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Designation of the banking sector - Open banking

The Customer and Product Data (Designations for Banking and Other Deposit Taking) Regulations designate the banking sector under the Customer and Product Data Act. The regulations enable and accelerate ‘open banking’, which is a system that enables banks’ customers to share their banking information with trusted third parties, such as fintechs. It also enables accredited persons to initiate payments on behalf of customers, if they have the customer’s authorisation.

Key New Zealand economic and industry trends

This section provides an overview of the sector’s economic significance in New Zealand, highlighting its contribution to GDP and employment. Despite facing challenges like cost pressures and labour shortages, there’s a notable increase in Māori-owned construction businesses, reflecting growing diversity and opportunities within the industry.

Building Code update 2022

MBIE is consulting on changes that aim to ensure new buildings better protect the safety of New Zealanders as part of the Building Code update programme