Clark enlightens us about open banking while Sio throws light (through a Maori world lens) on what once was blind justice

Buzz from the Beehive

It’s the announcement we saw coming when Newshub revealed the Government was poised to announce a major change to banking, “which experts say will slash their profits”.

This news was broadcast as Prime Minister Jacinda Ardern was adding her voice to the populist chorus of disapproval about those profits.

It so happened the government was working on a concept called “open banking”, whereby customers can move their bank accounts, direct debits and what-have-you between banks.

Simplicity CEO Sam Stubbs said this data sharing is common overseas, encourages competition and brings bank profits down. Whether crimping bank profits should be encouraged is open to question, but hey – the  government has been taking a battering in political polls and most people reckon bankers are bastards.

At last, our foreign affairs minister will venture overseas – she’s got a ticket to Dubai to promote indigenous and tribal economies

Excitement is mounting in the Beehive.  Foreign minister Nanaia Mahuta is contemplating her first overseas visit.

Not, we might think, to Australia or the Pacific Islands.  No, this is further afield, to Dubai, no less, for Expo 2020 in November.

Not much chance to hold bilateral chats with other foreign ministers there but a chance to display substantial Maori content at the New Zealand Pavilion.  

The minister is quoted in an enthusiastic release from trade officials: