Dawn chorus: CCCFA review launched

The Kākā by Bernard Hickey

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Dawn chorus: CCCFA review launched

Clark orders review into bank lending practices after post-CCCFA credit crackdown; Child vaccinations & booster bookings start as contract tracers track MIQ worker with omicron

Bernard Hickey

Jan 16, 2022

∙ Paid

TLDR: David Clark has launched an early review of how the CCCFA is affecting bank lending after credit reference firms reported a 20-35% drop in approvals in Dec. Elsewhere, PM Jacinda Ardern is urging caution around the border settings ahead an inevitable spread of omicron from MIQ.

Non-extravagant spending on items such as clothes and takeaways has reportedly seen mortgage applications rejected. Now Commerce Minister David Clark has launched a review of how the banks are operating under new legislation. File photo of Clark: Lynn Grieveson

Watch out later today for more comments from Ardern as she gets a booster shot. I’ll also keep an eye on China GDP figures and a quarterly update from Rio Tinto.

Look out below the fold for more on the post-CCCFA lending crackdown and a closer look at what the PM’s saying about using the border to lock out omicron. Don’t expect an early relaxation of MIQ settings, given our hospital system remains stressed and booster shots and shots for kids have only just begun. I welcome questions and details from paid subscribers in the comments below.