Reserve Bank Governor, Adrian Orr, spoke on the future outlook of the Bank to the Financial Services Institute of Australasia (FINSIA) in Auckland recently.
“This is the appropriate time to outline the future of the Reserve Bank, and how the legislative changes under consideration will promote the prosperity and wellbeing of New Zealanders, and contribute to a sustainable and productive economy,” said Orr.
“Our evolution includes more skilled people on the ground, using world-class analytical frameworks, taking an appropriate long-term view in our supervision activities, and being willing to act.
He noted how banks and insurers have experienced some of this change already.
“The broader community will expect us to engage with them more. Our goal is to be astute to economic and financial developments that will impact us all – ranging, for example, from the future form of payments, the shape of our financial institutions, and financial inclusion, through to the impact of climate change on financial stability,” he said.
Orr reflected on the Government’s recent announcements about the review of the Reserve Bank Act, of which consultation is open until 16 August.
“We will continue to evolve so as to remain effective and ensure we are future-fit,” he said.