Nau mai, haere mai – welcome to your latest newsletter.

Last month, the Commerce Commission released the draft of its fourth market study. Having examined the grocery, fuel and building sectors in its earlier reports, this time New Zealand’s watchdog took aim at the banking sector.

What it found should come as no surprise: New Zealand’s banking sector lacks any real competition. The four major banks (ANZ, ASB, BNZ and Westpac) own almost 90% of the assets of all banks. And state-owned Kiwibank, founded in 2001 to be an industry disrupter, has not been able to consistently impose competitive pressure.

As banking expert Martien Lubberink writes, the commission deserves some praise for its efforts to highlight the shortfalls of the banking industry. But the solutions put forward in the draft report should also ring some alarm bells.

“The proposals to help smaller banks, no matter how well-intended, are concerning,” Lubberink writes. “These initiatives are reminiscent of the pre-global financial crisis era when lower capital ratios were used to boost competition and extend excessive credit to aspiring home-owners.”

Lubbering argues that trying to help weaker banks through deregulation, infusing new capital or lowering capital requirements may backfire.

As always, you’ll find a lot more to read in this newsletter and on our homepage, including a fascinating look at how depictions of Jesus wearing a loincloth on the cross get it wrong.

All the best for the week ahead, mā te wā.

Debrin Foxcroft

Deputy New Zealand Editor

ComCom diagnoses the problem with NZ’s banking industry – but will its solutions offer a real fix?

Martien Lubberink, Te Herenga Waka — Victoria University of Wellington

The Commerce Commission says New Zealand’s banking sector is uncompetitive. But in the rush to fix the problem, regulators need to ensure they don’t introduce risk and instability into the system.

Marine protected areas safeguard more than ecology – they bring economic benefits to fisheries and tourism

Mark John Costello, Nord University

Marine protection represents our best strategy to reverse declining biodiversity. But protected areas also provide a low-tech and cost-effective way for the fishing industry to safeguard stocks.

Critics of NZ joining AUKUS need to answer a crucial question: what exactly is an independent foreign policy?

Nicholas Khoo, University of Otago

Remaining outside of AUKUS will mean New Zealand is increasingly vulnerable to global political instability.

Art depicts Jesus in a loincloth on the cross – the brutal truth is he would have been naked

David Tombs, University of Otago

Each Easter we see many images of Jesus on the cross – inevitably wearing a loincloth. But the historical evidence shows victims of crucifixion were fully naked to maximise shame as well as pain.

After seven decades of fighting, disabled people are still vulnerable when it comes to support

Hilary Stace, Te Herenga Waka — Victoria University of Wellington

Plans to cut respite care funding has been met with widespread condemnation. But to understand why it is such an issue, it is important to understand the battle for support in the first place.

From our foreign editions

The rise of Ozempic: how surprise discoveries and lizard venom led to a new class of weight-loss drugs

Sebastian Furness, The University of Queensland

Ozempic generated A$21 billion of sales in 2023 alone. So how was it developed? And how are its new competitors, Mounjaro and Zepbound, different?

Hundreds of animals were rescued after the Black Summer bushfires – but how many actually survived?

Catherine Herbert, University of Sydney; Chris Dickman, University of Sydney; Holly Cope, University of Sydney; Rachael Gray, University of Sydney

Marsupial rescue, rehabilitation and release statistics from New South Wales and Kangaroo Island during Black Summer fires reveal poor survival rates, despite the courageous efforts of volunteers.

Making short films is a powerful way to learn job skills: 5 ways it prepares students for work

Wendy Smidt, Cape Peninsula University of Technology; Zayd Waghid, Cape Peninsula University of Technology

Making films meets many needs of young people by combining the learning of soft skills, computer literacy and artistic expression.

Fuji music in Nigeria: new documentary shines light on a popular African culture

Saheed Aderinto, Florida International University

Fuji music is a way of life for millions of Yoruba people. It’s the prism through which they understand their world.

How to make sure your leftovers are safe to eat

Primrose Freestone, University of Leicester

If leftovers aren’t saved and reheated properly, it could put you at risk of food poisoning.

I’ve studied sand dunes for 40 years – here’s what people find most surprising

David Thomas, University of Oxford

Dunes can preserve a record of historic climate changes and shifting continents.

Is this the least productive congress ever? Yes, but it’s not just because they’re lazy

Charlie Hunt, Boise State University

If you hear the 118th Congress described as a bunch of slackers, you’re not getting the whole story.

Looking to photograph a solar eclipse with your smartphone? Try these features and think about creative angles

Douglas Goodwin, Scripps College

Your phone can’t take a perfectly clear picture of a solar eclipse like a professional camera can, but there are lots of other creative directions you can take to capture the rare moment.