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Economy resilient while the Reserve Bank responds to change
30 September 2019
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.
Read the Reserve Bank of New Zealand’s
Annual Report
2018-19.
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