NZ economy resilient while the Reserve Bank responds to change
The New Zealand economy has proved resilient through a period of weakening global growth and heightened global uncertainty according to the Reserve Bank’s Annual Report 2018-19 released today.
“Our economic and policy environment is constantly changing, and we’re evolving with it to ensure we’re ready to meet the needs of New Zealanders now and in the future,” Governor Adrian Orr says.
“Throughout the year our priorities focused on setting the foundations for significant change and setting us up for growth and innovation.
“One of our highlights has been the new framework for the way we run our monetary policy functions that took effect on 1 April 2019. Working alongside the Treasury, we designed, implemented and embedded the new framework aimed at producing better monetary policy outcomes for New Zealand.”
Significant achievements and developments covered in this year’s Annual Report include:
- Putting in place a new leadership structure to help us achieve our vision being a Great Team, Best Central Bank.
- Sharing the Reserve Bank story of The Journey of Te Pūtea Matua: Our Tāne Mahuta to help broaden the public’s understanding of our heritage, role and the many interdependencies.
- Proactively seeking feedback through consultation on a material increase in bank capital requirements, to make our banking system safer.
- Progressing our currency transformation work (The Future of Cash – Te Moni Anamata), and releasing two issues papers for consideration.
- Developing a strategy focusing on how the Bank can contribute to efforts to mitigate the effects of climate change.
- Launching a Relationship Charter that sets out the Bank’s commitment to appropriate conduct and culture in its regulatory engagements.
- Developing our Te Ao Māori strategy as an evolving and responsive way to engage with the increasingly important and diverse Māori economy.