A deal is also good news for rural New Zealand. Kiwibank rural lending likely to be more stable that that of the Aussie banks. The big Aussie banks have been fairweather friends, over-lending for dairy conversions when it looked good and cutting off credit when it doesn't. The rural sector is right to be angry, because many of these decisions are made in Sydney and Melbourne, far away from the reality of the farm gate.
"He knows the bank, but is not touched by royal commission," one banker explains. "And also he's Melbourne-bred and this is one of the biggest jobs in Melbourne."