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An inquiry into New Zealand’s banking sector is slated to be announced tomorrow, with a focus on profits and fees.

The Government is expected to task the Commerce Commission with a market study into the sector, a��������������source has confirmed.

It follows calls from the National Party, the Green Party, and the Reserve Bank for some form of inquiry into the retail banking sector.

��- a net profit after tax that was $1b higher than the year prior, according to KPMG’s Financial Institutions Performance Survey.

In March, Labour MPs turned down National finance spokesperson Nicola Willis’����by Parliament’s finance and expenditure committee, claiming a Commerce Commission market study was likely.

At the time of��Willis said access to credit had become harder, rising mortgage rates were hurting mortgage holders, and yet bank profitability was high.

��“New Zealand bank customers deserve answers to questions about the adequacy of competition in our retail banking sector, why increases in interest rate rises for deposits have lagged rate rises for lending, and the impact of new regulations imposed by the Government,” Willis said.

The New Zealand Banking Association’s chief executive Roger Beaumont responded to Willis’ call, saying in a statement: “Our banks operate in a competitive market.

��“The industry would welcome the opportunity to discuss bank profits and the contribution banks make to support the New Zealand economy, households and businesses,” Beaumont said at the time.

Willis previously denounced a formal Commerce Commission market study as it would “take a long time and be extremely resource-intensive”.

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“[It could create] a lucrative opportunity for lawyers and consultants, but highly unlikely to give New Zealanders any immediate answers to what are urgent questions,” Willis said.

Reserve Bank chief economist Paul Conway said a market study into banking competition could be warranted.

However, he said the Reserve Bank lacked the data required to definitively comment on whether companies were contributing towards inflation by price gouging.

Last year, then Prime Minister Jacinda Ardern called on banks amid a cost-of-living crisis to��.

“Are they demonstrating social licence and commitment to the communities by taking the profits that they are?” Ardern questioned.

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