Adrian Orr worked as a truck driver in his youth growing up among Polynesian families in Taupo and squatted in council flats in London as a student. He's now set to be a fresh type of Reserve Bank Governor. Bernard Hickey reports.
In today's email we preview the crucial first debate between Jacinda Ardern and Bill English.
In today's email we take a deep dive into the Reserve Bank governor's final new conference.
Graeme Wheeler held his neutral stance in his final monetary policy decision this week, but the focus was on his defence of his record as an inflation targeter. Bernard Hickey reports.
The Reserve Bank has left the Official Cash Rate (OCR) on hold at 1.75 percent as universally expected, and has left its outlook for interest rates in neutral.
The Reserve Bank has revealed a funding squeeze on New Zealand's big four banks has frustrated attempts to ramp up housing supply in Auckland this year, and the squeeze is set to get worse before it gets better.
The Reserve Bank has reported the risks in the financial system have reduced in the last six months, but warns that house prices remain overvalued in many parts of the country and the most indebted borrowers remain vulnerable to a correction and a sharp rise in interest rates.
The Government hopes higher interest rates will help improve housing affordability in the long run, but it will have to wait a long time for that particular cavalry to gallop over the horizon.
The Reserve Bank has surprised currency markets and economists by sticking to its neutral stance on monetary policy and leaving its forecast for the Official Cash Rate (OCR) unchanged from its last set of forecasts in February.
Kerry McDonald, a former chair of the BNZ and former National Australia Bank director, argues the current system designed to protect depositors in New Zealand’s big four banks is fundamentally flawed. He cites weak local governance by both the banks' boards and the Reserve Bank, and an unfair system that penalises local savers in any crisis. Like the IMF, McDonald is calling for tougher Reserve Bank regulation and reform of protections for savers.