The Reserve Bank of New Zealand – Te Pūtea Matua has acted swiftly and with confidence to tackle the economic challenges brought about by the COVID-19 pandemic, and is well placed to address longer term challenges and risks, the Bank states in its Briefing for Finance Minister Hon. Grant Robertson.
The Briefing to the Incoming Minister (BIM), released today, gives an overview of the Reserve Bank’s current work programmes and key priorities. It outlines the Reserve Bank’s key role as kaitiaki of New Zealand’s financial system in addressing the various economic, environmental, social and cultural challenges facing Aotearoa, including:
- contributing to regulatory settings that support effective labour market adjustment, and foster productivity and innovation in New Zealand;
- maintaining financial sector confidence and certainty;
- ensuring regulatory stewardship and a co-ordinated and cohesive approach;
- addressing vulnerability and access to the financial services; and
- supporting economic growth that is environmentally sustainable
“Our current strategic objectives set the foundations for a cohesive response to these longer term challenges, but there is more we can do across the system. We welcome the opportunity to discuss these longer term challenges and opportunities,” the Briefing states.
The BIM also highlights the Reserve Bank’s commitment to work collaboratively with the government, fellow regulators, industry, and the community to achieve sound outcomes for the New Zealand economy.