Banks are standing by their right to make a profit ahead of a new Commerce Commission inquiry.
The Government has ordered the commission to conduct a "market study" into the banking sector's fees and profits, with a report due back in August next year.
Further details of the scope and timeline of the investigation will be released this afternoon.
Banking Association Chief Executive Roger Beaumont told Mike Hosking the banking sector welcomes the study and stands by its practises.
He says banks are enormous businesses, and there is nothing wrong with them making large profits.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Nikki Glaser Podcast
Every week comedian and infamous roaster Nikki Glaser provides a fun, fast-paced, and brutally honest look into current pop-culture and her own personal life.