce production or exports. Backing the food and fibre sector is key to rebuilding the economy.

Minister of Finance, Nicola Willis, was recently in our region to outline Budget 2024 and our Government’s vision to support the Hawke’s Bay economy.

We have also announced a select committee inquiry into banking.

I am uniquely placed to assist as I sit on both the Finance and Expenditure and Primary Production select committees, which are both involved in this inquiry. I will be one of the MPs who will be listening and asking questions of the banking sector.

Banking services play an important role in our communities and the economy. Kiwis rely on access to lending when they make big financial decisions – like buying their first home or opening a business.

For Hawke’s Bay, following the cyclone, and the recent flooding, growing the rural economy is critical to rebuilding our region’s economy and, with farmers’ satisfaction with banking services dropping in recent years, it’s critical we better understand the role of competition in the banking sector.

A more competitive economy is a more productive economy – with more growth, innovation, and investment.

Taking action to achieve a more competitive banking sector is part of our plan to rebuild the economy, lift incomes, and improve the lives of all New Zealanders.

Kiwis expect this Government to continue our momentum so far and we are determined to do so.–